市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 求是网发文称，近日召开的中央经济工作会议紧扣当前发展形势，将"坚持内需主导，建设强大国内市 场"列为明年经济工作的首要任务。消费和投资是内需"双轮"，有效促进二者良性互动，是增强国内大 循环内生动力和可靠性的应有之义，对于加快构建新发展格局意义重大。 当前和今后一个时期拓展内 需增长新空间，既要持续激发有潜能的消费、扩大有效益的投资，也要找准二者的结合点和发力点，促 进消费和投资良性互动。要大力提振消费，深入实施提振消费专项行动，制定实施城乡居民增收计划； 扩大优质商品和服务供给；优化"两新"政策实施；清理消费领域不合理限制措施，释放服务消费潜力。 要扩大有效投资，推动投资止跌回稳，适当增加中央预算内投资规模，优化实施"两重"项目，优化地方 政府专项债券用途管理，继续发挥新型政策性金融工具作用，有效激发民间投资活力；高质量推进城市 更新。要强化制度保障，制定全国统一大市场建设条例，统一市场基础制度、市场基础设施、 ...

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。 政策质效上，提高精准性和有效性。优化财政支出结构，强化国家重大战略财力保障，推动更多资金资 源投资 ...

政府层面，要持续规范地方政府经济促进行为。针对一些地方在招商引资中违规提供税费、土地、电价 等优惠，甚至举债搞补贴，要加快出台地方招商引资鼓励和禁止事项清单，划清红线底线。坚决纠治通 过"抽屉协议"等方式变相违规招商。要持续规范涉企执法行为，完善行政裁量权基准制度。要着力整治 一些领域的招标投标乱象，清理不合理限制，防止出现地方保护。完善有利于统一大市场建设的统计、 财税、考核制度，推动树立和践行正确政绩观。 企业层面，要深入整治"内卷式"竞争。要加快完善重点行业产能调控机制，加强动态监测预警，既让落 后产能有序退出，也让新增优质产能平稳接续。要强化综合治理，加强行业自律、标准引领，综合运用 信用监管、价格执法、反垄断和反不正当竞争等监管手段，着力规范市场竞争秩序，形成优质优价、良 性竞争的市场生态，更好发挥市场机制优胜劣汰功能。 针对当前纵深推进全国统一大市场建设还存在哪些难点和堵点？综合整治"内卷式"竞争方面有哪些新手 段？ 总之，纵深推进全国统一大市场建设，必将有效畅通我国经济循环，进一步激发超大规模市场优势潜 力，持续增强经济发展内生动力和活力。 中央财办有关负责同志表示，我国具有超大规模市场优势，但 ...

Core Viewpoint - The 2025 Central Economic Work Conference outlines China's economic performance and strategic priorities, emphasizing resilience and innovation in the face of challenges, while setting a roadmap for future growth and stability. Economic Performance and Outlook - The overall economic operation is stable with expected growth around 5% for the year, positioning China among the leading global economies, with a projected GDP of approximately 140 trillion yuan [2] - Employment remains stable, with significant growth in foreign trade and diversified exports [2] - The construction of a modern industrial system is progressing, with advancements in technology and innovation in sectors like AI and biomedicine [2] - Reforms and opening-up measures are advancing, with a focus on creating a unified national market and addressing competitive issues [2] - Risk mitigation in key areas has shown positive results, including the orderly replacement of local government hidden debts and the completion of housing delivery tasks [2] - Social welfare policies, such as childcare subsidies and free education for preschoolers, are being implemented to enhance public welfare [2] Challenges and Strategic Responses - The conference acknowledges ongoing economic challenges, including external environmental changes and domestic supply-demand imbalances [3] - Despite these challenges, China's long-term economic fundamentals remain strong, supported by a large market, complete industrial system, and abundant talent resources [3] - The government plans to continue implementing proactive macroeconomic policies, focusing on quality and efficiency [4][5] Fiscal and Monetary Policy - The fiscal policy will maintain necessary deficits and debt levels while addressing local fiscal difficulties and ensuring sustainable finances [5][6] - Monetary policy will remain moderately accommodative, with a focus on stabilizing economic growth and ensuring liquidity [8][9] Domestic Demand and Investment - Expanding domestic demand is a top priority, with a contribution rate of 71% to economic growth in the first three quarters [9] - The government aims to stimulate consumption by addressing structural changes and enhancing residents' income [9][10] - Investment strategies will focus on infrastructure and social welfare, with an emphasis on high-quality projects and private sector engagement [10] Regional Development and Innovation Centers - The construction of international technology innovation centers in Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area is a key strategic initiative to enhance global competitiveness [11][12] - The expansion of these centers aims to integrate innovation resources and promote high-quality development [12] Market Regulation and Competition - The government is addressing market distortions and enhancing fair competition through regulatory reforms and the establishment of a unified national market [13][14] - Measures will be taken to regulate local government behaviors and ensure compliance with fair competition standards [14] Trade and Foreign Investment - The government plans to enhance foreign trade and investment through a series of measures, including expanding service sector openness and optimizing the business environment for foreign investors [15][17] - Efforts will be made to sign more trade agreements and promote high-quality imports [16][17] Employment and Real Estate Market - Employment policies will focus on stabilizing job growth, particularly for key demographics such as graduates and migrant workers [22][23] - The real estate market will be stabilized through measures that address both supply and demand, encouraging the transformation of real estate companies and promoting high-quality housing development [25][27]

下步，济宁市农业农村局将以点带面，不断提升农村集体资产管理信息化、规范化水平，为全市农业农 村高质量发展提供坚强保障。 (通讯员徐毅王广鹏) 近期，山东省农业农村厅印发《山东省农村产权流转交易规范化试点案例经验汇编》，邹城市和嘉祥县 2篇典型案例成功入选，数量并列全省第一。 济宁市农业农村局全面落实全国统一大市场建设工作要求，不断提升济宁市农村产权交易规范建设水 平。邹城市深入开展农业农村部农村产权流转规范化试点，强化"政府购买服务+企业化运营"农村产权 流转交易发展模式，完善统一平台建设、统一信息发布、统一交易规则、统一交易鉴证、统一服务标 准、统一交易监管的"六统一"运营机制，为全国农村产权交易工作提供"邹城经验"。嘉祥县以农村集体 产权交易平台为支点，通过完善制度体系、搭建线上平台、优化服务保障，构建"标准化运行、规范化 管理、便利化服务、数字化赋能"的农村集体产权交易新格局，实现村集体实现"节支增收"双突破。 ...

Core Viewpoint - The article emphasizes the importance of advancing the construction of a unified national market in China, aiming to eliminate barriers and promote a more efficient economic environment [1] Group 1: Market Construction - The article advocates for the deepening of the construction of a unified national market, focusing on breaking down obstacles that hinder this process [1] - It highlights the need to unify market foundational systems and rules, including property rights protection, market access, information disclosure, social credit, mergers and acquisitions, and market exit regulations [1] - The article calls for the elimination of barriers related to resource acquisition, qualification recognition, bidding, and government procurement [1] Group 2: Regulatory Framework - There is a push to standardize local government economic promotion behaviors and eliminate local protectionism and market segmentation [1] - The article stresses the importance of establishing integrated circulation rules and standards to lower logistics costs across society [1] - It mentions the need to improve statistical, fiscal, and assessment systems that support the construction of a unified market [1] Group 3: Competition and Industry Upgrading - The article addresses the need to tackle "involution" competition and promote capacity governance in key industries [1] - It emphasizes the implementation of policies to resolve structural contradictions in key industries and facilitate quality upgrades [1] - The article calls for legal governance of low-price disorderly competition and unified market supervision and enforcement, reinforcing anti-monopoly and anti-unfair competition laws to create a healthy market order [1]

Core Insights - The 2025 Central Economic Work Conference emphasizes "domestic demand as the main driver" and "prioritizing people's livelihoods" as key tasks for the upcoming year, aligning with the long-term goals of enhancing consumer capacity and improving the social security system outlined in the 15th Five-Year Plan [2] Income Growth - The conference introduces a plan to increase income for urban and rural residents, marking a shift from short-term consumption stimulation to long-term income structure improvement, with a focus on synchronizing income growth with economic growth and labor remuneration with productivity [3] - The income growth plan targets various groups, including college graduates and migrant workers, aiming to stabilize employment and income through job retention and quality enhancement actions [3] - Policies will also address the income of flexible workers like delivery personnel by improving their social security mechanisms, thereby alleviating their concerns about spending [3] Supply Expansion - The conference prioritizes domestic demand and proposes actions to boost consumption by expanding the supply of quality goods and services [6] - There is a focus on upgrading consumer goods from basic to high-quality products, with policies aimed at promoting the iteration of popular items like smartphones and smart home devices [8] - The initiative includes expanding the scope of trade-in policies to cover various categories, enhancing the adaptability of supply to meet consumer needs [8] Investment Promotion - Investment is highlighted as a crucial lever for expanding domestic demand, with the conference calling for measures to stabilize and invigorate private investment [11] - The conference acknowledges a 1.7% year-on-year decline in fixed asset investment in the first ten months of the year, while emphasizing the need for structural optimization in investment, particularly in high-tech sectors [11] - The government aims to create a stable and predictable environment for private investment by addressing barriers and expanding access [13] Consumption Environment Improvement - The conference outlines measures to eliminate unreasonable restrictions in the consumption sector, aligning with the goal of building a unified national market [14] - Policies will encourage the development of new consumption formats such as digital and green consumption, enhancing the management of emerging consumption models [16] - The initiative includes the establishment of a national unified market construction regulation to improve market order and protect consumer rights, fostering a more favorable consumption environment [16]

Economic Overview - The national economy continues to show a stable and progressive development trend, with key indicators reflecting steady performance in production, employment, and market prices [2][4] - In November, the industrial added value of large-scale enterprises increased by 4.8% year-on-year, with the equipment manufacturing sector growing by 7.7%, contributing 59.4% to the overall industrial growth [2] - The service sector's production index rose by 4.2% year-on-year in November [2] Market Sales and Investment - Social retail sales increased by 1.3% year-on-year in November, with a cumulative growth of 4% for the first 11 months, surpassing both the previous year's growth and the annual total [3] - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year, but project investment excluding real estate grew by 0.8% [3] - Despite a decline in investment growth, key sectors continue to see investment increases, supporting long-term economic development [3] Foreign Trade and Employment - In November, China's total goods import and export value grew by 4.1% year-on-year, with exports increasing by 5.7% [3] - The urban unemployment rate remained stable at 5.1%, while the Consumer Price Index (CPI) rose by 0.7% year-on-year, marking a 0.5 percentage point increase from the previous month [3] Agricultural Production - The grain output for the year reached 1.42975 trillion jin, a 1.2% increase from the previous year, maintaining stability above 1.4 trillion jin [4] New Productive Forces - Significant progress has been made in cultivating new productive forces, with high-tech manufacturing value added increasing by 9.2% year-on-year from January to November [5] - The manufacturing of smart consumer devices grew by 7.6%, and the digital economy continues to expand, with digital product manufacturing value added increasing by 9.3% [5][6] Policy Support and Future Outlook - The economy is expected to meet annual targets despite challenges, supported by strong macro policies and the growth of new economic drivers [7] - Consumption policies have shown effectiveness, with significant year-on-year growth in retail sales of home appliances and communication equipment [7] - International institutions have raised their economic growth forecasts for China for 2025, indicating positive future expectations [7]

Core Viewpoint - The Producer Price Index (PPI) in November continued to rise month-on-month for the second consecutive month, with the year-on-year decline stabilizing compared to the previous month, indicating a trend of narrowing year-on-year declines since August [1][3]. Group 1: Factors Influencing PPI - Consumption upgrade is driving price increases, with notable price rises in sports and cultural goods. In November, the price of arts and crafts and ceremonial goods manufacturing rose by 20.6% year-on-year, an increase of 2.2 percentage points from the previous month. The price of sports balls manufacturing increased by 4.3%, up by 1 percentage point from the previous month [1][3]. - The development of emerging industries is positive, with accelerated industrial transformation towards intelligence and sustainability. In November, the price of non-ferrous metal smelting and rolling increased by 7.8% year-on-year, up by 1 percentage point from the previous month. Prices for graphite and carbon products rose by 3.8%, and integrated circuit manufacturing prices increased by 1.7% [1][3]. Group 2: Market Competition and Policy Implications - The effects of regulating market competition are becoming evident, with the year-on-year price declines for photovoltaic equipment and components, lithium-ion batteries, and new energy vehicles narrowing by 2.0, 0.7, and 0.6 percentage points, respectively [2][4]. - The current PPI is still declining year-on-year, and further efforts are needed to solidify the foundation for a reasonable price recovery. Future strategies include expanding domestic demand, strengthening the domestic circulation, and improving supply-demand relationships to promote reasonable price recovery and enhance business operations [5].

Core Viewpoint - The overall market prices are operating at a low level due to multiple factors, but measures to promote a reasonable price recovery are gradually showing positive effects, leading to a favorable change in the price situation [1] Consumer Prices - In November, the consumer price index (CPI) for residents increased by 0.7% year-on-year, with the growth rate expanding by 0.5 percentage points compared to the previous month, marking three consecutive months of recovery [1] - The core CPI, excluding food and energy, has shown a continuous increase since May [1] Industrial Prices - The producer price index (PPI) for industrial products decreased by 2.2% year-on-year in November, with the decline rate showing a narrowing trend since August [1] - Efforts to strengthen capacity governance in key industries and regulate market competition have been implemented [1] Future Actions - The company plans to continue implementing special actions to boost consumption, advance the construction of a unified national market, strengthen capacity governance in key industries, regulate market competition, increase high-quality supply, and promote reasonable price recovery to foster healthy economic development [1]