文章强调，大国经济的优势就是内部可循环。要牢牢把握扩大内需这一战略基点，使生产、分配、 流通、消费各环节更多依托国内市场实现良性循环。扩大内需和扩大开放并不矛盾。国内循环越顺畅， 越能形成对全球资源要素的引力场，越有利于构建以国内大循环为主体、国内国际双循环相互促进的新 发展格局，越有利于形成参与国际竞争和合作新优势。要把扩大内需战略同深化供给侧结构性改革有机 结合起来，供需两端同时发力、协调配合，形成需求牵引供给、供给创造需求的更高水平动态平衡。 文章指出，总需求不足是当前经济运行面临的突出矛盾。要坚决贯彻落实扩大内需战略规划纲要， 尽快形成完整内需体系，着力扩大有收入支撑的消费需求、有合理回报的投资需求、有本金和债务约束 的金融需求。消费是我国经济增长的重要引擎，扩大消费最根本的是促进就业，完善社保，优化收入分 配结构，扩大中等收入群体，扎实推进共同富裕。要建立和完善扩大居民消费的长效机制，使居民有稳 定收入能消费、没有后顾之忧敢消费、消费环境优获得感强愿消费。要完善扩大投资机制，拓展有效投 资空间，适度超前部署新型基础设施建设，扩大高技术产业和战略性新兴产业投资，持续激发民间投资 活力。要继续深化供给侧 ...

文章强调，大国经济的优势就是内部可循环。要牢牢把握扩大内需这一战略基点，使生产、分配、流 通、消费各环节更多依托国内市场实现良性循环。扩大内需和扩大开放并不矛盾。国内循环越顺畅，越 能形成对全球资源要素的引力场，越有利于构建以国内大循环为主体、国内国际双循环相互促进的新发 展格局，越有利于形成参与国际竞争和合作新优势。要把扩大内需战略同深化供给侧结构性改革有机结 合起来，供需两端同时发力、协调配合，形成需求牵引供给、供给创造需求的更高水平动态平衡。 文章指出，总需求不足是当前经济运行面临的突出矛盾。要坚决贯彻落实扩大内需战略规划纲要，尽快 形成完整内需体系，着力扩大有收入支撑的消费需求、有合理回报的投资需求、有本金和债务约束的金 融需求。消费是我国经济增长的重要引擎，扩大消费最根本的是促进就业，完善社保，优化收入分配结 构，扩大中等收入群体，扎实推进共同富裕。要建立和完善扩大居民消费的长效机制，使居民有稳定收 入能消费、没有后顾之忧敢消费、消费环境优获得感强愿消费。要完善扩大投资机制，拓展有效投资空 间，适度超前部署新型基础设施建设，扩大高技术产业和战略性新兴产业投资，持续激发民间投资活 力。要继续深化供给侧 ...

Core Insights - The rise of Labubu is not coincidental but a result of generational aesthetics, emotional symbols, and identity expression [1][2] - The "Implementation Plan" provides a systematic framework for the new demand and supply dynamics, emphasizing the importance of capturing emotional trends and creating a sustainable supply chain [1][2][10] Generational Symbols - Each generation has its own Labubu, representing the spirit of the times, from Transformers for the 70s to digital IPs for Gen Z [2] - The changing emotional structures reflect new consumer demands in China, with the "Implementation Plan" targeting three trillion-level and ten hundred-billion-level consumption hotspots [2][4] New Consumption Trends - Future consumption is shifting from purchasing goods to subscribing to lifestyles, driven by demographic segmentation and interest-oriented consumption [3] - Changes in consumption dimensions include spatial (from traditional malls to immersive experiences), temporal (from one-time purchases to long-term relationships), and relational (from buyers to co-creators) [3] New Demand Dynamics - The demand for new products is shaped by collective choices across generations, with emotional needs such as identity recognition, emotional healing, and self-narrative being crucial [4][5] - The children's market is evolving towards cognitive development and emotional growth, while the elderly market is shifting from passive care to active quality of life improvements [6][5] New Supply Strategies - New supply-side structural reforms focus on leveraging technology and new models for precise supply-demand matching [7] - Flexible production and rapid iteration are becoming standard, with the ability to quickly respond to new consumer trends [7][8] Investment Opportunities - The investment landscape is becoming clearer with three trillion-level sectors (elderly products, smart vehicles, consumer electronics) and ten hundred-billion-level sectors (trendy toys, outdoor products, etc.) identified [9] - Key investment criteria include addressing unique emotional needs, having a sustainable supply system, and aligning with national strategic directions [9][10]

去"内卷化"背景下：中国光伏制造业 的价值重构与发展新范式 联合资信 工商评级三部 |马金星 |高 星 近年来，在"双碳"目标引领和地方产业政策驱动下，光伏制造端产能 快速扩张，但阶段性产能过剩问题日益凸显，产业链各环节产品同质化严重， 产品低价恶性竞争，光伏制造企业财务状况明显恶化，行业信用水平恶化。 面对以光伏等产业为代表的无序化、非理性的竞争态势，我国将综合整 治"内卷式"竞争提升至国家战略任务层面，多部门及行业协会协同推出"产 能调控与价格规范"组合措施。因协会自律约束力弱，且民企为主的光伏产 业很难简单复制钢铁、水泥等行业供给侧改革措施，其产能过剩破局仍需政 府、行业协会及企业协同发力。未来，在法律法规强约束下，行业协会自律 机制逐步落实，光伏产业链产能出清节奏或将加速，预计具备技术领先优势、 充足的现金储备以及稳健的财务状况的光伏企业有望穿越周期。长期来看， 全球光伏市场仍具备较大的增长空间。 近年来，光伏产业作为实现"双碳"目标的重要支撑领域之一，在政策推动下光 伏装机需求快速增加，带动制造端产能持续扩张。与此同时，为实现 GDP 增速目标， 部分地方政府迫于压力过度招商引资，而光伏产业作为投资 ...

Core Viewpoint - The article emphasizes the concept of "investment in people" as a transformative development ideology that prioritizes human resources as a crucial form of capital, aiming to enhance individual capabilities and improve overall societal value, thereby supporting China's modernization efforts [2]. Summary by Sections Definition and Relationship of "Investment in People" - "Investment in people" refers to allocating more fiscal resources towards education, employment, healthcare, and social security, focusing on enhancing individual capabilities and driving high-quality economic development through human capital [3]. - It contrasts with "investment in material," highlighting a shift from a purely material-focused investment approach to one that recognizes the importance of human development [3]. Economic Growth and Investment Strategies - Traditional economic growth has focused on expanding production capacity, with "investment in material" being favored due to its quicker returns and easier cost-benefit analysis [4]. - However, overemphasis on material investment has led to structural imbalances in supply and demand, with a significant decline in the return on investment in material from 2008 to 2023, indicating a need for a shift towards human-centered investment strategies [4]. Pursuit of Quality of Life - The pursuit of a better life encompasses not only diverse and high-quality consumption but also broader social and individual development goals [5]. - "Investment in people" is positioned as a practical application of the goal to meet the growing needs of the populace, emphasizing the integration of material and human investments [5]. Implications for Domestic Demand and Supply Structure - The article discusses the necessity of improving the interaction between consumption and investment to address domestic demand issues, with a focus on optimizing investment directions to better align with changing consumer needs [6][7]. - It highlights that people are the core of consumption and production, and "investment in people" aims to enhance human capabilities and foster sustainable economic growth [7]. Comprehensive Development and Policy Considerations - "Investment in people" should transcend short-term economic logic, addressing broader human needs, including cultural and spiritual dimensions [8]. - The article advocates for a holistic approach to investment that includes education, healthcare, and environmental considerations, aiming for a sustainable and equitable development model [9][10]. Long-term Goals and Systematic Advantages - The long-term objective of "investment in people" is to achieve comprehensive human development, distinguishing it from other countries' approaches that may reduce human value to mere economic tools [12][13]. - China's unique institutional advantages, such as a people-centered approach and systematic planning, are highlighted as key factors in successfully implementing "investment in people" strategies [13][14]. Future Directions and Implementation Strategies - The article suggests focusing on key areas such as income distribution, public services, and education to effectively "invest in people," while balancing market forces and government roles [17]. - It emphasizes the importance of a long-term perspective in evaluating the effectiveness of such investments, advocating for a comprehensive assessment framework that aligns with the overarching goals of human and societal development [11][15].

服务消费作为扩大内需的重要引擎，其高质量发展对经济结构优化和民生改善具有深远意义。《中共中 央关于制定国民经济和社会发展第十五个五年规划的建议》（下称《建议》）强调，"以放宽准入、业 态融合为重点扩大服务消费""实施提振消费专项行动"，这为培育服务消费新增长点指明了方向。12月8 日召开的中央经济工作会议强调，"深入实施提振消费专项行动""清理消费领域不合理限制措施，释放 服务消费潜力"，进一步明确了扩大内需的重点任务和方向。服务消费涵盖文旅、健康、养老托育等众 多领域，产业关联度强，对经济增长具有重要的带动作用。在当前阶段，提振服务消费对于释放内需增 长潜力、推动经济结构优化升级和民生改善有着重要的现实意义。 当前，我国服务消费正处于规模快速扩张与结构深刻变革的关键时期，呈现出总量持续增长、结构加速 转型、新业态不断涌现的特征。伴随居民收入水平提高和消费观念转变，服务消费正从传统的生存型消 费向发展型、享受型消费升级，从单一化、标准化服务向个性化、品质化服务转变，成为拉动内需、促 进经济高质量发展的重要引擎。然而，与发达国家相比，我国服务消费在总量规模、供给质量、业态创 新等方面仍存在明显差距，例如，202 ...

2025年转眼间已近岁尾。今年是个关键年份，"十四五"在今年圆满收官、"十五五"即将开启，我们国家 也即将走进"基本实现社会主义现代化夯实基础、全面发力的关键时期"的重要关口，而在这个关键的年 份，中国的资本市场也走出一条上升曲线，并且一扫阴霾，跑出收益。是什么促使中国资本市场走出这 条靓丽的曲线的，背后的根本动因是什么？最近，带着这些疑问，《国际金融报》记者专访了东方证券 研究所所长黄燕铭。 中国式"长期主义"正得到全球投资者认可 《国际金融报》：黄所长您好，非常感谢您接受我们的专访。已值岁尾，我们注意到，2025年中国的资 本市场，显然已走出阴霾，坚定地迈向高质量发展道路。您认为这其中的关键因素是什么？ 黄燕铭：我认为2025年中国资本市场能够一扫阴霾，跑出收益，不在于宏观增速，更不在于存款搬家， 而是中国式"长期主义"的政策基调正在得到更多全球投资者的认可。世界百年变局加速演进，国际力量 对比深刻调整，在"变"的外部环境中，中国政治经济学的法宝恰恰在于"不变"，在于以历史耐心、战略 定力为主旨的中国式"长期主义"。 "十五五"建议稿出炉后，有一种观点认为文件提法稳定有余、新意不足，对资本市场的刺激不大， ...

文章指出，总需求不足是当前经济运行面临的突出矛盾。要坚决贯彻落实扩大内需战略规划纲要，尽快形 成完整内需体系，着力扩大有收入支撑的消费需求、有合理回报的投资需求、有本金和债务约束的金融需 求。消费是我国经济增长的重要引擎，扩大消费最根本的是促进就业，完善社保，优化收入分配结构，扩 大中等收入群体，扎实推进共同富裕。要建立和完善扩大居民消费的长效机制，使居民有稳定收入能消 费、没有后顾之忧敢消费、消费环境优获得感强愿消费。要完善扩大投资机制，拓展有效投资空间，适度 超前部署新型基础设施建设，扩大高技术产业和战略性新兴产业投资，持续激发民间投资活力。要继续深 化供给侧结构性改革，持续推动科技创新、制度创新，突破供给约束堵点、卡点、脆弱点，增强产业链供 应链的竞争力和安全性，以自主可控、高质量的供给适应满足现有需求，创造引领新的需求。要坚持惠民 生和促消费、投资于物和投资于人紧密结合，坚决破除阻碍全国统一大市场建设卡点堵点。 来源：新华社 责编：叶舒筠 校对：王朝全 新华社北京12月15日电 12月16日出版的第24期《求是》杂志将发表中共中央总书记、国家主席、中央 军委主席习近平的重要文章《扩大内需是战略之举》。 ...

文章强调，大国经济的优势就是内部可循环。要牢牢把握扩大内需这一战略基点，使生 产、分配、流通、消费各环节更多依托国内市场实现良性循环。扩大内需和扩大开放并不矛 盾。国内循环越顺畅，越能形成对全球资源要素的引力场，越有利于构建以国内大循环为主 体、国内国际双循环相互促进的新发展格局，越有利于形成参与国际竞争和合作新优势。要把 扩大内需战略同深化供给侧结构性改革有机结合起来，供需两端同时发力、协调配合，形成需 求牵引供给、供给创造需求的更高水平动态平衡。 文章指出，总需求不足是当前经济运行面临的突出矛盾。要坚决贯彻落实扩大内需战略规 划纲要，尽快形成完整内需体系，着力扩大有收入支撑的消费需求、有合理回报的投资需求、 有本金和债务约束的金融需求。消费是我国经济增长的重要引擎，扩大消费最根本的是促进就 业，完善社保，优化收入分配结构，扩大中等收入群体，扎实推进共同富裕。要建立和完善扩 大居民消费的长效机制，使居民有稳定收入能消费、没有后顾之忧敢消费、消费环境优获得感 强愿消费。要完善扩大投资机制，拓展有效投资空间，适度超前部署新型基础设施建设，扩大 高技术产业和战略性新兴产业投资，持续激发民间投资活力。要继续深化供给 ...

文章指出，扩大内需既关系经济稳定，也关系经济安全，不是权宜之计，而是战略之举。实 施扩大内需战略，是保持我国经济长期持续健康发展的需要，也是满足人民日益增长的美好 生活的需要。要加快补上内需特别是消费短板，使内需成为拉动经济增长的主动力和稳定 锚。 文章强调，大国经济的优势就是内部可循环。要牢牢把握扩大内需这一战略基点，使生产、 分配、流通、消费各环节更多依托国内市场实现良性循环。扩大内需和扩大开放并不矛盾。 国内循环越顺畅，越能形成对全球资源要素的引力场，越有利于构建以国内大循环为主体、 国内国际双循环相互促进的新发展格局，越有利于形成参与国际竞争和合作新优势。要把扩 大内需战略同深化供给侧结构性改革有机结合起来，供需两端同时发力、协调配合，形成需 求牵引供给、供给创造需求的更高水平动态平衡。 文章指出，总需求不足是当前经济运行面临的突出矛盾。要坚决贯彻落实扩大内需战略规划 纲要，尽快形成完整内需体系，着力扩大有收入支撑的消费需求、有合理回报的投资需求、 有本金和债务约束的金融需求。消费是我国经济增长的重要引擎，扩大消费最根本的是促进 就业，完善社保，优化收入分配结构，扩大中等收入群体，扎实推进共同富裕。要 ...