Group 1 - The State Council Tariff Commission announced adjustments to import tariff rates and categories effective January 1, 2026, impacting 935 items with temporary tariff rates lower than the most-favored-nation (MFN) rates [1] - The adjustments aim to promote high-level technological self-reliance, support the construction of a modern industrial system, and lower import tariffs on key components and advanced materials such as hydraulic cushions and composite joints [1] - To facilitate a comprehensive green transition in economic and social development, import tariffs on resource-based products like regenerated black powder for lithium batteries will be reduced [1] Group 2 - The adjustments also focus on enhancing domestic circulation and responding to changes in domestic industry development and supply-demand conditions, including the cancellation of temporary tariff rates on micro motors and other products, reverting to MFN rates [1] - In line with deepening economic and trade cooperation, 24 free trade agreements will continue to apply preferential tariff rates for certain imported goods from 34 trading partners in 2026 [2] - To support the development of least developed countries, 100% tariff-free treatment will be maintained for products from 43 least developed countries with which China has diplomatic relations [2]

Macro Policy Updates - The Central Commission for Discipline Inspection's fifth plenary session will be held from January 12 to 14, 2026[2] - The National People's Congress will convene its fourth session on March 5, 2026[2] Fiscal Policy - The national fiscal work conference on December 27 emphasized expanding fiscal spending and optimizing government bond tools[3] - New special bond quotas will be allocated to regions with high investment efficiency and project readiness[3] - The Ministry of Finance will enforce strict accountability for local government debt and prohibit the creation of new hidden debts[3] Monetary and Capital Markets - The People's Bank of China suggested integrating incremental and stock policies to enhance financial support for key sectors[4] - The 2025 Financial Stability Report aims to improve the investment scale and proportion of long-term funds in A-shares[4] Industrial Development - The National Development and Reform Commission is focusing on optimizing traditional industries and regulating competition in emerging sectors[5] - The industrial and information technology conference highlighted the need for technological innovation and the development of new industries[5] Risk Management - There is a risk of delayed policy updates affecting economic stability[5]

东方枢纽国际商务合作区管理局与中国电能签署谅解备忘录。 上海市人民政府与国家电力投资集团今天（12月29日）在沪签署战略合作协议。市委书记陈吉宁，市委 副书记、市长龚正会见国家电投集团董事长刘明胜、总经理徐树彪一行。龚正、刘明胜出席签约活动并 见证签约。 市委常委、市委秘书长华源参加相关活动。市委常委、副市长陈杰与徐树彪代表双方签约。 根据战略合作协议，双方将充分发挥上海的综合优势和国家电投的专业优势，重点围绕核能、燃机、电 力安全保供、火电清洁化改造、绿色能源发展及"走出去"等领域加强合作，实现央地优势互补、互利共 赢，助推国家电投加快建设具有全球竞争力的世界一流清洁能源企业，助力上海加快构建现代化产业体 系，加快建成具有世界影响力的社会主义现代化国际大都市。 仪式上，东方枢纽国际商务合作区管理局与中国电能签署谅解备忘录。 ...

Core Insights - The Hainan Provincial Economic Work Conference emphasized the importance of implementing the spirit of the Central Economic Work Conference and the significant speeches by General Secretary Xi Jinping, focusing on economic work for 2026 and beyond [1][2] Group 1: Economic Development Goals - 2025 is highlighted as a milestone year for Hainan's development, with a focus on high-quality economic growth and the successful operation of the Hainan Free Trade Port [2] - The overall requirement for economic work in the coming year is to adhere to Xi Jinping's thoughts, implement the new development concept, and promote high-quality development while ensuring stability [3] Group 2: Free Trade Port Construction - The conference called for solid progress in the construction of the Free Trade Port, aiming for a successful first year of operation and the effective implementation of closure policies [4] - Emphasis was placed on optimizing regulatory models and ensuring smooth operations while prioritizing risk prevention [4] Group 3: Industrial and Economic Strategies - The need to build a modern industrial system that enhances the collaborative effects of the Free Trade Port's operations was stressed, with a focus on developing key industries and fostering innovation [4] - Strategies to expand effective demand and enhance domestic consumption were outlined, including initiatives to boost tourism and improve the investment environment [4] Group 4: Social and Environmental Initiatives - The conference highlighted the importance of ecological civilization and environmental protection, with plans for sustainable development and green transformation [5] - Measures to enhance public welfare, including employment, education, healthcare, and social security, were discussed to improve the quality of life for residents [5] Group 5: Governance and Leadership - The need for strong leadership in economic work was emphasized, with a call to implement the decisions of the Central Committee and improve the capabilities of the workforce [6] - The conference also focused on promoting integrity and accountability within governance structures to ensure effective implementation of policies [6]

在"十四五" 收官、"十五五" 谋篇的关键节点，粤港澳大湾区正加速从 "制造业大区" 向 "制造业强区、 创造大区"跨越，发展新质生产力、建设现代化产业体系成为核心命题。如何让民营经济在区域协同中 扛起主体责任，以企业高质量发展赋能世界级先进制造业集群建设，是湾区发展的重要课题。 扎根惠州的雷士照明，以二十余年深耕积淀形成的"总部锚定+创新引领+生态协同+责任践行"发展路 径，不仅成为惠州本土企业成长的标杆，更为大湾区民营制造业突破发展瓶颈、融入区域协同提供了可 借鉴的实践样本。 转自：南方日报 扎根沃土：总部经济与城市发展的双向奔赴 跳出"企业-城市"的二元视角，大湾区的核心优势在于资源互补与协同高效。而本土龙头企业正是打通 城市间产业壁垒、优化区域资源配置的关键纽带。惠州地处大湾区东翼，凭借"2+1"现代化产业体系与 深莞等城市形成差异化互补，为企业开展跨区域协同创造了广阔空间。 在产业链协同层面，雷士照明依托惠州总部，高效联动大湾区上下游资源与配套企业，形成分工明确、 协作紧密的照明产业集群，降低区域内交易成本，提升整个产业链的响应效率，统筹关键采购与产业链 布局，带动了本地模具、电子元器件等配套产业集 ...

Core Viewpoint - The article emphasizes the importance of developing new quality productivity in the construction of a modern industrial system, focusing on optimizing traditional industries and fostering emerging industries [1][2]. Group 1: Optimizing Traditional Industries - The article advocates for the enhancement and upgrading of key traditional industries to improve the self-control level of the industrial chain and promote the digital transformation of manufacturing [2]. - It highlights the need to consolidate and enhance the position and competitiveness of traditional industries in the global industrial division of labor [2]. Group 2: Fostering Emerging Industries - The article suggests cultivating and expanding emerging industries through the implementation of industrial innovation projects and large-scale application demonstrations of new technologies, products, and scenarios [2]. - It emphasizes the importance of meeting the demands of consumption upgrades and creating new market demands to establish several emerging pillar industries [2]. Group 3: Forward-Looking Layout for Future Industries - The article calls for proactive exploration of diverse technological routes, typical application scenarios, feasible business models, and market regulatory rules to address uncertainties in future industries [2]. - It aims to develop several strategic emerging industries by establishing management methods that adapt to new business formats, models, and scenarios [2]. Group 4: Promoting High-Quality Development of the Service Industry - The article stresses the need to prioritize expanding openness in the service industry, deepen regulatory reforms, and improve policy support systems [2]. - It encourages the extension of productive service industries towards specialization and high-end value chains, as well as the diversified and convenient development of life service industries [2]. Group 5: Building a Modern Infrastructure System - The article outlines the importance of coordinated planning for new infrastructure, modern comprehensive transportation systems, new energy infrastructure, and modern water networks [2]. - It aims to optimize layout structures, promote integration, and enhance safety resilience and operational sustainability [2].

Core Viewpoint - The profits of large-scale industrial enterprises in China continued to grow, reaching a total of 66,268.6 billion yuan from January to November, indicating a sustained upward trend supported by new industrial momentum [1][2]. Group 1: Profit Growth - From January to November, the profit of large-scale industrial enterprises increased by 0.1% year-on-year, marking four consecutive months of growth since August [2]. - The manufacturing sector achieved a profit total of 50,317.9 billion yuan, growing by 5.0% [2]. - The electricity, heat, gas, and water production and supply sector reported profits of 8,054.4 billion yuan, with an increase of 8.4% [2]. - The mining sector experienced a profit total of 7,896.3 billion yuan, showing a year-on-year decline of 27.2%, although the decline was slightly less severe than in the previous months [2]. Group 2: Revenue and Assets - Large-scale industrial enterprises generated operating revenue of 125.34 trillion yuan from January to November, reflecting a year-on-year growth of 1.6% [3]. - By the end of November, total assets of large-scale industrial enterprises reached 189.28 trillion yuan, up by 4.8% year-on-year [3]. - The total equity of these enterprises was 79.32 trillion yuan, increasing by 4.5% [3]. - The operating revenue per 100 yuan of assets was 74.4 yuan [3]. Group 3: New Momentum Industries - New momentum industries, particularly equipment manufacturing and high-tech manufacturing, showed rapid growth [4]. - The profit of large-scale equipment manufacturing increased by 7.7% year-on-year, contributing 2.8 percentage points to the overall profit growth of large-scale industrial enterprises [4]. - In the equipment manufacturing sector, seven out of eight major categories reported year-on-year profit growth, with the railway, shipbuilding, and aerospace industries seeing profits grow by 27.8% and 15.0% respectively [4]. - High-tech manufacturing profits grew by 10.0% year-on-year, surpassing the average growth rate of all large-scale industrial enterprises by 9.9 percentage points [4]. Group 4: Sector-Specific Growth - The "Artificial Intelligence+" initiative has positively impacted related equipment manufacturing sectors, with profits in the electronic industrial specialized equipment manufacturing sector increasing by 57.4% [5]. - The aerospace industry also saw significant profit growth, with profits in aerospace and related equipment manufacturing rising by 13.3% [5]. - Profits in smart consumer device manufacturing surged by 54.0%, driven by advancements in intelligent products [5]. Group 5: Industrial Economic Development - The overall profit growth reflects a steady advancement in the industrial economy, with a focus on achieving qualitative improvements and reasonable quantitative growth by 2025 [6][7]. - The high-tech manufacturing and equipment manufacturing sectors reported value-added growth of 9.2% and 9.3% respectively from January to November [6]. - The establishment of advanced and excellent smart factories, along with the expansion of 5G networks, supports the ongoing transformation and upgrading of traditional industries [7].

Core Viewpoint - The profits of industrial enterprises in China have continued to grow, with a total profit of 66,268.6 billion yuan from January to November, indicating a sustained upward trend supported by new industrial momentum [2][3]. Profit Growth - From January to November, the profit of industrial enterprises above designated size increased by 0.1% year-on-year, marking four consecutive months of growth since August [3]. - The manufacturing sector achieved a total profit of 50,317.9 billion yuan, growing by 5.0%, while the electricity, heat, gas, and water production and supply sector saw profits of 8,054.4 billion yuan, up by 8.4%. In contrast, the mining sector experienced a profit decline of 27.2% [3]. Revenue and Assets - The total operating revenue for industrial enterprises above designated size reached 125.34 trillion yuan, reflecting a year-on-year increase of 1.6%. By the end of November, total assets amounted to 189.28 trillion yuan, up by 4.8%, and total equity was 79.32 trillion yuan, growing by 4.5% [4]. New Momentum Industries - New momentum industries, particularly equipment manufacturing and high-tech manufacturing, have shown rapid growth. The profit of the equipment manufacturing sector increased by 7.7%, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [5]. - In the high-tech manufacturing sector, profits grew by 10.0%, surpassing the average growth rate of all industrial enterprises by 9.9 percentage points [5]. Specific Industry Performance - The "Artificial Intelligence+" initiative has positively impacted related equipment manufacturing sectors, with profits in the electronic industrial specialized equipment manufacturing sector rising by 57.4%. Notably, profits in semiconductor device manufacturing and electronic components manufacturing surged by 97.2% and 46.0%, respectively [6]. - The aerospace industry also experienced significant profit growth, with profits in aerospace and related equipment manufacturing increasing by 13.3%, including a remarkable 192.9% growth in aerospace-related equipment manufacturing [6]. Industrial Economic Development - The growth in profits reflects a steady advancement in the industrial economy, with a focus on achieving qualitative improvements and reasonable quantitative growth by 2025 [7]. - The high-tech manufacturing and equipment manufacturing sectors have shown substantial value-added growth, with increases of 9.2% and 9.3%, respectively, from January to November [8].

Core Insights - The platform economy is rapidly developing and is a crucial part of the digital economy, transitioning from scale-driven to innovation-driven growth [1] - It plays a significant role in connecting merchants and consumers, promoting economic development, technological advancement, and job creation [2] - The platform economy is essential for integrating the real economy with the digital economy, serving as a foundation for building a modern industrial system [3] Group 1: Importance of Platform Economy - The platform economy acts as a key link between merchants and consumers, positively impacting economic growth, technological progress, and employment [2] - It is a representative of new productive forces and accelerates the development of new productive capacities through innovation [2] - The platform economy provides low-cost, high-efficiency innovation opportunities for enterprises, especially small and medium-sized enterprises [2] Group 2: Role in Modern Industrial System - The platform economy is a driving force for the deep integration of the real and digital economies, essential for constructing a modern industrial system [3] - It enhances production efficiency across the industrial chain by leveraging data and digital technologies [3] - The platform economy facilitates the transformation and upgrading of traditional industries while fostering strategic emerging industries [3] Group 3: Support for Circulation and Consumption - The platform economy supports smooth circulation and is a lubricant for constructing a new development pattern [4] - It helps small and medium-sized enterprises implement supply-side structural reforms and develop differentiated products to meet diverse market demands [4] - In 2024, China's online retail sales are projected to reach approximately 15.52 trillion yuan, with physical goods accounting for 13.08 trillion yuan, representing 26.8% of total retail sales [4] Group 4: Employment and Income Distribution - The platform economy contributes to job creation and optimizing income distribution, becoming a vital part of new employment forms in China [5] - It has created over 200 million jobs, with the number of ride-hailing drivers increasing from less than 3 million in 2020 to over 7 million by 2024 [5] - The platform economy also provides new employment opportunities in rural areas, helping farmers increase income and reduce the urban-rural income gap [5] Group 5: Regulatory Framework - A robust regulatory framework is essential for fostering a vibrant and innovative platform economy [6][7] - Current challenges include market homogenization leading to price wars and the need for effective governance that aligns with the characteristics of the platform economy [7] - The government is focused on balancing innovation and regulation, ensuring a healthy development of the platform economy [8][9] Group 6: Multi-faceted Regulatory Approaches - The regulatory approach should include tiered and categorized supervision based on the unique characteristics of different platform types [10] - Comprehensive regulation across the entire supply chain is necessary to ensure safety and compliance [11] - Legal frameworks must be established to protect innovation while maintaining market order, including laws on data security and anti-monopoly [12][13] Group 7: Collaborative Governance - Collaborative governance involving multiple stakeholders is crucial for effective platform economy regulation [15] - The establishment of industry self-regulatory associations can guide platform behavior and improve service quality [15] - Encouraging platforms to expand internationally can enhance China's global competitiveness and influence [15]

会议强调，中央经济工作会议系统部署2026年经济工作。各级财政部门要坚持稳中求进工作总基调，以 推动高质量发展为主题，更好统筹国内经济工作和国际经贸斗争，更好统筹发展和安全，继续实施更加 积极的财政政策并提高精准度和有效性，做优增量、盘活存量，着力扩内需、优结构、增动能、惠民 生，着力稳就业、稳企业、稳市场、稳预期，着力推改革、强管理、防风险、增效益，推动经济实现质 的有效提升和量的合理增长，保持社会和谐稳定，为实现"十五五"良好开局提供有力保障。 会议指出，2026年继续实施更加积极的财政政策。一是扩大财政支出盘子，确保必要支出力度。二是优 化政府债券工具组合，更好发挥债券效益。三是提高转移支付资金效能，增强地方自主可用财力。四是 持续优化支出结构，强化重点领域保障。五是加强财政金融协同，放大政策效能。 会议要求，2026年财政工作抓好以下重点任务。一是坚持内需主导，支持建设强大国内市场。大力提振 消费，深入实施提振消费专项行动。积极扩大有效投资，加大对新质生产力、人的全面发展等重点领域 投入。加快推进全国统一大市场建设，规范税收优惠、财政补贴政策。二是支持科技创新和产业创新深 度融合，加快培育壮大新动能。 ...