多家公司获得了机构的高度关注。其中，汇川技术在年内吸引了1600余家机构前来调研。该公司表示，工业领域是大规模设备更新的重点领域，设备更新的 驱动力包括技术进步和市场需求的变化。 临近传统消费旺季，多地推出促消费务实举措，以满足城乡居民节日需求。据央视财经报道，"十四五"时期，我国社会消费品零售总额从2020年的39.1万亿 元稳步提升至2024年的48.3万亿元，年均增长5.5%；预计今年全年消费品零售总额有望突破50万亿元，同期消费对经济增长的年均贡献率达60%左右。近 期，商务部、中国人民银行、金融监管总局联合印发了《关于加强商务和金融协同更大力度提振消费的通知》，要求地方相关部门与金融机构强化协同配 合，推动惠民生与促消费深度融合。此前召开的中央经济工作会议中，中央财办明确将扩大内需列为明年首位重点任务。 在资本市场方面，数据显示，12月19日，涵盖消费、可选消费、旅游、食品饮料等主题的20余只ETF本月以来资金净流入超过22亿元。其中，富国中证旅游 主题ETF单只产品净流入额近14亿元。以旅游为主题的股票型ETF本月以来均获得资金净流入。 万得大消费指数及万得内需升级指数的成份股合计87只，主要分布 ...

Market Overview - The A-share market indices all rose last week, with the ChiNext Index showing the largest increase of 4.34%, while the Shanghai 50 Index had the smallest rise of 2.46% [2] - As of December 23, the margin trading balance in the Shanghai and Shenzhen markets was 25,236.76 billion yuan, an increase of 265.98 billion yuan from the previous week [2] - The average daily number of investors participating in margin trading was 402,310, a decrease of 0.92% from the previous week [2] Industry Insights - The electronic, communication, and power equipment sectors saw significant net buying in margin trading, while the food and beverage, computer, and basic chemical sectors experienced less net buying [3] - The machinery equipment sector's performance was strong, with the industry index rising 3.26%, outperforming the Shanghai and Shenzhen 300 Index by 0.52 percentage points [7] - In November, the import and export trade volume of engineering machinery in China reached 54 billion USD, marking a year-on-year increase of 15.4% [5] Company Announcements - Nepean Mining announced a delay in some fundraising projects [5] - Yongda Co. announced it received a bid notification [6] - Zhongchuang Zhiling announced an external investment [6] Future Outlook - The demand for engineering machinery is expected to continue to grow due to favorable domestic construction activity and the implementation of major projects [7] - The production of industrial robots in November was approximately 70,200 units, a year-on-year increase of 20.60%, with expectations for the total production in 2025 to exceed 700,000 units [8] - The report maintains a "positive" rating for the machinery equipment industry and recommends focusing on companies like Zoomlion (000157), Hengli Hydraulic (601100), Jiechang Drive (603583), and Haomai Technology (002595) [8]

Core Viewpoint - The consumer sector is showing signs of recovery under the policy direction of expanding domestic demand, with public funds actively investing in this area [1][2][4]. Group 1: Fund Activity - Public funds have accelerated their investment in the consumer sector, with several new food-themed funds launched after a four-year hiatus [2][3]. - Notable fund companies such as GF Fund, Penghua Fund, and Huaxia Fund have recently issued ETFs tracking the CSI All Share Food Index, with the first ETF launched by GF Fund having an initial scale of 250 million yuan [2]. - Multiple fund companies have also introduced actively managed funds focused on consumer themes, including Huaan and Yifangda, indicating a growing interest in this sector [2][3]. Group 2: Performance and Trends - The consumer sector has seen a significant rebound, particularly in service consumption areas like tourism and aviation, with some funds reporting weekly gains exceeding 7% [4]. - The tourism ETF from Fuguo Fund attracted over 680 million yuan in net inflows last week, nearing its historical high [4]. - Fund managers have increased their focus on the consumer sector, with notable investments in companies like Huaxia Airlines and Sanxia Tourism, reflecting a positive outlook on service consumption [4]. Group 3: Market Insights - Analysts have observed a clear recovery in consumer spending, with improvements in CPI growth since August and notable price increases in service consumption and food sectors [5]. - There is an expectation for continued policy support for the consumer sector, which could enhance recovery momentum and improve corporate performance [6]. - Certain segments within the consumer sector are seen as undervalued, with potential opportunities in health consumption, pet economy, and cultural tourism, driven by policy incentives [6][7].

会议指出，今年以来，全市上下深入贯彻习近平总书记对江苏工作重要讲话精神，坚决落实党中央 决策部署和省委、省政府工作要求，着力打好"三大关键仗""三大攻坚仗"，经济运行稳中有进、质效提 升、动能增强，各项工作取得新进展新业绩，经济社会发展迈上新台阶。成绩的取得，根本在于以习近 平同志为核心的党中央领航掌舵，在于习近平新时代中国特色社会主义思想科学指引，是全市上下凝心 聚力、攻坚突破、真抓实干、说到做到的结果。 12月24日，市委经济工作会议举行。会议深入学习贯彻中央经济工作会议精神，落实省委经济工 作会议部署，总结今年经济工作，分析当前经济形势，部署明年经济工作。市委书记周红波讲话，代市 长李忠军作会议总结，市人大常委会主任吕德明、市政协主席王立平、市委副书记李佰平出席。 会议指出，明年是"十五五"开局之年，做好明年经济工作，要按照中央经济工作会议和省委经济工 作会议部署，深入贯彻落实习近平总书记对江苏工作重要讲话精神，坚持稳中求进工作总基调，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，着力稳就业、稳企业、稳市场、 稳预期，持续打好经济强基提振、产业科技创新、改革集成突破"三大关键仗" ...

Group 1 - The core viewpoint of the article is an optimistic long-term outlook for the equity market, while emphasizing the need to focus on structural issues in the short term [1] - The optimism is driven by policies aimed at "expanding domestic demand," which include support for income-driven demand, reasonable investment returns, and financial demand constrained by principal and debt [1] - The current bottleneck in the A-share market is attributed to the K-shaped economic divergence, where high-performing sectors include AI, anti-involution, and export chains, while low-performing sectors are consumer real estate [1] Group 2 - The growth in high-performing sectors is facing uncertainties, particularly regarding the sustainability of capital expenditures by AI giants, which has amplified volatility in related sectors between US and A-shares [1] - There are concerns about the effectiveness of anti-involution measures, leading to downward adjustments in market expectations [1] - In the short term, the economic structure remains unchanged, but if risks emerge in sectors like AI, the market may shift back to a dividend-focused approach, such as cash flow ETFs [1] Group 3 - Given the crowded nature of single-track trading, the company suggests focusing on the diffusion effect of AI investments and allocating resources to more certain sectors [1] - Recommended sectors include those related to power infrastructure, such as mining ETFs, non-ferrous metal ETFs, and grid ETFs [1]

Group 1: Economic Policy and Consumer Demand - The Shandong Provincial Economic Work Conference emphasizes the need to expand domestic demand with a focus on consumption and investment as key tools [1] - From January to November, Shandong achieved a total retail sales of consumer goods of 38,143.9 billion yuan, reflecting a year-on-year growth of 5.2% [1] - The province has implemented a comprehensive policy system to boost consumption, including six schemes for replacing old consumer goods, which have significantly stimulated sales [1] Group 2: Supply and Demand Coordination - The conference highlights the need for coordinated efforts on both supply and demand sides, particularly in enhancing supply capabilities to meet higher-level consumer demands [2] - Local initiatives in cities like Qingzhou are being developed to enhance consumer experiences and promote local specialties, aiming to stimulate economic activity [2] Group 3: Cultural and Tourism Consumption - The integration of cultural, tourism, and sports sectors is seen as a vital strategy for boosting service consumption, with various events and activities being organized to attract consumers [3] - The tourism sector is identified as a key driver for economic vitality, with local governments focusing on enhancing the appeal of tourist destinations [3] Group 4: Investment Growth and Infrastructure - Shandong has been actively pursuing investment in infrastructure and public services, planning to implement 15,000 key projects annually to stimulate effective investment [4] - From January to November, fixed asset investment in the province grew by 1.3%, with state-owned enterprises showing significant investment increases [4] Group 5: Transportation and External Market Engagement - Shandong High-Speed Group is advancing highway construction and expanding its presence in international markets, with a 28.5% increase in new external contracts signed this year [5] - The group is focusing on integrating into the Belt and Road Initiative, with numerous ongoing international projects [5] Group 6: Future Development Goals - The province aims to stabilize reasonable investment levels while addressing issues related to investment efficiency and supply-demand mismatches [6] - Emphasis is placed on investing in technology innovation and green transformation within the manufacturing sector to enhance competitiveness [6]

【靖远佳美电器负责人 高陈佑】"以旧换新"政策推出以来，门店客流量增加了不少，家电的销售额有 大幅度的提升，最受欢迎的产品集中在空调、电视、冰箱、洗衣机等产品上，政策不仅让老百姓得到了 实惠，也让我们企业的经营信心更加十足。 为放大"十四五"政策效应，靖远打出"以旧换新+节点促销"组合拳。联合全县百余家商户推出"政策补 +商家让"福利，这种"政策协同发力"的做法，正是国家强调的"打好政策组合拳"的生动实践。实打实 的举措，换来了"十四五"关键期的亮眼成绩单。 "十四五"期间，推动大规模消费品"以旧换新"成为国家扩大内需、绿色转型的重大举措。今年以来，靖 远县全面推进消费品以旧换新政策，从家家户户必备的大家电到出行代步的汽车、潮酷实用的数码产 品，多领域政策红利持续释放，既让群众揣着实惠满心欢喜，更激活了县域消费的"一池春水"，让市场 暖意融融。 靖远县融媒体中心记者 李炎芸 杨晶晶 【靖远县商务局党组成员、副局长 张赟】今年以来，我县全面落实消费品以旧换新部署要求，加大宣 传引导，强化服务指导，统筹推进汽车、家电、电动自行车、家装厨卫、3C数码产品等领域以旧换 新，有力释放了消费潜力，提振了消费信心。截至目前 ...

第一把钥匙：内需不是"多花钱"，而是"敢花钱" 提振内需的核心不在口号，而在底气。一头是收入更可预期，让钱包有安全感；一头是供给更有质量，让 消费"值不值"。再配合全国统一大市场、减少不必要限制，消费就会从犹豫变成自然发生。政府投资也不唱独角戏，而是撬动社会资源，把增长红利送到百 姓身边。 第二把钥匙：创新不是单点突破，而是系统工程 今年信号很清晰：教育、科技、人才要打通。三大区域协同打造国际科创高地，企业尤其是民营企业站上C 位，人工智能等前沿领域持续加码。金融的角色也在升级——不只是"给钱"，而是精准灌溉创新生态。 第三把钥匙：稳住风险，才能走远路 房地产与地方债，思路已从"止血"转向"重构"。坚持"房住不炒"，推动"好房子"，让居住回归本质；地方债通过多路径 有序化解，为长期增长腾挪空间。目标很明确：不制造新风险，也不拖慢前行节奏。 一句话总结：2026年的中国经济，不拼短跑，拼耐力。"内需是底盘，创新是引擎，稳定是方向盘"。稳中求进，路就在脚下。 《一场会议，三把钥匙：读懂中国经济的2026》 ——从扩大内需到科技创新，再到风险稳盘，一次看得见方向的"经济体检" Production Conce n ...

当前，全球经济增长放缓，外部环境的不确定性、不稳定性增加。通过"坚持内需主导"，有助于增强我 国经济发展的自主性、稳定性和韧性，以中国经济高质量发展的确定性应对外部挑战。 商务部研究院流通与消费研究所研究员关利欣表示，从问题导向看，明年我国面临的外部环境变化影响 加深，国内供强需弱矛盾突出，亟须通过持续扩大内需、优化供给，充分挖掘经济潜能。从目标导向 看，强大国内市场是中国式现代化的战略依托，要通过政策支持和改革创新并举，建设强大国内市场， 实现"十五五"良好开局。 中央经济工作会议明确指出"国内供强需弱矛盾突出"。当前经济运行中消费内生动力不强，我国居民消 费率与发达国家相比仍有差距，特别是服务消费占比偏低等问题较为突出。扩大内需是打通经济循环堵 点、推动经济持续回升向好的关键。 "这是基于对当前国内外经济形势的深刻研判。"国务院发展研究中心市场经济研究所市场流通研究室主 任陈丽芬表示，从国内看，当前我国经济发展面临有效需求不足、国内大循环存在卡点堵点等制约；从 国际看，外部环境变化影响加深，面临的不确定性增大。将扩大内需确立为主导战略，以内需的稳定发 展对冲外需的不确定性，筑牢中国经济内生动力的基石，这也 ...

Core Insights - Banks are intensifying support for automotive consumer finance to stimulate the car market and align with national consumption policies, utilizing low-interest loans, substantial subsidies, and high credit limits to meet consumer demand [1][4] Group 1: Banking Strategies - Multiple banks are launching targeted year-end car purchase promotions, such as Ping An Bank's "lowest 0% interest" campaign with loan amounts ranging from 30,000 to 5 million yuan, and Postal Savings Bank's financial plan offering up to 4,500 yuan in subsidies with interest rates between 0% and 6% [2] - Credit card installment plans are becoming a key focus for banks in automotive consumer finance, with Industrial and Commercial Bank of China offering up to 60 months of 0% interest for specific vehicle purchases [2][3] Group 2: Customer Experience Enhancements - Some banks are upgrading automotive service benefits for credit card holders, such as Industrial Bank's "monthly rewards" program, allowing customers to choose from various benefits like charging or fuel discounts [3] Group 3: Industry Trends - The increase in automotive consumer finance by banks is a response to policy directives aimed at boosting consumption and addressing the slowdown in retail credit growth, with a focus on high-quality asset allocation [4] - Experts predict a shift towards refined operations in automotive consumer finance, moving away from high-commission models to compliance-based, demand-driven service models, with an emphasis on digitalization and customer experience [4][5]