Group 1 - The central economic work conference held on December 10-11, 2025, summarized economic work and analyzed the current economic situation, deploying tasks for 2026 [1] - The conference emphasized the integration of existing and new policies to enhance macroeconomic governance and policy effectiveness [6] - The focus for 2026 includes maintaining a stable GDP growth target of around 5% to allow for quality improvement in the later years of the 14th Five-Year Plan [6] Group 2 - The conference proposed a more proactive fiscal policy, maintaining necessary fiscal deficits and optimizing fiscal expenditure structure [8] - Monetary policy will remain moderately loose, with a focus on stabilizing economic growth and ensuring reasonable price recovery [8] - The fiscal support for consumption is expected to increase from 300 billion to 500 billion yuan, with a focus on service consumption [12] Group 3 - The conference highlighted the importance of domestic demand and the construction of a strong domestic market as a priority task [10] - Measures to stimulate consumption include implementing a plan for increasing urban and rural residents' income and optimizing the supply of quality goods and services [11] - Investment support is expected to increase, with special bonds for major projects rising from 800 billion to 1 trillion yuan [12] Group 4 - The conference emphasized innovation-driven development and the establishment of international technology innovation centers in key regions [14] - The focus on "Artificial Intelligence+" aims to enhance technological financial services and support the development of new industries [14][15] - The integration of technology and finance is expected to create a comprehensive service system for technological innovation [15] Group 5 - The conference addressed the need for coordinated development, promoting urban-rural integration and regional collaboration [16] - Emphasis was placed on high-quality development of county economies and maintaining reasonable prices for important agricultural products [17] - The strategy aims to prevent large-scale poverty and ensure the sustainability of poverty alleviation efforts [17] Group 6 - The conference aims to stabilize the real estate market through targeted policies to control supply and encourage the purchase of existing homes for affordable housing [19] - There is an expectation for continued support for real estate financing and potential easing of purchase restrictions [20] - The focus on stabilizing the real estate market is seen as crucial for maintaining economic confidence [20] Group 7 - The conference called for deepening capital market reforms to enhance financing support for technological innovation and the real economy [21] - The establishment of a unified national market and the elimination of "involution" competition are key reform objectives [21] - The goal is to create a more attractive environment for long-term investments and improve the capital market ecosystem [22]

来源：期货日报 中央经济工作会议12月10日至11日在北京举行，会议总结2025年经济工作，分析当前经济形势，部署 2026年经济工作。继12月8日中央政治局会议分析研究2026年经济工作，提出明年8项重点任务后，中央 经济工作会议在此基础上进一步细化重点任务的政策安排和目标，并在财政货币政策、政策关键着力点 等方面提出具体部署。 先来看重点内容： 10．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。 聚焦一：发挥存量政策和增量政策集成效应 会议指出，明年经济工作在政策取向上，要坚持稳中求进、提质增效，发挥存量政策和增量政策集成效 应，加大逆周期和跨周期调节力度，提升宏观经济治理效能。要增强宏观政策取向一致性和有效性。将 各类经济政策和非经济政策、存量政策和增量政策纳入宏观政策取向一致性评估。 中山大学岭南学院教授韩乾表示，会议首次提出"存量与增量政策集成效应"，还提到将各类政策纳入宏 观政策取向一致性评估，这打破了以往财政、货币、产业政策的协同壁垒，预计政策合力较往年显著增 强。 光大期货宏观分析师于洁认为，2026年作为"十五五"起步之年，政策出发点将以逆周 ...