来源：中国基金报 【导读】三部门发布《关于加强商务和金融协同，更大力度提振消费的通知》 中国基金报记者 李智 强化商务和金融系统协作，助力提振和扩大消费。重磅文件来了！ 12月14日，商务部办公厅、中国人民银行办公厅、金融监管总局办公厅发布《关于加强商务和金融协 同，更大力度提振消费的通知》（以下简称《通知》）。 商务部财务司负责人解读《通知》指出，《通知》提出3方面11条政策措施： 一是深化商务和金融系统协作。推动地方有关部门加强沟通交流和分工协作，鼓励有条件的地方健全沟 通合作机制，强化财政资金、信贷资金与社会资本等合力，细化落实具体实施细则，共同打好政策"组 合拳"。 二是加大消费重点领域金融支持。鼓励金融机构围绕升级商品消费、扩大服务消费、培育新型消费、创 新多元化消费场景、助力消费帮扶五大重点领域，优化金融产品服务，推动供需两端强化对接，提高对 商品和服务消费的适配性，因地制宜推动新型消费发展，支持消费新业态新模式新场景建设，落实落细 各项金融支持举措。 三是扩大政金企对接合作。鼓励发挥"政金企"扩消费合力，开展多层次、多渠道、多样化的促消费活动 和信息共享，做好精准对接服务，用足用好相关政策红利， ...

Core Insights - The province of Hainan has implemented a comprehensive "plastic ban" for five years, resulting in the handling of 39,000 cases related to plastic restrictions and the confiscation of nearly 200 million prohibited plastic products [1] - The total production and sales of biodegradable products in Hainan reached 27,600 tons with a value of 427 million yuan, marking year-on-year increases of 23.29% and 19.92% respectively [1] - The next phase will transition from "banning plastics" to "managing plastics," focusing on source reduction and establishing a comprehensive recycling and utilization system for plastic waste [2] Group 1 - Hainan has achieved significant milestones in its "plastic ban" initiative, including legislation, local standards, and a traceability management platform for biodegradable products [1] - The province plans to develop a "plastic management" work plan to enhance the governance of plastic pollution across its entire lifecycle, from production to disposal [2] - The initiative aims to promote green practices in various sectors, including encouraging the use of alternative products and implementing green packaging in the logistics industry [2] Group 2 - Hainan will foster a collaborative environment for plastic pollution management by enhancing public awareness and promoting green consumption [3] - The province encourages industries to sign commitment letters and establish monitoring systems to promote self-regulation [3] - Community involvement in public actions against plastic pollution will be encouraged to create a societal consensus on the importance of plastic waste management [3]

Core Insights - The 2026 "National Subsidy" policy will continue the "old-for-new" consumption initiative with an increased budget of 500 billion yuan, aimed at stimulating consumption and stabilizing economic growth [1][3][16] Group 1: Policy Overview - The "National Subsidy" policy has shown significant results since its launch in 2024, generating over 2.5 trillion yuan in sales and benefiting 360 million people [3] - The policy will focus on three main upgrades: increasing the subsidy amount, expanding coverage to new sectors, and optimizing the distribution process [4][10] Group 2: Sectoral Impacts - Traditional consumption sectors like home appliances and automobiles are expected to see a second wave of growth, with home appliance subsidies potentially increasing from 12.84 million units to 15 million units [6][8] - The service consumption sector, particularly in tourism and health, is anticipated to become a new focal point, with over 100 billion yuan in tourism vouchers expected to be issued [6][10] - Digital and green consumption will be enhanced, with subsidies for smartphones and energy-efficient appliances, benefiting companies like Apple and Huawei [8][10] Group 3: Economic Implications - The policy aims to boost domestic demand and counter economic pressures, with expectations for retail sales growth to rebound to 5%-6% in 2026 [10] - It promotes industrial upgrades by leading consumption upgrades, encouraging innovation in sectors like electric vehicles and smart home appliances [10][14] Group 4: Investment Opportunities - Key investment targets include essential consumer goods like dairy products and condiments, as well as discretionary items like home appliances and new energy vehicles [15] - The policy is seen as a long-term opportunity for investors, with potential for valuation recovery and growth in the consumer sector [16]

Group 1: Retail Industry Development - The Ministry of Commerce plans to issue opinions to accelerate innovation and development in the retail industry during the "14th Five-Year Plan" period, focusing on policy support and high-quality development [3] - Key initiatives include enhancing service quality, optimizing inventory, promoting fair competition between online and offline channels, and fostering interaction between new supply and demand [3] - The ministry aims to summarize successful practices from various regions, develop new business models, and stimulate consumption potential, particularly in lower-tier markets [3] Group 2: Second-Hand Goods Market - The second-hand goods market in China is projected to reach a transaction value of 1.69 trillion yuan in 2024, reflecting a 28% year-on-year growth and a 12% average annual growth rate over the past six years [4] - The Ministry of Commerce intends to establish high standards for the second-hand goods industry, ensuring integrity and quality while preventing fraudulent practices [4] - New business models such as rental, auction, and after-sales repurchase will be promoted, along with immersive offline experiences and innovative consumption scenarios [4] Group 3: Cross-Border E-Commerce and Trade - China's foreign trade has shown resilience, with a total import and export value of 41.21 trillion yuan in the first eleven months of the year, marking a 3.6% year-on-year increase [5] - The Ministry of Commerce will implement policies to stabilize foreign trade, support market diversification, and enhance services for enterprises [5] - There is a focus on promoting cross-border e-commerce and overseas warehouses as new business models to improve trade quality and efficiency [5] Group 4: Hainan Free Trade Port - The Hainan Free Trade Port is set to commence operations on December 18, with a goal to become a significant gateway for China's new era of opening up [6] - The Ministry of Commerce reports a 23.1% growth in service trade and a 42.2% increase in actual foreign investment in Hainan during the first three quarters [6] - Future efforts will focus on institutional openness and aligning trade management policies with zero tariffs and other favorable measures [7]

人民网北京12月11日电 （记者孙红丽）商务部11日举行的例行发布会上，商务部新闻发言人何亚东介 绍，近年来，我国二手商品市场规模持续扩大。2024年我国二手商品交易额达1.69万亿，同比增长 28%，近6年平均复合增长率达12%。 何亚东表示，从成效看，二手商品市场创新转型趋势明显，一些实体市场"焕发"生机。下一步，将针对 当前存在的堵点卡点，重点做好以下工作： 三是提升数字化水平，把二手商品流通打造成"创新驱动"的前沿业态。加大AI、大数据、云计算等技术 应用，推动二手商品流通线上线下深度融合。 一是坚持高起点高标准，把二手商品流通打造成"风清气朗"的朝阳产业。指导行业经营主体自觉以高起 点、高标准严格要求自身，坚决杜绝以旧充新、以假乱真、以次充好等行为。 （文章来源：人民网） 二是聚焦新业态新场景，把二手商品流通打造成为"魅力十足"的绿色消费高地。有序发展二手商品租 赁、竞拍、拆零出售、售后回购等新型业态。围绕多元场景发展沉浸式线下体验店、"二手+文创""二手 +租赁"等消费新场景。 去年底，二手商品流通试点工作开展以来，主要从培育主体、创新方式、规范秩序等方面推进这项工 作。政策体系方面，出台健全废旧 ...

Group 1: Hainan Free Trade Port - The Hainan Free Trade Port will commence its closure operation on December 18, with the Ministry of Commerce preparing policies to enhance trade management transparency and openness, including the release of a list of prohibited and restricted import goods, and relaxing import management for 98 product codes [3][4] - The Ministry supports innovative development in Hainan by implementing pilot projects for temporary import of repaired and remanufactured products, establishing a cross-border e-commerce comprehensive pilot zone, and expanding service trade, contributing to a 23.1% growth in service trade and a 42.2% increase in actual foreign investment in the first three quarters [3][4] Group 2: Foreign Trade Development - In the first eleven months, China's total goods import and export value reached 41.21 trillion yuan, with a year-on-year growth of 3.6%, showcasing resilience in foreign trade despite global uncertainties [8] - The Ministry plans to implement various policies to stabilize foreign trade, promote market diversification, and support new business models such as cross-border e-commerce and overseas warehouses [8] Group 3: Second-Hand Goods Market - The second-hand goods market in China is expanding, with a projected transaction value of 1.69 trillion yuan in 2024, reflecting a 28% year-on-year growth and a 12% compound annual growth rate over the past six years [6][7] - The Ministry aims to enhance the second-hand goods circulation system by establishing high standards, promoting new business models, and integrating digital technologies to drive innovation in the sector [7]

Core Viewpoint - The Ministry of Commerce emphasizes the significant transformation and innovation trends in the second-hand goods market, aiming to develop it into a vibrant industry with high standards and integrity [1] Group 1: Industry Development Strategies - The Ministry of Commerce plans to establish a "clean and vibrant" second-hand goods circulation industry by guiding businesses to adhere to high standards and eliminate fraudulent practices such as selling old as new and inferior as superior [1] - Focus will be placed on new business models and scenarios, promoting the development of second-hand goods rental, auction, unbundled sales, and after-sales repurchase as innovative business formats [1] - The Ministry aims to enhance digitalization in the second-hand goods market by integrating AI, big data, and cloud computing technologies, fostering a deep integration of online and offline sales [1]

Core Viewpoint - The recent Central Political Bureau meeting serves as a precursor to the Central Economic Work Conference, indicating that a more proactive fiscal policy and moderately loose monetary policy will continue into 2026, suggesting a sustained loose funding environment for the commodity market [3][9]. Group 1: Economic Policy Insights - The combination of "expansive fiscal policy + loose monetary policy" is expected to create a macro backdrop that supports the commodity market [3][9]. - Attention should be paid to the language used in future statements, particularly phrases like "increase macro control" and "strengthen counter-cyclical and cross-cyclical adjustments," which may indicate a stronger policy commitment and boost market sentiment [3][9]. Group 2: Fiscal Policy Considerations - Key focus areas include the deficit rate and the scale of special bonds, which reflect the government's leverage efforts. If these exceed market expectations, it suggests a more aggressive push for economic growth, positively impacting demand for commodities like copper and stock index futures [10][11]. - The allocation of funds will be crucial, whether directed towards "new infrastructure, new urbanization, and major projects," or towards "large-scale equipment updates" and "consumer goods replacement," influencing demand trends in various commodity sectors [11][12]. Group 3: Monetary Policy and Real Estate - The extent of monetary policy adjustments will directly signal liquidity levels. Confirmation of a continued loose monetary stance could lower financing costs and enhance market risk appetite, potentially directing funds into the futures market [12][13]. - The real estate market's stabilization in 2026 is critical for the price trends of black commodities. The absence of specific mentions regarding the real estate market in this year's meeting raises questions about potential new policies to stabilize the sector [13]. Group 4: Market Expectations and New Opportunities - The market often reacts to new expectations, so the conference's potential establishment of quantifiable targets for consumption or investment growth, or emphasis on new investment areas like "AI+" or "green consumption," could inject new trading momentum into relevant sectors [5][12]. - The final outcomes will depend on the official communiqué released after the conference, with potential for increased price volatility during the meeting as market expectations evolve [5][12].

Core Viewpoint - The "14th Five-Year Plan" period is crucial for China to achieve its carbon peak goal, emphasizing the development of low-carbon industries as a pathway for comprehensive green and low-carbon transformation of the economy and society [1] Group 1: Policy Optimization for Low-Carbon Industry Development - The "14th Five-Year" period requires a focus on time-sensitive carbon reduction efforts while capturing potential development opportunities, considering industry interconnections and overall carbon reduction [2] - Emphasis on orderly replacement of high-carbon industries, particularly in key sectors like electricity, non-ferrous metals, and chemicals, while enhancing carbon efficiency [2] - Policies should balance ecological impacts and carbon emissions, transforming challenges into opportunities, such as developing competitive lithium battery recycling industries [2] Group 2: Regional Advantages and National Policy Support - Regions rich in ecological resources should leverage their advantages to become national "carbon neutrality" pilot zones, exploring clean energy supply, carbon trading, and low-carbon industry cultivation [3] - A new production model should integrate industrial, innovation, talent, funding, and policy chains to promote high-quality regional development characterized by low-carbon efficiency [3] Group 3: Encouraging Diverse Participation in Low-Carbon Innovation - Innovation is essential for low-carbon industry development, requiring participation from government, enterprises, research institutions, and society [4] - The government should focus on supporting "dual carbon" technology research and enhancing green financial support for innovation [4] - Financial institutions are encouraged to engage in green technology innovation through investment and insurance products, fostering a supportive environment for small and innovative tech companies [4] Group 4: Supporting High-Quality Development through Innovation - Innovation goals should align with "dual carbon" objectives, particularly in key industries and technologies, such as deep processing of agricultural products in rural areas [5] - The integration of artificial intelligence and digital platforms is vital for optimizing resource utilization and enhancing product value [5] Group 5: Promoting Green Consumption - The "14th Five-Year" plan suggests establishing a green consumption incentive mechanism to promote energy-saving and low-carbon lifestyles [6] - Policies should include subsidies and tax reductions to lower the initial costs of green products, stimulating market demand [7] - A market-driven incentive mechanism should be developed to reward consumers for low-carbon behaviors, creating a positive cycle of ecological and economic benefits [7] Group 6: Infrastructure and Cultural Promotion for Green Consumption - Infrastructure for green consumption, such as electric vehicle charging networks, should be improved to alleviate consumer concerns [8] - Clear standards and labels for green products are necessary to facilitate consumer choices and promote recycling [8] - Public awareness campaigns should be conducted to embed green concepts into daily life, fostering a culture of sustainability [8]

Core Viewpoint - Consumption is emphasized as the main engine for economic growth and a direct reflection of people's quality of life, with a strong call to boost consumption through financial services supporting the real economy [1] Group 1: Financial Services for Trade and Consumption - Shenzhen Construction Bank (CCB) is actively responding to national calls to stabilize foreign trade and promote consumption by enhancing financial services for enterprises and citizens [3] - The bank has provided international settlement services amounting to $106 billion from January to October 2025, marking a 16% year-on-year increase, and trade financing support of 34.3 billion yuan, a significant 44% increase [4] - CCB has introduced innovative payment tools like "Cross-border Easy Payment" to enhance cross-border payment experiences, reducing average remittance time to real-time in 14 countries and regions [5] Group 2: Support for Emerging Business Models - The bank has strengthened financial support for emerging business models such as cross-border e-commerce, with service scale exceeding 4.2 billion yuan, a sixfold increase year-on-year [6] - CCB has promoted cross-border supply chain financing, with over 5.7 billion yuan disbursed, a 171% increase, and has upgraded its "Cross-border Quick Loan" products to provide low-cost financing for small and micro foreign trade enterprises [6] Group 3: Consumer Financial Services - CCB has launched various financial initiatives to enhance consumer welfare, focusing on upgrading consumption and quality of life for citizens [7] - The bank has provided over 5 billion yuan in credit card installment services for consumers, with nearly 2 billion yuan specifically for new energy vehicles, leading in market coverage and customer numbers [7] - CCB has reduced average consumer loan interest rates by over 30 basis points and served over 400,000 consumer loan clients, providing support exceeding 30 billion yuan, a 21% year-on-year increase [8] Group 4: Building New Consumption Ecosystems - CCB is constructing a comprehensive financial service ecosystem for the new energy vehicle sector, collaborating with leading brands to streamline the financing process for consumers [9] - The bank has engaged in deep cooperation with major consumption scene operators, enhancing consumer engagement through joint marketing activities, attracting over 250,000 participants and significantly increasing transaction volumes [10] - CCB aims to continuously optimize financial supply and deepen service innovation to support foreign trade enterprises and enhance citizens' quality of life [10]