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）正式启动全岛封 ...

Group 1 - The central government's focus for the upcoming year is to expand domestic demand as the top priority task [1] - The Ministry of Commerce announced the imposition of anti-dumping duties on imported pork and pork by-products originating from the European Union starting December 17 [1] - The Social Security Fund Council emphasized the importance of utilizing long-term and patient capital to better support the integration of technological and industrial innovation [1] Group 2 - Hainan Free Trade Port will officially start its full island closure on December 18 [1] - Chongqing is advancing the construction layout of hydrogen stations and supporting facilities in a moderately proactive manner [1] - Company 360 clarified that there are no financial fraud issues within the organization [1] Group 3 - U.S. stock market indices closed mixed, with the Nasdaq rising by 0.23% and Tesla increasing by over 3% [1]

Report Summary 1. Industry Investment Rating - There is no information about the report's industry investment rating. 2. Core Viewpoints - On December 15, the capital market remained loose, the bond market continued to adjust with greater fluctuations in ultra - long bonds, the convertible bond market followed the decline, and most convertible bond issues fell; yields of US Treasury bonds across various maturities generally declined, and yields of 10 - year government bonds in major European economies generally decreased [1]. 3. Summary of Each Section 3.1 Bond Market News - **Domestic News** - The 24th issue of Qiushi magazine published General Secretary Xi Jinping's important article "Expanding Domestic Demand is a Strategic Move", emphasizing that expanding domestic demand is crucial for economic stability and security [3]. - The CSRC will continue to deepen the comprehensive reform of investment and financing in the capital market to contribute to economic development [3]. - In November, the year - on - year actual growth of the added value of industrial enterprises above designated size was 4.8%, and the cumulative year - on - year actual growth in the first 11 months was 6.0%. The year - on - year growth of total retail sales of consumer goods in November was 1.3%, and the cumulative year - on - year growth in the first 11 months was 4.0%. From January to November 2025, the cumulative year - on - year decline of national fixed - asset investment was 2.6% [4]. - Six departments supported eligible service outsourcing enterprises to use multi - level capital markets for financing and development [4]. - The DVP settlement function for open - market repurchase of bonds by the Central Bank's Accounting Data Centralized System was launched [5]. - **International News** - New York state's manufacturing activity unexpectedly contracted, but the outlook for the next six months improved significantly, and inflation pressure eased [6]. - **Commodities** - On December 15, WTI January crude oil futures fell 1.08% to $56.82 per barrel, Brent February crude oil futures fell 0.92% to $60.56 per barrel, COMEX gold futures rose 0.12% to $4333.30 per ounce, and NYMEX natural gas prices fell 1.58% to $4.036 per ounce [7]. 3.2 Capital Market - **Open - Market Operations** - On December 15, the central bank conducted 7 - day reverse repurchase operations of 130.9 billion yuan, with an operating interest rate of 1.40%. After offsetting the 122.3 billion yuan of reverse repurchases due on the same day, the net capital injection was 8.6 billion yuan [9]. - **Capital Interest Rates** - On December 15, the capital market remained loose. DR001 dropped 0.07bp to 1.274%, and DR007 dropped 2.51bp to 1.444% [10]. 3.3 Bond Market Dynamics - **Interest - Rate Bonds** - **Yield Trends of Spot Bonds**: On December 15, the bond market continued to adjust, with greater fluctuations in ultra - long bonds. The yield of the 10 - year Treasury bond active issue 250016 rose 1.65bp to 1.8590%, and the yield of the 10 - year CDB bond active issue 250215 rose 2.25bp to 1.9390% [13]. - **Bond Tendering**: Information on the tendering of three agricultural development bonds, including the term, issuance scale, winning yield, and other indicators, was provided [15]. - **Credit Bonds** - **Secondary - Market Transaction Anomalies**: On December 15, the transaction prices of 4 industrial bonds deviated by more than 10%, including significant declines in "11 Willie MTN1", "21 Vanke 02", and "21 Vanke 04", and a significant increase in "H0 Zhongnan 02" [15]. - **Credit Bond Events**: Multiple companies, such as R&F Properties, Fantasia, and Times China Holdings, announced bond - related events, including resumption of trading, debt restructuring, and cancellation of bond issuance [16][18]. - **Convertible Bonds** - **Equity and Convertible Bond Indices**: On December 15, the three major A - share indices fell, and the main convertible bond indices also declined. The convertible bond market turnover was 59.394 billion yuan, a decrease of 7.972 billion yuan from the previous trading day. Most convertible bond issues fell [18][19]. - **Convertible Bond Tracking**: Information on convertible bond issuance approvals, potential price adjustments, and non - early redemptions was announced [24]. - **Overseas Bond Markets** - **US Bond Market**: On December 15, yields of US Treasury bonds across various maturities generally declined. The 2/10 - year yield spread remained unchanged at 67bp, and the 5/30 - year yield spread widened by 1bp to 111bp. The 10 - year inflation - protected Treasury bond (TIPS) break - even inflation rate dropped 1bp to 2.25% [22][24][26]. - **European Bond Market**: On December 15, the yield of Italy's 10 - year government bond remained unchanged, while yields of 10 - year government bonds in other major European economies generally declined [27]. - **Price Changes of Chinese - Issued US - Dollar Bonds**: The daily price changes of Chinese - issued US - dollar bonds as of the close on December 15 were presented, including the top 10 gainers and losers [29].

Market Strategy - The market is experiencing continuous volume contraction, with the retail sector showing resilience [5][10] - The overall A-share market saw a decline of 1.45%, with the Shanghai Composite Index down 1.11% and the ChiNext Index down 2.10% [9][10] - The retail sector is expected to benefit from government policies aimed at boosting consumption, especially as the year-end shopping season approaches [10][11] Company Tracking - Chongqing Beer (600132.SH) is involved in a lawsuit and is planning to sign a mediation agreement, which may impact its financials positively [38][41] - Miao Ke Lan Duo (600882.SH) announced expected related party transactions for 2026, with a projected decrease in procurement amounts compared to 2025 [33][35] - YH Bio (688575.SH) received two medical device registration certificates, indicating potential growth in its product offerings [36] - Mingyang Smart Energy (601615.SH) won a bid for a significant offshore wind power project valued at 1.834 billion yuan, enhancing its market position in renewable energy [42][44] Industry Dynamics - The Three Gorges Jiangsu Dafeng 800 MW offshore wind power project has achieved full capacity grid connection, marking a significant advancement in China's offshore wind energy capabilities [31][32] - The National Development and Reform Commission emphasized the need to enhance domestic consumption and support various sectors, including e-commerce and health care, to stimulate economic growth [21][22]

Group 1 - The Central Economic Work Conference emphasizes that expanding domestic demand is the top priority for 2025, focusing on boosting consumption and investment from both supply and demand sides [1] - The Hainan Provincial Government announced that the Hainan Free Trade Port will officially start full island closure on December 18, 2025, with significant adjustments to the zero-tariff policy for imported goods [1] - The Ministry of Commerce has decided to impose anti-dumping duties on pork and pork products imported from the EU, with rates ranging from 4.9% to 19.8% for a period of five years [1] Group 2 - The State Administration for Market Regulation is set to release new regulations regarding platform economy, food safety, and anti-monopoly practices, including the "Live E-commerce Supervision Management Measures" [2] - The Social Security Fund emphasized the need for effective asset allocation and investment across various asset classes to support national development and innovation [2] - From January to November, 12.1 million new urban jobs were created in China, with an average urban unemployment rate of 5.2% [2] Group 3 - In the first eleven months of this year, China's railways transported 4.28 billion passengers, marking a year-on-year increase of 6.6%, setting a historical record for the same period [3] Group 4 - The State Administration for Market Regulation announced that China will lead the formulation of 275 international standards and propose 459 new international standards by 2025 [4] - The A-share market experienced a decline, with nearly 4,300 stocks falling, while sectors like precious metals and the film industry saw significant drops [4] - The Hong Kong Stock Exchange's Hang Seng Index closed down 1.54%, with notable declines in precious metals and non-ferrous sectors, while some airline stocks rose [4] Group 5 - Xpeng Motors has obtained a Level 3 autonomous driving road test license in Guangzhou and plans to launch mass-produced Level 4 autonomous vehicles by 2026 [6] - Zhongke Electric plans to invest approximately 7 billion yuan in a project to produce 300,000 tons of lithium-ion battery anode materials annually [6] - Ali has released a new generation of video models that support role-playing functions, marking a significant advancement in video generation technology [6]

在"十四五"即将收官、"十五五"新程待启的关键时点，2025年12月10日至11日召开的中央经济工作会议 备受瞩目。 当前经济形势怎么看？"十五五"新开局重点任务如何推进？聚焦舆论关注的热点问题，中央财办有关负 责同志会后第一时间接受中央主要媒体采访，深入解读中央经济工作会议精神。 加力支持扩大内需、科技创新等重点领域 问：明年继续实施更加积极有为的宏观政策，财政政策和货币政策如何发力？ 今年经济总量有望达到140万亿元左右 问：2025年我国交出怎样的经济"成绩单"？明年经济形势如何？ 答：中央经济工作会议对今年经济工作进行全面总结，指出2025年是很不平凡的一年，我国经济顶压前 行、向新向优发展，展现强大韧性和活力。 一是运行总体平稳、稳中有进。主要经济指标符合预期，预计全年经济增长5%左右、继续位居世界主 要经济体前列，经济总量有望达到140万亿元左右。就业总体稳定，外贸较快增长、出口多元化成效明 显。 二是现代化产业体系建设持续推进。新质生产力稳步发展，科技创新成果丰硕，人工智能、生物医药、 机器人等研发应用走在全球前列。 三是改革开放迈出新步伐。全国统一大市场建设向纵深推进，综合整治"内卷式"竞争成 ...

Group 1 - Muxi Co., Ltd. has been listed on the Sci-Tech Innovation Board [1] - The U.S. stock market showed mixed performance, with the Dow Jones down 0.62% and the Nasdaq up 0.23% [1] - Major tech stocks had varied movements, with Tesla reaching a record closing high, up 3.07% [1] Group 2 - International oil prices saw a significant decline, with WTI crude oil futures dropping 2.73% to $55.27 per barrel [2] - Gold prices increased by 0.2% to $4310.21 per ounce, driven by expectations of interest rate cuts and a weaker dollar [2] - China's domestic demand contributed 71% to economic growth in the first three quarters, indicating a stable overall performance [2] Group 3 - The Ministry of Commerce announced a final ruling on anti-dumping investigations against EU pork imports, with tax rates set between 4.9% and 19.8% [3] - The U.S. non-farm payrolls increased by 64,000 in November, while the unemployment rate rose to 4.6%, the highest since 2021 [3] Group 4 - Dongjie Intelligent is planning to acquire controlling stakes in Aobo Intelligent, leading to a stock suspension [4] - Xiechuang Data intends to invest up to 9 billion yuan in server procurement for cloud computing services [4] - Zhongke Electric plans to invest approximately 7 billion yuan in a project for producing 300,000 tons of lithium-ion battery anode materials [4]

Macro News - The Central Financial Office stated that expanding domestic demand is the top priority for next year, emphasizing the need to boost consumption by addressing structural changes from both supply and demand sides [4] - The Ministry of Commerce proposed to impose anti-dumping duties on imported pork and pork products from the EU, effective from December 17, 2025, for a duration of five years [4] - The Social Security Fund emphasized the importance of leveraging long-term and patient capital to support national development needs and enhance the integration of technological and industrial innovation [4] Industry News - Reports indicate that the EU plans to abandon the ban on internal combustion engines by 2035, allowing certain plug-in hybrid vehicles and fuel-efficient electric vehicles to be sold [6] - The tungsten market has seen a significant price increase, with tungsten concentrate prices exceeding 400,000 yuan per ton and APT prices surpassing 600,000 yuan per ton [6] - The Ministry of Housing and Urban-Rural Development held a national conference on intelligent construction, focusing on promoting smart construction applications and enhancing policy coordination for high-quality development in the construction industry [6] Company News - 360 Group's founder Zhou Hongyi denied allegations of financial fraud, clarifying that the individuals mentioned never held core management positions during their tenure [8] - Wangzi New Materials announced the passing of its third-largest shareholder, Wang Xiaojun, with his shares being inherited by his children [8] - Jia Mei Packaging announced a change in its controlling shareholder to Zhuyue Hongzhi, with stock resuming trading [8] - Century Huatong completed the cancellation of 56.12 million repurchased shares [8] - Jiang Jian Co. announced that its controlling shareholder's shares have been judicially frozen [8] - Chang'an Automobile is expected to conduct L3-level autonomous driving trials in the first quarter of 2026 [8] - Zhongke Electric plans to invest approximately 7 billion yuan in a project to produce 300,000 tons of lithium-ion battery anode materials [8] - Xpeng Motors has obtained a road testing license for L3-level autonomous driving in Guangzhou and has initiated regular L3 road tests [8]

1 隔夜市场 美股三大指数收盘涨跌不一，道指跌0.63%，纳指涨0.23%，标普500指数跌0.24%，特斯拉涨超3%创上市以来新高，Meta涨超1%；加密货币概念、计算 机硬件板块涨幅居前，Hut 8涨近4%，Strategy、SanDisk涨超3%，昆腾涨近3%，戴尔科技涨超2%，西部数据、惠普涨超1%；油气、能源板块跌幅居前， 英国石油跌超4%，壳牌、埃克森美孚、雪佛龙跌超2%。纳斯达克中国金龙指数跌0.34%，中概股涨跌不一，知乎涨超3%，金山云涨超2%，爱奇艺、网 易、世纪互联、拼多多跌超1%。 每经记者｜范芊芊 每经编辑｜陈柯名 陈鹏程 王晓波 标题点睛： 美股三大指数收盘涨跌不一，道指跌0.63%，纳指涨0.23%，标普500指数跌0.24%，特斯拉涨超3%创上市以来新高。 国际油价大幅下挫，截至发稿时，美油主力合约跌2.99%，报55.12美元/桶；布伦特原油主力合约跌2.86%，报58.83美元/桶。 12月16日新华社消息，针对内需发展现状如何？提振消费、扩大投资的空间和动力在哪里？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。今年我国内需总体保持稳健，前三季度内需对经济增 ...

Core Viewpoint - The central economic work conference emphasizes the importance of domestic demand and aims to build a strong domestic market as the primary goal for economic work in the coming year [1] Group 1: Retail Industry's Role - The retail sector is crucial for both livelihood security and tax revenue, contributing 13.8 trillion yuan to GDP in 2024, accounting for 10.2% of GDP, and employing approximately 135 million people [3] - The retail industry is positioned as a key focus for cultivating a complete domestic demand system and enhancing domestic circulation, with strategic significance in the new dual circulation development pattern [3] Group 2: Current Development Trends - The retail industry is showing an overall positive development trend, supported by various initiatives from the Ministry of Commerce and the Ministry of Finance, including pilot projects in 38 cities aimed at transforming existing commercial facilities [3][4] - Despite progress, challenges remain, such as urban-rural development imbalances, insufficient supply-demand matching, and low operational efficiency of commercial facilities [3][4] Group 3: Innovative Models for High-Quality Development - Several innovative models focusing on quality and service have emerged, including service enhancement models, experiential scene models, and digital integration models [4] - Examples include the "service-driven" market value model represented by brands like Pang Donglai, and immersive consumption scenes in projects like Beijing's Zhonghai Dajixiang [4] Group 4: Key Strategies for Future Development - Strengthening top-level design and expanding pilot experiences to enhance rural commercial service capabilities is essential [5] - Promoting channel integration through mutual flow, experience complementarity, and data sharing to break down online and offline barriers is critical [5] - Improving supply quality and addressing supply-demand mismatches by encouraging direct connections between retail enterprises and upstream producers is necessary [6]