Core Viewpoint - The article emphasizes the importance of implementing the Central Economic Work Conference's decisions to stabilize and promote economic growth, highlighting the need for effective actions and collaboration among various departments to ensure a strong start to the 14th Five-Year Plan [2][8]. Policy Implementation - On December 19, the Premier chaired a State Council meeting to arrange the implementation of the Central Economic Work Conference's decisions, stressing the need for proactive efforts to consolidate and expand the economy's positive momentum [2][8]. - The China Securities Regulatory Commission (CSRC) conveyed the importance of enhancing market stability and encouraging quality companies to increase dividends and buybacks [2][11]. - The Central Financial Office detailed the 2025 economic work priorities, focusing on boosting service consumption in areas like culture, tourism, and elderly care, while addressing infrastructure needs [2][11]. Anti-Competition Measures - The Central Financial Office announced a commitment to address "involution" in competition, emphasizing the need for capacity regulation in key industries and monitoring to ensure the orderly exit of outdated capacities [3][11]. - The Ministry of Industry and Information Technology highlighted that the photovoltaic industry will enter a critical governance phase by 2026, focusing on capacity control and project management [3][11]. - The National Development and Reform Commission introduced standards for clean and efficient coal utilization, mandating upgrades and timelines for projects to meet benchmark levels [3][11]. Training and Development - A seminar for senior officials on the spirit of the 20th Central Committee was held, with plans for five training sessions from December 2025 to April 2026 to deepen understanding and implementation of the committee's directives [4][9]. Economic Strategy - An article in "Qiushi" magazine by the General Secretary emphasized that expanding domestic demand is a strategic move for economic stability and security, advocating for a balanced approach between supply and demand [8][11]. - The article also pointed out the need to enhance consumer demand supported by income, promote effective investment, and improve the income distribution structure to foster a middle-income group [8][11]. Employment and Investment - The government aims to stabilize employment by supporting labor-intensive industries and enhancing vocational training, especially for the record number of graduates expected in 2026 [12][13]. - Investment strategies will focus on addressing existing gaps in technology, infrastructure, and public services, with an emphasis on high-quality urban renewal and effective investment expansion [11][12].

刘宁要求，各级党委（党组）要坚持学思想、讲协同、抓落实，坚决维护党中央权威和集中统一领导， 完善党中央重大决策部署落实机制和党领导经济工作体制机制，树立和践行正确政绩观，各负其责、协 同联动，因地制宜、实事求是，始终站稳人民立场，坚决反对形式主义，营造风清气正的政治生态和干 事创业的良好环境，形成齐心协力推动高质量发展高效能治理的强大合力。 刘宁要求，临近岁末年初，各地各部门要抓紧谋划部署明年工作，推动各项工作早安排、早启动、早见 效。要加强小麦田间管理，关心困难群众生产生活，做好重要民生商品保供稳价，统筹安排好春运工 作，加强值班值守和应急保障，守牢安全稳定底线，确保群众温暖过冬、平安过节。 王凯在总结讲话中指出，要深刻认识做好明年经济工作的重大意义，认真学习领会省委关于明年经济工 作的总体要求、主要目标、重点任务，坚定信心、真抓实干，奋力实现经济社会发展目标任务。要坚持 扩大内需战略基点，大力提振消费，扩大优质商品和服务供给，抓好重大项目建设，保持投资较快增 长，加快构建房地产发展新模式，有效释放内需潜力。要完善交通物流网络，构建现代商贸流通体系， 提高要素资源配置效率，扩大高水平对内对外开放，加快建设全 ...

Core Viewpoint - The company emphasizes its commitment to leveraging national policies aimed at expanding domestic demand and stimulating consumption, focusing on optimizing product layout and enhancing profitability through cost reduction and channel optimization [2] Group 1 - The company will actively seize opportunities related to national policies and continuously optimize its product layout [2] - The focus will be on core business operations, aiming to solidify the foundation for growth through cost reduction and efficiency improvements [2] - The company plans to enhance its profitability while concentrating on product innovation and expanding its market presence [2]

Investment Rating - The report indicates a positive investment outlook for the industry, suggesting a focus on structural investment opportunities driven by policy expectations [2][28]. Core Insights - The North Exchange market showed an average daily trading volume of 22.62 billion yuan, a 16.0% increase week-on-week, while the North Certificate 50 index fell by 0.13% [1][7]. - Key stocks that performed well included Tianli Composite (up 41.4%), Hanxin Technology (up 40.6%), and Hongxi Technology (up 26.0%), while the biggest losers were *ST Guandao (down 41.5%) and Kangla Weishi (down 20.0%) [1][14]. - The macroeconomic environment is characterized by a dual drive of strengthened policy expectations and boosted domestic demand, with a focus on consumer service-related enterprises benefiting from favorable policies [2][28]. Summary by Sections Market Overview - The North Exchange's average daily trading volume reached 22.62 billion yuan, reflecting a 16.0% week-on-week increase, with a daily turnover rate of 2.4% [1][7]. - The North Certificate 50 index experienced a slight decline of 0.13% during the week [1][7]. Key News and Policies - Xi Jinping emphasized the strategic importance of expanding domestic demand to maintain economic stability, advocating for measures to stimulate consumption and optimize income distribution [17][20]. - The Ministry of Industry and Information Technology announced the first batch of L3 conditional autonomous driving vehicle approvals, enhancing interest in the smart driving industry chain [19][29]. Core Driving Factors - The report highlights a positive market sentiment with increased trading activity, as evidenced by the 16.0% rise in average daily trading volume [28][31]. - The focus on emerging industries such as commercial aerospace, autonomous driving, and new energy is expected to drive growth [28][30]. Investment Recommendations and Strategies - The report suggests focusing on new productive forces, particularly in emerging sectors like commercial aerospace, autonomous driving, and biotechnology, while also considering companies with high growth potential based on financial metrics [32]. - Short-term attention is recommended for North Certificate 50 weighted stocks and newly added index constituents, which may benefit from passive allocation demands from index funds [32].

宏观研究 证 券 研 究 报 告 【宏观快评】 国务院部署落实经济工作会议精神 ——政策周观察第 60 期 近一周，政策出台不多，主要关注以下政策： 1、中央经济工作会议精神落实解读 1）12 月 19 日，总理主持召开国常会，对贯彻落实中央经济工作会议决策部 署作出安排，提出"要靠前发力抓落实，以扎实有效的工作不断巩固拓展经济 稳中向好势头，确保'十五五'开好局、起好步"，去年 12 月 16 日国常会表 述为"要靠前抓好落实，能早则早、宁早勿晚，齐心协力、积极作为，以扎实 有效的工作为全局多作贡献"。 2）12 月 15 日，中国证监会党委传达学习贯彻中央经济工作会议精神。"持续 增强市场内在稳定性……引导优质公司持续加大分红回购力度。全面推动落实 中长期资金长周期考核机制，大力发展权益类公募基金，推动指数化投资高质 量发展"。 3）12 月 16 日，中央财办有关负责同志详解 2025 年中央经济工作会议精神， 提出"文旅、养老、托育等服务消费需求旺盛"，"在科技创新、产业升级、基 础设施、改善民生等方面还有不少短板弱项……加快建设停车场、充电桩、旅 游公路等消费基础设施，提高养老、托育、医疗等民生类投 ...

省委经济工作会议召开 尹弘讲话 叶建春作总结讲话 宋福龙陈永奇出席 12月22日，省委经济工作会议在南昌召开，深入学习贯彻党的二十届四中全会和中央经济工作会议精神，深化落实习近平总书记考察江西重要讲话精神， 总结2025年经济工作，分析当前经济形势，部署2026年经济工作。 省委书记尹弘出席并讲话，省委副书记、省长叶建春作总结讲话。宋福龙、陈永奇、李伟、李红军、任珠峰、庄兆林、黄喜忠、时玉宝、陈敏、卢小青等 在职省领导出席会议。 尹弘指出，习近平总书记在中央经济工作会议上的重要讲话，以总揽全局的宏阔视野、洞察大势的远见卓识，全面总结今年经济工作，深刻分析当前经济 形势，系统部署明年经济社会发展主要目标任务，为做好明年和今后一个时期经济工作、推动"十五五"开好局起好步提供了根本遵循。我们要认真学习领 会中央经济工作会议精神，充分认识我国经济发展取得的重大成就，深入把握做好新形势下经济工作的规律性认识，精准吃透党中央确定的宏观政策取 向，牢牢抓住明年经济工作的重点任务，深刻领会加强党对经济工作全面领导的重要要求，坚决推动党中央决策部署在江西落地见效。 尹弘深入分析全省发展面临的形势。他指出，今年以来，在以习近平同 ...

Core Insights - The report highlights the approval of China's first batch of L3 autonomous driving vehicles, marking a significant step towards commercial application in limited scenarios [3][15] - Multiple companies have successfully commercialized L4 level autonomous taxis overseas, indicating a growing trend in the global autonomous driving market [3][17] - Google has launched Gemini 3 Flash, which innovatively breaks the "speed-quality-cost" trade-off, positioning itself as a leading model in the AI landscape [3][36] Industry Trends - China's first L3 autonomous driving vehicles, including Changan's SC7000AAARBEV and Arcfox's BJ7001A61NBEV, have received approval for limited road testing in Beijing and Chongqing, with specific operational speed limits of 50 km/h and 80 km/h respectively [15][18] - The domestic autonomous driving sector is expanding internationally, with companies like Momenta partnering with Grab in Singapore and launching Robotaxi services in Abu Dhabi and Dubai [17][19] - The report notes that the global autonomous driving market is on the verge of rapid expansion, with L3/4/5 penetration rates expected to rise significantly by 2030, driven by increasing demand and technological advancements [27][31] Investment Recommendations - The report suggests focusing on five key sectors with marginal improvements: AI hardware, commercial aerospace, AI applications, non-ferrous metals, and innovative pharmaceuticals, as they present potential investment opportunities [4][56] - In the AI hardware sector, the report anticipates continued performance from leading companies like NVIDIA, which has exceeded earnings expectations, and highlights the acceleration of global AI infrastructure development [56][58] - The commercial aerospace sector is expected to benefit from government policies encouraging expansion and investment, indicating a favorable environment for growth [56][59] Global Market Performance - The report notes mixed performance in global stock markets, with financial, consumer staples, and materials sectors showing strength, while other sectors performed moderately [60]

Group 1 - The core consumption trend observed is a focus on purchasing for joy and convenience, with significant spending on experiences and services rather than just material goods [3][28] - The real estate market is experiencing a downturn, with property prices dropping by 10% to 20% over the past two years, leading to aggressive price negotiations among buyers [7][34] - The overall loan growth in the banking sector is at a near-record low of 3.95%, with household loans showing almost no growth, indicating a cautious approach to borrowing [9][36] Group 2 - The healthcare expenditure has increased significantly, driven by both personal health issues and pet care, reflecting a broader trend of prioritizing health and well-being in consumer spending [40][48] - The consumer behavior is shifting towards spending on both tangible goods like homes and cars, and intangible services such as travel and education, aligning with the findings of McKinsey's consumer report [40][44] - The pet healthcare market is facing challenges, with many veterinary clinics struggling financially despite high costs for pet treatments, highlighting the emotional investment consumers have in their pets [50][51]

Group 1: Market Overview - The A-share market has shown a comprehensive recovery, with the consumption ETF (159928) experiencing a slight decline of 0.25% but achieving a total trading volume of 569 million yuan [1] - The consumption ETF (159928) has seen a net subscription of 24.4 million units throughout the day, accumulating over 420 million yuan in the last 20 days, indicating strong investor interest [1] - As of December 19, the latest scale of the consumption ETF (159928) has exceeded 21.1 billion yuan, leading its peers in the same category [1] Group 2: Hainan Market Dynamics - Hainan local stocks have surged following the official launch of the Hainan Free Trade Port's full island closure on December 18, with Sanya's duty-free sales reaching 118 million yuan on the first day [3] - The Sanya International Duty-Free City recorded over 36,000 visitors, a year-on-year increase of over 60% [3] - The Hong Kong Stock Connect Consumption 50 ETF (159268) saw a slight increase of 0.42%, with a trading volume exceeding 30 million yuan [3] Group 3: Consumption Sector Valuation - The consumption ETF (159928) has a TTM price-to-earnings ratio of 19.4, placing it in the 3.13% percentile over the past decade, indicating it is cheaper than 97% of the historical time frame [5] - Seasonal trends in Q4 suggest a potential shift in market style towards undervalued sectors, particularly in December [5] Group 4: Future Consumption Trends - The focus on "expanding domestic demand" has been emphasized by high-level policies, prioritizing consumer demand as a key component of domestic growth strategies [7] - The anticipated increase in residents' net transfer payments and potential reforms in initial distribution may drive consumer spending in the coming years [7] - Historical examples from Japan and the U.S. indicate that periods of rising household income correlate with increased service and new-type consumption [7] Group 5: Investment Opportunities - The market is shifting towards a dual narrative of "physical demand" and "consumption-side policies," suggesting a more stable investment approach amid macroeconomic uncertainties [8] - Key investment themes include industrial resources benefiting from AI and global manufacturing recovery, as well as sectors like aviation, hotels, and food and beverage that are poised for recovery [9] - The consumption landscape is expected to see a deepening of consumer stratification, with high-net-worth individuals shifting towards more rational consumption patterns while the mass market focuses on cost-effective options [10][11] Group 6: Structural Opportunities - The consumption sector is likely to experience a focus on essential needs and low-cost emotional comfort, with demand for basic necessities remaining resilient [11] - Companies with global expansion strategies may mitigate domestic demand fluctuations, particularly in sectors like seasoning and snack foods targeting emerging markets [12] - The consumption ETF (159928) is characterized by its resilience across economic cycles, with top holdings including major liquor brands and agricultural firms [13]

2025年第51周，在本周周二，中央财办、发改委、住建部对接下来房地产相关发展方向进行了进一 步深入解读。 中央财办提出我国房地产高质量发展仍有较大空间， 并确定2026年房地产三大重点工 作：供需发力稳市场、促企业转型发展、构建发展新模式；发改委在《求是》发文：要求加快健全扩 大内需体制机制，推动清理汽车、住房等消费不合理限制性措施；人民日报发表了住建部长倪虹题为 《推动房地产高质量发展》的署名文章，该文章在10月份出版的"十五五"辅导读本中已有刊印，提 出了推动房地产高质量发展的六大重点任务。 地方层面，政策发布频次延续高位。至本周末已有27个省级行政区发布了"十五五"规划建议，除港 澳台外，省级行政区中仅有上海等4个省市尚未发布。此外郑州、沈阳等也在周内发布了市一级"十 五五"规划建议。 其他地方稳市场政策方面，则集中在公积金贷款额度提升，放松提取限制，以及加强购房补贴等方 面。此外本周北京、深圳、南京均继续展开行动遏制房地产领域网络乱象，约谈、整治不良账号，清 理违规信息。 01 周度中央：中央财办、发改委、住建部同日在三大官媒发声，明确房地产发展方向 1.中央财办（新华社）：房地产高质量发展仍有较大 ...