中国2026年将继续实施"更加积极的财政政策"和"适度宽松的货币政策"。文章称，清晰有力的宏观调控政策、科技产业充沛的创新 活力、空间广阔的超大规模市场、配备完善的产业体系，共同筑牢高质量发展的基础，也有效支撑了信心、提高了预期。消费是扩 大内需、畅通循环的关键，中国经济向"内"发力，从长远看是充分激活自身优势和潜力的必然。 英国《金融时报》：重心向创新端倾斜 央视网消息：2025年的中央经济工作会议成为媒体高度关注的焦点。中国经济的底色与底气是什么？抗压能力和内生动力带来哪些 确定性？ 美国彭博社：中国经济韧性获得广泛认可 彭博社分析认为，会议明确透露出2026年将持续推出相关经济促进政策，始终坚持稳中求进的工作总基调，这一信号凸显中国将坚 定保障经济长期增长目标。中国经济在2025年已展现出强大的抗压能力和内生动力。在面对美国关税壁垒时，中国通过积极开拓多 元化出口市场，进一步印证了经济发展的强劲增长势头。国际组织看好中国经济，近日，接连上调增速预期。 香港大公网：宏观政策更加积极 2026年作为"十五五"规划的开局之年，中国将着力推进高质量增长，创新、现代服务业、人工智能以及绿色转型将成为新的增长引 擎 ...

Group 1 - The central economic work meeting is a significant event following the 20th Central Committee's fourth plenary session, with a focus on economic work for 2025 and strategic planning for 2026 [1] - The meeting emphasizes the importance of implementing a proactive fiscal policy to support domestic demand expansion and optimize supply, aiming for high-quality development and stability in employment, enterprises, and market expectations [2][3] - Fiscal departments are tasked with enhancing macroeconomic governance effectiveness, maintaining necessary fiscal deficits, and utilizing various government bond funds to support key projects and consumption initiatives [3] Group 2 - The meeting highlights the need for high standards in preparing the "14th Five-Year" fiscal and accounting plans, while also ensuring support for vulnerable populations and safety measures as the year ends [4] - There is a call for collaboration between fiscal and financial policies to create a synergistic effect, addressing local fiscal difficulties and managing government debt risks effectively [3]

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。 立足"十五五"开局关键节点，会议提出实施更加积极的财政政策，通过保持必要的财政赤字、优化财政 支出结构、兜牢基层"三保"底线的政策组合拳，为经济质的有效提升和量的合理增长筑牢财政支撑。 中经记者 杜丽娟 北京报道 今年以来，财政资金在"投资于人"方面也较以往有了更大力度的倾斜。财政部数据显示，今年1—10月 全国社会保障和就业支出同比增长9.3%，是三大民生支出中增速最快的领域。另外两项支出中，教育 支出同比增长4.7%，卫生健康支出同比增长2.4%，这三项支出的增速均快于同期全国一般公共预算支 出总额的增速（2.0%），体现了财政向民生领域的支持。 结合财政支出结构变化，市场人士表示，当前我国正加快从建设型财政向民生型财政转变。 中诚信国际研究院研究员袁海霞指出，今年以来出台的育儿补贴、消费贷贴息等政策发挥了一定成效， 后续财政支出要进一步向民生领域倾斜，着重解决医疗、教育、养老、托幼等民生短板，通过就业培 训、育儿补贴、逐步推行免费学前教育等措施，重点加强对就业困难群体及低收入人口救助 ...

根据企业预警通数据，截至今年12月13日，用于项目建设的专项债资金中约26.6%投向市政和产业园区 基础设施，约17.2%投向土地储备，约16.9%投向交通基础设施，约11.4%投向保障性安居工程，约 11.2%投向医疗卫生、教育等社会事业，约6.1%投向农林水利，约2.6%投向生态环保，约1.1%投向新基 础设施。 2025年以来的专项债资金投向与2024年相比，投向市政和产业园、交通基础设施等领域比重出现明显下 滑，投向土地储备领域专项债资金规模从2024年的约2亿元增至约5437亿元。另外，今年专项债首次投 向政府投资基金，规模已超800亿元。 专项债投向领域将再度调整，用作资本金范围有望扩大。 作为中国重要政策工具，地方政府专项债券（下称"专项债"）将继续优化。 近日中央经济工作会议在北京举行，会议部署2026年经济工作重点。在部署明年推动投资止跌回稳方 面，要求"优化地方政府专项债券用途管理"。 专项债是指地方为有一定收益的公益性项目发行的、约定一定期限内以公益性项目对应的政府性基金或 专项收入还本付息的政府债券。它是落实积极财政政策的重要抓手，是政府拉动投资最直接、最有效的 政策工具之一。 自20 ...

中央经济工作会议12月10日至11日在北京举行。会议以顶层设计锚定"十五五"开局航向，将《中共中央关于制定国民经济和社会发展第十五个五年规划的 建议》战略部署转化为年度具体行动。会议深刻总结2025年经济工作、分析当前形势，明确2026年经济工作的总基调、政策取向和重点任务，为"基本实 现社会主义现代化夯实基础、全面发力的关键时期"筑牢开局根基。中央经济工作会议用精准政策破解发展难题，让"十五五"开局之年的政策底色愈发鲜 明。 （全文2891字，阅读需要8分钟） 记者｜朱开云 编辑｜温婧 实习生｜陈子荣 总基调：稳中求进 会议明确提出，2026年经济工作要"坚持稳中求进工作总基调"，同时凸显"积极主动、前置发力"的实践特征，这与党的二十届四中全会确立的"六个坚 持"原则一脉相承。会议强调，做好明年经济工作必须"完整准确全面贯彻新发展理念，加快构建新发展格局，着力推动高质量发展"，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，推动经济实现质的有效提升和量的合理增长。 在形势判断上，会议既肯定"2025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 ...

Group 1 - The Central Economic Work Conference outlined the economic tasks and policy directions for 2026, emphasizing stable progress and the implementation of proactive fiscal and moderately loose monetary policies [2][7] - The A-share market saw significant index adjustments, enhancing the innovation attributes of indices like the STAR 50, with a focus on new emerging industry leaders [2][7] - Enjie Co., a leading lithium battery separator supplier, announced plans to acquire 100% of Zhongke Hualian, aiming to expand its product matrix and reduce supply chain risks [2][7] Group 2 - Broadcom's AI market sales outlook fell short of investor expectations, leading to a 12% drop in stock price, marking the largest decline in 10 months [3][8] - Following a 25 basis point rate cut by the Federal Reserve, market attention is on the 2026 interest rate trajectory, with most Wall Street firms predicting two rate cuts totaling 50 basis points [3][8] - The stock private equity position index reached a new high of 82.98%, indicating strong confidence among large private equity firms in the ongoing market conditions [3][8] Group 3 - The price of Moutai has dropped below the psychological threshold of 1499 yuan, facing challenges in consumer demand and the need to return to genuine consumption [3][8] - The Central Economic Work Conference highlighted the need to address local fiscal difficulties and improve the local tax system, with expectations for increased government debt next year [4][9] - The A-share market experienced a surge, particularly in the electric equipment sector, with 19 stocks hitting the daily limit up [4][10]

Core Viewpoint - The People's Bank of China reported that by the end of November, the social financing scale and M2 growth rates are significantly higher than the nominal GDP growth, indicating a moderately loose monetary policy that supports high-quality economic development [1][2]. Social Financing and Government Bonds - As of the end of November, the social financing scale reached 440.07 trillion yuan, with a year-on-year growth of 8.5%, which is 0.7 percentage points higher than the previous year [1]. - The cumulative increase in social financing for the first eleven months was 33.39 trillion yuan, exceeding the previous year's figure by 3.99 trillion yuan [1]. - The contribution of government bonds to social financing has notably increased, with new government debt totaling 11.86 trillion yuan this year, an increase of 2.9 trillion yuan from last year [1]. Direct Financing Channels - Other direct financing channels, such as corporate bonds and equity financing, are also developing rapidly, with corporate bond financing amounting to 2.24 trillion yuan, an increase of 3.125 billion yuan year-on-year [2]. - Non-financial corporate domestic stock financing reached 420.4 billion yuan, up 178.8 billion yuan compared to the same period last year [2]. Credit Structure Optimization - The balance of RMB loans stood at 271 trillion yuan at the end of November, with a year-on-year growth of 6.4%, slightly lower than the previous month [2][3]. - The growth rate of loans is influenced by various factors, including the substitution effect of diversified financing methods and the impact of local government debt [2][3]. - The balance of inclusive small and micro loans was 35.88 trillion yuan, growing by 11.4%, while medium to long-term loans in the manufacturing sector reached 14.94 trillion yuan, with a growth of 7.7% [3]. Interest Rates and Financial Support - The weighted average interest rate for newly issued corporate loans was approximately 3.1%, down about 30 basis points year-on-year [3]. - The low financing cost indicates that the financing needs of the real economy are being reasonably met, and the increase in credit allocation to key sectors reflects better alignment with high-quality economic development [4]. Overall Financial Stability - Financial data as of November indicates a reasonable level, with social financing scale, M2, and RMB loans all significantly above the nominal economic growth rate [4][5]. - Maintaining reasonable growth in financial totals is crucial for constructing a robust monetary policy framework, which should focus on optimizing the mechanisms for basic currency supply and enhancing the market-oriented interest rate system [5].

12月11日，渣打银行召开全球及中国经济展望线上媒体座谈会。渣打银行大中华区及北亚首席经济 学家丁爽指出，随着外部环境变化，中国的经济工作已经从短期的风险应对模式转换成长期的经济转型 模式，更加倾向于通过技术投资、产业升级培育新的经济增长点。 消费方面，服务消费预计保持平稳增长；商品消费受此前"以旧换新"政策带动的部分需求提前释放 影响，增速或出现小幅回落。 投资方面，2026年作为"十五五"规划开局之年，财政资金对基建投资的投入将有所增加；制造业投 资在政策引导下有望得到恢复；服务业投资受益于对内对外开放将持续深化；房地产投资或仍将负增 长。综合来看，投资对GDP的贡献有望小幅上升。 具体而言，财政政策方面，丁爽预计2026年赤字率将回落至3.8%，广义财政赤字占GDP比重将回 调至8.5%，中央和地方政府的一般债、专项债发行规模预计仍接近2025年水平。 "适度宽松的货币政策更多是配合财政政策，降息空间相对有限。"丁爽预计，2026年一季度将降准 25个基点；二季度将降息10个基点，更多发挥信号作用。同时，央行在二级市场买卖国债的操作将常态 化，以此保持流动性合理充裕。 在部署2026年重点任务时，中央经 ...

Core Viewpoint - The Central Economic Work Conference emphasizes the need to stabilize the real estate market, continuing previous policy directions, with a clear stance on stabilizing the housing market [2][4][12]. Real Estate Market - The conference highlights the importance of stabilizing the real estate market through targeted policies, including controlling new supply, reducing inventory, and improving supply quality [3][12]. - In the first ten months of this year, the national commercial housing sales area decreased by 6.8% year-on-year, a reduction from the previous year's decline of 12.9%, indicating a stabilization trend in the housing market [4][11]. - Policies aimed at optimizing both supply and demand are expected to further support the stabilization of the housing market [4][11]. Fiscal and Monetary Policy - The conference proposes to continue implementing more proactive fiscal policies, maintaining necessary fiscal deficits, total debt scale, and overall expenditure [4][12]. - A moderately loose monetary policy will be maintained, with expectations for further reductions in the Loan Prime Rate (LPR) to alleviate repayment pressures for homebuyers and support demand release [4][11]. - The policies will enhance counter-cyclical and cross-cyclical adjustments, promoting economic growth alongside real estate market stability [4][11]. Domestic Demand and Commercial Real Estate - The conference emphasizes expanding domestic demand, with expectations for continued growth in offline retail sales, benefiting commercial real estate companies with strong operational capabilities [5][14]. - Initiatives to boost consumer spending and improve income expectations for residents are anticipated to further release consumption potential [5][14]. - The focus on high-quality urban renewal and the construction of "good housing" is expected to create new opportunities in the real estate sector [3][12].

碳酸锂市场周报 瑞达期货研究院 「2025.12.12」 需求韧性库存去化，锂价或将有所支撑 研究员:陈思嘉 期货从业资格号 F03118799 期货投资咨询 从业证书号 Z0022803 取 更 多 资 讯 业务咨询 添加客服 关 注 我 们 获 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 行情回顾：碳酸锂主力周线震荡偏强，涨跌幅为+6.03%，振幅11.39%。截止本周主力合约收盘报价97720元/吨。 后市展望：宏观方面，中央经济工作会议在北京举行，定调明年经济工作，强调要继续实施更加积极的财政政策，保 持必要的财政赤字、债务总规模和支出总量，重视解决地方财政困难。要继续实施适度宽松的货币政策，灵活高效运 用降准降息等多种政策工具。基本面原料端，由于碳酸锂盘面走强，拉动矿价上行，海外矿山挺价持续，冶炼厂亦有 一定采购需求，故矿价支撑较稳固。供给端，由于锂价较优，冶炼厂利润情况向好，生产积极性较高，加之新增产线 的逐渐投产，锂盐厂生产保持稳定增长。需求端，下游电芯厂订单排产仍处高位，虽传统消费旺季已过，但动力以及 储能行业的供需两旺，令碳酸锂需求保持较强韧性，产业链持续去库存， ...