B Uxily 臨时精场的光 株式用山 会保障 STE E 41家优质商家携特色好物集中亮相"工惠年货市集"。 黄艳姿 摄 佛山粤工惠平台升级上线。 黄艳姿 摄 "我在佛山粤工惠平台里抽到过爱心餐补、清凉套餐，都很实用。"现场，一名快递员分享佛山粤工惠平台的"用户体验"，为平台点赞。 福利加码 佛山工会全面发力，助推新春消费热潮。1月22日，佛山工会促消费暨2026年新春系列行动正式启动，1—2月，佛山工会将通过升级平台、发放消费券、开 ●撰文：黄艳姿 平台升级 服务阵地全方位拓展 活动现场，佛山粤工惠平台正式升级上线。据悉，该平台是佛山市总工会打造的智能化服务平台，2022年推出至今，已注册工会组织1.1万家，会员130.7万 人，实名认证会员近90万人。 升级后的佛山粤工惠平台通过信创升级与国产化改造，以自主可控技术筑牢智慧工会数字安全基座。以此升级为契机，佛山市总工会以"四季服务"为主线， 规划全年运营重点计划，分季节延续开展职工疗休养、云端鹊桥、求学圆梦、爱心餐补、移动体检等服务。 此外，平台将新建阵地预约系统，实现全市工人文化宫等工会阵地线上可视化预约；"工享佛品"商城持续上新佛山家电、家居、文创及 ...

菏泽农商银行以"邻里节"为纽带，将金融服务深度融入社区生活，既解决了居民消费"最后一公里"难题，又为商户拓宽了经营渠道，形成"场景搭建—信 贷赋能—消费增长"的良性循环，为区域消费市场注入持久活力。 (通讯员赵哲张攀) 在各小区活动现场，惠民集市烟火气十足，鲁花集团、欧诺口腔等商户带来让利优惠，爱心义剪、健康驿站、公益磨刀等便民服务同步开展，趣味互动环 节聚集超高人气，有效带动即时消费。针对居民大额消费需求，菏泽农商银行推出手续简便、利率优惠的专属消费贷款，累计投放各类消费贷款52.5亿 元。精准助力家电换新、家居装修等消费场景，积极对接地方政务平台、民生消费平台，将金融服务嵌入民生及消费场景，带动合作商户客流量与销售额 显著增长。 菏泽农商银行开展以"美好生活季，邻里好时光"邻里节，"采撷甜蜜，悦享生活"采摘季为主题的异业联盟活动，构建"金融+政务+民生"多元联动模式，打 造"暖心集市+特色活动+便民服务+反诈宣传"特色服务品牌，筛选家政服务、生鲜商超、美食餐饮、家居家电等领域优质商户，让居民在家门口享受"一 站式"消费服务。截至目前，累计开展邻里节活动场次193次，参与人数达3.5万人，合作商户163家， ...

Economic Performance - Shanghai's GDP for 2025 exceeded 5.6 trillion yuan, with a year-on-year growth of 5.4%, surpassing the national growth rate of 5% and improving by 0.4 percentage points from 2024 [1] - The economic performance was achieved despite a challenging external environment at the beginning of the year, with significant recovery in industrial and foreign trade indicators by year-end [1] Sector Contributions - The primary industry added value was approximately 9.94 billion yuan, growing by 2%; the secondary industry added value was about 1.2 trillion yuan, growing by 3.5%; and the tertiary industry added value reached around 4.5 trillion yuan, growing by 6% [2] - The industrial sector's value added increased by 5.0% for the year, driven primarily by emerging industries, with the three leading industries (integrated circuits, artificial intelligence, and biomedicine) seeing a 9.6% increase in manufacturing output [2][3] Service Sector Growth - The service sector's value added grew by 6%, with the information service sector contributing the most at a growth rate of 15.3%, outpacing the financial sector's growth by 5.6 percentage points [3] - The rapid growth in the information service sector is attributed to the presence of platform companies, cloud computing, and integrated circuit design firms [3] Consumer Activity - The total retail sales of consumer goods in Shanghai increased by 4.6%, surpassing the national average, with significant contributions from policies promoting the replacement of old goods, particularly in sectors like new energy vehicles and home appliances [4][5] - The city issued 1 billion yuan in service consumption vouchers to stimulate spending in various sectors, leading to growth in accommodation and dining revenues [5] Foreign Trade Performance - Shanghai's total foreign trade reached 4.51 trillion yuan, growing by 5.6%, with exports at 2.02 trillion yuan (up 10.8%) and imports at 2.49 trillion yuan (up 1.8%), all setting historical records [6] - The resilience in foreign trade is attributed to the diversification of export markets, with significant growth in exports to ASEAN and Belt and Road countries [6] Global Connectivity - Shanghai's ongoing development of its "five centers" has enhanced its global connectivity, with the number of domestic and foreign financial institutions reaching 1,813 and the port's container throughput maintaining the global lead at 55.06 million standard containers [7] - The city's R&D expenditure as a percentage of GDP has increased to approximately 4.5%, reflecting a commitment to innovation and economic resilience [7]

2026年1月20日，国新办举办两场新闻发布会。 在上午的发布会中，国家发展改革委副主任王昌林介绍落实中央经济工作会议精神，推动"十五五"实现良好开局有关情况。发布会还透露，有 关方面正在研究制定稳岗扩容提质行动和城乡居民增收计划。 下午，财政部副部长廖岷在发布会上表示，2026年将继续实施更加积极的财政政策。 这两场发布会并未直接提及房地产，但积极财政政策和居民增收计划，均被认为是楼市的重要利好。此外，发改委再次提出"清理消费领域不 合理限制"，释放出楼市限制性措施将进一步退出的信号。 同一天，自然资源部召开例行新闻发布会，发布《关于进一步支持城市更新行动若干措施的通知》，该文件提出6大类、11项具体措施，对城 市更新提供支持。 岁末年初，关于房地产的利好消息不断释放，楼市正迎来更大力度的政策支持。其中，在推出专项政策的同时，房地产正越来越多地被纳入稳 增长、促消费的政策框架下，成为近期楼市政策的重要特点。 分析人士指出，在房地产处于新旧发展动能转换关键阶段，并深刻融入经济社会发展大局的情况下，这种转变意义重大。 三场发布会密集释放利好 去年12月召开的中央经济工作会议指出，国内供强需弱矛盾突出。 今年1月 ...

Core Viewpoint - Qingdao's Laoshan District is implementing a comprehensive strategy to boost consumption and expand domestic demand, focusing on creating a robust consumption system that integrates policy guidance, scenario-driven initiatives, and innovation empowerment [1] Group 1: Consumption Enhancement Strategies - The district has established a dedicated task force to coordinate efforts across various sectors, including culture, tourism, construction, and education, to break down barriers and enhance policy collaboration [1] - Initiatives include the promotion of high-quality cultural and tourism events, such as the Qingdao International Beer Festival and various sports competitions, to stimulate consumption and enhance regional economic development [2][3] - The district aims to create a unique consumption ecosystem by integrating dining, accommodation, and cultural activities, while also enhancing the quality of life through improved services in childcare and elderly care [2] Group 2: Seasonal and Thematic Consumption Activities - The "乐购崂山·悦享生活" theme has led to over 100 promotional events in collaboration with major supermarkets, establishing a benchmark for consumption upgrades in Qingdao [4] - Seasonal activities are designed to attract consumers year-round, with events like the "2025 Warm Winter Laoshans Food Festival" and "Laoshan Craft Beer Summer" drawing significant crowds and media attention [4] - The district is focusing on creating a vibrant shopping environment by developing unique commercial streets and enhancing the overall consumer experience [5][6] Group 3: Rural and Agricultural Consumption Development - Laoshan District is cultivating rural consumption scenarios by establishing demonstration points and hosting events like the Laoshan Tea Festival to promote local agricultural products [3] - The integration of agriculture with culture and tourism is aimed at increasing the visibility and impact of local products, thereby enhancing the overall consumer experience [3] Group 4: Internationalization and Digital Empowerment - The district is working towards international standards in consumer environments, including multilingual signage and international payment options, to attract a global audience [6] - Digital initiatives are being implemented to enhance the visibility of local brands and improve the overall shopping experience, aligning with international best practices [6][7]

Economic Growth - In 2025, China's economy successfully achieved its growth target despite external shocks, with a GDP growth of 5% for the year and a quarterly breakdown showing 5.4% in Q1, 5.2% in Q2, 4.8% in Q3, and 4.5% in Q4 [7] - The first quarter of 2026 is expected to benefit from ample project and policy reserves, aiming to stabilize investment and boost consumption, especially with the upcoming Spring Festival [1][8] Social Financing and Credit - In 2025, the total social financing increased to 35.6 trillion yuan, up 3.34 trillion yuan from 2024, supported by proactive fiscal policies and an expansion of the fiscal deficit [2] - December 2025 saw a marginal improvement in credit data, with new RMB loans of 910 billion yuan, showing a significant recovery compared to previous months [2] - The structure of credit revealed a decline in household credit, with a total of 441.7 billion yuan in new loans, indicating a need for improved consumer confidence [3] Corporate Credit - Corporate credit in 2025 increased to 15.47 trillion yuan, up 1.14 trillion yuan from 2024, driven by counter-cyclical policies and lower interest rates [4] - Short-term corporate loans increased significantly, reflecting immediate funding needs, while long-term loans showed a decrease, indicating cautious investment outlooks [4] Government Bonds - Government bonds became a key support for social financing in 2025, with a total issuance of 13.84 trillion yuan, up 2.54 trillion yuan from 2024 [5] - The issuance of government bonds in December 2025 decreased significantly, attributed to earlier fiscal policy actions and a high base from the previous year [5] Investment Trends - Fixed asset investment in 2025 was 485.186 billion yuan, down 3.8% year-on-year, highlighting a shift in China's growth drivers [8][9] - Industrial investment showed resilience, with mining investment up 2.5% and manufacturing investment up 0.6%, despite a decline in infrastructure investment [9] - Equipment purchases increased by 11.8%, driven by policies promoting technological upgrades, indicating a focus on digital and intelligent equipment [10] Consumption and Retail - The total retail sales of consumer goods in 2025 reached 5.012 trillion yuan, growing by 3.7% year-on-year, with December sales showing a modest increase of 0.9% [10] - To stimulate consumption, there is a need to enhance residents' income and willingness to spend, particularly through improving property income [10] Foreign Trade - In 2025, exports grew by 6.1%, surpassing overall economic growth, demonstrating resilience amid external challenges [11] - Adjustments to export tax rebates for solar and battery products are expected to shift more fiscal support towards domestic demand recovery [11] Price Levels - In 2025, the Consumer Price Index (CPI) remained stable, while core CPI increased by 0.7%, indicating a gradual recovery in price levels [12] - Efforts to stabilize industrial product prices will require both supply-side adjustments and demand-side stimulation [12]

Group 1 - The core viewpoint is that consumption is becoming the main engine of economic growth in China, with retail sales expected to exceed 50 trillion yuan by 2025, contributing over half to economic growth [1] - In the past year, there has been a significant increase in diverse consumer goods such as communication equipment, cultural office supplies, and sports entertainment, all showing growth rates exceeding 10% [1] - The rural market is expected to grow faster than urban areas, with county and township consumption accounting for nearly 40% of total retail sales by 2025, indicating a shift from "buying available" to "buying quality" and "enjoying services" [1] Group 2 - The State Council meeting on January 16 emphasized the need to cultivate new growth points in service consumption, including online education, intangible cultural heritage experiences, the silver economy, and green consumption [2] - Policies such as the implementation of paid leave and the upcoming nine-day holiday during the 2026 Spring Festival are expected to boost consumer spending by providing more time for consumption [2] - The "old-for-new" policy is being expanded to stimulate the replacement of home appliances, furniture, and digital products, which not only promotes upgrades in living standards but also optimizes industrial structure [2] Group 3 - The focus on consumption and domestic demand has been a consistent theme in the recent State Council meetings, with expectations for a more substantial "policy package" to promote consumption in 2026 [3] - The early allocation of funds from the first batch of ultra-long-term special government bonds is anticipated to increase fiscal support, extending from durable consumer goods to a broader range of sectors [3] - With the implementation of income increase plans for urban and rural residents, the establishment of paid leave systems, and the optimization of the consumption environment, the potential for service consumption is expected to be deeply released, leading to faster growth in the consumption market this year [3]

【冠通期货研究报告】 软商品日报：溢价回落，注意支撑 发布日期：2026 年 1 月 20 日 棉花：宏观层面，央行释放后续降息降准信号， 国常会重点提及促消费， 短暂提振市场情绪。产业层面，新年度新疆植棉面积减少预期炒作已逐步被消化， 春节前纺企存在一定补库需求，布厂订单走弱有传导至纺企的趋势，对棉价支撑 力度有所走弱。不过全球产量调减，需求调增，期末库存下降。下方空间相对有 限，短期偏调整看待为主。 注：本报告有关现货市场的资讯与行情信息，来源于棉花信息网、沐甜科技、 泛糖科技、金十期货网站。 本报告发布机构 --冠通期货股份有限公司（已获中国证监会许可的期货交易咨询业务资格） 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任 何保证。报告中的内容和意见仅供参考，并不构成对所述品种买卖的出价或征价。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 1 投资有风险，入市需谨慎。 白糖：2025/26 榨季截至 1 月 17 日，泰国累计甘蔗入榨量为 2926.43 万吨， 较去年同期的 3487.99 万吨减少 561.56 万吨，降幅 16.09%；甘蔗含糖 ...

Core Viewpoint - The Ministry of Finance and other departments have announced the extension and optimization of the personal consumption loan interest subsidy policy until the end of 2026, aiming to boost consumer spending and support the service industry amid increasing external uncertainties [1][3]. Group 1: Policy Adjustments - The implementation period for the personal consumption loan interest subsidy policy has been extended to December 31, 2026, with the new effective period from September 1, 2025, to December 31, 2026 [1]. - The scope of support has been expanded to include credit card installment payments, with an annual interest subsidy rate of 1% [2]. - Restrictions on consumption areas have been lifted, allowing residents to enjoy subsidies for various types of consumption using personal loans and credit card installments, subject to verification by the lending institutions [2]. Group 2: Subsidy Standards - The subsidy standard has been improved by removing the previous cap of 500 yuan on single transaction subsidies and the 1,000 yuan limit on cumulative subsidies for individual borrowers at a single institution [2]. - The annual cumulative subsidy limit of 3,000 yuan per borrower at a single institution remains unchanged [2]. Group 3: Economic Context - The service industry is identified as a crucial driver for boosting consumption, with service consumption expenditure projected to grow at an average annual rate of 9.6% from 2020 to 2024 [4]. - In the first 11 months of 2025, service retail sales increased by 5.4%, indicating strong performance in areas such as travel and entertainment [4]. - The interest subsidy policy is seen as a targeted correction to address the structural imbalance of "strong production, weak demand," helping to restore cash flow and balance sheets in the service sector [4].

Group 1 - The core viewpoint of the article is the announcement of two notifications by the Ministry of Finance and other departments to optimize the implementation of loan interest subsidy policies for service industry operators and personal consumption loans [1] Group 2 - The implementation period for both policies has been extended to the end of 2026, and additional handling institutions have been included [1] - The loan interest subsidy policy for service industry operators has added three key areas: digital, green, and retail [1] - The maximum loan amount eligible for interest subsidies for individual borrowers has increased from 1 million yuan to 10 million yuan, with the subsidy cap raised to 100,000 yuan [1] - The personal consumption loan interest subsidy policy now includes credit card bill installment services and has removed restrictions on the areas eligible for support [1]