对内银而言，通过信用修复激励，政策引导逾期借款人主动清偿欠款，有助于金融机构加快不良资产回 收，改善资产质量；同时，政策明确为一次性实施，未设置长期延续机制，从制度设计上防范了后续的 道德风险。信用修复后，此前部分受到信用记录影响的潜在融资需求得以释放，该行预计能够一定带动 消费贷、房贷、经营贷等个人信贷产品的新增投放，提振信贷需求。但在总体居民宏观杠杆率下降、信 贷需求仍有待复苏的环境下，改善信贷需求也需要财政、房地产等领域的进一步政策支持。 中金发表报告指，人民银行发布《关于实施一次性信用修复政策有关安排的通知》，针对2020年1月1日 至2025年12月31日期间单笔金额1万元以下的个人逾期信息，借款人于2026年3月31日前足额清偿即可免 予征信展示。该行指在扩内需的金融政策下，本次政策通过消除受到疫情等因素影响的特定信用违约记 录，能够帮助信用记录受损但具备还款能力和意愿的群体改善个人信用，间接释放消费与经营融资需 求，是金融领域扩大内需的政策举措。 ...

Core Viewpoint - The recent Central Economic Work Conference emphasizes the need for financial institutions to enhance support for expanding domestic demand, with a focus on the collaboration between finance and commerce to boost consumption [1] Group 1: Support for Consumption - The notification encourages the development of various insurance products such as commercial annuities, health insurance, and accident insurance to create a comprehensive risk protection network for individuals and families, thereby stabilizing expectations and enhancing consumption willingness [2] - Personal insurance products can provide financial security against uncertainties, reducing precautionary savings and releasing current consumption potential [2] - Insurance can lower risk concerns for consumers and businesses in various consumption scenarios, directly promoting related consumption [2] - Consumer credit guarantee insurance can enhance consumer credit levels, increasing their purchasing power [2] - Cargo transportation and product liability insurance can provide risk protection during the circulation of goods, aiding in achieving market supply-demand balance [2] Group 2: Alignment of Insurance Products with Consumer Needs - There is a mismatch between current insurance products and residents' actual needs in health management and elderly care [3] - A shift from "financial compensation" to a combination of "products + services" in insurance offerings is recommended to enhance consumer experience and guide insurance funds towards essential services [3] - Insurance capital, characterized by its large scale and long duration, is well-suited to support long-term investments in infrastructure and clean energy, providing essential funding for effective investment [3] Group 3: Support for New Consumption Models - The notification highlights the integration of financing, settlement, and insurance services to support new consumption models and scenarios [4] - Insurance can enhance the creditworthiness of businesses and consumers, improving their investment and consumption capabilities while ensuring the safety of financial institutions' funds [4] - Collaboration among different financial institutions can meet diverse funding needs for new consumption projects, maximizing synergistic effects [4] - Challenges exist in the collaboration of financial institutions, particularly in pricing traditional insurance products for emerging sectors like the metaverse [4] Group 4: Expansion of Domestic Trade Insurance - The notification calls for an expansion of domestic trade insurance coverage to support more quality foreign trade products entering the domestic market [5] - Credit insurance can secure domestic trade transactions, facilitating the entry of quality goods and enhancing consumption quality [5] - Domestic trade insurance can accelerate capital turnover and improve operational efficiency for businesses through commercial credit sales [5] Group 5: Future Directions for Insurance Companies - Insurance companies are encouraged to proactively enhance their role in supporting domestic demand, focusing on loss compensation and risk management while participating in consumption and investment [6]

Core Viewpoint - The article presents a more optimistic outlook on the fiscal and monetary policy statements from the recent economic work conference compared to market expectations, highlighting the expanded role of the central bank in promoting economic stability and reasonable price increases [1]. Summary by Sections Economic Policy Direction - The 2025 Central Economic Work Conference emphasizes five "musts" that align with the 2024 "overall" strategies, focusing on tapping economic potential and policy reform coordination, addressing the core issue of "strong supply but weak demand" [2]. - The fiscal policy continues to adopt a "more proactive" stance, maintaining necessary deficits and debt levels while focusing on local fiscal challenges and debt resolution [2]. - Monetary policy aims to stabilize growth and promote reasonable price increases, with plans to flexibly use tools like reserve requirement ratio (RRR) cuts and interest rate reductions [2]. Internal Demand and Reform - The conference underscores the importance of domestic demand, proposing measures to increase residents' income, enhance service consumption, and expand budgetary investments to stabilize consumption and investment [2]. - Deepening reform remains a priority, with initiatives to advance the construction of a unified national market and address "involution" competition [2]. Risk Management - The article discusses proactive measures to mitigate risks in key areas, particularly in real estate, with a three-pronged approach to address challenges and focus on active debt management and restructuring [2]. Comparison of Economic Work Conference Statements - A comparison of the statements from the December 2024 and December 2025 conferences reveals a consistent acknowledgment of the challenges posed by insufficient domestic demand and external environmental changes, while also highlighting the resilience and potential of the Chinese economy [3]. Fiscal and Monetary Policy Details - The fiscal policy will continue to be proactive, increasing the fiscal deficit rate and ensuring sustained fiscal strength, with a focus on enhancing spending in key areas and issuing special bonds [3]. - The monetary policy will maintain a moderately loose stance, utilizing various tools to ensure ample liquidity and support for key sectors such as technology innovation and small and micro enterprises [3]. Domestic Market and Innovation - The article emphasizes the need to build a strong domestic market by enhancing consumption and investment efficiency, implementing special actions to boost consumption, and increasing the income of low- and middle-income groups [3]. - It also highlights the importance of technological innovation in driving new productive forces and developing a modern industrial system [3]. Reform and Opening Up - The conference calls for significant reforms to enhance the vitality of high-quality development, including the deepening of state-owned enterprise reforms and the promotion of private sector growth [3]. - It stresses the importance of expanding high-level opening up to stabilize foreign trade and investment, while also promoting cooperation in various fields [3]. Urbanization and Rural Revitalization - The article discusses the need for coordinated development between urbanization and rural revitalization, emphasizing the importance of maintaining agricultural productivity and enhancing the competitiveness of the agricultural sector [3].

最近，一南一北，两大省份都官宣了一个"解禁令"。 先是云南在道路交通安全管理工作专题新闻发布会上宣布，全省16.88万辆皮卡车（多用途货车）正式获得与小型载客汽车同等的城市道路通行权，标志 着皮卡进城限制在云南全面放开。 山西则于近日发布了一批宣布废止的行政规范性文件目录。其中包含《山西省人民政府关于禁止生产、经营、储存、运输和燃放烟花爆竹的通告（2020年 8月17日）》。 这意味着山西省级层面关于烟花爆竹的一刀切"禁令"被废除。虽然这并不代表烟花爆竹在山西全域可完全"自由"燃放，但统一禁令的废止，至少是一个明 显的政策松绑信号。 这两件看起来并无直接联系的事件，背后却有一份共同的深意。 数据显示，2017年，全国共有444个城市禁止燃放烟花爆竹，764个城市限制燃放；2018年，全国803个县级以上城市禁止燃放烟花爆竹。 但关于"禁"与"燃"的争议，始终存在。 坚持要燃的一方认为，这是传统，有利于营造烟火气、年味；反对的一方则认为，这有污染，有安全风险。 具体到政策端，每个地方的态度，会因客观条件不同而有差异。比如，山西属于煤矿大省，本身空气治理任务重，对于烟花爆竹燃放所带来的污染，自然 有更多的警惕。 ...

Group 1 - The Nanjing Municipal Committee held a meeting to discuss the economic situation and work plans for the upcoming year, emphasizing the importance of gathering insights from various democratic parties and representatives [1][2] - The meeting highlighted the need for accelerating the development of industrial software ecosystems, boosting rural cultural revitalization, and enhancing consumer potential [1] - Suggestions were made to promote the development of intelligent robotics, improve the connection of industrial funds, and transform food-related intangible cultural heritage into consumer IP [1] Group 2 - The Nanjing Municipal Committee expressed gratitude for the contributions of various democratic parties and organizations in promoting technological and industrial innovation [2] - The committee emphasized the importance of unity and collaboration in achieving the goals set forth in the 14th and 15th Five-Year Plans, particularly in expanding domestic demand and developing new productive forces [2] - The meeting aimed to consolidate wisdom and efforts towards the modernization of Nanjing, focusing on significant tasks that impact the overall development of the city [2]

Core Viewpoint - The article emphasizes the role of credit cards in boosting and expanding consumption, aligning with the strategic focus on domestic demand expansion as outlined by the Chinese government [1][2]. Group 1: Financial Services and Economic Support - Credit cards are highlighted as essential financial products that connect consumers with merchants, thereby supporting the real economy [1]. - China Construction Bank (CCB) credit cards have driven social consumption exceeding 13 trillion yuan during the 14th Five-Year Plan, with a loan balance surpassing 1 trillion yuan, providing financial support for over 5 million customers in vehicle purchases and over 2.7 million families in housing [1]. Group 2: Policy Support and Consumer Demand - In 2025, favorable policies from the State Council and various ministries are expected to stimulate consumption, providing strong support for economic recovery [2]. - CCB credit cards are focusing on consumer demand in sectors like home appliances and digital products, offering year-round installment payment discounts and 0% interest promotions [2]. Group 3: Large Consumption Areas - CCB credit cards are targeting the automotive and home renovation markets, offering vehicle financing support with loan amounts up to 2 million yuan and terms up to 5 years, including a zero down payment option [3]. - The "CCB Home Renovation Festival" is set to activate the home improvement market with various promotional activities, including significant discounts and rewards [3]. Group 4: Consumer Experience and Brand Building - CCB credit cards are creating a comprehensive "Enjoy Fun" brand activity matrix that integrates travel, food, and shopping, enhancing consumer engagement [4]. - The bank is implementing seasonal themed activities and partnerships with major platforms to boost tourism consumption, providing discounts on travel-related expenses [4]. Group 5: Shopping and Online Engagement - CCB credit cards are launching extensive online and offline shopping promotions, collaborating with major platforms to offer various discounts and rewards throughout the year [5][6]. - During the "66 Festival" in 2025, CCB credit cards distributed 20 billion points to customers, significantly encouraging ongoing consumer spending [6]. Group 6: Consumer Insights and Product Offerings - CCB credit cards are tailored to meet diverse consumer needs, offering specialized benefits for different customer segments, such as moviegoers and car owners [7]. - The bank is upgrading its credit card offerings to enhance payment convenience for domestic and international transactions, ensuring a secure and efficient payment experience [7].

Core Viewpoint - The emphasis on expanding domestic demand is not a temporary measure but a strategic initiative crucial for economic stability and security, as highlighted by the Central Economic Work Conference [1] Group 1: Investment Trends - Investment in traditional sectors is weakening, while high-tech industry investment is growing rapidly, indicating a shift in investment dynamics [1] - There is significant potential for investment in areas such as technological innovation, industrial upgrades, urban renewal, rural infrastructure, and public services, as the per capita capital stock level remains low [1] - The government aims to increase investment in human resource development and improve the proportion of government investment in livelihood projects to align with consumption structure upgrades [2] Group 2: Consumption Insights - Service retail sales have shown a year-on-year growth of 5.4% in the first 11 months, indicating a trend of improvement in consumption [1] - The government plans to implement a resident income increase plan and special actions to boost consumption, which will further release consumption potential [1] - The current consumer spending rate in China is 39.9%, which is still 10-30 percentage points lower than that of developed countries, particularly in service consumption [2] Group 3: Policy Recommendations - To stimulate private investment, it is essential to create a fair competitive market environment and remove barriers that restrict private investment, especially in high-tech and service sectors [2] - The government should increase public service spending to enhance collective consumption in areas like education and health, particularly as GDP per capita exceeds $13,000 [2] - A long-term mechanism for expanding domestic demand should be established, combining short-term policies with medium- to long-term institutional reforms to address deep-seated issues in domestic demand and consumption [3][4]

Group 1 - The core objective is to accelerate the establishment of a world-class socialist modern international metropolis, with a detailed development blueprint for Shanghai over the next five years and beyond [2] - The focus will be on the construction of the "Five Centers," which will drive economic and social development, enhancing core functions and promoting integrated development [2] - There is an emphasis on expanding domestic demand, upgrading consumer goods, stimulating service consumption, and increasing inbound consumption [2] Group 2 - The transition from the "14th Five-Year Plan" to the "15th Five-Year Plan" is critical, with early deployment and implementation of various initiatives being essential for overall growth [3] - There will be a strong commitment to stabilizing growth, with proactive arrangements for major policies and initiatives [3] - A focus on improving public services and enhancing employment and income for citizens is prioritized, alongside safety measures to prevent major accidents [3]

无论是股票ETF/LOF基金，都是属于较高预期风险和预期收益的证券投资基金品种，其预期收益及预期 风险水平高于混合型基金、债券型基金和货币市场基金。 基金资产投资于科创板和创业板股票，会面临因投资标的、市场制度以及交易规则等差异带来的特有风 险，提请投资者注意。 另一方面，重磅会议持续提出要扩大内需、优化供给，培育并壮大国内市场，这一过程相对偏向长期。 从近期数据来看，消费数据有所增长，社零数据近几个月表现也较为亮眼，以上海为例，当地推出的消 费补贴叠加促销活动，在这些政策的带动下，本月社零数据预计增长4%。我们认为，只要补贴政策持 续推出，消费数据有望持续温和改善，但改善幅度预计不会特别显著。 综上，2026年债市政策支撑明确、通胀压力温和，十年国债ETF(511260)凭借久期优势、估值合理性、 交易便捷性等核心亮点，成为把握债市机遇的优质工具，建议延续"每调买基"策略，逢低布局分享长期 收益。 风险提示： 投资人应当充分了解基金定期定额投资和零存整取等储蓄方式的区别。定期定额投资是引导投资人进行 长期投资、平均投资成本的一种简单易行的投资方式。但是定期定额投资并不能规避基金投资所固有的 风险，不能保证投 ...

Economic Development Goals - The Shandong Provincial Economic Work Conference outlined the economic goals for 2026, emphasizing the need for a systematic approach to achieve quality and reasonable growth in the economy [1] - The conference highlighted the importance of integrating short-term goals with long-term planning to lay a solid foundation for high-quality economic and social development during the 14th Five-Year Plan period [1] Consumer Demand and Market Expansion - A key focus for 2026 is to significantly expand domestic demand, with initiatives to boost consumption through special actions and income increase plans for urban and rural residents [1] - Qingdao's strategy includes enhancing product quality and variety, promoting the "Lego Qingdao" brand, and developing a multi-faceted consumption network that combines online and offline channels [2] Modern Industrial System - Strengthening the modern industrial system is a priority, with a specific emphasis on cybersecurity as a growing demand in the new era [3] - Shandong Yusheng Intelligent Technology Co., Ltd. aims to become a leading enterprise in the cybersecurity sector by developing innovative products and collaborating with various sectors [3] Foreign Trade and Open Economy - Despite challenges, Shandong's foreign trade showed resilience, with a total import and export value of 3.19 trillion yuan, a 4.6% increase year-on-year [4] - The conference called for enhanced high-level openness, including the implementation of free trade zone strategies and reforms to align with international trade standards [4] Aerospace Industry Development - The conference provided strategic guidance for the development of the Dongfang Aerospace Port, focusing on enhancing capabilities in solid and liquid rocket testing and exploring sea-based launch options [5] - The Dongfang Aerospace Port aims to build a comprehensive commercial aerospace industry system, leveraging innovation platforms to advance key technologies [5]