（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。 ...

免责声明 本研究报告由国投期货有限公司撰写,研究报告中所提供的信息仅供参考。报告根据国际和行业通行的准则，以合 法渠道获得这些信息,尽可能保证可靠、准确和完整,但并不保证报告所述信息的准确性和完整性。本报告不能作 为投资研究决策的依据,不能作为道义的、责任的和法律的依据或者凭证,无论是否已经明示或者暗示。国投期货 有限公司将随时补充、更正和修订有关信息,但不保证及时发布。对于本报告所提供信息所导致的任何直接的或者 间接的投资盈亏后果不承担任何责任。 都泓佳 Z0017641 黄恬 Z0021089 表:近三次中央经济工作会议政策要点梳理 | 2025中央经济工作会议 | 2024中央经济工作会议 | 2023中央经济工作会议 | 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 | 经济社会发展主要目标任务即将顺利完 | 开放迈出新步伐，重点领域风险化解 | | | | | | 成。当前外部环境变化带来的不利影响 | 取得积极进展， ...

Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing outlined eight key tasks for economic work in the coming year, focusing on fostering new growth drivers, enhancing high-quality development, and promoting coordinated and sustainable growth. Group 1: New Growth Drivers - Accelerate the cultivation and expansion of new driving forces for economic growth, including the development of a comprehensive plan for education, technology, and talent [4] - Establish international technology innovation centers in Beijing (Jing-Jin-Ji), Shanghai (Yangtze River Delta), and the Guangdong-Hong Kong-Macao Greater Bay Area [4] - Strengthen the role of enterprises in innovation and improve the intellectual property protection system in emerging fields [4] Group 2: Reform and High-Quality Development - Formulate a national unified market construction regulation and address "involution" competition [7] - Implement further reforms for state-owned enterprises and improve supporting regulations for the private economy [7] - Expedite the clearance of overdue payments owed to enterprises [7] Group 3: Open Cooperation - Promote multi-field cooperation and win-win outcomes, including expanding pilot reforms for market-oriented factors [10] - Gradually advance institutional openness and expand the scope of autonomous service sector openings [12] - Encourage the development of digital and green trade, and deepen reforms in foreign investment promotion mechanisms [12] Group 4: Coordinated Development - Promote urban-rural integration and regional collaboration, focusing on urbanization centered around county towns and comprehensive rural revitalization [14] - Ensure food production and maintain reasonable prices for essential agricultural products [14] - Strengthen coordination among key urban agglomerations and enhance cross-administrative cooperation [14] Group 5: Green Transformation - Advance energy-saving and carbon reduction transformations in key industries [16] - Develop a national energy strategy and accelerate the construction of a new energy system [16] - Implement comprehensive solid waste management actions and enhance environmental protection efforts [16] Group 6: People-Centric Approach - Implement actions to stabilize and expand employment for key groups, including college graduates and migrant workers [18] - Adjust the layout of educational resources to increase the supply of high school and quality college admissions [18] - Optimize centralized drug procurement and deepen reforms in medical insurance payment methods [18] Group 7: Risk Management - Focus on stabilizing the real estate market with city-specific policies to control growth and reduce excess [20] - Promote long-term care insurance systems and enhance support for vulnerable groups [20] - Ensure safety in production, disaster prevention, and food and drug safety [20]

来源：进出口银行 12月12日，进出口银行在京召开党委（扩大）会议，传达学习中央经济工作会议精神，按照全国金融系 统工作会议的要求，研究部署贯彻落实举措。党委书记、董事长陈怀宇主持会议并讲话，其他党委成员 出席会议。 会议认为，习近平总书记在中央经济工作会议上的重要讲话思想深邃、内涵丰富，站在强国建设、民族 复兴的战略高度，深刻洞察国内国际形势，对做好经济工作的规律性认识不断深化，对"十五五"开局之 年经济工作的战略部署指向明确，是马克思主义政治经济学中国化的最新成果，为开创中国式现代化新 局面提供了根本遵循。 会议指出，今年是"十四五"规划收官之年，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，推动中国经济巨轮无惧风雨、破浪前行，展现强大韧性和活力。全行上下要深刻领 会今年和"十四五"时期我国经济社会发展取得的巨大成就，深刻领悟"两个确立"的决定性意义，增 强"四个意识"、坚定"四个自信"、做到"两个维护"。 会议要求，要把学习贯彻中央经济工作会议精神作为当前和今后一个时期的重大政治任务，准确把握经 济工作面临的形势和主要目标任务，紧紧围绕金融工作主线，找准进出口银行工作的结合点和 ...

本报记者 马宇薇 中央经济工作会议12月10日至11日在北京举行，为2026年经济工作把舵定向。此次会议释放了哪些 关键信号？如何理解其对中国资本市场的中长期影响？《证券日报》记者就此专访了东北证券股份有限 公司（简称"东北证券"）上海证券研究咨询分公司总经理李冠英。 李冠英认为，本次会议在复杂的内外部形势下，明确传递了实施更加积极有为的宏观政策的清晰信 号，其核心在于通过增强政策前瞻性针对性协同性，系统性提振企业、居民和市场多维度信心。对于资 本市场而言，会议部署不仅夯实了"稳"的基础，更在产业升级与改革关键处指明了"进"的方向，将主导 未来的结构性投资主线。 宏观政策更加积极有为 合力熨平经济波动 "会议为宏观政策制定和市场预期形成提供了科学的哲学方法论，很多人忽视了这一点的重要 性。"李冠英表示。 会议指出，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。这些大多是发展中、转型中的问题，经过努力是可以解决的，我国经济 长期向好的支撑条件和基本趋势没有改变。要坚定信心、用好优势、应对挑战，不断巩固拓展经济稳中 向好势头。 转自：证券日报网 进入与实 ...

2026年中国经济怎么干？一图读懂！ 中央经济工作会议 12月10日至11日在北京举行 如何做好明年经济工作？ 一图梳理↓ 我国经济长期向好的支撑条件和基本趋势没有 改变。要坚定信心、用好优势、应对挑战,不断 巩固拓展经济稳中向好势头。 五个"必须" 240元 - SE S M P 0%列 - 【 的 - 必须做到既"放得活"又"管得好" 0%如果 投资手物和投资于人紧密结合 2%列以普绕内功度应对外部挑战 总体要求 上一篇： - 140 11 12 2 7 2 暨続急中发起工作总基调，更好统筹国内经济工 假和国际经贸科争,更好统筹发展和安全 初审：李振斌 复审：王进 终审：周鹤 圆地制宜发展新质生产力，纵深推进全国统一大 市场推出设 着力稳就业、稳企业、稳市场、稳预期 征远经济ஜ现员的有效提升和量的合理增长,保 持在线和谐稳起。 ஜ现"十五五"良好开局 政策部署 堅持稳中求過。提质增效 继续要就可到加盟网的财政政策 继续到随着原因的货币政策 增强泵观政策取向一致性和有效性 健全预期管理机制，提振社会信心 2026年经济工作抓好以下重点任务 rtt Extrade and and the will be th ...

Investment Rating - The report indicates a cautious outlook for the toll road industry, with expectations of low growth in investment and revenue due to diminishing returns from toll income as the road network matures [5][6]. Core Insights - The toll road industry in China is experiencing a significant slowdown in investment growth, with 2024 projected to see the lowest growth rate in history at -12.2% [6][13]. - The demand for road transport remains stable, but competition from high-speed rail and civil aviation is impacting passenger transport volumes, while the freight transport sector may face challenges due to the "dual carbon" goals promoting a shift from road to rail and water transport [6][20][21]. - The industry is moving towards a new phase of intelligent development, driven by government policies and initiatives aimed at integrating artificial intelligence into transportation [6][8][9]. Industry Policies - Recent policies focus on optimizing toll collection methods, enhancing road utilization, and encouraging private capital participation in toll road projects [7][8]. - The government is pushing for reforms in toll road management and maintenance systems, aiming to improve operational efficiency and financial stability [7][9]. - The introduction of guidelines for public-private partnerships in toll road projects aims to ensure that project revenues cover construction and operational costs while encouraging private investment [8]. Industry Performance - The toll road network in China has expanded significantly, reaching a total length of 190,700 kilometers by the end of 2024, with a year-on-year growth of 3.9% [14]. - Investment in toll roads has been substantial, maintaining an annual scale of over 1 trillion yuan since 2018, but growth rates have declined since 2020 [13][14]. - The financial performance of toll road enterprises shows a notable regional disparity, with eastern provinces generally exhibiting higher toll revenue per kilometer compared to western regions [32][42]. Debt and Financial Analysis - The overall debt burden of toll road enterprises is increasing, with total debt reaching approximately 91,520.30 billion yuan by mid-2025, and a slight increase in the debt capitalization ratio to 64.33% [4][42]. - Short-term debt levels are rising, and while cash assets cover short-term obligations, the overall coverage ratio is moderate, indicating potential liquidity concerns [42][49]. - Government support remains significant, particularly in western and northeastern regions, where enterprises are more reliant on subsidies to maintain operations [42][52]. Company Analysis - The report highlights that provincial toll road enterprises dominate the traffic infrastructure investment and management landscape, with many holding over 60% of the toll road mileage in their respective provinces [31]. - Companies are diversifying their operations beyond traditional toll collection, engaging in construction, real estate development, and smart transportation initiatives to enhance resilience against market fluctuations [34][40]. - The trend towards mergers and acquisitions is evident, with companies seeking to consolidate assets and improve market competitiveness [34][35].

证券代码：301632 证券简称：广东建科 广东省建筑科学研究院集团股份有限公司 投资者关系活动记录表 答：公司重视科技创新和数字化转型，近三年主营业务研发费 用率呈现逐年上升趋势，主要投入于行业战略性、前沿性领域的研 发，绿色低碳科技研究等方面的研究。截至 2025 年 6 月 30 日，公 编号：2025-021 投资者关系 活动类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 ☑ 现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 广州泽恩投资 曹盈盈 松山创业投资 吴德有 深圳中天汇富基金管理有限公司 何佑胜 广东金豆子 马杰辉 深圳诚和昌私募基金投资有限公司 戴九侯 中金资本 刘弦 灏达投资 资香莲 乐盈(珠海)私募证券投资公司 鲍传广 东北证券 吴源恒 广州市摩星岭控股有限公司 董佳宁 广州南杰利私募基金 林小峰 广州瑞民基金 罗小明 广新基金 赖增强 中大情私募基金管理有限公司 刘剑荣 广东凯鼎投资有限公司 甄义勇 华福证券 王二鑫 润生投资 汪江涛 乐盈投资 李俊 时间 2025 年 12 月 12 日（星期五）14:00-16:30 ...

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Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the strategic cooperation between China and France in addressing global climate and environmental challenges, emphasizing the importance of multilateralism and the implementation of international agreements such as the Paris Agreement [5][6][9] - The report indicates that China's carbon emissions growth has significantly slowed, with a 0.6% increase in 2024 compared to 2023, which is lower than the global average of 0.8% [17][19] - The establishment of a green foreign debt pilot program in Shanghai aims to support "dual carbon" key enterprises, with over 300 million RMB in financing for green technology projects [20][22] Policy Developments - China and France issued a joint statement on climate cooperation during President Macron's visit, reaffirming their commitment to international climate agreements and cooperation in various areas such as carbon pricing and methane reduction [5][6][7] - The China Securities Regulatory Commission (CSRC) is seeking public opinion on a draft regulation aimed at enhancing corporate governance and investor protection in listed companies [11][12][13] Industry Trends - The Ministry of Ecology and Environment released the "2025 China Mobile Source Environmental Management Annual Report," indicating that mobile sources are a significant contributor to air pollution, with total emissions reaching 18.582 million tons in 2024 [14][15][16] - The "2024 China Greenhouse Gas Bulletin" shows that China's anthropogenic carbon emissions increased by approximately 0.6% in 2024, reflecting effective implementation of carbon reduction commitments [17][19] - The Shanghai branch of the State Administration of Foreign Exchange has initiated a green foreign debt pilot program, with three key enterprises signing agreements to raise over 300 million RMB for green projects [20][22] International Events - The United Nations Environment Programme (UNEP) released the 2025 Climate Adaptation Gap Report, highlighting a significant funding gap for climate adaptation in developing countries [24][25] - Former President Trump announced plans to roll back fuel economy standards, which could impact environmental progress in the U.S. automotive industry [26][27][28] - Germany's government has agreed to construct hydrogen-compatible gas power plants, potentially delaying the coal phase-out process [29] Corporate Developments - China Gas and EVE Energy have entered a strategic partnership to collaborate on energy storage and green energy projects [30][31] - Hutchison Whampoa has been recognized as an "ESG Leading Company" for three consecutive years, reflecting its commitment to sustainability and responsible governance [32][33]