南都讯 记者杨文君 发自北京 据央视新闻消息，1月9日，国务院总理李强主持召开国务院常务会议，部 署实施财政金融协同促内需一揽子政策。 会议指出，实施财政金融协同促内需一揽子政策，是扩大有效需求、创新宏观调控的重要举措。要加强 财政政策与金融政策配合联动，充分发挥政策效应，引导社会资本参与促消费、扩投资。 南都N视频记者注意到，2025年政府工作报告提出要"打好政策'组合拳'，增强政策合力"；"十五五"规 划建议也提出"加强财政、货币政策协同"；此次国常会部署实施财政金融协同促内需一揽子政策和此前 的政策思路是一致的。 如何通过财政金融协同促内需？会议具体指出，围绕促进居民消费，优化实施服务业经营主体贷款、个 人消费贷款贴息政策，推动增加优质服务供给，增强居民消费能力。围绕支持民间投资，实施中小微企 业贷款贴息政策，设立民间投资专项担保计划，建立支持民营企业债券风险分担机制，优化实施设备更 新贷款财政贴息政策，进一步降低企业融资门槛和成本。 事实上，近年来，财政金融工作持续协同发力扩内需，取得了一系列积极成果。比如：2025年发行首批 特别国债5000亿元，为国有大型商业银行注入资本金，以提升其信贷投放意愿和 ...

Core Viewpoint - The State Council of China is implementing a package of policies to promote domestic demand through coordinated fiscal and financial measures, emphasizing the importance of collaboration between fiscal and monetary policies to stimulate effective demand and support economic transformation [1][2]. Group 1: Policy Coordination - The collaboration between fiscal and monetary policies is seen as essential for achieving greater governance effectiveness, with the goal of creating a synergistic effect that exceeds the sum of individual efforts [2]. - In 2025, the issuance of government bonds demonstrated accelerated coordination between fiscal and monetary policies, with the central bank's flexible operations ensuring smooth bond issuance and reduced government debt costs [2][3]. - The central bank's reverse repurchase operations have been crucial in maintaining liquidity, supporting local government bond financing, and stabilizing market expectations [2][3]. Group 2: Stimulating Domestic Demand - Policies are being implemented to activate consumer spending and expand domestic demand, with a focus on enhancing the supply of high-quality services as consumer income levels rise [4][5]. - The People's Bank of China has introduced measures to encourage banks to increase credit for high-quality consumption, while the Ministry of Finance has supported consumer subsidies through long-term special bonds [4]. - A series of targeted subsidy policies have been established to directly benefit consumers and business entities, enhancing their purchasing power and stimulating consumption [4][5]. Group 3: Structural Adjustment and Transformation - The coordinated efforts of fiscal and monetary policies are aimed at guiding economic transformation, particularly by supporting private investment and reducing financing costs for small and medium-sized enterprises [6]. - The focus is on directing funds towards key areas of the national economy, with an emphasis on transitioning away from reliance on real estate and infrastructure towards new productive forces [6]. - Structural monetary policy tools are being utilized to provide low-cost funding, which, when combined with fiscal subsidies, can facilitate better loan pricing for quality enterprises and encourage banks to lend more [6].

Core Insights - The global economy has faced significant challenges over the past year, but the long-term positive trends for the Chinese economy remain intact, emphasizing the importance of corporate confidence and strategic choices as indicators of economic trends [1] - A survey conducted among 154 entrepreneurs across 19 industries reveals insights into their perceptions of the past year's business conditions and their outlook for 2026 [1] Group 1: Business Confidence and Investment - Approximately two-thirds of surveyed companies reported revenue growth, driven by increased external opportunities and improved operational efficiency [3] - Over 80% of entrepreneurs plan to stabilize or expand investments in 2026, focusing on quality enhancement, innovation, and business expansion [3][26] - The entrepreneur confidence index for 2025 is 70.64, indicating a stable outlook compared to 2024, with a notable emphasis on R&D investment and new technology applications [4][7] Group 2: Innovation and AI Integration - Nearly 90% of surveyed companies have integrated artificial intelligence (AI) into their operations, with applications primarily in data analysis, technical innovation, and customer service [3][31] - AI is viewed as a significant driver of new productive forces, with over 60% of companies increasing investments in AI application [31][36] - Companies are shifting from cost-driven strategies to quality and innovation-driven approaches, with only 11% relying solely on price competition [26] Group 3: International Expansion and Challenges - More than 80% of companies express a willingness to expand overseas, with nearly 90% optimistic about China's position in the global supply chain [48][52] - Companies face challenges in international markets, primarily related to brand establishment and operational management, with geopolitical uncertainties becoming a significant concern [55][61] - Southeast Asia, the Middle East, and North America are preferred regions for overseas expansion, with nearly 40% of companies prioritizing Southeast Asia [67] Group 4: Policy Expectations and Support - Entrepreneurs prioritize "innovation-driven" policies, with 79.2% highlighting it as a key focus area, followed by "domestic demand-led" strategies [70][73] - There is a strong demand for direct financial support, with 72.1% of companies expecting innovation subsidies and 68.2% seeking tax incentives to alleviate cost pressures [78]

盘面上，大型科技股走势分化，阿里巴巴涨2.73%，腾讯控股跌0.81%，京东集团涨2.6%，小米集团跌 0.53%，网易跌1.28%，美团跌2.48%，快手涨3.89%，哔哩哔哩涨3.14%。黄金板块走高，山东黄金涨超 6%，老铺黄金涨超5%，招金矿业涨超4%；影视娱乐股持续上扬，力天影业涨超13%，网易云音乐涨超 3%；光伏板块跌幅居前，协鑫科技跌超7%，福莱特玻璃跌超3%；茶饮股震荡走低，蜜雪集团跌近 4%。内房股集体下跌，融创中国跌超4%；大模型企业MiniMax上市首日大涨近110%。 1月9日，港股早盘冲高回落，午后低位窄幅震荡，截止收盘，恒生指数上涨82.48点，涨幅0.32%报 26231.79点；恒生科技指数上涨8.8点，涨幅0.15%报5687.14点；国企指数上涨9.19点，涨幅0.1%报 9048.53点；红筹指数上涨6.49点，涨幅0.16%报4101.07点。 先健科技(01302)：G-iliacTM Pro髂动脉覆膜支架系统获得中国国家药品监督管理局的正式注册批准 腾讯控股(00700.HK)：斥资6.36亿港元回购103.4万股，回购价610.5-618.5港元。 小米集团(0 ...

Group 1: Excavator Sales and Market Trends - In December 2025, a total of 23,095 excavators were sold, representing a year-on-year increase of 19.2%, with domestic sales of 10,331 units (up 10.9%) and exports of 12,764 units (up 26.9%) [1][5] - For the entire year of 2025, excavator sales reached 235,257 units, a 17% increase year-on-year, with domestic sales of 118,518 units (up 17.9%) and exports of 116,739 units (up 16.1%) [1][5] - Excavators are considered a "barometer" of the national economy, influenced by changes in downstream real estate, infrastructure demand, and equipment replacement cycles [1][5] Group 2: Economic Policy and Investment - The Central Economic Work Conference emphasized the importance of expanding domestic demand to stabilize economic growth, proposing to increase central budget investment and optimize the use of local government special bonds [2][6] - The fiscal deficit rate for 2025 is expected to remain around 4.0%, with a deficit scale of approximately 5.9 trillion yuan, an increase of about 200 billion yuan from the previous year [2][6] - The issuance of special long-term bonds is projected to reach 1.5 trillion yuan, an increase of 200 billion yuan from the previous year, to support key projects [2][6] Group 3: Industry Outlook and Demand Drivers - Analysts predict that fiscal policies will stabilize investment through increased funding and special bond quotas, working in tandem with consumption policies to boost domestic demand [3][7] - The demand for excavators is entering a rational growth phase, driven by the government's push for the replacement of old equipment and the ongoing infrastructure needs in emerging markets [3][7] - The export growth trend for China's construction machinery is expected to continue, supported by the Belt and Road Initiative and increasing domestic demand for small excavators driven by agricultural and municipal needs [3][7][8] Group 4: Challenges and Opportunities - Despite potential trade friction risks, most major construction machinery manufacturers have limited exposure to the U.S. market, keeping risks manageable [4][8] - The domestic sales growth rate for excavators is anticipated to continue rising due to counter-cyclical fiscal policies and an upward industry cycle [4][8] - Overall, the industry faces both opportunities and challenges in 2025, with a greater potential for growth than risks [4][8]

（2026年1月8日中国共产党广州市第十二届委员会第十一次全体会议通过） 中国共产党广州市第十二届委员会第十一次全体会议于2026年1月8日召开。全会由市委常委会主持。全 会坚持以习近平新时代中国特色社会主义思想为指导，全面贯彻落实党的二十大和二十届历次全会以及 中央经济工作会议精神，深入学习贯彻习近平总书记对广东、广州系列重要讲话和重要指示精神，落实 省委十三届八次全会暨省委经济工作会议部署，总结2025年工作，分析当前形势，部署2026年工作。全 会听取和讨论了冯忠华同志受市委常委会委托所作的工作报告和孙志洋同志关于经济工作的专题讲话， 审议了市委常委会2025年传达学习贯彻落实习近平总书记重要讲话和重要指示批示精神情况、抓党建工 作情况的书面报告。 全会认为，2025年很不平凡，是广州改革发展历程中具有重大意义的一年。在习近平总书记、党中央坚 强领导下，在省委、省政府正确领导下，全市上下全面贯彻落实党的二十届四中全会精神，深入学习贯 彻习近平总书记视察广东和出席第十五届全国运动会开幕式重要讲话重要指示精神，认真落实省 委"1310"具体部署，扎实推进市委"1312"思路举措，全力深化改革开放推动高质量发 ...

Group 1 - The Hang Seng Index rose by 0.28% as of the report date, while the CSI Hong Kong Stock Connect Consumer Theme Index fell by 0.01% [1] - Among the index constituents, Mixue Group increased by over 4%, while Blukoo and Maogeping rose by over 3%, and Weidong Meishi and Shenzhou International increased by over 2% [1] - The Hong Kong Consumer ETF (159735.SZ) rose by 0.5% with a trading volume exceeding 2 million yuan and a real-time premium rate of 0.28% [1] Group 2 - Local governments are focusing on expanding domestic demand to stimulate the economy, with "domestic demand as the main driver" being a top priority for economic work in 2026 [2] - Experts indicate that enhancing consumption and driving investment will provide support for sustained economic recovery [2] - Huatai Securities believes that short-term market sentiment may be impacted by funding and geopolitical disturbances, but the upward trend for the spring market is likely to continue [2]

Core Points - The central theme of the news is the strategic planning and key tasks for economic development in 2026, emphasizing the importance of aligning with national policies and focusing on high-quality growth [2][5][31] Group 1: Economic Goals and Strategies - The overall requirements for 2026 economic work include implementing Xi Jinping's thoughts, focusing on high-quality development, and enhancing policy foresight and relevance [5][6] - The city aims to expand effective demand, boost consumption and investment, and integrate these efforts with national market strategies [15][20] - Emphasis is placed on energy transformation and building a new energy system to ensure national energy security [15][8] Group 2: Key Tasks for Economic Development - The ten key tasks for 2026 include expanding domestic demand, promoting energy transition, upgrading industries, and enhancing innovation [7][15][20] - Specific actions include implementing consumption stimulus measures, optimizing investment structures, and enhancing the integration of technology and industry [22][28] - The focus on urban-rural integration and improving living standards is highlighted, with initiatives aimed at enhancing public services and social welfare [10][20][25] Group 3: Challenges and Opportunities - The current economic landscape is characterized by imbalances and structural issues, particularly the reliance on traditional industries [4][19] - The city recognizes the potential in addressing these challenges as opportunities for growth and transformation [4][19] - The strategic approach involves leveraging historical strengths and maintaining a focus on innovation and reform to drive economic progress [4][19]

Core Viewpoint - The Ministry of Finance, Ministry of Commerce, and State Taxation Administration of China have jointly issued a notice to launch a pilot program for prize invoices, aimed at stimulating consumer demand and enhancing consumption vitality through fiscal policy [1][2]. Group 1: Pilot Program Details - The prize invoice pilot program will involve organizing a lottery for consumers who obtain invoices for purchased goods and services, covering sectors such as retail, dining, accommodation, culture, entertainment, tourism, sports, and residential services [1]. - The implementation period for the pilot program is set for six months, with approximately 50 pilot cities participating [1]. - Pilot cities are required to develop their own implementation plans, specifying the scope of prize invoices, participation methods, winning rules, prize settings, and reporting of illegal activities [1][2]. Group 2: Policy Features - The pilot program is designed to closely integrate benefits for the public with consumption promotion, focusing on stimulating consumer demand and enhancing the willingness to spend [2]. - The program has a broad coverage and low participation threshold, targeting everyday consumption scenarios such as shopping, dining out, tourism, cultural activities, and life services [2]. - Local governments are encouraged to explore different pilot models based on their economic conditions, population size, and consumption levels, allowing for tailored promotional activities [2]. Group 3: Regulatory Measures - The regulations for the prize invoice program emphasize fairness, justice, and transparency in the lottery process, ensuring that results are publicly available and subject to social supervision [3]. - The pilot cities will utilize technology to monitor the entire process of the prize invoice activities, ensuring the authenticity of consumer behavior and preventing fraudulent activities [3]. - There will be a strong emphasis on fund supervision to prevent violations, creating a robust oversight network to ensure the policy's effectiveness in boosting consumption [3].

Core Viewpoint - The tourism sector in Huzhu County is thriving despite the cold winter, leveraging its unique ice and snow resources along with cultural experiences to drive economic growth [3][8]. Group 1: Tourism Development - Huzhu County is transforming its winter "cold resources" into economic "hot effects" through a multi-faceted approach combining ice and snow tourism with cultural and health experiences [3]. - The county has a forest coverage rate of 44.19% and a four-month snow season, providing a strong ecological and climatic foundation for tourism [3]. - The upcoming "2026 Rainbow Ice and Snow Carnival" will feature various cultural and tourism activities, aiming to attract a diverse range of visitors [3]. Group 2: Infrastructure and Experience - The North Dragon Mountain Scenic Area offers immersive experiences such as snow hiking and photography contests, enhancing the appeal of ice and snow tourism beyond mere sightseeing [4]. - The "North Dragon Mountain Tourism Scenic Road," spanning 117.72 kilometers, connects various tourism resources and improves service infrastructure, exemplifying modern industrial development in the tourism sector [4]. Group 3: Cultural Integration - The Huzhu Tibetan Cultural Park showcases nine national and 25 provincial intangible cultural heritage items, revitalizing them through active participation in tourism [6]. - Interactive projects in the cultural park allow visitors to engage with traditional crafts and customs, promoting a dynamic experience of cultural heritage [6]. - The integration of wine culture and folk performances at Naton Manor has created a unique industry chain, contributing to local employment and income generation [6]. Group 4: Economic Impact - Over the past three years, Huzhu County has received 12.22 million visitors, generating a tourism revenue of 6.403 billion yuan, highlighting the sector's significant economic contribution [7]. - Local residents benefit from tourism through various income-generating activities, such as traditional dining and handicraft sales, with some artisans earning an additional 1,500 yuan per month [7]. - The county's tourism development aligns with national strategies for rural revitalization and cultural industry empowerment [7][8].