Group 1 - The primary task is to maintain domestic demand as the leading force and build a strong domestic market, which is crucial for economic stability amidst international uncertainties [2] - The second task emphasizes innovation-driven growth, highlighting the need for increased market demand to stimulate corporate innovation and economic momentum [2] - The third task focuses on deepening reforms to enhance high-quality development, which is essential for generating new momentum and increasing market vitality [4] Group 2 - The fourth task is to uphold openness and promote win-win cooperation across multiple fields, despite challenges from unilateralism and protectionism in the international environment [4] - The fifth task stresses coordinated development to promote urban-rural integration and regional collaboration, which is vital for achieving common prosperity and modernization [5] - The sixth task is to lead with "dual carbon" initiatives, committing to comprehensive green transformation and environmental protection [6] Group 3 - The seventh task prioritizes people's livelihoods, aiming to improve the quality of life and ensure that every citizen experiences happiness and pride [8] - The eighth task involves maintaining a strong bottom line by proactively and prudently addressing risks in key areas, particularly in real estate and local government debt [8]

Core Viewpoint - The Central Economic Work Conference emphasizes "stability while seeking progress and improving quality and efficiency," outlining eight key tasks for economic work in the coming year, with COFCO Futures focusing on serving the real economy as its primary mission [1] Group 1: Supporting Grain Production and Supply - COFCO Futures is enhancing its services for rural revitalization by developing targeted risk management solutions to meet the actual needs of grain production [2] - The company has upgraded its "insurance + futures" service model, implementing the first corn "silver futures insurance" project in Jilin, covering 35,000 acres and addressing local cooperatives' financing and selling challenges [2] - The "insurance + futures" projects have expanded to cover 56% of provincial administrative regions in China, serving over 200,000 farmers and covering more than 2.1 million acres [2] Group 2: Promoting Green Finance - COFCO Futures aims to replicate its successful experience in the agricultural sector to other industries, particularly in green finance, aligning with the "dual carbon" goals [3] - The company is actively providing risk management solutions for new energy enterprises, helping them hedge against raw material price fluctuations and enhancing the effectiveness of carbon market pricing [3] - COFCO Futures is also strengthening research on new energy futures and assisting exchanges in developing new products like carbon emission rights futures and weather index futures [3] Group 3: Deepening Reform and Opening Up - The company is building an international service network based on its cross-border hedging experience, with a focus on covering Hong Kong, Macau, and Southeast Asia [4] - COFCO Futures plans to attract high-quality foreign traders to participate in the domestic futures market and assist domestic clients in utilizing both domestic and international markets [4] - This dual service approach aims to enhance the recognition of "Chinese prices" in the international market [4] Group 4: Innovation and AI Empowerment - COFCO Futures is exploring the use of AI technology to drive product and service innovation, showcasing its progress in an AI project report event [5] - The AI knowledge base is being applied at scale in back-office departments, enhancing brand promotion and customer service capabilities [5] - The use of AI has improved the accessibility, accuracy, and timeliness of research and investment services for clients, significantly upgrading customer experience [5] Group 5: Ensuring High-Quality Development - The conference emphasizes the importance of risk management, with COFCO Futures focusing on compliance and risk control as essential for sustainable development [6] - The company is implementing a dual protection system of internal compliance and external risk control, ensuring rigorous execution of all procedures [6] - A comprehensive risk management framework is being established, including monitoring, risk contingency plans, and early warning reports [6] Group 6: Commitment to Economic Support - COFCO Futures is committed to aligning with the core principles of the Central Economic Work Conference, supporting rural revitalization, exploring high-level opening up, and continuously innovating financial tools [7] - The company aims to provide precise futures services to support the stability of the grain supply chain and enhance agricultural competitiveness, demonstrating the value and responsibility of the futures industry in serving the real economy [7]

中央经济工作会议12月10日至11日在北京举行。会议总结2025年经济工作，分析当前经济形势，部 署2026年经济工作。 会议这些提法意涵深刻。 2025 年 中 央 经 济 工 作 会 议 经济顶压前行 向新向优发展 今年是很不平凡的一年。会议 指出,我国经济顶压前行、向新向 优发展,现代化产业体系建设持续 推进,改革开放迈出新步伐,重点 领域风险化解取得积极进展,民生 保障更加有力。 部非社 ASS 2025 年 中 央 经 济 工 作 会 议 "五个必须" 会议认为,通过实践,我们对做 好新形势下经济工作又有了新的认识 和体会: 必须充分挖掘经济潜能 必须坚持政策支持和改革创新并举 必须做到既"放得活"又"管得好" 必须坚持投资于物和投资于人紧密结合 必须以苦练内功来应对外部挑战 凯华时 ASS 2025 年 中 央 经 济 工 作 会 议 些持稳中求进 墙质增效 会议指出, 明年经济工作 在政策取向上,要坚持稳中求 进、提质增效,发挥存量政策 和增量政策集成效应,加大逆 周期和跨周期调节力度,提升 宏观经济治理效能。 部非社 AS 2025 年 中 央 经 济 工 作 会 议 SE IF E W 积极 ...

在国家"双碳"战略深入实施、山东省加快建设绿色低碳高质量发展先行区的背景下,城发集团以绿色发 展为核心导向,将技术创新与项目实践深度融合,在清洁能源开发、节能改造、智慧管控等领域深耕细作, 构建起"项目支撑、创新驱动、成效显著"的绿色发展新格局。 未来,城发集团将继续秉承绿色发展理念,推动更多高质量绿色项目落地见效,为城市绿色低碳发展注入更 强劲的"绿色动能"。 聚焦绿色基建,打造标杆项目。东部办公中心停车场光伏项目融合光伏发电与立体停车,实现"顶上发电、 楼下停车",年发电量约43.7万度,年减碳约380吨,成为"光伏+"复合利用的示范工程。 注重创新驱动,提升管理效能。城发集团自主研发"综合能源智慧管控平台",实现能源数据全景监测与智 能预警；推广"合同能源管理"模式,降低用户投入门槛；建成"光伏+储能+充电"微能源系统,助力园区用 能成本下降超15%。 绿色成效显著,贡献低碳力量。截至目前,集团已投运3个分布式光伏项目,年发电超120万度；完成7项节 能改造,年节约标煤超800吨。全部绿色项目年减碳量超过3000吨,形成规模化效益。 ...

◎五个"必须" 中央经济工作会议12月10日至11日在北京举行。中共中央总书记、国家主席、中央军委主席习近平出席会议并发表重要讲话。 习近平在重要讲话中总结2025年经济工作，分析当前经济形势，部署2026年经济工作。 ◎总结2025年和过去5年 会议指出，今年是很不平凡的一年。以习近平同志为核心的党中央团结带领全党全国各族人民迎难而上、奋力拼搏，坚定不移 贯彻新发展理念、推动高质量发展，统筹国内国际两个大局，实施更加积极有为的宏观政策，经济社会发展主要目标将顺利完 成。我国经济顶压前行、向新向优发展，现代化产业体系建设持续推进，改革开放迈出新步伐，重点领域风险化解取得积极进 展，民生保障更加有力。 过去5年，我们有效应对各种冲击挑战，推动党和国家事业取得新的重大成就，"十四五"即将圆满收官，第二个百年奋斗目标新 征程实现良好开局。 通过实践，我们对做好新形势下经济工作又有了新的认识和体会： ◎分析当前经济形势 我国经济发展中老问题、新挑战仍然不少，外部环境变化影响加深，国内供强需弱矛盾突出，重点领域风险隐患较多。 必须充分挖掘经济潜能。 必须坚持政策支持和改革创新并举。 必须做到既"放得活"又"管得好"。 ...

Core Insights - The speech by Ma Weihua emphasizes the need for climate financing to support climate technology development and build a sustainable development ecosystem [1][3] Group 1: Progress and Challenges in Sustainable Development - Since the adoption of the 2030 Sustainable Development Agenda by the UN in 2015, the overall progress has been below expectations, with over half of the projects stagnating and 18% regressing, leading to an anticipated completion rate of less than 20% by 2030 [1][3] - China has actively pursued its "3060 dual carbon" commitment, achieving significant results, including a green bond scale of nearly 4 trillion yuan and a renewable energy installation ratio of 60%, establishing the world's largest carbon market [1][3] Group 2: Climate Technology and Its Bottlenecks - Climate technology, defined by the UN Framework Convention on Climate Change, encompasses a range of technologies aimed at reducing greenhouse gas emissions and promoting green low-carbon development across the entire industry chain [2][4] - Despite China's unique advantages in climate technology, including substantial R&D investment and rapid technological iteration, several bottlenecks remain, such as high costs and safety concerns in hydrogen energy, reliance on rare lithium resources for lithium batteries, and inefficiencies in carbon capture technology [2][4] Group 3: Financing Solutions for Climate Technology - The full cycle of climate technology development requires significant funding and long-term stable investment, necessitating the establishment of a diversified and collaborative climate financing system [5] - Ma Weihua proposed four financing solutions to address the global climate financing gap exceeding $2 trillion and significant domestic gaps: cultivating patient capital, leveraging public capital to attract social capital, innovating mixed capital models, and matching financial products and services to the full cycle of financial needs [5]

(经济观察)坚持"双碳"引领为明年重点任务 方向不变力度不减 中国宏观经济研究院能源研究所研究员田磊认为，在以低碳化、零碳化为特征的新一代能源体系加速演 进背景下，中国已初步形成先发优势。随着能源系统加快以电力为中心的深度转型，中国在新型能源体 系建设中的综合优势将进一步巩固和扩大。结合能源发展的新形势新要求，制定能源强国建设规划纲 要，立足补短板、强弱项、锻长板推进各项工作，将对未来一段时期中国推动能源高质量发展、增强能 源安全保障能力、发展能源新质生产力等提供更加有力保障。 中国人民大学经济学院教授王孝松认为，未来与环保、绿色相关的行业领域有机会获得长足发展，制造 业绿色转型步伐有望加快，明年"双碳"工作将成为指引中国经济发展的重要方向，"力度将会更大，涉 及行业更广泛，效果也会更好"。(完) 来源：中国新闻网 编辑：张嘉怡 中新社北京12月12日电 (记者 王梦瑶)今年中央经济工作会议将"坚持'双碳'引领，推动全面绿色转型"作 为明年经济工作八项重点任务之一，释放出"方向不变、力度不减"的政策信号。 中国宏观经济研究院能源研究所副所长孙颖指出，"双碳"是发展新质生产力、构建现代化产业体系的重 要支撑，同 ...

2026年中国能源行业将沿着绿色低碳道路笃定前行。 ▲ 浙江首座"绿电码头"宁波舟山港梅山低碳码头。许天长/摄 12月10日至11日，中央经济工作会议（以下简称"会议"）在北京举行。习近平总书记出席会议并发表重要讲话，总结2025年经济工 作，分析当前经济形势，系统部署2026年经济工作，为确保"十五五"开好局、起好步提供科学指引。 良好的开局是成功的一半。2026年是"十五五"开局之年，做好经济工作意义重大。会议将"坚持'双碳'引领，推动全面绿色转型"列入 八项重点任务之一，将"围绕发展新质生产力，推动科技创新和产业创新深度融合"列入五个关键着力点之一。 当一条条特高压线路将输电网络越织越密，当戈壁荒漠的光伏蓝海点亮万家灯火，当"绿电码头"的龙门吊无声起降，当碳市场交易数 据跳动出减排的经济价值……2026年中国能源行业将沿着绿色低碳道路笃定前行。 新型能源体系建设按下"快进键" 会议确定，坚持"双碳"引领，推动全面绿色转型。深入推进重点行业节能降碳改造。制定能源强国建设规划纲要，加快新型能源体系 建设，扩大绿电应用。加强全国碳排放权交易市场建设。实施固体废物综合治理行动，深入打好蓝天、碧水、净土保卫战，强 ...

[Table_Main] 证券研究报告 | 策略点评 2025 年 12 月 12 日 策略点评 证券分析师 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 相关研究 放量上涨，微盘调整 [Table_Summary] 投资要点： 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 摘要。2025 年 12 月 12 日周五，A 股市场回暖上涨，成交额 2.12 万亿创近一个 月新高；国债期货市场全线调整；商品指数微涨，焦煤延续弱势。 一、市场行情分析 1）股票市场：市场回暖，放量上涨，微盘连续调整 回暖上涨，微盘连续调整。今日 A 股核心指数集体反弹，成长类指数表现更优。 上证指数低开后震荡回升，收盘报 3889.35 点，涨幅 0.41%；深证成指报 13258.33 点，涨幅 0.84%；创业板指收于 3194.36 点，涨幅 0.97%。科创 50 指数表现突 出，上涨 1.74%，或反映硬科技板块情绪升温。 ...

（文章来源：第一财经） 12月12日，交通运输部召开党组会和部务会，传达学习中央经济工作会议精神，研究部署贯彻落实工 作。会议强调，要坚持内需主导，统筹交通基础设施新建、更新和数智化改造，加快贯通国家综合立体 交通网主骨架，扩大交通运输有效投资。要坚持创新驱动，深入实施"人工智能+交通运输"行动，培育 发展交通运输领域新质生产力。要坚持改革攻坚，推进重大改革任务落实，加快建设统一开放的交通运 输市场。要坚持对外开放，完善立体互联互通网络布局，健全多元化、韧性强的国际运输通道体系。要 坚持协调发展，推进跨区域跨流域大通道建设，促进城乡融合和区域联动。要坚持"双碳"引领，全面推 进交通运输领域美丽中国建设，推动交通运输全面绿色转型。要坚持民生为大，全力办好交通为民实 事，不断提高交通运输服务保障民生能力。要坚持守牢底线，扎实做好交通运输安全生产、防灾减灾等 工作，强化灾害天气主动防御，更好保障交通运输新就业群体合法权益。 ...