Group 1 - Global markets are entering a "Christmas mode" with major stock markets in the US, Europe, and Hong Kong closing on Christmas Day. Key macroeconomic events include the 19th meeting of the 14th National People's Congress in China and the release of various economic data from the US and UK [2] - The "zero tariff" import policy for cars in Hainan has been implemented, but it only applies to enterprises in transportation and tourism, not individual consumers [2] - China has officially launched L3-level autonomous driving with the first dedicated license plate issued in Chongqing, marking a significant milestone in the automotive industry [2] Group 2 - The Central Economic Work Conference has prioritized "innovation-driven development" as a key task for the upcoming year, focusing on establishing a regional innovation system and enhancing the digital transformation of manufacturing [3] - The conference also emphasized the need to advance the construction of a unified national market and address issues of "involution" in competition, with new guidelines for pricing behavior in the automotive industry [3] Group 3 - The A-share market is experiencing high-level fluctuations as it approaches year-end, with structural opportunities expected to align with policy guidance and industry prosperity [4] - The CSI A500 ETF has seen significant inflows, surpassing 460 billion yuan in net inflows since December, indicating strong investor interest [4] - Public fund issuance has shifted focus from bond funds to equity funds, with a record number of new funds established this year [4] Group 4 - The MiniMax company is set to become the fastest AI company to go public, following the release of its post-hearing materials [5] - Guizhou Bailin has faced regulatory penalties for financial misconduct, with fines totaling 25.6 million yuan and a 10-year market ban for its chairman [5] Group 5 - The Chinese aviation cargo sector has shown robust growth, with a total cargo and mail transport volume of 9.243 million tons from January to November, a year-on-year increase of 13.6% [8] - The trust industry in China has surpassed 30 trillion yuan in asset scale, achieving significant growth in revenue and profit [8] - CNOOC announced that the Bohai Oilfield is expected to produce over 40 million tons of oil and gas equivalent by 2025, contributing to national energy security [8] Group 6 - The US House of Representatives is developing a cryptocurrency tax framework that will provide a "safe harbor" for certain stablecoin transactions [10] - The yield on money market funds is declining, with over 123 funds reporting annualized yields below 1% as of December 19 [10] Group 7 - Samsung has launched the industry's first 2nm process smartphone application processor, the Exynos 2600, which significantly enhances performance metrics [11] - McDonald's has opened its first store in Qinghai, achieving full coverage across all provincial-level regions in China [12]

为推动平台经济健康发展、规范价格竞争秩序，互联网平台"反内卷"迈出重要一步。 国家发改委、市场监管总局、国家网信办近日联合发布《互联网平台价格行为规则》（下称《行为规 则》），规范平台价格行为，保护消费者和经营者合法权益。 《行为规则》共计7章29条，规定了平台经营者、平台内经营者实施价格行为应当遵守的规范。新规将 低价倾销、价格歧视、串通涨价、价格欺诈、哄抬价格等行为一律列入禁止清单，划清了竞争的"红 线"和"底线"。 近年来，我国平台经济快速发展，在赋能实体经济、发展新质生产力、满足人民生活需要等方面发挥了 积极作用。平台经济领域涉及的经营者众多，其价格行为关系到消费者切身利益，受到广泛关注。 国家发改委有关负责同志表示，《行为规则》着力规范价格行为、推动公开透明、增强各方协同，构建 良好平台生态。根据现行法律法规规定，细化实化监管要求，为平台经营者、平台内经营者提供明确的 价格行为指引，推动形成优质优价、良性竞争的市场秩序。 工信部信息通信经济专家委员会委员盘和林告诉第一财经，新规既对互联网经营者定价进行了规范，也 对消费者保护给出了具体的行为规范要求。新规针对目前电商平台存在的"平台压迫经营者降价、经 ...

（来源：光明日报） 转自：光明日报 【光明论坛】 力加快发展新质生产力。此外，当前以人为本的新型城镇化还有很大发展空间，有序推进这部分人群市 民化是城镇化的首要任务，可加强财政金融政策对"新市民"群体相关的教育、医疗、养老、住房等投 入，落实深入推进以人为本的新型城镇化的要求，稳步提升基本公共服务均等化水平，加力补足短板、 强化弱项。 2025年中央经济工作会议定调明年经济工作政策取向。会议强调，"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，因地制宜发展新 质生产力，纵深推进全国统一大市场建设，持续防范化解重点领域风险，着力稳就业、稳企业、稳市 场、稳预期，推动经济实现质的有效提升和量的合理增长，保持社会和谐稳定，实现'十五五'良好开 局"。 （作者：刘晓光，系中国人民大学国家发展与战略研究院副院长、吴玉章讲席教授） 2026年，我国经济发展将面临三大全新机遇：一是"十五五"规划的开启和适度超前布局将打开全新 增长空间；二是更加积极的财政政策和宽松的货币政策蓄势待发，将进一步支撑经济回升向好；三是微 观市场主体的资产负债表修复与行业层面的"反内卷"初见 ...

Core Viewpoint - The article emphasizes the need to shift competition from "price wars" to "value wars" in order to escape the phenomenon of "involution" in various industries, particularly in the context of internet platforms and sectors like photovoltaic, automotive, and battery manufacturing [2][10]. Group 1: Regulatory Developments - The National Development and Reform Commission, the State Administration for Market Regulation, and the National Internet Information Office have jointly issued the "Internet Platform Pricing Behavior Rules" to regulate pricing behaviors on platforms and protect the rights of consumers and operators [2][3]. - The new rules prohibit practices such as predatory pricing, price discrimination, collusion to raise prices, price fraud, and price gouging, establishing clear boundaries for competition [3][4]. - The rules aim to enhance transparency, promote collaboration among stakeholders, and create a healthy platform ecosystem, providing clear guidelines for pricing behavior [3][5]. Group 2: Industry-Specific Actions - The photovoltaic industry has made significant progress in addressing "involution," with the establishment of a platform for the consolidation of polysilicon production capacity, aimed at mitigating vicious competition [8]. - The photovoltaic sector reported a loss of 31.039 billion yuan in the first three quarters, with a reduction in losses in the third quarter compared to the second quarter, indicating a potential stabilization in the industry [8]. - The National Energy Administration has emphasized the need for self-regulation within the photovoltaic industry to address issues of "involution" and low-price bidding, while also implementing policies to stabilize prices and improve competition order [9]. Group 3: Consumer Protection - The new rules include provisions to protect consumer rights, focusing on the right to information and the right to choose, requiring operators to clearly display pricing options and provide easy cancellation methods for services [6][7]. - The rules mandate transparency in promotional activities, such as subsidies and discounts, to prevent misleading practices like "false discounts" and "price hikes before discounts" [6][9]. Group 4: Future Directions - The central economic work conference highlighted the need for deeper governance of "involution" in competition, indicating that future policies will continue to focus on this issue [10][11]. - The emphasis on systematic approaches to address "involution" includes enhancing industry self-regulation, standard-setting, and utilizing various regulatory tools to ensure a fair competitive environment [12].

Summary of the Conference Call Transcript Industry Overview - The report focuses on the Chinese economy and its policy outlook for 2026, highlighting the challenges of deflation and the need for a comprehensive recovery from economic stagnation [1][6][8]. Key Points and Arguments Policy Direction - Beijing is expected to continue existing policies rather than implement significant new measures, with a focus on infrastructure investment and consumer goods replacement programs [1][3]. - The central economic work conference indicates a moderate approach to supporting the real estate sector and service consumption, rather than aggressive stimulus [6][9]. Economic Growth Targets - The GDP growth target for 2026 is set at approximately 5%, aimed at stabilizing market expectations [6][9]. - The Consumer Price Index (CPI) inflation target is not strictly bound, with hopes for reasonable price recovery without excessive measures [6][9]. Fiscal Policy - The initial fiscal budget for 2026 is expected to be similar to that of 2025, with potential for slight increases mid-year (approximately 0.5% of GDP) if growth slows [4][6]. - Government investment will prioritize urban renewal, green transformation, and artificial intelligence projects, with early issuance of special bonds to support infrastructure [6][9]. Monetary Policy - The monetary policy is expected to remain accommodative, with limited room for interest rate cuts (10-20 basis points) and reserve requirement ratio reductions (25-50 basis points) [4][9]. - The central bank may utilize targeted lending tools to provide credit support rather than broad-based rate cuts [9]. Real Estate and Consumer Support - Policies aimed at stabilizing the real estate market include potential mortgage interest subsidies and the acquisition of existing properties, primarily relying on local government financing [6][9]. - There is a commitment to increase fiscal resources for social welfare and human resource development, although specific details on consumer support measures remain unclear [9]. Challenges and Implementation - The report emphasizes the difficulty of implementing policies aimed at curbing ineffective competition and promoting a unified national market, suggesting that while the direction is correct, the execution may be slow and challenging [9]. - The anticipated timeline for significant consumer support measures is projected for the second half of 2026, contingent on the outcomes of the upcoming legislative sessions [9]. Additional Important Insights - The report indicates that achieving low inflation and healthier nominal GDP growth may require waiting until 2027, with a clearer mechanism for stabilizing the real estate market and more substantial support for service consumption [8][9]. - The focus is shifting from merely achieving economic growth figures to managing local government expansion and ensuring effective implementation of fiscal policies [9]. This summary encapsulates the key insights from the conference call regarding the Chinese economic outlook and policy direction for 2026, highlighting both the anticipated strategies and the challenges ahead.

2025年，在外部压力加大、内部困难较多的复杂局面下，中国经济顶压前行、向新向优发展，经济社会 发展主要目标将顺利完成，展现出强大韧性与活力。"十五五"时期是基本实现社会主义现代化夯实基 础、全面发力的关键时期，中央经济工作会议在部署明年经济工作时明确指出，要"在质的有效提升上 取得更大突破"，为"十五五"开好局、起好步提供了重要指引。 当今世界动荡变革加剧，新一轮科技革命和产业变革加速突破，外部环境变化影响加深，同时，国内供 强需弱矛盾仍然突出。要在激烈国际竞争中赢得战略主动，要解决好发展中、转型中的问题，就必须在 转变发展方式、优化经济结构、转换增长动力方面下更大功夫，全力推动经济发展实现质的有效提升， 以高质量发展的确定性应对各种不确定性。我国经济基础稳、优势多、韧性强、潜能大，长期向好的支 撑条件和基本趋势没有变，中国特色社会主义制度优势、超大规模市场优势、完整产业体系优势、丰富 人才资源优势更加彰显，完全有条件、有能力在质的提升上取得更大突破。 推动高质量发展，要加快高水平科技自立自强，积极发展新质生产力，在推动科技创新、加快培育新动 能、促进经济结构优化升级上取得实质性、突破性进展。产业是经济发展 ...

Group 1 - The core viewpoint emphasizes the need to fully tap into economic potential as a primary focus for economic work in the new situation, aiming to transform this potential into development momentum for the "14th Five-Year Plan" [1] - China, as the world's second-largest economy and consumer market, possesses significant advantages such as the largest middle-income group and a complete industrial system, which should be leveraged to release economic development potential [1] - The strategy includes deepening industrial upgrades, fostering emerging industries, and cultivating future industries to release new economic momentum [1] Group 2 - The transformation of economic potential into development momentum requires effective policy guidance and reform innovation to fully unleash development potential [2] - Government initiatives include long-term special bonds for equipment updates, establishing technology innovation loans, and promoting talent development and international cooperation to stimulate economic potential [2] - Market rules must be standardized and orderly, with measures such as the establishment of a unified national market and the implementation of fair competition regulations to create a stable and transparent business environment [2] Group 3 - The importance of local conditions is highlighted, advocating for a tailored approach to stimulate local comparative advantages and development potential, which collectively contribute to China's economic growth [3] - Regions should balance local and overall needs, strategically positioning themselves to avoid homogenized competition and repetitive construction [3] - Emphasizing open development, regions are encouraged to leverage international opportunities and break geographical limitations to maximize development potential [3]

12月8日，一封反映行业无序竞争的读者来信刊发在经济日报头版头条。以此发端，经济日报聚焦"打通 全国统一大市场堵点卡点"这个热点问题，连续推出系列调研报道和编辑部文章，受到社会各界广泛关 注，有关部委和地方政府的领导同志以及一些企业经营者、专家学者纷纷发声、加入其中。这一现象也 引起了新闻同行的注意。 第一财经日报发表社论称，"《经济日报》头版头条编发这一来信充分显示了对民营企业意见的高度重 视，为民营企业反映意见提供了新的渠道。同时，《经济日报》充分发挥媒体的自身优势，深入采访形 成专题调研报道，从而促进民营企业所反映问题的解决。这二者都值得点赞"。 登上头版头条的这封读者来信，作者是广东优凯科技有限公司董事长黄平。在信中，他痛陈了洗涤剂行 业无序竞争、标准缺失、劣质产品凭借低廉价格抢占市场等问题，并大声疾呼正视和清除建设全国统一 大市场的障碍，营造公平健康的市场环境。 建设全国统一大市场，是党中央着眼做强国内大循环、畅通国内国际双循环作出的重大决策部署。这些 年，建设全国统一大市场虽取得积极进展，但总体上看，任务依然艰巨，仍有不少困难和阻力。打通全 国统一大市场堵点卡点，既是构建新发展格局、推动高质量发展 ...

但现实并不轻松：地方保护、资质壁垒、招投标"暗门"、新兴产业"内卷式竞争"频频出现。这些并非谁"使坏"，而是旧机制在新阶段发出的摩擦音。短期看 是发展焦虑，长期看却是深化改革的突破口。真正的症结，在于制度规则不统一、执行标准不一致，以及部分地方仍被"唯GDP"牵着走。 破局关键在**"破"与"立"并举**。一方面要拆墙，清理隐性壁垒，让要素自由流动；另一方面要建路，加快统一立法和标准建设，让"全国一张清单、非禁 即入"真正落地。破得准，立得稳，市场才能既"活"又"长"。 《打通全国统一大市场》 ——从"地方小算盘"到"大国大循环"，中国经济的关键一跃 如果把中国经济比作一条高速公路，堵点从来不是车不够，而是收费站太多、路标不统一。 最近，"打通全国统一大市场堵点卡点"成为热议焦点，说到底，就是让市场这台发动机少内耗、多提速。 市场，是中国最稀缺也最宝贵的资源。14亿人口、完整工业体系、超大规模中等收入群体，决定了中国必须把统一大市场建好、用好。这既是稳增长的现实 选择，更是应对外部不确定性的底气工程。 统一不是抹平差异，而是让优势流动、让创新生长。当全国真正成为"一盘棋"，中国经济的确定性优势，自然会对冲世界 ...

明优势，增信心。深刻把握优势、用足用好优势，是做好经济工作的基本前提和重要方法。优势何在？ 这就是"十五五"时期"中国特色社会主义制度优势、超大规模市场优势、完整产业体系优势、丰富人才 资源优势更加彰显。"我们要发挥好这"四大优势"，保持战略定力，更加积极有为，不断化优势为胜 势、变潜力为实力。 来源：央广网 坚持和加强党的全面领导是推进中国式现代化的根本保证。形势越是复杂，越要加强党对经济工作的全 面领导，把党中央加强构建新发展格局、着力推动高质量发展的要求落实落细到经济社会发展各方面全 过程，确保一张蓝图绘到底。我们要坚持扩大内需这个战略基点，一手增强消费品供需适配性，一手纵 深推进全国统一大市场建设，不断增强国内大循环内生动力和可靠性。要坚持以科技创新引领产业升 级，构建以先进制造业为骨干的现代化产业体系，巩固壮大实体经济根基；一体推进教育科技人才发 展，投资于物和投资于人紧密结合，不断将人才优势转化为创新优势、发展优势。 即将到来的2026年是"十五五"开局之年，中国经济航船又将开启新的征程。 中央经济工作会议强调，"要坚定信心、用好优势、应对挑战，不断巩固拓展经济稳中向好势头。"这简 短有力的话语中 ...