Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing outlined eight key tasks for economic work in 2026, focusing on domestic demand, innovation, reform, openness, coordinated development, green transformation, public welfare, and risk management. Group 1: Domestic Demand - Emphasis on leading domestic demand and building a strong domestic market through actions to boost consumption and implement urban and rural income increase plans [1] - Expansion of quality goods and services supply, optimization of "two new" policy implementation, and removal of unreasonable restrictions in the consumption sector to unleash service consumption potential [1][2] - Encouragement of investment stabilization, with an increase in central budget investment scale and optimization of local government special bond usage [1] Group 2: Innovation - Focus on innovation-driven growth by developing a comprehensive plan for education, technology, and talent development [2] - Establishment of international technology innovation centers in key regions such as Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area [2] - Strengthening the role of enterprises in innovation and improving intellectual property protection in emerging fields [2] Group 3: Reform - Commitment to reform efforts to enhance high-quality development, including the establishment of a unified national market and further deepening state-owned enterprise reforms [3] - Initiatives to clear overdue payments to businesses and promote win-win scenarios for platform enterprises and their operators [3] - Expansion of market-oriented reforms and improvement of the local tax system [3] Group 4: Openness - Promotion of multi-field cooperation and gradual advancement of institutional openness, including the expansion of service sector autonomy and optimization of free trade zone layouts [4] - Encouragement of service exports and development of digital and green trade [4] - Strengthening of foreign investment promotion mechanisms and enhancing overseas service systems [4] Group 5: Coordinated Development - Coordination of urban-rural integration and regional collaboration, focusing on high-quality development in county economies [5] - Maintenance of arable land and food production stability, ensuring reasonable prices for key agricultural products [5] - Support for major economic provinces and enhancement of cooperation among key urban clusters [5] Group 6: Green Transformation - Advancement of energy-saving and carbon reduction initiatives in key industries and the establishment of a new energy system [6] - Strengthening of the national carbon emissions trading market and implementation of comprehensive waste management actions [6] - Promotion of environmental protection initiatives and improvement of disaster response infrastructure [6] Group 7: Public Welfare - Implementation of actions to stabilize employment for key groups such as college graduates and migrant workers, and support for flexible employment [7] - Adjustment of educational resource allocation to increase high school and quality university enrollment [7] - Optimization of drug procurement and deepening of medical insurance payment reforms [7] Group 8: Risk Management - Focus on stabilizing the real estate market with city-specific policies to control inventory and encourage the acquisition of existing housing for social welfare [8]

一是坚持内需主导，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。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。 来源：三里河 中央经济工作会议12月10日至11日在北京举行。对于明年经济工作，会议提出"八个坚持"。 会议确定，明年经济工作抓好以下重点任务。 六是坚持"双碳"引领，推动全面绿色转型。深入推进重点行业节能降碳改造。制定能源强国建设规划纲 要，加快新型能源体系建设，扩大绿电应用。加强全国碳排放权交易市场建设。实施固体废物综合治理 行动，深入打好蓝天、碧水、净土保卫战，强化新污染物治理。扎实推进"三北"工程攻坚战，实施自然 保护地整合优化。加强气象监测预报预警体系建设，加紧补齐北方地区防洪排涝抗灾基础设施短板，提 高应对极端天气能力。 七是坚持民生为大，努力为人民群众多办实事。实施稳岗扩容提质行动，稳定高校毕业生、农民工等重 点群体就业，鼓励支持灵活就业人员 ...

Core Viewpoint - The Central Economic Work Conference has outlined eight key tasks for economic work in 2026, focusing on domestic demand, innovation, reform, openness, coordinated development, green transformation, improving people's livelihoods, and risk management [1] Group 1: Domestic Demand and Market Development - Emphasis on maintaining domestic demand as the primary driver and building a strong domestic market [1] Group 2: Innovation and New Momentum - Focus on innovation-driven strategies to cultivate and strengthen new growth drivers [1] Group 3: Reform and High-Quality Development - Commitment to reform efforts aimed at enhancing the vitality and momentum for high-quality development [1] Group 4: Openness and Cooperation - Advocacy for sustained openness to promote win-win cooperation across multiple fields [1] Group 5: Coordinated Development - Promotion of coordinated development to facilitate urban-rural integration and regional collaboration [1] Group 6: Green Transformation - Leadership in "dual carbon" initiatives to drive comprehensive green transformation [1] Group 7: Livelihood Improvement - Prioritization of people's livelihoods with efforts to address practical issues for the populace [1] Group 8: Risk Management - Focus on maintaining bottom lines and actively managing risks in key areas [1]

Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing outlined key tasks for economic work in the coming year, emphasizing a focus on domestic demand, innovation, reform, openness, coordinated development, green transformation, people's livelihood, and risk management [1] Group 1: Economic Focus Areas - Emphasis on domestic demand as the main driver to build a strong domestic market [1] - Innovation-driven approach to accelerate the cultivation and growth of new economic drivers [1] - Commitment to reform efforts to enhance the vitality and momentum for high-quality development [1] Group 2: External Relations and Development - Focus on promoting cooperation and win-win outcomes in multiple fields through openness [1] - Coordination in development to promote urban-rural integration and regional linkage [1] Group 3: Sustainability and Social Welfare - Leadership in "dual carbon" initiatives to promote comprehensive green transformation [1] - Prioritization of people's livelihood with efforts to address practical issues for the populace [1] Group 4: Risk Management - Commitment to maintaining a bottom line by actively and prudently addressing risks in key areas [1]

Core Viewpoint - The central economic work conference held on December 10-11, 2023, emphasized the importance of utilizing fiscal and monetary policies effectively to achieve the goals set for 2026, marking the beginning of the "15th Five-Year Plan" [2][4]. Group 1: Economic Policy Direction - The conference reiterated the implementation of a more proactive fiscal policy and moderately loose monetary policy, aiming to enhance macroeconomic governance effectiveness [2][4]. - The "Eight Persistences" were highlighted as key strategies for economic work in 2026, focusing on domestic demand, innovation, reform, openness, coordinated development, carbon neutrality, people's livelihood, and risk management [3][4]. Group 2: Implementation Strategies - Fiscal and monetary policies are expected to work in tandem to support the "Eight Persistences," with fiscal funds directed towards infrastructure and innovation, while monetary policy aims to provide low-cost funding to high-tech enterprises [4][5]. - Specific measures include fiscal support for necessary reforms, maintaining a stable financial environment, and promoting regional balance and rural revitalization through targeted fiscal transfers [5][6]. Group 3: Long-term Goals - The success of China's economic development in 2026 will not solely be measured by GDP growth but also by the integration of macro policy resources with the strategic layout of the "Eight Persistences" [6]. - The proactive policies are seen as essential for navigating complex challenges and ensuring a strong start to the "15th Five-Year Plan" [6].

tion of the w K # 17 10 all of the relation and Bank t = 30 DINGTON 1 10 01 11 日 01 100 al = 中國日 1 al 1 1 1 1 1 1 1 1 1 1 i 11 一周五 10 8-3" 85 ll E. 哥哥 126 2025年12月8日，中共中央政治局会议为2026年经济工作定下"稳中求进、提质增效"的总基调，"更加积极有为的宏观政策"与"坚持内需主导"等八大部署形 成清晰政策框架。恰逢美联储议息会议启幕，外部货币政策环境的潜在宽松窗口，与国内政策的精准发力形成呼应。在"十五五"开局的关键节点，内外因素 的协同共振，让2026年中国经济质的有效提升与量的合理增长路径愈发清晰。 政治局会议释放的核心信号，是宏观政策将延续"积极+宽松"组合并强化协同效应。这一基调的确立，既基于2026年作为"十五五"开局之年的发展需求，也 源于对经济运行主要矛盾的精准把握。会议明确的"更加积极的财政政策和适度宽松的货币政策"双轮驱动，为经济增长提供了稳定预期。 更加积极的财政政策将在支出力度与可持续性之间寻求精准平衡。粤开证券首席经济学 ...

Core Viewpoint - The December Central Political Bureau meeting emphasizes the importance of maintaining a stable yet progressive approach to economic work in 2026, focusing on expanding domestic demand and optimizing supply to enhance resource allocation efficiency [1][6][21]. Economic Goals and Policy Framework - The meeting highlights the need to continue expanding domestic demand and optimizing supply, aiming for both qualitative and quantitative growth in the economy during the "14th Five-Year Plan" period [1][21]. - The overall policy framework for 2026 will maintain a proactive stance, with a focus on enhancing the quality and effectiveness of development, alongside a more active fiscal policy and moderately loose monetary policy [2][8][22]. Industry Policy Deployment - The meeting outlines a clear path for industry planning in 2026, prioritizing domestic demand and innovation, which will benefit sectors such as consumer goods, AI, digital economy, and new energy [3][10][24]. - Emphasis is placed on reform, opening up, and coordinated development to enhance high-quality growth, benefiting state-owned enterprises and infrastructure-related sectors [3][10][24]. Implications for A-Share Investment - The meeting provides initial guidance for economic work in 2026, focusing on domestic demand, innovation, and reform, which is expected to stabilize market expectations and boost confidence in the A-share market [4][17][26]. - Upcoming central economic work meetings are anticipated to detail specific fiscal, monetary, and industrial measures, further activating market vitality [4][17][26]. Investment Focus Areas - The current policy window indicates a clearer structural focus for 2026, with attention on new productive forces such as AI, renewable energy, and quantum technology, alongside recovery paths for manufacturing and resource sectors [12][26]. - The consumer sector is expected to see a favorable investment environment due to policies aimed at boosting domestic demand, while the trend of companies expanding overseas will enhance profit potential [12][26].

Core Achievements - The "14th Five-Year Plan" has led to significant economic and social development in China, with major indicators meeting or exceeding expectations [3][4] - China's economic output has consistently surpassed 110 trillion, 120 trillion, and 130 trillion yuan, with an expected reach of around 140 trillion yuan this year [4] - The contribution rate of domestic demand to economic growth averaged 86.4% over the past four years, with final consumption contributing 56.2%, an increase of 8.6 percentage points compared to the "13th Five-Year Plan" [4] Economic Strength - China has maintained its position as the world's largest manufacturing power, goods trading nation, and foreign exchange reserve holder, with over 200 major industrial products leading globally [4] - The average economic growth rate over the past four years was 5.5%, with a total economic increment exceeding 35 trillion yuan, equivalent to the combined economic output of Guangdong, Jiangsu, and Shandong provinces [4] Innovation and Technology - Major breakthroughs in innovation include the launch of the first domestically produced aircraft carrier and the operation of the first fourth-generation nuclear power plant [6] - R&D investment is projected to grow nearly 50% by 2024 compared to the end of the "13th Five-Year Plan," reaching 1.2 trillion yuan, with R&D intensity increasing to 2.68% [7] - The production of integrated circuits is expected to increase by 72.6% by 2024, with high-tech manufacturing value added projected to grow by 42% [7] Green Development - China's forest coverage rate has increased to over 25%, contributing to a quarter of the world's new greening area [10] - The proportion of days with good air quality has stabilized at around 87%, and the clean energy generation capacity has surpassed that of coal [10] - By 2024, the energy consumption per unit of GDP is expected to decrease by 11.6%, making China one of the fastest countries in terms of energy intensity reduction [10] Social Welfare - The establishment of the largest education, social security, and healthcare systems globally, with over 95% coverage in compulsory education and basic insurance [11] - Urban employment has remained stable at over 12 million new jobs annually, with income growth aligning closely with economic growth [11] - The number of practicing physicians per thousand people has increased from 2.9 to 3.6, reflecting improvements in healthcare access [11] Reform and Opening Up - The reform goals set during the 18th National Congress have been largely achieved, focusing on enhancing market efficiency and stimulating economic vitality [12] - From 2021 to May this year, foreign direct investment in China reached 4.7 trillion yuan, surpassing the total for the "13th Five-Year Plan" period [13] - Foreign enterprises contributed to one-third of China's imports and exports, one-fourth of industrial value added, and created over 30 million jobs [13]

Economic Strength - China's economic strength has significantly increased, with the total economic output expected to reach around 140 trillion yuan this year, marking a growth of over 35 trillion yuan compared to previous years [2][4] - The contribution rate of domestic demand to economic growth averaged 86.4% over the past four years, with final consumption contributing 56.2%, an increase of 8.6 percentage points compared to the previous five-year plan [2] Manufacturing and Innovation - China remains the world's largest manufacturing power, with annual manufacturing value added exceeding 30 trillion yuan, maintaining its position as the global leader for 15 consecutive years [3] - Significant breakthroughs in innovation include the launch of the first domestically produced aircraft carrier and the operation of the first fourth-generation nuclear power plant [5] - R&D investment is projected to grow nearly 50% by 2024, reaching 1.2 trillion yuan, with R&D intensity increasing to 2.68%, approaching the OECD average [5] Green Development - China has made notable progress in green development, with forest coverage exceeding 25%, contributing to a quarter of the world's new greening area [7] - The proportion of days with good air quality has stabilized at around 87%, and the energy generation capacity from renewable sources has surpassed that of coal [7] Social Welfare - The achievements in economic development and technological progress have translated into improved public welfare, with the establishment of the world's largest education and social security systems [8] - The average years of education for new labor force entrants have exceeded 14 years, and the number of practicing physicians per thousand people has increased from 2.9 to 3.6 [8] Reform and Opening Up - The reform goals set during the 13th Five-Year Plan have been largely achieved, with significant improvements in market access and the business environment [9][10] - Foreign direct investment in China reached 4.7 trillion yuan from 2021 to May this year, surpassing the total during the previous five-year period, contributing significantly to exports and job creation [10]

Group 1 - The core viewpoint emphasizes the need for political supervision to be specific, precise, and normalized to support high-quality economic and social development [1] - The Haimen District Discipline Inspection Commission and Supervisory Committee focus on aligning political supervision with comprehensive reform efforts, creating a political supervision checklist to address major issues promptly [1][2] - A collaborative supervision model is established, involving various departments to enhance the effectiveness of supervision and promote reform [1] Group 2 - The focus on key areas includes monitoring the "key few" individuals in leadership positions, with measures such as targeted discussions and special reports on violations, resulting in the investigation of 59 district-level officials and the detention of 9 [2] - Special supervision is conducted to optimize the business environment, addressing 112 identified issues through a structured problem and responsibility list [2] - A comprehensive supervision system is built based on public concerns, utilizing big data models to address issues in community services and ensuring feedback mechanisms are in place [2] Group 3 - The establishment of a political supervision collaboration mechanism enhances the integration of various departments, improving the overall effectiveness of supervision [3] - The "123" work model is implemented at the village level, ensuring that community supervisors fulfill their responsibilities effectively [3] - A closed-loop management mechanism is utilized to analyze cases and provide recommendations, aiming to eliminate conditions that foster corruption [3]