NO.2央行公开市场开展1223亿元7天期逆回购操作 NO.1 中共中央政治局：明年经济工作要坚持稳中求进、提质增效 每经编辑：张益铭 据央视新闻，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，审议《中国共产党领导全 面依法治国工作条例》。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。 NO.4美联储议息会议在即，市场预期再次降息可能性大 据央视新闻，美国联邦储备委员会定于9日和10日举行货币政策例会并公布议息决定。市场普遍认为， 美联储再次降息可能性较大。市场人士表示，近期美国就业市场数据疲软，美联储很可能在本月降息25 个基点，当前国际金融市场走势已体现美联储降息预期。 点评：市场普遍预期美联储将在即将到来的议息会议上再次降息，这种预期显然受近期疲软的就业数据 影响。持续的降息显示出美联储致力于通过货币政策刺激经济的决心，旨在应对经济增速放缓及全球经 济不确定性。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每 ...

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on December 8, with a fixed rate and a total amount of 122.3 billion yuan, at an interest rate of 1.40% [1] - On the same day, 107.6 billion yuan of reverse repos matured, resulting in a net injection of 14.7 billion yuan [1] Group 2: Funding Conditions - The interbank market funding conditions remained stable, with the weighted average interest rate of DR001 slightly rising but still at a low level of 1.3% [3] - Overnight quotes in the anonymous click (X-repo) system remained at 1.28%, indicating ample supply [3] - Non-bank institutions borrowed overnight funds using credit bonds as collateral, with quotes slightly decreasing to the range of 1.45%-1.47% [3] Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks was at 1.66%, unchanged from the previous day [7] Group 4: Government Bond Futures - The closing prices for government bond futures showed a decline in the 30-year main contract by 0.29%, while the 10-year main contract increased by 0.02% [12] Group 5: Economic Policy Insights - The Central Political Bureau of the Communist Party of China emphasized the need for a stable yet progressive economic approach for 2026, advocating for a more proactive fiscal policy and moderately loose monetary policy [13] - Key focuses include enhancing domestic demand, fostering innovation, and promoting high-quality development while ensuring risk management in critical areas [13] Group 6: Global Economic Context - The U.S. Federal Reserve is expected to announce a potential interest rate cut of 25 basis points in its upcoming meeting, influenced by recent weak employment data [16] - Japan's government submitted a supplementary budget for 2025, with general account expenditures reaching a record high post-COVID, primarily funded through additional bond issuance [16] - Japan's GDP for Q3 showed a larger-than-expected contraction, confirming the first decline in six quarters [16]

Group 1: Economic Policy Insights - The Central Political Bureau emphasizes the implementation of more proactive macro policies to enhance policy foresight, targeting, and coordination, with a focus on expanding domestic demand and optimizing supply [1] - The meeting highlights the need for a strong domestic market, innovation-driven growth, and coordinated development, while also addressing risks in key areas to stabilize employment, businesses, and market expectations [1] - A continuation of a proactive fiscal policy and moderately loose monetary policy is expected for the coming year, with an emphasis on integrating existing and new policies to improve macroeconomic governance [1] Group 2: Market Reactions and Predictions - Various institutions express cautious optimism regarding the impact of the economic work meeting on capital markets and real estate, suggesting a focus on large-cap stocks [2] - Predictions indicate a slight increase in the broad fiscal deficit ratio next year, with continued emphasis on a moderately loose monetary policy [2] - Analysts recommend focusing on industry leaders under the narrative of a large market and "anti-involution," as well as service consumption recovery [2][3] Group 3: International Trade and Cooperation - The Ministry of Foreign Affairs reiterates that economic and trade cooperation should remain a stabilizing force in China-U.S. relations, emphasizing mutual benefits [2] - Discussions between Chinese and European automotive industry leaders highlight the deep integration of the automotive sectors and the importance of collaboration in promoting green and intelligent development [4] Group 4: Investment Opportunities - The AI healthcare market is projected to grow significantly, with estimates suggesting a market size of 115.7 billion yuan by 2025 and 159.8 billion yuan by 2028, driven by policy support and technological advancements [11] - The global asset management sector remains optimistic about U.S. equities, with over 75% of asset allocators preparing for a favorable risk environment by 2026, citing resilient global growth and continued monetary easing [10]

【12月8日中央政治局会议召开，明年宏观政策料更灵活】12月8日，中央政治局会议召开，提出明年实 施更积极有为宏观政策。分析称政策框架基本不变，安排会更灵活。保银资本管理公司总裁表示，宏观 政策框架与2025年大体一致，仍是积极财政与适度宽松货币政策。中央工作会议或提供更多细节，政策 将更灵活以应对外部变化。ING大中华区首席学家指出，会议通稿强调核心论点，保持既定方向。重点 包括扩大内需、创新驱动等，还释放或有更多刺激措施信号。2026年开局重要，要加大调节力度应对问 题。学人智库高级学家称，明年宏观形势与今年相似，政策取向变化不大，仍以财政扩张对冲压力，辅 以小幅货币宽松。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 和讯财经 FUL hexun.con 和而不同 迅达天下 扫码查看原文 本文由 Al 算法生成,仅作参考,不涉投资建议,使用风险自担 ...

Group 1 - The core viewpoint of the report emphasizes a stable yet progressive approach to economic work, focusing on quality and efficiency improvements while implementing proactive macro policies [2][3][21] - The meeting highlighted the importance of a multi-dimensional policy system that covers both supply and demand, aiming for a transformation in economic growth dynamics through domestic demand and innovation [14][18] - The report outlines the significance of institutionalizing the leadership of the Communist Party in the rule of law, enhancing the governance system and capacity modernization [18][21] Group 2 - The report suggests that the economic work for the upcoming year will adhere to the principle of "seeking progress while maintaining stability," with a focus on quality enhancement and efficiency [3][21] - It emphasizes the need for a coordinated policy approach that integrates fiscal, monetary, industrial, and technological policies to effectively support the real economy [13][14] - The report identifies key areas for future investment opportunities, including domestic demand-driven sectors, innovation-driven industries, and the financial sector [22]

21世纪经济报道记者 唐婧 北京报道 据新华社报道，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。会议对当前经济形势作 出判断，我国经济运行总体平稳、稳中有进，新质生产力稳步发展，改革开放迈出新步伐，重点领域风 险化解取得积极进展，民生保障更加有力，社会大局保持稳定。 会议强调，做好明年经济工作，要坚持稳中求进工作总基调，更好统筹国内经济工作和国际经贸斗争， 更好统筹发展和安全，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。会议还指出，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。 上述表述与10月28日发布的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（下称 《建议》）中的表态一脉相承。在"提升宏观经济治理效能"部分，《建议》明确提出，强化逆周期和跨 周期调节，实施更加积极的宏观政策，持续稳增长、稳就业、稳预期。增强宏观政策取向一致性，强化 政策实施效果评价，健全预期管理机制，优化高质量发展综合绩效考核。 对于"继续实施适度宽松的货币政策 ...

【博时市场点评12月8日】沪深两市上涨，创业板指涨2.6% 每日观点 今日沪深三大指数上涨，创业板涨2.6%，两市成交放量并重返2万亿以上。海外方面，市场对美联储12 月降息的预期押注上升，或受下任美联储主席候选人、白宫国家经济委员会主任凯文·哈西特近期发表 的鸽派言论支撑。日央行12月加息预期大幅上升，需关注日元套息交易带来的流动性风险。国内方面， 今日中央政治局会议召开，对明年的经济工作做出部署，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。后续关注中央经济工作会议的召开，市场短期 或维持震荡，配置上建议均衡。 消息面 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，审议《中国共产党领导全面依法治国工 作条例》。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。 简评：会议内容强化了政策托底和经济结构优化信心，对于科技、绿 ...

| 项目类别 | 数据指标 | 最新 | 环比 项目 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 107.910 | 0.02% T主力成交量 | 98368 | -2961↓ | | | TF主力收盘价 | 105.745 | -0.01% TF主力成交量 | 72291 | -7272↓ | | | TS主力收盘价 | 102.412 | 0% TS主力成交量 | 37890 | 6997↑ | | | TL主力收盘价 | 112.240 | -0.29% TL主力成交量 | 175328 | 11652↑ | | 期货价差 | TL2603-2512价差 | -0.06 | +0.16↑ T03-TL03价差 | -4.33 | 0.31↑ | | | T2603-2512价差 | -0.20 | -0.01↓ TF03-T03价差 | -2.16 | -0.05↓ | | | TF2603-2512价差 | 0.02 | -0.02↓ TS03-T03价差 | -5.50 | -0.05↓ | | | TS26 ...

同时，投资于人成为宏观政策的突出特点。投资于人是一项关乎国家长远发展的重大战略部署。从注重 惠民生与促消费相结合，突出以就业带动增收，不断提高社会保障水平，到建立育儿补贴制度、逐步推 行免费学前教育、推进普惠托育服务体系建设，国家投入更多真金白银聚焦人的全面发展。 可以说，今年我国经济顶住压力、稳步前行，重要"密码"就在于更加积极有为的宏观政策。从统计数据 可以看出，一系列政策措施促进消费潜力有序释放、产业优化升级、新动能成长壮大。以"两重"建设为 例，8000亿元超长期特别国债支持1459个"硬投资"项目建设，在新型城镇化、粮食安全、社会民生等方 面大显身手。宏观政策组合拳发力显效，为实现全年经济社会发展目标提供了坚实支撑。 "十五五"规划建议提出"强化逆周期和跨周期调节，实施更加积极的宏观政策"。当前，我国经济运行总 体平稳、稳中有进的同时，也面临着困难与挑战，特别是外部不稳定不确定性因素依然较多，国内需求 仍显不足，不少企业经营面临困难。为此，宏观政策不能松劲，要以更加积极有为的实招硬招，持续助 力经济发展。 我国政策空间充足、政策工具丰富。宏观政策要用好用足政策空间，提高调控的前瞻性、针对性、有效 性 ...

原标题：积极有为的宏观政策有力有效 扩大有效益的投资、实施提振消费专项行动、保持流动性充裕和金融总量合理增长……今年以来， 我国实施更加积极有为的宏观政策，有效稳增长、稳就业、稳预期，推动经济持续回升向好。下一步， 宏观政策"更加积极有为"的取向不会变，在经济运行中保驾护航、赋能添力的作用将更加突出。 "更加积极有为"的宏观政策取向，是加大逆周期调节力度，更好应对经济运行中的不稳定、不确定 因素的战略部署。今年以来，一系列力度大、含金量高、针对性强的政策措施落地实施，有效稳定预 期、激发活力、提振信心。 同时，投资于人成为宏观政策的突出特点。投资于人是一项关乎国家长远发展的重大战略部署。从 注重惠民生与促消费相结合，突出以就业带动增收，不断提高社会保障水平，到建立育儿补贴制度、逐 步推行免费学前教育、推进普惠托育服务体系建设，国家投入更多真金白银聚焦人的全面发展。 可以说，今年我国经济顶住压力、稳步前行，重要"密码"就在于更加积极有为的宏观政策。从统计 数据可以看出，一系列政策措施促进消费潜力有序释放、产业优化升级、新动能成长壮大。以"两重"建 设为例，8000亿元超长期特别国债支持1459个"硬投资"项目建 ...