1月10日至11日，全国商务工作会议在京召开。2026年，全国商务系统将重点做好八个方面工作，涉及 消费、贸易、对外投资等领域。其中，提振消费被放在第一位。 会议提出，全国商务系统要加快构建新发展格局，着力推动高质量发展，坚持稳中求进工作总基调，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，立足商务工作"三个重要"定位，大力提振 消费，推进建设强大国内市场，积极扩大自主开放，推动贸易创新发展，拓展双向投资合作空间，实 现"十五五"商务高质量发展良好开局。 中国数实融合50人论坛智库专家洪勇向21世纪经济报道记者表示，上述目标体现出鲜明的开局意识、系 统思维和底线思维。一方面，将"大力提振消费、建设强大国内市场"放在突出位置，凸显以内需为主导 的新发展格局方向。另一方面，强调统筹发展和安全、统筹国内经济与国际经贸斗争，反映出对外部不 确定性长期化的清醒判断。 同时，以"自主开放""贸易创新""双向投资"为抓手，说明高质量发展不是收缩式防御，而是更高水平、 更有选择性的开放。整体来看，这是为"十五五"时期商务高质量发展定方向、稳预期、强信心的一次系 统部署。 随着政策推进和绿色环保理念深入人心，以旧换 ...

Group 1: Economic Growth and Consumer Spending - In the first year of the 14th Five-Year Plan, consumption is highlighted as the main driver of economic growth, with a focus on implementing special actions to boost consumption and creating the "Buy in China" brand [2][4] - By 2026, it is anticipated that retail sales will return to a growth rate of around 4%, supported by strong consumer sentiment and government policies aimed at increasing current income and income expectations [3][4] - The emphasis on new consumption formats, driven by advancements in technology such as AI and robotics, is expected to stimulate consumer spending in innovative ways [5] Group 2: Trade and Foreign Investment - The 2026 agenda includes promoting trade innovation, optimizing goods trade, and encouraging service exports, with a focus on digital and green trade [6][7] - A new revised Foreign Trade Law will take effect on March 1, 2026, formalizing previous reforms and indicating China's commitment to opening up international service trade [6] - Efforts to attract foreign investment will include enhancing the domestic market environment and aligning with international trade rules, which is expected to renew foreign interest in the Chinese market [7]

证券研究报告 | 金融工程 2026 年 1 月 12 日 国内绿色消费体系加速构建，国际气候合作格局出现调整 ——ESG 市场观察周报（20260111） 1、要闻速览：国内绿色消费体系加速构建，国际气候合作格局面临重大调整 国内动态方面，商务部等九部门印发《关于实施绿色消费推进行动的通知》， 系统部署七大重点任务，全面推动消费模式绿色转型；市场监管总局发布新版《绿 色产品认证与标识管理办法》，构建全国统一认证监管体系，助力绿色产品供给； 财政部与交通运输部启动政府采购支持公路绿色低碳发展试点，旨在发挥政策功能 驱动交通领域减排。 国际动态方面，美国特朗普政府宣布退出包括《联合国气候变化框架公约》在 内的 66 个国际气候与可持续发展组织；渣打银行发行首单专项绿色债券募资 10 亿 欧元，重点投向亚非中东绿色项目；黑石集团收购环境合规服务提供商 ATG，持续 加码能源转型投资布局。 2、市场动向：ESG 指数普遍回暖，碳价坚挺，资金流出压力缓释 本周主要 ESG 主题指数普遍上涨。国内 300 ESG 上涨 2.7%，SEEE 碳中和指 数上涨 3.87%，上证社会责任指数、180 治理分别上涨 1.99% ...

Group 1: Consumption and Trade Development - In 2026, China will implement special actions to boost consumption, promote trade innovation, and gradually expand the autonomous opening of the service sector [1][5] - The focus will be on cultivating new growth points in service consumption, optimizing the old-for-new consumption policy, and enhancing the international consumption environment [1] - The development of digital, green, and health consumption will be prioritized to stimulate consumption in lower-tier markets [1] Group 2: Foreign Investment and Trade Integration - China aims to create new advantages in attracting foreign investment and will expand the autonomous opening of the service sector [8] - The country will optimize and upgrade goods trade, significantly develop service trade, and encourage service exports [5] - Innovations in digital and green trade will be promoted to facilitate the integration of trade and investment [5] Group 3: Agricultural Development and Rural Revitalization - The Ministry of Agriculture and Rural Affairs will prioritize grain production to ensure stable supply of grain and important agricultural products [10][13] - A new round of actions to enhance grain production capacity will be implemented, aiming for a target of 1 trillion jin of grain [13] - Efforts will be made to consolidate and expand poverty alleviation achievements, transitioning to a normalized and precise assistance phase [15] Group 4: Energy Sector Outlook - The 2026 energy economic forecast indicates that high-innovation fields such as hydrogen energy, new energy vehicle batteries, and photovoltaic components will maintain high levels of interest [19] - There is potential for collaborative development in nuclear power and biomass energy [19] Group 5: Corporate Financing - In 2025, over 2,300 enterprises financed more than 10.1 trillion yuan in the interbank market, effectively reducing financing costs and supporting the transformation of private enterprises [21]

首先，构建绿色低碳的生产能力是推动转型的起点。能源生产与工业制造是全球碳排放的主要来源，也是绿色转型最先需要解决的环节。 中国的绿色转型进程，必须实现生产端改革与消费侧培育的协同并进，让消费者愿意为绿色产品买单 文｜郑颖 1月4日，商务部等9部门联合印发《关于实施绿色消费推进行动的通知》，围绕健全绿色消费激励机制，提出7方面20条具体举措，涵盖多个终端消费领 域，探索绿色消费积分体系，推广绿色产品认证与标识。中国的绿色转型政策体系，正从生产端向消费侧并重发展。 全球应对气候变化的根本任务，是推动全球生产方式与生活方式的绿色低碳转型。而 绿色低碳转型能否成功，不仅取决于清洁能源产能提高和低碳技术 突破，更取决于能否形成全社会共同参与、共同受益、共同推动的绿色发展体系，从而 建立起从绿色生产到绿色消费的完整市场循环。 中国拥有全球最完整的工业体系，是世界绿色产品的重要供应者，同时也是绿色技术应用增长最快、消费潜力最强的国家之一。这种"供给大国 + 需求大 国"的双重身份决定了中国的绿色转型必须实现生产端改革与消费侧培育的协同并进。唯有如此，才能将绿色产业规模优势转化为系统性的绿色竞争优 势，构建起"国内大市场支撑 ...

Core Insights - The national business work conference held from January 10 to 11 emphasizes eight key areas for the national business system to focus on by 2026 [1] Group 1: Consumer Spending - The first priority is to implement special actions to boost consumption, creating the "Buy in China" brand. This includes accelerating the cultivation of new growth points in service consumption and releasing the potential of service consumption [1] - The policy for replacing old consumer goods with new ones will be optimized to promote the expansion and upgrading of product consumption [1] - The development of an international consumption environment is highlighted, along with the promotion of digital, green, and health consumption to stimulate the vitality of the lower-tier market [1] Group 2: Market and Distribution System - The second focus is on improving the modern market and distribution system, advancing the construction of a unified national market [1] - Strengthening institutional guarantees and optimizing facility carriers are essential for promoting innovation in the retail industry [1] - The modern commercial circulation system will be enhanced, and pilot city construction will be further advanced, along with the integration of domestic and foreign trade [1] Group 3: Trade Innovation - The third area is to promote trade innovation and establish the "Export China" brand [1] - There will be an emphasis on optimizing and upgrading goods trade while significantly developing service trade and encouraging service exports [1] - Innovations in digital and green trade will be pursued to promote the integration of trade and investment [1]

（原标题：利好！上市公司，密集公告！） 今日关注 近90家A股上市公司发布2025年年度业绩预告 17家净利同比预增上限超100% 两部门：4月1日起 取消光伏等产品增值税出口退税 证监会较大幅度提高证券期货违法行为"吹哨人"奖励 最高奖励100万元 重要的消息有哪些 1.全国商务工作会议：加快培育服务消费新增长点 优化消费品以旧换新政策实施 全国商务工作会议1月10日至11日在京召开。会议指出，2026年全国商务系统要重点做好八个方面工作：一是深入实施提振消费专项行动，打 造"购在中国"品牌。加快培育服务消费新增长点，释放服务消费潜力。优化消费品以旧换新政策实施，推动商品消费扩容升级。打造国际化消费 环境。发展数字消费、绿色消费、健康消费，激发下沉市场消费活力。二是健全现代市场和流通体系，推进全国统一大市场建设。加强制度保 障，优化设施载体，推动零售业创新发展，完善现代商贸流通体系，深入推进试点城市建设。推进内外贸一体化。三是推动贸易创新发展，打 响"出口中国"品牌。优化升级货物贸易，大力发展服务贸易，鼓励服务出口，创新发展数字贸易、绿色贸易，促进贸易投资一体化。四是塑造吸 引外资新优势，擦亮"投资中国"品 ...

近90家A股上市公司发布2025年年度业绩预告 17家净利同比预增上限超100% 两部门：4月1日起 取消光伏等产品增值税出口退税 证监会较大幅度提高证券期货违法行为"吹哨人"奖励 最高奖励100万元 重要的消息有哪些 1.全国商务工作会议：加快培育服务消费新增长点 优化消费品以旧换新政策实施 全国商务工作会议1月10日至11日在京召开。会议指出，2026年全国商务系统要重点做好八个 方面工作：一是深入实施提振消费专项行动，打造"购在中国"品牌。加快培育服务消费新增长 点，释放服务消费潜力。优化消费品以旧换新政策实施，推动商品消费扩容升级。打造国际化消 费环境。发展数字消费、绿色消费、健康消费，激发下沉市场消费活力。二是健全现代市场和流 通体系，推进全国统一大市场建设。加强制度保障，优化设施载体，推动零售业创新发展，完善 现代商贸流通体系，深入推进试点城市建设。推进内外贸一体化。三是推动贸易创新发展，打 响"出口中国"品牌。优化升级货物贸易，大力发展服务贸易，鼓励服务出口，创新发展数字贸 易、绿色贸易，促进贸易投资一体化。四是塑造吸引外资新优势，擦亮"投资中国"品牌。有序扩 大服务领域自主开放，提升投资促进水 ...

Group 1 - The national business work conference emphasized the importance of boosting consumption and building a strong domestic market as part of the "14th Five-Year Plan" starting in 2026 [1][2] - Key focus areas for 2026 include consumption, circulation, trade, foreign investment, alignment with international rules, foreign investment, multilateral economic cooperation, and risk prevention [1] - The conference highlighted the need to create the "Buy in China" brand and to accelerate the cultivation of new growth points in service consumption, optimizing policies for upgrading consumer goods [1][2] Group 2 - In terms of foreign trade and investment, the conference called for promoting innovative trade development and enhancing the "Export China" brand, with a focus on optimizing goods trade and developing service trade [2] - The meeting stressed the importance of creating new advantages to attract foreign investment and enhancing the "Invest in China" brand, while also expanding the opening up of the service sector [2] - The conference noted that 2025 would be a significant year, with stable business development and positive contributions to economic recovery, highlighting the enhanced role of consumption and the optimization of foreign investment structure during the "14th Five-Year Plan" period [2]

从经济规律看，消费端的"绿色投票"，将对供给侧的变革形成强力牵引。过去，政策普遍关注生产端的 规模效应，环境治理多集中于生产环节的末端，如节能减排、污染管控。然而，我们更应看到消费端对 资源环境的深层影响。如果消费端的模式不改变，高耗能、高排放的产品依然有市场，生产端的绿色转 型就难以获得持续的内生动力。此次政策的核心在于利用市场机制，将绿色发展的压力与动力传导至消 费终端。当消费者在货架前更倾向于选择带有"中国环境标志"的洗涤剂，或是在购车时果断选择能耗更 小的汽车时，这种庞大的市场需求将形成一种强有力的倒逼机制，迫使企业在全生命周期内进行绿色技 术革新。从快递行业推广的"瘦身胶带"到餐饮外卖兴起的"以竹代塑"包装，每一个微小的消费选择都在 倒逼产业链从原材料获取到生产工艺的改进，再到废弃物的循环利用。 从市场活力看，数字赋能与模式创新正让绿色消费从理念倡导变为时尚潮流。如今，绿色消费不再是遥 不可及的概念，而是通过技术手段融入了商业肌理。各大电商平台纷纷上线"绿色账单"与"碳账户"，通 过积分兑换、信用权益等方式，量化消费者的每一次低碳行为。在二手交易领域，从电子产品到图书衣 物，闲置物品在数字化平台上" ...