通知明确，设备更新方面，总体延续2025年支持范围，在民生领域增加老旧小区加装电梯、养老机 构设备更新，在安全领域增加消防救援、检验检测设备更新，在消费基础设施领域增加商业综合体、购 物中心、百货店、大型超市等线下消费商业设施的设备更新。这些新部署，有望更好发挥设备更新对产 业升级、节能降碳、民生改善和高质量发展的支撑作用。 在消费品以旧换新方面，明年汽车置换、洗衣机和冰箱等家电换新还有没有补贴？购买智能手机、 智能手环还能申请补贴吗？ 透过这些规定看，消费品以旧换新进一步集中资源，着力提升覆盖人群广、带动效应强的重点消费 品"得补率"。 答案是肯定的：继续支持。 二是优化补贴标准。 明年"两新"政策，将继续实施汽车报废更新和汽车置换更新补贴；继续实施家电以旧换新补贴，支 持范围聚焦冰箱、洗衣机、电视、空调、电脑、热水器等6类产品。同时，将数码产品购新补贴拓展为 数码和智能产品购新补贴，支持范围包括手机、平板、智能手表（手环）、智能眼镜和智能家居产品 （含适老化家居产品）。 为充分发挥超长期特别国债资金效益，进一步提高补贴质效，2026年"两新"政策对一些领域的补贴 标准作出了优化完善。 12月30日，备受社 ...

Core Viewpoint - The Xi'an Municipal Bureau of Commerce is implementing a series of consumer promotion activities to boost consumption during the "Double Festival" period, focusing on expanding domestic demand, promoting consumption, and benefiting people's livelihoods [1][3]. Group 1: Promotion Activities - The Bureau is organizing a variety of large-scale promotional events, including the "21st Xi'an New Year Goods Fair," "Good Things Ahead, Happy Shopping in Chang'an," and the "National Online New Year Goods Festival," featuring over a thousand merchants and more than ten thousand types of products [1][3]. - Activities will include discounts, giveaways, and a special "New Year Goods Zone" in key commercial areas, combining live demonstrations, creative product sales, and food tastings to enhance the festive shopping atmosphere [1][3]. Group 2: Online and Offline Integration - The Bureau is coordinating with major commercial enterprises to create a seamless online and offline shopping experience, focusing on food, travel, and home appliances, with a series of integrated promotional activities [1][3]. - The initiative aims to meet diverse consumer needs through various discount measures and rich shopping scenarios [1][3]. Group 3: Consumer Environment Optimization - To ensure the smooth execution of promotional activities, the Bureau emphasizes both service enhancement and regulatory oversight, aiming to optimize the consumer environment for residents and visitors [1][3].

央视网消息（新闻联播）：记者从财政部了解到，2026年，我国将连续第二年实施更加积极的财政政策，着力扩内需、优结构、增动能、惠民生。将扩大财 政支出盘子，确保必要支出力度，优化政府债券工具组合，提高转移支付资金效能，持续优化支出结构，加强财政金融协同，放大政策效能。 2026年，更加积极的财政政策将坚持内需主导，支持建设强大国内市场，大力提振消费，深入实施提振消费专项行动，继续安排资金支持消费品以旧换新， 调整优化补贴范围和标准。积极扩大有效投资，加大对新质生产力、人的全面发展等重点领域投入。同时，规范税收优惠、财政补贴政策。 此外，2026年，更加积极的财政政策还将支持科技创新和产业创新深度融合，推进城乡融合和区域联动，进一步加强民生保障，推动经济社会发展全面绿色 转型等，增强经济发展后劲和百姓获得感。 ...

Core Viewpoint - The recent joint notification by the Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau aims to enhance collaboration between commerce and finance to boost consumer spending and improve living standards [2][3]. Group 1: Policy Measures - The notification outlines three main areas with eleven policy measures to strengthen cooperation between the commerce and financial systems [3]. - It encourages local departments to enhance communication and collaboration, promoting a coordinated approach involving fiscal funds, credit, and social capital [3]. - Financial institutions are urged to support five key areas: upgrading product consumption, expanding service consumption, fostering new consumption types, innovating diverse consumption scenarios, and assisting consumption support [3][4]. Group 2: Financial Support Initiatives - Financial institutions are encouraged to collaborate with platforms and key merchants to improve payment options such as installment plans, credit cards, and digital currencies to meet consumer upgrade demands [4]. - The notification emphasizes the need for tailored personal consumption loan policies based on customer repayment capabilities and credit status, aiming to accelerate the development of personal consumption loans [4]. - It also highlights the integration of financing, settlement, and insurance services to support new consumption models and enhance financial backing for various consumer activities and urban development projects [4]. Group 3: Implementation and Future Steps - The Ministry of Commerce plans to work with the People's Bank of China and the Financial Regulatory Bureau to guide local departments and financial institutions in implementing these measures effectively [4]. - The initiative aims to address barriers to consumer potential and provide targeted policy recommendations based on experiences from various local commerce departments and financial institutions [4].

(责编：杨光宇、胡永秋) 整治"微腐败"是营造良好发展环境的重要基础。经济发展和民生改善相互牵动、互为条件。"微腐败"既 损害群众利益，更破坏发展环境。我们每年开展优化营商环境专项监督，常态整治"担当作为不尽心、 争创一流缺雄心、服务群众不贴心、遵规守纪缺戒心"等作风问题。优良作风是良好营商环境的"金字招 牌"。近年来，达州成功引进10个百亿级制造业项目，"3+3+N"现代产业集群整体重塑，高质量发展步 伐更加坚实，为保障和改善民生夯实物质基础。以清风正气护航经济发展，还需进一步构建亲清政商关 系，杜绝靠企吃企谋私利等现象。 整治"微腐败"关键在于管住"微权力"。我们梳理形成乡镇（街道）、村（社区）履职事项清单，聘请群 众担任村级党风政风监督员，从小事入手铲除腐败滋生土壤。阳光是最好的防腐剂，群众是最好的监督 者。要充分发挥群众监督作用，畅通参与渠道，让"蝇贪蚁腐"无处遁形。 反腐败是否见成效，惠民生是否见真功，群众最有发言权。持续推动反腐败斗争向基层延伸、向群众身 边延伸，扎紧制度笼子，深化以案促改，涵养廉洁文化，引导党员干部将遵规守纪体现到增进群众感 情、维护群众利益上来，监督执纪的力度就能更好转化为造福 ...

宏观经济 | 证券研究报告 — 总量点评 2025 年 12 月 12 日 2025 年中央经济工作会议 学习体会 "扩内需"的战略地位进一步提升 "扩内需"的战略地位进一步提升。 "惠民生"和"稳投资"有望共同发力。 财政、货币增量政策仍然值得期待。 着眼明年的发展任务，会议将"实施更加积极有为的宏观政策"放在了 会议公报相对靠前的位置，强调"增强政策前瞻性针对性协同性"，明 年宏观政策有望更加靠前发力。 会议增加了"扩大内需、优化供给"、"做优增量、盘活存量"等重要表 述，并在明年经济工作的重点任务中，将"坚持内需主导"放在了各项 发展任务之前，明年"扩内需"的战略地位进一步提升。"扩内需"是 应对当前"老问题、新挑战"的重要抓手，其能够有效对冲外部需求的 不确定性，加速消化国内"强"供给，带动企业盈利与居民收入修复， 进而进一步推动反哺有效需求。为更好的实现这一良性循环，2026 年宏 观政策有望"更加积极有为"的发力"扩内需"。 其一，为实现"十五五"良好开局，增量政策仍然值得期待。其二，盘 活"存量"资源，"因地制宜"的做好经济工作。以发展新质生产力为 例，2024 年中央经济工作会议强调要以科技创 ...

Group 1 - The core viewpoint of the article emphasizes the importance of expanding domestic demand and optimizing investment as outlined in the "14th Five-Year Plan" [3][5] - The new proposal highlights the integration of "investment in material" and "investment in people," aiming to enhance the quality of life and stimulate consumption [3][11] - The article discusses the shift in investment focus from physical infrastructure to human capital, indicating a strategic decision to prioritize investments that directly benefit people's lives [5][15] Group 2 - The "14th Five-Year Plan" suggests that investment in people includes funding for education, healthcare, and elderly care, which are crucial for improving living standards [5][19] - The article provides examples of successful integration of investments in both material and human resources, such as the Shenzhen Guangming Cloud Valley project, which has attracted high-tech enterprises and created job opportunities [11][13] - It highlights the need for a long-term vision in investments, focusing on talent development and innovation as key areas for future growth [25][27] Group 3 - The article notes that the total fixed asset investment in China is projected to reach 52 trillion yuan, emphasizing the scale of investment compared to global standards [9] - It discusses the necessity of increasing residents' income to boost consumption, with specific goals set in the "14th Five-Year Plan" to align income growth with economic growth [19][21] - The article mentions that the government aims to direct more resources towards social welfare, with over 70% of fiscal spending in various regions allocated to the livelihood sector [21][23]

Core Insights - The Chinese government has introduced a plan to enhance the adaptability of supply and demand in consumer goods, aiming to create three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027, with a focus on high-quality development by 2030 [1] Group 1: Development Goals - By 2027, China aims to establish three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [1] - By 2030, the goal is to achieve a high-quality development pattern where supply and consumption interact positively, with a steady increase in consumption's contribution to economic growth [1] Group 2: Key Consumption Areas - The three trillion-level consumption sectors include elderly products, smart connected vehicles, and consumer electronics [1] - The ten hundred-billion-level consumption hotspots cover categories closely related to daily life, such as baby products, smart wearables, cosmetics, fitness equipment, outdoor products, pet food, civilian drones, trendy toys, jewelry, and national fashion apparel [1] Group 3: Current Market Trends - In the first ten months of this year, the trade-in policy for consumer goods has generated over 2.4 trillion yuan in sales, benefiting more than 360 million people [3] - Retail sales of home appliances, furniture, and communication equipment have seen approximately 20% year-on-year growth, maintaining a rapid growth rate [3] Group 4: Regulatory and Standardization Efforts - The State Administration for Market Regulation has released 22 national standards related to energy and water consumption for daily consumer goods, enhancing the supply of quality products to meet consumer demand [3] - The plan emphasizes the development of energy-efficient and environmentally friendly products suitable for rural areas, including efficient range hoods, gas stoves, water heaters, and bathroom products [3][4]

Core Viewpoint - The fiscal policy for 2026 will focus on promoting stable growth, improving people's livelihoods, and managing risks under the "15th Five-Year Plan," with a projected narrow fiscal deficit rate exceeding 4% and new local special bonds around 4.6 trillion yuan [1][5][43]. Group 1: Fiscal Policy Characteristics - The core feature of China's fiscal policy in 2025 is a shift towards a "people-oriented" expenditure structure, which is reflected in the resilience of consumption and the decline in infrastructure investment since July [1][5]. - On the revenue side, there is a weak recovery in the two accounts, with tight constraints still present. The income from individual income tax and securities transactions has improved, while land transfer income has seen a narrowing decline [5][11]. - On the expenditure side, there is a moderate expansion in total fiscal spending, with a structural shift towards social welfare. The central government's financial support is increasing, but the alignment of financial resources and responsibilities still needs optimization [1][11][15]. Group 2: Key Tasks for 2026 - The fiscal policy for 2026 will focus on three key tasks: promoting the synergy between social welfare and consumption incentives, addressing the slowdown in external demand, and resolving funding constraints for infrastructure investment [1][21][22]. - Policies such as trade-in programs and childbirth subsidies are expected to continue and be enhanced, with a focus on service consumption, projecting a retail sales growth rate of around 4.5% [2][25]. Group 3: Infrastructure Investment and Debt Management - For infrastructure investment and debt management, it is essential to clarify the scale and path of debt management funding, with an estimated need for around 3 trillion yuan in special bonds for debt management and clearing overdue accounts in 2026 [3][29]. - The pressure of interest payments after debt replacement is expected to be manageable due to a low-interest environment, which will help offset the visible interest payment pressure [3][37]. - The growth rate of infrastructure investment is projected to be around 3.5% in 2026, influenced by the constraints of debt management and the pursuit of effective investment [3][41]. Group 4: Fiscal Data Projections for 2026 - The growth rate of broad fiscal spending is expected to be around 4.6%, with a narrow fiscal deficit rate still needing to exceed 4%, and new local special bonds projected at approximately 4.6 trillion yuan [5][43][49]. - The general public budget revenue growth rate is estimated at about 1%, while government fund revenue is expected to decline by around 5% [43][46].

1. Report Industry Investment Rating No relevant content found. 2. Core Viewpoints of the Report - The macro - economic data shows a mixed picture, with some indicators like GDP growth and consumption having positive trends, while others such as exports face challenges. The monetary policy has space but its marginal efficiency is declining, and there is a need to shift the macro - control approach from over - reliance on investment to promoting consumption and benefiting people's livelihoods. The bond market may have opportunities from December this year to early next year, and the stock market shows certain upward momentum [1][2][16][29]. 3. Summary According to Relevant Catalogs 3.1 Macro Data - In September 2025, GDP growth at constant prices was 4.8% year - on - year, down from 5.2% in the previous quarter but up from 4.6% in the same period last year. In October 2025, the manufacturing PMI was 49%, lower than the previous value of 49.8% and the same - period value of 50.1%. The non - manufacturing PMI for business activities was 50.1%, slightly up from 50% in the previous period but down from 50.2% last year. Social financing scale increment in October was 814.9 billion yuan, significantly lower than 3529.6 billion yuan in the previous month but higher than 1412 billion yuan in the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The cumulative social financing scale increment in the first ten months was 30.9 trillion yuan, an increase of 3.83 trillion yuan compared to the same period last year. At the end of October, the year - on - year growth rates of social financing stock and M2 were 8.5% and 8.2% respectively, both down 0.2 percentage points month - on - month. The 10 - month economic data indicates that offline consumption, infrastructure construction, and industrial production are showing positive trends [2]. 3.2.2 Metals - On November 13, international precious metal futures generally fell. Uncertainty about economic data and the Fed's policy stance affected the market. Gold futures had a large inflow of funds, and the trading volume increased significantly. The inventory of some metals changed, with zinc and aluminum inventories increasing, and lead and copper inventories decreasing [4][5]. 3.2.3 Coal, Coke, Steel, and Minerals - In Liaodong, a large - scale gold deposit, the Dadonggou Gold Mine, was discovered, with a proven gold metal content of 1444.49 tons [8]. 3.2.4 Energy and Chemicals - The "Management Measures" aim to rationalize the investment and construction mechanism of oil and gas pipeline infrastructure. On November 13, the price of US crude oil futures rose. The IEA raised the forecast for global crude oil demand growth in 2025, and concerns about supply tightening also supported the price [9]. 3.2.5 Agricultural Products - In October, the US soybean crushing volume reached a record high, while Brazil's coffee exports decreased. China plans to purchase US soybeans, and Indonesia's palm oil exports may decline in 2026 due to the B50 plan [12][13]. 3.3 Financial News Compilation 3.3.1 Open Market - On November 13, the central bank conducted 190 billion yuan of 7 - day reverse repurchase operations, with a net investment of 9.72 billion yuan [15]. 3.3.2 Key News - The social financing scale and M2 growth rates decreased month - on - month. The US government ended its 43 - day shutdown. China's economic fundamentals are solid, with consumption showing a good trend, especially in lower - tier cities. Some companies have bond - related issues, and overseas credit ratings of some companies have changed [16][18][22]. 3.3.3 Bond Market Summary - The Chinese bond market weakened, with most bond yields rising slightly. The yields of US and European bonds also increased. Some institutions issued bonds, and their yields and subscription multiples are provided [23][27]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose, and the US dollar index fell. Non - US currencies mostly rose [28]. 3.3.5 Research Report Highlights - Different research institutions have different views on the bond market. CICC believes that the social financing scale may continue to decline, and bond allocation is favorable for interest rate decline. Yangtze River believes that the probability of a comprehensive reserve requirement ratio cut is low, and the interest rate cut window may open from the fourth quarter of this year to the first quarter of next year. Xingzheng suggests a defensive strategy for US bonds [29]. 3.4 Stock Market Key News - The China Securities Regulatory Commission's chairman exchanged views on capital market cooperation with French and Brazilian regulatory authorities. A - shares and the Hong Kong stock market rose, with different sectors performing differently [32][33].