Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing emphasizes the need to fully tap economic potential, combining policy support with reform and innovation, and focusing on both material and human investment to address external challenges [1][4]. Macroeconomic Policy - The conference calls for a more proactive macroeconomic policy that enhances forward-looking, targeted, and coordinated measures, aiming to continuously expand domestic demand and optimize supply [1][8]. - It stresses the importance of maintaining a necessary fiscal deficit and total debt scale while optimizing fiscal expenditure structure and addressing local fiscal difficulties [2][8]. - A moderately loose monetary policy is advocated, with a focus on promoting stable economic growth and reasonable price recovery, utilizing various policy tools to maintain liquidity [2][8]. Key Tasks - The conference outlines several key tasks, including: 1. Prioritizing domestic demand and building a strong domestic market, with initiatives to boost consumption and increase central budget investment [3][9]. 2. Fostering innovation and enhancing new growth drivers, including improving intellectual property protection in emerging fields [3][9]. 3. Promoting coordinated development and urban-rural integration, while ensuring a stable real estate market and managing local government debt risks [3][9]. Overall Attitude - The conference reflects a more optimistic and determined attitude towards future economic challenges, shifting from a focus on recognizing difficulties to consolidating and expanding economic stability [4][10]. - There is a strong emphasis on structural adjustments and reforms, with a focus on quality and efficiency improvements in macroeconomic governance [4][10]. Future Outlook - The outlook for the A-share market suggests a favorable environment for investment as policy and liquidity converge positively, with expectations for a spring market rally [6][12]. - The bond market is also expected to benefit from the conference's outcomes, with a focus on maintaining fiscal policy stability and potential interest rate cuts in early 2024 [6][12].

Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing provides guidance for China's economic high-quality development, emphasizing the importance of risk management and innovation in the futures industry [1] Group 1: Economic Strategy and Risk Management - The conference highlights the need to "build a strong domestic market," positioning it as a key task for the upcoming year. The company aims to enhance risk management support for the real economy by leveraging the futures market's capabilities [1] - The company plans to innovate its business model and upgrade services to provide comprehensive hedging solutions that cover the entire supply chain, thereby enhancing operational resilience for enterprises and stabilizing market supply [1] Group 2: Digital Transformation and New Growth Drivers - The conference calls for "innovation-driven development" and the company identifies digital transformation as a core path for innovation. It will utilize its self-developed intelligent hedging system "Tianji" to integrate AI and big data technologies into risk identification and decision-making processes [2] - The goal is to create an open, collaborative, and intelligent derivatives service ecosystem that enhances risk management efficiency and translates technological innovation into practical capabilities for supporting the real economy [2] Group 3: Coordinated Development and Rural Revitalization - The conference emphasizes "coordinated development" and the company is committed to extending financial services to rural areas. It aims to optimize the "insurance + futures" model and integrate it with credit financing and order agriculture [2] - The company will implement the "Five Major Revitalizations" to stabilize the supply and prices of important agricultural products, contributing to common prosperity through futures solutions [2] Group 4: Green Finance and Sustainable Development - The conference includes a focus on "dual carbon" strategies, and the company aligns its business layout with green development strategies by providing customized risk management services for green industries [3] - The company will explore service models for carbon emission rights and green electricity derivatives, assisting traditional industries in managing market risks during their green transition and directing financial resources towards low-carbon sectors [3]

程强表示，"十五五"开局之年产业仍是重点，扩内需、科技创新、"双碳"值得关注。政策部署更注重短 期政策力度和长期制度改革结合，会议提出"坚持政策支持和改革创新并举，必须做到既'放得活'又'管 得好'"和"坚持创新驱动，加紧培育壮大新动能"。程强认为，产业发展被提升到了一个前所未有的高 度，未来几年的工作重心将放在产业领先和安全建设方面；探索构建产业发展导向的宏观政策体系，在 推动科技创新、加快培育新动能、促进经济结构优化升级上取得实质性、突破性进展，将成为未来工作 的重要方向之一。 人民财讯12月12日电，12月12日，德邦证券首席经济学家程强表示，今年中央经济工作会议政策的总基 调更加突出"提质增效"，2026年经济增速目标将调整至更务实、更符合提质增效和高质量发展要求的水 平。 ...

Core Viewpoint - The Central Economic Work Conference emphasizes the "dual carbon" goals as a guiding principle for economic work in the coming year, focusing on comprehensive green transformation and the establishment of a new energy system to ensure energy security and transition [1][3]. Group 1: Green Transformation and Energy Strategy - The conference highlights the importance of advancing energy-saving and carbon reduction transformations in key industries, with a focus on creating a strong energy nation through top-level planning [5][10]. - The "14th Five-Year Plan" is identified as a critical period for rapid green and low-carbon transformation, while the "15th Five-Year Plan" will be crucial for achieving carbon peak and green transformation [3][6]. - Energy activities account for over 80% of total carbon emissions, making it a primary battleground for achieving carbon peak goals and building a beautiful China [4]. Group 2: Renewable Energy Development - The conference calls for the expansion of green electricity applications, with renewable energy generation capacity increasing from 40% to approximately 60% [8]. - The current renewable energy landscape includes significant annual additions of wind and solar power, with green electricity now constituting one-third of total electricity consumption [8]. - Key areas for expanding green electricity applications include export-oriented enterprises, large corporations enhancing brand image, and local government mandates for high-energy-consuming sectors [8]. Group 3: Key Industry Transformation - The focus on energy-saving and carbon reduction transformations will target high-energy-consuming and high-emission industries such as steel, non-ferrous metals, building materials, petrochemicals, and data centers [9]. - Successful transformation requires a combination of technology, management, and mechanisms, including the promotion of mature technologies and comprehensive carbon management practices [9]. - The government will support these transformations through subsidies, tax incentives, and green finance to ensure that early adopters benefit [9]. Group 4: Carbon Market Development - Strengthening the national carbon emissions trading market is a key focus, with plans to expand its coverage from the power sector to include steel, cement, and aluminum industries by 2027 [11][12]. - The carbon market is seen as a core policy tool for achieving the "dual carbon" goals, with an emphasis on expanding and deepening its operational mechanisms [12]. - Future developments in the carbon market will include setting scientific quotas, ensuring data authenticity, and exploring financial innovations to mobilize funds towards green and low-carbon sectors [12].

Core Viewpoint - The green building materials industry is crucial for achieving China's carbon neutrality goals, requiring a dual focus on "operational carbon" and "embodied carbon" to effectively reduce emissions in the construction sector [1][2]. Group 1: Industry Development and Challenges - The green building materials industry is transitioning from scale expansion to quality and efficiency improvement, with significant achievements such as 10% growth in certification numbers and 20% annual revenue growth, reaching over 250 billion yuan [2]. - The number of pilot cities supporting government procurement of green building materials has expanded to 101, leading to over 1 trillion yuan in project investments [2]. - Despite progress, challenges remain, including insufficient adaptation to stricter carbon emission controls and a disconnect between product supply and consumer demand for quality housing [2][3]. Group 2: Solutions for Operational Carbon - Green building materials play a direct and significant role in reducing operational carbon emissions by enhancing energy efficiency through high-performance insulation and energy-saving products [4]. - The use of advanced materials, such as nano-ceramic glass energy-saving films, can significantly reduce energy consumption and carbon emissions in buildings, with potential energy savings of up to 30% in summer and 10% in winter [5][6]. Group 3: Addressing Embodied Carbon - The embodied carbon in building materials, particularly concrete and steel, constitutes a significant portion of total lifecycle emissions, necessitating improved management and quantification methods [7]. - A pioneering government procurement pilot project in Ningbo aims to establish a framework for low-carbon building material procurement, setting specific carbon emission limits for concrete and utilizing a digital platform for tracking and verification [8][9]. - The Ningbo pilot project is expected to achieve a reduction of approximately 102 tons of CO2 emissions from the procurement of low-carbon concrete, with potential city-wide reductions reaching 520,000 tons [8][9].

中央经济工作会议12月10日至11日在北京举行，会议明确：坚持改革攻坚，增强高质量发展动力活力。 制定全国统一大市场建设条例，深入整治"内卷式"竞争。制定和实施进一步深化国资国企改革方案，完 善民营经济促进法配套法规政策。加紧清理拖欠企业账款。推动平台企业和平台内经营者、劳动者共赢 发展。拓展要素市场化改革试点。健全地方税体系。深入推进中小金融机构减量提质，持续深化资本市 场投融资综合改革。 坚持"双碳"引领，推动全面绿色转型。深入推进重点行业节能降碳改造。制定能源强国建设规划纲要， 加快新型能源体系建设，扩大绿电应用。加强全国碳排放权交易市场建设。实施固体废物综合治理行 动，深入打好蓝天、碧水、净土保卫战，强化新污染物治理。扎实推进"三北"工程攻坚战，实施自然保 护地整合优化。加强气象监测预报预警体系建设，加紧补齐北方地区防洪排涝抗灾基础设施短板，提高 应对极端天气能力。 中央经济工作会议在北京举行 习近平发表重要讲话 李强作总结讲话 赵乐际王沪宁蔡奇丁薛祥李希出席会议 会议指出，明年经济工作在政策取向上，要坚持稳中求进、提质增效，发挥存量政策和增量政策集成效 应，加大逆周期和跨周期调节力度，提升宏观经济治 ...

Core Viewpoint - The recent Central Economic Work Conference has outlined the direction and path for economic work in 2026, emphasizing the need for proactive macro policies, risk prevention in key areas, and promoting high-quality development, which serves as a guideline for the futures industry to support the real economy and contribute to a new development pattern [1][4]. Group 1: Expanding Domestic Demand and Optimizing Supply - The conference prioritizes "domestic demand as the main driver, building a strong domestic market" as a key task, prompting the company to focus on major commodities like agricultural products, energy, and minerals, providing effective and high-level futures derivative services to help enterprises manage price fluctuations and stabilize operational expectations [1][4]. - The company aims to enhance the security of supply chains and price stability while optimizing supply and boosting domestic demand through personalized and refined risk management tools [1][4]. - Additionally, the company will develop products and services that facilitate consumption upgrades and explore new service consumption scenarios to enhance wealth effects and indirectly support the release of consumption potential [1][4]. Group 2: Increasing Financial Technology Investment - The conference identifies "innovation-driven development and nurturing new growth drivers" as the second key task, leading the company to increase investments in financial technology [2][5]. - The company plans to enhance the application of big data and artificial intelligence to improve the digital and intelligent levels of transaction settlement, risk management, and customer service, thereby increasing service efficiency and quality for real enterprises [2][5]. - There will be a focus on researching derivative tools that support technological innovation and strengthening talent cultivation while preparing relevant service technologies and capabilities [2][5]. Group 3: Risk Prevention in Key Areas - The conference emphasizes "maintaining bottom lines and actively and prudently resolving key area risks," which aligns with the company's commitment to risk management as a core function of the futures market [3][6]. - The company will continuously improve its comprehensive risk management system and strengthen compliance culture to ensure stable operations [3][6]. - Efforts will be made to enhance investor suitability management and educational initiatives to guide enterprises in understanding and utilizing futures tools, thereby improving their risk management capabilities and market stability [3][6].

Core Viewpoint - The article discusses the challenges faced by manufacturing companies, particularly in energy efficiency, as they transition towards high-end and green production. It highlights the case of Guangdong Jinko Electronics, which, despite its technological advancements, struggled with energy system efficiency until a low-carbon smart factory project was implemented by New Energy, significantly improving energy efficiency and reducing costs [1][2]. Group 1: Energy Efficiency Challenges - Manufacturing companies are encountering a common challenge of energy system efficiency becoming a bottleneck, even when they lead in product technology [1]. - Jinko Electronics' cooling system efficiency was at the industry average, and the lack of an integrated smart management platform limited its competitiveness in terms of cost and sustainability [1]. Group 2: Low-Carbon Smart Factory Project - In 2023, New Energy initiated a low-carbon smart factory project for Jinko Electronics, integrating photovoltaic systems, high-efficiency cooling stations, and energy storage as the hardware foundation [1]. - The project led to a significant increase in cooling system efficiency, improving by over 50%, while achieving full system intelligent control and substantial energy savings [1]. Group 3: New Energy Service Model - The project represents a shift in energy service models, moving from traditional energy supply to comprehensive energy service solutions, demonstrating New Energy's transformation from a gas supplier to an integrated energy service provider [4]. - New Energy's approach involved a gradual, modular upgrade path tailored to the specific energy needs of the electronics manufacturing sector, ensuring stability and efficiency [4][6]. Group 4: AI Integration in Energy Management - The deployment of the "Pan-Energy Network Edge Cloud Collaborative Smart Platform" by New Energy transformed energy management from manual inspections to real-time, AI-driven optimization [8][9]. - AI algorithms enhanced system efficiency by an additional 5% to 10% under similar operating conditions, showcasing the potential of digital intelligence in energy management [9]. Group 5: Value Creation and ESG Performance - The low-carbon smart factory not only improved energy efficiency but also embedded carbon management and smart work order capabilities, transitioning Jinko Electronics from an energy consumer to an energy participant [14]. - The project resulted in significant environmental benefits, including a reduction of 731 tons of carbon emissions annually, enhancing the company's ESG performance and brand image [14][15]. Group 6: Replicability of the "Jinko Model" - The low-carbon smart factory project is positioned as a replicable industry model, with a modular and standardized energy solution that can be adapted across various sectors [16]. - New Energy aims to leverage the "Jinko Model" to expand its role from a project service provider to an industry energy system integrator, capitalizing on the scalability and adaptability of the solution [17]. Group 7: Future Outlook - The integration of AI and system efficiency improvements is seen as a critical path for manufacturing industries to address low-carbon transition challenges and promote regional industrial upgrades [18].

Core Insights - The article discusses the challenges faced by manufacturing companies, particularly in energy efficiency, as they transition towards high-end and green production. Despite technological advancements, energy systems often become bottlenecks for growth [1] - Jinko Solar, a leader in LED visual technology, has struggled with energy efficiency in its operations, prompting a partnership with New Energy to develop a low-carbon smart factory project that significantly improves energy efficiency [1][3] - The project demonstrates a new model of energy service that integrates AI and system efficiency, shifting the competitive edge of manufacturing from singular technological advancements to comprehensive system performance [2] Group 1: Project Overview - New Energy has designed a low-carbon smart factory project for Jinko Solar, incorporating photovoltaic systems, high-efficiency cooling stations, and energy storage as hardware foundations, along with a smart management platform [1][4] - The cooling system's energy efficiency improved by over 50% post-implementation, achieving full system intelligent control and resulting in significant energy savings and cost reductions [1][3] Group 2: Energy Management and AI Integration - The New Energy platform enhances energy management by integrating AI, allowing for real-time monitoring and dynamic optimization of energy systems, which is crucial for the electronic manufacturing sector [7][9] - The AI system not only connects data from various energy devices but also predicts energy needs based on multiple factors, leading to a 5%-10% increase in overall system efficiency through optimized scheduling [9][10] Group 3: Economic and Environmental Benefits - The low-carbon smart factory project enables Jinko Solar to transition from being an energy consumer to an energy participant, allowing for reduced reliance on the grid and participation in demand-side response [12] - The project is expected to generate additional revenue through energy storage and demand response, with projected annual earnings of 90,000 yuan from the energy storage system alone [13] Group 4: Replicability and Industry Impact - The modular and standardized energy solution developed for Jinko Solar is seen as a replicable model for other companies in the Pearl River Delta region, which share similar energy needs [14] - The "Jinko Model" is evolving into a broader industry energy solution, positioning New Energy as a system integrator rather than just a project service provider [14][15]

新京报贝壳财经记者对比往年内容发现，本次会议在政策取向上突出"稳中求进、提质增效"，并提出"发挥存量政策和增量政策集成效应"。会议强调，要 着力稳就业、稳企业、稳市场、稳预期，传递出明年经济工作将更注重结构优化、风险化解与民生实质改善的新信号。 新京报记者 任娇 董怡楠 任婉晴 编辑 陈莉 中央经济工作会议12月10日至11日在北京举行。会议指出，我国经济发展中老问题、新挑战仍然不少，外部环境变化影响加深，国内供强需弱矛盾突出， 重点领域风险隐患较多。这些大多是发展中、转型中的问题，经过努力是可以解决的，我国经济长期向好的支撑条件和基本趋势没有改变。要坚定信心、 用好优势、应对挑战，不断巩固拓展经济稳中向好势头。 | | 财政与金融的配合,以政府投资 央预算内投资规模,优化实施 | | | --- | --- | --- | | 台湾 | 有效带动社会投资。及早谋划 | "两重"项目,优化地方政府专 | | | "十五五"重大项目。大力实施 | 项债券用途管理,继续发挥新型 | | | 城市更新。实施降低全社会物流 | 政策性金融工具作用,有效激发 | | | 成本专项行动。 | 民间投资活力。高质量推进城市 ...