叶牛平认真听取发言，与大家深入交流协商，并代表中共西安市委对市级各民主党派、市工商联负 责人和无党派人士表示感谢。他说，全市各界党外人士认真履行民主监督责任，广泛开展调查研究，提 出的意见建议针对性强、创新性突出、实践性鲜明，要求市级有关部门认真研究采纳，切实把调研和座 谈协商成果运用好、转化好。 叶牛平向大家介绍了2025年西安经济社会发展情况和2026年工作总体考虑。他强调，当前正值"十 四五"收官和"十五五"开局的关键阶段，希望全市各民主党派、工商联和无党派人士认真学习贯彻中共 二十届四中全会、中央经济工作会议精神和习近平总书记重要讲话精神，引导广大成员和所联系群众把 中共中央战略部署领会准、理解透、落实好。要发挥人才荟萃、智力密集、联系广泛的独特优势，围绕 制定西安"十五五"规划和推进2026年重点工作深入调研、建言献策。要认真履行参政议政和民主监督职 能，协助党委和政府做好政策宣传、解疑释惑、凝聚共识工作，为推动西安高质量发展现代化建设作出 新的更大贡献。 12月24日，中共西安市委召开2025年专项民主监督调研协商座谈会，深入学习贯彻中共二十届四中 全会、中央经济工作会议精神和习近平总书记重要讲话 ...

Core Viewpoint - The recent learning and communication of the Central Economic Work Conference's spirit by various departments and regions is an important window for tracking the implementation of the conference's spirit, revealing more details and actionable measures [2] Group 1: Policy Implementation - Various departments are focusing on the "stability while seeking progress, improving quality and efficiency" principle, with clear directions and highlighted priorities such as expanding domestic demand, strengthening technology, promoting reform, and stabilizing real estate [3][5] - The central government is expected to continue "leveraging" with specific scales to be determined at the 2026 National Two Sessions, emphasizing proactive measures and reasonable acceleration of fund disbursement [4][6] - Departments are prioritizing support for expanding domestic demand, utilizing various funds, and continuing to support "two new" and "two heavy" initiatives, including fostering trillion-level new consumption growth points [6][7] Group 2: Financial and Monetary Policies - The Ministry of Finance and the central bank are maintaining a "more proactive fiscal policy" and "moderately loose monetary policy," with a focus on maintaining necessary fiscal deficits and debt levels [6][8] - The central bank may consider lowering reserve requirements and interest rates in the first quarter of 2026, along with introducing more structural tools [2][4] - There is an emphasis on accelerating fiscal spending and issuing special bonds to support consumption and investment [6][7] Group 3: Industry and Innovation - There is a strong focus on industrial transformation, self-control, and innovation leadership, with initiatives to promote technology finance and the construction of international technology innovation centers in key regions [7][8] - The government is pushing for reforms to create a unified market, enhance the development of the private economy, and deepen state-owned enterprise reforms [8][9] Group 4: Risk Management - The financial system is focused on preventing risks, particularly in the real estate sector, while ensuring support for both residents and real estate companies [9][10] - Measures are being taken to stabilize the stock market and promote long-term investments, including accelerating reforms in the Sci-Tech Innovation Board and piloting commercial real estate REITs [10][11] Group 5: Local Implementation - Various regions are adapting the central economic work conference's spirit to their local contexts, emphasizing proactive measures and specific actionable tasks, with a focus on ensuring a good start for the 14th Five-Year Plan [13][14] - Local governments are expected to detail their plans and measures in the upcoming local two sessions in January 2026, with a strong emphasis on innovation and openness [13][14]

Core Insights - The article emphasizes that digital transformation is no longer optional for companies but a necessity for survival in the future. The focus is on the key trends and strategies that will shape digitalization in 2026. Group 1: Key Trends - The "14th Five-Year Plan" will provide strong strategic support for corporate digitalization, guiding companies in aligning their digital goals with national priorities in technology innovation, industrial integration, and green development [1] - AI technology is transitioning from concept validation to large-scale application, with a focus on deep integration rather than superficial enhancements. Companies will prioritize practical applications of AI to solve real business challenges [2] - Emotional value is becoming a critical competitive factor, as companies need to create positive emotional experiences for users and employees to enhance loyalty and engagement [3] Group 2: Operational Challenges - Cost reduction and efficiency improvement remain central to corporate survival, with over 70% of companies reducing their digitalization budgets. This necessitates a reevaluation of investment returns and a focus on high-value scenarios [4] - Data strategy is evolving from compliance to intelligent-driven applications, with companies recognizing data as a core asset for driving smart decision-making and personalized services [4][5] - The "mid-life crisis" is affecting information departments, as experienced technical staff face challenges from rapid technological changes and a shift in demand for multi-skilled talent [5]

●兵团日报评论员 征途如虹，浩荡前行。在"十四五"即将圆满收官、"十五五"即将开启的重要历史节点上，兵团党委经济 工作会议召开，深入学习贯彻中央经济工作会议精神，落实自治区党委经济工作会议部署，总结2025年 经济工作，分析当前经济形势，部署2026年经济工作，对于我们万众一心、砥砺前行，以高质量发展新 成效推进社会主义现代化兵团建设具有重要意义。 从全局上谋势，在关键处落子。完成好明年兵团经济工作，要对标对表党中央明确的经济工作重点任 务，锚定党中央赋予新疆的"五大战略定位"，牢牢把握党中央对兵团的定位要求，突出重点、把握关 键、狠抓落实。要坚持守牢底线，积极稳妥化解重点领域风险；坚持内需主导，统筹提振消费和扩大有 效投资；坚持创新驱动，加快构建现代化产业体系；坚持改革攻坚，增强高质量发展动力活力；坚持对 外开放，更好服务和融入国内国际双循环；坚持协调发展，推进兵地融合、促进城乡融合；坚持"双 碳"引领，推动经济社会发展全面绿色转型；坚持民生为大，推动发展成果惠及民生、凝聚人心。 办好中国的事情，关键在党。我们要加强党对经济工作的全面领导，把党的领导贯穿高质量发展全过程 各方面，为实现"十五五"良好开局提供 ...

本议案已经公司董事会战略及ESG委员会全体成员事前审议通过。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 证券代码：601211 证券简称：国泰海通 公告编号：2025-110 国泰海通证券股份有限公司 第七届董事会第九次会议（临时会议）决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 国泰海通证券股份有限公司（以下简称公司）第七届董事会第九次会议（临时会议）于2025年12月24日 以通讯表决方式召开。本次会议通知及文件于2025年12月17日以电子邮件方式发出。本次会议应参与表 决董事18人，实际参与表决董事18人。本次会议召集、召开及表决程序符合《中华人民共和国公司 法》、公司《章程》和《董事会议事规则》的有关规定。本次会议审议通过了以下议案： 一、审议通过了《关于制定〈国泰海通三年战略规划纲要（2026-2028）〉及〈国泰海通"十五五"规 划〉的议案》 表决结果：18票赞成，0票反对，0票弃权。 二、审议通过了《关于公司部分高级管理人员2024年度考核等情况的报告》 表决结果：1 ...

Group 1 - The core focus of the meeting held on December 22-23 was to outline the key work priorities for central enterprises by 2026, emphasizing stability in operations, quality improvement, structural adjustments, innovation, and ensuring public welfare [1] - The year marks the conclusion of the deepening reform actions for state-owned enterprises, with the main tasks largely completed, and plans to elevate reforms to a new level starting next year [2] - In the first 11 months of this year, central enterprises achieved a value-added output of 9.5 trillion yuan, a year-on-year increase of 1.4%, with labor productivity at 811,000 yuan per person, up 3% [3] Group 2 - Central enterprises are encouraged to expand market opportunities by utilizing big data models to identify potential market demands and enhance product and service quality, particularly in emerging sectors like culture, tourism, and health [4] - The focus will also be on improving management quality through comprehensive budget management and cost control across all aspects of operations [4] - Investment strategies will target key areas such as infrastructure, energy security, and advanced industry layouts, with plans for significant projects to support sustainable development [4] Group 3 - The upcoming "14th Five-Year Plan" will serve as a framework for restructuring and optimizing layouts, with an emphasis on high-quality planning and implementation [5] - Central enterprises will pursue both traditional industry transformation and the development of emerging industries, with a focus on sectors like renewable energy, aerospace, and quantum technology [5] - Strategic mergers and acquisitions will be prioritized to balance risks and rewards, enhancing competitive advantages and facilitating international operations [5] Group 4 - There will be an increased emphasis on optimizing resource allocation to address issues of homogeneous competition in traditional industries, aiming to strengthen industry leaders and enhance bargaining power in international markets [6] - The strategy includes vertical integration along the supply chain, particularly in critical industries related to national security, to improve resilience and security levels [6] - Future mergers and acquisitions will focus on sectors such as artificial intelligence, biomedicine, and the digital economy, ensuring a cautious yet progressive approach [6]

2025年，站在"十四五"收官与"十五五"规划谋篇的历史衔接点上，宏观经济环境交织着机遇与挑战。 2026年作为"十五五"开局之年，站在新旧年更替的此刻，也是理解"十五五"经济脉络的关键切口，制约 居民消费的核心矛盾是什么？如何看待促消费政策从"增量拉动"到"结构优化"的转变？"十五五"后，货 币政策还有哪些发力空间？后续黄金走势将如何演绎？围绕上述问题，广发证券首席经济学家郭磊近日 接受了北京商报记者的专访。 2026年提升消费率是主线索之一 北京商报：2025年，一系列消费补贴政策陆续出台，各项促消费政策也呈现出从"增量拉动"到"结构优 化"的转变。您如何评价这种政策逻辑转换的必要性与有效性？展望2026年，要真正实现消费的长期可 持续增长，政策工具箱需要在哪些关键机制上实现突破？ 郭磊：中央经济工作会议指出"国内供强需弱矛盾突出"，正是在这一判断基础上，政策进一步指出"必 须充分挖掘经济潜能"，消费作为需求端的主要组成部分，在政策框架中的位置自然是十分重要的。 2026年作为"十五五"首年，提升消费率毫无疑问是主线索之一。 政策侧重点可能会有所变化，这两年我们的"以旧换新"集中于耐用消费品，这一部分需求 ...

Group 1: Policy Implementation - Various departments are refining their implementation of the Central Economic Work Conference's spirit, focusing on "stability while seeking progress" and "quality improvement" as the main themes[3] - Emphasis on accelerating the disbursement of funds and implementing major projects ahead of schedule to ensure a strong start in 2026[2] - The central government plans to maintain a necessary fiscal deficit and debt scale, with the overall fiscal deficit expected to be similar to that of 2025[4] Group 2: Economic Growth Strategies - Aiming to cultivate new consumption growth points worth trillions, with increased investment in consumer infrastructure and social welfare projects[6] - The government is focusing on expanding domestic demand, supporting "two new" and "two heavy" projects, and implementing the "15th Five-Year Plan" major projects[6] - The central bank may consider lowering reserve requirements and interest rates in the first quarter of 2026 to stimulate economic activity[2] Group 3: Risk Management and Market Stability - A commitment to prevent financial risks, ensuring that no major defaults occur, particularly in the real estate sector[10] - The government is taking measures to stabilize the real estate market while balancing the needs of residents and property companies[10] - Continuous efforts to promote the stock market narrative and attract long-term investments, including reforms in the Sci-Tech Innovation Board and commercial real estate REITs pilot programs[10]

Summary of Key Points from Conference Call Records Industry Overview - **Real Estate Market**: The Chinese real estate market is expected to bottom out by 2026, with rental yields likely to exceed public housing loan rates, stimulating home buying demand. If commercial mortgage loans receive interest subsidies, it will accelerate the market's recovery, which is crucial for macroeconomic recovery [1][4][26]. - **Service Industry**: The service sector's contribution to GDP is currently at 56.7%, with significant room for growth compared to developed countries. Increasing holidays and creating more cultural and tourism activities can drive the development of tourism, accommodation, and dining sectors, enhancing overall consumption levels [3][8]. Core Insights and Arguments - **Macroeconomic Outlook for 2026**: The macroeconomic situation will be influenced by the adjustment of the real estate market, policy direction, and expansion of domestic demand. The average growth rate over the next decade needs to exceed 4.2%, with a likely range of 4.5% to 5% for the next five years [2][5]. - **"14th Five-Year Plan"**: This plan emphasizes technology serving industrial development and the importance of self-controlled technology. It aims to enhance the quality of traditional industries and stabilize the manufacturing sector, which is essential for solidifying the foundation of the real economy [5][6]. - **Investment Opportunities**: The A-share market's upward momentum in 2026 will shift from being solely valuation-driven to a dual drive of earnings and valuation. Focus areas include semiconductors, military industry, chemicals, consumer services, and the real estate industry chain [2][19][24]. Important but Overlooked Content - **Fiscal Policy**: The fiscal policy in 2026 is expected to remain proactive, with the central government possibly increasing leverage through a higher deficit rate or issuing long-term special bonds to stimulate economic growth [11][12]. - **Global Liquidity**: The Federal Reserve is anticipated to continue lowering interest rates and may restart quantitative easing, leading to a more accommodative global liquidity environment, positively impacting global markets, including A-shares [14][15]. - **Consumer Spending**: The current consumer spending rate in China is 39.9%, which has significant room for improvement compared to Japan and the U.S. Measures to increase residents' income and consumption willingness are crucial for boosting domestic demand [3][7]. Real Estate Market Insights - **Market Adjustment**: The adjustment phase of the real estate market is expected to conclude by 2026, with rental yields currently at 2.4% and commercial mortgage rates between 3% and 3.05%. A slight adjustment in housing prices could lead to rental yields surpassing public housing loan rates, stimulating demand [2][4][26]. Investment Strategies for 2026 - **Focus on Domestic Demand**: Investment strategies should concentrate on sectors benefiting from domestic demand, particularly in semiconductors, military, chemicals, and consumer services. The real estate sector is also expected to present opportunities as it stabilizes [24][25]. - **Fixed Income Products**: Fixed income products are becoming essential tools for medium to low-risk investments, especially in a low-interest-rate environment. Convertible bonds, which offer both stock options and debt protection, are particularly noteworthy [27][28][36]. Conclusion - The overall sentiment for the A-share market in 2026 is optimistic, with expectations of a shift towards a dual drive of earnings and valuation. The focus on domestic demand and the potential recovery of the real estate market present significant investment opportunities [19][24].

Group 1 - The core viewpoint emphasizes the importance of the People's Congress system and the need for high-quality development in Changsha's legislative work, highlighting the achievements and future focus areas for 2026 [1][3] - The meeting acknowledged the significant progress made in 2025, including breakthroughs in legislation, effective supervision, active representation, and improvements in the self-construction of the People's Congress [3] - The leadership stressed the necessity to align with national priorities, understand the complex external and internal challenges, and enhance proactive work strategies for the upcoming year [3] Group 2 - The focus for 2026 includes planning key tasks around the "14th Five-Year Plan" and ensuring the smooth organization of local elections at various levels [3] - Continuous improvement of the capabilities and self-construction of the People's Congress is essential, with an emphasis on political direction, public stance, and value orientation [3] - The leadership encourages a forward-looking approach, urging members to maintain enthusiasm and commitment to advancing the work of the People's Congress in Changsha [3]