Core Viewpoint - The article emphasizes the importance of implementing economic strategies for 2026, focusing on internal demand, innovation, and regional development to ensure sustainable growth and stability in the economy [3][4][5]. Group 1: Economic Strategy - The city aims to adhere to the guiding principles of Xi Jinping's new era socialism and implement the spirit of the 20th National Congress, focusing on a stable yet progressive economic approach [4][5]. - There is a commitment to expanding domestic demand and enhancing the service and integration of the national market, highlighting the role of Wuhan as a market hub [6][9]. Group 2: Innovation and Technology - The strategy includes promoting deep integration of technological innovation and industrial development, with an emphasis on nurturing talent in education and technology [10][11]. - The goal is to accelerate the establishment of a modern industrial system that supports green development and innovation [11][12]. Group 3: Regional Development - The plan involves leveraging major opportunities for building a dual circulation system, enhancing regional coordination, and expanding high-level openness [13][14]. - There is a focus on urban renewal and improving city management to elevate the quality of urban living and infrastructure [15][17].

Group 1: Economic Leadership and Development - Strengthening the Party's leadership over economic work is essential for ensuring effective economic management, with specific requirements set forth in the provincial economic work conference [1] - Yantai Huangbohai New Area, as one of the four provincial-level new areas, benefits from national strategies such as the national economic development zone and the China-South Korea industrial park, driving strong development momentum [1] - The provincial economic work conference emphasizes the importance of a correct performance view and the need for a comprehensive approach to economic work, focusing on eight key tasks and ten major projects [1] Group 2: Cultural and Tourism Industry - The cultural and tourism industry is identified as a crucial engine for expanding domestic demand and stimulating economic growth, with new requirements and deployments outlined in the "Top Ten Projects" [2] - The provincial cultural and tourism department plans to enhance high-quality development through effective party building and the integration of cultural and tourism sectors [2] - Efforts will be made to strengthen the "Good Guest Shandong" brand and improve the supply of high-quality tourism products to support comprehensive domestic demand expansion [2] Group 3: State-owned Enterprises - State-owned enterprises are described as the "ballast" and "pillar" of the province's economic and social development, with Shandong Port Group achieving a cargo throughput of over 1.9 billion tons this year [3] - The group is transitioning from a single port operator to a comprehensive port service provider, aligning with the provincial economic work conference's directives [3] - Plans include enhancing port infrastructure, achieving digital transformation, and promoting green and low-carbon development to contribute to high-quality economic growth [3] Group 4: Foreign Trade and Open Economy - The provincial economic work conference prioritizes expanding high-level opening-up as a key task for the upcoming year, with specific strategies for enhancing institutional openness and developing new foreign trade formats [4] - The focus will be on integrating major initiatives such as the Belt and Road Initiative and improving the business environment for foreign trade [4] - Comprehensive measures will be implemented to stabilize foreign trade growth and enhance market entities and port operations [4] Group 5: Legal Environment for Business - The importance of a legal economy is emphasized, with the provincial judicial department committed to creating a first-class legal business environment to support high-quality economic development [5] - Legislative efforts will focus on key areas such as fair competition and marine ranching to ensure high-quality development [5] - Administrative law enforcement will be standardized to maintain market order and boost business confidence [5] Group 6: Agricultural Development - Yucheng City is advancing rural industrial revitalization through a "grain-to-table" and "agriculture-to-industry" development approach, emphasizing the importance of practical achievements [6] - The city aims to strengthen agricultural industrialization by focusing on key crops and enhancing agricultural enterprise cultivation [6] - Employment opportunities will be increased through innovation and entrepreneurship parks, while urbanization efforts will focus on comprehensive land management [6] Group 7: Urban Construction and Development - The focus of urban construction in Tai'an City includes enhancing urban quality, upgrading old neighborhoods, and promoting green and low-carbon transitions [7] - The construction sector is encouraged to adopt digital solutions and ensure market stability while preventing risks [7] - The integration of urban development with residents' well-being is highlighted as a key responsibility for the city's construction department [7]

Core Viewpoint - The demand issue has become the most decisive factor affecting the sustained and stable growth of China's economy, with expanding domestic demand being prioritized for two consecutive years [3] Group 1: Economic Challenges - The current economic situation in China shows a persistent imbalance between strong supply and weak demand, with companies facing significant challenges [3] - The marginal weakening trend of the economy has intensified as the fourth quarter progresses, necessitating substantial efforts to promote overall economic recovery [3] - The main contradiction in China's economic operation has shifted from the supply side to the demand side, indicating that resolving demand issues is crucial for smooth economic circulation and stable growth [3] Group 2: Causes of Insufficient Demand - The insufficient consumer demand is attributed to both short-term market volatility and deeper structural issues that are interrelated and mutually reinforcing, leading to a negative cycle of demand contraction, increased employment pressure, slowed income growth, weakened wealth effects, and declining consumer confidence [3][4] - Addressing these issues requires both short-term stimulus policies to break the negative cycle and long-term solutions to strengthen the foundation for sustained growth [4] Group 3: Strategies for Demand Expansion - The "14th Five-Year Plan" aims to effectively unleash the potential of household consumption by optimizing the support range and structure of commodity consumption and enhancing service consumption, particularly in education, healthcare, elderly care, and childbirth [4] - Increasing subsidies to boost consumer willingness and capacity is essential, alongside implementing a resident income growth plan and improving social security and public service levels for low-income groups [4] - While consumer demand is emphasized for driving economic growth, investment remains important, and efforts to expand effective investment should not be relaxed [4][5] Group 4: Investment and Development - The era of large-scale and extensive urban construction and real estate investment aimed at solving housing shortages has ended, but there remains significant demand for investment and consumption focused on improving urban environments and housing quality [5] - The "14th Five-Year Plan" emphasizes the need to release and expand effective investment, accelerating the formation of new urban construction and real estate development models that align with the new development stage, while also boosting private and foreign investment [5]

Core Viewpoint - The Hebei province is focusing on seven key tasks for 2026 to ensure a strong start to the "14th Five-Year Plan" and to promote stable economic growth in the region [1][5]. Economic Performance - In 2025, the province's economic performance is expected to show steady progress, with significant strategic implementations such as reduced travel time on the Zhang-Cheng high-speed railway and the launch of the first sightseeing train in the Beijing-Tianjin-Hebei region [2]. - From January to November, fixed asset investment in Xiong'an New Area increased by 14.8% year-on-year, while overall fixed asset investment in the province grew by 6.1%, ranking third nationally [2]. - The province's private investment also saw a year-on-year increase of 7.4%, placing it third in the country [2]. Industry Development - The provincial development and reform system is supporting the exploration of new paths for characteristic industrial clusters, including the "Artificial Intelligence+" action plan, with the province's comprehensive computing power index ranking first nationally for two consecutive years [2][6]. - The logistics sector is being enhanced, with Langfang city included as a national logistics hub and Cangzhou city selected for a new round of national cold chain logistics base construction [2]. Reform and Innovation - The province is implementing 16 "small cut" measures to improve the business environment and has initiated actions to clear market access barriers [3]. - A total of 37 measures to facilitate cross-border trade have been introduced, with Shijiazhuang International Land Port designated as a central hub for China-Europe freight trains in North China [3]. Green Transition - New projects in the "two high" category are required to meet benchmark energy efficiency standards, and Zhangjiakou city has been selected as a pilot for the national ecological product value realization mechanism [3][6]. - The province is advancing green energy initiatives, including the direct connection of green electricity to key industries and the establishment of hydrogen energy pilot zones [3][6]. Social Welfare - The province is focused on improving people's livelihoods, with stable consumer prices and the completion of 20 major livelihood projects [3][6]. - New hospitals have been opened, contributing to enhanced healthcare services in the region [3]. Strategic Planning - The provincial "14th Five-Year Plan" outline has made significant progress, with various planning efforts underway [4]. - The development reform system aims to enhance policy guidance and social expectations while boosting production factor guarantees [5].

Group 1 - The core message emphasizes the commitment of the Tiexi District to implement the spirit of the municipal economic work meeting, aiming to be a key player in building Shenyang as an international center in Northeast Asia [1] - The district plans to sign 400 projects, start and resume work on 500 projects, and complete 150 projects by the end of the year, focusing on large and impactful projects to boost economic growth [1][2] - There is a strong focus on expanding domestic demand and exploring new consumption models, particularly in the automotive sector and through the development of vibrant commercial areas [1][2] Group 2 - The strategy includes fostering new industrial growth by enhancing the industrial structure and promoting technological innovation, particularly in emerging sectors like biomedicine and renewable energy [2] - The district aims to create a first-class business environment by prioritizing service optimization and addressing the needs of enterprises, thereby enhancing the overall development climate [2] - Continuous reform and opening-up efforts are highlighted to stimulate internal growth, with a focus on strengthening state-owned enterprises and supporting businesses in accessing international markets [2] Group 3 - The district is committed to meeting the new expectations of the public by improving services related to employment, education, and social welfare, thereby enhancing the overall quality of life for residents [3]

Core Viewpoint - The demand issue has become the most decisive factor affecting the sustained and stable growth of China's economy, with expanding domestic demand ranking first in economic work for two consecutive years [2][3]. Group 1: Demand Issues - The main contradiction in China's economic operation has gradually shifted from the supply side to the demand side, indicating that resolving demand issues is crucial for achieving stable and sustainable economic growth [3]. - Despite various external shocks, China's economy has shown resilience, with major macroeconomic indicators remaining stable, laying a good foundation for achieving the annual growth target of around 5% [2][3]. Group 2: Consumption Demand - The insufficient consumption demand in China is attributed to both short-term market fluctuations and deeper structural issues, necessitating both immediate stimulus policies and long-term solutions [4]. - Structural reasons for low consumption rates include a long-term low consumption rate among residents, estimated to be 10-20% below the international average, indicating significant potential for expanding domestic demand [5][6]. Group 3: Investment Demand - Investment demand remains significant and should be supported through institutional and policy innovations, emphasizing that effective investment is still crucial for economic growth [8]. - The "14th Five-Year Plan" suggests that effective investment should focus on new urban construction models and enhancing rural infrastructure, with a notable emphasis on revitalizing idle rural land and improving the investment environment for private and foreign investments [8].

Core Viewpoint - The demand issue is identified as the most decisive factor affecting the sustained and stable growth of China's economy, with macroeconomic indicators remaining stable and a strong foundation laid for achieving the annual growth target of around 5% [1] Group 1: Economic Policies and Strategies - Various policies aimed at expanding domestic demand have shown positive effects, playing a crucial role in achieving this year's development goals [1] - There is a need for structural countermeasures to effectively release the potential of consumer demand during the 14th Five-Year Plan period [1] Group 2: Consumption and Investment - Consumption stimulus policies should focus on optimizing the support for commodity consumption and increasing support for service consumption, particularly in education, healthcare, elderly care, and childbirth [2] - Enhancing social security and public service levels for low-income groups is essential to improve consumer confidence and safety expectations [2] - Supply-side policies should be strengthened to reduce entry restrictions and optimize regulatory policies, particularly in service sectors where demand is high but supply is lacking [2] - The demand space for investment remains significant, requiring institutional and policy innovations to support effective investment during the 14th Five-Year Plan [2] Group 3: Economic Advantages and Future Outlook - China's economic development advantages are described as unique and substantial, with a call for policy support and reform innovation to further promote economic recovery and lay a solid foundation for achieving the 2035 goals [3]

特约评论员熊夏柠 临近年末，各地文旅消费火热，一些一线城市的演唱会经济火爆。有的城市积极提振内需、发放消费券 也如火如荼，电商平台频推跨年促销，汽车与家电以旧换新、商圈促销等持续引发人们的消费热情。 近日召开的中央经济工作会议提出，坚持内需主导，建设强大国内市场。深入实施提振消费专项行动， 制定实施城乡居民增收计划。扩大优质商品和服务供给。优化"两新"政策实施。清理消费领域不合理限 制措施，释放服务消费潜力。 在我国建设中国式现代化的过程中，强大国内市场是重要的战略依托。需要坚持扩大内需，坚持惠民生 和促消费、投资于物和投资于人紧密结合，以新需求引领新供给，以新供给创造新需求，促进消费和投 资、供给和需求良性互动，增强国内大循环内生动力和可靠性。 促消费的举措要确保落地以及带来明显的消费增量，还要令人们愿意消费和敢于消费。 《建议》提出，促进高质量充分就业。深入实施就业优先战略，健全就业促进机制，构建就业友好型发 展方式。加强产业和就业协同，积极培育新职业新岗位，支持企业稳岗扩岗。完善就业支持和公共服务 体系，稳定和扩大高校毕业生、农民工、退役军人等重点群体就业，推动灵活就业、新就业形态健康发 展。加大创业支 ...

Core Viewpoint - The strong inflow of incremental funds has driven the recent market rally, contributing to the Shanghai Composite Index achieving eight consecutive days of gains, and there is a recommendation to actively position for the upcoming spring market rally, focusing on both technology and cyclical sectors [1][2]. Group 1: Market Performance - As of December 26, 2025, the Shanghai Composite Index has achieved eight consecutive days of gains, marking the third occurrence since the "9.24" market rally in 2024 [2]. - The market has shown signs of recovery from previous adjustments, with three major factors influencing the market's positive outlook diminishing [2]. Group 2: Fund Inflows - December saw an unusual net inflow into broad-based ETFs, with a total net inflow of 110.6 billion yuan, primarily driven by the A500 ETF, which accounted for 101.9 billion yuan, or 92.2% of the total [3]. - The net inflow into the A500 ETF is likely to be new capital rather than a reallocation from other ETFs, indicating a strong demand for this specific fund [3]. Group 3: Investment Opportunities - The current macroeconomic environment, characterized by PPI recovery and anti-involution policies, alongside a weak dollar and increased demand for AI hardware, presents investment opportunities in various sectors, including chemicals, new energy materials, and electronic communication products [4]. - The investment strategy should focus on technology and PPI, with attention to new marginal changes, such as the strengthening of domestic demand policies and the potential for growth in commercial aerospace and satellite industries [5]. Group 4: Sector Allocation - Recommended sector allocations include technology sectors such as military, media (gaming), AI applications, and core AI hardware, as well as PPI beneficiaries like photovoltaic, chemicals, steel, and power [5]. - Long-term holdings should consider gold and optimized high-dividend stocks as part of the investment strategy [5].

Core Viewpoint - Beijing has launched a series of cross-year activities aimed at enhancing consumer experience through city-wide participation, reflecting a strategic move to expand domestic demand rather than a temporary measure [1][2] Group 1: Service Consumption Strategy - The focus of Beijing's activities is not on individual consumption projects but on creating a systematic supply that allows for participatory, extendable service consumption scenarios [1] - Cultural performances, public exhibitions, and extended access to public spaces collectively enhance service quality and experience density, addressing the demand for high-quality living [1] Group 2: Demand and Supply Interaction - The potential of service consumption is influenced not only by residents' income levels but also by the richness and accessibility of the supply system [1] - The significance of holiday economies lies in the concentrated release of quality content and services, providing clear outlets for potential demand, illustrating the interaction and mutual shaping of supply and demand [1] Group 3: Cultural Experience and Consumption Patterns - Cultural experiences have a certain extension effect, where participation in events can lead to a shift in future lifestyle choices [1] - The transformation of holiday experiences into regular lifestyle choices is essential for service consumption to evolve from temporary spikes to sustained growth, representing a feasible path to building a complete domestic demand system [1] Group 4: Improving Consumption Environment - In the context of a complex external environment and the need to further release domestic demand, expanding domestic demand requires improving the consumption environment and optimizing the supply structure [2] - Cross-year cultural consumption provides observable and verifiable practical paths, enhancing the systematic and coordinated nature of service supply to create conditions for releasing domestic demand potential [2]