1月20日，自然资源部和住房城乡建设部发布关于进一步支持城市更新行动若干措施的通知。其中提 到，利用存量土地、房产资源发展国家支持产业、行业的，可享受一定年期内不改变用地主体和规划条 件的过渡期政策，过渡期原则上不超过5年。对老旧住房自主更新项目，可采用直接按户首次登记等方 式提供不动产登记服务。 上海发布《加强期现联动提升有色金属大宗商品能级行动方案》，加强市场之间的联动发展，合力提高 上海有色金属大宗商品的资源配置能力和全球定价影响力，助力上海"五个中心"建设。据上海市委金融 办介绍，《行动方案》主要包括三部分内容18项措施。 海外要闻： 宏观要闻： 1月20日，财政部副部长廖岷在国新办新闻发布会上表示，2026年，财政部门将继续实施更加积极的财 政政策，概括起来就是"总量增加、结构更优、效益更好、动能更强"。2026年财政赤字、债务总规模和 支出总量将保持必要水平，确保总体支出力度"只增不减"、重点领域保障"只强不弱"。 财政部发布通知，将个人消费贷款财政贴息政策实施期限延长至2026年底，政策到期后，将根据实施效 果视情研究延长政策期限等。此外，在20日上午举行的国新办新闻发布会上，国家发改委有关负责 ...

当前，我国经济面临"供强需弱"的问题，亟需通过扩大内需、优化供给，推动供需在更高水平 上实现动态平衡与良性循环，加快形成更多依靠内需主导、消费拉动、内生增长的经济发展模 式。 构建新发展模式是一项系统性工程和长期任务，也是谋划制定2026—2030年扩大内需战略实 施方案的重要目标。落实这一任务，首先需要从战略层面将宏观政策的着力点放在做强国内大 循环上，全面扩大国内需求，同时把发展经济的着力点放在实体经济上，加快构建现代化产业 体系。通过以新需求牵引新供给、以新供给创造新需求，促进消费与投资、供给与需求之间形 成良性互动，不断增强国内大循环的内生动力和可靠性。 在供需衔接方面，需进一步完善市场经济体制，纵深推进全国统一大市场建设，促进要素自由 流动，充分激发市场活力，形成公平竞争、优胜劣汰的市场环境。当前，除了深化要素改革， 在新旧动能转换的关键阶段，需重点治理"内卷式"竞争，推动竞争方式从"拼价格"向"优价 值"转变。同时，完善市场准入、公平竞争、产能退出等机制，加强产能调控，化解供大于求 的阶段性问题。 1月20日，国新办举行新闻发布会。国家发展改革委有关负责人在会上表示，我国将研究制定 并出台2026 ...

Economic Growth and Development - China's GDP has surpassed 140 trillion yuan for the first time, and the total retail sales of consumer goods have exceeded 50 trillion yuan, marking a successful conclusion to the "14th Five-Year Plan" [4] - The 2025 Central Economic Work Conference has outlined measures to boost consumption, including the implementation of special actions to stimulate consumption and expand the supply of quality goods and services [10] Consumer Market Activation - Various regions are actively exploring consumer opportunities, such as Harbin's introduction of ten ice and snow tourism routes to enhance winter tourism [8] - The implementation of a new round of "national subsidies" for consumer goods, including automobiles and home appliances, aims to stimulate demand [12] Investment and Infrastructure Development - Effective investment is highlighted as a key strategy for expanding domestic demand, with significant projects underway across various provinces, including modern irrigation systems and high-tech industries [12][13] - Major projects like the Jiangsu nuclear power plant and the Mengxi-Beijing-Tianjin-Hebei ultra-high voltage direct current transmission project are progressing, supporting stable investment and high-quality development [13][21] Innovation and Reform - The emphasis on innovation-driven development is evident, with regions like Anhui and Shenzhen implementing financial tools and action plans to support technological innovation and industry integration [18][21] - Local governments are optimizing the business environment through various measures, such as Jiangsu's 90 initiatives to promote fair competition and eliminate entry barriers [17] Employment and Social Welfare - Employment services are being enhanced through digital platforms, providing job seekers with better access to opportunities and training [24] - Initiatives to improve living standards include the distribution of childcare subsidies in Changsha, benefiting over 168,700 people with a total of 542 million yuan [26][28]

Group 1 - Trump stated that his goal to control Greenland "will never change" and did not rule out the possibility of using force to acquire it [2] - Akademiker Pension, a Danish pension fund, plans to sell all of its US Treasury holdings, totaling approximately $100 million, due to concerns over the US government's financial situation [2] - The US stock market experienced a significant decline, with the Dow Jones falling by 1.76%, the Nasdaq by 2.39%, and the S&P 500 by 2.06% [3][5] Group 2 - The yield on the 10-year US Treasury rose by 6.76 basis points to 4.2906%, while the 30-year yield increased by 7.92 basis points to 4.9158%, reaching a high not seen since early September [4] - The dollar index fell by over 0.7%, reaching a low of 98.25 during trading [4] - The US Supreme Court has not yet ruled on the legality of Trump's tariff policy, with further discussions expected after February 20 [8] Group 3 - Microsoft CEO Nadella emphasized that energy costs will determine which countries succeed in the AI race, warning that if AI benefits only a few, it could lead to a speculative bubble [9] - OpenAI signed a three-year partnership with ServiceNow to integrate its AI models into commercial software, aiming to enhance enterprise workflows [14] - Samsung Electronics and SK Hynix are expected to reduce NAND flash wafer production in 2026, with Samsung planning to produce 4.68 million wafers and SK Hynix 1.7 million wafers, both lower than their 2025 targets [13]

Core Viewpoint - The Chinese government is implementing a series of policies aimed at stimulating domestic consumption and investment in 2026, marking the beginning of the "14th Five-Year Plan" period, with a focus on high-tech industries and expanding domestic demand [1][2]. Policy Initiatives - The National Development and Reform Commission (NDRC) and the Ministry of Finance have outlined key policy directions for 2026, including promoting consumption, stabilizing investment, and nurturing emerging industries [1]. - A comprehensive package of policies was released by the Ministry of Finance, which includes optimizing personal consumption loan interest subsidies, implementing special guarantees for private investment, and enhancing support for small and micro enterprises [2][7]. Consumption Promotion - A significant focus for 2026 is to boost consumer spending, with an emphasis on short-term consumption policies and long-term reforms aimed at increasing residents' income [2][3]. - The government has allocated 625 billion yuan to support a "trade-in" program for consumer goods, which has already been initiated in several provinces [2]. - The personal consumption loan interest subsidy policy has been optimized to include a 1% subsidy for loans used for consumption, including credit card installment payments [3][4]. Investment Support - The government aims to stabilize and increase fixed asset investment, which saw a decline in 2025, with a target to reverse this trend in 2026 [7]. - The package includes policies specifically designed to support private investment, such as interest subsidies for loans to small and micro enterprises and a special guarantee plan for private investments [8][9]. High-Tech Industry Focus - There is a strong emphasis on fostering investment in high-tech industries, with plans to launch significant projects during the "14th Five-Year Plan" period [10][11]. - The National Venture Capital Guiding Fund has been established with an initial capital of 100 billion yuan to attract social capital for investment in high-tech sectors [10]. Economic Growth and Employment - The government recognizes that consumer spending is closely linked to employment and income stability, and is working on plans to enhance job security and increase disposable income for residents [6]. - The implementation of structural reforms and policy support is aimed at improving market expectations and boosting consumer confidence [6].

数据来源：国家发展改革委 制图：蔡华伟 1月20日，国务院新闻办举行新闻发布会，邀请国家发展改革委有关负责同志围绕"落实中央经济工作会 议精神，推动'十五五'实现良好开局"介绍有关情况。 惠民生和促消费紧密结合。有关方面正研究制定稳岗扩容提质行动和城乡居民增收计划，增强居民消费 能力、优化消费供给。今年，消费品以旧换新政策还将继续实施，首批600多亿元资金计划已经下达。 提振消费专项行动还将深入实施，打造一批带动面广、显示度高的消费新场景。 "投资于物"和"投资于人"紧密结合。将用好各类政府投资资金，优化政府投资结构，提高民生类项目政 府投资比重，促进需求提升。继续发行使用新型政策性金融工具，带动更多民间投资和社会资本。 加快打造形成全球科技创新高地和新兴产业重要策源地 1月19日，2025年中国经济成绩单发布。"成绩来之不易，彰显我国经济基础稳、优势多、韧性强、潜能 大的特征。"国家发展改革委国民经济综合司司长周陈认为，展望2026年，经济结构将持续向优、发展 动能持续向新、整体发展态势持续向好。 新技术新产品新场景蔚然成势。新能源、新材料、航空航天、量子科技、生物制造、具身智能等新的经 济增长点蓄势待发， ...

Core Viewpoint - The Chinese government is implementing a series of policies aimed at stimulating consumption, stabilizing investment, and fostering emerging industries as part of the 2026 economic strategy, marking the beginning of the "14th Five-Year Plan" [1][13]. Policy Directions - The National Development and Reform Commission (NDRC) is planning to advance significant high-tech projects and develop a strategy for expanding domestic demand from 2026 to 2030 [1][13]. - The focus is on enhancing domestic circulation and adapting to the trends of demand upgrades, alongside the needs of a new round of technological revolution and industrial transformation [1][13]. Financial Measures - The Ministry of Finance has introduced a comprehensive set of policies, including optimizing personal consumption loan subsidies, equipment update loan subsidies, and special guarantees for private investment [1][14]. - A key emphasis is on stimulating private investment and promoting consumer spending, particularly in the first quarter when credit volume is typically higher [2][14]. Consumer Support Initiatives - The government is continuing to promote consumption through policies such as the "trade-in" program for consumer goods, with an initial allocation of 625 billion yuan for 2026 [3][15]. - A unified subsidy standard for various consumer goods, including automobiles and home appliances, will be implemented nationwide [3][15]. Loan Subsidy Enhancements - The personal consumption loan subsidy policy allows residents to receive a 1% subsidy on loans used for consumption, including credit card installment payments [5][17]. - The maximum loan amount for businesses eligible for subsidies has been increased from 1 million yuan to 10 million yuan, with a 1% subsidy for one year [6][18]. Investment in Emerging Industries - The government is focusing on releasing investment demand in high-tech industries and accelerating the cultivation of new growth drivers [11][23]. - The National Venture Capital Guiding Fund has been established with an initial investment of 100 billion yuan, aiming to attract over a trillion yuan in total investment [11][23]. Support for Small and Medium Enterprises - New policies are being introduced to support small and medium-sized enterprises (SMEs), including loan interest subsidies for key industries such as new energy vehicles and medical equipment [9][21]. - The maximum loan amount eligible for subsidies for SMEs is set at 50 million yuan, with a subsidy rate of 1.5% for up to two years [9][21]. Structural Reforms - The government is also working on a plan to increase residents' income and stabilize employment, which is crucial for boosting consumption [7][19]. - Structural reforms will include enhancing fiscal transfers to support low-income groups and optimizing tax policies to improve disposable income [7][19].

19日，2025年中国经济年报正式公布，预期目标的实现，着实不易。而进入到2026年，老问题仍有待破 解，新挑战也已经摆在面前，接下来，如何在巩固现有成效的基础上，继续推动高质量的发展？20日， 国新办两场发布会的举行，财政部一揽子政策的出台，又透露出怎样的信号？ 如何理解2026年财政政策四个关键词 中国财政科学研究院宏观经济研究中心主任 石英华：总量增加、结构更优、效益更好、动能更强这四 个关键词，实际上是进一步阐释了中央经济工作会议明确了2026年继续实施更加积极的财政政策，可以 说这四个词更生动地或者更明晰地表现了更加积极的财政政策。支出的总量只增不减，如果我们联系到 2025年来看，2025年其实财政政策就实施了更加积极的政策，赤字率是4%，比2024年提高一个百分 点。债务规模整体也较过去几年的水平明显提高。所以，在2025年的支出规模和赤字规模这个盘子上来 看，今年保持支出的盘子继续扩大，整体支出保持必要的力度，而且也会持续地发力和更加地给力，能 够在"十五五"开局之年提供有力支撑。 优化支出结构重点调整哪些领域 新的财政政策会给企业带来什么利好 中国财政科学研究院宏观经济研究中心主任 石英华： ...

2、 随着雪球大V"金浤"因"抢帽子"操纵市场被重罚，一批雪球投资大V被相继封号。 1月20日，雪球发布三则涉资本市场违规信息专项整治行动处置公 告，22个大V账号被永久封禁，其中包括被称为"雪球带货三大天王"的"杭州新城路"、"轮回666"和"福禄娃爷爷"。 3、 格陵兰危机与财政压力担忧引发全球债市抛售潮。 日本长期国债遭遇史诗级抛售，30年期和40年期国债收益率单日涨逾25个基点，40年期国债收益率 升至4%上方，为近30多年来首次。美国10年期、20年期、30年期国债收益率均上涨8个基点左右。丹麦养老基金AkademikerPension计划"清仓"美国国债， 称美国"不再是优质信用主体"。该基金截至2025年底持仓美债约1亿美元。 1、 国务院副总理何立峰出席世界经济论坛2026年年会并发表致辞。何立峰还应约分别与美国财长贝森特、英国财政大臣里夫斯举行中美经贸磋商机制和 中英经济财金对话机制双方牵头人会谈，就中美、中英经贸领域相关问题交换意见。 2、 国家发改委有关负责人介绍，2026年宏观政策要把发力点放在做强国内大循环上，全方位扩大国内需求。 其中，将优化"两新"政策的支持范围和补贴 标准；研究 ...

Core Viewpoint - The Chinese government is implementing a more proactive fiscal policy in 2025 and 2026 to support economic growth, enhance consumer spending, and improve social welfare, with significant financial allocations and new policies aimed at stimulating both investment and consumption [2][4][10]. Fiscal Policy Measures - In 2025, the government plans to issue 1.3 trillion yuan in ultra-long-term special bonds to support key areas, including consumption and infrastructure, with a focus on boosting consumer spending through various financial incentives [2][4]. - The fiscal deficit rate is set at around 4%, with new government debt expected to reach 11.86 trillion yuan, significantly higher than previous years [2][3]. Consumer Spending Initiatives - The government aims to enhance consumer spending by allocating 300 billion yuan for a trade-in program for consumer goods, projected to generate sales exceeding 2.6 trillion yuan [2]. - New policies include interest subsidies for personal consumption loans and service industry loans, encouraging consumer spending across various sectors [5][6]. Support for Employment and Social Welfare - A total of 667.4 billion yuan is allocated for employment support, alongside increased funding for social insurance and healthcare services, aimed at improving residents' disposable income and consumption willingness [2][4]. - Additional measures include childcare subsidies for families with children under three years old, further enhancing social welfare [2]. Investment in Private Sector - New policies to support private investment include interest subsidies for loans to small and micro enterprises in key industries, with a focus on technology and innovation [5][6]. - A risk-sharing mechanism for private enterprise bonds is introduced to lower financing barriers for businesses, promoting investment in growth sectors [5][7]. Structural Reforms and Market Optimization - The government plans to deepen fiscal and tax reforms to create a more balanced and efficient financial relationship between central and local governments, ensuring a conducive environment for new industries and business models [7][8]. - Efforts to optimize government procurement processes are underway, aiming to create a fair and competitive market environment for all businesses [8]. Overall Economic Strategy - The overarching strategy emphasizes expanding domestic demand as a key task for economic recovery, with coordinated efforts from various government departments to stimulate both investment and consumption [4][10]. - The proactive fiscal measures are expected to enhance the resilience and internal dynamics of the economy, laying a solid foundation for sustainable growth in the coming years [3][10].