本报讯 （记者王宁）12月10日至11日，中央经济工作会议在北京举行。广发期货党委书记、董事长周 伟表示，本次会议同时也为期货行业高质量发展指明方向，为实现"十五五"开好局、起好步明确目标、 部署任务。 一是提高政治站位，强化战略引领。会议强调，"要按照党的二十届四中全会《建议》编制国家和地 方'十五五'规划及专项规划，推动高质量、可持续的发展"。2026年，是"十五五"规划开局之年，也是期 货行业乘势而上的关键起点。广发期货将坚持政治引领，牢牢把握加快建设金融强国的实践要求，主动 将自身发展融入国家战略大局，胸怀"国之大者"，主动担当作为，做好发展规划，以自身的确定性积极 应对未来的不确定性，为服务"稳就业、稳企业、稳市场、稳预期"积极贡献自身价值。 二是明确功能定位，提升服务质效。会议指出，"引导金融机构加力支持扩大内需、科技创新、中小微 企业等重点领域""完善海外综合服务体系"。广发期货将紧扣期货市场功能发挥的核心要义，加强资源 和功能聚焦，着力补短板、固底板、锻长板，积极完善综合化服务体系。一方面，广发期货将坚持服务 实体经济的初心使命，着力提升定价能力和交易能力，加强金融科技与研究赋能，做好投资者教 ...

Core Viewpoint - The report from China Galaxy Securities emphasizes the importance of the "14th Five-Year Plan" for the consumption industry, highlighting the need to focus on medium- to long-term consumption goals and the specific policies related to consumption expected to be implemented by 2026 [1][2]. Group 1: Policy Developments - The Central Economic Work Conference held on December 10-11, 2025, underscored the need to prioritize domestic demand and build a strong domestic market, implementing actions to boost consumption and develop plans for increasing urban and rural residents' income [2][4]. - The government has been actively promoting various policies to stimulate consumption, including the introduction of a special fund of 150 billion yuan for consumption upgrades and an additional 300 billion yuan in 2025 for similar initiatives [3][4]. Group 2: Consumption Trends - The report anticipates significant changes in service consumption by 2026, with a more favorable outlook compared to goods consumption, driven by recent policies aimed at enhancing service consumption and removing unreasonable restrictions in the consumption sector [1][3]. - The retail sales growth rate showed a year-on-year increase of 2.9% in October 2025, although it experienced a slight month-on-month decline of 0.1 percentage points, indicating ongoing challenges in the consumption market [3]. Group 3: Investment Recommendations - The report suggests focusing on high-dividend quality companies during market style shifts, as well as companies with alpha potential in various segments, including new consumption in the social service sector and food and beverage industries [5]. - Specific recommendations include companies like Gu Ming and Da Mai Entertainment in the new consumption sector, and Midea Group and Haier Smart Home in the home appliance sector, which are noted for their high dividend yields [5].

文：浙商期货董事长 胡军 文：浙商期货董事长 胡军 明年是"十五五"规划的开局之年，做好经济工作至关重要。刚刚召开的中央经济工作会议精准研判了当 前宏观经济形势，对明年经济工作作出一系列重要部署，必将进一步坚定发展信心，持续巩固经济稳中 向好势头，为实现"十五五"发展目标打牢发展基础。 站在新的历史起点上，要充分认识中央经济工作会议的重大意义，准确把握好主要目标和重要任务，贯 彻落实好"八个坚持"的相关要求，时刻谨记金融工作的政治性、人民性，以更强的动力、更足的信心不 懈努力、接续奋斗，努力在新征程中作出更多贡献。浙商期货始终坚持服务实体经济初心，以促进高质 量发展为主线，围绕做好金融工作"五篇大文章"，加快探索模式创新与服务升级，持续打造形成资源共 享、优势互补的期货保障体系，确保金融服务覆盖更广、成效更足。 会议强调"要坚持稳中求进、提质增效。"在政策引导与市场驱动中，浙商期货将不断提升专业能力和创 新水平，最大程度上释放出期货市场的服务保障功能，为加快建设金融强国目标持续贡献期货力量。始 终坚持党对金融工作的领导，切实增强做好金融行业党建工作的责任感使命感，紧扣防风险、强监管、 促高质量发展工作要求，谋 ...

近日，中央经济工作会议在北京召开。通过深入学习领会会议精神，申万期货公司上下深受鼓励、倍感 振奋，同时深感使命在肩，公司必须以更高政治站位、更强使命担当将党中央决策部署转化为服务实体 经济、防范化解风险的具体行动，努力书写好金融强国建设进程中的期货篇章。 深入学习领会中央经济工作会议精神，积极践行金融工作的政治性与人民性。本次会议以"稳中求进、 提质增效"为总基调，明确了宏观政策取向与八大重点任务。从政策导向看，积极的财政政策与适度宽 松的货币政策形成合力，为实体经济注入活力，也为期货市场提供了稳定的政策环境。从任务部署看， 无论是扩大内需、创新驱动，还是绿色转型、风险化解，都与期货功能紧密相关。期货及衍生品作为风 险管理核心工具，在价格发现、套期保值等方面的作用，正是落实"提升宏观经济治理效能"要求的重要 支撑。申万期货将自觉把思想和行动统一到党中央对形势的科学判断和决策部署上来，践行金融工作的 政治性与人民性，找准期货服务经济大局的切入点。 坚定发展信心，在强化党建引领中凝聚奋进力量。会议传递的发展信心，是我们奋进的底气。当前，我 国经济长期向好的基本面未变，政策集成效应持续释放，特别是资本市场投融资改革 ...

Core Viewpoint - The Central Economic Work Conference has established a clear policy blueprint for the beginning of the 14th Five-Year Plan, emphasizing a systematic and practical approach to economic policy, focusing on targeted and effective measures to address existing challenges and stimulate economic growth [1][17][18]. Group 1: Economic Policy Focus - The conference highlighted the need for a shift from broad policy coverage to targeted and practical measures, integrating existing and new policies to enhance effectiveness [1][18]. - It emphasized the importance of addressing long-standing issues while recognizing new challenges, aiming to stabilize expectations and release internal economic momentum [2][20]. Group 2: Key Economic Strategies - The conference identified five essential strategies for economic governance: maximizing economic potential, balancing policy support with reform innovation, ensuring effective regulation, combining investments in physical and human capital, and strengthening internal capabilities to face external challenges [3][21]. - It focused on three main areas: expanding domestic demand, fostering innovation and reform, and managing risks in key sectors such as real estate and local government debt [4][22]. Group 3: Policy Implementation - The conference called for a combination of proactive fiscal policies and moderately loose monetary policies, ensuring policy continuity while optimizing implementation methods [6][23]. - It stressed the importance of coherent policy evaluation and management mechanisms to enhance market confidence and ensure effective execution [6][23]. Group 4: Domestic Demand and Investment - The conference proposed dual strategies to boost domestic demand through consumption and investment, including specific actions to increase central budget investments and stimulate private investment [7][24]. - It emphasized the need for a policy framework that supports consumer spending and investment in infrastructure, education, and healthcare to solidify the foundation for domestic demand growth [8][26]. Group 5: Innovation and Reform - The conference outlined plans to establish major international technology innovation centers and enhance intellectual property protection to drive innovation [9][27]. - It called for comprehensive reforms in various sectors, including the establishment of a unified national market and the promotion of private sector rights [10][28]. Group 6: Social Welfare and Risk Management - The conference highlighted the importance of social welfare measures, focusing on employment stability and improving living standards for vulnerable groups [11][29]. - It proposed targeted risk management strategies for the real estate market and local government debt, emphasizing a structured approach to prevent systemic risks [12][30].

Core Insights - The Central Economic Work Conference held on December 10-11, 2025, focused on analyzing the current economic situation and setting the macroeconomic policy for 2026, emphasizing the need for a robust economic strategy amidst internal and external challenges [1][2][4]. Group 1: Economic Overview - The year 2025 is described as a significant year, with the Chinese economy expected to navigate challenges while achieving a modernized industrial system and enhancing social welfare [2][4]. - The International Monetary Fund and World Bank have raised their growth forecasts for China's economy in 2025, highlighting its resilience and contribution to global economic stability [4]. Group 2: Policy Direction - The conference emphasized a policy approach of "seeking progress while maintaining stability," focusing on improving quality and efficiency in economic governance [12][14]. - A commitment to a more proactive fiscal policy and moderately loose monetary policy was reiterated, alongside efforts to enhance the effectiveness of existing policies [14]. Group 3: Key Economic Tasks - Eight key tasks for economic work in 2026 were identified, with a primary focus on expanding domestic demand and building a strong domestic market [16]. - The importance of innovation, particularly in artificial intelligence, was highlighted as a means to foster new growth drivers and enhance industrial integration [18][19]. Group 4: Social Welfare Initiatives - The conference proposed several measures aimed at improving people's livelihoods, including job stability initiatives for key demographics and educational resource adjustments to increase access to quality education [25][27]. - Emphasis was placed on healthcare reforms to reduce medication costs and enhance support for vulnerable groups, reflecting a commitment to social welfare [27][29].

12月10日，学习贯彻党的二十届四中全会精神市委宣讲团报告会在二七区嵩山路学校举行。市委宣 讲团成员、郑州公交集团市场开发中心主任张蕾为全区教育系统作专题宣讲。张蕾以"深学笃行四中全 会精神、接续推进中国式现代化"为主题，围绕"十四五"时期我国经济社会发展成绩单、在历史交汇点 上把握战略抉择的时代价值、准确把握"十五五"时期我国发展环境基本特征、解码中国式现代化的"十 五五"行动纲领、以实干担当把宏伟蓝图变为美好现实等五个方面，对党的二十届四中全会精神进行了 全面系统的阐述和深入浅出的解读。与会人员纷纷表示，宣讲报告重点突出、阐释深刻，具有很强的思 想性、指导性和启发性，使大家对全会精神的整体脉络与核心要义有了更清晰、更深入的理解。下一 步，将以此次宣讲为契机，深刻领会全会精神，自觉将学习成果转化为推动区域教育高质量发展的实际 成效，努力办好人民满意的"美好教育"，为二七区现代化建设贡献教育力量。 12月10日，市委宣讲团成员、郑州师范学院马克思主义学院副院长范会平先后走进经开区管委会、 经开区实验中学，为全区党员干部和学校师生开展学习贯彻党的二十届四中全会专题报告会。范会平围 绕党的二十届四中全会精神的重要 ...

对此，多家期货公司认为，作为"十五五"开局之年的关键部署，会议为新形势下经济工作绘就了蓝图， 为金融市场服务实体经济高质量发展指明了方向。作为资本市场的重要组成部分，期货行业应深刻领悟 会议精神，自觉将行业发展融入国家大局，立足风险管理本源，在服务高质量发展、统筹发展和安全中 主动担当、主动作为，为"十五五"实现良好开局注入期货动能。 坚守行业本源 提升服务实体经济质效 12月10日至11日，中央经济工作会议在北京举行。会议强调，做好明年经济工作，要实施更加积极有为 的宏观政策，增强政策前瞻性针对性协同性，持续扩大内需、优化供给，做优增量、盘活存量，因地制 宜发展新质生产力，纵深推进全国统一大市场建设，持续防范化解重点领域风险，着力稳就业、稳企 业、稳市场、稳预期，推动经济实现质的有效提升和量的合理增长，保持社会和谐稳定，实现"十五 五"良好开局。 会议提出，"引导金融机构加力支持扩大内需、科技创新、中小微企业等重点领域""促进粮食等重要农 产品价格保持在合理水平""持续巩固拓展脱贫攻坚成果，把常态化帮扶纳入乡村振兴战略统筹实施"。 行业人士认为，这些部署要求国内期货公司深耕主业，筑牢实体经济风险管理的"安全 ...

12月9日至11日，省政协用三个半天时间召开工作务虚会议，听取2025年工作汇报，研究谋划2026 年度重点工作。省政协主席徐新荣主持并讲话。他表示，要深入学习贯彻党的二十届四中全会精神和省 委十四届九次全会精神，谋早谋实谋细履职重点，充分发挥专门协商机构作用，为实现"十五五"良好开 局、奋力谱写中国式现代化建设的陕西新篇章贡献政协智慧力量。 会上，省政协副主席李兴旺、杨冠军、孙科、范九伦、李忠民、高岭就省政协及分管部门2026年重 点工作考虑进行发言。各专门委员会负责同志汇报工作情况和建议。 会议对省政协各专门委员会2025年的工作给予肯定。会议指出，今年以来，各专门委员会坚持深入 学习贯彻习近平总书记关于加强和改进人民政协工作的重要思想和历次来陕考察重要讲话重要指示，坚 持围绕中心、服务大局，持续加强专门协商机构建设，不断提升"四个凝聚"工作质效，各项工作取得了 新进展。 会议强调，2026年是"十五五"开局之年。要加强思想政治引领，把习近平新时代中国特色社会主义 思想作为统揽政协工作的总纲，在深化学习、创新形式、提升实效上下功夫，引导社会各界不断增 强"四个意识"、坚定"四个自信"、坚决做到"两个维护" ...

12月9日至11日，省委常委、常务副省长王晓到延安市、铜川市调研稳增长、重点项目建设、县域 经济、安全生产、保暖保供和省"十五五"规划《纲要》编制等工作。 王晓来到延安市、铜川市有关区县，与市县负责同志、基层干部群众、企业负责人等深入交流，实 地查看高质量项目建设、企业生产经营、县域产业发展、稳就业促增收、问题整改、高层建筑消防安 全、安全生产责任落实、冬季保暖保供等情况，征求"十五五"时期发展意见建议。他强调，要深入学习 贯彻党的二十届四中全会精神和习近平总书记历次来陕考察重要讲话重要指示，认真落实党中央、国务 院决策部署和省委、省政府工作要求，下定决战决胜的决心，交好决战决胜的答卷，保持决战决胜的态 势，充分发挥存量政策和增量政策集成效应，加强经济运行监测调度，持续强化能源工业"压舱石"作 用，促进产能充分释放、效益稳步提升，推动非能工业回升向好，促进服务业提质增效，挖掘消费潜 能，提高投资效益，增强重点行业、重点企业、重点产品、重点项目的带动作用，立足县域资源优势， 促进特色产业延链增效、联农带农，拓宽群众就业增收渠道，因地制宜推动县域经济高质量发展，一体 推进巡视、审计、督察等各类问题整改，扎实开展高 ...