本报记者 王 珂 齐志明 韩 鑫 金沙江上游，叶巴滩水电站是我国在建海拔最高的双曲拱坝电站。 柴更利摄(影像中国) 位于江苏扬州市的江都高新技术产业开发区，工人在制造重工设备。 任 飞摄(影像中国) 浙江杭州市临安区清凉峰镇大明山万松岭滑雪场迎来客流小高峰。 胡建强摄(影像中国) 数据来源：国家统计局等 中央经济工作会议着眼于确保"十五五"开好局、起好步，确定了2026年经济工作要抓好的8项重点任 务，其中，"坚持内需主导，建设强大国内市场"排在首位。 "十四五"时期，我国持续发力扩大内需，着力畅通供需循环，取得显著成效。新的一年，"两新"政 策"两重"项目优化实施，2026年第一批625亿元超长期特别国债支持消费品以旧换新资金计划、2026年 提前批"两重"建设项目清单和中央预算内投资计划已下达。做好2026年经济工作，要加快构建完整内需 体系，以新需求引领新供给、以新供给创造新需求，促进消费和投资、供给和需求良性互动，增强国内 大循环内生动力和可靠性。 内需成为拉动经济增长的主动力和稳定锚 第二十七届哈尔滨冰雪大世界于2025年12月17日开园，迎接八方来客。从北方城市到各地，从冬季到四 季，冰雪经济热度 ...

Group 1 - The core focus of the Central Economic Work Conference is to ensure a strong start for the "14th Five-Year Plan" by emphasizing the importance of domestic demand and building a robust domestic market [1] - In 2026, the government plans to implement eight key tasks, with the first being to "insist on domestic demand as the main driver and build a strong domestic market" [1] - The "Two New" policies and "Two Heavy" projects will be optimized for implementation, with a first batch of 625 billion yuan in special bonds allocated to support consumption [1] Group 2 - The ice and snow economy is becoming a significant driver of consumption and domestic demand, with outdoor skiing searches increasing over threefold since December 2025 [2] - The "old for new" consumption policy has led to a 20% increase in Haier's appliance sales, with home air conditioning sales rising over 50% [2] - In 2025, the sales of goods related to the "old for new" policy exceeded 2.6 trillion yuan, benefiting over 360 million people [2] Group 3 - Investment in equipment and tools has seen a rapid increase, with a 12.2% year-on-year growth in equipment purchases from January to November 2025 [3] - Key sectors such as electricity and internet services have experienced significant investment growth, with electricity production and supply up by 12.5% and internet services by 20.7% [3] - The domestic demand scale is continuously expanding, enhancing its support for economic growth [3] Group 4 - There is still substantial potential and space for expanding domestic demand, despite facing some challenges [4] - Digital technology and AI are driving new business models and consumption patterns, with immersive and experiential consumption scenarios emerging [6] Group 5 - Effective investment opportunities remain vast, with significant funding directed towards technology upgrades and modernization in various sectors [7] - Traditional industries are undergoing transformation, creating a strong demand for equipment renewal and technological advancements [7] Group 6 - The strategy to expand domestic demand must prioritize boosting consumption, with a focus on enhancing the supply of quality consumer goods and services [9] - The government is expected to maintain high levels of fixed asset investment, projected to exceed 3.6 trillion yuan in 2025 [10] - The government aims to stimulate private investment and create a stable and transparent environment for private enterprises to participate in major projects [10] Group 7 - The overarching goal is to convert China's large-scale market advantages into competitive strengths, laying a solid foundation for national rejuvenation and modernization [11]

"十五五"规划建议点击 "以新需求引领新供给，以新供给创造新需求，促进消费和投资、供给和需求良性互动，增强国内 大循环内生动力和可靠性" ●只有促进供给和需求良性互动，实现供需动态平衡，才能为构建新发展格局、推动高质量发展 提供扎实基础 促进供需良性互动具有必要性 ●通过新需求引领新供给和新供给创造新需求的动态循环，实现供需更高水平的平衡 ●构建供需良性互动实践路径：坚持投资于物和投资于人紧密结合，筑牢供需良性互动根基；提 振消费，激活内需增长潜力；打通循环堵点，完善供需对接保障机制；强化城乡区域协调发展， 拓展供需良性互动空间维度 习近平总书记强调："供给和需求是市场经济内在关系的两个基本方面，是既对立又统一的辩证关 系。"只有促进供给和需求良性互动，实现供需动态平衡，才能为构建新发展格局、推动高质量发 展提供扎实基础。 □吴文 当前，中国经济的发展重点是从"有没有"转向"好不好"，旧供给难以匹配新需求，我们必须以需 求牵引供给变革。与此同时，外部环境更趋复杂严峻，单边主义、保护主义抬头，霸权主义和强 权政治威胁上升，国际经济贸易秩序遇到严峻挑战，过度依赖外部循环必然存在更大的风险，我 们必须强化内循环，通 ...

Group 1: Expansion of Domestic Demand - The key focus for 2026 is to expand domestic demand to facilitate economic recovery, with measures including boosting consumer spending and stabilizing investment [2] - The national fiscal work conference emphasizes significant efforts to enhance consumption through various initiatives, including optimizing personal consumption loan policies and supporting new consumption models [2] - The introduction of the "Two New" policy aims to optimize support scope, subsidy standards, and implementation mechanisms, with smart glasses included in the subsidy range for the first time [2] Group 2: Promotion of High-Quality Industrial Development - The emphasis is on intelligent, green, and integrated development to enhance industrial quality, with actions to improve industrial chain resilience and safety [3] - The focus includes nurturing emerging industries and future industries, with significant investments expected in artificial intelligence as a key driver for manufacturing investment in 2026 [3] - The energy work conference aims to increase the share of renewable energy, with plans to add over 20 million kilowatts of wind and solar power capacity [3][4] Group 3: Nationwide Unified Market Construction - The strategy includes addressing "involution" in competition, with measures to curb low-quality competition and promote fair competition [5] - The approach to "involution" will differ from previous supply-side reforms, focusing on high-quality optimization and using market-oriented methods to stabilize prices [6] - The development of a unified national market is seen as crucial, balancing effective market mechanisms with proactive government involvement [6] Group 4: Stabilization of the Real Estate Market - The central economic work conference emphasizes stabilizing the real estate market, with specific strategies for controlling supply and optimizing housing quality [7] - The People's Bank of China is monitoring the real estate market closely, with plans to enhance financial management and support for affordable housing [7] - Recent policy adjustments in Beijing signal the start of a new cycle of policy optimization, potentially influencing other major cities to follow suit [8]

登录新浪财经APP 搜索【信披】查看更多考评等级 （来源：内蒙古日报） 转自：内蒙古日报 统筹稳就业、增收入、强保障、促消费，有助于构建从改善民生到激活经济内生动力的完整链条。促进 就业是保障居民收入增长的重要源头，只有居民收入实现稳定增长，才能进一步增强其消费意愿和消费 能力。此外，提升公共服务水平，消除居民消费的后顾之忧，同样能够增强城乡居民的消费能力。我们 要坚持以人民为中心的发展思想，不断加大投资于人的力度，形成惠民生、促消费、强经济的良性循 环。 持续推进就业促进行动，聚焦重点领域、关键行业及中小微企业等就业核心载体，实施有针对性的就业 支持计划，构建多层次、全覆盖的就业帮扶体系；开展职业技能培训，健全以就业为导向的培训机制， 优化培训补贴标准动态调整模式，规范申领流程与监管机制，确保培训资源与市场就业需求精准对接， 充分发挥培训在提升劳动力素质和就业竞争力中的支撑作用。 完善劳动者工资增长机制。以劳动力市场供求关系、地区经济发展水平、物价变动指数及劳动生产率提 升幅度等为核心锚点，构建科学动态的工资增长核算体系，确保劳动者薪酬水平与经济社会发展成果同 步增长；基于区域发展均衡性目标与基本民生保障底 ...

近日，商务部消费促进司负责人就《关于提质增效实施2026年消费品以旧换新政策的通知》(以下简称 《通知》)进行解读。 该负责人表示，2026年继续实施汽车、家电、手机等数码产品等传统领域补贴政策，在保持政策总体延 续稳定基础上，适当优化补贴品类和标准。同时，将补贴范围扩大至智能终端等新兴领域，培育壮大消 费新动能，带动新技术、新装备、新产业（300832）发展。 《每日经济新闻》记者梳理发现，近期，多部门密集出台促消费政策文件。国家发展改革委、财政部发 布《关于2026年实施大规模设备更新和消费品以旧换新政策的通知》；商务部等七部门印发《关于提质 增效实施2026年消费品以旧换新政策的通知》等。 商务部国际贸易经济合作研究院学术委员会副主任张建平接受《每日经济新闻》记者电话采访时表示， 消费品以旧换新政策从前两年一直延续至今，实践证明是有效的，各部门在实施过程中积累了丰富的经 验。"2026年继续实施消费品以旧换新政策，是在贯彻落实扩大内需国家战略。" 补贴范围扩至智能终端等 根据《关于做好2026年家电以旧换新、数码和智能产品购新补贴工作的通知》，2026年1月1日起，按照 全国统一的品类和标准，对个人消费 ...

证券研究报告|宏观研究报告 [Table_Date] 2026 年 1 月 4 日 [Table_Title] 2026 资金面， "低波"或是常态 [Table_Title2] 2026 年投资展望系列之十一 [Table_Summary] ► 2025 年，资金面"波"平浪静 2025 年，适度宽松的主基调下，资金面整体延续平稳，节奏上 呈现"先紧后松"的特征。整体可以分为两个阶段，阶段一：长端利率 快速下行，央行重提货币总闸门，通过暂停国债买卖操作，维持谨慎 投放，引导资金面整体维持紧平衡状态。阶段二：利率回归合理区 间，央行政策态度转为"适度宽松"。资金利率回归低位运行状态，绝 对水平逐步向政策利率（OMO）附近收敛，利率波幅也逐步收窄。 ► 资金低波的背后，货币框架之变革 资金波动整体收敛的背后，一方面是利率传导体系的转变。央行 通过调整利率走廊，引导短期利率运行区间逐步收窄。同时，将 OMO 利率确立为核心政策利率，强化其锚定作用。至此，我国利率 体系传导，逐渐从以MLF 为中枢的传导机制"MLF→LPR/DR→市场利 率"，转向"7 天逆回购利率→DR→市场利率"的新路径。 另一方面，是资金投放 ...

Core Viewpoint - The "Shared Plan" Changsha-Zhuzhou-Xiangtan Good Goods Shopping Fair aims to showcase high-quality industrial consumer goods from the Changsha-Zhuzhou-Xiangtan region, providing a one-stop shopping platform and promoting local industrial collaboration [1][3]. Group 1: Event Overview - The event will take place from January 16 to 18 at the Red Star International Exhibition Center in Changsha, featuring a theme of "'Crafting Quality Products for All" [1]. - The fair is organized by multiple local government bodies, including the Changsha Municipal Bureau of Industry and Information Technology, and will cover an exhibition area of approximately 10,000 square meters [3]. - At least 180 enterprises from Changsha will participate, alongside quality consumer goods companies from Zhuzhou and Xiangtan, showcasing a diverse range of products including food, light industry, textiles, home goods, and biomedicine [3]. Group 2: Marketing and Promotion - The event will include a series of promotional activities titled "Tracing Changsha-Zhuzhou-Xiangtan Good Goods," featuring online and offline interactions such as "I Support Changsha-Zhuzhou-Xiangtan Good Goods," "Factory Tours," and "Live Shopping Events" [3]. - The goal is to highlight local industrial excellence and create a unique experience for each area while promoting collaboration among the three cities [3]. Group 3: Business Opportunities - The fair will invite various stakeholders, including trade unions, supermarkets, and e-commerce platforms, to participate in supply-demand matching meetings and on-site signing events, providing practical platforms for market expansion [5]. - Local citizens will have the opportunity to experience and purchase products on-site or participate online through live streaming, ensuring a comprehensive and immersive shopping experience [5]. - The event is positioned as a key initiative to implement the integrated development strategy of the Changsha-Zhuzhou-Xiangtan area, aiming to enhance regional industrial collaboration and boost consumer confidence [5].

FICC月报 | 2026-01-04 股指有望迎来开门红 市场分析 制造业景气度回暖。宏观方面，11月经济数据显示整体经济有所放缓，供给端整体平稳，十月节假日后生产已恢 复正常。需求端面临一定压力，内需方面尤其是商品零售端亟待提振，尽管双十一活动对消费有一定拉动，但受 前期消费国补政策退潮影响，整体拉动效果有限，消费表现偏弱，而外需边际改善带来一定支撑。随着新一年国 补政策回归，预计其对内需的拉动效果将逐步显现。投资端拖累明显，尤其是地产投资压力较大，不过高端制造 领域投资增长起到一定支撑作用。金融数据方面，11月金融总量增速与上月持平，但M1、M2增速均呈下行态势， M1-M2剪刀差连续两个月下降，这种金融数据走弱将直接作用于流动性驱动型市场，引发权益市场波动。整体来 看，11月经济亮点有限，但12月制造业景气度超预期回升至荣枯线上方，释放出边际好转信号。政策方面，2026 年作为"十五五"规划开局之年，对"开门红"诉求比常规年份更强烈，大概率将迎来增量政策，可能包括财政政策前 置发力、货币政策边际宽松等方向。 增量资金回暖。盈利层面，企业端利润有所反复，11月整体承压，但呈现明显结构性分化特征，其中高端 ...

Group 1 - The new policy aims to better serve the improvement of people's livelihoods and urban development while addressing production and living needs [3] - The policy has shown significant enhancements in precision, particularly by including smart glasses in the list of supported digital consumer products, alongside existing items like smartphones and tablets [3] - The optimization of the vehicle trade-in subsidy is expected to amplify the policy's support effects, reflecting a comprehensive understanding of domestic supply and demand [3] Group 2 - The combination of these policies is closely related to the expansion of domestic demand, with expectations for positive outcomes from the policy measures [3]