Core Viewpoint - The Central Economic Work Conference emphasizes the development of digital and green trade, aiming for a comprehensive green transformation guided by the "dual carbon" goals, indicating that green trade is becoming a new focal point in international economic and trade competition [1][2]. Group 1: Policy and Framework - The release of the "Implementation Opinions" marks a significant milestone in green trade, transitioning from the "concept advocacy" phase to the "institutional construction" phase, reshaping China's competitive advantage in global green trade [2]. - The policy outlines specific measures around product carbon footprints, carbon pricing, and green certificates, providing a clear path for China's green and low-carbon transformation in international trade [1][2]. Group 2: Market Opportunities - The global market for electric vehicles, solar energy, and wind energy is projected to reach $2.1 trillion by 2030, five times the current scale, presenting substantial opportunities for green trade [2]. - China's exports of green low-carbon products have shown remarkable growth, with wind turbine components increasing over 30% and solar products exceeding 200 billion yuan in export value for four consecutive years [5]. Group 3: Industry Transformation - The green trade policy is expected to drive systemic optimization of domestic industrial structures, particularly in high-energy-consuming sectors, by integrating green principles throughout the entire trade chain [5][6]. - Companies are encouraged to adopt green design and production practices, with the Ministry of Industry and Information Technology promoting green manufacturing across the product lifecycle [4][5]. Group 4: Competitive Strategies - Foreign trade enterprises are advised to enhance their competitiveness by focusing on technology, standards, market, and supply chain management, including establishing carbon management systems and participating in green standard formulation [9]. - The transition from single product exports to comprehensive lifecycle service offerings is crucial for foreign trade enterprises to adapt to the evolving market landscape [9][10]. Group 5: Case Studies and Innovations - Companies like Jingdezhen Yuqiu Ceramics are successfully integrating sustainability into their core products, enhancing their international image and market performance through green trade initiatives [8]. - The proactive innovation of micro-level enterprises contributes significantly to the resilience and green upgrade of China's foreign trade, showcasing a clear path for transformation [8][10].

2025年12月9日，"搭建对话桥梁：气候政策制定的政社协同研讨会"在南京顺利举行。本次研讨会由中 国国际民间组织合作促进会、苏州工业园区绿色江南公众环境关注中心、陕西妇女儿童发展基金会联合 主办，南京市建邺生态环境局、江心洲街道办事处及萤火生态环境保护服务中心协办。来自政府部门、 高校、社会组织、企业等近60位代表齐聚一堂，共话气候治理。 在"实战快闪"环节，来自合肥、南昌、青岛、山西、四川、陕西的六家社会组织代表分享了各具特色的 气候与环境倡导实践，这些扎根一线、回应需求的创新案例，生动展现了社会组织在气候治理多维场景 中的独特价值与行动活力。 本次研讨会通过政府、社会组织、高校、媒体等多方主体的坦诚对话与智慧共创，激发社会组织的内在 潜能，拓展气候治理中政社协同的广度与深度，共同为应对气候变化、建设美丽中国贡献不可或缺的社 会力量。 江苏省工程咨询中心副总工程师石峻青系统介绍了江苏"1+1+N"气候政策体系。他指出，面对极端天气 事件频发的现实挑战，江苏正全面推进能源、产业、交通、建筑等重点领域绿色低碳转型，积极参与全 国碳市场建设，并积极探索碳足迹管理、零碳园区试点和碳普惠机制。面向"十五五"，建议加 ...

Core Insights - 2026 is viewed as a pivotal year for global capital reallocation, with Chinese assets transitioning from an "optional" choice to a "must-have" for international investors due to their valuation advantages and growth momentum [1][2] Group 1: Economic Outlook - Multiple financial institutions predict that 2026 will continue the trend of "revaluation of Chinese assets," with expectations of sustained inflows of domestic and foreign capital into the A-share market and RMB assets [1] - Standard Chartered Bank has recently raised its GDP growth forecast for China in 2026, citing strong export performance and continuous productivity improvements as key factors [2] Group 2: Sectoral Developments - The rapid development of emerging industries, particularly in digital economy, green transformation, and AI, is injecting new momentum into China's economic growth, with significant increases in manufacturing value added in digital industries [3] - Key sectors such as AI, semiconductor, automation, and robotics are highlighted as critical investment opportunities, with a consensus among institutions to focus on these areas for future growth [4] Group 3: Currency and Investment Trends - The trend of a "weak dollar and strong RMB" is expected to persist, with international investors showing increased interest in Chinese assets as the economy stabilizes [4] - The ongoing revaluation of Chinese assets is seen as just beginning, with further price adjustments anticipated in 2026, particularly in technology innovation areas supported by national planning [4]

Core Viewpoint - In November, China's macroeconomic policies began to show positive effects, leading to a notable increase in the Consumer Price Index (CPI) and a recovery in consumer spending [2] CPI Analysis - The CPI rose by 0.7% year-on-year in November, an increase of 0.5 percentage points from the previous month, marking the highest level since March 2024 and matching the peak since February 2023 [2] - The core CPI, excluding food and energy, also increased by 1.2% year-on-year, remaining above 1.0% for three consecutive months, indicating a steady recovery in consumer willingness and capacity [2] - Food prices shifted from a decline of 2.9% in October to an increase of 0.2% in November, contributing positively to the CPI [3] Food Price Dynamics - Fresh vegetable prices rose by 14.5% year-on-year after nine months of decline, significantly impacting the CPI [4] - Beef and lamb prices continued to rise, with increases of 6.2% and 3.7% respectively, while pork prices, although still down 15.0%, showed a narrowing decline from 16.0% [4] - Egg prices further declined to -12.5% year-on-year, indicating reduced internal deflationary pressure on food prices [4] Non-Food Price Trends - Service prices and industrial consumer goods prices (excluding energy) increased by 0.7% and 2.1% respectively, contributing approximately 0.29 and 0.53 percentage points to the CPI [5] - Core consumer goods prices rose by 2.1%, marking the seventh consecutive month of growth, with notable increases in gold jewelry (over 50%), household appliances (4.9%), and clothing (2.0%) [5] - Housing rental prices showed a slight decline of 0.2% year-on-year, reflecting a weak real estate market [5] PPI Insights - The Producer Price Index (PPI) decreased by 2.2% year-on-year, but showed a month-on-month increase of 0.1%, indicating a stabilization in industrial prices [6] - The reduction in price declines for certain industries, such as coal mining and photovoltaic equipment, suggests improvements in market competition and pricing structures [7] - New industries, including new materials and intelligent manufacturing, are driving price increases in related sectors, with significant year-on-year rises in external storage devices (13.9%) and integrated circuit manufacturing (1.7%) [7] Consumer Demand and Seasonal Effects - Seasonal demand increases due to winter preparations and supply constraints have led to significant price increases in coal mining and washing industries, with a month-on-month rise of 4.1% [8] - The overall price level remains moderate, with life material prices showing a year-on-year decline of 1.5%, indicating a stable inflation environment [9]

在全球经济格局深度调整、国内产业结构加速转型的背景下，我国期货市场正以品种创新为引擎、以制 度完善为支撑，不仅为实体企业筑起抵御价格波动的"安全网"，也为"中国价格"的国际影响力提升与中 国资产的价值重估注入核心动能。 近日，在广州举办的南方财经论坛2025年会上，中国金融期货交易所（下称"中金所"）党委委员、副总 经理蔡向辉表示，近年来，中金所以"期货入市服务现货入市"为目标，加力推动中长期资金入市，金融 期货市场展现出新气象，市场承载力、机构化程度与机构参与积极性均有显著提升。 广州期货交易所（下称"广期所"）党委委员、副总经理李慕春详细介绍了广期所发展历程、产品体系建 设以及服务实体经济和绿色低碳发展的最新成果成效。 中金所以金融期货引导长期资金入市，广期所通过绿色期货护航产业转型，二者的发展路径共同诠释了 期货市场如何通过与实体经济的双向赋能，为高质量发展提供坚实金融支撑。 服务资本市场和实体经济良性循环 资本市场与实体经济的良性循环，离不开长期稳定资金的赋能。2025年1月，六部门联合印发《关于推 动中长期资金入市工作的实施方案》，明确了资金入市的"任务单""时间表"和"路线图"，为期货市场服 务实 ...

成都环境治理体系日益现代化，推动出台大气、水污染防治等地方法规，构建生态环境损害赔 偿"1+N"政策体系，健全岷江、沱江流域横向生态保护补偿机制和饮用水源保护激励机制。打造多跨协 同智慧治理平台，构建全域覆盖立体感知网络，坚持以"空天地"一体化监测网络筑牢生态治理底座，深 化全国智慧监测试点、碳监测试点，实现对大气、水、土壤等环境要素的"全时域、全要素、全过程"智 能监测预警。 值得一提的是，在美丽成都建设实践中，成都形成了一批可借鉴、可推广的经验。成都市生态环境局规 划与环境统计处相关负责人介绍，成都以"全领域转型、全方位提升、全地域建设、全社会行动"为路 径，推动战略蓝图转化为实景画卷，一体推进美丽蓝天、美丽河湖、美丽乡村、美丽社区建设，崇州、 蒲江等地的实践在全省推广。 同时，成都市生态环境局还以"五个服务"为导向，持续助推营商环境优化。其中，以推动问题高效务实 解决为例，通过搭建"市级主阵地+23个分站"的"生态优园惠企会客厅"，全年已举办活动45场，累计服 务企业1.6万余家，协调解决环保诉求1400余个。 下一步，成都将研究制定建设美丽城市实施方案，聚焦任务、政策、工程项目"三个清单"靶向发力，力 ...

Group 1: Consumer Price Index (CPI) Trends - In November, the national Consumer Price Index (CPI) slightly decreased by 0.1% month-on-month but increased by 0.7% year-on-year, marking the highest growth since March 2024, with a 0.5 percentage point increase from the previous month [1] - The rise in CPI year-on-year was primarily driven by a shift in food prices from a decline to an increase, with food prices changing from a decrease of 2.9% to an increase of 0.2%, impacting CPI by approximately 0.04 percentage points [1] - Fresh vegetable prices saw a significant turnaround, increasing by 14.5% after a 9-month decline, contributing an additional 0.49 percentage points to the CPI [1] Group 2: Core CPI and Industrial Prices - The core CPI, excluding food and energy, rose by 1.2% year-on-year, maintaining a growth rate above 1% for three consecutive months [2] - Service prices and industrial consumer goods prices, excluding energy, increased by 0.7% and 2.1%, respectively, contributing approximately 0.29 and 0.53 percentage points to the CPI [2] - The Producer Price Index (PPI) increased by 0.1% month-on-month but decreased by 2.2% year-on-year, with the decline attributed to a high comparison base from the previous year [2] Group 3: Industry-Specific Price Changes - The "involution" competition in key industries has shown improvement, with price declines in coal mining, photovoltaic equipment manufacturing, and lithium-ion battery manufacturing narrowing over several months [3] - Emerging industries such as new materials and intelligent technology are driving price increases, with external storage devices and components rising by 13.9% year-on-year [4] - Consumer demand has been effectively released, leading to price increases in related industries, such as a 20.6% rise in the manufacturing of arts and crafts and ceremonial goods [5]

Group 1: Consumer Price Index (CPI) Insights - In November, the CPI increased by 0.7% year-on-year, marking the highest growth since March 2024, with a month-on-month decrease of 0.1% [2][3] - The rise in CPI was primarily driven by a shift in food prices from decline to increase, with fresh vegetable prices rising by 14.5% after a nine-month decline [2][3] - Core CPI, excluding food and energy, rose by 1.2% year-on-year, maintaining above 1% for three consecutive months, indicating stable inflationary pressure [2][3][8] Group 2: Producer Price Index (PPI) Insights - The PPI increased by 0.1% month-on-month in November, marking the second consecutive month of growth, influenced by seasonal demand increases in certain industries [4] - Year-on-year, the PPI decreased by 2.2%, with the decline slightly widening compared to the previous month, primarily due to high comparison bases from the previous year [4][5] - The prices in sectors such as coal mining and gas production saw significant month-on-month increases due to seasonal demand, while oil-related sectors experienced price declines [4][5] Group 3: Market Trends and Future Outlook - The ongoing "anti-involution" measures are showing results, with price declines in key industries narrowing, indicating improved market competition [5][6] - Emerging industries are driving price increases in related sectors, with notable growth in new materials and intelligent technology, suggesting a positive trend for future pricing [6][8] - The potential for moderate price recovery is anticipated, supported by stable domestic demand and effective policy measures aimed at boosting consumption [7][8]

Group 1: Consumer Price Index (CPI) Insights - In November, the national Consumer Price Index (CPI) showed a slight month-on-month decrease of 0.1% but a year-on-year increase of 0.7%, marking the highest growth since March 2024, with an increase of 0.5 percentage points from the previous month [1] - The increase in CPI year-on-year was primarily driven by a turnaround in food prices, which shifted from a decrease of 2.9% in the previous month to an increase of 0.2% [2] - Core CPI, excluding food and energy prices, rose by 1.2% year-on-year, maintaining a growth rate above 1% for three consecutive months, indicating effective domestic demand expansion policies [2] Group 2: Producer Price Index (PPI) Insights - The Producer Price Index (PPI) increased by 0.1% month-on-month in November, marking the second consecutive month of growth [3] - The rise in PPI was attributed to seasonal increases in demand across certain domestic industries, particularly in coal and gas, with coal mining prices rising by 4.1% and gas production prices by 0.7% [3] - Year-on-year, the PPI decreased by 2.2%, with the decline slightly widening by 0.1 percentage points compared to the previous month, largely due to high comparison bases from the previous year [3] Group 3: Sector-Specific Price Changes - The rapid development of emerging industries has led to price increases in related sectors, with prices for external storage devices and components rising by 13.9% year-on-year [4] - Consumer demand has been effectively released, contributing to price recoveries in relevant industries, such as a 1.1% increase in the price of nutritional food manufacturing [4] - The prices of household appliances, including washing machines and air conditioners, saw a narrowing of year-on-year declines, indicating a positive trend in consumer goods pricing [4]

国家统计局12月10日发布数据显示，11月份，居民消费持续恢复，全国居民消费价格指数（CPI）环比 略降0.1%，同比上涨0.7%，涨幅比上月扩大0.5个百分点，为2024年3月份以来最高。1-11月平均，全国 居民消费价格与上年同期持平。 "受前期天气及生产流通环节短期扰动影响，部分生鲜农产品供应阶段性收紧，叠加年末需求上升，带 动食品分项价格快速上行。"国联民生证券首席经济学家陶川表示。 国家统计局城市司首席统计师董莉娟表示，11月份，CPI同比涨幅扩大主要是食品价格由降转涨拉动。 此外，受国内部分行业供需结构优化、国际大宗商品价格传导等因素影响，11月份，工业生产者出厂价 格指数（PPI）环比上涨0.1%，同比下降2.2%。 食品价格拉动CPI同比涨幅扩大 从同比看，11月份，食品价格由上月下降2.9%转为上涨0.2%，对CPI同比的影响由上月下拉0.54个百分 点转为上拉0.04个百分点。 具体看，食品中，11月份，鲜菜价格同比由上月下降7.3%转为上涨14.5%，为连续下降9个月后首次转 涨；猪肉和禽肉类价格同比分别下降15.0%和0.6%，降幅均有收窄。 ● 本报记者 连润 11月份，PPI环比上 ...