Core Viewpoint - The Central Economic Work Conference held on December 10-11, 2025, emphasized the need for qualitative and effective economic growth while ensuring reasonable quantitative growth, setting the direction for China's economic focus in the "14th Five-Year Plan" period [1][2]. Economic Policy and Strategy - The conference highlighted the importance of fully tapping economic potential, balancing policy support with reform innovation, and integrating investments in both physical and human capital [2][3]. - A series of "musts" were proposed to guide economic work, reflecting a deepened understanding of economic operations under new circumstances [2][3]. - The conference called for a more proactive macroeconomic policy, emphasizing stability and quality improvement, and increasing counter-cyclical and cross-cyclical adjustments [4][5]. Domestic Market Development - Building a strong domestic market was identified as a strategic foundation for modernization, with a focus on enhancing domestic demand and addressing the current insufficient effective demand [7][8]. - Specific measures to boost consumption and investment were outlined, including increasing central budget investments and optimizing local government bond usage [7][8]. Innovation and New Growth Drivers - The conference stressed the need for innovation-driven growth, proposing the establishment of international technology innovation centers in key regions [9][10]. - It emphasized the importance of integrating technological and industrial innovation to enhance overall efficiency in the industrial system [9][10]. Reform and Opening Up - The conference underscored the necessity of deepening reforms to stimulate high-quality development, addressing systemic barriers, and promoting a unified national market [12][13]. - Specific measures for expanding service sector openness and enhancing digital and green trade were proposed [12][13]. Regional Development and Coordination - Promoting coordinated regional development and urban-rural integration was highlighted as essential for modernization, with a focus on county-level economic development [13][14]. - The conference called for strengthening cooperation among major urban clusters and enhancing the overall planning of coastal economies [13][14]. Green Transition - The conference outlined a commitment to a comprehensive green transition, emphasizing carbon reduction and environmental protection measures [15][16]. - Specific actions were proposed to improve energy efficiency and manage pollution, aiming for a balance between economic growth and environmental sustainability [15][16]. Social Welfare and Employment - The conference focused on improving people's livelihoods, with measures aimed at stabilizing employment for key groups and enhancing educational opportunities [17][18]. - It emphasized the importance of translating economic development outcomes into improved living standards for the populace [17][18]. Risk Management - The conference addressed the need to manage risks in key areas, particularly in the real estate market and local government debt [18][19]. - Specific strategies were proposed to stabilize the real estate market and mitigate local government debt risks, ensuring sustainable economic development [18][19]. Leadership and Governance - The conference stressed the importance of strong leadership in economic work, advocating for a unified approach to implementing economic policies [20][21]. - It called for a focus on performance metrics that prioritize public welfare and effective governance [20][21].

文 | 央视新闻 中央经济工作会议在北京举行 习近平发表重要讲话 李强作总结讲话 赵乐际王沪宁蔡奇丁薛祥李希出席会议 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。中共中央政治局常委李强、赵乐际、王沪宁、蔡奇、丁薛祥、李希出 席会议。 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。李强作总 结讲话，对贯彻落实习近平总书记重要讲话精神、做好明年经济工作提出要求。 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。 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 ...

中央经济工作会议12月10日至11日在北京举行。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。 新京报贝壳财经记者对比往年内容发现，本次会议在政策取向上突出"稳中求进、提质增效"，并提出"发挥存量政策和增量政策集成效应"。会议强调，要着 力稳就业、稳企业、稳市场、稳预期，传递出明年经济工作将更注重结构优化、风险化解与民生实质改善的新信号。 2025年中央经济工作会议多项提法更新升级，释放明年经济工作稳中求进、提质增效新信号。 推动标志性改革举措落地见效。 高质量完成国有企业改革深化提 升行动,出台民营经济促进法。 开展规范涉企执法专项行动。制 定全国统一大市场建设指引。加 强监管,促进平台经济健康发 展。 开展"人工智能+"行动,培育 人工智能 未来产业。加强国家战略科技力 量建设。 促进居民收入增长和经济增长同 步。实施提振消费专项行动，推 动中低收入群体增收减负。 高质量完成 ...

稳中求进，修炼内功 [Table_Authors] 刘姜枫(分析师) 政策基调总体温和，下调对外风险评价，重视短期的扩大内需和中长期的"内功" 修炼。 投资要点： | 021-38031032 | | --- | | liujiangfeng@gtht.com | | | 邵睿思(研究助理) | | --- | --- | | | 010-83939827 | | | shaoruisi@gtht.com | | 登记编号 | S0880125070011 | | | 梁中华(分析师) | | | 021-23219820 | | | liangzhonghua@gtht.com | | 登记编号 | S0880525040019 | [Table_Report] 相关报告 核心 CPI 同比维持高位 2025.12.10 出口：动能修复，但基数将升 2025.12.08 内需主导，提质增效 2025.12.08 美联储降息：或踩刹车 2025.11.21 收入增速升，支出需加码 2025.11.17 券 研 究 报 告 请务必阅读正文之后的免责条款部分 宏 ——2025 年 12 月中央经济工作会议学习体会 ...

报告导读： 政策基调总体温和，下调对外风险评价，重视短期的扩大内需和中长期的"内 功"修炼。 中央经济工作会议 12 月 11-12 日在北京举行，会议贯彻了 12 月 8 日中央政治局会议对经济工作的定调，部署了 2026 年经济工作的八大重点任务。 总体来看，会议充分肯定了今年的经济工作，总结当前经济面临的机遇与挑战，下调对外风险评价，重视短期的扩大内需和中长期的"内功"修炼。预计 2026 年宏观政策有望延续积极基调，但不搞大水漫灌强刺激，做好"逆周期"调节的同时，也会注重"跨周期"调节。 具体来看，会议新闻稿有以下六个亮点： 第一，政策基调偏温和，聚焦内部形势和中长期问题。 总体基调由 2024 年底经济工作会议的"稳中求进，以进促稳、守正创新"，转变为"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"。表态上偏温和，预计 2026 年宏观政策有望延续 2025 年基调，整体积极，但也不会大水漫灌强刺激。 第二，明确财政和货币政策具体方向，表达出政策态度的连续性。财政政策方面， 一是，保持必要的财政赤字、债务总规模和支出总量，预计赤字率维持在 4% 左右。二是，提出"规范税收优惠和财政补贴政 ...

Core Viewpoint - The Central Economic Work Conference has outlined key economic tasks for 2026, providing clear guidance for CIMC Group's (000039) development [1] Group 1: Domestic Market and Innovation - CIMC Group's logistics and energy equipment advantages align with the demand for products and services in urban renewal and new infrastructure construction [1] - The conference's emphasis on addressing "involution" competition creates a more favorable market environment for CIMC Group to rely on innovation and pursue quality and efficiency [1] - The company aims to focus on technological innovation and high-quality development, particularly in high-end marine engineering equipment, transitioning from "price wars" to "value wars" [1] Group 2: International Expansion and Strategic Planning - The conference's commitment to "opening up" supports CIMC Group's international business expansion through the Belt and Road Initiative [1] - The company is increasing its presence in Southeast Asia and the Middle East, leveraging global energy transition and digital upgrades to promote its solutions in international markets [1] - CIMC Group has successfully delivered several benchmark projects in Southeast Asia, particularly in data center construction and high-end marine engineering equipment [1] Group 3: Green Transformation and New Energy - The conference's focus on cultivating new momentum and adhering to "dual carbon" goals aligns with CIMC Group's new five-year strategic plan, aiding its innovation and green transformation in cold chain equipment, modular buildings, and clean energy [2] - CIMC Group's clean energy business encompasses green methanol, hydrogen, and energy storage, establishing a collaborative framework across the clean energy industry chain [2] - Notable projects include a 50,000 tons/year bio-green methanol demonstration plant in Zhanjiang and a joint hydrogen production project with Ansteel, which is expected to reduce carbon emissions by 470,000 tons annually [2] - CIMC Group has shipped over 60 GWh of energy storage equipment globally, securing a significant position in the industry [2]

Core Viewpoint - The Central Economic Work Conference held on December 10-11, 2025, outlined the economic work for 2026, setting a clear direction for the "14th Five-Year Plan" and injecting strong momentum into the high-quality development of the futures industry [1][6]. Group 1: Economic Context - The "14th Five-Year Plan" is nearing completion, with China successfully achieving major economic and social development goals despite complex international challenges [2][7]. - The futures industry has expanded significantly during this period, with continuous market growth, a more comprehensive futures and options product system, and improved risk management frameworks [2][7]. Group 2: Policy Implications - The conference emphasized stabilizing growth and expectations through a combination of proactive fiscal policies and moderately loose monetary policies, which will support macroeconomic stability and signal positive developments for financial markets, including the futures industry [3][8]. - Key tasks identified include domestic demand-led growth, innovation, reform, and green transformation, aligning closely with the futures industry's role in price discovery and risk management [3][8]. Group 3: Industry Development Strategy - The company aims to enhance its core mission of risk management and support for industrial development by focusing on its strengths in the mining sector and aligning with national priorities such as green and low-carbon industries [4][9]. - The company plans to develop an integrated service system that combines mining characteristics with comprehensive advantages, leveraging AI and technology to address service homogenization issues and enhance collaboration within the industry [4][9]. - The company is committed to compliance and creating value, fostering a positive industry ecosystem to enhance the recognition of the futures industry's value [4][9].

Core Viewpoint - The important speech by General Secretary Xi Jinping at the Central Economic Work Conference provides guidance for high-quality economic development in China, serving as a fundamental directive for the futures industry to align its direction, plan development, and promote practice [1] Group 1: Economic Strategy and Risk Management - The company will focus on strengthening risk management support for the real economy, aligning with the central strategy of building a strong domestic market, which emphasizes the importance of domestic demand [1] - The company aims to enhance its role in resource allocation and risk management, providing comprehensive hedging solutions that cover the entire supply chain from procurement to production and inventory [1] Group 2: Digital Transformation and Innovation - The company identifies digital transformation as a core path for innovation, leveraging its self-developed intelligent hedging system "Tianji" to integrate AI and big data technologies into risk identification, strategy generation, and decision support [2] - The goal is to create an open, collaborative, and intelligent derivatives service ecosystem that enhances risk management efficiency and translates technological innovation into practical capabilities for supporting the real economy [2] Group 3: Rural Revitalization and Coordinated Development - The company is committed to extending financial services to rural areas, optimizing the "insurance + futures" model, and integrating it with credit financing and order agriculture to build a multi-level agricultural risk protection system [2] - The company aims to contribute to stabilizing the supply and prices of important agricultural products while promoting common prosperity through futures solutions [2] Group 4: Green Finance and Sustainable Development - The company aligns its business layout with the green development strategy, providing customized risk management services for green industries in response to the "dual carbon" initiative [3] - The company is exploring service models for carbon emission rights and green electricity derivatives, assisting traditional industries in managing market risks during their green transformation [3]

资料图 21世纪经济报道记者王峰北京报道 中央经济工作会议12月10日至11日在北京举行。会议对2025年做出了"我国经济顶压前行、向新向优发 展"的重要判断。 这一局面来之不易，特别是2024年9月26日中央政治局会议果断部署一揽子增量政策，使社会信心有效提振，经济明显回升，2025年宏观政策 贯彻落实了多项超常规逆周期调节举措。 对于2026年经济工作，中央经济工作会议提出"加大逆周期和跨周期调节力度"，其中对多项宏观政策的部署，措辞则从2025年的"加大""加 强""增加""扩大"等，转为更加注重"保持""优化"。同时，会议提出了多项新举措、新任务。 此次中央经济工作会议释放了哪些新信号，21世纪经济报道记者进行了梳理和解读。 信号一：继续实施更加积极的财政政策 会议指出，保持必要的财政赤字、债务总规模和支出总量，加强财政科学管理，优化财政支出结构，规范税收优惠、财政补贴政策。重视解决 地方财政困难，兜牢基层"三保"底线。严肃财经纪律，坚持党政机关过紧日子。 会议还指出，适当增加中央预算内投资规模，优化实施"两重"项目，优化地方政府专项债券用途管理。 坚持内需主导，建设强大国内市场，位列重点任务首位。会 ...

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, emphasizing the importance of domestic demand, innovation, reform, and sustainable development. Group 1: Domestic Demand and Market Development - Emphasis on domestic demand as the main driver for economic growth, with plans to implement actions to boost consumption and increase residents' income [1] - Initiatives to expand the supply of quality goods and services, and to optimize the implementation of new policies [1] - Measures to stabilize investment, including increasing central budget investments and optimizing the use of local government special bonds [1] Group 2: Innovation and New Growth Drivers - Focus on innovation-driven development, with plans to enhance education, technology, and talent development [2] - Establishment of international technology innovation centers in key regions such as Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area [2] - Strengthening the role of enterprises in innovation and improving intellectual property protection in emerging fields [2] Group 3: Reform and High-Quality Development - Commitment to reform efforts to enhance the vitality of high-quality development, including the establishment of a unified national market [2] - Plans to deepen state-owned enterprise reforms and improve regulations supporting the private economy [2] - Initiatives to clear overdue payments to businesses and promote win-win development for platform enterprises and their operators [2] Group 4: Opening Up and International Cooperation - Promotion of multi-field cooperation and gradual expansion of service sector openness [2] - Encouragement of service exports and development of digital and green trade [2] - Efforts to enhance the foreign investment promotion system and support the Belt and Road Initiative [2] Group 5: Coordinated Development and Urban-Rural Integration - Focus on urbanization and rural revitalization, with an emphasis on county-level economic development [3] - Commitment to maintaining food production and stabilizing prices of essential agricultural products [3] - Strengthening coordination among major urban clusters and enhancing cross-administrative cooperation [3] Group 6: Green Transformation and Carbon Neutrality - Initiatives to promote energy efficiency and carbon reduction in key industries [3] - Development of a new energy system and expansion of green electricity applications [3] - Implementation of comprehensive waste management actions and environmental protection measures [3] Group 7: Social Welfare and Employment - Actions to stabilize employment for key groups such as college graduates and migrant workers [4] - Plans to optimize educational resource allocation and increase the supply of quality educational opportunities [4] - Initiatives to enhance healthcare services and support for vulnerable groups [4] Group 8: Risk Management and Financial Stability - Focus on stabilizing the real estate market with tailored measures for different cities [4] - Efforts to reform the housing provident fund system and promote the construction of affordable housing [4] - Strategies to manage local government debt risks and optimize debt restructuring methods [4]