中央经济工作会议在分析当前经济形势时指出，"国内供强需弱矛盾突出"，并将"坚持内需主导，建设 强大国内市场"列为明年重点任务之首。在外部环境变化影响加深，国内供强需弱矛盾突出的情况下， 必须以更强的紧迫感和主动性，更好统筹扩大内需和深化供给侧结构性改革，着力打通经济循环卡点堵 点，推动形成需求牵引供给、供给创造需求的更高水平动态平衡，加快实现国民经济良性循环。 统筹供给与需求，必须依靠深化改革打通卡点堵点。纵深推进全国统一大市场建设，不断完善产权保 护、市场准入等制度，综合整治"内卷式"竞争，持续扩大对内对外开放，促进消费和投资、供给和需求 良性互动，有效释放超大规模市场红利。（作者：金观平 来源：经济日报） [ 责编：袁晴 ] 供给和需求是经济发展的一体两面，二者辩证统一、互为条件。没有需求，供给就无从实现，新需求可 以催生新供给；没有供给，需求就无法满足，新供给可以创造新需求。这一基本关系，决定了经济发展 不是供给与需求的简单相加，而是相互促进、相互转化的动态过程。 内需不足是当前经济运行面临的主要挑战。拓展内需增长新空间，要坚持惠民生和促消费紧密结合，从 增收减负、丰富供给、减少限制、优化环境等方面入手 ...

依托矿产资源禀赋与政策扶持，贵州初步构建起"动力电池+新能源汽车+清洁能源+充电基建"的新能源 汽车产业链，为车企提供本地化配套支持，有效降低成本、增强供应链韧性。 当前，新能源汽车行业通过持续提供智能化、绿色化的优质消费品与服务，夯实国内大循环的产业根基 与消费韧性。未来，要继续紧扣消费者需求开展创新，并以高质量标准体系保障供给品质，实现供需在 更高水平上的动态平衡与产业健康发展；坚持以市场为导向的创新机制，以及"需求响应—供给优化— 全球适配"的发展模式，不断完善产业配套、强化技术创新，进一步促进国内国际双循环。 （作者为贵州师范大学材料与建筑工程学院教授，本报记者陈隽逸采访整理） （文章来源：人民日报） 车企良好衔接供给端与消费端，既破解了有效需求不足的发展堵点，又以主动供给激活了市场，实现了 做优增量、盘活存量。 ...

Market Performance - The Shenzhen Component Index and ChiNext Index opened lower but rose throughout the day, with the ChiNext Index increasing by over 3% at one point [1] - By the end of trading, the Shanghai Composite Index fell by 0.15%, while the Shenzhen Component Index rose by 1.02% and the ChiNext Index increased by 2.14% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.78 trillion yuan, a decrease of 28.8 billion yuan compared to the previous trading day, with 1,689 stocks rising and over 3,500 stocks falling [1] Sector Activity - Active sectors included CPO, influenza, and consumer sectors, while military and commercial aerospace sectors experienced adjustments [3] - The Ministry of Industry and Information Technology, along with other government bodies, issued a plan to enhance the adaptability of consumer goods supply and demand, aiming for significant optimization of the consumer goods supply structure by 2027 [3] Policy Initiatives - The plan aims to create three trillion-level consumption fields and ten hundred-billion-level consumption hotspots, focusing on high-quality consumer goods with cultural significance [3] - It emphasizes upgrading consumption to lead industrial upgrades and achieving a dynamic balance between supply and demand, with a goal of improving the contribution of consumption to economic growth by 2030 [3] Key Tasks - The plan outlines 19 key tasks across five areas, including accelerating the application of new technologies, expanding the supply of unique and new products, and fostering new consumption scenarios and business formats [3][4] - Specific focus areas include smart connected vehicles, smart home products, consumer electronics, modern textiles, food, and green building materials, with the goal of creating hundreds of iconic products and innovative companies [4] Market Segmentation - The plan also targets the expansion of green products, enhancement of rural consumer goods, and development of leisure and sports products [4] - It aims to adapt to trends in green and low-carbon consumption, improve product efficiency standards, and strengthen the supply of quality sports and outdoor equipment [4] - Additionally, it seeks to enrich the supply of children's products, enhance quality student supplies, expand fashionable "trendy" products, and optimize products for the elderly [4]

Core Viewpoint - The article discusses the fluctuations in major economic indicators in China due to external demand slowdown, weakened domestic demand, and high base effects from the previous year, emphasizing the need for stronger macroeconomic policies to stabilize growth [3][4]. Economic Indicators - In October, the industrial added value for large-scale enterprises grew by 4.9% year-on-year, slowing down by 1.6 percentage points from September [3]. - The total retail sales of consumer goods increased by 2.9% year-on-year, a slight decline of 0.1 percentage points from September [3]. - From January to October, fixed asset investment (excluding rural households) reached 408,914 billion yuan, a year-on-year decrease of 1.7% [3]. Government Response - The State Council, led by Premier Li Qiang, held a meeting to discuss the implementation of "two major" constructions aimed at enhancing consumption and investment [3][4]. - The government plans to enhance the adaptability of supply and demand in consumer goods to stimulate consumption and achieve a dynamic balance [3][4]. Investment Trends - Despite a decline in overall investment, emerging industries such as digital manufacturing and smart equipment are showing significant growth, with the digital industry manufacturing value-added increasing by 9.5% year-on-year [7][8]. - The investment in fixed assets has seen a historical decline, particularly in infrastructure, manufacturing, and real estate sectors [9]. "Two Major" Construction - The "two major" construction initiative is set to allocate 800 billion yuan to support 1,459 projects, focusing on strategic areas such as ecological restoration and major infrastructure [11][12]. - This initiative aims to optimize project reviews and enhance the quality of investments, promoting new productive forces [11][12]. Consumer Trends - Service consumption is becoming a significant growth point, with retail sales in services growing by 5.3% year-on-year [7]. - Digital and green consumption are expanding, with online retail sales increasing by 9.6% year-on-year, indicating a shift towards a more diversified consumption structure [8][14]. Supply and Demand Adaptability - Enhancing supply and demand adaptability is crucial for releasing consumption potential and ensuring economic circulation [13][15]. - The article highlights the need for a balance between supply and demand, with a focus on quality and personalized consumption [14][15].

Group 1: Hot News - As of the end of June this year, China's banking industry's total assets are nearly 470 trillion yuan, ranking first in the world; the stock and bond market sizes rank second in the world; and the foreign exchange reserve scale has ranked first in the world for 20 consecutive years. The total assets of the banking and insurance industries currently exceed 500 trillion yuan, with an average annual growth of 9% in the past five years; trust, wealth management, and insurance asset management institutions manage nearly 100 trillion yuan in assets; "white - list" project loans exceed 7 trillion yuan, supporting the construction and delivery of nearly 20 million housing units [2] - The People's Bank of China kept the one - year and five - year loan prime rates (LPR) unchanged at 3% and 3.5% respectively [2] - The cobalt export ban in the Democratic Republic of the Congo, which has been in effect since February this year, will end on October 15, and a new export quota policy will be implemented. The annual export quota ceiling is set at 96,600 tons in 2026 and 2027 [2] - The Ministry of Industry and Information Technology and other departments jointly issued the "Steel Industry Steady Growth Work Plan (2025 - 2026)", setting the average annual growth target of the steel industry's added value at about 4% in the next two years. By the end of 2025, more than 80% of steel production capacity should complete ultra - low emission transformation [3] - As of the week ending September 21, the good - to - excellent rate of US soybeans was 61%, lower than the market expectation of 62%, the previous week was 63%, and the same period last year was 64%. The soybean harvest rate was 9%, lower than the market expectation of 12%, the previous week was 5%, and the same period last year was 12% [3] Group 2: Key Focus and Night - Session Performance - Key commodities to focus on are urea, Shanghai copper, silver, crude oil, and PVC [4] - Night - session performance by sectors: Non - metallic building materials 2.58%, precious metals 31.73%, oilseeds and oils 10.70%, soft commodities 2.46%, non - ferrous metals 19.14%, coal, coke, steel, and minerals 14.23%, energy 2.93%, chemicals 11.93%, grains 1.05%, and agricultural and sideline products 3.25% [4] Group 3: Large - Class Asset Performance - Equity: The Shanghai Composite Index rose 0.22%, the CSI 300 rose 0.46%, the SSE 50 rose 0.43%, the CSI 500 rose 0.76%, the S&P 500 rose 0.44%, the Hang Seng Index fell 0.76%, the German DAX fell 0.48%, the Nikkei 225 rose 0.99%, and the UK FTSE 100 rose 0.11% [7] - Fixed - income: The 10 - year treasury bond futures rose 0.20%, the 5 - year treasury bond futures rose 0.13%, and the 2 - year treasury bond futures rose 0.04% [7] - Commodities: The CRB commodity index fell 0.41%, WTI crude oil fell 0.05%, London spot gold rose 1.66%, LME copper rose 0.13%, and the Wind commodity index rose 3.06% [7] - Others: The US dollar index fell 0.35%, and the CBOE volatility index was unchanged [7]

Group 1 - The steel industry in China experienced a total profit increase of 63.26% year-on-year in the first half of the year, indicating better-than-expected overall performance [1] - The national crude steel production reached 515 million tons, showing a 3.0% year-on-year decline, which aligns with the national industrial regulation policies [1] - The total profit of key steel enterprises, as reported by the China Iron and Steel Association, amounted to 59.2 billion yuan, reflecting a significant profit growth [1] Group 2 - Zhao Minge, president of the China Iron and Steel Association, stated that the production control measures implemented by the government to achieve a dynamic balance between supply and demand have been effective [3] - The crude steel production of 20 major steel enterprises, each producing over 10 million tons, decreased by 3.7% year-on-year, contributing to low steel inventory levels and a basic balance between supply and demand [3] - The demand for raw materials has decreased, leading to a downward shift in cost pressures within the industry [3]

Group 1 - The central government emphasizes the need to advance the construction of a unified national market, focusing on addressing key challenges and regulating low-price disorderly competition among enterprises to enhance product quality and facilitate the orderly exit of outdated capacity [1] - The "involution" competition in various industries is primarily characterized by low-price disorderly competition, driven by complex factors such as economic structural adjustments and excessive investment in emerging industries like photovoltaics and new energy vehicles [1][2] - The implementation of a series of policies to promote consumption and investment has stabilized the economy, but low price levels persist, as evidenced by a 6.5% increase in total retail sales since the launch of the old-for-new consumption initiative, while the CPI remains low [1] Group 2 - In May, the PPI decreased by 3.3%, and the accounts receivable of large industrial enterprises reached 26.4 trillion yuan, with a year-on-year increase of 9.0%, indicating a slowdown in the industrial supply-demand cycle and a decline in enterprise profits by 9.1% [2] - To address the supply-demand imbalance, it is necessary to regulate low-price disorderly competition and promote the orderly exit of outdated capacity, while also implementing production restrictions in industries with significant supply-demand issues [2] - The need for improved government behavior is highlighted, as local government policies have stimulated redundant investments and hindered the exit of outdated capacity, necessitating the establishment of a high-quality development assessment system [2][3] Group 3 - The persistence of "involution" competition is attributed to the failure of substandard products and bankrupt enterprises to exit the market promptly, leading to safety and quality standards being compromised [3] - There is a call for enhanced market supervision to prevent the proliferation of counterfeit and inferior products, particularly in the e-commerce sector, where platforms often evade responsibility for product quality [3] - The need to improve the enterprise exit system is emphasized, including the establishment of a bankruptcy mechanism and reforms to facilitate enterprise deregistration, which would help eliminate unreasonable competition [3]

Group 1 - The core viewpoint emphasizes the importance of supply-side structural reform to better meet the growing and diversified material and cultural needs of the people, aligning with the socialist production goals [1] - The article highlights the need to enhance the adaptability between supply and demand, particularly in response to the evolving consumption demands of the elderly population, which requires a shift towards personalized products and services [2] - It discusses the role of new supply in creating new demand, driven by technological innovations such as 5G and artificial intelligence, which are reshaping the supply system and generating new market opportunities, particularly in the electric vehicle sector [3] Group 2 - The article stresses the necessity of achieving a higher level of dynamic balance between supply and demand, which involves integrating the strategy of expanding domestic demand with deepening supply-side structural reforms [4] - It points out that China's large market size, with over 1.4 billion people, provides a significant advantage for high-quality development, enabling the supply system to proactively lead and meet market demands [4] - The need for strong institutional guarantees is emphasized, particularly in market-oriented reforms and enhancing the vitality of business entities to support sustainable economic growth [4]

Core Viewpoint - The article emphasizes the importance of balancing total supply and total demand to achieve high-quality economic development, highlighting the need for structural reforms and strategies to stimulate domestic demand [1][4]. Group 1: Supply and Demand Dynamics - The relationship between supply and demand is characterized by a dynamic balance, where the interaction between production and consumption drives economic growth [3]. - Supply-side structural reforms are essential for creating new demand, as seen in industries like new energy vehicles, which innovate to foster consumption growth [3][4]. - The article discusses the dual role of supply and demand in economic governance, advocating for a collaborative approach to enhance economic stability [4][5]. Group 2: Policy and Structural Reforms - The need for a comprehensive approach to supply-side structural reforms is highlighted, focusing on removing ineffective supply and creating effective supply that meets new demands [5][6]. - The article outlines the importance of enhancing the quality of supply through innovation and the establishment of a high-quality supply system [6][7]. - It stresses the significance of expanding domestic demand as a strategic foundation, aiming to increase the middle-income population and improve income distribution [7][8]. Group 3: Digital Economy and Innovation - The integration of digital technology into the economy is crucial for improving supply-demand matching efficiency, with examples like the "city brain" initiative demonstrating significant efficiency gains [7][8]. - The article advocates for the development of a digital governance framework to ensure secure and efficient data flow, which is essential for modern economic operations [7][8]. - Emphasis is placed on fostering innovation through a robust ecosystem that supports high-tech industries and enhances competitive advantages [6][7].