Core Viewpoint - The relationship between expanding domestic demand and opening up to the outside world is crucial for China's economic response to various risks and challenges, ensuring a good start for the "14th Five-Year Plan" and achieving high-quality development [1] Group 1: Importance of Domestic Demand - Domestic demand is the fundamental driving force for China's economic development, with the central economic work conference prioritizing "domestic demand as the mainstay, building a strong domestic market" as a key task for 2026, highlighting the urgency of expanding domestic demand [1] - A strong and stable domestic demand market provides a "strategic depth" for expanding openness, as substantial domestic consumption and investment can absorb international quality goods and services, smoothing economic fluctuations and enhancing China's voice in the international economic system [1] Group 2: Synergy Between Domestic Demand and Openness - Expanding domestic demand and opening up are not contradictory; rather, they are mutually reinforcing and form an organic unity that drives sustainable economic development [2] - A smoother domestic circulation creates a gravitational field for global resources, facilitating the construction of a new development pattern that promotes both domestic and international dual circulation [2] - Historical growth periods in China's economy have coincided with coordinated expansion of domestic demand and openness, indicating that this synergy is both a historical lesson and a current necessity [2] Group 3: Balancing Demand and Supply - Correctly handling the relationship between expanding domestic demand and opening up requires achieving a higher-level dynamic balance where demand drives supply and supply creates demand [3] - Achieving this balance is challenging, as historical lessons remind that expanding domestic demand should adhere to market-oriented reforms, breaking industry monopolies and local protectionism to ensure growth is based on efficiency and innovation [3] - When expanding openness, it is essential to coordinate development and security within a robust risk prevention system to ensure the stability and sustainability of the Chinese economy [3]

行情上，上周五三大指数再度全线收红，沪指迎8连阳，做多情绪超预期升温。量能中枢修复到2万亿， 在宏观不确定性落地后，3800点有资金面的保护信号，上周市场对人民币汇率破7和宽基的冲量流入都 给了正面反馈。周末消息偏中性，国内全国财政工作会议指出扩大财政支出盘子，产业上还是聚焦在商 业航天和机器人上。结构上，上周除了商业航天超预期强势外，多数板块尤其是前期低位科技题材都有 机会。操作上，保持好仓位，跟随趋势，大概率节后可能有震荡低吸机会。观点仅供参考，投资有风 险，入市需谨慎。 机构观点方面，申万宏源认为，短期A股连续上涨，体现出流动性驱动的特征。部分投资者预期中证 A500ETF年底冲量，年初可能有所反复，市场可能随之反复。但我们认为春季行情有利条件不变：首 先，股市流动性宽松：私募逢低有集中申购，保险开门红，人民币汇率升值利好股市流动性；其次，支 撑风险偏好的时间窗口连续，2月春节、3月两会、4月特朗普可能访华。2026年风格节奏判断：春季科 技和顺周期只有Alpha机会，主题活跃，对应小盘成长占优。后续，2026年二季度磨底阶段，科技和先 进制造有基本面Alpha逻辑方向可能先于牛市启动。2026年下半年 ...

会议指出，明年财政将促进居民就业增收，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。明年要坚持稳扎稳打与大胆探索相结合，深化财税 体制改革。坚持管好资产与用好资产相结合，推动健全国有资产管理体系。坚持精准发现问题与有效解 决问题相结合，不断加强财会监督工作。 据新华社北京12月28日电 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；积极扩大有效投资，加大对新质生产力、人的全面发展等重点领域投入；加快推进全国统一大市 场建设，规范税收优惠、财政补贴政策……12月27日至28日，在北京举行的全国财政工作会议透露了明 年财政支持扩大内需的部署安排。 会议明确，明年财政工作的六方面重点任务：坚持内需主导，支持建设强大国内市场；支持科技创新和 产业创新深度融合，加快培育壮大新动能；推进城乡融合和区域联动，拓展发展空间；进一步强化保基 本、兜底线，切实加强民生保障；推动经济社会发展全面绿色转型，加快建设美丽中国；加强国际财经 交流合作，支持扩大高水平对外开放。 ...

Core Viewpoint - The article emphasizes the importance of leveraging investment and consumption to stimulate economic growth in Yunnan Province, aligning with national policies to create a robust domestic market and support the new development pattern [7]. Investment and Consumption Potential - The "14th Five-Year Plan" period is identified as a critical time for Yunnan's development, focusing on enhancing investment and consumption as dual drivers to unlock market potential [6][9]. - Investment is highlighted as a stabilizing force for growth and a catalyst for structural adjustment, with a focus on infrastructure and human capital [9]. - Specific sectors for investment include transportation, water conservancy, agriculture, tourism, and energy, with an emphasis on improving public services in education, healthcare, and cultural sectors [9]. Economic Growth and Structural Adjustment - The article notes that Yunnan's economy has surpassed 3 trillion yuan, with a target for further growth in 2024 [3]. - The province's real estate market is seen as a key area for expanding investment and consumption, with sales growth outpacing the national average by 9.2 percentage points from January to November 2025 [10]. Consumer Market Activation - New consumption scenarios and business models are essential for unlocking consumer potential, with a focus on integrating Yunnan's unique natural and cultural resources into tourism and wellness experiences [9]. - The example of Tengchong shows a 42% increase in tourism numbers and a rise in per capita spending to 13,000 yuan, indicating significant potential in the tourism sector [9]. Real Estate Market Development - The real estate sector is positioned as a priority for investment and consumption, particularly given Yunnan's urbanization rate is below the national average, suggesting substantial growth opportunities [10]. - Strategies include designing housing that meets the needs of urbanizing populations and enhancing marketing efforts to stimulate market activity [10].

本文字数：1755，阅读时长大约3分钟 作者 |第一财经 一财评论员 提高经济运行质量已到了亟须优化发力路径的关键阶段。 国家统计局数据显示，前11个月，全国规上工业企业实现利润总额66268.6亿元，同比增长0.1%，其中 11月份同比下降13.1%；前11个月，规上工业企业实现营业收入125.34万亿元，同比增长1.6%，发生营 业成本107.17万亿元，增长1.8%，营业收入利润率为5.29%，同比下降0.08个百分点。 在当前内外环境不确定性持续加剧的大背景下，规上工业企业顶住压力，迎难而上，取得如此成绩可谓 来之不易。尽管规上工业企业的营业收入同比小幅增长、营业收入利润率未能同步跟进，但亮点也相当 明显，如规上装备制造业利润同比增长7.7%，拉动全部规上工业企业利润增长2.8个百分点；规上高技 术制造业利润前11个月同比增长10.0%，较前10个月加快2.0个百分点，增速高于全部规上工业平均水平 9.9个百分点。这些数据凸显出当前经济正处于新旧动能转换、爬坡升级的尖峰时刻。 2025.12.29 此外，推动企业走出增产不增收的困局，关键是改革，在经济整体上打破垄断，基于需求端而非资产端 来展现国家战 ...

在当前内外环境不确定性持续加剧的大背景下，规上工业企业顶住压力，迎难而上，取得如此成绩可 谓来之不易。尽管规上工业企业的营业收入同比小幅增长、营业收入利润率未能同步跟进，但亮点也 相当明显，如规上装备制造业利润同比增长7.7%，拉动全部规上工业企业利润增长2.8个百分点； 规上高技术制造业利润前11个月同比增长10.0%，较前10个月加快2.0个百分点，增速高于全部规 上工业平均水平9.9个百分点。这些数据凸显出当前经济正处于新旧动能转换、爬坡升级的尖峰时 刻。 经济在爬坡升级中，新生力量虽朝气蓬勃，但对整个经济的支撑能力尚有限，要保持经济行稳致远， 对现有经济结构进行有效的损益分析和风险管控是必要前提。 当前经济工作需存量化险与增量助推两手布局。最新数据反映出规上工业企业的存量化险工作任务较 重。11月末，规上工业企业应收账款28.40万亿元，同比增长5.5%；产成品存货6.92万亿元，增长 4.6%；产成品存货周转天数同比增加0.6天；应收账款平均回收期同比增加3.7天。1~11月，规上 工业企业每百元营业收入中的成本为85.50元，同比增加0.18元。这些数据背后凸显的是，稍有不 慎，存量资产就面临不良 ...

民生银行自扎根燕赵大地27年来，始终坚守"服务大众、情系民生"的企业使命，聚焦"民营企业的银 行、敏捷开放的银行、用心服务的银行"战略定位，坚持与国家战略同频，与区域发展共振，用心用情 服务河北省经济社会发展大局。 截至目前，民生银行石家庄分行营业网点达120家，客户服务触角不断延伸，已累计服务个人客户570万 余户、中小微客户20万余户、公司客户2万余户，真正把便民、惠民、利民的金融服务带到客户身边， 助力河北省高质量发展。 胸怀国之大者，全力服务重大战略取得新进展 京津冀协同发展、雄安新区建设等国家重大战略在河北省相继落地，成为推动区域协调发展、打造新增 长极的核心引擎。民生银行石家庄分行将服务重大战略作为践行"国之大者"的使命担当，为保障国家重 大战略由蓝图变为现实注入源源不断的金融活水。 坚持金融为民，用心书写服务民生改善新篇章 全力支持京津冀协同发展。民生银行总行层面成立京津冀地区业务发展委员会，集总行以及北京、天 津、石家庄三家分行之力，对于涉及京津冀协同发展的重大项目，配置"五位一体"业务团队，实现快速 响应、快速落地。截至11月末，该行累计投放各项贷款270亿元，助力京津冀交通一体化等重大项目 ...

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；积极扩大有效投资， 加大对新质生产力、人的全面发展等重点领域投入；加快推进全国统一大市场建设，规范税收优惠、财 政补贴政策……会议围绕明年财政支持扩大内需作出部署。 "我国内需市场潜力巨大，财政要在扩大内需、畅通经济循环中积极发挥作用。"财政部部长蓝佛安在会 上说。 据新华社电 12月27日至28日，全国财政工作会议在北京举行。会议指出，明年将扩大财政支出盘子， 确保必要支出力度；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，增强地方自 主可用财力；持续优化支出结构，强化重点领域保障；加强财政金融协同，放大政策效能。 此次会议还明确了明年财政工作的6方面重点任务。其中包括坚持内需主导，支持建设强大国内市场； 支持科技创新和产业创新深度融合，加快培育壮大新动能；推进城乡融合和区域联动，拓展发展空间。 同时，明年财政重点工作还将聚焦以下方面：进一步强化保基本、兜底线，切实加强民生保障；推动经 济社会发展全面绿色转型，加快建设美丽中国；加强国际财经交流合作，支持扩大高水平对外开放。 蓝佛安说，明年财政将促进居民就业增收，支持办好 ...

(一) 历史，往往在经过时间沉淀后可以看得更加清晰。 中国打赢脱贫攻坚战的重大意义正日益彰显，这是中国式现代化进程中的重要里程碑，标志着实现全体 人民共同富裕迈出了坚实的一大步，对促进世界现代化产生着深远影响。 "十五五"规划建议牢牢把握共同富裕的目标要求，围绕保障和改善民生部署一批均衡性、可及性强的政 策举措。中央经济工作会议提出"必须坚持投资于物和投资于人紧密结合"，要求"持续巩固拓展脱贫攻 坚成果"。 "十四五"时期，民生领域财政投入占全国一般公共预算支出70%以上。推动更多资金资源"投资于人"， 体现的是民生为大的发展旨归。 当此之际，我们再次学习领会习近平总书记2024年11月在二十国集团领导人里约热内卢峰会上发表的关 于"抗击饥饿与贫困"议题重要讲话《建设一个共同发展的公正世界》，更加深刻领悟到中国共产党人的 初心使命。 "中国始终坚持以人民为中心，庄严承诺'决不能落下一个贫困地区、一个贫困群众'。" "我先后在中国的村、县、市、省、中央工作，扶贫是工作的一个重要内容，也是我立志要办成的一件 大事。" "中国可以成功，其他发展中国家同样可以成功。这是中国成功打赢脱贫攻坚战的世界意义。" "立志要办 ...

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][2] - There will be a continued focus on effective investment in key areas such as new productivity and comprehensive human development [1] Group 2: Infrastructure and Social Welfare - Fiscal funds will be directed towards infrastructure investments and social welfare to reduce consumer concerns and stimulate spending [2] - The issuance of long-term special government bonds is expected to support major national projects and increase investment demand [2] - There will be a shift in fiscal spending towards improving living standards and enhancing consumer confidence [2] Group 3: Technological and Industrial Innovation - The government plans to increase fiscal investment in technology and strengthen the role of enterprises in innovation [2] - Policies will be implemented to support the integration of technological and industrial innovation, including financial incentives for technology adoption and application [2] - The focus will be on developing a modern industrial system and promoting high-quality development in key manufacturing sectors [2] Group 4: Social Security and Regional Development - Strengthening social security and ensuring basic living standards will be a priority, with measures to increase residents' income through various channels [3] - The government will promote urban-rural integration and regional coordination, supporting rural revitalization and enhancing agricultural productivity [3] - Fiscal policies will be adjusted to facilitate public services that are portable and accessible, promoting coordinated development in major regions [3]