Core Viewpoint - The Chinese government plans to implement a more proactive fiscal policy in 2026, focusing on expanding fiscal expenditure and optimizing spending structures to support economic growth and ensure a strong start to the "14th Five-Year Plan" [1] Group 1: Fiscal Policy and Economic Growth - The government aims to enhance domestic demand and support the construction of a robust domestic market, with a strong emphasis on boosting consumption through various initiatives [1] - Plans include funding for consumer incentives, optimizing personal consumption loan interest subsidies, and promoting new consumption models [1] - There will be increased investment in key areas such as new productivity and comprehensive human development, alongside efforts to establish a unified national market [1] Group 2: Infrastructure and Social Welfare - Continued issuance of long-term special government bonds is expected to support major national projects, ensuring sustained investment demand and improving living standards [2] - Fiscal spending will be directed towards social welfare, with a focus on enhancing residents' income and improving consumption willingness [2] - The government will implement policies to lower financing costs for innovation and service sectors, thereby encouraging technological innovation and consumption [2] Group 3: Technological and Industrial Development - The government plans to increase fiscal investment in technology and strengthen the role of enterprises in innovation [2] - There will be a focus on fostering new productive forces through enhanced fiscal and tax policies, promoting the integration of technological and industrial innovation [2] - Initiatives will include insurance compensation policies for first-time applications and support for high-quality development in key manufacturing sectors [2] Group 4: Social Security and Regional Development - Strengthening basic social security and enhancing urban-rural integration will be priorities, with measures to increase residents' income through various channels [3] - The government will support rural revitalization and improve agricultural productivity, while also promoting new urbanization and regional coordinated development [3] - Fiscal policies will be adjusted to ensure public services are accessible and portable, facilitating urban renewal and regional strategies [3]

↓中国贸促会召开12月例行新闻发布会 2 美国11月成屋签约指数、新屋开工数 3 美国12月19日当周EIA汽油、EIA原油 数据将公布" 1 王毅会见柬埔寨副首相兼外交大臣布拉索昆 每经编辑｜张喜威 王瀚黎 12月28日，中共中央政治局委员、外交部长王毅在云南玉溪会见柬埔寨副首相兼外交大臣布拉索昆。王毅表示，中柬铁杆友谊经受国际风云变幻考验，坚如 磐石、历久弥坚。中方高度关注柬泰边境紧张局势，一直致力于劝和促谈。在各方共同努力下，柬泰两国军方达成停火协议，朝着恢复和平迈出重要一步， 中方对此表示祝贺。停火完全符合柬泰人民共同愿望，符合地区各国普遍期待，相信会得到各方欢迎支持。（央视新闻） 王毅会见泰国外长西哈萨 2025年12月28日，中共中央政治局委员、外交部长王毅在云南玉溪会见泰国外长西哈萨。王毅表示，中方高度关注泰柬边境紧张局势，对冲突造成平民伤 亡、民众流离失所深感痛心。外长先生曾表示，泰国是爱好和平的国家，不愿与邻国为敌，中方对此重视和赞赏。作为友好近邻，中方最不希望看到泰柬兵 戎相见，最希望看到两国重归于好。在各方努力下，泰柬军方达成停火协议，迈出通往和平的第一步，中方对此感到欣慰。（央视新闻） ...

Core Insights - The National Financial Work Conference emphasized the continuation of a more proactive fiscal policy in 2026, focusing on expanding fiscal expenditure and ensuring necessary spending levels [1][3] Group 1: Fiscal Policy and Expenditure - The conference highlighted the need to expand the fiscal expenditure envelope to ensure necessary spending levels [3] - A proactive fiscal policy will be implemented, characterized by increased spending, expanded deficits, and enhanced transfer payments to stimulate overall demand and promote economic recovery [3] - In the first 11 months of 2025, the total fiscal expenditure reached 3.40662 trillion yuan, reflecting a year-on-year growth of approximately 4.5% [3] Group 2: Key Tasks for 2026 - The conference outlined six key tasks for 2026, with a primary focus on supporting domestic demand and enhancing consumer spending through targeted actions [4] - There will be an emphasis on increasing effective investment, particularly in new productive forces and comprehensive human development [4] - The second key task involves supporting the deep integration of technological and industrial innovation, with increased fiscal investment in technology and improved management of technology funding [5] Group 3: Social and Regional Development - The conference stressed the importance of promoting urban-rural integration and regional coordination to expand development space [5] - In the realm of social welfare, there will be a focus on strengthening basic social security and improving employment, education, and healthcare services [6] - The conference also highlighted the need for increased investment in human capital, including the establishment of childcare subsidies and the gradual promotion of free preschool education [6] Group 4: Green Development and International Cooperation - A significant focus will be placed on promoting comprehensive green transformation in economic and social development, including pollution prevention and ecosystem protection [7] - The conference called for strengthening international financial cooperation and expanding high-level openness, particularly through initiatives like the Hainan Free Trade Port [6][7]

【导读】回顾周末利好，汇总券商最新研判 大家好，马上就要开盘了，一起回顾周末发生的大事，并看看券商分析师们的最新研判。 周末利好 1.财政部：2026年继续实施更加积极的财政政策扩大财政支出盘子 全国财政工作会议12月27日至28日在北京召开。会议指出，2026年继续实施更加积极的财政政策。一是 扩大财政支出盘子，确保必要支出力度。二是优化政府债券工具组合，更好发挥债券效益。三是提高转 移支付资金效能，增强地方自主可用财力。四是持续优化支出结构，强化重点领域保障。五是加强财政 金融协同，放大政策效能。 2.财政部：明年继续安排资金支持消费品以旧换新 全国财政工作会议12月27日至28日在北京召开。财政部部长蓝佛安表示，明年财政将大力提振消费。深 入实施提振消费专项行动，继续安排资金支持消费品以旧换新，调整优化补贴范围和标准。 3.央行报告：着力健全有利于"长钱长投"的制度政策环境显著提高各类中长期资金实际投资A股的规模 和比例 中国人民银行发布《中国金融稳定报告（2025）》。报告提出，下一步，中国证监会、财政部、人力资 源社会保障部、中国人民银行、金融监管总局等相关部门将立足大局，加强协作，形成合力，在中央 ...

此外，2025年，更加积极的财政政策精准发力支持高质量发展，大幅增加基础研究投入；同时，持续加 强民生保障，充实稳就业政策工具，逐步推进免费学前教育，提高国家奖学金、助学金标准，建立育儿 补贴制度。 中央财经大学财税学院教授 白彦锋："十四五"时期相比上一个五年，我们国家财政实力进一步增强， 财政收入106万亿元，增幅达19%。"十四五"期间财政支出合计136万亿元，增幅24%。 转载请注明央视财经 （央视财经《经济信息联播》）12月27日至28日，全国财政工作会议在北京召开。记者从会议上了解 到，2025年，我国积极财政政策打出一系列"组合拳"，有力有效支持经济向新向优发展。 2025年，我国保持支出强度，全年一般公共预算支出超过29万亿元。同时，顺利发行超长期特别国债 1.3万亿元，更大力度支持"两重"项目，加力扩围实施"两新"政策。新增地方政府专项债券4.4万亿元。 盘活5000亿元债务结存限额，补充地方综合财力。发行5000亿元特别国债补充国有大型商业银行资本， 有力增强信贷投放能力。 2025年，更加积极的财政政策在供需两端激发消费潜力，出台实施个人消费贷款和服务业经营主体贷款 贴息政策。 编辑：令 ...

Key Points - The article discusses recent positive developments in the Chinese financial market, including government policies aimed at boosting fiscal spending and consumer support [3][4]. - The People's Bank of China emphasizes the need for a favorable policy environment to enhance long-term investments in the A-share market [5]. - The Shanghai Stock Exchange has introduced guidelines to support commercial rocket enterprises, indicating a focus on innovation in the aerospace sector [8][10]. - The market is experiencing a "small rally" with significant trading volume, particularly in sectors like metals and commercial aerospace [27]. Group 1: Government Policies - The Ministry of Finance plans to continue implementing a proactive fiscal policy in 2026, focusing on expanding fiscal spending and optimizing government bond tools [3]. - The government will support consumer goods through a subsidy program for replacing old products, aiming to stimulate consumption [4]. Group 2: Market Developments - The People's Bank of China reports on improving the investment environment for long-term funds in the A-share market, aiming for a healthy cycle between capital markets and the real economy [5]. - The Shanghai Stock Exchange has released guidelines for commercial rocket companies to facilitate their listing on the Sci-Tech Innovation Board, supporting the growth of the aerospace industry [8][10]. Group 3: Market Analysis by Securities Firms - CITIC Securities highlights the performance of ETFs, noting that sectors like telecommunications and aerospace are gaining traction due to their alignment with international infrastructure competition [15]. - Shenwan Hongyuan emphasizes the liquidity-driven nature of the current market rally, suggesting that the spring market conditions remain favorable [17]. - Guotai Junan identifies new investment themes emerging in commodity markets and the manufacturing sector, reflecting China's growing manufacturing advantages [19].

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the construction industry, indicating an expected return that will outperform the CSI 300 index by 10% or more over the next six months [6]. Core Insights - The 2026 fiscal policy is set to remain proactive, with a focus on increasing fiscal spending and optimizing government bond tools to enhance local financial capabilities. This is expected to support economic growth and improve the construction industry's operational conditions [18][11]. - Infrastructure investment has shown signs of recovery, with November data indicating a month-on-month improvement. The construction sector is anticipated to stabilize as policies aimed at debt reduction and "anti-involution" continue to be implemented [2][11]. - The demand for cleanroom construction is expected to rise due to increased capital expenditures in the semiconductor and cloud service sectors, driven by rapid advancements in AI technology [3][15]. Summary by Sections Industry Dynamics - The national fiscal work conference highlighted the achievements of 2025 and outlined the key tasks for 2026, emphasizing a more active fiscal policy to stimulate consumption and manage risks in key areas [18]. - The construction industry is expected to benefit from a combination of improved fiscal policies and a recovering investment environment, leading to marginal improvements in operational performance [2][11]. Market Performance - The construction industry saw a weekly increase of 2.26%, outperforming the CSI 300 index, with the decoration and renovation sector showing the highest growth at 11.37% [20][21]. - The overall industry valuation metrics indicate a TTM P/E ratio of 12.47 and a P/B ratio of 0.83, with several companies showing low valuations, suggesting potential investment opportunities [24][28]. Key Companies to Watch - Recommended companies include low-valuation state-owned enterprises such as China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from improved cash flow and profitability [11][13]. - Cleanroom engineering leaders like Yaxin Integration and Shenghui Integration are highlighted for their potential growth due to increasing demand in the semiconductor sector [3][15].

央视网消息：12月27日至28日，全国财政工作会议在北京召开。记者从会议上了解到，2025年，我国积极财政政策打出一系列"组合拳"， 有力有效支持经济向新向优发展。 今年更加积极财政政策打出"组合拳" 2025年，我国保持支出强度，全年一般公共预算支出超过29万亿元。同时，顺利发行超长期特别国债1.3万亿元，更大力度支持"两重"项 目，加力扩围实施"两新"政策。新增地方政府专项债券4.4万亿元。盘活5000亿元债务结存限额，补充地方综合财力。发行5000亿元特别国债 补充国有大型商业银行资本，有力增强信贷投放能力。 值得一提的是，2025年，更加积极的财政政策在供需两端激发消费潜力，出台实施个人消费贷款和服务业经营主体贷款贴息政策。在四 川，今年已兑现贴息资金1.4亿元，支持发放消费贷款120亿元，消费市场持续回暖向好。 四川省财政厅厅长 黎家远：今年以来，我们"加力扩围"实施"两新"政策，安排财政资金169亿元，支持实施消费品"以旧换新"政策，将国 家支持的12类家电扩围至18类，精准对接汽车、数码、家电等多样化消费需求，拉动消费超1800亿元。 今年财政政策精准发力 支持高质量发展 此外，2025年，更加 ...

央视网消息：12月27日至28日，全国财政工作会议在北京召开，明年是"十五五"规划的开局之年，财政政策将聚焦哪些关键领域精准发力？来看报道。 会议明确，2026年将继续实施更加积极的财政政策，在"加力"和"增效"两个维度上协同发力。在支出力度上，扩大财政支出盘子，确保必要支出力度。 同时，优化政府债券工具组合，更好发挥债券效益。提高转移支付资金效能。持续优化支出结构，强化重点领域保障。 中国财政科学研究院院长 杨志勇：我们现在要去充分挖掘大国的经济潜能。我们有超大的国内市场，如果国内市场是分割的话，全国统一大市场，它 的优势就没有发挥出来。所以我们要去改革，我们要规范税收优惠，财政补贴政策，要通过各个方面的改革，把这个市场的优势、潜能充分挖掘出来。 财政部：加大新动能培育与民生保障力度 此外，在加快培育壮大新动能与保障民生上，财政资金将有力支持科技创新和产业创新深度融合。同时，切实加强民生保障，促进居民就业增收，支持 办好人民满意的教育，提高医疗卫生服务保障水平，完善社会保障体系，在满足民生需求中拓展发展空间。 粤开证券首席经济学家、研究院院长 罗志恒：赤字规模、专项债的规模，以及超长期特别国债，共同构成的当 ...

12月27日至28日，全国财政工作会议在北京召开。 会议指出，2026年继续实施更加积极的财政政策。2026年财政将大力提振消费。深入实施提振消费专项 行动，继续安排资金支持消费品以旧换新，调整优化补贴范围和标准。 ...