新华财经北京12月11日电（记者叶昊鸣）12月10日至11日举行的中央经济工作会议部署明年经济工作时 提出，制定全国统一大市场建设条例，深入整治"内卷式"竞争。 建设全国统一大市场是构建新发展格局的基础支撑和内在要求。2022年4月，《中共中央国务院关于加 快建设全国统一大市场的意见》正式发布，此后《公平竞争审查条例》《关于健全社会信用体系的意 见》《市场准入负面清单（2025年版）》等相继发布，目的是不断增强和巩固我国大市场优势，为高质 量发展带来更多动力。 "制定全国统一大市场建设条例，将法治建设更深度融入经济社会发展全局，为加快建设全国统一大市 场提供坚实的制度保障。"上海金融与法律研究院研究员刘远举说。 社会主义市场经济本质上是法治经济。新时代以来，我国市场基础制度不断完善，市场设施加快联通， 要素市场建设迈出重要步伐，商品和服务市场规模效应逐步显现，公平竞争理念深入人心。 刘远举认为，全国统一大市场建设是我国在推进经济体制改革过程中形成的一项重要抓手。制定全国统 一大市场建设条例，坚持在改革中完善法治，确保全国统一大市场建设于法有据，将推动各方面制度更 加成熟更加定型。 在南方科技大学副校长金李看来 ...

Core Viewpoint - The Central Economic Work Conference emphasizes the establishment of a national unified market as a foundational support for the new development pattern, aiming to enhance market advantages and drive high-quality development [1][2]. Group 1: National Unified Market Construction - The construction of a national unified market is essential for the new development pattern and is supported by various regulations such as the "Fair Competition Review Regulations" and the "Negative List for Market Access (2025 Edition)" [1]. - The formulation of a national unified market construction regulation aims to integrate legal frameworks into economic and social development, providing a solid institutional guarantee for the market's establishment [1]. - The socialist market economy is fundamentally a rule-of-law economy, with ongoing improvements in market infrastructure and the establishment of a fair competition concept [1]. Group 2: Challenges of "Involution" Competition - "Involution" competition is identified as a major obstacle to the construction of a unified market, leading to resource wastage in price wars and marketing battles, hindering technological and production upgrades [2]. - The establishment of a national unified market construction regulation is seen as a legal approach to address "involution" competition, which will help optimize the competitive market environment and promote high-quality economic development [2].

另外，自去年"综合整治'内卷式'竞争"首次出现在中央经济工作会议的表述中以来，整治"内卷式"竞争 再次在会议表述中出现，但相关表述由"综合整治"转向"深入整治"。受访专家认为，去年的核心是全面 排查问题，属于广覆盖的初步治理；今年强调治理的深度与精准度，核心是通过"制定全国统一大市场 建设条例"破除地方保护与市场分割。 加紧培育壮大新动能 对于产业政策的相关表述，去年中央经济工作会议提到"以科技创新引领新质生产力发展，建设现代化 产业体系"转为"坚持创新驱动，加紧培育壮大新动能"。 "这一转变反映产业政策从战略规划向实施路径的深化。"国研新经济研究院创始院长朱克力对21世纪经 济报道记者表示，去年会议提出以科技创新引领新质生产力发展，核心在于构建现代化产业体系的"骨 架"，强调技术突破与产业融合的顶层设计。今年则更注重创新成果的"血肉填充"，即通过具体政策工 具推动技术转化与产业应用。 中央经济工作会议12月10日至11日在北京举行。会议确定，明年经济工作要坚持创新驱动，加紧培育壮 大新动能。制定一体推进教育科技人才发展方案。建设北京（京津冀）、上海（长三角）、粤港澳大湾 区国际科技创新中心。强化企业创新主体 ...

Core Viewpoint - The central economic work conference emphasizes the need to formulate regulations for the construction of a unified national market and to deeply address "involutionary" competition [1][3]. Group 1: Unified National Market - The unified national market is a core support and key reform for the "dual circulation" new development pattern, particularly for domestic circulation [1][3]. - It aims to break local protectionism and market segmentation, allowing production factors to flow and allocate more freely and efficiently across the country, thereby enhancing the resilience to external shocks [1][3]. - Achieving this goal requires deep institutional reforms, including improving the fiscal and tax system and statistical accounting systems to address the underlying contradictions of local protection and market segmentation [1][3]. Group 2: Involutionary Competition - Distinguishing and addressing "involutionary competition" is crucial in the process of building a unified national market [2][4]. - "Healthy competition" drives companies to win markets through technological innovation and quality improvement, while "involutionary competition" leads to low-level repetitive construction and destructive price wars, ultimately undermining the industrial foundation [2][4]. - The key to balancing regulation and vitality lies in the better combination of "effective markets" and "proactive government," where the government enforces laws and unified standards to curb disorderly low-price competition and delineate competition boundaries [2][4].

证券研究报告 | 策略专题报告 2025 年 12 月 11 日 2025 年中央经济工作会议如何指引 A 股？ ——中央经济工作会议点评 中央经济工作会议 12 月 10 日至 11 日在北京举行。会议整体延续政治局会议 相对积极的表态。短期来看，过去 10 年间，会后 7 天大盘风格往往相对占优。 行业表现上，从平均超额收益水平来看，近 5 年，社会服务、公用事业、煤炭、 传媒这五个行业会后 7 天平均超额水平相对更高。中长期来看，建议重点关注 会议"推动投资止跌回稳"下，明年重大项目的安排。 专题报告 相关报告 1、《如何理解 12 月政治局会 议？对资本市场意味着什么？ ———政策专题》2025-12-08 2、《今年以来服务消费政策部 署梳理，美政府结束停摆——国 内外产业政策周报（1116）》 2、《黄金税收政策调整，美国 与亚洲多国达成合作——国内 外产业政策周报（1103）》 3、《发布会召开介绍和解读四 中全会精神，有哪些增量信息？ — — 国 内 外 产 业 政 策 周 报 （1025）》 4、《整治内卷聚焦价格治理， 特朗普威胁对华大幅加征关税 — — 国 内 外 产 业 政 策 周 报 ...

Core Viewpoint - In November, consumer spending continued to recover, and the effectiveness of comprehensive rectification of "involution-style" competition became evident, with notable changes in price trends across various industries [2][7]. Consumer Price Index (CPI) - In November, the CPI increased by 0.7% year-on-year, with the growth rate expanding by 0.5 percentage points compared to the previous month, marking the highest increase since March 2024 [3][4]. - Food prices rose by 0.2% year-on-year, while non-food prices increased by 0.8%. Fresh vegetable prices turned from a decline of 7.3% last month to an increase of 14.5%, contributing approximately 0.49 percentage points to the CPI [3][4]. - Month-on-month, fresh vegetable prices rose significantly by 7.2%, far exceeding the average seasonal decline of 3.2%, impacting the CPI by about 0.17 percentage points [3]. Core CPI - The core CPI, excluding food and energy, rose by 1.2% year-on-year, maintaining a growth rate above 1% for three consecutive months [5]. - Prices for services and industrial consumer goods, excluding energy, increased by 0.7% and 2.1%, respectively, contributing approximately 0.29 and 0.53 percentage points to the CPI [5]. Producer Price Index (PPI) - The PPI decreased by 2.2% year-on-year, with the decline rate expanding by 0.1 percentage points compared to the previous month, primarily due to a high comparison base from the previous year [6]. - The PPI showed a month-on-month increase for two consecutive months, attributed to seasonal demand increases in certain domestic industries [8]. Industry Price Trends - The comprehensive rectification of "involution-style" competition has led to a narrowing of price declines in related industries, such as coal mining, photovoltaic equipment manufacturing, and lithium-ion battery manufacturing [7]. - Emerging industries are rapidly developing, driving price increases in sectors like external storage devices (up 13.9% year-on-year) and integrated circuit manufacturing (up 1.7%) [7]. - Consumer potential is being effectively released, reflected in price increases in sectors such as craft art and ceremonial supplies (up 20.6% year-on-year) and sports ball manufacturing (up 4.3%) [7].

Core Viewpoint - The Ministry of Industry and Information Technology emphasizes the need to address "involution" competition and deepen reforms to promote stable growth in the industrial economy [1] Group 1: Strategic Focus - The year 2026 marks the beginning of the "14th Five-Year Plan," necessitating careful planning of work strategies and key tasks for the upcoming year [1] - The focus will be on enhancing value creation and promoting industrial economic growth through quality and competitive advantages [1] Group 2: Reform and Regulation - A comprehensive approach to rectify "involution" competition will be prioritized, alongside strengthening industry self-discipline and regulatory responsibilities [1] - The aim is to resolve significant challenges faced by industries and enterprises, thereby stimulating innovation and entrepreneurial activities [1] Group 3: Safety and Risk Management - There will be an increased emphasis on balancing development and safety, with a focus on risk identification and mitigation [1] - Ensuring the security of key industrial and supply chains, as well as enhancing safety capabilities in areas such as networks, data, and artificial intelligence, is crucial for gaining competitive advantages [1]

Core Viewpoint - The "14th Five-Year Plan" period is crucial for China's high-quality development, facing multiple challenges such as macroeconomic changes, demographic shifts, and employment issues, necessitating systematic responses from institutional design and resource allocation [4] Group 1: Macroeconomic Trends - Current macroeconomic patterns show a "failure of traditional rules," where short-term shocks and long-term structural factors interact, complicating the relationship between inflation and unemployment [5] - The aging population is a long-term factor that suppresses inflation, raising concerns about its impact on economic vitality [5] Group 2: Competition and Economic Efficiency - "Involution" in competition leads to a decline in potential growth rates, slowing productivity growth and reducing investment returns, resulting in a contraction of market size [6] - Over-investment in traditional sectors delays the transition to new growth drivers, causing a series of negative effects including weak CPI and declining employment quality [6] Group 3: Demographic Challenges - The dual pressures of low birth rates and rapid aging are significant challenges during the "14th Five-Year Plan" period, with the total fertility rate falling below replacement levels since 1992 [8] - The aging population increases the old-age dependency ratio, straining pension fund sustainability and creating a demand for elderly care that the current supply system struggles to meet [8] Group 4: Consumption Dynamics - The demographic structure negatively impacts consumption potential, with younger populations decreasing and older individuals having limited consumption capacity due to low labor participation and insufficient social security [9] Group 5: Employment Market Characteristics - The employment market is characterized by new forms of employment, with 310 million individuals in urban self-employment and private sectors, and 200 million in flexible employment as of 2023 [10] - Labor mobility is becoming more localized, which may hinder overall productivity growth [10] Group 6: Policy Recommendations - The focus should shift from merely expanding the economy to improving income distribution, addressing urban-rural income disparities, and enhancing social equity [13] - Investment should transition from physical assets to human capital, emphasizing education and health to foster sustainable economic growth [14]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) emphasizes the need to regulate the "involution" competition in the power and energy storage battery industry to promote high-quality development [1][3][4]. Group 1: Industry Development and Challenges - The power and energy storage battery industry in China has rapidly developed, achieving global competitive advantages in market scale, innovation capability, and industrial system [3][4]. - Despite the growth, the industry faces several challenges that require a comprehensive understanding of the development situation [4]. Group 2: Regulatory Measures and Industry Cooperation - MIIT plans to implement targeted policies to address irrational competition, enhance capacity monitoring, and improve product quality supervision [4]. - The ministry encourages enterprises to resist irrational competition, enhance innovation, and increase R&D investment to improve core competitiveness [4]. - Strengthening collaboration within the industry chain is essential to enhance self-control levels and create new development advantages [4]. Group 3: Future Planning and Support - MIIT will scientifically formulate the "14th Five-Year" industrial development plan, increase support for technological innovation, and enhance standard-setting to foster a conducive environment for high-quality industry development [4].

（文章来源：央视新闻） 记者从工业和信息化部获悉，近年来，我国动力和储能电池产业迅速发展壮大，在市场规模、创新能 力、产业体系等方面形成了全球竞争优势。与此同时，产业发展还面临不少问题和挑战。我国将综合整 治"内卷式"竞争，加快推出针对性政策举措，依法依规治理动力和储能电池产业非理性竞争，加强产能 监测、预警和调控，加大生产一致性和产品质量监督检查力度，打击知识产权违法行为，引导企业科学 布局产能、合理有序"出海"，全力推动产业高质量发展。 ...