发改委表示，内需不足是当前中国经济运行面临的主要挑战，突出表现为居民消费率偏低，2024年我国 居民消费率为39.9%，与发达国家相比仍有约10-30个百分点的差距，特别是服务消费占比偏低。 投资方面，发改委提到，当前人口老龄化程度快速加深，人口结构和流向正在发生新的变化，房地产投 资增速回落具有一定必然性，一些领域制造业投资存在低水平重复和同质化竞争等问题，有的地方铁 路、公路等传统基础设施已接近饱和，投资回报率出现下降。一些领域市场准入还存在隐性限制，制约 民营企业投资积极性，民间投资已连续两年下降，占固定资产投资比重已低于50%。 记者 辛圆 国家发展和改革委员会党组在《求是》杂志撰文，强调要坚定实施扩大内需战略，包括提升居民消费意 愿和增强居民消费能力，积极拓展有效投资空间等。 中央经济工作会议12月10日至11日在北京举行。会议明确提出，坚持内需主导，建设强大国内市场。 具体来看，会议提到，要深入实施提振消费专项行动，制定实施城乡居民增收计划。扩大优质商品和服 务供给。推动投资止跌回稳，适当增加中央预算内投资规模，优化实施"两重"项目。 发改委表示，接下来要着力释放居民消费潜力。一方面，大力提升居民 ...

2025.12.15 本文字数：3259，阅读时长大约5分钟 作者 |第一财经 祝嫣然 中央经济工作会议为2026年经济工作指明施政方向后，多部门已开始根据会议部署细化落实措施，将适 时出台增量政策。 近几日，国家发改委、财政部、央行、工信部、国资委等部门密集发声，对优化实施"两新""两重"、推 动投资止跌回稳、清理拖欠企业账款、加紧培育壮大新动能等方面进一步细化部署，提出一系列具体举 措。 12月13日，在2025～2026中国经济年会上，中央财办分管日常工作的副主任韩文秀表示，明年将根据形 势变化出台实施增量政策，要协同发挥存量政策和增量政策集成效应，推动经济稳中向好。要优化支出 结构，强化国家重大战略的财力保障，推动更多资金资源投资于人，统筹用好政府债券资金，更加注重 惠民生、扩内需、增后劲。 "当前我国经济发展中周期性、结构性、体制性问题相互交织叠加。"韩文秀强调，没有包治百病的灵丹 妙药，必须综合施策，既要加强宏观调控，减轻短期经济波动，又要不失时机地全面深化改革，向改革 要动力、要活力，推动经济更多转向内生增长。 "逆周期""跨周期"各有所指 中央经济工作会议指出，明年经济工作在政策取向上，要坚持 ...

Core Viewpoint - The article discusses the Chinese government's economic policy direction for 2026, emphasizing the need for both incremental and stock policies to stabilize and improve the economy, with a focus on enhancing domestic demand and investment [3][4][6]. Group 1: Economic Policy Direction - The Central Economic Work Conference has outlined that the economic work for next year will focus on stabilizing progress and improving quality, integrating stock and incremental policies, and enhancing macroeconomic governance effectiveness [6][7]. - The government aims to implement a more proactive fiscal policy and moderately loose monetary policy to support economic stability and transition from quantity to quality growth [6][7]. Group 2: Investment and Consumption - The government plans to increase central budget investment and optimize the implementation of major projects to stimulate investment and address the decline in fixed asset investment [11][12]. - There will be a focus on enhancing consumer spending through various measures, including urban and rural income growth plans and the promotion of consumption in sectors like services and technology [10][11]. Group 3: Innovation and Industry Development - The emphasis on innovation and industrial development is highlighted, with plans to implement actions for high-quality development of key industrial chains and promote advanced manufacturing clusters [14][15]. - State-owned enterprises are expected to play a crucial role in driving innovation and upgrading traditional industries, ensuring the stability and security of national strategic industrial chains [15][16].

Core Insights - In September, China's total electricity consumption reached 888.6 billion kWh, marking a year-on-year increase of 4.5%. For the first three quarters, total electricity consumption accumulated to 7,767.5 billion kWh, with a growth of 4.6% year-on-year [1] - The third quarter saw a significant electricity consumption of 2.9 trillion kWh, driven by high temperatures in July and a recovering macroeconomic environment, leading to increased industrial capacity [1] - The second industry contributed 51% to the total electricity consumption growth in the third quarter, with a year-on-year increase of 5.1% [1] Industry Performance - The industrial electricity consumption in the third quarter grew by 5.4%, an increase of 2.3 percentage points compared to the second quarter. Manufacturing electricity consumption also rose by 5.2%, up by 3.2 percentage points from the previous quarter [2] - The third industry experienced a robust growth in electricity consumption, with an 8.3% year-on-year increase in the third quarter, driven by policies promoting consumption and the rapid development of new infrastructure [2] - Notable growth was observed in sectors such as information transmission, software, and IT services, with electricity consumption increasing by 33.8% year-on-year, and the electric vehicle charging services sector saw a remarkable growth of 49.6% [2] Quarterly Trends - Year-on-year growth rates for total electricity consumption were 2.5% in Q1, 4.9% in Q2, and 6.1% in Q3, indicating a consistent upward trend throughout the year [3]

Core Insights - In September, the total electricity consumption reached 888.6 billion kWh, marking a year-on-year increase of 4.5% [2] - The secondary industry's electricity consumption was 570.5 billion kWh, with a year-on-year growth of 5.7%, indicating a significant rebound [2] - The third industry's electricity consumption in September was 176.5 billion kWh, showing a year-on-year increase of 6.3% [3] Group 1: Electricity Consumption Trends - The total electricity consumption for the third quarter increased by 5.1% year-on-year, with the secondary industry contributing 51.0% to this growth [2] - Industrial electricity consumption grew by 5.4% year-on-year in the third quarter, an increase of 2.3 percentage points from the second quarter [2] - Manufacturing electricity consumption rose by 5.2% year-on-year in the third quarter, up by 3.2 percentage points from the previous quarter [2] Group 2: Sector-Specific Growth - The rapid development of new energy vehicles and charging infrastructure has significantly boosted electricity consumption in the information transmission/software and IT services sectors, which grew by 18.3% and 11.7% respectively in the third quarter [3] - The internet and related services sector saw a remarkable year-on-year growth of 33.8% in electricity consumption during the third quarter [3] - The electric vehicle charging services sector experienced a staggering year-on-year increase of 49.6% in electricity consumption [3]

Group 1 - The issuance of 1.3 trillion yuan of ultra-long-term special government bonds has been completed, providing a strong financial foundation for counter-cyclical adjustment policies in China [2] - The funds from these bonds are allocated to support "two new" policies and "two heavy" project constructions, with 8 billion yuan aimed at supporting project investments and 5 billion yuan for consumption subsidies [2] - The implementation of these policies has led to an uneven economic recovery, necessitating the introduction of more inclusive policies to support various industries [3] Group 2 - The newly revised Anti-Unfair Competition Law has come into effect, specifically targeting unfair competition in the platform economy and enhancing regulations on data and algorithm usage [4] - The law prohibits behaviors such as forced redirection and malicious uninstallation that disrupt competitors' services, as well as the misuse of data and platform rules to undermine competition [4][5] - This law aims to create a fair market environment, encouraging businesses to focus on improving product and service quality rather than engaging in chaotic competition [5] Group 3 - DJI has filed an appeal against the U.S. Department of Defense's decision to classify it as a "Chinese military enterprise," which has restricted its business operations in the U.S. [6][7] - The classification lacks substantial evidence, raising questions about the criteria used by the Department of Defense [6] - The ongoing legal battle may hinder DJI's ability to operate in the U.S. market, reflecting broader challenges faced by Chinese companies abroad [7] Group 4 - The National Civil Service Examination has relaxed age restrictions for applicants, now allowing candidates up to 38 years old, and up to 43 for master's and doctoral graduates [8][9] - This change is seen as a response to the growing calls against age discrimination in the job market, promoting a more inclusive employment environment [9] Group 5 - Samsung Electronics reported a significant increase in operating profit for Q3, reaching 12.1 trillion won (approximately 8.5 billion USD), driven by a recovery in the chip business [12] - The company's sales also grew by 8.7% year-on-year, marking a notable rebound in performance [12] - The demand for DRAM chips has surged, with prices increasing by 171.8% compared to the previous year, contributing to Samsung's strong financial results [12] Group 6 - Silver prices reached a historic high of $53.639 per ounce, driven by various market factors, including increased demand for safe-haven assets amid global uncertainties [14] - The sharp rise in silver prices has been attributed to a "short squeeze" phenomenon, where speculators pushed prices up due to a lack of available physical silver for delivery [15] - The overall market dynamics indicate a volatile environment, influenced by both speculative trading and fundamental supply-demand factors [15] Group 7 - The stock market experienced fluctuations, with the Shanghai Composite Index falling by 0.62% amid a mixed performance across sectors [16] - The market's volatility reflects the ongoing impact of external factors, including U.S.-China trade tensions, which complicate the investment landscape [17] - The rotation of market hotspots has become more pronounced, with new trends emerging at a pace that struggles to keep up with the decline of older ones [17]

Economic Overview - In July, China's economy experienced short-term fluctuations due to extreme weather conditions, with market attention focused on whether August data can stabilize and rebound [2] - The National Bureau of Statistics is set to release key economic indicators on September 15, including industrial added value, retail sales, and fixed asset investment [2] Industrial Performance - The forecast for August's industrial added value year-on-year growth is 5.7%, consistent with the previous month's data [4] - The manufacturing Purchasing Managers' Index (PMI) for August is reported at 49.4%, a slight increase of 0.1 percentage points from the previous month, indicating some improvement in manufacturing sentiment [4] - Analysts note that while the PMI shows marginal recovery, it remains below the critical threshold, reflecting ongoing economic downward pressure [4] Consumer Trends - The predicted year-on-year growth for social retail sales in August is 3.9%, slightly higher than the previous month's 3.7% [6] - Factors contributing to this growth include a revival in tourism and automotive consumption, although retail and housing-related consumption remain weak [6] - The automotive sector shows significant growth, with production and sales exceeding 2 million units for the first eight months of the year, and August figures indicating a month-on-month increase of 8.7% in production and 10.1% in sales [7] Investment Insights - The forecast for fixed asset investment growth in August is 1.5%, slightly lower than the previous month's 1.6% [8] - Infrastructure investment is expected to receive support from government spending and the allocation of funds for key projects, while manufacturing investment may be impacted by ongoing "anti-involution" policies [8] - The introduction of new policy financial tools is anticipated to bolster investment in emerging industries [8] Future Outlook - The economic landscape is characterized by resilient external demand and weaker internal demand, necessitating further policy measures to stimulate domestic consumption [9] - The focus for the upcoming quarter will be on promoting internal demand, stabilizing foreign trade, and optimizing economic structure through fiscal and monetary policies [9] - Long-term strategies will emphasize high-quality urban development and the cultivation of new productive forces, aiming for effective qualitative and quantitative growth by 2026 [9]

Core Insights - The value-added growth rate of China's large-scale non-ferrous metal industry increased by 7.6% year-on-year in the first half of the year, surpassing the national average industrial growth rate by 1.2 percentage points [2] - The production of ten common non-ferrous metals reached 40.319 million tons, a year-on-year increase of 2.9%, with refined copper and electrolytic aluminum leading the overall industry growth [2] - Revenue and profit for the non-ferrous metal industry grew by nearly 15% year-on-year, significantly higher than the overall industrial average growth rate, attributed to effective supply-side reforms [2] Industry Performance - From January to June, large-scale non-ferrous metal enterprises achieved operating revenue of 479.325 billion yuan, a year-on-year increase of 14.9%, and total profit of 21.785 billion yuan, a year-on-year increase of 15.0% [2] - The non-ferrous mining and selection industry reported a total profit of 59.55 billion yuan, marking a substantial year-on-year increase of 40.3% [2] - The expected annual growth rate for the value-added of the non-ferrous metal industry is around 5%, with a projected year-on-year increase of 2-3% for the production of ten common non-ferrous metals [2]

Core Viewpoint - The Chinese government is accelerating the approval and establishment of new policy financial instruments to boost infrastructure investment and support economic stability in the second half of the year [1][4]. Group 1: New Policy Financial Instruments - Various regions, including Guangzhou and Yibin, are holding meetings to discuss the implementation of new policy financial instruments, with Yibin's scale set at 500 billion yuan [2]. - The new policy financial instruments are expected to be led by policy development banks, similar to the 2022 initiative that established 740 billion yuan in infrastructure investment funds [2]. - The investment focus of these new instruments includes traditional infrastructure as well as emerging sectors like digital economy and artificial intelligence [2]. Group 2: Monetary Policy Support - The new policy financial instruments will be supported by the central bank's PSL (Pledged Supplementary Lending), which aims to address capital shortages in key projects [3]. - The PSL rate was recently reduced from 2.25% to 2%, enhancing the cost-effectiveness of funding for policy development banks [3]. Group 3: Investment Expansion Factors - The National Development and Reform Commission has allocated 800 billion yuan for "two heavy" construction projects this year, with 735 billion yuan of central budget investment already distributed [4]. - The issuance of special government bonds, including ultra-long-term bonds, is set to accelerate, with an increase of 300 billion yuan in the quota compared to last year [4]. - In July, local governments issued a record 616.9 billion yuan in new special bonds, indicating a faster pace of issuance [5]. Group 4: Efficiency in Fund Utilization - There is a strong emphasis on improving the efficiency of fund utilization and accelerating project readiness to ensure quick implementation of new policy financial instruments [6]. - The new policy financial instruments are expected to leverage 1.5 trillion to 2.5 trillion yuan in infrastructure investment, contributing to a projected increase in infrastructure investment growth to 6.0% for the year [6]. - The ongoing issuance of special bonds and local government bonds is anticipated to further support infrastructure investment, particularly in equipment manufacturing and high-tech sectors [6].

Core Viewpoint - The recent change in controlling shareholders at Diou Home (002798) involves the addition of Zhu Jiang and others, increasing the total shareholding of the four shareholders to 26.46% [1][2][3] Shareholder Changes - Zhu Jiang, Liu Jin, Chen Wei, and Wu Zhixiong signed a strategic cooperation agreement to enhance the company's convertible bond conversion and liquidity support [2] - The actual controllers of the company are currently Liu Jin, Chen Wei, and Wu Zhixiong, with Zhu Jiang being added as a new controller [2] - Zhu Jiang, who controls Chengdu Shuihua Interconnection Technology Co., has committed to reducing the company's convertible bond balance and providing liquidity support when necessary [2][3] Shareholding Structure - Prior to the agreement, Liu Jin, Chen Wei, and Wu Zhixiong held a combined equity stake of 23.2%, which increased to 26.46% after Zhu Jiang's inclusion [3] - Zhu Jiang and his associates hold a total of 3.26% of the shares, with a combined equity stake of 6.45% when including convertible bonds [3] Company Performance - Diou Home has faced declining revenues and continuous losses due to the ongoing adjustments in the real estate sector, reporting a net loss of 569 million yuan last year [4] - In the first quarter of this year, the company reported a net loss of 44.07 million yuan [4] Strategic Initiatives - The company is focusing on channel strategy transformation, product structure improvement, and cost reduction to enhance core business resilience [5] - The gross margin for the tile business improved to 21.06% in the first quarter of 2025, an increase of 2.89 percentage points compared to the previous year [5] Industry Outlook - The home building materials industry is expected to benefit from increased support for the real estate market, which may drive demand for building ceramics and sanitary products [5] - The government is expected to implement policies to boost domestic demand, including subsidies for home renovation and smart home consumption, which could significantly release consumer demand in the home building materials sector [5] - The industry is experiencing accelerated capacity upgrades, which may lead to a further increase in market concentration [5]