（来源：新华日报） □ 本报记者 洪叶 许愿 2025年，全省新增企业22万户，新增线下实体店无理由退货承诺商户2.6万家……全省市场监管工作会 议日前在南京召开，会上晒出的一组组"成绩单"令人振奋。这份厚重而温暖的答卷，见证了过去我省市 场监管部门在激发经营主体活力、维护市场秩序、守护民生安全上的坚实步伐。站在新起点，面对高质 量发展与人民更高期盼，如何将既有成果转化为持久动能，在巩固中提升、在创新中突破？ 良性竞争，激发市场活力 扩大优质商品与服务供给，对于扩大内需、提振消费具有重要意义。下一步，如何培育更多叫得响的江 苏品牌？今年，全省市场监管部门将坚持质量与品牌建设两手抓，健全省长质量奖、"江苏精品"等梯次 培育机制，加快打造一批口碑好、影响力强的江苏品牌。鼓励各地积极参与质量强县培育建设创新试点 和百城质量提升活动，"一县一品"打造质量提升品牌，增强区域质量发展优势。统筹开展标准国际化跃 升和认证认可"走出去"行动，加快推进省国际标准化服务平台建设，持续深化标准海外应用试点，为企 业出海提供从"合规准入"到"品牌增值"的全链条支撑。 牢守安全，丰富监管形式 2026年，全省市场监管部门将不断提升"三 ...

新年伊始，人民日报连推六篇"钟才平"，传递什么信号？ 2026年1月7日，"钟才平"这个名字首次出现在人民日报。至1月12日，"钟才平"共推出6篇，均在人民日 报头版重要位置见报。 与党的二十届四中全会前连续刊发的8篇"钟才文"一样，这组"钟才平"文章甫一亮相，即引发各界广泛 关注。 有读者看出其时机关键——在"十五五"开局之年的新年伊始刊发，为的是凝聚共识、坚定信心、引导预 期。有业内人士读后认为"释放出多重值得高度关注的政策信号"。 细读内容，"钟才平"站在"十五五"开局的重要节点，深刻回答了当前中国经济"怎么看、怎么干"的重大 理论和实践问题。 怎么看？ 从中国看世界。《向新向优发展，中国经济向好》从国际国内两方面深入解析中国经济发展成就，指 出"中国经济底盘坚实、韧性强劲，完全能够经受住风高浪急甚至惊涛骇浪的重大考验"。 从世界看中国。《持续扩大开放，为世界提供新机遇》站在全球角度，深刻阐释中国发展的世界意义， 条分缕析地告诉人们中国发展带给世界的是源源不断的宝贵机遇。 怎么干？ 要坚持科学方法。"力戒在政绩上搞急功近利、弄虚作假、盲目蛮干那一套""防止在落实中选择性执 行、打折扣、搞变通""不能急于 ...

Core Viewpoint - The recent adjustment of export tax rebate policies for photovoltaic and battery products signifies a shift in China's fiscal strategy, moving from "subsidizing production" to "empowering residents" as a fundamental narrative for economic growth [1][2]. Group 1: Policy Adjustments - As of April 1, 2026, the Ministry of Finance and the State Taxation Administration will cancel the VAT export tax rebate for photovoltaic products and reduce the battery export tax rebate from 9% to 6%, eventually eliminating it by January 1, 2027 [1]. - The policy affects 249 items in the photovoltaic sector and 22 items in the battery sector, marking a significant change following the previous reduction from 13% to 9% in 2024 [1]. Group 2: Economic Implications - The adjustment is part of a broader strategy to restructure the sources of economic growth, particularly in the context of the "14th Five-Year Plan," emphasizing the need to enhance domestic demand [2][4]. - The photovoltaic industry faces intense competition, leading to a "volume increase, price decrease" scenario, which has resulted in profit losses for domestic companies and increased risks of international trade disputes [2][4]. Group 3: Financial Sustainability - The reduction or cancellation of export tax rebates is expected to help stabilize foreign market prices and reduce trade friction risks, while also alleviating the fiscal burden on the government [4]. - In 2025, China's trade surplus reached a record high of $1.07 trillion, with export tax rebates amounting to 1.9 trillion yuan, highlighting the unsustainability of the current model [4]. Group 4: Strategic Shift - The policy aims to guide industries like photovoltaic and lithium batteries from relying on price subsidies to competing based on technology, brand, and service quality, which could lead to the elimination of outdated production capacities [4][5]. - The saved fiscal resources from tax rebate adjustments are intended to be redirected towards enhancing consumer spending and investment, particularly in social security measures for low-income groups [5][6]. Group 5: Market Opportunities - The adjustment of export tax rebates is seen as a catalyst for a new economic narrative, shifting the focus from production subsidies to empowering residents and fostering innovation to stimulate domestic demand [6][7]. - Companies in the photovoltaic sector may experience price increases for solar panels, potentially reshaping global green energy installation cost curves, with market expectations favoring leading firms like JinkoSolar and LONGi Green Energy [7].

Core Viewpoint - The Fujian Provincial Government has issued a set of measures aimed at achieving a strong economic and social development start in the first quarter of 2026, focusing on boosting consumption, expanding effective investment, and supporting the real economy among other areas [1]. Group 1: Boosting Consumption - The measures emphasize the dual engines of consumption and investment to stimulate domestic demand, with specific policies to enhance spring consumption, upgrade service consumption, and promote trade-in programs for consumer goods [2]. - A budget of 15 million yuan is allocated for key consumption promotion activities, and 30 million yuan is designated for subsidies on new passenger vehicle purchases [2]. - Initiatives include cultural and sports events to drive consumer engagement, alongside simplifying subsidy application processes to ensure efficient delivery of benefits to businesses and consumers [2]. Group 2: Expanding Effective Investment - The measures outline goals for the first quarter, including completing 300 billion yuan in investments and starting over 500 key projects, with encouragement for continuous work during the Spring Festival [3]. - Plans include promoting over 600 projects with a total investment exceeding 600 billion yuan, focusing on infrastructure, modern industries, and public services [3]. - The government aims to enhance land use guarantees and streamline the approval process for key projects and public welfare initiatives [3]. Group 3: Supporting the Real Economy - The measures aim to stabilize and strengthen the industrial sector, with incentives for manufacturing enterprises that increase electricity consumption by over 6% year-on-year [4]. - Financial rewards are set for companies participating in supply-demand matching activities, and support is provided for the real estate sector to enhance housing quality and service [4]. Group 4: Enhancing Trade and Investment - The measures include strategies to support foreign trade enterprises in expanding markets and attracting foreign investment, with initiatives like full subsidies for exhibition fees for outbound trade groups [7]. - The government plans to conduct joint investment promotion activities during the Spring Festival, targeting overseas Chinese and business communities [8]. - Policies are also in place to stabilize agricultural production and ensure social welfare, with specific projects aimed at boosting employment and supporting rural communities [8].

Core Viewpoint - Consumption is identified as a key driver, stabilizer, and ballast for economic growth, with significant support for economic development. The proposal by Zhu Jiangliu aims to stimulate consumption potential and promote market recovery through various measures in Huangpu District [2]. Group 1: Consumption Initiatives - Huangpu District has developed a comprehensive year-round consumption promotion activity system, featuring four major themes: "Spring Initiation Huangpu: Auspicious New Year," "Summer Ignition Huangpu: All-Time Excitement," "Autumn Gathering Huangpu: Golden Chapters," and "Winter Joy Huangpu: Warm Welcome to the New Year" [4]. - The district has successfully organized over 300 consumption promotion events throughout the year, including significant activities like the "2025 Shanghai Launch" and the "Five-Five Shopping Festival" [5]. Group 2: Integration of Culture, Tourism, and Commerce - Huangpu District is enhancing the integration of cultural, tourism, and commercial sectors to convert traffic into consumption growth, exemplified by the "Flower Blooming New World" theme event linked to the 2025 Shanghai International Flower Exhibition [7]. - The district is leveraging sports events, such as the Huangpu Half Marathon, to create a "Sports + Consumption" ecosystem, fostering deep integration between sports experiences and commercial settings [7]. Group 3: Policy Incentives - The district's Business Committee has introduced a series of targeted measures to stimulate market vitality, including innovative consumption voucher distribution models during major consumption events [9]. - Efforts to enhance the nighttime economy include establishing popular landmarks in key areas and encouraging traditional brands to extend operating hours, thereby significantly increasing weekend foot traffic and sales [9]. - Continuous optimization of the consumption environment and service quality is being pursued, focusing on areas like tax refunds for outbound tourists and multilingual services, aiming to build the "Huangpu Trusted Shopping" brand [9].

Group 1 - The central economic work meeting emphasizes the importance of expanding domestic demand as a key task for 2026, highlighting its significant role in economic growth [1] - Domestic demand has been the main driver of economic growth since 2025, contributing 71% to economic growth in the first three quarters [1] - There is a notable contradiction between strong supply and weak demand, with industrial and service sector growth rates exceeding GDP growth [1] Group 2 - Consumption is increasingly becoming a fundamental force driving economic growth, necessitating multi-channel income increases for urban and rural residents to enhance consumption capacity [2] - The shift from goods consumption to a balanced focus on both goods and service consumption is underway, with strong demand in service sectors like healthcare and tourism [2] - To stimulate consumption, it is essential to remove unreasonable restrictions and implement policies that enhance public services and social welfare [2] Group 3 - Investment and consumption are interrelated, with investment being a quicker variable that can achieve rapid growth, while consumption growth is slower and dependent on income expectations [3] - Despite a decline in fixed asset investment growth, there remains significant potential for investment in traditional industries and public services [3] - The government is expected to play a crucial role in guiding investment through various financial instruments and projects, particularly in strategic areas [3] Group 4 - Investment structure optimization is necessary, with a focus on increasing government investment in public welfare projects and aligning investments with consumption upgrades [4] - There is a call for increased investment in technology innovation, public services, and consumer infrastructure to support consumption growth [4] - The need for investment in green transformation and safety capabilities is highlighted to address external uncertainties and risks [5]

Core Viewpoint - The article emphasizes the importance of expectation management in stabilizing economic performance and resource allocation efficiency, highlighting the need for a systematic framework to manage expectations through clear and consistent macroeconomic policies [1][2]. Group 1: Economic Performance and Policy Direction - In 2025, China's economy is expected to reach a total of 140 trillion yuan, achieving a growth target of around 5%, demonstrating strong resilience amid various pressures [2]. - Key drivers for high-quality economic development include cultivating new productive forces, implementing strategies to expand domestic demand, promoting high-level opening-up, and ensuring risk prevention [2][3]. Group 2: Challenges in Expectation Management - Current challenges in expectation management include "policy transmission blockages" and unresolved structural issues, with a notable disparity between policy enthusiasm and market response [3]. - There is insufficient certainty in the livelihood sector, with ongoing issues in education and healthcare resource distribution, and a continuing downward trend in the real estate market [3]. Group 3: Policy Recommendations - Strengthening policy coordination is essential to stabilize expectations, with fiscal policies needing to focus on core areas such as social welfare, domestic demand expansion, and technological innovation [4]. - The expansion of domestic demand is prioritized, emphasizing the need to stabilize income expectations to enhance consumer confidence and spending [5]. - Innovation is highlighted as a key driver, with increased investment in technology and support for advanced manufacturing and green transformation [6]. Group 4: Social Welfare and Public Sentiment - Enhancing social welfare is crucial for solidifying public expectations, with a focus on expanding access to quality education and healthcare, and improving pension systems [6]. - The article concludes that confidence is more important than gold, and stable expectations are vital for economic vitality and development [6].

Core Viewpoint - The spring market is reaching its peak, with investors optimistic about the strategy to expand domestic demand and the expectation of a strong start to the year [1] Market Performance - This week, the stock market saw a significant increase in trading volume, indicating that new capital is entering the market [1] - The Shanghai Composite Index rebounded significantly, reaching a new high for this round of market activity, while the Shenzhen Component Index experienced an even larger rebound, also hitting a new high for the year [1] - The average daily trading volume for both markets exceeded 28 trillion yuan this week, a substantial increase compared to the previous week [1] Sector Highlights - Market hotspots this week were primarily concentrated in the military and TMT (Technology, Media, and Telecommunications) sectors [1] - The ratio of the CSI 2000 to the CSI 300 (after normalization) was 1.42, continuing to rise since the end of 2025 [1] - Small-cap and technology stocks led the gains throughout the week [1] Technical Analysis - The Shanghai Composite Index completed a small double bottom pattern and is currently challenging higher target levels [1] - The index experienced downward adjustments in late November and mid-December 2025, with the rebound process now underway, having surpassed the target level of the small double bottom pattern [1] - Future attention should be paid to the volume-price relationship, similar to the double bottom pattern [1]

Group 1 - The Hang Seng Index opened up by 0.55%, and the Hang Seng Tech Index rose by 0.88%, with notable gains in tech stocks like Meituan and Baidu, both increasing over 2% [1] - Lithium stocks showed strong performance, with Ganfeng Lithium and Tianqi Lithium both rising over 4%, while the precious metals sector also strengthened, with Zijin Mining up nearly 3% and China Aluminum increasing over 2% [1] - Citic Securities anticipates a second round of valuation recovery and performance resurgence in the Hong Kong stock market by 2026, driven by internal "15th Five-Year Plan" catalysts and external economic stimulus [1] Group 2 - Zheshang International views the fundamentals of the Hong Kong stock market as still weak, with a slight decline in the funding environment, but maintains a cautiously optimistic outlook for the mid-term market trends [2] - The firm highlights sectors that are relatively prosperous and benefit from policy support, including new energy, innovative pharmaceuticals, and AI technology, as well as low-valuation state-owned enterprises [2] - The expected performance of the Hong Kong stock market in spring 2026 is projected to be driven by "AI applications, PPI improvement, and expanded domestic demand," with a recommendation to focus on quality stocks in these areas [2]

Group 1 - The State Council, led by Premier Li Qiang, has initiated a package of policies to promote domestic demand through coordinated fiscal and financial measures, emphasizing the importance of these policies in driving effective demand and macroeconomic regulation [1] - The collaboration between fiscal and monetary policies is seen as essential for addressing the complexities of economic transformation and external shocks, with experts noting that traditional policy models are insufficient for the current economic landscape [1][2] - In 2025, the proactive fiscal policy is expected to accelerate government bond issuance, with net financing of government bonds reaching 11 trillion yuan in 2024 and anticipated increases in 2025, including 1.3 trillion yuan in special long-term bonds [2] Group 2 - The People's Bank of China (PBOC) has implemented a buyout reverse repurchase tool to support local government bond financing, which has positively impacted infrastructure investment growth in the first half of 2025 [3] - The collaboration between fiscal and monetary policies has led to effective communication and practice, enhancing the stability of market expectations and reducing government debt costs [3] - Policies aimed at boosting consumption and expanding domestic demand are being executed through coordinated efforts from both fiscal and monetary sides, with a focus on increasing the supply of high-quality services [4][5] Group 3 - The government is implementing measures to support private investment, including loan interest subsidies for small and micro enterprises and establishing risk-sharing mechanisms for private enterprise bonds [6] - The shift in credit allocation towards key sectors of the national economy is being guided by the PBOC, reflecting the ongoing economic transition away from reliance on real estate and infrastructure [6] - Structural monetary policy tools are being combined with fiscal subsidies to facilitate easier access to loans for quality enterprises, promoting credit market prosperity in targeted areas [6]