最近，商务部、央行、金融监管总局联合发布了一份重磅文件：《关于加强商务和金融协同，更大力度 提振消费的通知》。 一句话概括这份文件的核心思路就是：金融，要更直接、更主动地为"多花钱"这件事服务。这对金融市 场，尤其是A股，意味着什么？我们慢慢拆。 这份《通知》里，一共提出了3个方面、11条措施，内容很多，但如果从金融视角来看，其实逻辑非常 清楚：想尽一切办法，把消费信心、消费能力和消费场景重新激活。 而金融系统，是这次发力的"关键工具人"。 第一条主线：商品消费，要花得动钱，这次文件里，对商品消费的支持给得非常细、也非常直接。比 如：大宗耐用品、数码产品，汽车以旧换新等等，核心就一件事：让消费者买东西时，金融跟得上、撑 得住、成本更低。 政策明确要求：消费贷款额度更灵活，期限可以拉长，利率要更差异化，甚至连提前还车贷的违约金， 都可以适当减免。 政策明确提出，要让金融产品更贴近消费场景，而不是只停留在给贷款。 比如：服务消费专项贷款，养老再贷款，知识产权、科技成果等"无形资产"也能融资，商业保险、健康 险、年金险配套跟上。 这其实是在为服务业修复、就业稳定打基础。而这，对整个经济和资本市场都是正反馈。 第三条 ...

通知围绕商品消费、服务消费、新型消费、消费场景、消费帮扶等重点领域和强机制、抓落实、促合力 等关键环节提出3方面11条政策措施。 记者从商务部获悉，商务部、中国人民银行、金融监管总局近日联合印发《关于加强商务和金融协同 更大力度提振消费的通知》，指导地方相关部门和金融机构加强协同，精准施策推动惠民生和促消费紧 密结合，形成提振和扩大消费的更大工作合力。 在加大消费重点领域金融支持方面，鼓励金融机构围绕升级商品消费、扩大服务消费、培育新型消费、 创新多元化消费场景、助力消费帮扶五大重点领域，优化金融产品服务，推动供需两端强化对接，提高 对商品和服务消费的适配性，因地制宜推动新型消费发展，支持消费新业态新模式新场景建设，落实落 细各项金融支持举措。 ...

Core Viewpoint - The central economic work conference has set the tone for 2026 economic work with a focus on "stability while seeking progress, improving quality and efficiency" and prioritized the construction of a strong domestic market as the first task for next year [1][4]. Group 1: Domestic Demand and Economic Growth - Domestic demand has contributed an average of 86.4% to China's economic growth over the past four years, serving as a main driving force and stabilizing anchor [3][4]. - In the first three quarters of this year, final consumption expenditure contributed 53.5% to economic growth, an increase of 9 percentage points compared to the previous year [8]. Group 2: Consumption and Service Sector - The central economic work conference proposed to implement special actions to boost consumption in 2026, aiming to expand the supply of quality goods and services and optimize policies related to "two new" initiatives [12]. - There is a need to encourage consumption in the service sector, which has not grown as robustly as manufacturing, by increasing investment in service-related consumption [10]. Group 3: Income Growth Initiatives - The conference introduced a new initiative to "formulate and implement a plan for increasing urban and rural residents' income," expanding the focus from low-income groups to all urban and rural residents [13][15]. - Achieving income growth for residents requires a multi-faceted approach, including improving wages through initial distribution and enhancing social security and transfer payments for better redistribution [16].

人民财讯12月15日电，11月重磅金融数据公布：前11月社融增量超33万亿元；中央财办：明年将根据形 势出台实施增量政策；国务院国资委：靠前推动一批重大项目落实落地，以增量投入支撑扩大内需；央 行：继续实施适度宽松的货币政策，坚定维护金融市场平稳运行；三部门联合发文推11条举措，促消费 政策"组合拳"再加码，加强商务金融协同，更大力度提振消费；金融监管总局：支持稳定房地产市场， 助力构建房地产发展新模式；证监会：依法严厉查处私募基金违法违规活动；中国光伏行业协会："多 晶硅产能整合收购平台"正式落地；2025年我国电影票房突破500亿元。 ...

Macroeconomic Highlights - The Central Economic Work Conference indicates that China's major economic indicators are expected to perform better than anticipated, with the economy projected to reach approximately 140 trillion yuan by 2025 [1] - In 2026, policies will be implemented based on changing circumstances to synergize existing and new policies to promote stable economic growth [1] Consumer Support Initiatives - The Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau jointly issued a notice to enhance collaboration between commerce and finance to boost consumption [2] - The notice outlines 11 policy measures focusing on deepening cooperation, increasing financial support for key consumption areas, and expanding government-business cooperation to stimulate consumption [2] Natural Resources and Marine Economy - The Ministry of Natural Resources emphasizes the need to develop emerging marine industries and promote high-quality development of the marine economy [3] - The Ministry of Finance plans to utilize personal consumption loans and service industry loans to support consumption initiatives and optimize government investment in key projects [4] Industry Developments - Multiple leading companies in the lithium iron phosphate sector are adjusting product prices due to a shortage of raw materials and rising costs, with a cautious approach to capacity expansion [6] - The China Chemical and Physical Power Industry Association plans to establish a complete standard system for the lithium iron phosphate industry by 2026 to enhance technical barriers [6] Company News - Guoao Technology's actual controller has changed to Xu Yinghui, with stock resuming trading on December 15 [8] - Zhonghuan Environmental Protection plans to raise no more than 300 million yuan for working capital and loan repayment [9] - Baicheng Pharmaceutical's employee strategic placement asset management plan intends to reduce holdings by no more than 0.5077% of the company's shares [10] - Junshi Biosciences received FDA approval for the clinical trial of JS212 [11] - Xue Ren Group is advancing the large-scale production of hydrogen fuel cells and core components domestically [12] - Jiuan Medical's U.S. subsidiary received pre-market notification from the FDA for its four-link and three-link products [13] - Zoli Pharmaceutical plans to acquire a group of assets related to multi-trace element injection solutions for 356 million yuan [14] - Nuocheng Jianhua's treatment for systemic lupus erythematosus reached its primary endpoint in a Phase IIb study and has been approved for Phase III registration clinical trials [15] - Shanghai Airport reported a 15.47% year-on-year increase in passenger throughput at Pudong International Airport in November [16] - Jinpan Technology's application for issuing convertible bonds to unspecified objects has been approved by the China Securities Regulatory Commission [17]

三部门发文更大力度提振消费 鼓励商家平台发放消费券 12月10日，消费者在贵州省黔西市一家超市选购商品。 （新华社发） 加大消费重点领域金融支持 据新华社北京12月14日电 记者从商务部获悉，商务部、中国人民银行、金融监管总局近日联合印发 《关于加强商务和金融协同 更大力度提振消费的通知》，指导地方相关部门和金融机构加强协同，精 准施策推动惠民生和促消费紧密结合，形成提振和扩大消费的更大工作合力。 通知提出3方面11条政策措施： 一是深化商务和金融系统协作。推动地方有关部门加强沟通交流和分工协作，鼓励有条件的地方健全沟 通合作机制，强化财政资金、信贷资金与社会资本等合力，细化落实具体实施细则，共同打好政策"组 合拳"。 ● 升级商品消费 ● 扩大服务消费 ● 培育新型消费 ● 创新多元化消费场景 ● 助力消费帮扶 二是加大消费重点领域金融支持。鼓励金融机构围绕升级商品消费、扩大服务消费、培育新型消费、创 新多元化消费场景、助力消费帮扶五大重点领域，优化金融产品服务，推动供需两端强化对接，提高对 商品和服务消费的适配性，因地制宜推动新型消费发展，支持消费新业态新模式新场景建设，落实落细 各项金融支持举措。 三是 ...

Core Viewpoint - The Ministry of Commerce, in collaboration with the People's Bank of China and the Financial Regulatory Bureau, has issued a notification aimed at enhancing the synergy between commerce and finance to boost consumer spending through various financial support measures [1] Group 1: Strengthening Collaboration - The notification outlines 11 policy measures across three main areas to deepen collaboration between commerce and finance, encouraging local departments to enhance communication and cooperation [2] - Local commerce departments are urged to leverage existing funding channels to promote consumption activities, working in tandem with financial support to stimulate consumer potential [2] - The use of digital RMB smart contract red envelopes is encouraged to improve the effectiveness of consumption promotion policies [2] Group 2: Financial Support for Key Consumption Areas - Financial institutions are encouraged to focus on five key areas: upgrading product consumption, expanding service consumption, nurturing new consumption types, innovating diverse consumption scenarios, and supporting consumption assistance [3] - The notification emphasizes the need to enhance financial services for durable goods and digital products, facilitating consumer upgrades through various payment options [3] - Personal consumption loan policies are to be tailored based on customer repayment capabilities, with a focus on expediting the development of personal consumption loans [3] Group 3: Expanding Service Consumption - A "1+N" policy framework is proposed to increase support for service consumption, with innovations in financial products and services tailored to specific service sectors [4] - The notification highlights the importance of financing services for intangible assets like intellectual property and technology achievements, particularly for small and micro enterprises [4] Group 4: Enhancing Government-Financial-Enterprise Cooperation - The notification encourages a collaborative approach among government, financial institutions, and enterprises to conduct diverse consumption promotion activities and share information effectively [5] - Financial institutions are urged to participate in local consumption promotion activities, offering tailored products and services to reach a broader audience [5][6] - The development of financial products that align with the characteristics of the consumption industry is encouraged to enhance customer acquisition and promotional flexibility [6]

Core Viewpoint - The joint notice issued by the Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau aims to strengthen the collaboration between commerce and finance to boost consumption and enhance consumer welfare through targeted policies [2][3]. Group 1: Policy Measures - The notice outlines 11 policy measures across three main areas: enhancing collaboration between commerce and finance, increasing financial support for key consumption areas, and expanding cooperation among government, financial institutions, and enterprises [2][3]. - It emphasizes the need for local departments to improve communication and collaboration, encouraging the establishment of mechanisms to coordinate financial resources effectively [2]. Group 2: Financial Support for Key Consumption Areas - Financial institutions are encouraged to optimize their products and services to support five key areas: upgrading goods consumption, expanding service consumption, fostering new consumption types, innovating diverse consumption scenarios, and assisting consumption support initiatives [2][4]. - Specific measures include reducing penalties for early loan settlements in vehicle trade-ins and providing loans to service and elderly care sectors [4]. Group 3: Strengthening Policy Synergy - The notice promotes the use of digital RMB smart contracts and encourages local departments to leverage existing funding channels to enhance consumption activities [5]. - It calls for a collaborative approach among fiscal, commercial, and financial policies to guide credit funds towards key consumption sectors [5]. Group 4: Upgrading Goods Consumption - The notice advocates for the acceleration of personal consumption loan services, particularly for durable goods and digital products, to meet consumer upgrade demands [6]. - Financial institutions are urged to collaborate with merchants to enhance payment options and services [6]. Group 5: Expanding Service Consumption - The policy aims to improve financial support for service consumption, including sectors like hospitality, entertainment, and education, by innovating financial products that integrate into consumption scenarios [8]. - It encourages financial institutions to provide loans to service sector businesses and expand financing options for intangible assets [8]. Group 6: Supporting Consumption Assistance - The initiative aims to boost rural consumption and promote the sale of agricultural products by providing financial support for county-level consumption activities [9]. - It emphasizes the importance of enhancing rural logistics and financing for new projects to support rural economic development [9]. Group 7: Fostering New Consumption Types - The notice encourages the exploration of financial support for emerging consumption models, such as green and digital consumption, and the integration of AI and IP into consumer services [10][11]. - Financial institutions are urged to develop tailored services for online platforms and enhance collaboration with retail and e-commerce sectors [10]. Group 8: Innovating Diverse Consumption Scenarios - The policy promotes the integration of comprehensive financial services to support new consumption scenarios, including international consumer activities and local commercial enhancements [12][13]. - It encourages financial institutions to actively engage in urban and rural consumption trends and expand online and offline service channels [13]. Group 9: Joint Consumption Promotion - The notice advocates for joint promotional activities among merchants and platforms, encouraging the issuance of consumer vouchers and low-interest financing options [14]. - Financial institutions are encouraged to customize digital RMB services to meet local consumption needs effectively [14].

Core Viewpoint - The Ministry of Commerce, in collaboration with the People's Bank of China and the Financial Regulatory Bureau, has issued a notification aimed at enhancing the synergy between commerce and finance to boost consumption, utilizing various financial tools such as financing guarantees, loan interest subsidies, and risk compensation [1] Group 1: Strengthening Collaboration - The notification outlines 11 policy measures across three main areas to deepen collaboration between commerce and finance, encouraging local departments to enhance communication and cooperation [2] - Local commerce departments are encouraged to leverage existing funding channels to promote consumption activities, working in tandem with financial support to better stimulate consumer potential [2] - The use of digital RMB smart contract red envelopes is encouraged to improve the effectiveness of consumption promotion policies [2] Group 2: Financial Support for Key Consumption Areas - Financial institutions are encouraged to focus on five key areas: upgrading product consumption, expanding service consumption, nurturing new consumption types, innovating diverse consumption scenarios, and supporting consumption assistance [3] - The notification emphasizes enhancing financial services for durable goods and digital products, aiming to tap into the potential for product consumption upgrades [3] - Financial institutions are urged to collaborate with platforms and key merchants to improve payment options and better meet consumer needs for product upgrades [3] Group 3: Expanding Service Consumption - A "1+N" policy support system is to be established to enhance service consumption, focusing on sectors like home services, hospitality, entertainment, education, tourism, and elder care [4] - The notification promotes the development of financial products that cater to small and micro enterprises, including services for pledging intangible assets like intellectual property [4] - The aim is to improve the adaptability of financial services to service consumption, thereby optimizing service supply [4] Group 4: Enhancing Government-Finance-Enterprise Cooperation - The notification encourages the collaboration of government, financial institutions, and enterprises to conduct diverse consumption promotion activities and share information effectively [5] - Financial institutions are urged to participate in local consumption promotion activities organized by commerce departments, offering tailored products and services [5] - The notification promotes the issuance of consumption vouchers and low-interest installment options to enhance consumer engagement [6]

Group 1 - The core focus of the recent Central Economic Work Conference is to prioritize domestic demand and establish a strong domestic market as the top task for 2026, with a specific emphasis on formulating and implementing a plan to increase income for urban and rural residents [1][2] - Expanding domestic demand and boosting consumption are identified as the main themes for China's economic work in 2025, with the government emphasizing the need to address the mismatch between strong supply and weak demand [2][5] - The shift from a focus on increasing income for low- and middle-income groups to a comprehensive income increase plan for all urban and rural residents reflects a move from general principles to specific operational strategies [2][5] Group 2 - To break the cycle of having income but lacking consumption willingness, it is crucial to enhance income expectations, as consumer willingness is significantly influenced by these expectations [3][4] - The current situation in China regarding domestic demand is complex, requiring a combination of short-term and long-term strategies, including government policies, corporate investments, and resident income support [5] - The transition from an investment and export-driven economy to one driven by consumption is evident, with consumption's share of GDP significantly increasing, making it essential to address the domestic supply-demand imbalance and respond to external challenges [5]