（2026年1月8日中国共产党广州市第十二届委员会第十一次全体会议通过） 中国共产党广州市第十二届委员会第十一次全体会议于2026年1月8日召开。全会由市委常委会主持。全 会坚持以习近平新时代中国特色社会主义思想为指导，全面贯彻落实党的二十大和二十届历次全会以及 中央经济工作会议精神，深入学习贯彻习近平总书记对广东、广州系列重要讲话和重要指示精神，落实 省委十三届八次全会暨省委经济工作会议部署，总结2025年工作，分析当前形势，部署2026年工作。全 会听取和讨论了冯忠华同志受市委常委会委托所作的工作报告和孙志洋同志关于经济工作的专题讲话， 审议了市委常委会2025年传达学习贯彻落实习近平总书记重要讲话和重要指示批示精神情况、抓党建工 作情况的书面报告。 全会认为，2025年很不平凡，是广州改革发展历程中具有重大意义的一年。在习近平总书记、党中央坚 强领导下，在省委、省政府正确领导下，全市上下全面贯彻落实党的二十届四中全会精神，深入学习贯 彻习近平总书记视察广东和出席第十五届全国运动会开幕式重要讲话重要指示精神，认真落实省 委"1310"具体部署，扎实推进市委"1312"思路举措，全力深化改革开放推动高质量发 ...

Group 1 - The Hang Seng Index rose by 0.28% as of the report date, while the CSI Hong Kong Stock Connect Consumer Theme Index fell by 0.01% [1] - Among the index constituents, Mixue Group increased by over 4%, while Blukoo and Maogeping rose by over 3%, and Weidong Meishi and Shenzhou International increased by over 2% [1] - The Hong Kong Consumer ETF (159735.SZ) rose by 0.5% with a trading volume exceeding 2 million yuan and a real-time premium rate of 0.28% [1] Group 2 - Local governments are focusing on expanding domestic demand to stimulate the economy, with "domestic demand as the main driver" being a top priority for economic work in 2026 [2] - Experts indicate that enhancing consumption and driving investment will provide support for sustained economic recovery [2] - Huatai Securities believes that short-term market sentiment may be impacted by funding and geopolitical disturbances, but the upward trend for the spring market is likely to continue [2]

Core Points - The central theme of the news is the strategic planning and key tasks for economic development in 2026, emphasizing the importance of aligning with national policies and focusing on high-quality growth [2][5][31] Group 1: Economic Goals and Strategies - The overall requirements for 2026 economic work include implementing Xi Jinping's thoughts, focusing on high-quality development, and enhancing policy foresight and relevance [5][6] - The city aims to expand effective demand, boost consumption and investment, and integrate these efforts with national market strategies [15][20] - Emphasis is placed on energy transformation and building a new energy system to ensure national energy security [15][8] Group 2: Key Tasks for Economic Development - The ten key tasks for 2026 include expanding domestic demand, promoting energy transition, upgrading industries, and enhancing innovation [7][15][20] - Specific actions include implementing consumption stimulus measures, optimizing investment structures, and enhancing the integration of technology and industry [22][28] - The focus on urban-rural integration and improving living standards is highlighted, with initiatives aimed at enhancing public services and social welfare [10][20][25] Group 3: Challenges and Opportunities - The current economic landscape is characterized by imbalances and structural issues, particularly the reliance on traditional industries [4][19] - The city recognizes the potential in addressing these challenges as opportunities for growth and transformation [4][19] - The strategic approach involves leveraging historical strengths and maintaining a focus on innovation and reform to drive economic progress [4][19]

Core Viewpoint - The Ministry of Finance, Ministry of Commerce, and State Taxation Administration of China have jointly issued a notice to launch a pilot program for prize invoices, aimed at stimulating consumer demand and enhancing consumption vitality through fiscal policy [1][2]. Group 1: Pilot Program Details - The prize invoice pilot program will involve organizing a lottery for consumers who obtain invoices for purchased goods and services, covering sectors such as retail, dining, accommodation, culture, entertainment, tourism, sports, and residential services [1]. - The implementation period for the pilot program is set for six months, with approximately 50 pilot cities participating [1]. - Pilot cities are required to develop their own implementation plans, specifying the scope of prize invoices, participation methods, winning rules, prize settings, and reporting of illegal activities [1][2]. Group 2: Policy Features - The pilot program is designed to closely integrate benefits for the public with consumption promotion, focusing on stimulating consumer demand and enhancing the willingness to spend [2]. - The program has a broad coverage and low participation threshold, targeting everyday consumption scenarios such as shopping, dining out, tourism, cultural activities, and life services [2]. - Local governments are encouraged to explore different pilot models based on their economic conditions, population size, and consumption levels, allowing for tailored promotional activities [2]. Group 3: Regulatory Measures - The regulations for the prize invoice program emphasize fairness, justice, and transparency in the lottery process, ensuring that results are publicly available and subject to social supervision [3]. - The pilot cities will utilize technology to monitor the entire process of the prize invoice activities, ensuring the authenticity of consumer behavior and preventing fraudulent activities [3]. - There will be a strong emphasis on fund supervision to prevent violations, creating a robust oversight network to ensure the policy's effectiveness in boosting consumption [3].

Core Viewpoint - The tourism sector in Huzhu County is thriving despite the cold winter, leveraging its unique ice and snow resources along with cultural experiences to drive economic growth [3][8]. Group 1: Tourism Development - Huzhu County is transforming its winter "cold resources" into economic "hot effects" through a multi-faceted approach combining ice and snow tourism with cultural and health experiences [3]. - The county has a forest coverage rate of 44.19% and a four-month snow season, providing a strong ecological and climatic foundation for tourism [3]. - The upcoming "2026 Rainbow Ice and Snow Carnival" will feature various cultural and tourism activities, aiming to attract a diverse range of visitors [3]. Group 2: Infrastructure and Experience - The North Dragon Mountain Scenic Area offers immersive experiences such as snow hiking and photography contests, enhancing the appeal of ice and snow tourism beyond mere sightseeing [4]. - The "North Dragon Mountain Tourism Scenic Road," spanning 117.72 kilometers, connects various tourism resources and improves service infrastructure, exemplifying modern industrial development in the tourism sector [4]. Group 3: Cultural Integration - The Huzhu Tibetan Cultural Park showcases nine national and 25 provincial intangible cultural heritage items, revitalizing them through active participation in tourism [6]. - Interactive projects in the cultural park allow visitors to engage with traditional crafts and customs, promoting a dynamic experience of cultural heritage [6]. - The integration of wine culture and folk performances at Naton Manor has created a unique industry chain, contributing to local employment and income generation [6]. Group 4: Economic Impact - Over the past three years, Huzhu County has received 12.22 million visitors, generating a tourism revenue of 6.403 billion yuan, highlighting the sector's significant economic contribution [7]. - Local residents benefit from tourism through various income-generating activities, such as traditional dining and handicraft sales, with some artisans earning an additional 1,500 yuan per month [7]. - The county's tourism development aligns with national strategies for rural revitalization and cultural industry empowerment [7][8].

（来源：中国妇女报） 转自：中国妇女报 丁继红认为，在我国人口深度老龄化进程加速、失能半失能老年人群体持续扩大的背景下，长期护理保 险制度能有效破解"一人失能、全家失衡"的家庭困境，充分发挥社会保障的兜底保障功能。一方面有效 分摊了失能、半失能人员的照护成本，防止因灾难性卫生支出导致的家庭经济危机。另一方面通过提供 涵盖生活照料、医疗护理的全链条专业化服务，有效提升了失能人群的生活质量，为家庭照护者提供了 急需的"喘息服务"，让处于高压看护状态的家庭成员得以暂时解脱，有机会回归职场、参与社会生活。 激活内需 赋能高质量发展 同时，从与经济高质量发展核心目标的关联来看，丁继红认为，长期护理保险制度并非单纯的民生支 出，而是赋能高质量发展的"积极变量"，二者环环相扣、协同增效。 丁继红认为，从市场供给端看，长护险的推广催生了"银发经济"新增长点，为新质生产力培育提供了广 阔应用场景。 "中青年群体无须为储备照护资金过度储蓄，老年群体的护理服务消费需求得到有效满足，为扩大内 需、构建新发展格局注入持久动力。"丁继红表示，长期护理保险凭借制度化的支付保障机制，将原本 分散、不确定的私人护理支出，转化为稳定、可预期的规 ...

Core Insights - The article discusses the importance of maintaining a domestic demand-oriented approach to build a strong domestic market in China, highlighting the challenges and opportunities faced by the large market [1] Group 1: Domestic Market Development - China is currently the world's second-largest consumer market, with significant growth potential, particularly in service consumption sectors such as cultural tourism, information services, and education [1] - The growth potential of service consumption is expected to be further released, supporting the expansion of domestic demand [1] - Efforts must be made to stabilize economic growth, improve residents' disposable income levels, and enhance consumer capacity [1] Group 2: Market Environment and Global Position - There is a need to optimize the market environment and establish a unified national market to create a more transparent and fair consumption environment [1] - China's new foreign trade competitiveness continues to grow, with many Chinese brands becoming multinational companies, indicating further potential for increasing global market share [1] - The expansion of domestic demand and promotion of high-quality development must rely on the synergy of open development and innovation [1]

Group 1 - The core theme for China's economy in 2026 will focus on boosting domestic demand and emphasizing technology development, as external uncertainties persist due to factors like the US-China trade war [2][3][25] - The economic growth target for 2026 is set at approximately 5.0%, which aims to ensure over 10 million new jobs, balancing current needs with long-term goals [6][25] - The potential GDP growth rate is projected to decline to around 4.63% during the 15th Five-Year Plan period (2026-2030), influenced by structural constraints such as an aging population and diminishing capital returns [4][5][6] Group 2 - The government is expected to implement more proactive fiscal and monetary policies, maintaining a fiscal deficit of around 4% and a broad fiscal deficit rate potentially exceeding 10% [7][12] - To address insufficient effective demand, an annual injection of 4 trillion to 5 trillion yuan into the economy is necessary to maintain normal economic circulation [12][25] - The real estate market is anticipated to face significant challenges, with a projected need for approximately 4.58 trillion yuan to normalize unsold housing inventory [9][10] Group 3 - The focus on technology will include significant investments in AI infrastructure, semiconductor manufacturing, and high-end manufacturing sectors, with domestic companies expected to benefit from policy support [21][25] - The consumer market is expected to see a shift towards service consumption, with policies aimed at enhancing consumer environments and increasing household income [19][20] - Structural policies will be necessary to improve income distribution and enhance consumer spending, particularly targeting middle and low-income groups [14][17][25]

Core Viewpoint - The People's Bank of China (PBOC) will continue to implement a moderately accommodative monetary policy in 2026, focusing on enhancing both incremental and stock policies to support economic recovery and stabilize prices [1][2]. Monetary Policy - The meeting emphasized the importance of promoting high-quality economic development and reasonable price recovery as key considerations for monetary policy, utilizing various tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to maintain ample liquidity [2][3]. - The PBOC aims to ensure that social financing conditions remain relatively loose, guiding reasonable growth in total financing and balanced credit allocation, aligning the growth of social financing and money supply with economic growth and price level expectations [2][3]. Financial Resource Allocation - The meeting highlighted the need to optimize the financial policy framework to focus resources on key areas, particularly through structural tools and market innovations, with a notable emphasis on the development of the "technology board" in the bond market [4]. - In 2025, over 700 entities issued technology innovation bonds through this platform, with a total scale exceeding 1.5 trillion yuan, addressing financing challenges for technology enterprises [4]. Structural Monetary Policy Tools - The PBOC will continue to enhance the "precision drip irrigation" effect of structural monetary policy tools, optimizing tool design and management to increase credit support for consumption and small and micro enterprises [4][6]. - It is anticipated that structural tools will see an "increase in quantity and decrease in price" trend in 2026, with steady increases in quotas and reductions in operational interest rates, aiding in the transition of old and new growth drivers [4]. Supply Chain Financing - The meeting underscored the importance of strengthening regulatory oversight of key supply chain financing information service platforms to ensure smooth funding flows while preventing risks associated with false trade [6]. - The financial work in 2026 is expected to support multiple missions, including stabilizing growth, adjusting structures, preventing risks, and promoting openness, reflecting a commitment to high-quality financial development [6].

Market Overview - The Hong Kong stock market opened lower on January 8, with the Hang Seng Index down 0.59% at 26,302.78 points, the Hang Seng Tech Index down 0.44% at 5,713.53 points, the National Enterprises Index down 0.43% at 9,099.63 points, and the Red Chip Index down 0.14% at 4,109.34 points [1] - Major tech stocks mostly declined, with Alibaba down 1.58%, Tencent down 0.96%, JD.com down 0.79%, Xiaomi down 0.42%, Meituan down 0.77%, and Bilibili down 0.47% [1] - New stocks listed today included Zhihui, which rose over 3%, Tianshu Zhixin, which surged over 31%, and Jingfeng Medical-B, which increased over 36% [1] Company News - Xinyi International (00732.HK) reported a cumulative net operating revenue of approximately HKD 16.534 billion for 2025, a year-on-year decrease of about 7.3% [2] - China Overseas Development (00688.HK) announced a cumulative contract property sales amount of approximately RMB 251.231 billion for 2025, down 19.1% year-on-year [2] - Greentown China (03900.HK) reported a total contract sales amount of approximately RMB 251.9 billion for 2025, a decrease of 9% year-on-year [2] - China Overseas Hongyang Group (00081.HK) achieved a contract sales amount of RMB 2.57 billion for December 2025, down 43.9% year-on-year [3] - Qinhuangdao Port Co., Ltd. (03369.HK) reported a total throughput of 433 million tons for the year ending December 31, 2025, an increase of 4.48% year-on-year [4] - Lijun Pharmaceutical (01513.HK) announced that the injection of Laconchita monoclonal antibody has been included in the priority review and approval process [5] - Kinko Service (09666.HK) received acceptance from independent shareholders for 218.6 million shares without interests [6] - CICC (03908.HK) plans to issue no more than HKD 3 billion in perpetual subordinated bonds [7] - Agricultural Bank of China (01288.HK) saw Ping An Life increase its stake in its H-shares [8] - Aoyou Group (03383.HK) reported a total pre-sale amount of approximately RMB 8.57 billion as of December 31, 2025 [9] - CIMC Group (02039.HK) stated that the sale of property projects will reduce the group's net profit attributable to shareholders by approximately RMB 1.08 billion for 2025 [10] Stock Buybacks - Xiaomi Group-W (01810.HK) repurchased 3.9 million shares for HKD 149 million at prices between HKD 38.12 and HKD 38.2 [11] - Tencent Holdings (00700.HK) repurchased 1.023 million shares for HKD 636 million at prices between HKD 615.5 and HKD 628 [11] - Geely Automobile (00175.HK) repurchased 3.388 million shares for HKD 59.156 million at prices between HKD 17.38 and HKD 17.65 [12] Institutional Insights - Zheshang International noted that the fundamentals of the Hong Kong stock market remain weak, with a decline in the funding environment, while policy focus is on new productivity and expanding domestic demand [14] - Goldman Sachs maintains an "overweight" rating on Chinese A-shares and H-shares, citing attractive risk-reward ratios amid low profit growth and valuation levels [14] - FSMOne indicated that the valuation recovery of the Hang Seng Index has largely been achieved, with future performance dependent on corporate profit recovery [15] - Huatai Securities highlighted three investment opportunities under new industrialization: high-end manufacturing going global, strengthening domestic supply chains, and forward-looking investments in emerging industries [15]