Group 1 - The central economic work conference outlines a clear blueprint for high-quality economic development in China and indicates the fundamental direction for capital markets to serve the real economy and mitigate risks [1] - Jinrui Futures emphasizes its commitment to implementing the conference's directives by adhering to the new development philosophy, focusing on serving the real economy, and strengthening risk control foundations [1][4] Group 2 - The conference calls for financial institutions to enhance support for key areas such as expanding domestic demand, technological innovation, and small and medium-sized enterprises [2] - Jinrui Futures aims to integrate futures tools more closely with the real economy, actively aligning with national strategies and focusing on rural revitalization [2] - The company plans to deepen its efforts in the industrial customer sector, enhancing its research and development capabilities centered around hedging, and providing comprehensive risk management services [2] Group 3 - The conference stresses the importance of maintaining a bottom line and actively and prudently addressing risks in key areas [3] - Jinrui Futures recognizes that risk management is vital for its survival and development, and it aims to be a benchmark for risk management in the futures market [3] - The company is enhancing its internal monitoring, compliance management, and investor education efforts to ensure prudent and stable financial operations [3] Group 4 - Jinrui Futures will continue to uphold the spirit of the central economic work conference, focusing on serving the real economy while maintaining vigilance against risks [4]

12月10日至11日，中央经济工作会议在北京举行。习近平总书记出席会议并发表重要讲话，总结2025年 经济工作，分析当前经济形势，部署2026年经济工作；李强总理作总结讲话，对贯彻落实习近平总书记 重要讲话精神、做好明年经济工作提出要求。本次会议同时也为期货行业高质量谋划明年工作，实 现"十五五"开好局、起好步指明方向，明确目标，部署任务。 三是坚持守牢底线，夯实发展根基。会议强调，"坚持守牢底线，积极稳妥化解重点领域风险"。期货市 场是管理风险的重要场所，更须牢牢把握守牢底线、化解风险这条生命线。广发期货将持续树牢"合规 创造价值"理念，把合规文化融入日常经营和决策之中，持续提高全员合规意识，履行好适当性管理义 务，加强投资者权益保护。同时，广发期货将加强全面风险管理体系建设，完善常态化压力测试机制， 紧扣"四早"要求持续加强风险识别和监测能力，不断提高公司风险应对和处置的能力，护航公司长期稳 健发展。 新征程承载新梦想，新使命呼唤新作为。广发期货将始终坚持以高质量发展为主线，乘势而上，提质增 效，为实现"十五五"良好开局提供高质量期货服务！ 一是提高政治站位，强化战略引领。会议强调，"要按照党的二十届四中 ...

Core Viewpoint - In 2026, China's economic layout will be crucial for the direction of development over the next five years, with a focus on high-quality growth and stability amid complex international circumstances [2][4]. Economic Policy and Strategy - The Central Economic Work Conference emphasized the need to maintain a stable yet progressive approach, enhancing policy efficiency and effectiveness while addressing both existing and emerging challenges [5][6]. - The conference highlighted the importance of macroeconomic governance, advocating for a combination of existing and new policies to stimulate economic growth [6]. Key Economic Tasks - Eight key tasks for 2026 were identified, including fostering domestic demand, driving innovation, enhancing reform efforts, promoting open cooperation, ensuring coordinated development, leading with carbon neutrality, prioritizing public welfare, and managing risks in key sectors [7][8]. Focus on Consumption - Consumption is prioritized as a key driver of domestic demand, with plans to enhance consumer capacity, expand the supply of quality goods and services, and remove unreasonable restrictions in the consumption sector [8][9]. Innovation and Technology - Innovation is positioned as a core engine for high-quality development, with a focus on nurturing new industries and technologies to enhance international competitiveness [10]. Fiscal Policy Outlook - The fiscal policy will remain proactive, with a projected budget deficit rate of around 4% for 2024, indicating sustained high levels of fiscal support [6].

新华财经北京12月11日电（记者刘玉龙）中央经济工作会议12月10日至11日在北京举行。会议强调，实 施更加积极有为的宏观政策，增强政策前瞻性针对性协同性，持续扩大内需、优化供给，做优增量、盘 活存量，因地制宜发展新质生产力，纵深推进全国统一大市场建设，持续防范化解重点领域风险，着力 稳就业、稳企业、稳市场、稳预期，推动经济实现质的有效提升和量的合理增长，保持社会和谐稳定， 实现"十五五"良好开局。 业内人士分析，中央经济工作会议政策取向定调稳中求进、提质增效，为资本市场平稳健康运行夯实基 础和条件。未来，纵深推进板块改革、提高上市公司质量、推动中长期资金入市、提升投资者权益保护 质效等将是"持续深化资本市场投融资综合改革"的重点。 政策取向定调稳中求进、提质增效，为资本市场平稳健康运行夯实基础和条件 会议指出，明年经济工作在政策取向上，要坚持稳中求进、提质增效，发挥存量政策和增量政策集成效 应，加大逆周期和跨周期调节力度，提升宏观经济治理效能。 中金公司研究部首席宏观经济分析师张文朗表示，会议提出"提质增效"这个要求的内涵是让财政、货 币、产业等政策协同配合，把传统工具和创新工具结合起来，把周期政策和改革政 ...

Core Viewpoint - The recent Central Economic Work Conference emphasized the importance of "seeking progress while maintaining stability" and "improving quality and efficiency," guiding the financial market to support high-quality development of the real economy [1] Group 1: Service to the Real Economy - The company focuses on serving the real economy as its foundational mission, implementing the "insurance + futures" model in agriculture with over 260 projects covering 24 provinces, involving 14 key agricultural products, and a total project amount exceeding 5.8 billion [2] - These projects have benefited over 560,000 farming households, providing price guarantees and contributing to the stability of primary product supply [2] - In the industrial sector, the company targets key industries like new energy and high-end manufacturing, offering personalized hedging solutions, with a 20% year-on-year increase in the number of clients served [2] Group 2: Reform and Innovation - The conference highlighted the need for reform and innovation to enhance development momentum, with the futures industry relying on product innovation and service upgrades [3] - The company actively engages in industry innovation, participating in the development of carbon emission rights and new energy materials derivatives, providing risk management tools for low-carbon transitions [3] - A comprehensive online and offline service system has been established, utilizing digital tools to lower the barriers for enterprises to participate in the futures market [3] Group 3: Risk Management - The company has built a comprehensive risk control system, emphasizing customer suitability management and strict regulatory compliance, with no major risk events reported throughout the year [4] - A monitoring system is in place to track abnormal trading behaviors, enhancing risk awareness among clients [4] - The company conducted over 350 investor education activities in 2025, reaching 120,000 investors, with 45% of activities focused on risk warnings for small and medium investors [4]

Economic Outlook - The Central Economic Work Conference held on December 10-11, 2025, highlighted the normalization of external challenges and emphasized the "strong supply and weak demand" contradiction domestically[1] - The conference identified three main issues: external challenges, supply-demand imbalance, and risk hazards, indicating a worsening external environment due to trade frictions[1] Economic Goals and Macro Policies - The focus shifted from "preventing and resolving risks" to "better coordinating domestic economic work and international trade struggles," indicating a more proactive approach to external challenges[1] - Emphasis on stabilizing employment, enterprises, markets, and expectations, moving away from merely stabilizing asset prices[1] - The goal is to achieve qualitative improvements and reasonable quantitative growth, enhancing the sense of gain for residents and enterprises[1] Fiscal Policy - Fiscal policy is to "maintain necessary" rather than "increase intensity," indicating a lower necessity for further increases in deficit and special bonds[1] - The emphasis on addressing local fiscal difficulties has increased, with a focus on ensuring basic livelihood, wages, and operations[1] - The conference proposed reforms to the local tax system to alleviate fiscal pressures, including adjustments to consumption tax and shared tax distribution[2] Monetary Policy - The goal of "price recovery" has been explicitly included as a monetary policy target, indicating a significant increase in the importance of price stability[3] - The terminology for interest rate cuts has shifted from "timely" to "flexible and efficient," suggesting a more responsive monetary policy approach[3] - There is a renewed focus on "expanding domestic demand," with monetary policy aimed at supporting consumption and innovation[3] Investment and Consumption - The conference aims to "stop the decline in investment," with specific measures to increase central budget investment and optimize the use of local government bonds[3] - A systematic approach to increasing residents' income has been proposed, moving from short-term subsidies to a comprehensive income increase plan[3] - The focus on consumption remains paramount, with a shift from merely increasing funding to improving efficiency in consumption policies[3] Real Estate Market - The strategy has shifted from "stopping the decline" to "stabilizing" the real estate market, emphasizing inventory reduction and supply optimization[4] - The conference proposed reforms to the housing provident fund system to support cross-city home purchases and improve access to funds[4] Capital Market - The focus has moved from stabilizing the stock market to ensuring the normal operation of market mechanisms and building confidence[4] - Emphasis on deepening capital market reforms and innovating financial services to better support new productive forces[4] Price and Competition - Price pressures are expected to decrease, with a lower emphasis on price targets compared to previous years[4] - The approach to "anti-involution" has shifted from "comprehensive rectification" to "in-depth rectification," indicating a focus on regulating competition and industry structure[4]

2025.12.11 东方金诚首席宏观分析师王青认为，着眼于做好"五篇大文章"，引导金融资源更多支持科技创新、制造 业转型升级、绿色发展、小微企业，以及促消费稳外贸等国民经济重点领域和薄弱环节，2026年央行将 优化用好各类结构性货币政策工具，总体上是"加量降价"，即结构性货币政策工具额度总体上会增加， 操作利率则会跟进降息适度下调。结构性货币政策工具发力，除了推动新旧增长动能转换、助力高质量 发展外，也会起到以结构带总量的作用，推动整体信贷、社融增长。 招联首席研究员董希淼也表示，接下来央行将针对结构性矛盾，坚持聚焦重点、有进有退的原则，科学 使用、适时创设结构性货币政策工具，逐步淡化对数量目标的关注，更加注重引导金融资源更多地配置 到科技创新、提振消费、绿色低碳等重点领域和薄弱环节，做好金融"五篇大文章"，增强政策的精准性 和有效性。 近年来，为了适配经济高质量发展的需要，央行不断丰富基础货币投放渠道，创新运用结构性货币政策 工具等再贷款，激励引导金融机构优化信贷投向。2025年三季度末，结构性货币政策工具余额占基础货 币的比重约13%。最新数据显示，9月末，支持做好金融"五篇大文章"的结构性货币政策工具 ...

Group 1 - The central economic work conference outlines a clear blueprint for high-quality economic development in China, emphasizing the role of capital markets in serving the real economy and managing risks [1] - The conference calls for financial institutions to increase support for key areas such as expanding domestic demand, technological innovation, and small and medium-sized enterprises [2] - The futures industry is encouraged to integrate its professional tools more closely with the real economy, particularly in supporting rural revitalization efforts [2] Group 2 - The conference stresses the importance of maintaining a bottom line and actively managing risks in key areas, highlighting that a stable financial market is essential for a stable economy [3] - The implementation of the Futures and Derivatives Law and various capital market policies reflects a focus on risk prevention, strong regulation, and promoting high-quality development [3] - The company is committed to enhancing its internal monitoring and compliance management mechanisms to ensure prudent and stable financial operations [3] Group 3 - The company aims to deepen its engagement with the real economy and expand its research and development capabilities centered around hedging [2] - The company plans to provide comprehensive, professional, and continuous risk management services to industry clients, responding to the call for rural revitalization through innovative models like "insurance + futures" [2] - The company will continue to uphold the principles of strong regulation and risk prevention, enhancing its core competitiveness and compliance management capabilities [3]

刚刚闭幕的中央经济工作会议，习近平总书记重要讲话明确提出了"稳中求进、提质增效"的工作总基 调，为金融市场服务实体经济高质量发展指明方向。作为资本市场重要组成部分，期货行业肩负发现价 格、管理风险、配置资源的核心使命。国泰君安期货紧跟国家战略部署，以实际行动践行会议精神，与 行业同仁凝聚正向力量，传递积极发展信号。 坚守初心使命 锚定服务实体经济本源 会议指出，要"着力推动高质量发展""防范化解重点领域风险"。国泰君安期货将服务实体经济作为立身 之本，在农业领域深耕"保险+期货"模式：截至目前，公司已开展"保险+期货"项目超过260个，覆盖全 国24个省级行政单位，涉及生猪、橡胶、棉花、苹果、白糖、鸡蛋等14个重要农产品品种，累计项目金 额超过58亿元。这些项目惠及的农户数量超过56万户次，为广大农民提供了坚实的价格保障，为保障国 家"米袋子"、"菜篮子"安全、稳定初级产品供给贡献了实实在在的"期货力量"。 在工业领域，国泰君安期货聚焦新能源、高端制造等重点产业链，为企业提供个性化套期保值方案，覆 盖原材料采购、生产运营到产品销售全周期风险对冲需求，全年服务实体企业客户数量同比增长20%。 针对中小微企业风险 ...

央视新闻客户端消息，习近平总书记在中央经济工作会议上发表的重要讲话，总结2025年经济工作，分析 当前经济形势，部署2026年经济工作。与会同志一致表示，要认真贯彻落实习近平总书记重要讲话精神， 自觉把思想和行动统一到党中央对形势的科学判断上来，万众一心、砥砺前行，奋力实现明年经济社会发 展目标任务，确保"十五五"开好局、起好步。 中央经济工作会议指出，今年是很不平凡的一年。以习近平同志为核心的党中央团结带领全党全国各族人 民迎难而上、奋力拼搏，坚定不移贯彻新发展理念、推动高质量发展，统筹国内国际两个大局，实施更加 积极有为的宏观政策，经济社会发展主要目标将顺利完成。 山东省委书记 林武：总书记的重要讲话全面总结了今年和"十四五"以来取得的重大成就，深入分析了我们 面临的国际国内形势，系统部署了明年经济社会发展的目标任务，为我们做好工作提供了根本遵循。我们 将深入学习贯彻习近平总书记重要讲话精神，切实把思想和行动统一到党中央对形势的科学判断和决策部 署上来，坚定扛牢经济大省挑大梁责任担当，为全国大局多作贡献。 中央经济工作会议指出，过去5年，我们有效应对各种冲击挑战，推动党和国家事业取得新的重大成 就，"十四 ...