Group 1 - The core viewpoint of the news is that the Ministry of Finance will implement a more proactive fiscal policy in 2026 to support employment, businesses, markets, and expectations, ensuring a good start for the 14th Five-Year Plan [1][2] - The fiscal policy will focus on increasing total expenditure, optimizing expenditure structure, improving efficiency, and enhancing economic momentum [2][4] - Specific measures include maintaining necessary levels of fiscal deficit, debt, and total expenditure, ensuring that overall expenditure increases and key areas are strongly supported [2][3] Group 2 - A package of policies will be introduced to stimulate domestic demand, with a focus on increasing private investment and promoting consumer spending [5][6] - The six policies include four aimed at supporting private investment and two focused on promoting consumption, such as interest subsidies for loans to small and micro enterprises and optimizing consumption loan policies [6][7] - The government plans to enhance the effectiveness of the "Two New" policies by optimizing support scope and subsidy standards, improving implementation mechanisms, and managing projects and funds comprehensively [9] Group 3 - The government is planning to promote high-tech industries and significant projects during the 14th Five-Year Plan, with a focus on new technologies and products [7][8] - The aim is to address the current issues of insufficient demand and supply, promoting a dynamic balance and virtuous cycle between supply and demand [8] - The government will also enhance the coordination of reform and innovation policies, improving the market access environment for new industries and new business models [10][11]

Core Viewpoint - The Chinese government is implementing a series of fiscal and financial policies aimed at boosting domestic demand, enhancing private investment, and improving consumer spending, with a focus on ensuring stable employment and market expectations in 2026 [1][3][8]. Group 1: Fiscal Policies - The Ministry of Finance plans to adopt a more proactive fiscal policy in 2026, characterized by increased total spending, optimized structure, improved efficiency, and stronger momentum [1][8]. - Key areas of focus include ensuring that overall spending remains "increasing without decreasing" and that support for critical sectors is "strong without weakening" [1][8]. - The government aims to channel more fiscal funds into consumption stimulation, human investment, and social welfare, while also increasing residents' income through multiple channels [1][8]. Group 2: Investment and Financing Support - A comprehensive policy package was introduced to stimulate domestic demand, emphasizing the need to "activate private investment" and "promote consumer spending" [3][4]. - The new policies include measures to lower financing costs for enterprises, such as a 1.5 percentage point interest subsidy on loans for small and micro enterprises [4]. - The government is also addressing financing difficulties for private enterprises through special guarantees and risk-sharing mechanisms, enhancing credit guarantees and expanding financing channels [4][6]. Group 3: Support for Technology and Innovation - The Ministry of Finance is committed to supporting technological innovation through various financial tools, including increased central government spending on technology, which is set to grow by 10% [6][7]. - Policies will focus on reducing the tax burden on innovation and enhancing the conversion of technological achievements into practical applications [6][7]. - The government aims to strengthen the role of enterprises in technological innovation and support the development of specialized and innovative small and medium-sized enterprises [7]. Group 4: Employment and Market Stability - The fiscal department will provide "hardcore" support for stabilizing employment, enterprises, markets, and expectations in 2026 [8]. - The focus will be on optimizing the expenditure structure to ensure funds are allocated to critical areas, breaking the traditional "base + growth" spending model [8][9]. - Efforts will be made to enhance the effectiveness of fund utilization, ensuring that every dollar spent generates the expected benefits [9].

此外，今天还优化实施了服务业经营主体贷款贴息、个人消费贷款财政贴息、设备更新贷款财政贴息等政策。 为更大力度激发民间投资，促进居民消费，财政部等多部门今天推出财政金融协同促内需一揽子政策。其中，首次设立民间投资专项担保计划，通过国家融 资担保基金专设担保计划5000亿元，分两年实施，引导银行新增投放5000亿元中小微企业民间投资贷款。首次实施中小微企业贷款贴息政策，从今年1月1日 起，向中小微民营企业发放的符合条件的固定资产贷款，每年贴息1.5个百分点，最长贴息2年，单户贷款额度上限5000万元，单户最多可享受贴息150万 元，覆盖新能源汽车、工业母机等14个"重点产业链及上下游产业"、生产性服务业领域，以及农林牧渔相关领域。 央视网消息（新闻联播）：在国务院新闻办公室1月20日举行的新闻发布会上，财政部相关负责人表示，2026年，我国将继续实施更加积极的财政政策，扩 大财政支出盘子，确保总体支出力度"只增不减"、重点领域保障"只强不弱"。 ...

1月20日，财政部副部长廖岷在新闻发布会上表示，2026年，财政部门将继续实施更加积极的财政政策，概括起来就是"总量增加、结构更优、效益更好、动 能更强"。其中，包括确保总体支出力度"只增不减"、重点领域保障"只强不弱"；把更多的财政资金用在提振消费、"投资于人"、民生保障等方面，多渠道 增加居民收入；加强财政金融协同，探索创新政策工具，放大公共资金的带动作用和公开政策的外溢效应；进一步增强地方财政发展动能、助力全国统一大 市场建设。2026年，财政部门将"硬核"支持稳就业、稳企业、稳市场、稳预期，确保"十五五"实现良好开局。 更大力度激发民间投资、促进居民消费 1月9日，国务院常务会议研究推出财政金融促内需一揽子政策。1月20日，财政部官网连发五项通知，涉及系列贴息政策、民间投资专项担保计划。 在廖岷看来，一揽子政策可以概括为"一个目标""两个重点""三个原则"和"六项政策"。具体来看，"一个目标"指"扩大内需"；"两个重点"主要是以更大力度 来"激发民间投资"，以更大力度来"促进居民消费"；"三个原则"分别是坚持"便捷高效"、坚持"精准有效"和坚持"规范提效"；"六项政策"中的四项是支持民 间投资的政策， ...

第一部分 市场信息 研究所 黑色金属研发报告 黑色金属日报 2026 年 01 月 20 日 螺纹热卷日报 研究员：戚纯怡 期货从业证号： F03113636 投资咨询证号： Z0018817 :021-65789253 :qichunyi_qh@chinastock.c om.cn 1/ 10 期权：建议观望。 研究所 黑色金属研发报告 第二部分 市场研判 【相关价格】 现货：网价上海中天螺纹 3250 元（-10），北京敬业 3150 元（-），上海鞍钢热卷 3280 元（-），天津河钢热卷 3190 元（-10）。 【交易策略】 今日钢材盘面持续下跌走势，黑色中煤焦领跌，现货成交整体一般偏弱，盘面下 行，投机情绪较差。上周钢联数据公布，五大材小幅增产，受钢厂检修影响铁水有所 下滑，其中螺纹减产而热卷增产；钢材总库存有所去化，其中螺纹社库累积而厂库下 滑，说明钢厂加大减产力度，但社会需求进一步下滑，而热轧总体仍然去库，随着热 卷的复产，厂库去化速度比社库更慢；下游工地资金到位情况有所回升，临近年末， 房建项目回款情况略好于非房建，但基建项目差于去年同期，上周天气回暖，导致螺 纹表需修复；年前制造业存在补库 ...

（文章来源：21世纪经济报道） 1月20日，国新办发布会上，财政部副部长廖岷介绍，2026年，财政部门将继续实施更加积极的财政政 策，概括起来就是"总量增加、结构更优、效益更好、动能更强"。2026年财政赤字、债务总规模和支出 总量将保持必要水平，确保总体支出力度"只增不减"、重点领域保障"只强不弱"。 ...

国债期货日报 2026/1/20 | 项目类别 | 数据指标 | 最新 | 环比 项目 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 108.180 | 0.13% T主力成交量 | 61868 | 9620↑ | | | TF主力收盘价 | 105.875 | 0.09% TF主力成交量 | 49231 | 5457↑ | | | TS主力收盘价 | 102.444 | 0.05% TS主力成交量 | 29819 | 6168↑ | | | TL主力收盘价 | 111.490 | 0.52% TL主力成交量 | 108559 | 30411↑ | | 期货价差 | TL2603-2606价差 | -0.11 | +0.00↑ T03-TL03价差 | -3.31 | -0.43↓ | | | T2603-2606价差 | 0.08 | +0.02↑ TF03-T03价差 | -2.31 | -0.05↓ | | | TF2603-2606价差 | 0.00 | +0.03↑ TS03-T03价差 | -5.74 | - ...

Core Viewpoint - The Chinese government will continue to implement a more proactive fiscal policy in 2026, focusing on increasing total expenditure, optimizing structure, improving efficiency, and enhancing momentum [1][4]. Fiscal Policy Overview - The fiscal deficit, total debt scale, and total expenditure will maintain necessary levels in 2026, ensuring that overall expenditure increases and key areas are strongly supported [1][3]. - The fiscal deficit rate for 2025 is set at around 4%, an increase of 1 percentage point from the previous year, with new government debt reaching 11.86 trillion yuan, an increase of 2.9 trillion yuan compared to the previous year [3][4]. Strategic Focus Areas - The fiscal policy will play a crucial role in boosting consumption and expanding effective investment [4]. - The 2025 National Fiscal Work Conference emphasized the need to expand the fiscal expenditure pool and ensure necessary expenditure while optimizing the expenditure structure and enhancing support for key areas [4]. Investment Direction - The fiscal expenditure structure will continue to be optimized, with a focus on supporting major national strategies and directing more resources towards people's livelihoods and key sectors [5]. - Government bond funds will prioritize improving people's livelihoods, expanding domestic demand, and enhancing future growth, particularly in areas such as urban renewal and manufacturing upgrades [5]. Expected Fiscal Metrics - The expected fiscal deficit for the current year is approximately 5.9 trillion yuan, an increase of about 200 billion yuan from the previous year, primarily borne by the central government [5]. - The issuance of special long-term government bonds is projected to be 1.5 trillion yuan, an increase of 200 billion yuan from the previous year, to support key projects [5].

Core Viewpoint - The Ministry of Finance will continue to implement a more proactive fiscal policy in 2026, focusing on increasing total expenditure, optimizing structure, improving efficiency, and enhancing momentum [1] Group 1 - In 2026, the fiscal deficit, total debt scale, and total expenditure will be maintained at necessary levels [1] - Overall expenditure intensity will "only increase and not decrease," ensuring strong support in key areas [1]

（文章来源：新华社） 1月20日，财政部副部长廖岷在国新办新闻发布会上表示，2026年，财政部门将继续实施更加积极的财 政政策，概括起来就是"总量增加、结构更优、效益更好、动能更强"。2026年财政赤字、债务总规模和 支出总量将保持必要水平，确保总体支出力度"只增不减"、重点领域保障"只强不弱"。 ...