1. Industry Investment Rating - No investment rating information is available in the report. 2. Core Viewpoints - The main contract of沪铜shows a fluctuating trend, with an increase in open interest, a spot discount, and a weaker basis. In the raw material aspect of the fundamentals, the spot processing fee index of copper concentrates remains at a low negative level, and the expectation of tight ore supply will have a long - lasting effect on the copper smelting end, providing cost support. In terms of supply, the price of sulfuric acid, a by - product of smelting, is still relatively good, making up for some profit losses of smelters. Although the operating rate of smelters has rebounded due to the resumption of production after previous maintenance, the increase is only slight due to raw material shortages. In terms of demand, boosted by macro - expectations, the copper price has been strong in the short term, but the high price has suppressed the purchasing sentiment of downstream buyers, who have become more cautious, and social inventories have slightly accumulated. In the options market, the call - put ratio of at - the - money option positions is 1.26, a month - on - month increase of 0.0111, indicating a bullish sentiment in the options market, and the implied volatility has slightly increased. Technically, for the 60 - minute MACD, the two lines are below the 0 - axis and the red bars are expanding. The report suggests light - position short - term long - buying at low prices, while paying attention to controlling the rhythm and trading risks. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of沪铜is 92,820 yuan/ton, a daily increase of 900 yuan. The price of LME 3 - month copper is 11,680 dollars/ton, a daily increase of 88 dollars. The spread between the main contract and the next - month contract is - 70 yuan/ton, a daily decrease of 20 yuan. The open interest of the main contract of沪铜is 223,974 lots, a daily increase of 6,600 lots. The net position of the top 20 futures holders of沪铜is - 32,306 lots, a daily increase of 1,775 lots. The LME copper inventory is 166,600 tons, a daily increase of 725 tons. The Shanghai Futures Exchange inventory of cathode copper is 89,389 tons, a weekly increase of 484 tons. The LME copper cancelled warrants are 64,400 tons, a daily decrease of 1,000 tons. The Shanghai Futures Exchange warehouse receipts of cathode copper are 44,877 tons, a daily decrease of 2,856 tons. [2] 3.2 Spot Market - The price of SMM 1 copper spot is 92,145 yuan/ton, a daily increase of 445 yuan. The price of 1 copper spot in the Yangtze River Non - ferrous Metals Market is 92,285 yuan/ton, a daily increase of 290 yuan. The CIF (Bill of Lading) price of Shanghai electrolytic copper is 48 dollars/ton, unchanged. The average premium of Yangshan copper is 45.5 dollars/ton, a daily increase of 2.5 dollars. The basis of the CU main contract is - 675 yuan/ton, a daily decrease of 455 yuan. The LME copper cash - to - 3 - month spread is - 9.52 dollars/ton, a daily decrease of 5.13 dollars. [2] 3.3 Upstream Situation - The import volume of copper ores and concentrates is 245.15 million tons, a monthly decrease of 13.56 million tons. The TC of domestic copper smelters is - 43.08 dollars/thousand tons, a weekly decrease of 0.22 dollars. The price of copper concentrates in Jiangxi is 82,200 yuan/metal ton, a daily decrease of 460 yuan. The price of copper concentrates in Yunnan is 82,900 yuan/metal ton, a daily decrease of 460 yuan. The processing fee of blister copper in the south is 1,400 yuan/ton, a weekly increase of 100 yuan. The processing fee of blister copper in the north is 1,000 yuan/ton, a weekly increase of 100 yuan. [2] 3.4 Industry Situation - The output of refined copper is 120.4 million tons, a monthly decrease of 6.2 million tons. The import volume of unwrought copper and copper products is 427,000 tons, a monthly decrease of 13,000 tons. The social inventory of copper is 41.82 million tons, a weekly increase of 0.43 million tons. The price of 1 bright copper wire scrap in Shanghai is 62,790 yuan/ton, a daily decrease of 300 yuan. [2] 3.5 Downstream and Application - The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 970 yuan/ton, unchanged. The price of 2 copper scrap (94 - 96%) in Shanghai is 76,750 yuan/ton, a daily decrease of 350 yuan. The output of copper products is 200.4 million tons, a monthly decrease of 22.8 million tons. The cumulative completed investment in power grid infrastructure construction is 482.434 billion yuan, a monthly increase of 44.627 billion yuan. The cumulative completed investment in real estate development is 7859.1 billion yuan, a monthly increase of 502.83 billion yuan. The monthly output of integrated circuits is 4.39 million pieces, a monthly increase of 213,000 pieces. [2] 3.6 Options Situation - The 20 - day historical volatility of沪铜is 18%, a daily increase of 0.13%. The 40 - day historical volatility of沪铜is 17.2%, a daily increase of 0.11%. The implied volatility of the at - the - money option in the current month is 18.15%, a daily increase of 0.0117. The call - put ratio of at - the - money options is 1.26, a daily increase of 0.0111. [2] 3.7 Industry News - The relevant person in charge of the Central Financial and Economic Affairs Office explained the spirit of the 2025 Central Economic Work Conference, stating that expanding domestic demand is the top priority next year, and efforts should be made to boost consumption from both supply and demand sides, and coordinate to boost consumption and expand investment. In addition, efforts should be made to stabilize the real estate market from both supply and demand sides next year. On the supply side, new supply should be strictly controlled, existing inventory should be revitalized, and inventory digestion should be accelerated. On the demand side, more targeted measures should be taken to fully release the rigid and improvement - oriented housing demand of residents. - According to China Securities Journal, the core tone of the implementation of monetary policy in 2025 has always been "supportive". Looking forward to 2026, this tone is expected to continue. The central bank will continue to implement a moderately loose monetary policy, adhere to precise policies and coordinated efforts, flexibly use tools such as reserve requirement ratio cuts and interest rate cuts to promote the low - level operation of the comprehensive social financing cost. It will also better use structural monetary policy tools to precisely support key areas and weak links of the real economy. In addition, it will continue to explore and expand the central bank's macro - prudential and financial stability functions, maintain the stability of the financial market, and firmly hold the bottom line of preventing systemic financial risks. - The U.S. Bureau of Labor Statistics released data showing that the number of non - farm payrolls in the United States increased by 64,000 in November, higher than the market expectation of 50,000, but the unemployment rate unexpectedly rose to 4.6%, reaching a new high since September 2021. In addition, non - farm payrolls in October decreased significantly by 105,000, far exceeding the expected decrease of 25,000, and the figures for August and September were also revised down by a total of 33,000. The average hourly wage in November increased by 3.5% year - on - year, the lowest growth rate since May 2021. - The preliminary value of the U.S. S&P Global Manufacturing PMI in December dropped to 51.8, a five - month low. The preliminary value of the Services PMI dropped from 54.1 to 52.9, and the preliminary value of the Composite PMI dropped to 53, all reaching six - month lows. [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - On December 17, the JM2605 contract closed at 1062.0, up 0.33%. The spot price of Tangshan Mongolian No. 5 coking coal was reported at 1320, equivalent to 1100 on the futures market. Fundamentally, the number of customs - cleared vehicles from Mongolia remained high at the end of the year, and the inventory at Ganqimaodu Port had reached 329 tons. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, with a short - term outlook of weak and volatile movement [2]. - On December 17, the J2601 contract closed at 1530.5, up 1.93%. The spot price had a second - round price cut. Macroscopically, measures would be taken to stabilize the real estate market from both supply and demand sides next year. Fundamentally, the pig iron output decreased by 3.10 tons to 229.20 tons this period, and the coke inventory was moderately weak. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, with a short - term outlook of weak and volatile movement [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - JM main contract closing price was 1062.00 yuan/ton, down 5.50 yuan; J main contract closing price was 1530.50 yuan/ton, up 16.00 yuan [2]. - JM futures contract holdings were 708494.00 lots, down 27677.00 lots; J futures contract holdings were 41588.00 lots, down 1248.00 lots [2]. - Net holdings of the top 20 JM contracts were - 49451.00 lots, down 13994.00 lots; net holdings of the top 20 J contracts were 749.00 lots, down 163.00 lots [2]. - JM 5 - 1 month contract spread was 91.50 yuan/ton, down 2.50 yuan; J 5 - 1 month contract spread was 133.00 yuan/ton, down 22.50 yuan [2]. - JM warehouse receipts were 200.00 pieces, unchanged; J warehouse receipts were 2070.00 pieces, unchanged [2]. 3.2 Spot Market - The price of Ganqimaodu Mongolian No. 5 raw coal was 970.00 yuan/ton, up 30.00 yuan; the price of Tangshan Grade I metallurgical coke was 1775.00 yuan/ton, unchanged [2]. - The price of Russian prime coking coal forward spot (CFR) was 160.00 US dollars/wet ton, down 1.50 US dollars; the price of Rizhao Port quasi - Grade I metallurgical coke was 1570.00 yuan/ton, unchanged [2]. - The price of imported prime coking coal from Australia at Jingtang Port was 1490.00 yuan/ton, unchanged; the price of Grade I metallurgical coke at Tianjin Port was 1670.00 yuan/ton, unchanged [2]. - The price of prime coking coal produced in Shanxi at Jingtang Port was 1630.00 yuan/ton, unchanged; the price of quasi - Grade I metallurgical coke at Tianjin Port was 1570.00 yuan/ton, unchanged [2]. - The price of medium - sulfur prime coking coal in Jinzhong, Shanxi was 1610.00 yuan/ton, unchanged; J main contract basis was 244.50 yuan/ton, down 16.00 yuan [2]. - The ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1350.00 yuan/ton, unchanged; JM main contract basis was 548.00 yuan/ton, up 5.50 yuan [2]. 3.3 Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 27.30 million tons, down 0.60 million tons; the weekly inventory of clean coal from 314 independent coal washing plants was 327.30 million tons, down 5.10 million tons [2]. - The weekly capacity utilization rate of 314 independent coal washing plants was 0.38%, down 0.01%; the monthly raw coal output was 42679.00 million tons, up 2004.00 million tons [2]. - The monthly import volume of coal and lignite was 4405.30 million tons, up 231.30 million tons; the daily average output of raw coal from 523 coking coal mines was 189.80 million tons, down 0.60 million tons [2]. - The weekly inventory of imported coking coal at 16 ports was 481.60 million tons, up 11.00 million tons; the weekly inventory of coke at 18 ports was 248.60 million tons, up 2.80 million tons [2]. - The weekly total inventory of coking coal of all - sample independent coking enterprises was 1037.30 million tons, up 28.10 million tons; the weekly inventory of coke of all - sample independent coking enterprises was 87.32 million tons, up 10.88 million tons [2]. - The weekly inventory of coking coal of 247 steel mills nationwide was 794.65 million tons, down 3.62 million tons; the weekly inventory of coke of 247 sample steel mills was 635.28 million tons, up 10.03 million tons [2]. - The weekly available days of coking coal of all - sample independent coking enterprises were 12.82 days, down 0.06 days; the weekly available days of coke of 247 sample steel mills were 11.66 days, up 0.37 days [2]. 3.4 Industry Situation - The monthly import volume of coking coal was 1059.32 million tons, down 33.04 million tons; the monthly export volume of coke and semi - coke was 0.00 million tons, down 73.00 million tons [2]. - The monthly output of coking coal was 4231.51 million tons, up 255.59 million tons; the weekly capacity utilization rate of independent coking enterprises was 73.16%, down 0.68% [2]. - The weekly profit per ton of coke of independent coking plants was 44.00 yuan/ton, up 14.00 yuan; the monthly output of coke was 4170.00 million tons, down 19.60 million tons [2]. 3.5 Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 78.61%, down 1.53%; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 85.90%, down 1.16% [2]. - The monthly output of crude steel was 6987.00 million tons, down 212.70 million tons [2]. 3.6 Industry News - The National Development and Reform Commission stated in an article in Qiushi Journal that it would accelerate the improvement of the system and mechanism for expanding domestic demand and promote the removal of unreasonable restrictions on consumption such as automobiles and housing [2]. - In 2025, many defaulted real - estate enterprises basically completed the task of ensuring the delivery of housing projects, and made progress in debt restructuring. However, they were reluctant to develop a large amount of land acquired at high premiums before 2021 [2]. - French President Macron called on the EU to reshape its relationship with China and emphasized that addressing global economic imbalances would be the core of France's agenda as the G7 chair next year [2].

Investment Rating - The report indicates a positive outlook for the consumption sector in 2026, suggesting investment opportunities in this area [5][7]. Core Insights - The Central Economic Work Conference has prioritized "domestic demand-led growth and building a strong domestic market" as a key focus for 2026, emphasizing the importance of boosting consumption and increasing urban and rural incomes [5][6]. - The article in "Qiushi" magazine highlights that expanding domestic demand is essential for long-term economic health and meeting the needs of the population, with a focus on accelerating domestic demand, particularly consumption [6][7]. - The emphasis on consumption as a core growth driver reflects a strategic approach to leverage China's large market for sustainable growth, indicating continued policy support for consumption [7][8]. Summary by Sections - **Domestic Demand Strategy**: The report outlines that the strategy to expand domestic demand is crucial for maintaining long-term economic growth and addressing the needs of the population, with a focus on consumption as the main driver [6][7]. - **Investment Opportunities**: The report identifies three key areas for investment recovery in 2026: 1. **Services**: Highlighted as a priority area with strong policy support and high demand elasticity, particularly in elderly care, education, healthcare, and culture [8]. 2. **Mass Products**: Expected to see stable recovery due to bottom stabilization, structural optimization, and improved supply-demand dynamics, with strong demand for food and daily goods [8]. 3. **High-end Consumption**: Driven by real estate and capital market wealth effects, with structural opportunities in sectors like Chinese baijiu, duty-free, and high-end household appliances [9].

Core Insights - The central economic work conference held on December 10-11 outlined key economic tasks for 2026, emphasizing domestic demand, innovation-driven growth, and coordinated development [1] - The national retail innovation development conference highlighted the importance of focusing on lower-tier markets and developing new business models to stimulate consumption [1] Group 1: Domestic Demand and Market Growth - Domestic demand is identified as the main driver of economic growth, with rural retail sales growth outpacing urban sales for several years [1] - In 2024, rural retail sales are projected to reach 6.7 trillion yuan, with a year-on-year growth of 4.3%, exceeding urban growth by 0.9 percentage points [1] - The 38,000 town-level administrative regions are becoming significant engines for expanding domestic demand [1] Group 2: Company Initiatives and Collaborations - Huitongda Network (9878.HK) is actively promoting quality products in lower-tier markets through partnerships with leading brands in home appliances and consumer electronics [2] - The company has established over 1,000 O2O stores in collaboration with Apple in lower-tier markets, aiming for a more than 300% year-on-year increase in sales during the 2025 "new product season" [2] - Huitongda is also collaborating with brands like Mo Jue and Boyin Hearing to expand into lower-tier markets [2] Group 3: Digital Infrastructure and Supply Chain Innovation - Huitongda is building digital rural circulation infrastructure using an AI + smart supply chain model, creating a comprehensive S2b2c "new business road" for lower-tier markets [2] - The company utilizes the Qiancheng AI Super Store Manager system to enhance supply chain efficiency, improving procurement decision-making efficiency by 60% and reducing labor costs by 30% [3] - Huitongda's AI agents are widely used in daily operations, significantly lowering operational costs for marketing innovations by over 75% [3] Group 4: Economic Impact and Future Outlook - Huitongda's technological and model innovations contribute to high-quality development in domestic economic circulation and urban-rural dual flow [3] - The company's advantages in technology and innovation are expected to provide a solid foundation for future valuation recovery [3]

投资咨询业务资格 沪证监许可[2015]84 号 宏观：非农数据喜忧参半，A 股延续缩量下跌 商品日报 20251217 海外方面，美国经济呈现"就业走弱、需求尚稳、通胀黏性犹存"的格局。11 月新增非 农 6.5 万人超市场预期，但失业率升至 4.6%、创四年新高，就业结构明显恶化，全职岗位流 失、兼职就业增加，反映就业质量走弱。需求端方面，10 月核心零售超预期走强，对四季度 增长形成支撑。与此同时，12 月 Markit PMI 回落，制造业与服务业均弱于预期，就业指标 逼近停滞、价格指数显著上行，显示经济动能放缓与通胀压力并存。美股涨跌分化，美元指 数最低回落至 97.8，美债利率下行，金价、铜价窄幅震荡，供给宽松预期推动油价下跌、美 油创 2021 年来新低。 联系人 李婷、黄蕾 电子邮箱 jytzzx@jyqh.com.cn 国内方面，中央财办表示，明年将把扩大内需置于首要位置，继续实施适度宽松的货币 政策，从供需两端协同稳市场。供给端严控增量、盘活存量，推动收购存量商品房用于保障 性住房等用途，加快去库存，并有序推进"好房子"建设。A 股周二延续缩量调整，两市近 4300 只个股收跌、成交额回落 ...

12月16日出版的《求是》杂志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》。这 是习近平总书记2015年10月至2025年10月期间有关重要论述的节录。 na Internet Development Foundation 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项目 大国经济的优势就是内部可循环。 我国有14亿人口, 人均国内生产总值已经突破1万美元, 是全球最大最有潜力的消费市场。 居民消费优化升级, 同现代科技和生产方式相结合 蕴含着巨大增长空间。 习近平 在中央财经委员会第七次会议上的讲话 2020年4月10日 3 NTEK 在党的十八届五中全会第二次全体会议上的讲话 2015年10月29日 互联网友展基金会 a Internet Development Foundation 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项目 扩大内需和扩大开放并不矛盾。 国中线区就将成 四川地的地 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, 越育利于形成 参与国际竞争和合作新优势。 习近平 在中央财经 ...

Market Overview - The total trading volume in the Shanghai and Shenzhen markets reached 1.02 trillion yuan, a decrease of 987 billion yuan compared to the previous trading day, with 1,578 stocks rising and 3,724 stocks falling [1][20] - The major sectors that saw gains included large technology, lithium mining, CPO concept stocks, communication equipment, fertilizer and pesticide, and tourism and hotel sectors, while previously high-performing sectors like Hainan Free Trade Zone and commercial aerospace experienced declines [1][20] Sector Performance - Lithium mining stocks surged, with companies like Shengxin Lithium Energy, Dazhong Mining, and Jinyuan Co. hitting the daily limit of 10%, while Salt Lake Co. rose over 7% and Ganfeng Lithium increased by over 4% [7][26] - The CPO sector saw significant gains, with major companies like Zhongji Xuchuang and Xinyi Sheng rising by 3.52% and 6.46% respectively, reflecting a strong rebound in the technology sector [12][35][36] Stock Highlights - Muxi Co. debuted with a remarkable opening increase of 568%, reaching a price of 824.5 yuan per share, marking a 687.79% rise by midday, making it the most profitable new stock since the full registration system was implemented in A-shares [4][23] - The tourism and hotel sector also performed well, with Qujiang Cultural Tourism and Nanjing Commercial Travel both hitting the daily limit of 10%, driven by a significant increase in hotel bookings for the upcoming New Year [9][28] Key Indices - The Hang Seng Index rose to 25,265.46, up 0.12%, while the Hang Seng Technology Index slightly declined by 0.02% [22] - The performance of individual stocks included Tencent, Alibaba, Meituan, and JD Group, all of which saw increases, contributing to the overall positive sentiment in the Hong Kong market [2][22]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The economic structure shows internal differentiation under the situation of strong supply and weak demand in November 2025. Although there are challenges, the transformation of new and old driving forces has structural highlights, and it is expected that the annual economic development target can be achieved with the continuous policy support. In the bond market, bond yields are expected to rise trend - wise due to the revision of economic expectations [5][7][8]. 3. Summary by Related Catalogs 3.1 November Economic Data Focus - **Industrial Added Value**: Affected by insufficient domestic demand and the high - base effect, the year - on - year growth of industrial added value in November was lower than expected. The year - on - year growth was 4.8%, 0.1 pct lower than the previous value, and lower than the median and average forecasts of 18 institutions. However, the month - on - month growth was 0.44%, 0.27 pct higher than the previous value, showing some month - on - month recovery [4]. - **Consumption and Export**: Consumption and export data showed a differentiated trend. The year - on - year growth of social retail sales in November was 1.3%, 1.6 pct lower than the previous value, reflecting insufficient domestic demand. The year - on - year growth of exports was 5.9%, 7.0 pct higher than the previous value [5]. - **Investment**: Fixed - asset investment was under pressure. The cumulative year - on - year decrease was 2.6%, 0.9 pct lower than the previous value. Real estate investment continued to bottom out, with a year - on - year decrease of 15.9% from January to November, and the decline was 1.2 pct larger than that from January to October [5][6]. 3.2 Structural Highlights in the Transformation of New and Old Driving Forces - **Investment Structure Optimization**: The cumulative year - on - year growth of investment in high - tech services was 4.1%, accounting for 5.4% of total service industry investment, 0.6 pct higher than the same period in 2024. - **Growth of New - Quality Productivity Industries**: The cumulative year - on - year growth of the added value of large - scale high - tech manufacturing and intelligent consumer equipment manufacturing was 9.2% and 7.6% respectively. - **Stabilizing Role of Equipment Manufacturing**: In November, the year - on - year growth of the added value of large - scale equipment manufacturing was 7.7%, and the cumulative added value accounted for 36.4% of all large - scale industries, 1.8 pct higher than the whole year of 2024, and it has exceeded 30% for 33 consecutive months [7]. 3.3 Bond Market Viewpoint - It is maintained that in the second half of 2025, the economic growth rate may not decline significantly, structural problems such as prices are expected to improve trend - wise, and the bond - stock allocation will continue to switch, with bond yields expected to rise continuously [8].

Core Viewpoint - The central economic work conference emphasizes "domestic demand as the main driver" as the top annual task, highlighting the need to enhance resident income growth and wealth accumulation to stimulate domestic consumption and address structural obstacles in the economy [1]. Group 1: Causes and Challenges - The release of resident consumption potential faces structural challenges that require coordinated policy efforts to promote consumption upgrades [2]. - Changes in population structure lead to increased savings tendencies, with the elderly population expected to reach 22.0% by the end of 2024, affecting consumption potential [2]. - The high proportion of real estate in household assets necessitates a stable real estate market to boost consumer confidence and wealth expectations [2]. - Structural contradictions in supply and demand across over 220 industrial sectors need optimization, with significant potential for consumption growth among low-income groups [2]. - Increased uncertainty in the international environment and fluctuations in external demand highlight the urgency of expanding domestic demand [2]. Group 2: Fundamental Solutions - To address low consumption, systemic reforms are essential, focusing on income growth, wealth security, and consumer confidence [3]. - Restructuring the income distribution pattern is crucial, aiming to increase labor compensation's share of GDP to over 60% and support low-income groups through various initiatives [3]. - Market-oriented reforms in financial, land, and labor sectors are necessary to broaden wealth accumulation channels and enhance residents' ability to generate income [4][5]. - Investment in human capital is vital, with a focus on education and vocational training to improve labor quality and adaptability to industry needs [5]. - Enhancing public service systems and increasing fiscal investment in social welfare can alleviate consumer concerns and stimulate spending [6]. Group 3: Conclusion - The strategy to expand domestic demand is fundamentally linked to the prosperity of the people, requiring a comprehensive approach across multiple sectors [7]. - With the implementation of policies aimed at income distribution reform and market-oriented changes, resident income is expected to rise steadily, unlocking consumption potential [7].

重要的消息有哪些 1．中央财办有关负责同志表示，扩大内需是明年排在首位的重点任务。明年要把握消费的结构性变 化，从供需两侧发力提振消费。当前，我国正在从以商品消费为主转向商品消费和服务消费并重，一些 领域商品消费增速放缓，但文旅、养老、托育等服务消费需求旺盛。要以新需求引领新供给、以新供给 创造新需求，促进供需更加适配。要制定实施城乡居民增收计划，促进高质量充分就业，继续提高城乡 居民基础养老金，持续提升居民消费能力。要扩大优质商品和服务供给，大力发展消费新业态新模式新 场景，培育壮大家政、旅居康养等万亿级消费新增长点。要有效释放消费需求潜力，持续清理不合理限 制措施，支持有条件地区推广中小学春秋假，把职工带薪错峰休假落实到位。打造"购在中国"品牌，释 放入境消费巨大增量空间。 2．商务部公告，根据《反倾销条例》第三十八条的规定，商务部向国务院关税税则委员会提出征收反 倾销税的建议，国务院关税税则委员会根据商务部的建议作出决定，自2025年12月17日起，对原产于欧 盟的进口相关猪肉及猪副产品征收反倾销税，实施期限5年。 3．海南省人民政府网发布通告，自2025年12月18日起，海南自由贸易港（自贸港）正式启 ...