Core Viewpoint - The Chinese A-shares experienced a significant increase on December 12, with major indices showing positive performance, driven by optimistic signals from the Central Economic Work Conference regarding future economic policies [1][2]. Market Performance - The Shanghai Composite Index closed at 3889 points, up by 0.41% - The Shenzhen Component Index closed at 13258 points, up by 0.84% - The ChiNext Index closed at 3194 points, up by 0.97% - The total trading volume in the Shanghai and Shenzhen markets was approximately 20,922 billion yuan, an increase of about 2,351 billion yuan compared to the previous trading day [1]. Economic Policy Insights - The Central Economic Work Conference held on December 10-11 emphasized a policy direction focused on stability and quality improvement for the upcoming year - The conference outlined eight key tasks for China's economic work by 2026, with a strong emphasis on domestic demand and building a robust domestic market as the top priority [1]. - Analyst Xiong Yue from Dongguan Securities noted that the conference's positive policy signals could support economic recovery and enhance market risk appetite, suggesting that A-shares may continue to rise [1]. Sector Performance - According to statistics from Dongfang Caifu, sectors such as precious metals, power grid equipment, power supply equipment, electronic chemicals, and semiconductors saw significant gains, with the precious metals sector leading with a 3.81% increase [2].

央视网消息：刚刚闭幕的中央经济工作会议部署了2026年经济工作的八项重点任务，其中将"坚持 内需主导，建设强大国内市场"列为2026年经济工作的首要位置。专家表示，坚持内需主导，做强国内 大循环，推动市场由大到强。 ...

Group 1 - The central economic work conference held on December 10-11, 2025, summarized economic work and analyzed the current economic situation, deploying tasks for 2026 [1] - The conference emphasized the integration of existing and new policies to enhance macroeconomic governance and policy effectiveness [6] - The focus for 2026 includes maintaining a stable GDP growth target of around 5% to allow for quality improvement in the later years of the 14th Five-Year Plan [6] Group 2 - The conference proposed a more proactive fiscal policy, maintaining necessary fiscal deficits and optimizing fiscal expenditure structure [8] - Monetary policy will remain moderately loose, with a focus on stabilizing economic growth and ensuring reasonable price recovery [8] - The fiscal support for consumption is expected to increase from 300 billion to 500 billion yuan, with a focus on service consumption [12] Group 3 - The conference highlighted the importance of domestic demand and the construction of a strong domestic market as a priority task [10] - Measures to stimulate consumption include implementing a plan for increasing urban and rural residents' income and optimizing the supply of quality goods and services [11] - Investment support is expected to increase, with special bonds for major projects rising from 800 billion to 1 trillion yuan [12] Group 4 - The conference emphasized innovation-driven development and the establishment of international technology innovation centers in key regions [14] - The focus on "Artificial Intelligence+" aims to enhance technological financial services and support the development of new industries [14][15] - The integration of technology and finance is expected to create a comprehensive service system for technological innovation [15] Group 5 - The conference addressed the need for coordinated development, promoting urban-rural integration and regional collaboration [16] - Emphasis was placed on high-quality development of county economies and maintaining reasonable prices for important agricultural products [17] - The strategy aims to prevent large-scale poverty and ensure the sustainability of poverty alleviation efforts [17] Group 6 - The conference aims to stabilize the real estate market through targeted policies to control supply and encourage the purchase of existing homes for affordable housing [19] - There is an expectation for continued support for real estate financing and potential easing of purchase restrictions [20] - The focus on stabilizing the real estate market is seen as crucial for maintaining economic confidence [20] Group 7 - The conference called for deepening capital market reforms to enhance financing support for technological innovation and the real economy [21] - The establishment of a unified national market and the elimination of "involution" competition are key reform objectives [21] - The goal is to create a more attractive environment for long-term investments and improve the capital market ecosystem [22]

◎新华社北京12月11日电 中央经济工作会议12月10日至11日在北京举行。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，为实现"十五五"良好开局定向领航。 不断深化新形势下做好经济工作的规律性认识 2025年是"十四五"规划收官之年，在中国式现代化进程中具有重要意义。 会议总结今年经济运行情况，指出"经济社会发展主要目标将顺利完成""'十四五'即将圆满收官，第二个 百年奋斗目标新征程实现良好开局"。 会议认为，通过实践，我们对做好新形势下经济工作又有了新的认识和体会：必须充分挖掘经济潜能， 必须坚持政策支持和改革创新并举，必须做到既"放得活"又"管得好"，必须坚持投资于物和投资于人紧 密结合，必须以苦练内功来应对外部挑战。 新时代以来的中央经济工作会议，一贯重视理论总结，用以指导经济发展实践。随着形势变化，中央经 济工作会议持续深化对经济工作的规律性认识，2021年提出"四个必须"，2022年提出"六个坚持"，2023 年提出"五个必须"，2024年提出"根本保证""五个必须统筹"。 "今年会议提出的'五个必须'，是党中央在深入总结今年经济工作实践和 ...

Group 1 - The core viewpoint of the article emphasizes the proactive macroeconomic policy for 2026, focusing on enhancing economic governance effectiveness and addressing structural contradictions in economic operations [2][3]. - The meeting highlighted the need for a more active fiscal policy and moderately loose monetary policy to stimulate economic growth and improve governance efficiency [3][4]. - The economic growth target for 2026 is set at around 5%, with a focus on maintaining a relatively loose fiscal and monetary policy to achieve this goal [4][5]. Group 2 - The emphasis on domestic demand and building a strong domestic market remains a priority, with strategies to boost consumption, expand effective investment, and eliminate barriers to a unified national market [6][7]. - The article notes that the consumer spending recovery has slowed down, with retail sales growth declining to 2.9% year-on-year in October, indicating potential downward pressure on consumption in the coming months [7]. - Investment strategies will focus on enhancing public services in education, healthcare, and elderly care, as well as advancing frontier technologies like new information technology and renewable energy [8].

Group 1 - The core viewpoint emphasizes that a strong domestic market is the strategic foundation for China's modernization, with a focus on expanding domestic demand as a key strategy [1] - The average contribution rate of domestic demand to economic growth from 2021 to 2024 is projected to be 86.4%, indicating a transition from a "large market" to a "strong market" [1] - China remains the second-largest consumer market globally, the largest in online retail, and the second-largest in imports [1] Group 2 - Over the past four years, final consumption has contributed an average of 56.2% to economic growth, an increase of 8.6 percentage points compared to the previous five-year period [3] - The integration of artificial intelligence into daily life has led to a surge in demand for smart products, with significant sales growth in items like smart homes and traditional cultural products [3] - The service consumption sector has diversified, with increased demand for cultural, tourism, and wellness services, highlighting trends in urban leisure and traditional tea culture [3] Group 3 - Investment has contributed an average of 30.2% to economic growth, with a focus on improving living standards, including the construction of approximately 7.8 million affordable housing units over the past four years [4] - The expansion of market consumption has driven investment in related sectors, with internet services and communication equipment manufacturing seeing annual investment growth rates of 21.9% and 11.2%, respectively [4] - The "14th Five-Year Plan" emphasizes the integration of consumer and investment strategies to stimulate demand and supply interactions, aiming to enhance the domestic market's internal driving force [4]

Core Viewpoint - A strong domestic market is the strategic foundation for China's modernization, emphasizing the need to expand domestic demand and enhance the internal circulation's dynamism and reliability [1]. Group 1: Domestic Demand Contribution - From 2021 to 2024, domestic demand is expected to contribute an average of 86.4% to economic growth, indicating a transition from a "large market" to a "strong market" [2]. - The average contribution of final consumption to economic growth reached 56.2%, an increase of 8.6 percentage points compared to the "13th Five-Year Plan" period [3]. Group 2: Consumption Trends - The integration of artificial intelligence into daily life has led to a surge in demand for smart products, with items like smartphones and smart home devices gaining popularity [3]. - Cultural products reflecting national trends, such as Hanfu and creative cultural products, have seen exponential sales growth [3]. Group 3: Investment Dynamics - Investment in capital formation contributed an average of 30.2% to economic growth, with a focus on improving public welfare [3]. - Approximately 7.8 million units of affordable housing have been constructed over the past four years, addressing housing issues for over 20 million people [3]. Group 4: Interaction Between Consumption and Investment - The expansion of market consumption drives investment through production and infrastructure development, with internet and related services investment growing at an annual rate of 21.9% [4]. - Effective investment increases employment and income, enhancing consumer capacity and improving consumption conditions, such as the projected total of 12.818 million charging facilities by the end of 2024 to support the widespread adoption of new energy vehicles [4]. Group 5: Strategic Emphasis - The "14th Five-Year Plan" emphasizes the integration of consumer welfare and investment in goods and people, promoting a virtuous cycle between consumption and investment [4].

Core Viewpoint - The strong domestic market is a strategic foundation for China's modernization, with a focus on expanding domestic demand as a key strategy for economic growth [1] Group 1: Domestic Demand Contribution - The average contribution rate of domestic demand to economic growth from 2021 to 2024 is projected to be 86.4%, indicating a transition from a "large market" to a "strong market" [1] - Final consumption's average contribution rate to economic growth has reached 56.2%, an increase of 8.6 percentage points compared to the "13th Five-Year Plan" period [3] Group 2: Consumer Trends - The integration of artificial intelligence into daily life has led to increased popularity of smart products such as smartphones and smart home devices, with new products like panoramic cameras and smart glasses gaining significant market traction [3] - Cultural products reflecting national trends, such as Hanfu and cultural creative products, have seen exponential sales growth [3] Group 3: Investment and Economic Growth - The average contribution rate of capital formation from investment to economic growth is 30.2%, with a focus on improving public welfare [5] - Approximately 7.8 million units of affordable housing have been constructed over the past four years, addressing housing issues for over 20 million people [5] - Investment in the internet and related services has grown at an annual rate of 21.9%, driven by strong consumer demand for products like smartphones [5] Group 4: Policy Emphasis - The "14th Five-Year Plan" emphasizes the integration of consumer and investment strategies, promoting a virtuous cycle between supply and demand [5] - The plan aims to accelerate the construction of a strong domestic market, enhancing the internal driving force of China's large market [5]

Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes the importance of promoting high-quality and efficient development of the service industry as a major task for building a modern industrial system and achieving high-quality development in the context of Chinese-style modernization [1] Group 1: Significance of Promoting High-Quality and Efficient Development of the Service Industry - The service industry is a crucial component of the national economy and its development level is a key indicator of a country's economic progress [2] - High-quality and efficient development of the service industry is essential for building a modern industrial system, integrating modern services with advanced manufacturing and modern agriculture [2] - It is an inherent requirement for establishing a strong domestic market, with a significant shift in consumption patterns expected as GDP per capita exceeds $13,400 in 2024 [3] - The service industry is vital for improving the quality of life for citizens, providing numerous employment opportunities and addressing public service needs [4] - It serves as a key driver for cultivating new advantages in international economic cooperation and competition, especially in the context of evolving global trade dynamics [5] Group 2: Foundations for High-Quality and Efficient Development of the Service Industry - Since the 18th National Congress, the service industry has seen significant growth, with its value-added increasing from 24.5 trillion yuan in 2012 to 76.6 trillion yuan in 2024 [6] - The contribution of the service industry to economic growth has risen from 49.9% in 2014 to 56.2% in 2024, indicating a solidifying role as a growth driver [7] - Employment in the service sector has increased by approximately 84 million from 2013 to 2024, accounting for 48.8% of total employment [8] - The structure of the service industry is continuously optimizing, with modern services becoming a significant force in driving industrial transformation [7] - The scale and quality of service trade have improved, with total service imports and exports growing from about 3 trillion yuan in 2012 to over 7.5 trillion yuan in 2024 [9] Group 3: Major Tasks for Promoting High-Quality and Efficient Development of the Service Industry - Implement actions to expand and improve the quality of the service industry, focusing on professionalization and high-end value chain extension [11] - Deepen reform and opening up in the service sector to enhance development momentum and improve service trade quality [12] - Enhance the quality and efficiency of integrated development between modern services and advanced manufacturing, promoting collaborative growth [13] - Improve the policy framework and foundational systems supporting service industry development, including financial, investment, and talent support [14]

Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes the importance of promoting high-quality and efficient development of the service industry as a key task for building a modern industrial system and achieving high-quality development in the context of Chinese-style modernization [1][2]. Group 1: Significance of Promoting High-Quality and Efficient Development of the Service Industry - The service industry is a crucial component of the national economy and its development level is a significant indicator of a country's economic progress [2]. - High-quality and efficient development of the service industry is essential for building a modern industrial system, integrating modern services with advanced manufacturing and modern agriculture [2]. - It is an inherent requirement for establishing a strong domestic market, with a projected per capita GDP of approximately $13,400 in 2024, indicating a shift towards balanced consumption of goods and services [3]. - The service industry plays a vital role in improving the quality of life for citizens, providing numerous employment opportunities and enhancing service supply quality [4]. - Promoting the service industry is also a key strategy for cultivating new advantages in international economic cooperation and competition, especially in the context of rapid advancements in digital technology and service trade [5]. Group 2: Foundations for High-Quality and Efficient Development of the Service Industry - Since the 18th National Congress, the service industry has seen significant growth, with its value-added increasing from 24.5 trillion yuan in 2012 to 76.6 trillion yuan in 2024 [6][7]. - The contribution rate of the service industry to economic growth has risen from 49.9% in 2014 to 56.2% in 2024, reflecting its increasing importance [7]. - The structure of the service industry is continuously optimizing, with modern services becoming a driving force for industrial transformation [8]. - Employment in the service industry has increased significantly, with approximately 84 million new jobs created from 2013 to 2024, accounting for 48.8% of total employment [8]. - The scale and quality of service trade have improved, with total service imports and exports growing from about 3 trillion yuan in 2012 to over 7.5 trillion yuan in 2024 [9]. Group 3: Major Tasks for Promoting High-Quality and Efficient Development of the Service Industry - Implement actions to expand and enhance the quality of the service industry, focusing on both scale and quality improvements [11]. - Deepen reforms and open up the service industry to enhance development momentum and improve service trade quality [12]. - Enhance the quality and effectiveness of integrated development between modern services and advanced manufacturing, promoting innovative service solutions [13]. - Improve the policy framework and foundational systems supporting service industry development, including financial, investment, and talent support [14].