国家发展改革委官微消息，今年以来，国家发展改革委认真贯彻落实党中央、国务院决策部署，会同各 有关方面优化实施"两新"政策，在前期扎实开展设备更新项目谋划储备的基础上，抓紧组织项目申报， 严格做好审核把关，加快推动设备更新政策落地见效。 近日，2026年第一批936亿元超长期特别国债支持设备更新资金已经下达，支持工业、能源电力、教 育、医疗、粮油加工、海关查验、住宅老旧电梯、节能降碳环保、回收循环利用等领域约4500个项目， 带动总投资超过4600亿元；同时，采取直接向地方下达资金的方式，继续支持老旧营运货车报废更新、 新能源城市公交车更新、老旧农机报废更新。 责任编辑：栎树 下一步，国家发展改革委将会同各有关方面，持续做好统筹协调和跟踪调度，加强设备更新项目和资金 全链条管理，扎实推进项目建设，加快提升资金使用效率，进一步发挥"两新"政策效能。 财经频道更多独家策划、专家专栏，免费查阅>> ...

品长期 别国债 着力提振消费 01 发行超长期特别国债1.3万亿元,持续 支持"两重""两新",其中安排消费 品以旧换新资金3000亿元,带动相关 商品销售额超过约2.6万亿元 02 出台实施个人消费贷款和服务业经营 主体贷款贴息政策,支持开展消费新 业态、新模式和新场景试点 03 调整优化免税店和游客离境退税政 策,增设免税店数量,鼓励和扩大 相关消费 继续大力支持 消费品以旧换新 (20 n 国家发展改革委 2025年第二批810亿元 日日日 会同财政部 超长期特别国债资金下访 00000 0 0000 日日本 Hit 0 0 日 The 197 400 0 0 @ 奇剑腿民生保障 -是坚持就业优先导向 中央财政下达就业补助资金667.4亿 元,出台扩大社会保险补贴范围、加大 失业保险稳岗返还力度等政策 二是提高财政补助标准 对于居民医保和基本公共卫生服务经 费两项财政补助标准分别提高至每人 每年700元和99元 三是提高基本养老金水平 按总体2%涨幅提高退休人员基本 养老金水平,城乡居民全国基础养 老金最低标准每人每月提高20元 2025年，财政部实施了更加积极的财政政策，持续用力、更加给力，为推动完成 ...

Group 1 - The Ministry of Finance will improve the management of the negative list for special bond projects in 2026 and deepen the pilot program for local "self-examination and self-initiation" [1][2] - In 2025, after replacing existing hidden debts, the average interest cost of local government debt decreased by over 2.5 percentage points, significantly reducing the burden on local governments [1] - New policies will support risk-sharing mechanisms for private enterprise bonds, with the central government allocating risk-sharing funds to provide credit support for bond issuance by private enterprises and private equity investment institutions [2] Group 2 - The People's Bank of China announced that the 1-year Loan Prime Rate (LPR) remains unchanged at 3.0%, while the 5-year LPR is also unchanged at 3.5% [5] - The China Securities Association reported self-regulatory penalties for 143 instances involving 108 institutions in the interbank bond market for violations, including low-price underwriting of financial bonds [5] - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development issued measures to further support urban renewal actions, allowing the use of existing land and property resources for national-supported industries [7] Group 3 - Anhui Province plans to issue 240 billion yuan in special bonds for replacing hidden debts, with a tender scheduled for January 27 [10] - The Henan Province Zhongyu Ningzi Construction Development Group plans to issue 600 million yuan in corporate bonds, which has been approved by the Shanghai Stock Exchange [11] - The first commercial aerospace-themed merger note in China was successfully issued, with a scale of 200 million yuan and a coupon rate of 2.25% [12] Group 4 - China Pingmei Shenma Group completed its restructuring, increasing its registered capital from approximately 194.3 billion yuan to about 377.4 billion yuan, a growth of about 94% [13] - Zhengzhou Cultural Tourism and Sports Group received an AA+ credit rating, with a stable outlook [17] - The chairman of Jiangsu Environmental Protection Group is under investigation for serious violations of discipline and law [20]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The supply - demand pattern of coke is directly affected by coking coal cost, steel demand, and macro - policy orientation. Currently, the comprehensive inventories of coking coal and coke continue to rise, and the overall supply - demand is weak. The downstream steel mill's hot metal production is relatively stable, and they replenish stocks as needed. The real - estate investment growth rate decline continues to expand, and the industry is under short - term pressure due to negative real - estate data. With a generally warm macro - environment and the implementation of domestic reserve requirement ratio cuts, the market awaits further policy guidance. In the short term, it is under pressure and may decline, and attention should be paid to the support performance near the previous low. Overall, it will mainly show wide - range fluctuations, and a low - buying strategy can be considered [2] Group 3: Summaries by Related Catalogs 1. Coke Inventory - As of January 16, the inventory of independent coke enterprises decreased by 4.95% month - on - month to 81.81 tons. The steel mill inventory increased to 650.33 tons, and the port inventory increased by 6.41% to 265.07 tons. The comprehensive coke inventory increased by 16.31 tons to 997.21 tons, reaching a 7 - month high and a year - on - year decrease of over 2% [1] 2. Coke Profit - The average profit per ton of coke for 30 independent coking plants nationwide is - 65 yuan/ton. The average profit of Shandong quasi - first - grade coke is - 53 yuan/ton, and another data shows - 7 yuan/ton. The average profit of Inner Mongolia second - grade coke is - 105 yuan/ton, and the average profit of Hebei quasi - first - grade coke is - 12 yuan/ton [1] 3. Downstream Demand - The blast furnace operating rate of 247 steel mills decreased by 0.47 percentage points to 78.84%, an increase of 1.66 percentage points compared to the same period last year. The blast furnace iron - making capacity utilization rate dropped to 85.48%. The daily average hot metal output decreased by 1.49 tons month - on - month to 228.01 tons, an increase of 3.53 tons compared to the same period last year [1] 4. Upstream Coking Coal - The coking coal inventory in coal mines decreased by 7.66%. The coking coal inventory of independent coke enterprises increased by 5.71% to 1132.85 tons, the steel mill coking coal inventory slightly increased to 802.2 tons, and the port imported coking coal inventory continued to increase. The comprehensive coking coal inventory increased by nearly 2% month - on - month to 2769.85 tons, which is lower than the previous year's level [2] 5. News - The National Development and Reform Commission aims to promote a reasonable recovery of prices and will study and formulate an implementation plan for the strategy of expanding domestic demand from 2026 to 2030. It is also researching and formulating actions to stabilize employment, expand employment, and improve quality, as well as a plan to increase the income of urban and rural residents. The Ministry of Finance will continue to arrange ultra - long - term special treasury bonds for "two important" construction and "two new" work in 2026 [2]

Core Viewpoint - The Chinese government is implementing proactive fiscal policies to stimulate consumption and support economic transformation, with a focus on high-quality development and enhancing people's living standards. Group 1: Fiscal Policy and Economic Development - In 2025, the government plans to issue special long-term bonds totaling 1.3 trillion yuan, with 300 billion yuan allocated for consumer subsidies to boost sales of related goods by approximately 2.6 trillion yuan [1] - The fiscal deficit rate for 2025 is projected at around 4%, an increase of 1 percentage point from the previous year, with new government debt expected to reach 11.86 trillion yuan, up by 2.9 trillion yuan from the previous year [2] - The fiscal department will continue to implement more proactive fiscal policies, ensuring that total expenditure increases while optimizing structure and improving efficiency [4] Group 2: Debt Management and Risk Mitigation - Local government debt risks are gradually being mitigated, with an emphasis on managing existing hidden debts and reducing average interest costs by over 2.5 percentage points [5] - The central government is introducing a risk-sharing fund to support private enterprises and private equity investment institutions in issuing bonds, providing credit support to mitigate investor losses [6] Group 3: Consumer Support and Financial Policies - The optimization of personal consumption loan interest subsidy policies will allow all consumer loans to benefit from subsidies, including credit card installment payments [10] - The ideal future scenario for the "dual subsidy" policy is to enable consumers to receive interest subsidies automatically, making the process seamless and "unnoticed" [11] Group 4: Export Tax Policy Adjustments - The cancellation of export tax rebates for photovoltaic and electronic products is aimed at promoting efficient resource utilization and addressing "involution" in competition, thereby fostering high-quality economic development [6]

Group 1 - The Chinese government plans to issue 1.3 trillion yuan in ultra-long special bonds to support consumption and economic transformation, with 300 billion yuan allocated for consumer subsidies, expected to boost related sales by approximately 2.6 trillion yuan [1] - The government aims to enhance consumption by implementing personal consumption loan and service industry loan interest subsidy policies, as well as supporting new consumption models and international consumption environment [1] - The fiscal deficit rate for 2025 is projected to be around 4%, an increase of 1 percentage point from the previous year, with new government debt expected to reach 11.86 trillion yuan, reflecting a significant rise compared to previous years [3] Group 2 - The government will continue to arrange ultra-long special bonds in 2026 for "two heavy" and "two new" projects, optimizing policies and improving the effectiveness of bond funds [4] - The Ministry of Finance will maintain a more proactive fiscal policy, ensuring that total expenditure increases while optimizing structure and improving efficiency [5] - Local government debt risks are gradually being mitigated, with an average interest cost reduction of over 2.5 percentage points after debt replacement [6] Group 3 - The cancellation of export tax rebates for photovoltaic and electronic products is aimed at promoting efficient resource utilization and addressing "involution" in competition, thereby fostering high-quality economic development [7] - A new policy will provide risk-sharing funds from the central government to support private enterprises and private equity investment institutions in issuing bonds, offering credit support to mitigate investor losses [8] - Preliminary data suggests that the fiscal revenue and expenditure for 2025 may achieve balance, with strong budgetary support for economic and social development [9][10]

Core Viewpoint - The Chinese government is committed to implementing a more proactive fiscal policy in 2026 to support employment, businesses, and market stability, ensuring a strong start for the 14th Five-Year Plan [1] Group 1: Fiscal Policy Measures - The fiscal department will increase the scale of fiscal spending, maintaining a reasonable level of fiscal deficit, debt, and total expenditure in 2026, ensuring that overall spending intensity "only increases" and key areas are "only strengthened" [1] - The proactive fiscal policy in 2026 builds on the measures taken in 2025, highlighting the government's commitment to an active policy stance while considering long-term fiscal sustainability [1] Group 2: Structural Optimization - The focus will be on optimizing the structure of fiscal spending, ensuring funds are allocated to critical areas, breaking the "base + growth" spending pattern, and applying zero-based budgeting to reduce ineffective expenditures [2] - More fiscal funds will be directed towards boosting consumption, investing in human capital, and ensuring social welfare, enhancing the public's sense of gain and happiness [2] Group 3: Efficiency Improvement - The aim is to improve the effectiveness of fiscal fund usage, ensuring that every penny generates expected benefits, with plans to issue long-term special bonds for key construction and new initiatives [2] - There will be an emphasis on enhancing the synergy between fiscal and financial policies, exploring innovative policy tools to amplify the impact of public funds and the spillover effects of public policies [2] Group 4: Strengthening Economic Momentum - The core of the strategy involves deepening reforms in key fiscal and tax areas to stimulate internal economic vitality, optimizing transfer payment structures, and enhancing local fiscal autonomy and coordination capabilities [2] - Measures will include improving the effectiveness of transfer payment funds, strengthening budget performance management, and refining tax rebate policies and fiscal subsidies to boost local fiscal development momentum [2]

Group 1 - The central government will maintain a proactive fiscal policy in 2026, ensuring that overall expenditure increases and key areas are strongly supported [1] - The total fiscal deficit, debt scale, and expenditure will remain at necessary levels, with a commitment to "only increase" in overall spending [1] - The cancellation of export tax rebates for photovoltaic products and electronics aims to promote efficient resource utilization and address disordered competition [2] Group 2 - In 2025, the central government allocated approximately 1.2 trillion yuan for basic pension insurance subsidies, with a 2% increase in pension levels [3] - The new government debt scale for 2025 is 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year, reflecting a more aggressive fiscal policy [5] - The focus of the loan interest subsidy policy for small and micro enterprises will be on 14 key industrial chains, including new energy, automotive, and medical equipment [6] Group 3 - In 2026, the government will continue to issue ultra-long special bonds to support "two new" and "two heavy" construction projects, optimizing policy and enhancing the effectiveness of bond funds [4]

Group 1 - The core viewpoint of the article emphasizes the continuation of a proactive fiscal policy in 2026, focusing on increasing total expenditure while optimizing its structure and effectiveness [2][3][4] - The fiscal deficit rate for 2025 is set at around 4%, which is an increase of 1 percentage point from the previous year, with new government debt amounting to 11.86 trillion yuan, reflecting a year-on-year increase of 2.9 trillion yuan [3] - The government debt ratio remains low compared to the average levels of G20 countries, indicating a stable fiscal position despite the increase in deficit and debt [3] Group 2 - In 2026, the government will continue to issue long-term special bonds aimed at supporting "two重" construction and "two新" initiatives, while optimizing policies related to bond management [4] - The overall expenditure will maintain a "only increase, not decrease" approach, ensuring that key areas receive strong support [2]

Core Viewpoint - The Ministry of Finance plans to continue issuing long-term special government bonds in 2026 to support "dual construction" and "dual new" initiatives, while optimizing policies and enhancing the management of special bond project negative lists [1] Group 1 - The issuance of long-term special government bonds is aimed at financing key infrastructure and development projects [1] - The government will implement improved management practices for special bond projects, including a negative list approach [1] - There will be a focus on deepening self-examination and self-initiated pilot programs to enhance the effectiveness of bond funds [1]