12月10日至11日，中央经济工作会议在北京举行。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。专家认为，在经济发展具体路径上，会议也明确了"做优增量、盘活存量"的核心思路。国务院 参事、中国社科院工经所研究员杜莹芬介绍：从过去注重"有没有、多不多"的规模扩张，转向追求"好 不好、优不优"的质量提升和效率革命。比如说在房地产领域，鼓励收购存量商品房用于保障房、深化 住房公积金制度改革、有效推动"好房子"建设，加快构建房地产发展新模式。在金融领域，对应的主要 是比如说中小金融机构减量提质。做优增量、盘活存量，这是贯穿各领域的工作主线。（央视财经） ...

2025年12月10日至11日，中央经济工作会议在北京举行。会议在全面分析当前经济形势时既直面挑战， 也彰显信心。会议指出，"我国经济发展中老问题、新挑战仍然不少，外部环境变化影响加深，国内供 强需弱矛盾突出，重点领域风险隐患较多。"但同时强调，"这些大多是发展中、转型中的问题，经过努 力是可以解决的，我国经济长期向好的支撑条件和基本趋势没有改变。"这一基本判断，为明年经济工 作定下了"坚定信心、用好优势、应对挑战"的总基调。 中信证券首席经济学家明明表示，面对复杂的外部环境，会议体现了"必须以苦练内功来应对外部挑 战"的"实事求是"态度与"以我为主"的大国自信。他认为，这预示着在"十五五"期间，中国将着力应对 各类"老问题"与"新挑战"，其背后是对中国经济长期向好基本面的坚定信念。 这一"苦练内功"的思路，具体投射到明年政策取向上，集中体现为"稳中求进、提质增效"。明明分析 称，明年政策制定可能不会过度关注短期内的刺激效果，更多着眼于"十五五"整体经济的长远发展规 划，强调存量与增量政策的集成效应。实际上，这也成为了未来财政政策、货币政策等宏观政策发力的 重要思路。 东方金诚首席宏观分析师王青也认为，做优增 ...

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 ...

近日，多地陆续发布"十五五"规划建议，金融助力实体经济高质量发展成为各地重要布局内容。共性方 面，各地均将大力发展金融"五篇大文章"、提升直接融资比重、强化金融风险防控作为核心抓手；差异 化布局方面，各地结合自身区位优势与发展定位各有侧重，形成"共性锚定实体经济、特色贴合地方发 展"的鲜明格局。 "金融助力实体经济高质量发展这一布局思路成为各地共同选择，源于其直指经济高质量发展核心矛盾 ——破解资源错配、提升全要素生产率。"南开大学金融学教授田利辉在接受《证券日报》记者采访时 表示，金融工具是实现"做优增量、盘活存量"的核心枢纽。通过精准配置资金，引导资本流向科技创 新、绿色低碳等高附加值领域，激活存量资产价值，实现"存量挖潜、增量提质"的良性循环。 各地布局有侧重 "十五五"时期是我国基本实现社会主义现代化夯实基础、全面发力的关键阶段。在此背景下，发挥金融 工具在资源配置中的核心枢纽作用，精准运用金融手段成为各地破解发展难题、推动经济高质量发展的 共同选择。 事实上，各地"十五五"规划建议中密集点题金融工具，核心在于其能实现"做优增量"与"盘活存量"两大 目标，成为破解区域经济发展堵点的重要抓手。 从"做优 ...

Group 1 - The core viewpoint of the Central Political Bureau meeting emphasizes the need for proactive macroeconomic policies to enhance demand, optimize supply, and achieve a balanced economic structure, aiming for a good start to the 14th Five-Year Plan [1] - The meeting highlights the importance of expanding domestic demand and stimulating effective investment to address the persistent issue of insufficient effective demand in the Chinese economy [1][2] - The economic growth target for 2026 is projected to be between 4.5% and 5.0%, reflecting a slight downward adjustment from the previous year's target, while still maintaining a medium to high growth level [2] Group 2 - The meeting stresses the need for a more proactive fiscal policy and moderately loose monetary policy to support economic stability and growth, with an emphasis on integrating stock and incremental policies [2][3] - The fiscal deficit rate is suggested to increase to 4.5% to 5% in 2026, with a broad deficit scale exceeding 16 trillion yuan, to create incremental demand and adjust the economic structure [5] - The analysis indicates that approximately 7.4 trillion yuan in incremental fiscal funds will be needed to support the targeted 5% economic growth in 2026, with specific allocations for special bonds and local government debt [5][6]

有效需求不足是当前中国经济面临的持续性问题，因此要持续 扩大内需、提振消费、激发有效投资需求；另一方面，要通过 进一步优化和扩大有效供给，尤其是通过创新来实现有效供给 的提升，从而满足消费结构升级以及人口结构变化等带来的需 求结构变动，助力供需的结构性平衡。 作者：杜涛 封图：图虫创意 在宏观政策方面，会议指出，明年经济工作要坚持稳中求进、提质增效，继续实施更加积极的财政 政策和适度宽松的货币政策，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， 切实提升宏观经济治理效能。 袁海霞认为，2026年作为"十五五"开局之年，实现经济"开门红"对达成2035年远景目标具有更 加重要的政治经济意义，对稳定信心和预期也至关重要。财政政策将延续"更加积极"的基调，同 时也将"更加有为"，更加注重增强可持续性。 中共中央政治局12月8日召开会议，分析研究2026年经济工作。会议提出"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……保持 社会和谐稳定，实现'十五五'良好开局"。 中诚信国际研究院执行院长袁海霞对经济观察报表示，有效需求不足是当前中国经济面临的 ...

Core Insights - The city management bureau of Zhenjiang has successfully exceeded its target for the addition of public parking spaces and the implementation of shared parking initiatives for 2025, addressing citizens' urgent needs for optimized public parking resources [1][2] Group 1: Public Parking Expansion - Zhenjiang plans to add 1,000 public parking spaces and promote 800 shared parking spaces from internal parking lots of government and enterprises by 2025 [1] - As of the press conference, the city has added 1,033 public parking spaces (including 496 free spaces) and 866 shared parking spaces (including 56 free spaces), surpassing the initial goals [1] Group 2: Resource Optimization Strategies - The city management bureau is implementing a strategy to "activate existing resources and promote sharing," encouraging government and enterprise parking lots to open to the public during non-working hours [2] - The "tidal" parking management model is being promoted, where commercial parking is prioritized during the day and shared with residents at night, exemplified by the Phoenix Plaza underground parking lot offering 300 shared spaces with a 50% discount on monthly fees [2] Group 3: Future Plans and Community Engagement - The city management bureau will continue to optimize the layout of public parking facilities and accelerate the construction of smart parking systems to enhance service efficiency and user experience [2] - There is a call for citizens to adopt green travel practices and participate in civilized parking to foster a safe, orderly, and harmonious public parking environment [2]

Core Viewpoint - The current economic growth in China is primarily driven by improvements in production efficiency, which lays the foundation for the revaluation of RMB assets and a stronger exchange rate [3]. Group 1: Economic Growth and RMB Valuation - The majority of the approximately 5% economic growth in China over the past two years has come from enhanced production efficiency rather than simple capital expansion [3]. - The improvement in the quality of growth is expected to lead to a revaluation of RMB assets, providing solid fundamental support for the appreciation of the RMB exchange rate [3]. Group 2: Policy Recommendations - Short-term focus should be on stabilizing the real estate market and local finances to prevent deterioration that could drag down the economy, requiring corresponding policy support [3]. - In the long term, it is essential to utilize the current adjustment period in the real estate market to address housing issues for certain groups, thereby stimulating domestic demand and alleviating pressure in the real estate sector [3]. - A critical task is to "activate the stock," meaning effectively utilizing existing state-owned asset stock to support low-income group consumption and fill social security funding gaps [3]. Group 3: Expected Outcomes - Progress in the aforementioned areas is anticipated to not only achieve actual economic growth but also restore "nominal growth" to normal levels, promoting a more resilient and sustainable appreciation phase for the RMB exchange rate [3].

Core Insights - The consumer market's heat has significantly boosted the REITs market, particularly in consumer infrastructure REITs, driven by the consumption peak during events like "Double Eleven" [1][2] - The overall public REITs market has shown strong performance this year, with consumer infrastructure REITs leading in growth due to consumption subsidy policies and improved market expectations [2][3] Group 1: Market Performance - As of November 9, the average increase for 12 listed consumer REITs this year is 24%, with notable performers like the Jiashi Wumei Consumer REIT exceeding 50% growth and Huaxia Jinmao Commercial REIT over 40% [3] - The total market capitalization of the 12 consumer REITs has surpassed 42 billion [3] Group 2: Investment Trends - The recent surge in consumer REITs has led to high subscription rates, with the Huaxia Zhonghai Commercial REIT receiving nearly 160 billion in subscriptions before its listing [5] - The demand reflects market recognition of quality commercial assets and the scarcity of foreign brands in the public REITs sector [5] Group 3: Performance Disparities - In Q3, consumer REITs collectively reported revenues of 598 million and net profits of 20.11 million, with Huaxia Huarun Commercial REIT leading in revenue [7] - There is a notable performance disparity among different REITs, with some achieving significantly higher revenues than others [7] Group 4: Future Outlook - The operational capabilities of shopping centers, including renovation and innovation, remain core competitive advantages for consumer REITs [8] - The macroeconomic environment and interest rates will continue to influence REIT pricing and investor returns [9]

Core Viewpoint - The article discusses a new financial innovation in Chengdu's Jianyang district, where Postal Savings Bank has introduced a special loan product to support the acquisition of unsold residential properties, aiming to stabilize the real estate market and facilitate asset liquidation [1][3]. Group 1: Financial Innovation and Market Stabilization - The acquisition of 374 housing units in the "Yingbin No.1 Xiangjingting" project is supported by a special loan aimed at revitalizing the real estate market during a period of deep adjustment [1][3]. - The loan product is designed to assist local state-owned enterprises in purchasing unsold residential properties, providing quick financial relief to developers and accelerating asset liquidation through government support [3][6]. - The loan structure includes a "post-loan mortgage + phased transfer restrictions" model, which meets risk control requirements while addressing practical needs of the project [3][6]. Group 2: Project and Market Context - The project is located in a core development area of Jianyang, with comprehensive educational, medical, and commercial facilities, enhancing its market appeal [2][3]. - The remaining 374 units were initially priced for specific relocation groups, leading to a prolonged sales cycle exceeding 24 months, which has impacted the cash flow of the developer, Chengdu Chengfang Urban Renewal Development Group [2][3]. - The successful implementation of this loan product in Jianyang is seen as a model for other regions, with similar initiatives being explored in places like Fujian, Shaanxi, and Hebei [5][6]. Group 3: Broader Implications and Future Outlook - The loan not only facilitates a single property transaction but also creates a win-win "credit acquisition - asset quality improvement -招商去化" cycle, alleviating financial pressure on enterprises and stabilizing housing asset values [3][6]. - The Postal Savings Bank's efforts in Jianyang reflect a broader commitment to supporting local economic development and enhancing financial services for various sectors, including agriculture and manufacturing [7][8]. - Future plans include introducing more innovative financial products to further support the development of Jianyang as a key city in the Chengdu-Chongqing economic circle [8].