Core Viewpoint - The Central Economic Work Conference emphasizes expanding domestic demand as the primary task for economic work in the coming year, with a focus on boosting consumer spending as a critical component of this strategy [1]. Group 1: Economic Policies and Consumer Spending - The conference highlights the importance of enhancing consumer spending to meet the public's aspirations for a better life and to mitigate the impacts of external shocks and declining external demand [1]. - Policies such as the trade-in program for consumer goods, increased fiscal investment in people's livelihoods, and financial incentives for loans are seen as significant supports for boosting consumer spending [1]. - To fundamentally enhance consumer spending, it is essential to promote continuous growth in residents' income, thereby solidifying their consumption capacity and confidence [1]. Group 2: Employment and Income Growth - Employment stability is crucial for income stability, with wage income being the largest component of residents' income [2]. - The government plans to implement a broader income growth strategy that includes policies aimed at increasing employment, particularly in the service sector, by removing unnecessary barriers [2]. - Investments in human capital, such as early childhood education and lifelong learning programs, are necessary to improve residents' skills and enable them to seek higher-paying jobs [2]. Group 3: Income Distribution and Public Services - Improving income distribution can be achieved through tax adjustments and transfer payments to enhance the basic public service supply system, thereby reducing quality of life disparities [3]. - Specific public policies, such as cash subsidies for children and waiving fees for public kindergarten, are aimed at directly benefiting residents and enhancing their consumption confidence [3][4]. - The social security system, particularly the pension system, requires further reform to bridge the gaps in funding and benefits between different demographics [4]. Group 4: Long-term Economic Development - The expectation for the "Urban and Rural Residents' Income Growth Plan" reflects a long-term vision for investing in people and promoting comprehensive development for all citizens [4].

绿色转型拓展潜能。绿色低碳理念深入人心，绿色消费加速融入日常生活，新能源汽车、绿色消费等加 速开启新市场。能源、交通、建筑等传统产业在绿色低碳转型过程中，也将创造出庞大的投资机遇和热 点，这将合力擦亮中国式现代化的绿色底色。 内需不足是当前我国经济运行面临的一个主要问题。过去5年，尽管持续发力扩大内需，着力畅通供需 循环，但国内消费与投资增长仍处于走弱态势，扩大内需的战略基点作用尚未充分发挥。 党中央高度重视扩大内需工作，党的二十届四中全会强调要坚持扩大内需这个战略基点，近日召开的中 央经济工作会议将"坚持内需主导，建设强大国内市场"列为明年经济工作8项重点任务之首。这些决策 部署进一步凸显了扩大内需的重要性和紧迫性。 事实上，扩大内需不仅事关经济稳定，也关系到经济安全。当前，世界经济增长动能不足，地缘冲突多 发。世界贸易组织预测2026年全球货物贸易量增速为0.5%，大幅低于历史平均水平。我国经济平稳运 行将面临更多不确定性，唯有稳定的内需增长方能有效对冲外部需求变化。这意味着，全方位扩大内需 不是权宜之计，而是战略之举，必须远谋近思、系统谋划，以更加灵活有效的政策举措，从根本上解决 内需不足的问题。 居民 ...

Group 1 - The core viewpoint emphasizes that expanding domestic demand is a profound transformation from external dependence to endogenous driving, essential for China's economic maturity and resilience against external challenges [2][4] - Insufficient domestic demand is identified as a major issue facing China's economic operation, with consumer and investment growth remaining weak despite efforts to stimulate demand over the past five years [2][3] - The Central Committee of the Communist Party has prioritized expanding domestic demand as a strategic focus, highlighting its importance and urgency in recent economic meetings [2][3] Group 2 - The low household consumption rate in China, projected at 39.9% for 2024, indicates a significant gap of 10 to 30 percentage points compared to developed countries, suggesting potential for growth [3] - There is substantial potential for consumption upgrades as China develops the world's largest middle-income group, with service consumption expected to rise significantly once GDP per capita exceeds $10,000 [3] - Effective investment opportunities remain broad, with a high overall savings rate and ample macro policy tools available to stimulate investment [3] Group 3 - A systemic structural reform is necessary for expanding domestic demand, moving beyond simple stimulus policies to address income distribution and effective supply [4][5] - Income distribution reform is crucial to ensure that wealth flows to lower and middle-income groups, thereby unlocking consumption potential [5] - Rebuilding confidence and expectations is essential, as weak expectations currently hinder domestic demand expansion, necessitating stable income and market confidence to foster consumption and investment [5]

Market Overview - A-shares experienced a slight rebound this week, with the Shanghai Composite Index and Shanghai 50 showing minor gains, while the Shenzhen Component, Sci-Tech Innovation 50, and Northern Exchange 50 recorded slight declines. Weekly trading volume decreased to 8.8 trillion yuan [1] Institutional Insights - Leverage funds recorded a net sell of over 1.1 billion yuan this week, with the basic chemical industry seeing a net sell of over 1.9 billion yuan. Other sectors like non-ferrous metals and food & beverage also faced net sells exceeding 1 billion yuan. Conversely, the electronics sector gained over 2.8 billion yuan in net buying, while the defense and military industry saw a net buy of over 1.8 billion yuan [2] - The retail sector has seen continuous net inflows from major funds for five consecutive days, totaling over 22.5 billion yuan for the week. The non-ferrous metals sector also received over 20.1 billion yuan in net inflows, with several other industries exceeding 10 billion yuan in net buying [2] Sector Performance - The retail sector index surged nearly 12% for the week, reaching a new high for the year. Notable stocks like Baida Group and Li Qun Co. experienced multiple trading halts due to price increases [4] - The food and beverage industry is benefiting from the upcoming holiday sales season, with the snack food segment being particularly active. The sector index has risen for six consecutive days, with several companies like Yuan Zuo and Gui Fa Xiang seeing significant price increases [6] Consumer Trends - The upcoming New Year and Spring Festival are expected to boost consumer spending, with the Ministry of Commerce and the Ministry of Finance initiating pilot programs for new consumption models in 50 cities [4] - The average per capita consumption of leisure food in China is currently 954.4 yuan, which is about one-fourth of that in the U.S. and half of that in Japan, indicating significant growth potential in this market [6] Strategic Outlook - The strategy to expand domestic demand has become a top consensus, with expectations that it will be a key task in 2026. The retail and cultural tourism industries are anticipated to gain new growth momentum [5] - Analysts suggest that the current market conditions present an important window for positioning in the spring market, with large-cap growth stocks likely to outperform due to favorable trends [3]

Group 1 - The central economic work conference has prioritized expanding domestic demand as a key task for the year, emphasizing the importance of boosting consumer spending to enhance people's well-being and mitigate external shocks [1] - Recent policies, such as the trade-in program for consumer goods and increased fiscal investment in people's livelihoods, have provided solid support for boosting resident consumption [1] - To fundamentally enhance the internal driving force for consumption, continuous growth in residents' income is necessary, which is why the plan for increasing urban and rural residents' income has garnered significant attention [1] Group 2 - Employment stability is crucial for income stability, with wage income being the largest component of residents' income. Policies should focus on enhancing employment capacity, particularly in the service sector, and removing unnecessary barriers [2] - Increasing public investment in early childhood education and establishing lifelong learning training systems are essential for improving residents' labor skills and enabling them to seek higher-paying jobs [2] - Encouraging listed companies to increase cash dividend ratios and creating a favorable environment for a long-term stable capital market are important directions for promoting income growth and thus boosting consumption [2] Group 3 - Improving income distribution can be achieved through tax adjustments and transfer payments to enhance the basic public service supply system, which is more effective in reducing income disparities [3] - Ensuring comprehensive social security, including education, healthcare, and housing, significantly supports consumer confidence and willingness to spend [3] - Recent policies aimed at directly benefiting residents, such as cash subsidies for children and waiving fees for public kindergarten, highlight the need for continued government investment in these areas to translate macroeconomic growth into consumer benefits [3] Group 4 - The social security system, particularly the pension system, has notable shortcomings that need reform to reduce disparities in funding and benefits between different groups [4] - The "14th Five-Year Plan" suggests optimizing drug procurement and improving insurance payment policies to enhance social security's role as an income distribution regulator [4] - The expectation for a plan to increase urban and rural residents' income reflects a broader aspiration for investing in people and achieving common prosperity for all [4]

Group 1 - The core viewpoint emphasizes the importance of expanding service consumption, increasing quality supply, and enhancing platform capabilities to tap into potential growth [1][2] - The city aims to prioritize domestic demand and public welfare while promoting high-quality urban construction and improving citizens' satisfaction [1][2] - There is a focus on accelerating major engineering projects and promoting high-quality development in the real estate sector [2] Group 2 - The city plans to enhance public services and improve resource allocation to meet the needs of the elderly and children, adapting to changes in care demands [2] - There is an initiative to promote health in Shanghai by developing comprehensive prevention and management services [2] - The city will strengthen urban governance by coordinating efforts across departments and regions to improve modern governance levels [2]

扩大内需是战略之举。 监制：张军 于锋 统筹：伍刚 王薇 策划：赵净 姜葳 视频：郑平平 周上源（实习） 中国互联网发展基金会中国正能量网络传播专项基金支持 近年来，面对国内外发展环境的复杂变化，在以习近平同志为核心的党中央坚强领导下，我们坚定不移 贯彻新发展理念、推动高质量发展，以满足国内需求为基本立足点、依托国内大市场优势，持续做强国 内大循环，中国经济顶压前行，保持稳中向好势头。 近日召开的中央经济工作会议把"坚持内需主导，建设强大国内市场"确定为明年经济工作八项重点任务 之首位，强调要把"围绕做强国内大循环，拓展内需增长新空间"作为做好明年经济工作的关键着力点。 "十五五"时期我国发展面临的战略机遇和风险挑战并存、不确定难预料因素增多。扩大内需、优化供 给，做强国内大循环，是我们加快构建新发展格局、着力推动高质量发展的关键着力点，也是我们从容 应对外部风险挑战、赢得国际竞争主动权的底气所在。 ...

Core Viewpoint - The "Civilization Market" series of promotional activities aimed at boosting consumption was launched on December 19 in Beijing Road, Guangzhou, integrating cultural promotion, tourism, and consumer engagement to stimulate economic activity in Guangdong province [6][13][27]. Group 1: Event Overview - The event features over 10 unique activities and more than 8 types of consumption scenarios, showcasing traditional Lingnan culture within modern urban life [7][8]. - The series of activities will run from December 19 to December 28, focusing on promoting local agricultural and cultural tourism products [12][13]. - The initiative is part of a broader strategy to enhance consumer spending and support local economies, aligning with the directives from the 20th National Congress of the Communist Party of China [10][11]. Group 2: Economic Impact - The event aims to activate the economic consumption potential at the end of the year, with a focus on a one-stop experience for high-quality products from various counties in Guangdong [30][32]. - The Beijing Road pedestrian street has seen a cumulative foot traffic of 124 million visitors from January to November 2025, reflecting a year-on-year increase of 1.74%, with projected sales reaching 17.3 billion yuan [44][45]. - The activities are expected to enhance the platform effect and flow value of Beijing Road, making it a showcase for the coordinated development of urban and rural areas in Guangdong [48]. Group 3: Cultural Integration - The event integrates cultural elements with consumer activities, featuring performances such as Chaozhou Yingge dance and Lufeng shadow puppetry to stimulate consumer enthusiasm [91][92]. - Various cultural and creative exhibitions will be held, allowing visitors to purchase local cultural products and experience Guangdong's rich heritage [95][96]. - The initiative also includes health and wellness activities, such as traditional Chinese medicine workshops, to promote community engagement and well-being [103][104]. Group 4: Marketing and Promotion - The organizers are leveraging social media and influencers to enhance visibility and attract visitors, creating a buzz around must-buy products and experiences [111][113]. - The event aims to convert foot traffic into sales, emphasizing the transformation of "flow" into "sales" through strategic marketing efforts [113].

本周，A股探底回升，上证指数、上证50周线微幅飘红，深证成指、科创50、北证50等周线微幅飘绿，周成交减少至8.8万亿元。 消息面，近日，商务部办公厅、财政部办公厅印发《关于做好消费新业态新模式新场景试点有关工作的通知》，在北京等50个城市开展消费新业态、新模 式、新场景试点。 农业农村部也部署开展2026年元旦、春节"品特产 寻年味"消费促进活动，要求各地进一步落实《促进农产品消费实施方案》，抓住"两节"消费旺季，谋 划出台促消费务实举措，推动供需精准适配、创新消费场景、拓展消费空间，有力有效扩大农产品消费，更好满足城乡居民节日消费需求。 杠杆资金本方面，本周小幅净卖出逾11亿元。其中基础化工被融资净卖出逾19亿元，有色金属、食品饮料也被净卖出逾10亿元，传媒、银行、交通运输等 亦被净卖出超亿元。不过，电子行业获得逾28亿元融资净买入，国防军工获得逾18亿元净买入，非银金融获得逾12亿元净买入，商贸零售、机械设备、建 筑材料、公用事业等也获得超亿元净买入。 另据Wind数据统计，商贸零售连续5日获得主力资金净流入，全周合计净流入逾225亿元，有色金属也获得逾201亿元净流入，国防军工、汽车、机械设 备、通信 ...

Economic Strategy Overview - The central economic work meeting has set a clear direction for 2026, focusing on "comprehensive expansion of domestic demand" with coordinated policies from multiple core ministries [2][3] - The framework includes three main areas: increasing resident income, consumer subsidies, and effective investment [2] Fiscal Measures - The Ministry of Finance has outlined a "three funds" approach, committing to increase basic pensions, leverage fiscal subsidies to attract social capital, and continue increasing central budget investments beyond 2025 levels [2][3] Financial Initiatives - A "bank-business linkage" mechanism has been established, integrating tools such as digital RMB red packets, loan interest subsidies, and risk compensation to facilitate targeted financial support [2][4] Consumer Services Growth - The Ministry of Commerce has identified "service consumption" as a new growth driver, focusing on industries like housekeeping, health care, winter sports, and the silver economy, while also working to eliminate consumption barriers [2][3] Income Growth Objectives - The Central Financial and Economic Affairs Commission has set a goal for income growth, emphasizing the development of a "rural and urban resident income growth plan" to enhance public service spending and indirectly boost consumption capacity [2][5] Multi-Dimensional Policy Approach - The strategy aims to create a virtuous cycle of income growth, consumer confidence, and innovative supply, addressing the low proportion of disposable income among residents [3][4] - The approach is not about short-term stimulus but rather a systematic construction of a sustainable economic model [3] Implementation Challenges - The success of the strategy will depend on the precision of policy implementation, efficiency in fund allocation, and the confidence of households and market entities in the future [5] - There is a need for deeper institutional reforms to support income growth, such as improving technology equity and intellectual property protection [5]