消息面上，中央经济工作会议于2025年12月10日至11日在北京举行，会议确定了2026年"八大"经济工作 重点任务，将"坚持内需主导，建设强大国内市场"置于2026年经济工作重点任务首位，进一步明确了提 振消费专项行动、城乡居民增收计划、扩大优质商品和服务供给、优化"两新"（大规模设备更新、消费 品以旧换新）政策实施、释放服务消费潜力等措施及政策的重要作用。 中银证券表示，结合会议确定的2026年重点任务，从社会服务行业的视角，预计内需主导是提振消费的 重要支撑动力。 12月12日，港股三大指数午盘持续走强，港股消费ETF（513230）涨幅持续扩大，现涨近1.5%，其持仓 股多数飘红，老铺黄金、名创优品、理想汽车、创科实业、蒙牛乳业、小米集团等涨幅靠前，仅古茗、 雅迪控股、中国儒意、统一企业中国等跌幅居前。 港股消费ETF（513230）跟踪中证港股通消费主题指数，一键打包互联网电商龙头+新消费，成分股近 乎囊括港股消费的各个领域，包括老铺黄金、名创优品等新消费龙头，又包含腾讯、阿里巴巴、小米等 互联网电商龙头。 ...

本报（chinatimes.net.cn）记者刘诗萌 北京报道 在"十五五"时期新型城镇化成为扩大内需重要抓手的背景下，县域经济将在2026年迎来新的发展机遇。 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。其中明确提到，要坚持内需主导，建设强大国内市场，深入实施提振消费专项行动，制定实施 城乡居民增收计划。 《华夏时报》记者注意到，早在2025年3月中办、国办发布的《提振消费专项行动方案》中就明确提到 要实行七大行动，其中包括城乡居民增收促进行动。不过作为"城乡居民增收计划"，此次这一新提法是 首次被写入了年末最重要的高层会议。 中诚信国际研究院院长袁海霞向《华夏时报》记者表示，此次会议明确提出"制定实施城乡居民增收计 划"，建议可以通过进一步提高最低工资水平、降低税赋、提高居民财产性收入等方式提高居民收入， 进一步释放消费潜能。 袁海霞也认为，一方面，通过调整完善个税体系，促进中等收入群体的消费能力与意愿，包括下调中低 档个税税率、延续并加大个税优惠政策力 ...

Core Viewpoint - The central economic work conference emphasizes the importance of domestic demand as the primary driver for economic growth in 2026, indicating a shift towards a strong domestic market [3][5]. Group 1: Domestic Demand as a Driver - Domestic demand is highlighted as the main engine of China's economic development, contributing 86.4% to economic growth from 2021 to 2024 [5]. - The average contribution of final consumption to economic growth over the past four years is 56.2%, an increase of 8.6 percentage points compared to the "13th Five-Year Plan" period [6]. - The focus on domestic demand is seen as a necessary adaptation to the new development stage, aiming to transform the potential of a large-scale market into real growth [6][12]. Group 2: Consumption Enhancement Strategies - The government plans to implement measures to boost consumption, including optimizing the environment, innovating scenarios, and reducing restrictions [7]. - A significant initiative is the introduction of a "rural and urban residents' income increase plan," aimed at enhancing consumer capacity and solidifying the foundation for consumption [12]. - Policies will focus on increasing disposable income through wage growth mechanisms, skill enhancement subsidies, and expanding the middle-income group [13]. Group 3: Investment and Structural Optimization - The conference emphasizes stabilizing and optimizing investment, particularly in urban renewal and the use of special bonds [3][8]. - The government aims to enhance the quality of investment expansion, moving away from reliance on external demand and real estate investment [6][12]. - The expected increase in fiscal support for consumption is projected to rise from 300 billion to 500 billion, with a focus on service consumption [9].

Core Viewpoint - The Hong Kong restaurant sector showed active performance with significant gains in various stocks following the Central Economic Work Conference, which emphasized domestic demand and consumer spending recovery [1][2]. Group 1: Market Performance - Shanghai Xiaonan Guo increased by over 7% [2] - Jiumaojiu rose nearly 5% [2] - Other notable gains included Yum China, Nayuki Tea, and Haidilao, each rising close to 3% [1][2] - Xiabuxiabu saw a 2.5% increase, while Xiaocaiyuan and Hite International also experienced upward movement [1] Group 2: Policy Implications - The Central Economic Work Conference, held on December 10-11, outlined key policies aimed at boosting domestic consumption and addressing income growth for urban and rural residents [1] - The meeting's positive signals are expected to facilitate the ongoing recovery of restaurant consumption, benefiting the sector as the overall consumer environment shows signs of gradual improvement [1] - Analysts from Galaxy Securities highlighted the importance of focusing on the medium to long-term consumption goals outlined in the 14th Five-Year Plan, with a short-term focus on specific policies related to consumption expected to be implemented by 2026 [1]

大消费相关ETF： 聚焦提振内需主线，消费意愿提升：食品饮料ETF（515170） 元旦假期催化+海南全岛封关利好：旅游ETF（562510） 12月10-11日，中央经济工作会议在京举办，在消费层面指出"坚持内需主导，建设强大国内市场"，本 次会议将"内需"摆在优先位置，消费鼓励政策有望持续加码。 "居民消费率明显提高，内需拉动经济增长主动力作用持续增强"是"十五五"时期经济社会发展的主要目 标之一。本次会议则将发展内需作为明年经济工作的第一条，凸显消费在经济发展中的重要性。 中金公司表示，2025年"国补"在2024年基础上扩围，新增了手机、平板、智能手表手环等3类数码产品 和微波炉、净水器、洗碗机、电饭煲等4类家电产品等。2026年全国性补贴品类或仍有优化空间，带动 相关品类需求提振。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 ...

（原标题：中央经济工作会议将内需置于任务首位，首提城乡居民增收计划） 21世纪经济报道 记者周潇枭 见习记者张旭 北京报道 12月10日-11日，中央经济工作会议在北京召开。在部署明年重点经济工作中，内需被放在了首要位 置。 会议提出，坚持内需主导，建设强大国内市场。具体来看包括：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。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。 （资料图） 多位专家指出，"坚持内需主导，建设强大国内市场"位列明年八项工作任务首位，这意味着2026年经济 增长将更多依靠内需发力。此外，在投资端强调"止跌回稳"与"结构优化"，特别是城市更新、专项债用 途优化、新型政策性工具的组合使用，显示政府更注重有质量的投资扩张。 "十五五"期间如何提振消费？ 国家发展改革委主任郑栅洁在《人民日报》发表的署名文章《坚持扩大内需这个战略基点》指出，立足 当前，重点是优化环境 ...

中经记者 杜丽娟 北京报道 12月9日，在《中国经营报》主办的"2025中国企业竞争力年会"上，中国社会科学院学部委员高培勇发 表题为《开局谋新：中国经济增长的底层逻辑与未来布局》的主旨演讲。他以深厚的学理基础和贴近政 策实践的分析，系统梳理了"十五五"时期中国经济社会发展的底层逻辑，并前瞻性勾勒了未来布局的关 键方向与核心抓手。 在他看来，这三者并非简单并列，其中"预期转弱是源头和主因"。预期影响收入和财富积累信心，进而 影响消费与投资。因此，宏观政策不仅要作用于当期需求，更要从体制机制上改善企业和居民对未来的 预期。 针对当前有效需求不足的突出矛盾，以及外部环境的严峻复杂性，"十五五"规划建议明确，经济工作的 主要着力点在于内需，并特别强调要显著提高居民消费率，显著增强内需拉动经济增长的主动力作用。 在提振消费方面，高培勇提出应按照党的二十届四中全会的部署，实施"提振消费专项行动"，统筹就 业、收入与预期管理，并强调"提高公共服务支出占政府支出比重"这一创新举措。他重申"消费是收入 和财富积累的函数"，短期可通过财政补贴、信贷支持等手段释放消费潜力，但长期必须依靠分配制度 改革，尤其要从再分配环节入手，完 ...

Group 1 - The core focus of the Central Economic Work Conference held on December 10-11 in Beijing is to prioritize domestic demand and build a strong domestic market [1] - The conference emphasizes the implementation of special actions to boost consumption and the formulation of plans to increase income for urban and rural residents [1] - There is a commitment to expand the supply of quality goods and services, optimize the implementation of "two new" policies, and eliminate unreasonable restrictions in the consumption sector to unleash the potential of service consumption [1] Group 2 - The conference aims to stabilize investment by increasing the scale of central budget investments and optimizing the management of local government special bonds [1] - It highlights the importance of effectively stimulating private investment through new policy financial tools and advancing urban renewal with high quality [1]

Core Insights - The article highlights the successful implementation of digital financial services by China Construction Bank (CCB) in Shandong, benefiting nearly 5 million consumers through initiatives like the "CCB Life" app, which offers discounts and subsidies to enhance consumer spending [1][2] Group 1: Consumer Engagement and Benefits - CCB's Shandong branch has effectively aligned with national strategies to boost consumption and expand domestic demand by integrating government subsidies, merchant digital transformation, and consumer benefits into a cohesive ecosystem [2] - The "CCB Life" app allows users to easily access government subsidies, streamlining the process of redeeming discounts at participating merchants, which has led to increased sales for businesses [2] Group 2: Technological Innovations - CCB has introduced OCR image recognition technology to simplify the "old-for-new" exchange process, allowing users to upload identification and invoices for automatic data recognition, thus enhancing user experience [2] - The bank has expanded payment options by integrating with 11 local banks, facilitating easier transactions for consumers and reducing payment barriers [2] Group 3: Risk Management and Consumer Protection - CCB has established a comprehensive intelligent risk control system to safeguard consumer rights and ensure the integrity of transactions, effectively identifying and preventing fraudulent activities [3] - The bank emphasizes a full-cycle service approach, providing support before, during, and after transactions to enhance consumer confidence and satisfaction [3] Group 4: Economic Impact and Community Engagement - As of November, CCB's initiatives in cities like Yantai and Jinan have generated nearly 4.3 billion yuan in sales for businesses and served over 3,600 enterprises, positively impacting around 720,000 households [4]

● 本报记者 胡雨 从中共中央政治局会议明确"持续扩大内需、优化供给"，到日前六部门联合印发旨在进一步释放消费潜 力的政策文件，再到地方出台支持消费的惠民政策，近期与促进消费、提振内需相关的政策密集出台， 在提振居民消费预期的同时，也对大消费板块行情向好提供了政策层面的助力。 临近年底消费旺季，从中央到相关部委再到地方，一系列旨在扩大内需和提振消费的政策红利持续释 放，市场对增量政策的预期也在不断增强：日前工业和信息化部等六部门联合印发《关于增强消费品供 需适配性进一步促进消费的实施方案》，明确到2027年，形成3个万亿级消费领域和10个千亿级消费热 点，并从5方面部署了19项重点任务；商务部副部长盛秋平12月9日表示，"十五五"时期，要把零售业作 为培育完整内需体系、做强国内大循环的关键着力点，推动行业转向品质驱动、服务驱动，实现高质量 发展；新疆乌鲁木齐市推出"雪假畅玩六条"惠民政策，推出多类型文旅产品，并搭配实施多重优惠。 对于提升消费率可能出台的增量政策，广发证券首席经济学家郭磊认为，短期可能包括延续并扩大直接 补贴及消费贷贴息、清理现存消费限制、改善一般物价环境等；中期视角下，加快消费税改革、推动消 ...