12月15日，交通银行党委召开扩大会议，传达学习中央经济工作会议精神，按照全国金融系统工作 会议要求，研究部署贯彻落实举措。交通银行党委书记、董事长任德奇主持会议并讲话。 会议要求，要全面贯彻落实明年经济工作的总体要求、政策取向和"八个坚持"重点任务，坚持稳中 求进、提质增效，当好服务实体经济的主力军和维护金融稳定的压舱石。高效服务扩大内需，积极助力 建设强大国内市场，落实坚持投资于物和投资于人紧密结合的重要要求，在金融服务中既回应百姓关 切，又助力市场主体发展。把握国际科技创新中心扩围契机，创新优化金融服务模式，加力支持因地制 宜发展新质生产力和现代化产业体系建设。高效服务稳外贸，支持上海国际金融中心建设，带动提升对 海南自由贸易港及其他自贸区的服务能级，进一步打造跨境、离岸金融特色，持续助力扩大高水平对外 开放。进一步强化底线思维、极限思维，提升"四早"能力，聚焦重点领域压实责任，压茬推进风险化 解，坚决守牢不发生系统性风险底线，实现高质量发展和高水平安全良性互动。 责任编辑：杨喜亭 会议强调，要始终坚持党中央对金融工作的集中统一领导，积极践行金融工作的政治性、人民性， 坚定不移走中国特色金融发展之路，锚 ...

Group 1 - The central economic work conference emphasizes the need to stabilize investment and expand domestic demand as a priority for economic work in the coming year [1][5] - The government plans to increase the scale of central budget investment and optimize the management of local government special bonds to stimulate private investment [1][6] - The upcoming "14th Five-Year Plan" will see the acceleration of strategic emerging industries and future industry projects, supported by sufficient financial tools and special bond reserves [1][6] Group 2 - In November, the social financing scale increased by 24,885 billion yuan, exceeding market expectations, with a notable contribution from non-standard financing and corporate bond financing [2][3] - The contribution of credit to social financing decreased, with new RMB loans of 4,053 billion yuan in November, reflecting insufficient effective demand in the macro economy [2][3] - Non-standard financing increased significantly, with corporate bond financing reaching 4,169 billion yuan, indicating a shift towards direct financing [3][4] Group 3 - The industrial added value maintained steady growth, with a year-on-year increase of 4.8% in November, while fixed asset investment showed a cumulative year-on-year decrease of 2.6% [5][6] - The demand for equipment updates remains strong due to trends in digitalization and automation, with policies supporting large-scale equipment updates expected to be implemented in 2024 [6] - The central economic work conference highlights the importance of combining "investment in people" and "investment in materials" to unlock significant potential [1][6] Group 4 - In November, the total retail sales of consumer goods reached 43,898 billion yuan, growing by 1.3% year-on-year, although it showed a decline compared to October [7] - The government plans to implement actions to boost consumption and develop a plan for increasing urban and rural residents' income [7] - The overall resilience of foreign trade has supported stable economic growth, but challenges remain for the upcoming year, necessitating stable exchange rates to promote exports [7]

Group 1 - The central economic work conference emphasizes the need to stabilize investment and expand domestic demand as a priority for the upcoming year, with a focus on combining "investment in people" and "investment in things" to unlock significant potential [1][6] - The government plans to increase the scale of central budget investments and optimize the management of local government special bonds to stimulate private investment [1][6] - The upcoming year marks the beginning of the "15th Five-Year Plan," which will accelerate the launch of various strategic emerging industries and future industry projects, supported by ample financial tools and special bond reserves [1][6] Group 2 - In November, the social financing scale increased by 24,885 billion yuan, exceeding market expectations, with a notable contribution from non-standard financing and corporate bond financing rather than traditional credit demand [2][3] - The contribution of credit to social financing decreased in November, with new RMB loans amounting to 4,053 billion yuan, reflecting insufficient effective demand in the macroeconomic environment [2][3] - Corporate loans in November totaled 6,100 billion yuan, primarily driven by an increase in bill financing, indicating a shift in financing sources as companies focus on settling accounts near year-end [3] Group 3 - Non-standard financing saw a year-on-year increase of 1,328 billion yuan in November, while corporate bond financing rose by 1,788 billion yuan, highlighting the importance of off-balance-sheet financing in the current economic context [3][4] - The M1 growth rate declined due to a high base effect, while M2 growth also decreased, influenced by the reduction in credit and its impact on derived deposits [4] - The central economic work conference has shifted its focus from social financing and M2 to economic growth and price recovery, indicating a change in policy priorities [4] Group 4 - In November, the industrial added value for large-scale enterprises grew by 4.8% year-on-year, with a cumulative growth of 6.0% from January to November, reflecting a strong performance in the supply side of the economy [5][6] - Fixed asset investment from January to November showed a year-on-year decline of 2.6%, with significant growth in equipment purchases indicating a trend towards modernization and digitalization in industrial production [5][6] - The government is expected to implement policies supporting large-scale equipment updates in 2024, with additional funding of approximately 150 billion yuan allocated for this purpose [6] Group 5 - In November, the total retail sales of consumer goods reached 43,898 billion yuan, growing by 1.3% year-on-year, although this represented a decline compared to October [7] - The central economic work conference has proposed actions to boost consumption, including plans to increase urban and rural residents' income and optimize the supply of quality goods and services [7] - The resilience of foreign trade has contributed to stable economic growth, but challenges remain for the upcoming year, necessitating measures to maintain exchange rate stability and support exports [7]

Core Viewpoint - The establishment of the Harbin Institute of Technology Beijing Research Institute represents a strategic collaboration between Harbin Institute of Technology and the Shijingshan District government, aimed at enhancing technological innovation and regional economic development [3][9]. Group 1: Collaboration and Objectives - The research institute aims to serve as a model for university-local government cooperation, focusing on strategic planning, resource investment, and efficient mechanism construction [5]. - The partnership is intended to strengthen the integration of education, technology, and talent development, positioning the institute as a hub for high-level talent cultivation and a platform for emerging industry development [5][7]. Group 2: Regional Economic Development - Shijingshan District emphasizes the role of higher education and research institutions in driving high-quality regional economic development, with a focus on technological innovation leading industrial innovation [7]. - The district has successfully transformed its industrial structure, with the ratio of secondary to tertiary industries shifting from 7:3 to 1:9, and its GDP surpassing 100 billion yuan for the first time in 2022 [10]. - By 2024, the digital economy is projected to account for 57.4% of the district's GDP, with a total GDP of 1,312.9 billion yuan, reflecting a year-on-year growth of 6.5% [10]. Group 3: Strategic Importance - The research institute's establishment is seen as a significant milestone in deepening strategic cooperation between the university and the district, contributing to national strategic needs and the capital's development [9]. - The collaboration aims to explore a model of collaborative innovation between industry and academia, enhancing the region's competitiveness and development capabilities [9][10].

Core Viewpoint - During the "14th Five-Year Plan" period, Changsha is committed to high-quality urban development, emphasizing the "People's City" concept and showcasing its ecological advantages as a "mountain-water city" [2][28]. Economic Development - The city's GDP is projected to grow at an average annual rate of 5.4% from 2021 to 2024, entering the ranks of mega cities [11]. - Changsha has cultivated seven trillion-level industrial clusters and three national-level advanced manufacturing clusters [12]. - The total value of the digital economy has surpassed 500 billion, with the service sector's added value exceeding 900 billion, contributing 51.7% to economic growth [18]. Industrial Structure - The city has established a modern industrial system, with significant advancements in advanced manufacturing and technology innovation, ranking 5th among national advanced manufacturing cities [19]. - The number of high-tech enterprises has increased from over 4,100 to 8,600, with a local transformation rate of over 50% for research results from universities [19]. Urban Infrastructure - Changsha has made significant improvements in urban infrastructure, including the completion of 15 cross-river passages and the expansion of the metro network to cover six districts and one county [24][26]. - The city has achieved a forest coverage rate of 55%, ranking among the top three provincial capital cities in China [31]. Cultural and Tourism Development - The city has seen a robust growth in cultural enterprises, with revenues reaching 1,662 billion and an annual growth rate of around 10% [36]. - In 2024, the city is expected to receive over 200 million tourists, generating more than 200 billion in tourism revenue, marking a 10% annual growth [40]. Social Welfare - The city has prioritized employment, with an expected addition of 782,700 urban jobs, a 9.59% increase compared to the "13th Five-Year Plan" period [46]. - The number of insured individuals for various social insurances has reached 8.49 million for pension, 2.43 million for unemployment, and 3.39 million for work-related injuries [49].

中央纪委国家监委网站 李张光 山东省济南市纪委监委聚焦企业所需所盼，督促职能部门精准施策，优质高效服务经营主体。图为该市纪检监察干部在企业调研了解生产经营情况与发展需 求。陈彦 摄 本期嘉宾 李汉卿 吉林省长春市委常委，市纪委书记、监委主任 杨光忠 山东省济南市委常委，市纪委书记、监委主任 王增昂 山西省阳泉市委常委，市纪委书记、监委主任 我们把护航产业转型升级作为推进政治监督具体化、精准化、常态化的有力抓手，系统梳理产业转型升级的各项重点任务，制定监督清单，细化实化监督内 容，推动各级党组织担当作为、狠抓落实。 汽车、装备制造、农产品加工是长春3个传统优势产业，我们紧盯产业转型升级各项任务举措落实情况，整合监督力量，深入一线开展调研监督，坚决纠治 有令不行、有禁不止，做选择、搞变通、打折扣，不顾大局、搞部门或地方保护主义，照搬照抄、上下一般粗等问题；紧盯服务保障产业转型的责任单位、 重要环节、关键岗位，推动破难题、疏堵点，切实打通产业转型升级的"中梗阻"；紧盯重点对象，加强对"一把手"的监督，督促其在推动产业转型升级中严 于律己、严负其责、严管所辖，以"头雁效应"激发"群雁自觉"；紧盯重点事，紧扣长春国际航 ...

Core Viewpoint - Changsha aims to establish itself as a global research and development center city by 2030, enhancing its overall innovation capabilities to rank among the world's leading innovative cities [1][2] Group 1: Innovation and Development Goals - During the "14th Five-Year Plan" period, Changsha will focus on the "three highs and four new" blueprint to drive innovation [1] - The city plans to create a high-quality innovation space and accelerate the construction of the Xiangjiang Science City as a key driver for scientific innovation [1] Group 2: Research and Development Infrastructure - Changsha will enhance the proportion of R&D institutions with "four global" attributes and establish high-level R&D institutions in cutting-edge fields [1] - The city aims to attract more national key laboratories and innovation centers, as well as large-scale scientific facilities [1] Group 3: Industry and Technology Focus - The city is focusing on modern industrial systems, aligning innovation chains with industrial chains to strengthen technological support in key areas such as equipment manufacturing, materials, and seed industry [1] - Changsha seeks to develop unique advantages in key fields like brain-computer interfaces, quantum technology, and embodied intelligence [1] Group 4: Technology Transfer and Ecosystem - The city is working to create an efficient technology transfer system and aims to establish the Chang-Zhu-Tan National Technology Transfer Demonstration Zone [2] - Efforts will be made to promote the growth of technology-based enterprises and ensure comprehensive coverage of R&D institutions in large-scale industrial enterprises [2] Group 5: Talent and Global Integration - Changsha is committed to fostering a high-level open innovation ecosystem by deepening collaboration with regions like the Guangdong-Hong Kong-Macao Greater Bay Area and promoting "technology going global" [2] - The city emphasizes investment in human resources and aims to build a vibrant and well-structured innovation talent pool [2]

Market Structure - The A-share market has formed a dual-core industrial structure centered on technology growth and midstream manufacturing, driven by macroeconomic cycles, industrial policy guidance, and market funding preferences [6][9][12] - The technology sector has developed into a high-prosperity cluster with significant internal linkage, while the manufacturing sector serves as a market stabilizer, maintaining connections with various fields [10][12] - The TMT sector has shown a clear rotation characteristic with midstream manufacturing since 2021, constituting the core direction for market capital allocation [12][16] Market Sentiment - The three-dimensional sentiment model provides an objective and sensitive monitoring of market sentiment, which is crucial for observing phase changes in the market [23][51] - In 2025, the market sentiment exhibited a dual-cycle pattern, with a small cycle from January 6 to April 14 and a larger cycle from April 15 to October 29, reflecting the complex interplay of policy and external factors [51][52] - The sentiment phases are closely linked to industrial rotation, with TMT industries gaining prominence during positive sentiment periods, while upstream resource industries serve as defensive plays during cautious sentiment [52][53] Policy Frequency Analysis - The "14th Five-Year Plan" and "15th Five-Year Plan" highlight a strategic emphasis on technological innovation and manufacturing, indicating a shift towards self-reliance and security in the industrial framework [56][57] - The frequency of terms related to safety, technology, and energy in the "15th Five-Year Plan" suggests a deepening focus on these areas, reflecting their importance in the context of modernizing China's economy [57]

中新社北京12月15日电 (记者 陈溯)中国国家统计局新闻发言人付凌晖15日在北京表示，尽管有困 难有压力，但中国经济韧性强，宏观政策支持有力，新动能稳步成长，实现全年预期目标有较好条件。 三是宏观政策继续显效。近期，有关部门积极推动落实进一步促进消费、扩大有效投资、推动新场 景大规模应用的政策措施，将有利于增强经济增长动能，助力实体经济发展。 "近期，主要国际组织纷纷上调对中国经济增长预期，也表明国际社会对中国经济发展的信心。"付 凌晖说。 付凌晖在国务院新闻办公室当天举行的发布会上作如上表述。他从三个方面解读支持中国经济增长 的有利条件。 展望2026年，付凌晖表示，国际环境不稳定不确定因素较多，保护主义和单边主义负面影响持续显 现，地缘政治冲突变数犹存，国内加快构建新发展格局，做强国内大循环，促进国内国际双循环仍需持 续用力。在看到风险挑战的同时，也要看到，中国经济基础稳、优势多、韧性强、潜能大，长期向好的 支撑条件和基本趋势没有变，创新驱动作用增强，改革开放不断深化，现代化产业体系加快建设，将有 力支撑经济向好发展。 一是市场需求稳步扩大。1至11月，社会消费品零售总额同比增长4%，快于上年全年。外贸 ...

Group 1: Economic Development and Strategy - The Central Economic Work Conference held from December 10 to 11 in Beijing summarized the economic work for 2025, analyzed the current economic situation, and deployed work for 2026, aiming for a good start to the "14th Five-Year Plan" [1] - The focus remains on the real economy, promoting deep integration of technological and industrial innovation, and building a modern industrial system to lay a solid foundation for high-quality development in the future [1] Group 2: Automotive Industry Innovations - The Jianghuai Automobile Group, in collaboration with Huawei, has established the Zun Jie Super Factory in Hefei, which features automated welding production lines that can install all four doors in just 102 seconds [3] - The Hefei New Energy Vehicle industry has nearly 200 companies, including three vehicle manufacturers, with an expected annual output value exceeding 200 billion yuan once fully operational [5] - The Shandong Ruihang Technology Co., Ltd. has developed an automated and digitalized automotive parts manufacturing system, with an annual output value of 100 million yuan for the Foton Daimler A6 project [10] Group 3: Technological Advancements - The integration of digital and real economies is a prominent feature of China's modern industrial system, with significant advancements in smart manufacturing and digital transformation [12][20] - The number of 5G base stations has reached 4.598 million, and over 1 billion devices are connected to key industrial internet platforms, indicating a shift from pilot projects to large-scale promotion of digital transformation in manufacturing [12] - The technology contract registration reached nearly 410,000 with a transaction value exceeding 3 trillion yuan, reflecting a 14.2% year-on-year growth [19] Group 4: Industry Resilience and Future Outlook - China's manufacturing system is the largest and most complete globally, with continuous improvements in the resilience and safety of industrial supply chains [8] - The "14th Five-Year Plan" emphasizes the construction of a modern industrial system and the consolidation of the real economy as a strategic priority [20] - Future initiatives will focus on advanced manufacturing, industrial technology upgrades, and the promotion of new growth drivers to ensure stable and healthy industrial development [20]