在倾向于增加投资、保障供给的模式下，增加货币供给可能带来产能和供给持续扩张，从而加剧供求失 衡，导致难以推动物价回升。报告认为，面对长期和短期、内部和外部、周期性和结构性等诸多因素交 织的宏观经济环境，需进一步深化结构性改革，通过财政、货币、产业、就业、社保等各项政策协同以 及改革举措的协调配合，形成政策合力，促进经济供需平衡、物价合理回升。 显然，促进物价合理回升需要一系列政策的组合协同发挥作用，通过逐步调理化解结构性问题，实现周 期性回升。既包括一系列扩大内需的政策措施，也要在供给端防止无序竞争，尤其是需避免逐底式的价 格竞争，转向高质量发展。同时，强化宏观政策民生导向，推动更多资金资源"投资于人"、服务于民 生，支持扩大就业、促进居民增收减负、加强消费激励，形成经济发展和民生改善的良性循环。 这是一个通过结构性调整改善供求关系与质量，强化民生导向改善分配以提升居民购买力的改革过程， 也是高质量发展的目标。今年以来，我国持续推动实施政策组合拳，经济回升向好势头有望进一步增 强，支撑价格回升的有利因素也将逐步增多，最终将实现价格总水平处在合理区间。 近日，央行发布《2025年第一季度中国货币政策执行报告》（ ...

Core Viewpoint - The article emphasizes the Chinese government's commitment to boosting consumption and expanding domestic demand as a top priority for the year, highlighted by the recent release of the "Consumption Promotion Special Action Plan" which aims to enhance consumer spending through various innovative measures [1] Group 1: Policy Framework - The "Consumption Promotion Special Action Plan" is a collaborative effort from both the Central and State Councils, marking a significant elevation in policy issuance compared to previous years where policies were primarily released by the State Council [1] - This year's plan includes over 10 additional policy measures compared to previous years, indicating a robust commitment to stimulating consumption [1] - The plan shifts focus from supply-side policies to a more balanced approach that emphasizes both supply and demand, aiming for comprehensive engagement in consumption stimulation [1] Group 2: Key Initiatives - The plan introduces several first-time initiatives, including measures to stabilize the stock and real estate markets, the establishment of a childcare subsidy system, and the promotion of new technologies such as brain-computer interfaces and robotics [1][2] - Financial support for trade-in programs has increased from 150 billion to 300 billion yuan, and employment support funding is set at 66.74 billion yuan for 2025, reflecting a significant increase in fiscal commitment [1] - The plan outlines three main strategies: enhancing consumer capacity, addressing consumption barriers, and exploring new consumption growth points [1][2] Group 3: Enhancing Consumer Capacity - The plan emphasizes "increasing income and reducing burdens," proposing measures to promote reasonable growth in wage income and adjust minimum wage standards [2] - It aims to alleviate family burdens related to childbirth, education, healthcare, and elderly care, with a particular focus on the highly anticipated childcare subsidy [2] Group 4: Addressing Consumption Barriers - The plan includes measures to gradually reduce consumption restrictions, facilitating car purchases for families without vehicles and addressing housing needs by expanding the use of housing provident funds and potentially lowering loan interest rates [2] Group 5: New Consumption Growth Points - The plan outlines initiatives to promote trade-in programs for consumer goods, enhance service quality through both domestic and international openings, and innovate in new consumption models such as "AI + consumption" and "IP + consumption" [2]

根据TrendForce集邦咨询最新调查，2024年受到手机新机销量成长，以及二手机和整新机需求增加驱动， 全球手机面板出货量年增11.4%、达21.57亿片，达到近年高峰 。预估2025年由于新机需求稳定，手机市 场可能回归供需循环，而二手市场需求预计将持稳或小幅下降， 导致手机面板出货量年减3.2%，为20.93 亿片 。 京东方（BOE） 从五大手机面板厂2024年出货量与2025年出货预估来看，京东方（BOE）稳居全球智能型手机面板出货量首 位，2024年出货6.13亿片，2025年可望达6.3亿片，年增2.7%。 三星显示（SDC） 排名第二的三星显示（SDC）受惠于苹果对AMOLED高阶面板需求的支持，以及自家品牌的使用，2024年出 货为3.78亿片。但2025年苹果可能计划性提高其他供应商的供货比例，预计将导致SDC的手机面板出货量小 幅下滑至3.65亿片，年减3.5%。 惠科（HKC ） 惠科（HKC）的a-Si LCD出货量迅速成长后，持续稳定排名第三，凭借其G8.6世代线的成本优势，2024年手 机面板出货量为2.28亿片。2025年由于华星光电（CSOT）也加入a-Si LCD出货竞局 ...