Core Viewpoint - The Central Economic Work Conference held on December 10-11, 2025, in Beijing, emphasized the importance of high-quality development and the need for a proactive macroeconomic policy to address current economic challenges and set the direction for 2026 [3][5]. Summary by Sections Economic Performance and Goals - The year 2025 was described as extraordinary, with significant achievements in economic and social development, successfully navigating various challenges, and completing the "14th Five-Year Plan" [5]. - The conference highlighted the need to continue promoting a modern industrial system and enhancing people's livelihoods [5]. Economic Work Requirements for 2026 - The overall requirement for economic work in 2026 is to adhere to Xi Jinping's thoughts on socialism with Chinese characteristics, implement the spirit of the 20th National Congress, and focus on high-quality development while maintaining stability [9][10]. - Emphasis was placed on expanding domestic demand, optimizing supply, and ensuring the stability of employment, enterprises, and market expectations [10][11]. Policy Directions - The conference called for a continuation of proactive fiscal policies, maintaining necessary fiscal deficits, and optimizing the structure of fiscal expenditures [12]. - A moderately loose monetary policy will be implemented to support economic stability and reasonable price recovery, with a focus on enhancing liquidity and supporting key sectors such as technology innovation and small and medium-sized enterprises [12][11]. Key Tasks for Economic Development - Eight key tasks were outlined, including: 1. Strengthening domestic demand and building a robust domestic market [13]. 2. Accelerating innovation-driven development [13]. 3. Enhancing high-quality development through reform [13]. 4. Promoting win-win cooperation in various fields through openness [14]. 5. Coordinating urban-rural integration and regional development [14]. 6. Leading a comprehensive green transition [14]. 7. Prioritizing people's livelihoods and addressing practical issues [14]. 8. Actively and prudently mitigating risks in key areas [14]. Leadership and Implementation - The conference stressed the importance of the Party's comprehensive leadership over economic work, ensuring unified will and strong collaboration [15][16]. - It called for a correct view of performance, focusing on practical results for the people and adhering to regulations [16]. Social Stability and Public Welfare - The meeting underscored the need to ensure the supply of essential goods for the public and to care for the livelihoods of vulnerable groups [17].

中央经济工作会议12月10日至11日在北京举行。中共中央总书记、国家主席、中央军委主席习近平出席 会议并发表重要讲话。中共中央政治局常委李强、赵乐际、王沪宁、蔡奇、丁薛祥、李希出席会议。 习近平在重要讲话中总结2025年经济工作，分析当前经济形势，部署2026年经济工作。李强作总结讲 话，对贯彻落实习近平总书记重要讲话精神、做好明年经济工作提出要求。 会议指出，今年是很不平凡的一年。以习近平同志为核心的党中央团结带领全党全国各族人民迎难而 上、奋力拼搏，坚定不移贯彻新发展理念、推动高质量发展，统筹国内国际两个大局，实施更加积极有 为的宏观政策，经济社会发展主要目标将顺利完成。我国经济顶压前行、向新向优发展，现代化产业体 系建设持续推进，改革开放迈出新步伐，重点领域风险化解取得积极进展，民生保障更加有力。过去5 年，我们有效应对各种冲击挑战，推动党和国家事业取得新的重大成就，"十四五"即将圆满收官，第二 个百年奋斗目标新征程实现良好开局。 会议认为，通过实践，我们对做好新形势下经济工作又有了新的认识和体会：必须充分挖掘经济潜能， 必须坚持政策支持和改革创新并举，必须做到既"放得活"又"管得好"，必须坚持投资于物 ...

专题：中央经济工作会议在北京举行 业内解读 在中央经济工作会议的全文中，消费、地产和反内卷都有提到，其中消费和货币政策的表述是有点超预 期。大摩对此进行了点评，主要观点还是和他们之前的判断一致，政策方向还是托底式的。 Key takeways 目标数值维持不变：保持2026年GDP预测为实际增长4.8%，名义增长~4.1% 划重点，就是说，依然还是"减轻通货紧缩，而非再通胀。" CEWC会议释放的信号： 大摩的解读： 财政：与2025年持平的初始额度，但发行前置；年中仍有GDP~0.5个百分点的追加空间 货币政策：整体偏宽松但降息幅度有限（10‑20个基点）。 增长锚点：公共资本支出/城市更新、AI+/绿色转型。私人资本支出仍显疲软。 住房：已提出库存收购和房贷补贴（可能通过公积金改革实现）。具体范围、 规模及持续时间尚 不明确。 反内卷：更大力推动全国统一大市场、国企改革及更严格的补贴规定——执行难度大但方向正 确。 政策风格：侧重托底而非提振；强调延续性而非转向。 政策组合：仍以供给侧为核心，对需求侧给予小幅推动（"扩大内需 + 优化供给"）。 消费政策：消费品以旧换新持续推进；服务券及社会福利支持相关政 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 摘要 12月10日至11日，中央经济工作会议召开。会议总结2025年经济工作，分析当前经济形势，部署2026年 经济工作。 总体上看，会议坦诚务实、基调积极，既充分认识困难又看到是发展和转型中的问题，举措注重务实可 行，着眼目标在于稳增长、优结构，同时高度强调民生为大。会议在延续前期"更加积极有为"宏观政策 导向和"高质量发展"主线的基础上，更突出三个取向：一是更强的问题导向和底线思维，直面"供强需 弱""风险隐患较多"等现实矛盾，对房地产、地方债、新就业形态、极端天气等给出更细化的应对路 径；二是更明确的结构性与制度性安排，通过"条例""纲要""配套法规""试点"等抓手，把全国统一大市 场、能源强国建设、民营经济发展、地方税体系完善等推向更具约束力和可操作性的阶段；三是更重视 预期管理和政策协同，不仅强调"增强宏观政策取向一致性"，还把经济与非经济、存量与增量政策一体 纳入评估，健全预期管理机制，通过制度化安排来稳定信心、引导预期。 中央经济工作会议延续了此前政治局会议的重大判断和政策取向，充分肯定今年和过去五年的成绩，在 政策基调上 ...

Group 1: Economic Policy Focus - The core focus of the Central Economic Work Conference is to adhere to innovation-driven development and accelerate the cultivation of new growth drivers [1][3] - The shift in policy from "leading new quality productivity development through technological innovation" to "accelerating the cultivation of new growth drivers" reflects a deeper emphasis on implementation pathways and practical results [2][4] - The conference highlights the importance of optimizing the service industry structure through a dedicated action plan, which aligns with the strategy to expand domestic demand [5][6] Group 2: Service Industry Development - The service industry is recognized for its strategic importance in the national economy, with a projected contribution of 56.7% to GDP by 2024, although structural imbalances exist [6][7] - The action plan for enhancing the service industry aims to improve service quality, thereby boosting consumer confidence and creating a virtuous cycle of service upgrades, consumption growth, and industrial expansion [7][8] - The government plans to support private capital in the production service sector, focusing on high-value service industries such as industrial design and quality certification [7][8] Group 3: Artificial Intelligence Governance - The policy regarding "Artificial Intelligence+" has evolved from "initiating actions" to "deepening and expanding" while also emphasizing the need for improved governance [8][9] - The focus on AI reflects its critical role in driving productivity across various industries, necessitating a balance between innovation and risk management [9][10] - The governance framework aims to address challenges such as data misuse and algorithmic bias, ensuring that the development of AI aligns with ethical standards and societal needs [9][10] Group 4: Competition Regulation - The conference reiterates the need for deeper regulation of "involutionary competition," transitioning from a broad initial assessment to targeted governance measures [10][11] - The establishment of a national unified market construction regulation is aimed at eliminating local protectionism and market fragmentation, which are key contributors to involutionary competition [11] - The emphasis on precise governance reflects an understanding of the complexities involved in addressing the root causes of involutionary competition, promoting high-quality development through enhanced competition standards [11]

另外，自去年"综合整治'内卷式'竞争"首次出现在中央经济工作会议的表述中以来，整治"内卷式"竞争 再次在会议表述中出现，但相关表述由"综合整治"转向"深入整治"。受访专家认为，去年的核心是全面 排查问题，属于广覆盖的初步治理；今年强调治理的深度与精准度，核心是通过"制定全国统一大市场 建设条例"破除地方保护与市场分割。 加紧培育壮大新动能 对于产业政策的相关表述，去年中央经济工作会议提到"以科技创新引领新质生产力发展，建设现代化 产业体系"转为"坚持创新驱动，加紧培育壮大新动能"。 "这一转变反映产业政策从战略规划向实施路径的深化。"国研新经济研究院创始院长朱克力对21世纪经 济报道记者表示，去年会议提出以科技创新引领新质生产力发展，核心在于构建现代化产业体系的"骨 架"，强调技术突破与产业融合的顶层设计。今年则更注重创新成果的"血肉填充"，即通过具体政策工 具推动技术转化与产业应用。 中央经济工作会议12月10日至11日在北京举行。会议确定，明年经济工作要坚持创新驱动，加紧培育壮 大新动能。制定一体推进教育科技人才发展方案。建设北京（京津冀）、上海（长三角）、粤港澳大湾 区国际科技创新中心。强化企业创新主体 ...

Core Viewpoint - The central economic work conference emphasizes the need to formulate regulations for the construction of a unified national market and to deeply address "involutionary" competition [1][3]. Group 1: Unified National Market - The unified national market is a core support and key reform for the "dual circulation" new development pattern, particularly for domestic circulation [1][3]. - It aims to break local protectionism and market segmentation, allowing production factors to flow and allocate more freely and efficiently across the country, thereby enhancing the resilience to external shocks [1][3]. - Achieving this goal requires deep institutional reforms, including improving the fiscal and tax system and statistical accounting systems to address the underlying contradictions of local protection and market segmentation [1][3]. Group 2: Involutionary Competition - Distinguishing and addressing "involutionary competition" is crucial in the process of building a unified national market [2][4]. - "Healthy competition" drives companies to win markets through technological innovation and quality improvement, while "involutionary competition" leads to low-level repetitive construction and destructive price wars, ultimately undermining the industrial foundation [2][4]. - The key to balancing regulation and vitality lies in the better combination of "effective markets" and "proactive government," where the government enforces laws and unified standards to curb disorderly low-price competition and delineate competition boundaries [2][4].

Group 1 - The core viewpoint of the report emphasizes the need for a balanced approach to economic policy, focusing on both existing and new growth drivers rather than solely pursuing rapid growth through expansive measures [1][6] - The report highlights the importance of addressing risks in key areas such as real estate, local government debt, and finance, indicating that progress has been made in mitigating these risks [1][6] - The capital market's focus has shifted from stabilizing the real estate and stock markets to deepening comprehensive reforms in capital market investment and financing [1][6] Group 2 - Fiscal policy is transitioning from increasing deficits and spending to maintaining necessary deficits and focusing on effective implementation, with an emphasis on optimizing fiscal expenditure structure [7][8] - Monetary policy will continue to be moderately accommodative, with a focus on promoting stable economic growth and reasonable price recovery as core KPIs [9][10] - The report stresses the need to enhance domestic demand by optimizing consumption and stabilizing investment, with specific actions to boost consumer spending and improve investment conditions [10][11] Group 3 - The technology sector remains a priority, with a focus on fostering innovation and emphasizing the "Artificial Intelligence +" initiative as a key area for development [12][13] - The report identifies the need to address "involution" competition through reforms, indicating that tackling this issue will be a policy focus in 2026 [13][14] - Risk mitigation strategies are shifting from prevention to active resolution, particularly in the real estate and local government debt sectors, indicating a more proactive approach to managing these risks [16][17]

文：中信期货有限公司董事长 窦长宏 中央经济工作会议12月10日至11日在北京举行。会议为新形势下经济工作制定了蓝图，凝聚了共识，也 为期货行业的高质量发展指明了方向。会议指出要持续扩大内需、优化供给，做优增量、盘活存量，因 地制宜发展新质生产力，纵深推进全国统一大市场建设。期货行业深刻领悟会议精神，自觉将行业发展 融入国家大局，牢牢把握金融工作的政治性、人民性，以服务实体经济为根本宗旨，充分发挥风险管理 专业优势。作为市场重要参与者，中信期货积极践行使命担当，将政策导向转化为发展动能，以实际行 动将国家战略蓝图转化为高质量发展的生动实践。 责任编辑：李铁民 文：中信期货有限公司董事长 窦长宏 中央经济工作会议12月10日至11日在北京举行。会议为新形势下经济工作制定了蓝图，凝聚了共识，也 为期货行业的高质量发展指明了方向。会议指出要持续扩大内需、优化供给，做优增量、盘活存量，因 地制宜发展新质生产力，纵深推进全国统一大市场建设。期货行业深刻领悟会议精神，自觉将行业发展 融入国家大局，牢牢把握金融工作的政治性、人民性，以服务实体经济为根本宗旨，充分发挥风险管理 专业优势。作为市场重要参与者，中信期货积极践行使 ...

齐鲁晚报.齐鲁壹点张唯 建设全国统一大市场在高质量发展和国际竞争中具有重要意义。12月11日下午，在山东省政府新闻办举行的"'十四五'时期山东扎实推进市场监管现代化 建设情况"新闻发布会上，围绕山东在加力破除地方保护和市场分割、服务和融入全国统一大市场建设方面采取了哪些措施、取得了哪些成效等问题，山 东省市场监督管理局副局长、新闻发言人郭朝波作出回应。 郭朝波介绍，地方保护和市场分割是影响要素资源高效配置、制约国内市场畅通循环的卡点堵点。省市场监管局高度重视服务和融入全国统一大市场建设 工作，深入推进公平竞争政策实施，坚决破除地方保护和市场分割，有力维护了全省公平竞争市场秩序。 在完善审查路径方面，认真总结我省承担的国家公平竞争审查会同审查试点经验，出台《山东省重大政策措施公平竞争审查会同审查工作办法》，制定自 我审查、审查抽查、举报处理、第三方评估等制度规定，构建"审查+监督+评估"全流程工作闭环，有效提升了我省公平竞争审查质效。实现省、市、县 三级政府文件审查全覆盖，近三年各级市场监管部门共审查重大政策措施2800余件，有效防止含有影响公平竞争内容的政策措施出台。 在日常监测和政策清理方面，山东加强监测抽 ...