Core Viewpoint - The Henan Provincial Economic Work Conference emphasizes the importance of leveraging advantages to integrate and serve the national unified market, focusing on innovation-driven development, consumer demand stimulation, and improving people's livelihoods as key tasks for the upcoming economic year [4][5][9][10]. Group 1: Unified Market - The conference highlights the need to fully utilize advantages and deepen integration into the national unified market, with Zhengzhou as a pilot for market-oriented resource allocation reforms [5]. - Zhengzhou aims to eliminate barriers to the free flow and efficient allocation of resources, enhancing the quality of production factors and releasing market potential [5]. Group 2: Innovation-Driven Development - The meeting stresses the importance of promoting high-quality development in the manufacturing sector, focusing on enhancing original innovation capabilities and strengthening the role of enterprises in innovation [8]. - A series of forward-looking and targeted policy combinations will be introduced to support technological and industrial innovation [8]. Group 3: Consumer Demand Stimulation - The conference proposes to enhance consumer demand by developing new types of consumption service complexes and expanding digital, green, and health-related consumption [9]. - Measures will be implemented to improve the consumer environment, including a no-reason return policy for offline shopping and expanding the coverage of "reassured consumption insurance" [9]. Group 4: People's Livelihoods - The conference emphasizes prioritizing people's livelihoods, focusing on employment stability, public service enhancement, and addressing urgent issues faced by the population [10]. - Local governments are encouraged to improve services for key groups such as graduates, migrant workers, and veterans, while enhancing healthcare and social security systems [10].

Group 1: Core Perspectives - The central economic work conference emphasizes "putting people's livelihood first" and focuses on "doing practical things for the people," marking a shift from macro slogans to specific action plans [1] - The conference highlights key areas such as employment, education, healthcare, elderly care, marriage and childbirth, and safety production, creating a precise task list that addresses the urgent needs of the public [1] Group 2: Employment Initiatives - The conference introduces the "Stabilize Jobs, Expand Capacity, and Improve Quality" action plan as a core measure for stabilizing and expanding employment, outlining a roadmap for current and future employment efforts [2] - "Stabilizing jobs" aims to support enterprises, especially small and medium-sized ones, to maintain operations and prevent large-scale unemployment [2] - "Expanding capacity" focuses on adapting to changes in employment structure, promoting new employment forms, and enhancing job opportunities in emerging sectors [2] Group 3: Quality of Employment - The emphasis on improving the quality of employment involves addressing not only the availability of jobs but also the quality of jobs and the skills of workers [3] - Initiatives include large-scale vocational training aligned with industry needs and mechanisms for reasonable wage growth and labor dispute resolution [3] - Local practices, such as job fairs and post-disaster reconstruction efforts, illustrate the application of these employment quality initiatives [3] Group 4: Marriage and Childbirth Policies - The conference stresses the importance of advocating for a positive marriage and childbirth perspective to stabilize the birth rate in response to demographic challenges [4] - Experts suggest creating a marriage education system in schools to foster a healthy marriage culture among youth [5] - Addressing practical barriers to marriage and childbirth, such as housing and educational pressures, is essential for stabilizing the birth rate [5]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The Politburo meeting in December set the tone for the macro - policies in 2026, with the economy in 2025 expected to achieve its main goals. In 2026, the economy may face challenges, and the estimated growth rate under the neutral assumption is 4.8%. Fiscal policy should be more proactive with a suggested deficit rate of 4.5% - 5% and a broad - based deficit scale exceeding 16 trillion. Monetary policy will remain moderately loose, with expected interest rate cuts and reserve requirement ratio cuts [5][8][10]. - Nearly 20 regions have issued the "15th Five - Year Plan" suggestions, focusing on constructing government debt management mechanisms, resolving hidden debts, establishing local balance sheets, and promoting the transformation of financing platforms. It is expected that over 90% of platforms will complete their exit by the end of 2026 [5][15]. - This week, 5 urban investment enterprises declared themselves as market - oriented operating entities, 23 urban investment enterprises prepaid bond principal and interest, and 2 urban investment bonds cancelled their issuance [19][22][23]. - The issuance and net financing scale of local government bonds and urban investment bonds both decreased this week. The special refinancing bonds for replacing hidden debts in 2025 have all been issued [5][24][29]. 3. Summary by Relevant Catalogs 3.1. Important News Review 3.1.1. Politburo Meeting Emphasizes Policy Coordination - The Politburo meeting in December analyzed the economic work in 2026, stating that the economy in 2025 will achieve its main goals. In 2026, more proactive fiscal and moderately loose monetary policies will be implemented, with an emphasis on policy coordination and the integration of stock and incremental policies [7][8][10]. - It is suggested that the deficit rate in 2026 be raised to 4.5% - 5%, and the broad - based deficit scale exceed 16 trillion. The monetary policy will arrange one interest rate cut and 1 - 2 reserve requirement ratio cuts, and expand the scope of special re - loans [10]. - The key economic work in 2026 includes "domestic demand - led", "people's livelihood as the top priority", and the position of "risk prevention" has dropped to the last [13]. 3.1.2. "15th Five - Year Plan" Suggestions on Local Debt Management - Nearly 20 regions have issued "15th Five - Year Plan" suggestions, focusing on four aspects: constructing government debt management mechanisms, resolving hidden debts, establishing local balance sheets, and promoting the transformation of financing platforms [15]. - Most regions aim to resolve local government debt risks, and it is expected that over 90% of platforms will complete their exit by the end of 2026 [15][17]. 3.1.3. Tracking of Urban Investment Enterprises' "Exit from Platforms" - This week, 5 urban investment enterprises declared themselves as market - oriented operating entities, with the majority being AA + rated and from prefecture - level and district - county levels [19]. 3.1.4. Prepayment of Bond Principal and Interest by Urban Investment Enterprises - This week, 23 urban investment enterprises prepaid bond principal and interest, involving 23 bonds with a total scale of 34.02 billion yuan [22]. 3.1.5. Cancellation of Urban Investment Bond Issuance - This week, 2 urban investment bonds cancelled their issuance, with a planned total issuance scale of 6 billion yuan. As of December 7, 101 urban investment bonds have postponed or cancelled their issuance this year, with a total scale of 645.28 billion yuan [23]. 3.2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds 3.2.1. Local Government Bonds - The issuance and net financing scale of local government bonds decreased this week. The special refinancing bonds for replacing hidden debts in 2025 have all been issued. The total issuance scale was 1087.17 billion yuan, and the net financing amount was 604.93 billion yuan [24]. - As of December 7, the cumulative issuance of new bonds (excluding special bonds for small and medium - sized banks) was 52253.78 billion yuan, completing 100.49% of the annual new quota [24]. 3.2.2. Urban Investment Bonds - The issuance and net financing scale of urban investment bonds decreased this week. The total issuance scale was 878.19 billion yuan, and the net financing amount was - 7.11 billion yuan [29]. - The overall issuance interest rate was 2.20%, a decrease of 1.60BP from the previous value, and the issuance spread was 70.92BP, a decrease of 0.09BP [29]. 3.3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - The central bank conducted 6638 billion yuan of reverse repurchase operations in the open market this week, with 15118 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 8480 billion yuan [33]. - The short - term capital interest rates mostly declined this week [33]. - There were no adjustments to the urban investment ratings and no urban investment credit risk events this week [33]. - The trading scale of local government bonds increased by 29.40% to 5086.82 billion yuan, and most of the maturity yields increased [35]. - The trading scale of urban investment bonds decreased by 6.61% to 2707.68 billion yuan, and most of the maturity yields increased, with an average increase of 4.05BP [35]. - There were 9 abnormal transactions of 5 bonds from 5 urban investment entities this week, with a decrease in the number of entities and bonds compared to last week [35]. 3.4. Important Announcements of Urban Investment Enterprises - This week, 51 urban investment enterprises issued announcements regarding changes in senior management, legal representatives, directors, supervisors, etc. [38].

Group 1: Macroeconomic Policy and Domestic Market - The core macroeconomic policy emphasizes a more proactive approach, focusing on quality and efficiency as key development themes, with the "Eight Persistences" as critical directives for economic work in the first year of the 14th Five-Year Plan [1] - Domestic demand has become the main driver of economic growth, contributing an average of 93.1% to economic growth from 2013 to 2024, highlighting the importance of a strong domestic market as a long-term strategy [2][3] Group 2: Innovation and New Growth Drivers - The necessity of innovation-driven growth is underscored, as new momentum is essential for future development and competitive positioning, requiring a systemic reshaping of production factors and business models [4][5] - The development of new momentum must support both high-end industries and traditional industry upgrades, creating high-quality employment and meeting the needs of the populace [5] Group 3: Reform and High-Quality Development - Continuous reform is essential to inject vitality into high-quality development, addressing deep-seated issues that have emerged due to changing development stages [6][7] - Emphasis on technological innovation as a key driver for high-quality development, necessitating a deep integration of innovation systems and breaking down institutional barriers [7] Group 4: Open Economy and International Cooperation - China aims for a higher level of openness, promoting multi-faceted cooperation to adapt to global economic changes and challenges, emphasizing the importance of collaborative networks in various fields [8][9] - The need for innovative cooperation mechanisms to address challenges posed by protectionism and geopolitical tensions is highlighted, focusing on quality and resilience in partnerships [9] Group 5: Coordinated Development and Urban-Rural Integration - The strategy of promoting coordinated development aims to address the growing disparities between urban and rural areas, emphasizing the need for a balanced and inclusive development approach [10][11] - Regional integration strategies like the Beijing-Tianjin-Hebei collaboration and the Yangtze River Economic Belt are examples of efforts to optimize resource allocation and promote high-quality regional economic layouts [11] Group 6: Green Transformation and Carbon Neutrality - The commitment to achieving carbon peak by 2030 and carbon neutrality by 2060 reflects China's responsibility in global climate governance and the need for a comprehensive green transformation [12][13] - Innovation is identified as the core engine for achieving carbon goals, requiring advancements in renewable energy, energy efficiency, and the establishment of supportive institutional frameworks [14] Group 7: Focus on People's Livelihood - The emphasis on prioritizing people's livelihoods reflects the increasing complexity of public demands, necessitating a responsive governance approach that addresses specific community needs [15][16] - Establishing long-term mechanisms to ensure sustainable improvements in public welfare is crucial, with a focus on resource allocation and social governance [16] Group 8: Risk Management - The need to manage risks in key areas such as real estate and local debt is highlighted, with a focus on maintaining stability while actively addressing potential threats [17][18] - A balanced approach to risk management is essential, combining immediate responses with long-term structural improvements to foster sustainable development [18]

Group 1 - The primary task is to maintain domestic demand as the leading force and build a strong domestic market, which is crucial for economic stability amidst international uncertainties [2] - The second task emphasizes innovation-driven growth, highlighting the need for increased market demand to stimulate corporate innovation and economic momentum [2] - The third task focuses on deepening reforms to enhance high-quality development, which is essential for generating new momentum and increasing market vitality [4] Group 2 - The fourth task is to uphold openness and promote win-win cooperation across multiple fields, despite challenges from unilateralism and protectionism in the international environment [4] - The fifth task stresses coordinated development to promote urban-rural integration and regional collaboration, which is vital for achieving common prosperity and modernization [5] - The sixth task is to lead with "dual carbon" initiatives, committing to comprehensive green transformation and environmental protection [6] Group 3 - The seventh task prioritizes people's livelihoods, aiming to improve the quality of life and ensure that every citizen experiences happiness and pride [8] - The eighth task involves maintaining a strong bottom line by proactively and prudently addressing risks in key areas, particularly in real estate and local government debt [8]

Core Viewpoint - The Central Economic Work Conference held on December 10-11, 2025, outlines the economic work for 2026, emphasizing a balanced approach to domestic economic work and international trade, with a focus on expanding domestic demand and optimizing supply to achieve effective qualitative improvement and reasonable quantitative growth [1] Group 1: Work Tone - The conference adopts a pragmatic and positive tone, affirming that the main economic goals for 2025 will be met, with an expected GDP growth rate of 5% [2] - It acknowledges persistent challenges in economic development, including external environmental changes, domestic supply-demand imbalances, and risks in key areas [3] Group 2: Macroeconomic Policy - The macroeconomic policy will maintain strength and enhance effectiveness, with a focus on both existing and new policies [5] - Fiscal policy will be more proactive, with a projected fiscal deficit rate of 4% for 2026, corresponding to a deficit scale of 5.85 trillion, an increase of 190 billion from 2025 [7] - Monetary policy will remain moderately loose, prioritizing economic stability over inflation, with expectations for a 50 basis point reduction in reserve requirement ratios [9] Group 3: Key Work Areas - The conference identifies eight key work areas, with "expanding domestic demand" as the top priority, focusing on increasing residents' income and optimizing supply [10] - Innovation-driven policies will see significant changes, including the establishment of a comprehensive education and technology talent development plan [12] - Emphasis on green transformation and addressing risks in key areas, particularly in real estate and local government debt [14][15]

任志强称，本次会议传递的核心信号是：宏观政策将保持连续性与协同性，确保经济平稳开局；而"因地制宜发展新质生 产力"被置于前所未有的战略高度，将成为驱动经济结构优化与产业升级的核心引擎。 （编辑 郭之宸） 本报讯 （记者袁传玺）12月10日至11日，中央经济工作会议在北京举行。对此，华福证券总裁助理兼研究所所长任志强在 其研究报告中表示，此次会议首次系统性地提出涵盖内需、创新、改革、开放等八个方面的"坚持"，为"十五五"规划开局之年 勾勒出清晰的发展蓝图。会议在肯定2025年经济"顶压前行、向新向优"发展成果的同时，直面"供强需弱"等现实挑战，并以罕 见的清晰度和力度部署了政策框架与八大重点任务。 任志强认为，会议部署的八大重点任务构成了2026年经济工作的施工图。其中，"内需主导"与"创新驱动"位居前两位，清 晰地指明了短期稳增长与中长期动能转换的路径。这些任务并非孤立，而是相互关联、协同推进的系统工程。任务一"坚持内 需主导"直接回应国内供强需弱矛盾，任务二"坚持创新驱动"是构筑长期竞争优势的核心，任务三"改革攻坚"与任务八"守牢底 线"体现了在发展中化解风险的思路。其他重要任务同样蕴含机会：任务四"对外开 ...

央视网消息：2025年12月11日，一年一度的中央经济工作会议在北京闭幕，会议明确了2026年经济 工作发展方向。坚持稳中求进、提质增效，中央经济工作会议明确2026年经济工作政策取向；内需主 导、创新驱动、改革攻坚、民生为大，会议明确2026年八大重点任务。 ...

Core Insights - The Central Economic Work Conference outlined eight key tasks for China's economic work in 2026, emphasizing the importance of domestic demand and innovation as primary drivers for economic growth [1][2][3] Group 1: Domestic Demand and Market Development - The first task is to "insist on domestic demand as the main driver and build a strong domestic market," highlighting its significance in the overall economic development strategy [1] - The conference plans to implement actions to boost consumption and optimize policies related to new projects, indicating that expanding domestic demand remains a primary focus for economic work [1] Group 2: Innovation and New Growth Drivers - The second task emphasizes "insisting on innovation-driven development and accelerating the cultivation of new growth drivers," which is seen as crucial for constructing a new development pattern and expanding domestic demand [1][2] - Technological innovation is expected to create new products and consumption demands while reducing costs, thereby increasing supply [1] Group 3: Reform and High-Quality Development - The third task focuses on "insisting on reform to enhance the vitality of high-quality development," which includes deepening reforms and optimizing the business environment to remove institutional barriers [2] - This approach aims to stimulate internal dynamics and facilitate economic circulation [2] Group 4: Open Economy and International Cooperation - The fourth task is to "insist on opening up and promoting win-win cooperation in multiple fields," recognizing the complex changes in the development environment and the need for high-level openness to enhance domestic and international market interactions [2] Group 5: Coordinated Development - The fifth task emphasizes "insisting on coordinated development to promote urban-rural integration and regional linkage," which is essential for achieving a broader and more robust new development pattern [2] Group 6: Green Transformation - The sixth task focuses on "insisting on carbon neutrality as a guiding principle to promote comprehensive green transformation," aligning with the goals of reducing carbon emissions and promoting sustainable growth [2] Group 7: Social Welfare and Stability - The seventh task is to "insist on prioritizing people's livelihoods and strive to do practical things for the public," reiterating the importance of stabilizing employment, businesses, markets, and expectations [2][3] Group 8: Risk Management - The eighth task is to "insist on maintaining a bottom line and actively and prudently resolving risks in key areas," particularly in stabilizing the real estate market and managing local government debt risks [3] - The conference emphasizes a shift in economic policy focus from growth to quality and efficiency, advocating for a coordinated approach to policy implementation [3]

Core Viewpoint - The Central Economic Work Conference has outlined eight key tasks for economic work in 2026, focusing on domestic demand, innovation, reform, openness, coordinated development, green transformation, improving people's livelihoods, and risk management [1]. Group 1: Domestic Demand and Market Development - Emphasis on maintaining domestic demand as the primary driver and building a strong domestic market [1]. Group 2: Innovation and New Momentum - Focus on innovation-driven growth and accelerating the cultivation of new growth drivers [1]. Group 3: Reform and High-Quality Development - Commitment to tackling reforms to enhance the vitality and momentum for high-quality development [1]. Group 4: Openness and Cooperation - Advocacy for maintaining openness and promoting win-win cooperation across multiple fields [1]. Group 5: Coordinated Development - Support for coordinated development to promote urban-rural integration and regional synergy [1]. Group 6: Green Transformation - Commitment to leading with "dual carbon" goals and promoting comprehensive green transformation [1]. Group 7: Livelihood Improvement - Focus on prioritizing people's livelihoods and striving to address practical issues for the populace [1]. Group 8: Risk Management - Emphasis on safeguarding the bottom line and actively and prudently resolving risks in key areas [1].