Report Summary Core Viewpoints - The new energy vehicle industry in China has shown strong growth, with production and sales approaching 15 million units from January to November this year, a year-on-year increase of over 30%, and exports reaching 2.315 million units, doubling year-on-year [1]. - The Central Economic Work Conference emphasizes innovation - driven development, aiming to cultivate new growth drivers, and proposes measures for the real - estate market, including risk control, inventory reduction, and supply optimization [1]. Industry Overview Upstream - Copper prices in the non - ferrous sector are continuously rising; egg prices in the agricultural sector are rebounding; and liquefied natural gas prices in the energy sector are continuously falling [2]. Midstream - In the chemical industry, the operating rates of PX and PTA are stable at a low level, while those of urea and polyester are continuously declining; power plant coal inventories are low, and coal consumption is continuously increasing; the asphalt production for road construction is at a low level [2]. Downstream - The sales of commercial housing in first, second, and third - tier cities are continuously warming up; the number of domestic and international flights is decreasing [3]. Price Index Tracking - As of December 11, 2025, the prices of some products such as corn, eggs, and copper have increased year - on - year, while the prices of palm oil, aluminum, and WTI crude oil have decreased year - on - year [39].

金吾财讯 | 内房股普涨，截至发稿，融信中国(03301)涨5.26%，万科企业(02202)涨4.03%，雅居乐集团 (03383)涨3.28%，融创中国(01918)涨3.09%，世茂集团(00813)涨2.30%，旭辉控股集团(00884)涨2.78%， 绿城中国(03900)涨2.69%。 消息面上，中央经济工作会议12月10日至11日在北京举行。会议确定，明年经济工作抓好以下重点任 务。坚持守牢底线，积极稳妥化解重点领域风险。着力稳定房地产市场，因城施策控增量、去库存、优 供给，鼓励收购存量商品房重点用于保障性住房等。深化住房公积金制度改革，有序推动"好房子"建 设。加快构建房地产发展新模式。积极有序化解地方政府债务风险，督促各地主动化债，不得违规新增 隐性债务。优化债务重组和置换办法，多措并举化解地方政府融资平台经营性债务风险。 金吾财讯 | 内房股普涨，截至发稿，融信中国(03301)涨5.26%，万科企业(02202)涨4.03%，雅居乐集团 (03383)涨3.28%，融创中国(01918)涨3.09%，世茂集团(00813)涨2.30%，旭辉控股集团(00884)涨2.78%， 绿城中国( ...

中央经济工作会议12月10日至11日在北京举行，会议总结2025年经济工作，分析当前经济形势，部署 2026年经济工作。继12月8日中央政治局会议分析研究2026年经济工作，提出明年8项重点任务后，中央 经济工作会议在此基础上进一步细化重点任务的政策安排和目标，并在财政货币政策、政策关键着力点 等方面提出具体部署。 先来看重点内容： 1.灵活高效运用降准降息等多种政策工具，保持流动性充裕，畅通货币政策传导机制。 2.引导金融机构加力支持扩大内需、科技创新、中小微企业等重点领域。 3.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。 4.制定全国统一大市场建设条例，深入整治"内卷式"竞争。 5.深入推进中小金融机构减量提质，持续深化资本市场投融资综合改革。 6.深化外商投资促进体制机制改革。 7.促进粮食等重要农产品价格保持在合理水平。 8.加强全国碳排放权交易市场建设。 9.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。 10.着力稳定房地产市场，因城施策控增量、去库存、优供给，鼓励收购存量商品房重点用于保障性住 房等。 聚焦一：发挥存量政策和增量政策集成效应 会议指出，明年经济工作在政 ...

Core Points - The Central Economic Work Conference held on December 10-11 outlines the economic work for 2025 and analyzes the current economic situation, setting specific policy arrangements and goals for 2026 [1] - The conference emphasizes the need for a "good start" to the 14th Five-Year Plan, with expectations for China's economic growth rate to be around 5% in 2026, as international organizations have raised their growth forecasts for China [1] Fiscal Policy - The fiscal policy for the 14th Five-Year Plan will continue to adopt a "more proactive" approach, maintaining necessary fiscal deficits while optimizing the structure of fiscal expenditures [2][3] - The fiscal deficit rate is expected to remain at or above 4%, with a total debt scale projected to increase from 12 trillion yuan this year [2][3] - There is a clear focus on "investing in people," with an emphasis on improving human capital and enhancing social welfare expenditures [3] Monetary Policy - The macroeconomic policy will adopt a more proactive stance, with monetary policy expected to remain "appropriately loose" and maintain ample liquidity [4][5] - The use of various policy tools, including interest rate cuts and reserve requirement ratio reductions, will be implemented flexibly and efficiently to support economic stability [4][5] - Structural monetary policy tools will be enhanced to support key areas such as expanding domestic demand and technological innovation [5] Domestic Demand Expansion - Expanding domestic demand is prioritized, with specific measures including the implementation of a plan to increase urban and rural residents' income and stabilize investment [6] - The focus on consumption and investment as key drivers for expanding domestic demand indicates a shift towards demand-side strategies [6] Innovation and Technology - The establishment of three international science and technology innovation centers in Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area is highlighted as a core strategy for fostering innovation [7][9] - The centers aim to leverage existing resources and address global technological competition, enhancing China's position in the global market [7][9] Market Reforms - The conference emphasizes the need for reforms to optimize the market environment, stimulate enterprise vitality, and deepen financial system support [10] - A key reform initiative includes the establishment of a unified national market, with a focus on improving the regulatory framework to support this goal [10] Capital Market Development - Continuous deepening of capital market reforms is emphasized, with a focus on enhancing the market's ability to serve technological innovation and the real economy [11][12] - The reforms will aim to improve the inclusiveness and coverage of the multi-tiered market system, facilitating the entry of long-term capital [12] Trade and Investment - The conference stresses the importance of promoting regional and bilateral trade and investment agreements to enhance cooperation and trade facilitation [14][15] - The focus on maintaining a multilateral trade system and expanding high-standard free trade agreements is seen as crucial for China's trade strategy [14][15] Real Estate Market Stability - The meeting underscores the importance of stabilizing the real estate market, with a particular emphasis on "de-stocking" as a key measure [16][17] - Encouraging the acquisition of existing housing for affordable housing purposes is identified as a significant strategy to address market challenges [17]

【导读】2026年经济工作定调，专家解读中央经济工作会议 我国经济顶压前行、向新向优发展 会议指出，今年是很不平凡的一年。我国经济顶压前行、向新向优发展，现代化产业体系建设持续推 进，改革开放迈出新步伐，重点领域风险化解取得积极进展，民生保障更加有力。 中信证券首席经济学家明明表示，会议首先对今年以及整个"十四五"时期我国经济表现和政策效果予以 了肯定。尽管面临多重压力，但我国经济顶压前行、向新向优发展，"十四五"即将圆满收官，第二个百 年奋斗目标新征程实现良好开局。 会议还指出，必须以苦练内功来应对外部挑战。明明认为，这既体现了直面外部冲击与挑战的"实事求 是"的态度，又展现出"以我为主"的大国自信。在"十五五"时期，我国将积极应对"老问题"及"新挑战"， 经济长期向好的支撑条件和基本趋势没有改变。 东方金诚首席宏观分析师王青表示，今年宏观经济顶住外部环境剧烈波动压力，经济增长韧性超出市场 普遍预期。前三季度我国GDP同比增长5.2%，完成全年"5.0%左右"增长目标已无悬念。 王青分析称，美国在全球范围内上调关税前后，贸易转移效应持续发酵，我国对美国之外市场出口显著 加速；在国内制造业转型升级叠加全球AI ...

中央经济工作会议12月10日至11日在北京举行。会议总结2025年经济工作，分析当前经济形势，部署2026年经济工作。会议传 递了哪些重要信息和政策信号？上海证券报记者梳理了11大看点，连线30位专家进行权威解读。 会议确定了明年经济八项重点任务，其中"坚持内需主导，建设强大国内市场"被置于首位。 会议还提及资本市场、房地产市场，"持续深化资本市场投融资综合改革""着力稳定房地产市场，因城施策控增量、去库存、优 供给，鼓励收购存量商品房重点用于保障性住房等"…… 看点1 要坚持稳中求进、提质增效 中央经济工作会议指出，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。 招联首席研究员董希淼表示，此次会议为明年经济工作定下"稳中求进、提质增效"的总基调。其中，"提质增效"相较于以往"质 的有效提升"等表述，进一步凸显对经济工作在发展质量和效益等方面的更高要求。 "预计明年宏观政策将更具前瞻性，力求为未来五年奠定高质量发展基础。"董希淼表示。 12月8日召开的中央政治局会议首次提出"发挥存量政策和增量政策集成效应"，此次会议延续 ...

此次中央经济工作会议释放了哪些新信号，21世纪经济报道记者进行了梳理和解读。 作者丨王峰 编辑丨周上祺 中央经济工作会议12月10日至11日在北京举行。会议对2025年做出了"我国经济顶压前行、向 新向优发展"的重要判断。 这一局面来之不易，特别是2024年9月26日中央政治局会议果断部署一揽子增量政策，使社会 信心有效提振，经济明显回升，2025年宏观政策贯彻落实了多项超常规逆周期调节举措。 对于2026年经济工作，中央经济工作会议提出"加大逆周期和跨周期调节力度"，其中对多项宏 观政策的部署，措辞则从2025年的"加大""加强""增加""扩大"等，转为更加注重"保持""优 化"。同时，会议提出了多项新举措、新任务。 信号一：继续实施更加积极的财政政策 会议指出，保持必要的财政赤字、债务总规模和支出总量，加强财政科学管理，优化财政支出 结构，规范税收优惠、财政补贴政策。重视解决地方财政困难，兜牢基层"三保"底线。严肃财 经纪律，坚持党政机关过紧日子。 会议还指出，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。 回顾2025年，赤字率从2024年的3%提升至2025年的4% ...

Core Viewpoint - The South Korean government, led by President Lee Jae-myung, is preparing for the KOSPI index to reach 5000 points and aims to stabilize the real estate market while prioritizing economic growth for the country [1] Group 1 - The government is committed to making South Korea a growing nation [1] - There is a focus on stabilizing the real estate market as part of the broader economic strategy [1] - The KOSPI index reaching 5000 points is a significant target for the government [1]

Core Viewpoint - The South Korean President Lee Jae-myung announced intentions to implement effective measures to stabilize the real estate market [1] Group 1: Government Actions - The government is focusing on stabilizing the real estate market, indicating a proactive approach to address housing issues [1] - Measures are expected to be introduced to mitigate fluctuations in property prices and enhance market stability [1] Group 2: Market Implications - The announcement suggests potential changes in policies that could impact real estate investments and market dynamics in South Korea [1] - Stakeholders in the real estate sector may need to prepare for upcoming regulatory changes aimed at market stabilization [1]

Group 1: Real Estate Market - In Q1 2023, the balance of real estate loans increased by over 750 billion yuan, with new personal housing loans reaching the largest quarterly increase since 2022, and housing rental loans growing by 28% year-on-year [1][3] - The financial regulatory authority is implementing a series of financing systems to support the stability of the real estate market, including managing loans for real estate development, personal housing, and urban renewal [3][4] - The "white list" loans approved by commercial banks have increased to 6.7 trillion yuan, supporting the construction and delivery of over 16 million residential units, which is crucial for stabilizing the real estate market [3] Group 2: Capital Market Stability - The financial regulatory authority plans to expand the pilot scope for long-term investment of insurance funds, injecting more incremental capital into the market [1][2] - Adjustments to regulatory rules will lower the risk factors for stock investments by insurance companies by 10%, encouraging greater market participation [1][2] - Recent international investment institutions have recognized the investment value of the Chinese real estate market, indicating a positive shift in market sentiment [3] Group 3: Policy Measures and Support - The financial regulatory authority will introduce a package of policies to support financing for small and private enterprises, enhancing the financing coordination mechanism [2] - New policies will be developed to support foreign trade development, providing targeted services to businesses affected by tariffs [2][4] - The authority aims to revise and implement management measures for merger loans to facilitate industrial transformation and upgrading [2]