Core Viewpoint - The article emphasizes the importance of implementing a strategy to expand domestic demand, highlighting the need to enhance consumer willingness and capability to stimulate economic growth and stability [3][4][5]. Group 1: Importance of Expanding Domestic Demand - Expanding domestic demand is crucial for economic stability and security, serving as a strategic move rather than a temporary measure [4]. - It is essential for addressing the main social contradictions in China, which involve the growing needs for a better life and unbalanced development [6]. - The domestic market is seen as a key driver for economic growth, especially in the context of global uncertainties and external pressures [5][11]. Group 2: Enhancing Consumer Willingness - The strategy includes actions to boost consumer willingness, such as implementing consumption promotion initiatives and stabilizing major consumption sectors [16]. - Policies will focus on creating new consumption scenarios and supporting emerging economic sectors like e-commerce and event economies [16]. - There will be a push for urban renewal projects and improvements in consumer services, particularly in areas like elderly care and health [16]. Group 3: Strengthening Consumer Capability - The strategy aims to enhance consumer capability by prioritizing employment and income growth, particularly for key demographic groups [16]. - There will be an increase in government spending on social welfare to support consumer spending [16]. - The plan includes measures to improve the social security system and promote equal access to public services [16]. Group 4: Current Economic Landscape - Domestic demand has become the main driver of economic growth, contributing an average of 93.1% to economic growth from 2013 to 2024 [11][12]. - The contribution of final consumption expenditure and gross capital formation to economic growth is 55% and 38.1%, respectively [12]. - The service sector is expected to account for 46.1% of per capita consumption expenditure by 2024, indicating a shift towards service-oriented consumption [6][8]. Group 5: Challenges and Opportunities - Despite the potential for expanding domestic demand, challenges such as low consumer rates and investment dynamics exist [13]. - The article highlights the need for a complete domestic demand system that includes consumption, investment, and supply chain optimization [10]. - There is significant potential for consumption upgrades and effective investment in infrastructure and technology sectors [14]. Group 6: Strategic Implementation - The strategy will involve a comprehensive approach to enhance domestic demand, focusing on both consumption and investment [15]. - It emphasizes the importance of creating a unified national market to eliminate barriers and improve market efficiency [20]. - The government will work on reforming investment mechanisms to ensure that funds are effectively utilized for economic growth [21].

Economic Overview - The national economy in November continued to show a stable and progressive development trend, supported by strong leadership and proactive macro policies [6] - The overall grain production reached 14.298 trillion jin, an increase of 1.2% year-on-year, with autumn grain production contributing significantly [1] Industrial Production - The industrial added value for large-scale enterprises grew by 4.8% year-on-year in November, with significant growth in equipment manufacturing (7.7%) and high-tech manufacturing (8.4%) [1] - The manufacturing purchasing manager index was reported at 49.2%, indicating slight improvement in business conditions [1] Service Sector - The service sector production index increased by 4.2% year-on-year in November, with notable growth in information transmission (12.9%) and financial services (5.1%) [2] - The business activity index for the service sector was at 49.5%, while the business activity expectations index was at 55.9%, indicating positive sentiment [2] Retail and Consumption - The total retail sales of consumer goods reached 43.898 billion yuan in November, a year-on-year increase of 1.3% [2] - Online retail sales amounted to 144.582 billion yuan, growing by 9.1% year-on-year, with physical goods accounting for 25.9% of total retail sales [2] Investment Trends - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year, while manufacturing investment grew by 1.9% [3] - Infrastructure investment saw a decline of 1.1%, and real estate development investment dropped significantly by 15.9% [3] Trade Performance - The total value of goods imports and exports reached 38.987 billion yuan in November, with exports growing by 5.7% and imports by 1.7% [4] - The proportion of general trade in total trade was 63.2%, indicating a shift towards more balanced trade structures [4] Employment Situation - The urban survey unemployment rate remained stable at 5.1% in November, with slight variations among different demographics [4] - The average weekly working hours for employees were reported at 48.6 hours [4] Price Trends - The Consumer Price Index (CPI) rose by 0.7% year-on-year in November, with food prices showing mixed trends [5] - The Producer Price Index (PPI) for industrial producers decreased by 2.2% year-on-year, indicating deflationary pressures in the industrial sector [5]

Core Viewpoint - The recent Central Economic Work Conference outlines the economic work for 2025 and 2026, emphasizing the need to maintain confidence, leverage advantages, and address challenges to ensure a stable and improving economic momentum [1][2]. Economic Performance and Goals - The major expected goals for economic and social development in 2025 are on track to be achieved, with a projected GDP growth of around 5% year-on-year, positioning China as the largest engine of global economic growth [2][3]. - The "14th Five-Year Plan" is nearing completion, with 20 key indicators expected to be met, showcasing resilience and vitality in the face of challenges such as the pandemic [2][3]. Key Insights from the "Five Musts" - The conference highlighted five essential principles for economic work: 1. Fully explore economic potential by expanding consumption, investment, and fostering innovation [3]. 2. Combine policy support with reform and innovation to address intertwined economic issues [3]. 3. Balance deregulation with effective governance to enhance productivity while maintaining market order [4]. 4. Integrate investments in physical and human capital to promote overall development and welfare [4]. 5. Strengthen internal capabilities to face external challenges and enhance self-reliance in the economy [4]. Economic Work for 2026 - The economic work for 2026 will focus on stability and quality improvement, with an emphasis on maintaining employment and price stability, and promoting synchronized growth of residents' income and the economy [5][6]. - A proactive fiscal policy will be implemented, ensuring sustainable fiscal practices while optimizing expenditure structures to support strategic national initiatives [5][6]. Eight Key Tasks for Economic Work - The conference identified eight key tasks for economic work in 2026: 1. Prioritize domestic demand and build a strong domestic market. 2. Accelerate innovation-driven growth. 3. Enhance reform efforts to boost high-quality development. 4. Promote open cooperation in various fields. 5. Foster coordinated development between urban and rural areas. 6. Lead with dual carbon goals for comprehensive green transformation. 7. Focus on improving people's livelihoods. 8. Safeguard against risks in key areas [7][8]. Employment and Risk Management - Employment is highlighted as a fundamental aspect of people's livelihoods, with a focus on stabilizing job opportunities for key groups such as graduates and migrant workers [8]. - Measures will be taken to stabilize the real estate market and manage local government debt risks, ensuring that systemic risks are avoided [8][9].

Economic Overview - In November, industrial, service, consumption, and investment data showed a downward trend due to high base effects from the previous year, but exports saw a year-on-year increase, indicating positive price signals [1][10] - The economy grew by 5.2% in the first three quarters, and macro policies are expected to strengthen, achieving a growth target of around 5% for the year [1][15] Industrial and Service Sector Performance - In November, the industrial added value increased by 4.8% year-on-year, while the cumulative growth from January to November was 6.0%, a slight decrease of 0.1 percentage points from the previous period [2][12] - The service production index rose by 4.2% year-on-year in November, with a cumulative growth of 5.6% from January to November, also down by 0.1 percentage points [2][12] - Emerging industries and modern services are growing rapidly, with significant increases in sectors like electronic materials and integrated circuits, which grew by 22.9% and 24.6% respectively [2][12] Consumption Trends - Retail sales of consumer goods increased by 1.3% year-on-year in November, with a cumulative growth of 4.0% from January to November, surpassing last year's annual growth rate [2][12] - The service retail sector saw a year-on-year growth of 5.4% from January to November, indicating strong potential for service consumption [3][13] - The "Double Eleven" shopping festival had a preemptive effect on consumption, leading to a temporary slowdown in November's growth [3][13] Investment Insights - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year from January to November, while investment excluding real estate development grew by 0.8% [3][13] - Infrastructure investment fell by 1.1%, while manufacturing investment increased by 1.9%, and real estate development investment dropped by 15.9% [3][13] - High growth was observed in manufacturing sectors such as railways, ships, aerospace, and new energy vehicles, indicating a strengthening of new productive forces [3][13] Export Performance - In November, total goods imports and exports increased by 4.1% year-on-year, with exports growing by 5.7% and imports by 1.7% [4][14] - From January to November, total goods imports and exports rose by 3.6%, with exports increasing by 6.2% and imports by 0.2% [4][14] Policy Outlook - The Central Economic Work Conference signaled a proactive approach to boost consumption and stabilize investment, with plans for a special action to enhance consumption in 2026 [11][17] - The National Development and Reform Work Conference emphasized the need for policy coordination to promote investment recovery and ensure a good start for the 14th Five-Year Plan [11][17] - There is a focus on expanding domestic demand and increasing effective investment, with expectations for interest rate cuts and fiscal policy to significantly support consumption and infrastructure investment in early next year [9][18]

国家统计局最新数据显示，11月份，更加积极有为的宏观政策持续显效，国民经济延续了稳中有进的发 展态势。 国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖表示，下阶段，要全面贯彻落实中 央经济工作会议精神，坚持稳中求进、提质增效，加大逆周期和跨周期调节力度，持续提升宏观经济治 理效能，持续扩大国内需求，强化创新驱动，深化改革开放，推进全面绿色转型，更好保障和改善民 生，推动经济持续健康发展。 高质量发展扎实推进 生产增势平稳。11月份，规模以上工业增加值同比增长4.8%，增速和上月基本持平。在产业升级发展 带动下，技术含量和附加值较高的装备制造业快速发展，其增加值同比增长7.7%，继续快于全部规模 以上工业增长，对规模以上工业增加值增长的贡献率达到59.4%。11月份，服务业生产指数同比增长 4.2%，信息技术和商务服务等现代服务业发展势头良好。 市场销售扩大。11月份，社会消费品零售总额同比增长1.3%，居民消费品质提升，部分升级类商品销 售较快增长。1月份至11月份，服务零售额同比增长5.4%，增速比1月份至10月份加快0.1个百分点。居 民文化休闲、网络娱乐等相关服务发展较好，1月份至11月份 ...

习近平总书记明确指出："建设全国统一大市场，不仅是构建新发展格局、推动高质量发展的需要，而 且是赢得国际竞争主动权的需要。我国作为全球第二大消费市场，必须把全国统一大市场建设好，增强 我们从容应对风险挑战的底气。" 深入学习领会这一重要论述，结合党的二十届四中全会进一步作出"坚决破除阻碍全国统一大市场建设 卡点堵点"的工作部署，以及近日召开的中央经济工作会议强调"纵深推进全国统一大市场建设"，把"坚 持内需主导，建设强大国内市场"列为明年经济工作首要任务，可以看到，建设全国统一大市场，不仅 是一个重大经济命题，更是以习近平同志为核心的党中央立足新发展阶段作出的全局性、战略性安排， 彰显鲜明的时代性、政治性，既指明了经济治理导向，也提出了重大政治任务。 连日来，经济日报以刊发读者来信为发端，瞄准畅通经济循环目标，聚焦统一大市场建设的突出问题， 形成了一组调研报告，已连续刊发，引起社会各界广泛关注。在这一过程中，我们也收获了许多深刻感 悟。 从讲政治的高度认识全国统一大市场 当前，世界百年变局加速演进，来自外部的打压遏制不断升级，不稳定、不确定、难预料因素增多。与 此同时，我国即将进入的"十五五"时期，是基本实现 ...

统筹好"看不见的手"与"看得见的手"是一道重大改革命题，更是关乎经济体制改革的核心问题。日前召 开的中央经济工作会议，将"必须做到既'放得活'又'管得好'"列入做好新形势下经济工作的新认识，以 辩证思维理顺政府与市场的关系，意在实现经济活而不乱、活跃有序。 政府与市场各具特点、各有所长，在经济社会发展中的作用缺一不可。让资源配置效率更高、效益更 大，离不开有效市场；更好维护市场秩序、矫正市场失灵，离不开有为政府。回顾我国社会主义市场经 济发展历程，一些领域曾经陷入"一管就死、一放就乱"的怪圈，说到底，就是没能处理好"放"与"管"的 关系。以"一只手"之长克服"另一只手"之短，"两只手"协同配合，才能更好激发全社会的内生动力与创 新活力，形成既"放得活"又"管得好"的经济秩序。 放，是把该放归市场的放足、放到位，充分发挥市场在资源配置中的决定性作用。务必落实好"制定全 国统一大市场建设条例""拓展要素市场化改革试点"等会议部署，进一步完善产权保护和社会信用制 度，实行统一的市场准入、公平竞争制度，健全要素市场体系，实现要素价格市场决定、流动自主有 序、配置高效公平。 管，是把该政府管理的管好、管到位，更好发挥政 ...

从全国发展和改革工作会议上获悉，今年我国经济顶压前行、向新向优发展，实现质的有效提升和量的 合理增长，年度和"十四五"规划目标任务即将顺利完成。 发展改革系统坚决贯彻落实党中央和国务院决策部署，扎实推动各项工作。一是做好经济分析和政策研 究，加强经济形势研判，强化逆周期调节，推动出台稳就业稳经济政策举措，持续优化宏观政策取向一 致性评估。二是做好中长期规划和年度计划，做好"十五五"规划《纲要》起草，推进重点领域规划编制 实施，加强对地方规划编制的指导，高质量编制实施年度计划。三是做好投资管理和项目建设，统筹用 好中央预算内投资等各方面资金，扎实推进"两重"建设，加力支持"两新"工作，设立投放新型政策性金 融工具，进一步促进民间投资发展。四是做好改革和创新，纵深推进全国统一大市场建设，深入开展市 场准入壁垒清理整治行动和招标投标领域突出问题系统整治，加力化解重点产业结构性矛盾，颁布实施 民营经济促进法，加快推进关键核心技术攻关，深入实施"人工智能+"行动，持续提升利用外资和境外 投资质量，高质量推进共建"一带一路"。五是做好综合统筹和综合平衡，统筹推动区域战略深化实施和 区域联动融合发展，支持经济大省挑大梁，有 ...

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating a positive outlook compared to the broader market [3][54]. Core Insights - The central economic meeting has set a positive tone, emphasizing the need to focus on the real estate chain's bottom rebound opportunities. The macroeconomic stance remains growth-oriented, with policies expected to be flexible and proactive, benefiting real estate and infrastructure demand [20][11]. - The construction materials sector has experienced a decline of 2.01% last week, underperforming the CSI 300 index by 1.9 percentage points. Year-to-date, the sector has risen by 11.5%, lagging behind the CSI 300 index by approximately 5.0 percentage points [11][10]. - Cement prices have shown a month-on-month increase, while the shipment rate has decreased. As of December 12, the national cement shipment rate was 44%, with a price of 360 RMB per ton, reflecting a slight increase [17][24]. - The report highlights three main investment themes: 1. Expanding into emerging industries such as AI and robotics, recommending companies like Zhizhi New Materials and Quartz Shares [20]. 2. Long-term value recovery in consumer building materials, with recommendations for companies like Sankeshu and Dongfang Yuhong [20]. 3. Capitalizing on potential price elasticity due to supply-demand mismatches in bulk building materials, particularly for high-dividend stocks and companies actively expanding overseas, recommending firms like Huaxin Cement and Conch Cement [20]. Summary by Sections Weekly Perspective - The report discusses the positive tone set by the central economic meeting and the focus on real estate chain recovery opportunities [20][11]. - It notes a decline in the construction materials sector's performance relative to the CSI 300 index, with specific declines in sub-sectors such as cement and decoration materials [11][10]. High-Frequency Data - Cement prices have increased month-on-month, while shipment rates have decreased. The average price for cement is reported at 360 RMB per ton, with a shipment rate of 44% [17][24]. - The report indicates that the price of float glass has also risen, with an average price of 1,165 RMB per ton and a decrease in inventory levels [30][31]. - The price of fiberglass remains stable, with the average price for non-alkali fiberglass yarn at 3,475 RMB per ton [34]. Cost Side - The report highlights that most raw material prices are at low levels, which is expected to positively impact corporate profitability. Key raw materials such as coal and soda ash have seen significant price declines [48][50].

Group 1 - The core viewpoint of the articles indicates that the real estate market is undergoing a critical phase of inventory digestion, price confidence rebuilding, and demand transformation, with a shift from urbanization-driven growth to housing renewal and quality upgrades as the main demand drivers [21][22] - In November, the new housing price index decreased by 2.8% year-on-year, with the decline expanding by 0.2 percentage points compared to the previous month, while the number of cities where prices stabilized increased significantly to 11, up by 5 from the previous month [1][9] - The overall sales area of new homes in the first eleven months fell by 7.8% year-on-year, with the decline in November showing a slight narrowing to 17%, indicating a potential stabilization in the market [5][23] Group 2 - The industrial production showed stable growth, with the added value of the equipment manufacturing and high-tech manufacturing sectors growing by 7.7% and 8.4% year-on-year, respectively, outpacing the overall industrial growth [2] - The total retail sales of consumer goods reached 43.898 billion yuan in November, growing by 1.3% year-on-year, although the growth rate slowed by 1.6 percentage points compared to the previous month [2] - The fixed asset investment in the first eleven months decreased by 15.9% year-on-year, with a notable decline in November, reflecting a trend of aligning investment with sales in the real estate sector [16] Group 3 - The new housing construction area in the first eleven months was 5.3 million square meters, down 20.5% year-on-year, indicating a significant reduction in new projects, which helps alleviate inventory pressure [13] - The completion area of housing reached 3.9 million square meters in the first eleven months, down 18% year-on-year, but showing signs of cyclical recovery in November, reflecting ongoing efforts to ensure housing delivery [15] - The investment-sales gap is narrowing, with real estate development investment in the first eleven months exceeding new housing sales by 4.6%, indicating a shift towards a more rational development model [16][21]