新华社北京12月16日电 题：中央财办有关负责同志详解2025年中央经济工作会议精神 新华社记者 在"十四五"即将收官、"十五五"新程待启的关键时点，2025年12月10日至11日召开的中央经济工作 会议备受瞩目。 当前经济形势怎么看？"十五五"新开局重点任务如何推进？聚焦舆论关注的热点问题，中央财办有 关负责同志会后第一时间接受中央主要媒体采访，深入解读中央经济工作会议精神。 问：2025年我国交出怎样的经济"成绩单"？明年经济形势如何? 答：中央经济工作会议对今年经济工作进行全面总结，指出2025年是很不平凡的一年，我国经济顶 压前行、向新向优发展，展现强大韧性和活力。 一是运行总体平稳、稳中有进。主要经济指标符合预期，预计全年经济增长5%左右、继续位居世 界主要经济体前列，经济总量有望达到140万亿元左右。就业总体稳定，外贸较快增长、出口多元化成 效明显。 二是现代化产业体系建设持续推进。新质生产力稳步发展，科技创新成果丰硕，人工智能、生物医 药、机器人等研发应用走在全球前列。 三是改革开放迈出新步伐。全国统一大市场建设向纵深推进，综合整治"内卷式"竞争成效显现，资 本市场较为活跃，自主开放有序推进。 ...

人民财讯12月15日电，11月重磅金融数据公布：前11月社融增量超33万亿元；中央财办：明年将根据形 势出台实施增量政策；国务院国资委：靠前推动一批重大项目落实落地，以增量投入支撑扩大内需；央 行：继续实施适度宽松的货币政策，坚定维护金融市场平稳运行；三部门联合发文推11条举措，促消费 政策"组合拳"再加码，加强商务金融协同，更大力度提振消费；金融监管总局：支持稳定房地产市场， 助力构建房地产发展新模式；证监会：依法严厉查处私募基金违法违规活动；中国光伏行业协会："多 晶硅产能整合收购平台"正式落地；2025年我国电影票房突破500亿元。 ...

中国经济网北京12月14日讯（记者 马常艳）13日，中央财办分管日常工作的副主任、中央农办主任韩 文秀围绕如何做好明年经济工作最新发声。韩文秀在中国国际经济交流中心举办的2025—2026中国经济 年会上表示，明年要保持经济稳定增长，保持就业和物价总体稳定，保持国际收支基本平衡，促进居民 收入增长和经济增长同步。 明年将根据形势出台增量政策 积极稳妥化解重点领域风险 制定实施城乡居民增收计划 "今年以来，消费品'以旧换新'政策带动相关商品销售较快增长，新能源汽车市场渗透率已经接近60%， 体育赛事、文化旅游等消费火热。" 韩文秀说。 韩文秀表示，下一步，要深入实施提振消费专项行动，制定实施城乡居民增收计划，继续提高城乡居民 基础养老金。要以新需求引领新供给，以新供给创造新需求，适应消费结构变化扩大优质商品和服务的 供给，优化"两新"政策实施，给予地方更多自主空间。要清理消费领域不合理的限制措施，释放服务消 费的潜力。我国入境消费还有很大的增长空间，要优化入境消费环境，打造"购在中国"品牌。 靠前实施"十五五"重大项目 韩文秀指出，面向基本实现社会主义现代化，我国城镇化、科技创新、产业升级、民生改善等都还有很 ...

（文章来源：中国证券报） 王一鸣表示，2026年经济发展面临四大机遇：一是我国会在产业发展、科技创新、基础设施建设，特别 是新型基础设施建设、公共服务等领域展开一系列布局；二是我国完整的产业链优势，人才资源优势； 三是将实施更加积极有为的宏观政策，地方化债逐步推进将提高地方政府支出能力，有利于国家宏观政 策落地，此外，美联储降息为货币政策提供了一定空间；四是微观主体资产负债表正在改善，高科技板 块积累了一定的财富效应，有利于改善居民和企业的资产负债表。 王一鸣认为，在扩大内需方面，要重点发展服务消费，提供差异化供给。同时，要继续稳定房地产市 场，稳定预期。 ...

王一鸣表示，2026年经济发展面临四大机遇：一是我国会在产业发展、科技创新、基础设施建设，特别 是新型基础设施建设、公共服务等领域展开一系列布局；二是我国完整的产业链优势，人才资源优势； 三是将实施更加积极有为的宏观政策，地方化债逐步推进将提高地方政府支出能力，有利于国家宏观政 策落地，此外，美联储降息为货币政策提供了一定空间；四是微观主体资产负债表正在改善，高科技板 块积累了一定的财富效应，有利于改善居民和企业的资产负债表。王一鸣认为，在扩大内需方面，要重 点发展服务消费，提供差异化供给。同时，要继续稳定房地产市场，稳定预期。（中证报） 来源：滚动播报 ...

明年怎么干、干什么，任务细则来了。 （来源：燕财局） 作者 | 燕大 前天我在《昨天的会议，太重要》中讲过，咱们国家每年有4次重要经济研判会议和1次核心年度经济会议，四次都是政治局会议，通常在4、7、10和12召 开，一次核心年度会议就是中央经济会议，一般在12月的政治局会议开完之后召开。 换句话说，12月的两场重磅压轴会议，前者相当于是对下一年发展规划的抢先预告，后者则会披露下一年更多更全面的执行细则。 两场会议将直接关系到2026年，物价会不会涨、就业收入会不会稳、房贷利息会不会降、养老金和育儿补贴会不会增加，国家政策将重点向哪些产业行业 板块倾斜，等等。 政治局经济会议对2026年划定大方向之后，很快，中央经济会议更具体的任务细则来了。 现在中央经济会议通稿出炉，我简单挑几点内容，说说个人的学习领会。 先说第一点，2026年八大任务之首——"坚持内需主导，建设强大国内市场"。 这一定调几乎是明年任务的核心总纲，同样提到"内需"，但跟去年有本质的不同。 2024的提法为"大力提振消费、提高投资效益，全方位扩大国内需求。"在具体路径上，则是："实施提振消费专项行动，推动中低收入群体增收减负，提 升消费能力、 ...

人民财讯12月12日电，12月12日，金融监管总局党委召开会议，传达学习中央经济工作会议精神，结合 全国金融系统工作会议部署要求，研究贯彻落实措施。党委书记、局长李云泽主持会议。会议要求，有 力有序防范化解重点领域风险。坚定履行风险防控首位主责，着力化解存量风险，坚决遏制增量风险， 严守不"爆雷"底线。巩固拓展改革化险成果，深入推进中小金融机构减量提质。支持稳定房地产市场， 进一步发挥城市房地产融资协调机制作用，助力构建房地产发展新模式。指导银行保险机构按照市场化 法治化原则，积极化解地方政府融资平台金融债务风险。 ...

12月12日，国家金融监督管理总局党委召开会议传达学习中央经济工作会议精神，会议要求，全力支持 完成2026年经济社会发展目标任务，为"十五五"开好局、起好步提供有力金融支撑。有力有序防范化解 重点领域风险。坚定履行风险防控首位主责，着力化解存量风险，坚决遏制增量风险，严守不"爆雷"底 线。巩固拓展改革化险成果，深入推进中小金融机构减量提质。支持稳定房地产市场，进一步发挥城市 房地产融资协调机制作用，助力构建房地产发展新模式。指导银行保险机构按照市场化法治化原则，积 极化解地方政府融资平台金融债务风险。 ...

Report Title - "2025.12.12 Weekly Report on Shanghai Tin Market: Macroeconomic Improvement Boosts Sentiment, Anticipating Strong Adjustment in Tin Prices" [2] Report Industry Investment Rating - Not provided in the document Core Viewpoints - The Shanghai tin market is expected to undergo a short - term strong adjustment. Attention should be paid to the support at MA5 and the resistance at the 345,000 level [5] Summary by Directory 1. Weekly Highlights Summary - **Market Review**: This week, the main Shanghai tin contract continued to rise significantly, with a weekly increase of 4.88% and an amplitude of 8.76%. The closing price of the main contract was 333,000 yuan/ton [5] - **Market Outlook**: - **Macro - level**: The Central Economic Work Conference pointed out that a moderately loose monetary policy will continue, and various policy tools such as reserve requirement ratio cuts and interest rate cuts will be used flexibly and efficiently. Efforts will be made to stabilize the real estate market, resolve local government debt risks, and boost consumption [5] - **Fundamental - level**: - **Supply**: Tin ore imports in China are still relatively tight, and tin ore processing fees remain low. Although the resumption of production in Myanmar and the end of the rainy season have provided some incremental supply, the overall import volume of tin ore is still at a low level. Refined tin production is expected to be limited, and imports are likely to decline [5] - **Demand**: Downstream buyers show purchasing interest when tin prices decline, but rising prices suppress transactions. Inventory has increased slightly [5] - **Technical - level**: There is a significant increase in trading volume and open interest, and the market sentiment is bullish [5] 2. Futures and Spot Market - **Price and Basis**: As of December 12, 2025, the closing price of Shanghai tin was 332,720 yuan/ton, up 4.98% from December 5. As of December 11, the closing price of LME tin was 41,880 US dollars/ton, up 3.31% from December 5. The basis of Shanghai tin was 0 yuan/ton, down from 150 yuan/ton last week [10] - **Ratio Changes**: As of December 12, 2025, the current ratio of Shanghai tin to Shanghai nickel was 2.86, an increase of 0.16 from December 5. As of December 11, the Shanghai - London ratio of tin was 7.61, a decrease of 0.17 from December 4 [14] - **Open Interest**: As of December 12, 2025, the net position of the top 20 in Shanghai tin was - 1960 lots, an increase of 2168 lots from December 8. The open interest of Shanghai tin was 118,433 lots, an increase of 10,033 lots or 9.26% from December 5 [19] 3. Industry Chain Situation - **Supply - side**: - **Import and Production**: In October 2025, the import of tin ore and concentrates was 11,632.30 tons, a month - on - month increase of 33.5% and a year - on - year decrease of 22.36%. From January to October, the cumulative import was 103,020.65 tons, a year - on - year decrease of 25.54%. The refined tin production in October was 15,618 tons, and the cumulative production from January to October was 142,971 tons, a year - on - year decrease of 1.25% [25][26] - **Processing Fees**: On December 12, 2025, the processing fee for 60% tin concentrate was 6,500 yuan/ton, and that for 40% tin concentrate was 10,500 yuan/ton, both remaining unchanged from December 11 [31] - **Import Profit and Loss**: As of December 11, 2025, the import profit and loss of tin was - 2,471.06 yuan/ton, an increase of 5,186.86 yuan/ton from December 5. In October, the import volume of refined tin was 526.12 million tons, a month - on - month decrease of 58.55% and a year - on - year decrease of 82.75% [34][35] - **Inventory**: As of December 11, 2025, the total LME tin inventory was 3,695 tons, an increase of 520 tons or 16.38% from December 4. As of December 12, the inventory of Shanghai tin was 7,391 tons, an increase of 526 tons or 7.66% from last week [43] - **Demand - side**: - **Semiconductor Index**: On December 11, 2025, the Philadelphia Semiconductor Index was 7,411.48, an increase of 2.71% from December 4 [46] - **Integrated Circuit Output**: From January to October 2025, the integrated circuit output was 386.6 billion pieces, a year - on - year increase of 9.52% [47] - **Tin - Plated Sheet**: As of October 2025, the tin - plated sheet production was 110,000 tons, a month - on - month increase of 10%. The export volume was 222,589.82 tons, a month - on - month increase of 12.63% [50]

Group 1: Economic Confidence and International Trade - The central government shows increased confidence in international trade, with China's trade surplus exceeding $1 trillion for the first time in 2025[6] - China's export share reached 15.1% in the 12 months leading up to July 2025, up from 14.9% in 2024, indicating a recovery in global competitiveness[6] Group 2: Domestic Demand and Consumption - The focus remains on expanding domestic demand, with a shift towards service consumption and innovative products in subsidy policies for 2026[8] - The meeting emphasized the need to optimize the implementation of "two new" policies, indicating a potential shift in consumption subsidies towards sectors like elderly products and smart vehicles[9] Group 3: Investment and Infrastructure - The meeting highlighted the need to stabilize investment, with measures including increasing central budget investments and optimizing local government bond usage[9] - New policy financial tools are expected to be introduced to stimulate private investment, with a focus on digital economy and urban renewal projects[10] Group 4: Macro Policy Adjustments - The macro policy direction has shifted to "quality improvement and efficiency enhancement," indicating a more cautious approach compared to last year's focus on stability[12] - The fiscal deficit rate is projected to remain at 4% for 2026, with an increase in special bonds to support key projects[12] Group 5: Real Estate Market Stability - The government aims to stabilize the real estate market by controlling supply and encouraging the purchase of existing homes for affordable housing[16] - Reforms to the housing provident fund are proposed to broaden its usage and improve access for first-time buyers[17] Group 6: Supply-Side Optimization - The meeting acknowledged the prominent contradiction of strong supply versus weak demand, emphasizing the need for supply-side reforms[19] - The focus on "anti-involution" aims to stabilize market expectations and prevent rapid price declines in key industries[20]