■冷翠华 中央经济工作会议将"坚持内需主导，建设强大国内市场"置于明年经济工作重点任务首位，叠加近期密 集出台的扩消费政策，彰显出扩消费政策的连续性与稳定性。笔者认为，在全球经济环境复杂严峻、我 国居民消费率与发达国家仍有差距的背景下，唯有以系统思维整合存量与增量政策，精准破解供需适配 性不足、居民消费能力不强、潜力释放不畅等痛点，才能进一步激活消费增长新动能。 扩大内需是立足长远的战略之举，消费则是内需的核心支柱。近年来，我国消费总规模稳步扩大，消费 新热点、新场景加速涌现，消费升级趋势显著，消费对经济增长的贡献率持续提升。但也要清醒地认识 到，当前我国消费领域仍面临内生动力不强的挑战。国家发展改革委数据显示，2024年我国居民消费率 为39.9%，与发达国家相比仍有10个至30个百分点的差距，特别是服务消费占比偏低。这意味着，提振 消费不能依赖单一政策刺激，必须构建多维度协同发力的长效机制。 其一，以优质供给对接消费升级，消除供需适配不足的痛点，提升供需适配性。新需求引领新供给，新 供给创造新需求。我国作为制造业大国，供给能力位居全球前列，但高品质、个性化、高端化供给不足 的结构性矛盾仍未根本解决。11月 ...

当前，我国包括汽车在内的消费供给已进入优质且优价的新发展阶段，但供给侧结构性矛盾依旧突出。在此背景 下，"增强供需适配性"的举措顺势而生，意在解决要素错配和资源浪费，进一步打通消费卡点堵点，形成"需求牵引供 给、供给创造需求"的良性循环，实现生产和消费从量到质的转变。 以消费升级引领产业升级，以优质供给更好满足多元需求，实现供需更高水平动态平衡……这不仅是近日工信部、 国家发改委、商务部、文化和旅游部、中国人民银行和市场监管总局联合印发《关于增强消费品供需适配性进一步促进 消费的实施方案》（以下简称《方案》）的主旨，也是当前和今后一段时间汽车业促消费的重要方向。 "《方案》体现出'供需端联动'的政策设计，本质上是对汽车消费乘数效应的深度开发。"中国汽车流通协会副会长王都 在《方案》发布后接受《中国汽车报》记者专访时表示，增强供需适配性的意义，就是让汽车消费从单一产品销售转向 综合服务供给，从"产品刺激"向"生态培育"跃升，为构建新发展格局提供有力支撑。 探索汽车消费新路径 《方案》提出，到2027年我国将形成3个万亿元级消费领域和10个千亿元级消费热点，并明确提出智能网联新能源汽车 是其中的重点之一。同时，将 ...

增强供需适配性需要从多个维度发力。应尽快建立健全消费品标准体系，完善质量认证，充分发挥市场 竞争机制和价格机制作用，促进更多优质优价产品涌现。与此同时，要强化技术创新引领，积极培 育"人工智能+消费"等新增长点。也就是通过科技赋能供需匹配，借助消费数据分析，帮助企业更精准 地把握需求变化。比如，支持企业开展个性化定制、柔性化生产，发展一批柔性制造工厂等。此外，优 化消费环境也是重要一环。一方面要完善消费基础设施建设，创新消费场景。另一方面要畅通投诉渠 道，加强消费者权益保护，确保消费者需求能够真实、有效地传导到供给端。 供需适配关系个人生活品质，也关系着企业创新发展，更关系经济高质量发展成色。当供给与消费相互 促进时，企业就能敏锐捕捉消费趋势变化，及时提供适销对路的产品，消费者能更加便捷地获得心仪的 商品和服务，消费意愿和能力将得到持续提升，市场创新活力也将充分迸发，新产品、新业态、新模式 将不断涌现。 近日，工业和信息化部等6部门联合印发《关于增强消费品供需适配性进一步促进消费的实施方案》。 针对时下一些消费品"想买的买不到、想卖的卖不掉"所带来的要素错配和资源浪费问题，该方案的出台 可谓正当其时，为消费扩 ...

Report Information - Report Name: Pulp Daily Report [1] - Date: December 4, 2025 [2] Industry Investment Rating - Not provided Core View - The short - term suspension of overseas pulp mills boosts the futures price. The main contract is mainly a game between new and old warehouse receipts. The fundamentals have not formed a trend - setting force, and the pulp market is still expected to fluctuate within a wide range at a low level [8] Summary by Directory 1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 01 contract was 5,272 yuan/ton, and the closing price was 5,458 yuan/ton, a rise of 3.53%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,750 - 6,300 yuan/ton, up 20 yuan/ton from the previous trading day. The quotation of Shandong Yinxing was 5,500 - 5,550 yuan/ton [7] - In November, Arauco's FOB prices for wood pulp were: softwood pulp Silver Star at $680/ton (unchanged from last month), natural pulp Venus at $620/ton (up $30/ton from last month), and hardwood pulp Star at $550/ton (up $10/ton from last month). In October, the chemical pulp shipments of 20 major pulp - producing countries decreased by 3.5% year - on - year, with softwood pulp down 7.1% and hardwood pulp down 1.9%. Shipments to the Chinese market decreased significantly. In October 2025, the total wood pulp inventory in European ports decreased by 10.2% month - on - month and 6.5% year - on - year. As of November 27, 2025, the weekly pulp inventory in major regions and ports increased by 1.51% month - on - month. The downstream paper prices adjusted slightly, and the processing cost pressure remained high. Some cultural paper mills issued price increase letters for December, boosting market confidence [8] 2. Industry News - On December 3, several ministries and commissions jointly issued the Implementation Plan on Enhancing the Adaptability of Consumer Goods Supply and Demand and Further Promoting Consumption. The plan aims to optimize the supply structure of consumer goods, form 3 trillion - level consumption areas and 100 - billion - level consumption hotspots by 2027, and establish a high - quality development pattern of positive interaction between supply and consumption by 2030 [9] 3. Data Overview - The report provides multiple figures related to pulp market data, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port pulp inventories, paper prices and price differences, and the US dollar - RMB exchange rate [15][17][19]

| 2025年11月29日 電吊资訊 | | --- | | 星期六 | | Q | | ✔最新资本市场资讯一手掌握 | | 国内财经新闻 联合风险预警 | | 国际财经新闻 | | 热点对话 | | 六部门发文增强消费品供需适配性,旨在打通消费- | | 产业循环全链条堵点,精准施策破解结构性矛盾 | | 联合精读 | | 1. 联合资信发布研究报告《"东北化债成效凸显 | | 城投转型道阻且长"--东北三省化债进度观察与区 | | 域发展转型探索》 | | 2. 联合资信发布研究报告《以旧换新激活内需求 | | 力,促进消费持续复苏-- 2025年第四批国补落地政 | | 策点评》 | | 3. 联合资信发布研究报告《我国房地产市场未来雪 | | 求展望》 | | 资讯精选 | | 1. 前 10个月国企营收微增 0.9%,利润同比降 3.0% | | 2. 证监会拟推商业不动产投资信托基金试点,丰富投 | | 融资工具,助力房地产新模式与实体经济高质量发展 | | 3. 福建计划推动开发区联动创新,复制自贸区制度 | | 成果,培育台资产业与未来产业高地 | | 4. 2025 绿色发展投资贸易与食品博 ...

Core Viewpoint - The Ministry of Industry and Information Technology, along with five other departments, has issued an implementation plan aimed at enhancing the adaptability of supply and demand in consumer goods, targeting significant optimization of the supply structure by 2027 and establishing three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [1][2]. Group 1: Key Objectives - By 2027, the supply structure of consumer goods is expected to be significantly optimized, with the formation of three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [1]. - The plan emphasizes leading industrial upgrades through consumption upgrades and aims for a dynamic balance between supply and demand, with a goal of establishing a high-quality development pattern by 2030 [1][2]. Group 2: Key Tasks - The plan outlines 19 key tasks across five areas: accelerating the application of new technologies and models, expanding the supply of distinctive and new products, precisely matching the needs of different demographics, cultivating new consumption scenarios and business formats, and creating a favorable development environment [2]. - Specific focus areas include intelligent connected new energy vehicles, smart home products, consumer electronics, modern textiles, food, and green building materials, with the goal of creating hundreds of iconic products and innovative enterprises [2]. Group 3: Market Segmentation - The plan aims to enhance the supply of green products, improve rural consumer goods, and significantly develop leisure and sports products, adapting to trends in green and low-carbon consumption [2]. - It also targets niche markets by enriching the supply of baby and children's products, enhancing quality student supplies, expanding fashionable "trendy" products, and optimizing products for the elderly [2].

Core Insights - The recent implementation of the consumption promotion plan aims to enhance the adaptability of supply and demand in the consumer goods market, targeting the formation of three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027 [2][6] - The plan emphasizes the transformation from quantity to quality in production and consumption, focusing on customized solutions to improve the adaptability and flexibility of the supply system [4][6] - Artificial intelligence is identified as a catalyst for consumption growth, with the user base for generative AI products reaching 515 million by mid-2023, indicating a significant expansion of application scenarios [2][7] Consumption Market Overview - China is the world's second-largest consumer market, with a total of 230 million types of consumer goods, leading in over 100 categories such as home appliances and furniture [3] - From 2013 to 2023, the average annual per capita consumer spending in China increased from 8,000 yuan to 15,000 yuan, maintaining a share of over 50% in total consumer spending [3] - In the first ten months of 2023, China's retail sales reached 36.6 trillion yuan, with a year-on-year growth of 4.4%, accelerating by 1.2 percentage points compared to the same period last year [3] Structural Challenges - The current consumption market faces structural contradictions, including an oversupply of certain products and a lack of high-quality offerings, alongside demographic changes and generational shifts in consumption [4] - The promotion plan aims to address these issues by enhancing the quality and cultural value of traditional consumer goods while creating new products and services to meet emerging demands [4][6] Policy Initiatives - The government has implemented policies such as trade-in programs for consumer goods, which generated over 2.4 trillion yuan in sales and benefited more than 360 million people in the first ten months of 2023 [5] - Future initiatives will focus on promoting new product launches, enhancing health-related consumption, and fostering digital and green consumption [5] Future Consumption Trends - The plan anticipates the emergence of new consumption markets worth trillions, driven by supply-side structural reforms and the application of new technologies [6] - Key consumption sectors expected to grow include smart connected vehicles, elderly care products, and consumer electronics, with significant potential in areas like children's products, wearable technology, and health and fitness equipment [8]

Group 1: Industrial Profit Growth - In the first ten months of the year, profits of large-scale industrial enterprises increased by 1.9% year-on-year, marking three consecutive months of growth since August 2025 [1] - Profits in the equipment manufacturing sector grew significantly, with a year-on-year increase of 7.8%, accounting for 38.5% of total profits in large-scale industrial enterprises, an increase of 2.0 percentage points from the previous year [3] - Seven out of eight major categories in the equipment manufacturing sector reported profit growth, particularly in railways, shipping, aerospace, and electronics, which saw double-digit profit increases [3] Group 2: High-tech Manufacturing Performance - Profits in the high-tech manufacturing sector rose by 8.0% year-on-year during the same period, with strong growth observed in smart electronics, unmanned aerial vehicles, smart vehicle equipment, semiconductor manufacturing, and precision instruments [5] Group 3: Consumption Promotion Policies - The Ministry of Industry and Information Technology, along with five other departments, introduced a plan to enhance the adaptability of supply and demand in consumer goods, aiming to boost consumption [6][10] - The plan outlines 19 key tasks across five areas, focusing on accelerating the application of new technologies and models, expanding the supply of unique and new products, and precisely matching the needs of different consumer segments [10] - By 2027, the goal is to establish three trillion-yuan consumption sectors and ten hundred-billion-yuan consumption hotspots, with a vision for a high-quality development pattern by 2030 [13][15] Group 4: Credit Repair Mechanism - The State Administration for Market Regulation announced a new Credit Repair Management Measures to assist more enterprises in correcting mistakes and restoring their credit [16][19] - The measures include a systematic approach to credit repair, detailing conditions, procedures, and special circumstances, allowing businesses to rebuild their credit in a structured manner [21] - The new regulations categorize violations into "minor, general, and serious," with varying public disclosure periods, and reduce the processing time for credit repair from 15 working days to 7 [23]

Core Insights - The government is enhancing the adaptability of supply and demand in consumer goods to promote consumption through new products, refreshed scenarios, and innovative activities [2] Group 1: Supply and Demand Adaptability - There is a strong demand for domestic products, cultural creations, and intangible cultural heritage products, leading to the emergence of popular products that meet consumer needs while enhancing cultural identity and spiritual satisfaction [2] - Structural mismatches in supply and demand still exist, with some products experiencing oversupply while high-quality supply remains insufficient [2] - The transition from old to new driving forces is ongoing, with a lack of innovative applications and supply for new products that cater to residents' quality and personalized needs [2] Group 2: Support for Quality Cultural and Tourism Products - The government is supporting the launch of quality cultural tourism products, including awards for animation to encourage innovation in the industry and the development of quality intellectual properties [3] - Initiatives include expanding the pilot scope for cultural and creative product development and promoting high-quality products through exhibitions and trade activities [3] Group 3: Revitalizing Cultural and Tourism Consumption Scenarios - Guidelines for the construction of intangible cultural heritage workshops are being developed to enhance quality and efficiency, promoting a range of related products and services [4] - Seasonal activities such as "Non-Heritage Goodies, National Trend Renewal" are being organized to promote non-heritage products in various sales channels, including supermarkets and duty-free shops [4] Group 4: Innovative Cultural and Tourism Consumption Activities - Nationwide cultural and tourism consumption promotion activities are being held, focusing on seasonal products and services that enhance the consumer experience [6] - Initiatives like "Travel with Performances" and "Travel with Events" are designed to meet diverse consumer needs while promoting rural products [6] - The government is also implementing measures to attract more international tourists through tax refund policies and promoting immediate refunds for purchases [6]

Core Insights - The article emphasizes the importance of adapting supply and demand to enhance consumer satisfaction and activate the potential of the large-scale market [1][2][3] Group 1: Market Trends - The current consumer market is characterized by new trends such as deep application of new technologies, online and offline integration, and multi-channel development [1] - There is a growing demand for personalized, diversified, and high-quality consumption, particularly among younger generations like Generation Z, who prioritize trendiness, social attributes, and experiential consumption [1][2] Group 2: Supply and Demand Adaptation - There exists a structural contradiction of insufficient quality supply, which restricts the release of consumption potential and affects economic circulation efficiency [2] - Enhancing supply-demand adaptability is identified as a key strategy to unlock consumption potential [2] Group 3: Data-Driven Insights - Companies are encouraged to utilize data to accurately identify consumer trends, as demonstrated by successful collaborations like Fuguang and JD.com during this year's "Double 11" sales event [2] - Establishing regular research mechanisms and leveraging big data and artificial intelligence are essential for aligning supply with market demands [2] Group 4: Supply Innovation - Supply-side innovation is crucial for addressing adaptation challenges, with examples including the integration of cultural institutions into commercial spaces and the rise of domestic brands [2] - Future efforts should focus on accelerating the application of new technologies, enhancing high-quality supply, and developing flexible manufacturing to meet personalized demands [2] Group 5: Efficient Distribution Channels - Efficient circulation is vital for ensuring that quality supply meets demand, with significant progress made in modern trade circulation systems since the 14th Five-Year Plan [3] - By 2024, the wholesale and retail industry's added value is projected to reach 13.8 trillion yuan, a 40% increase from the end of the 13th Five-Year Plan [3] - Continued development of modern circulation systems is necessary to lower logistics costs and support supply-demand matching [3] Group 6: Economic Growth - The article highlights the immense potential of China's large-scale market and the need for a virtuous cycle of "consumption upgrade—industry upgrade—supply-demand balance" to better unleash consumption potential [3]