12月31日消息，港股2025年最后半个交易日，三大指数低开低走，截至收盘，恒生指数跌0.96%，报 25606.37点，恒生科技指数跌1.24%，国企指数跌0.95%。今日港股盘面上，科网股跌多涨少，百度涨超 1%，网易跌超3%，京东、美团、阿里巴巴、快手跌超1%；汽车股高开低走，零跑汽车跌超2%；半导 体板块回调，中芯国际跌超1%；航空股涨幅居前，南方航空涨超4%；影视股活跃，大麦娱乐涨超5%。 | 初始 代码 | | 名称 | . | 最新 | 涨幅% ↓ | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | --- | | 1 | HSCEI | 恒生国企指数 | | 8905.74 | -0.95 | 22.17 | | 2 | મંદા | 恒生指数 | 1 | 25606.37 | -0.96 | 27.65 | | 3 | HSTECH | 恒生科技指数 | | 5509.26 | -1.24 | 23.30 | 从年线看，恒指全年涨27.65%，恒生科技指数全年涨23.30%，国企指数涨22.17%。年内黄金及有色金 属板块涨幅亮眼，珠峰黄金全年 ...

Core Viewpoint - The Hong Kong consumer sector experienced a decline, with the Hong Kong Consumer ETF (513230) showing a nearly 1% pullback, indicating market volatility and investor sentiment shifts [1] Group 1: Market Performance - The consumer stocks such as Mao Ge Ping, Mixue Group, Lao Pu Gold, Blukoo, and Pop Mart saw significant declines, while stocks like Conant Optical, Aux Electric, and Taobo showed gains [1] - The overall performance of the consumer sector reflects broader market trends and investor reactions to economic policies [1] Group 2: Economic Policy Insights - The National Financial Work Conference emphasized the continuation of a more proactive fiscal policy in 2026, focusing on domestic demand and consumer spending [1] - Key initiatives include boosting consumption through special actions, increasing effective investment, and advancing the construction of a unified national market [1] - The National Development and Reform Commission and the Ministry of Finance issued a notice regarding the implementation of large-scale equipment updates and consumer goods replacement policies for 2026, outlining support areas and subsidy standards [1] Group 3: Investment Outlook - Guojin Securities noted that the central economic work meeting prioritizes "expanding domestic demand," which may revitalize the long-dormant consumer sector and attract investor interest [1] - The anticipated increase in household income and the return of capital flows, along with rising inbound tourism, are expected to contribute to a recovery in Chinese consumption [1]

Core Viewpoint - The article emphasizes the coordinated approach of fiscal and monetary policies in 2025, aiming to stabilize growth, expand domestic demand, and promote innovation amidst complex domestic and international changes [1][2]. Fiscal and Monetary Policies - Fiscal policy has shifted from "active" to "more active," with a deficit rate reaching approximately 4%, an increase of 1 percentage point from the previous year, and the issuance of 1.3 trillion yuan in ultra-long-term special government bonds and 4.4 trillion yuan in local government special bonds [2]. - Monetary policy has transitioned to a "moderately loose" stance for the first time in over a decade, including one reserve requirement ratio cut and interest rate reduction, alongside various tools to promote reasonable growth in financial totals [2]. - In the first eleven months, the total social financing scale increased by 33.39 trillion yuan, which is 3.99 trillion yuan more than the same period last year [2]. Debt Market Coordination - The coordination in the debt market is highlighted by a significant increase in net financing of various government bonds, supported by the central bank's liquidity injections, including a net liquidity provision of 4.9 trillion yuan, which is 4.2 trillion yuan more than last year [3]. - The central bank resumed open market operations for government bonds in October, indicating a stable liquidity environment [3]. Consumption Policies - Expanding domestic demand is a top priority for 2025, with various policies introduced throughout the year to enhance consumer capacity and stimulate consumption [4]. - Fiscal policies have included special funds and structural tax reductions, while financial policies have focused on lowering financing costs and supporting consumer credit [4]. - The combination of "subsidy + credit" has effectively amplified policy effects, with 300 billion yuan allocated for subsidies to support the replacement of consumer goods [5][6]. Industrial and Financial Integration - There is a strengthened coordination between industrial and financial policies, focusing on strategic emerging industries and promoting the integration of innovation and industrial chains [7]. - Policies have been introduced to support the financing needs of technology-driven enterprises, with the bond market for technology innovation reaching over 1.8 trillion yuan by the end of 2025 [7]. - The coordinated policies have enabled a systematic approach to technological innovation, supporting the entire chain from research and development to industrialization [8].

Economic Development - The city is focused on high-quality development and accelerating the construction of the "Five Centers" while ensuring stable growth, transformation promotion, and risk prevention [1] - The government aims to enhance consumer spending and implement special actions to boost consumption, alongside increasing the supply of quality goods and services [1] - There is a commitment to maintain reasonable growth in investment, combining investments in physical assets and human resources to improve investment efficiency [1] Infrastructure and Urban Development - The city plans to advance the construction of a modern infrastructure system, enhancing safety and resilience to better support development and address shortcomings [2] - High-quality urban renewal actions will be undertaken, including the transformation of old buildings and villages, to improve urban living conditions [2] - Efforts will be made to create a harmonious environment between humans and nature, focusing on environmental protection and beautification initiatives [2] Employment and Social Services - The government is dedicated to promoting high-quality and sufficient employment while addressing structural employment issues through education and training [2] - There is a focus on optimizing services for the elderly and children, aiming to build an age-friendly society and a child-friendly city [2] Planning and Governance - The city is preparing for the "14th Five-Year Plan" conclusion and the "15th Five-Year Plan" initiation, emphasizing the importance of unified thought and consensus among the municipal government and the People's Congress [3] - The government is committed to deepening high-level reform and opening up, as well as fostering new productive forces [3]

每日经济新闻消息，12月30日盘后，发展改革委、财政部公布2026年"国补"政策：AR眼镜等智能产品纳入 补贴范围；智能家居明确包含"适老化家居"；延续支持汽车报废更新、汽车置换更新，补贴方式由"定 额"改为"按比例"，新能源车报废更新补贴车价的12%（上限2万），燃油车报废更新补贴车价的8%（上限 1.5万），新能源车置换更新补贴车价的8%（上限1.5万），燃油车置换更新补贴车价的6%（上限1.3 万）。 与其他消费指数集中在"吃喝"有所不同，可选消费ETF主要覆盖汽车（46%）、家电（34%）、商贸零售 （6%）等与服务消费、统一大市场密切相关的细分行业，前十大权重股包括美的集团、比亚迪、格力电 器、福耀玻璃、海尔智家、赛力斯、三花智控、中国中免、上汽集团、长安汽车。 | 产品大类 | 2025年补贴标准(旧政策) | 2026年补贴标准(新政策) | 主要变化点 | | --- | --- | --- | --- | | 家电类 | 8类家电:1级能效20%,2级 | 6类家电:仅限1级能效:比 | 补贴强度下降(比例 及上限均下调),品 | | | 15%;单件上限 2000元 | 例 15%;单件上 ...

凤凰网财经讯 12月31日，三大股指集体高开，沪指涨0.09%，深成指涨0.17%，创业板指涨0.15%。先进 封装、存储器、消费电子、光伏题材走强，稳定币、商业航天、能源金属概念股走弱。北交所新股N蘅 东光上市涨逾1000%。 | | | | | 沪深京重要指数 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 * * ● | 咸新 | 张幅% | | 涨跌 涨跌家数 | | 用 | 现手 金额 | | 上证指数 | 3968.73 | 0.09 | 3.62 | 1047/784 | 0.03 | 350万 | 350万 62.61 7. | | 深证成指 | 13627.26 | 0.17 | 23.19 | 1542/867 | -0.01 | 808万 | 808万 119.18亿 | | 北证50 | 1449.56 | -0.07 | -1.08 | 149/87 | -0.15 | 17.5万 | 7.70 Z 17.5万 | | 创业板指 | 3247.74 | 0.15 | 4.84 | 760/445 | 0.0 ...

Core Viewpoint - The article emphasizes China's significant advancements in various sectors, particularly in technology and global governance, as it transitions into a new phase of development in 2026, marking the beginning of the 15th Five-Year Plan [1][2]. Group 1: Economic and Technological Advancements - In 2025, China transitioned from a phase of "technological catch-up" to "running alongside and leading" in artificial intelligence, showcasing breakthroughs in large models and a strong presence in the AI open-source ecosystem [1]. - The country has made strides in domestic AI chip production, breaking free from supply chain constraints, and is actively participating in a new global technological and industrial revolution [1]. - China's global governance initiatives, including the global development, security, and civilization initiatives, reflect its commitment to enhancing its role in international governance and providing stability in global trade [2]. Group 2: Strategic Economic Policies - The 20th Central Committee highlighted the need for China to navigate a complex development environment, balancing opportunities and risks during the 15th Five-Year Plan period [3]. - The Central Economic Work Conference emphasized the importance of internal economic stability and structural reforms to address external challenges, focusing on the conversion of new and old growth drivers [4][5]. - A dual approach of policy support and reform innovation is necessary to stabilize the economy and promote growth, with a focus on enhancing domestic demand and creating a robust domestic market [5]. Group 3: Social and Human Development - The article advocates for a shift in development philosophy from GDP-centric growth to a focus on national income and overall human well-being, emphasizing the importance of investing in people [6]. - The goal is to ensure that the benefits of economic growth are shared broadly, enhancing the quality of life and dignity of individuals [6][7]. - The government is encouraged to create an environment that aligns national strategies with individual welfare, fostering a system that promotes both management and empowerment [7].

与其他消费指数集中在"吃喝"有所不同，可选消费ETF主要覆盖汽车（46%）、家电（34%）、商贸零售（6%）等与服务消费、统一大市场密切相关的细分 行业，前十大权重股包括美的集团、比亚迪、格力电器、福耀玻璃、海尔智家、赛力斯、三花智控、中国中免、上汽集团、长安汽车。 | 产品大类 | 2025年补贴标准 (旧政策) | | --- | --- | | 家电类 | 8类家电;1级能效20%,2级 15%;单件上限 2000元 | | 数码及智能产 | 手机、平板、手表手环（3 | | 品 | 类）；15%补贴，上限500元 | | 汽车报废更新 | 定额补贴：新能源2万元，燃 | | | 油车1.5万元 | | 汽车置换更新 | 定额上限: 新能源1.5万,燃 | | | 油1.3万 (各地标准略异) | | 智能家居 | 地方自主制定 | 12月30日盘后，发改委、财政部公布2026年"国补"政策：AR眼镜等智能产品最新纳入补贴范围；智能家居明确包含"适老化家居"；延续支持汽车报废更 新、汽车置换更新，补贴方式由"定额"改为"按比例"，新能源车报废更新补贴车价的12%（上限2万），燃油车报废更新补贴车价的8% ...

Group 1 - Dalian City aims to implement provincial requirements and become a leader in the revitalization of Liaoning and Northeast China, with a clear economic work plan for the upcoming year [1] - The city will focus on expanding domestic demand and promoting a positive interaction between consumption and investment, with initiatives in various sectors including automotive, home appliances, and tourism [1] - Dalian plans to accelerate the progress of major projects, including the construction of the Jinzhou Bay International Airport and the Changhai Cross-Sea Bridge, with a total investment of 1.16 trillion yuan across 1,348 projects [1] Group 2 - The city emphasizes innovation-driven development and aims to build a modern industrial system, focusing on five leading industries and three major industrial clusters [2] - Dalian is committed to improving the business environment and implementing reforms in key sectors, with a goal of becoming a benchmark city for a favorable business climate [2] - The city seeks to enhance its openness and connectivity, promoting the development of logistics, renewable energy, and international healthcare, while also hosting significant international events [2] Group 3 - Dalian prioritizes social welfare and aims to ensure that development benefits the local population, addressing concerns related to employment, education, and healthcare [3] - The city is working towards a harmonious integration of urban and rural development, enhancing the quality of life for its residents [3]

善于识变应变求变，于变局中稳大局、开新局，是我们党领导人民战胜一切风险挑战、牢牢把握战略主 动的重要方法。 2026年我们将迎来"十五五"开局之年。党的二十届四中全会深刻把握世界大势和时代潮流，就"十五 五"时期我国发展面临的环境作出重大判断，对事关全局的战略任务进行顶层设计和战略擘画。全会审 议通过的"十五五"规划建议，事关我国未来5年发展的新蓝图，是以习近平同志为核心的党中央发扬历 史主动精神的重要体现，是我们党准确识变、科学应变、主动求变的实践成果，为我们掌握主动、赢得 未来提供了重要遵循。 确保"十五五"开好局、起好步，一个重要方面就是增强识变应变求变的自觉和本领，以历史主动精神克 难关、战风险、迎挑战，奋力开创中国式现代化建设新局面。 （一） 正确判断形势是科学决策的重要前提。 保持战略清醒，面对前进道路上必然会遇到的风险挑战、矛盾问题，始终做到胸中有数，正是我们掌握 历史主动的重要基础。 习近平总书记指出，"正确认识党和人民事业所处的历史方位和发展阶段，是我们党明确阶段性中心任 务、制定路线方针政策的根本依据"。 从直面"三期叠加"的复杂局面，作出我国经济发展进入新常态的判断，到把握结构失衡、环境 ...