徐曙海实地察看了办公环境、文化建设、设备配备等，来到处室与干部职工进行交流，详细了解镇 江调查队的工作开展等情况，对大家长期以来为镇江经济社会发展作出的贡献表示感谢，并向他们致以 诚挚问候。 在随后召开的座谈会上，徐曙海认真听取了镇江调查队的工作汇报。他指出，近年来，镇江调查队 按照省调查总队的要求，围绕镇江经济社会发展大局，依法开展统计调查、科学客观提供数据、真实反 映发展成果，特别是紧扣省高质量发展考核指标，在经济监测分析、抽样调查统计、数据发布解读等方 面做了大量科学细致的工作，为市委、市政府重要决策提供了坚实保障。 徐曙海说，2025年是镇江发展史上值得铭记的一年。镇江化债工作取得重大阶段性成果，主要经济 指标争先进位，高质量发展创下近年来最好成绩。2026年，市政府将持续把产业强市作为重中之重，锚 定高质量发展争先进位目标，确保经济增速始终高于全省平均；加大园区整合力度，持续深化载体建 设，进一步发挥开发园区经济建设"主战场"作用；加大招商引资力度，在"四群八链"主导产业基础上， 聚焦航空航天、智能农机装备和视觉光学三个特色产业全面发力，加快产业链群集聚、形成区域产业特 色，提高镇江产业的竞争力和影 ...

Group 1: Government Bonds - The first ultra-long government bond of 2026 was issued today, with a scale of 32 billion yuan and a winning interest rate of 2.38%, with a marginal multiple of 22.16 times and an overall multiple of 5.17 times [1] - Following the bond issuance, the yield on the 30-year government bond dropped over 1 basis point, returning to around 2.30% [2] - The Ministry of Finance announced the issuance of 40 billion yuan in 91-day discount treasury bonds, with competitive bidding scheduled for January 14, 2026 [6] Group 2: Corporate Bonds - Kaifeng State-owned Assets Investment Group completed the issuance of 300 million yuan in corporate bonds with an interest rate of 3.08%, intended for repaying existing corporate bond principal [8] - Henan YN Holdings disclosed the issuance of 500 million yuan in medium-term notes with an interest rate of 2%, with funds allocated for debt repayment and operational support [9] - Beijing Holdings Group plans to issue up to 1 billion yuan in corporate bonds with a coupon rate of 1.79%, aimed at repaying existing debts [10] Group 3: Regional Developments - Hunan Province is promoting the "self-examination and self-issuance" of special bonds, with 1,127 projects identified for the first batch of 2026, ensuring funding for project construction [7] - The Guangxi Zhuang Autonomous Region is supporting key metal enterprises in direct financing through bond issuance and listing, while encouraging insurance institutions to develop relevant products [7] Group 4: Market Insights - CITIC Research indicates that the debt reduction work is entering a critical phase, with city investment platforms expected to transition to market-oriented operations, highlighting a significant regional differentiation [15]

■王丽新 第二，借城市更新"提质进阶"之力，加快构建房地产发展新模式。此次会议提出"高质量推进城市更新"。当前，多地已明 确城市更新与"稳楼市"的联动逻辑，即开展老旧小区改造、城中村整治等工作，修复存量住房价值、稳定资产价格预期，通过 货币化或房票安置释放购房需求。 中央经济工作会议12月10日至11日在北京举行。会议提出，坚持守牢底线，积极稳妥化解重点领域风险。着力稳定房地产 市场，因城施策控增量、去库存、优供给，鼓励收购存量商品房重点用于保障性住房等。深化住房公积金制度改革，有序推 动"好房子"建设。加快构建房地产发展新模式。此外，会议还提出"高质量推进城市更新"。 在笔者看来，当前房地产市场正处于转型关键期，加快风险出清与构建发展新模式并行推进。此次会议有关房地产的定调 既锚定短期市场稳预期的核心目标，又夯实长期健康发展的制度基础，为2026年行业发展划定清晰路径，释放出"稳市场、促 更新、化风险"的清晰信号，有诸多亮点值得深思。 第一，以"控增量、去库存、优供给"为准绳，筑牢市场平稳运行根基。房地产市场的稳定，核心在于供需关系的动态平 衡，不仅要"控增量"，更要优化供给，各地需将市场交易情况与卖地规模 ...

Core Viewpoint - The article emphasizes the stable monetary policy direction and the supportive environment for banks, highlighting the potential for improved credit risk and new business opportunities in the technology and consumption sectors due to recent policy initiatives [1][10]. Monetary Policy - The monetary policy is described as supportive, with expectations of possible structural adjustments in interest rates and reserve requirements throughout 2025, although the timing will depend on various economic factors [3]. - The anticipated decline in interest margins for banks is projected to be within a controlled range of 10-15 basis points [3]. Debt Management - Significant progress has been made in managing local government debt, with a total of 2.96 trillion yuan in debt replacement bonds issued as of March 5, 2025, leading to a reduction in interest expenses by over 200 billion yuan [4][5]. - The number of financing platforms has decreased significantly, with about 40% exiting the market by the end of 2024, aided by debt replacement efforts [5]. Financial Support for Innovation - The introduction of a "Technology Board" in the bond market aims to encourage banks to increase credit support for technology innovation, expanding funding sources for commercial banks [6]. - The re-loan policy for technology innovation is set to be optimized, with plans to increase the scale from 500 billion yuan to between 800 billion and 1 trillion yuan, alongside reduced interest rates [6]. Consumer Policy Initiatives - Various measures to boost consumption have been proposed, including expanding the scope of trade-in programs and enhancing financial support for personal and enterprise loans in sectors closely related to daily life [7]. - Fiscal subsidies for personal consumption loans and targeted support for businesses in the service sector are expected to stimulate demand and improve the banking sector's retail loan performance [7]. Investment Strategy - The article suggests that the effective risk mitigation measures will lead to promising absolute returns for bank stocks, with a focus on companies with stable performance and dividend yields [9][10]. - The expectation of a revaluation of business models in 2025 is anticipated to enhance bank valuations, with a recommendation to select stocks with high return on equity and low current valuation premiums [10].