记者从1月28日至29日在京召开的全国统计工作会议上获悉， 2026年我国将围绕建设强大国内市场，进一步优化消费统计。 记者了解到，国家统计局将进一步强化对消费新业态新模式、消 费结构变化的统计监测，推进地区服务零售额测算，完善网上服务零 售额测算。 "我们将进一步完善供给侧全口径消费统计，优化商品和服务零 售总额测算方法，加强数据测算。"国家统计局有关负责人说。 这位负责人表示，将继续推动经营主体活动发生地统计取得实 效，同时健全服务消费市场统计监测，修订服务消费市场统计监测制 度，优化服务零售额数据测算方案，加强统计监测，及时客观准确反 映服务消费市场运行。 记者了解到，2026年国家统计局将组织开展部分服务行业规模 以上企业生产经营情况专项调查，推进限额以下批零住餐业单位直报 直采试点，改进生产性服务业、生活性服务业主要统计指标测算方 法。同时，强化重点领域互联网平台统计监测。 "我们还将探索建立新质生产力统计监测制度，研究建立投资于 人、基本公共服务均等化统计监测指标体系，加强文化综合统计监 测，完善文化高质量发展指数测算。"国家统计局有关负责人说。 ...

Core Viewpoint - The Ministry of Commerce and the All-China Federation of Supply and Marketing Cooperatives are enhancing collaboration to boost domestic market consumption and agricultural product circulation, aiming for a strong start in the 14th Five-Year Plan [1] Group 1: Collaboration and Achievements - The Ministry of Commerce and the Federation have implemented a multi-level, regular cooperation mechanism, achieving significant results in urban-rural market construction and agricultural product circulation [1] - Both parties aim to strengthen policy coordination and work linkage to activate consumption potential in lower-tier markets and expand agricultural trade [1] Group 2: Future Goals and Initiatives - The Ministry of Commerce emphasizes the importance of joint efforts in implementing major decisions from the central government, particularly in boosting consumption and promoting rural revitalization [1] - The Federation plans to accelerate key initiatives in agricultural product circulation and recycling of renewable resources to enhance urban-rural consumption market and drive high-quality development [1]

Group 1 - The core viewpoint emphasizes the importance of a strong domestic market as a strategic foundation for China's modernization, advocating for a demand-driven economy focused on consumption and investment [1][2] - The integration of consumption and investment is essential for building a robust domestic market, where both elements are interdependent and contribute to economic growth [2][3] - The article highlights the need for investment to support high-quality product and service supply to meet consumer demands, thereby enhancing consumption capacity and willingness [2][3] Group 2 - The article suggests that investment should be directed towards new demands, such as healthcare and services, to align with the evolving consumption trends towards quality and service-oriented offerings [3][4] - It calls for the creation of new consumption scenarios through investment in innovative products and services, particularly in the context of technological advancements like artificial intelligence [4][5] - Policy support and reforms are necessary to enhance both consumption and investment, including measures to increase residents' income and improve consumer expectations [5][6]

Core Viewpoint - The emphasis on "domestic demand as the main driver" in economic work highlights the strategic importance of fostering a strong domestic market to navigate complex international environments and promote high-quality economic development [3][4][5]. Group 1: Economic Strategy - The focus on domestic demand is a strategic choice based on the realities of both domestic and international landscapes, aiming to enhance economic resilience and adaptability [3][4]. - A robust domestic market is essential for transitioning from an economic power to a strong economic nation, leveraging the advantages of a large population and a growing middle-income group [4][5]. Group 2: Achievements and Potential - Since the 18th National Congress, significant milestones have been achieved in expanding domestic demand, establishing a unified national market, and enhancing economic stability [6]. - In 2024, domestic demand contributed significantly to economic growth, with retail sales reaching 48.8 trillion yuan, a 3.5% increase, and fixed asset investment exceeding 51.4 trillion yuan, growing by 3.2% [6]. Group 3: Structural Optimization - There is a clear trend of consumption upgrading and investment quality improvement, with service consumption growing rapidly and high-tech industry investments showing an annual growth rate of 12.1% from 2018 to 2024 [7]. - The share of high-tech manufacturing investment in total fixed asset investment rose to 12.9% by 2024, indicating a shift towards higher-end industrial structures [7]. Group 4: Market System Development - The construction of a unified, open, and competitive modern market system is accelerating, supported by strategic planning documents that outline clear action plans for strengthening the domestic market [8]. - Reforms aimed at improving the business environment and reducing transaction costs are fostering innovation and competitiveness among various market players [8]. Group 5: Future Directions - The focus on expanding resident consumption is crucial for solidifying the foundation of domestic demand, with strategies aimed at increasing income and optimizing the consumption environment [9]. - Emphasis on technological innovation and effective investment is necessary to create new growth drivers for domestic demand, leveraging the domestic market as a testing ground for innovation [10][11].

Group 1 - The core focus of the article is on the importance of domestic demand in driving economic growth and the establishment of a strong domestic market as a priority for the 2026 economic agenda [5][15] - The Chinese government has identified eight key tasks for economic work in 2026, with "insisting on domestic demand as the main driver" being the foremost task [5] - The "Two New" policies and "Two Heavy" project optimizations are set to enhance domestic consumption and investment, with a special bond plan of 625 billion yuan allocated for consumer goods replacement [5][15] Group 2 - The ice and snow economy is highlighted as a significant driver of consumption, with outdoor ski resort searches increasing over threefold year-on-year [6][7] - The implementation of the old-for-new policy has led to a 20% increase in sales for Haier's home appliances, with total sales related to this policy exceeding 2.6 trillion yuan in 2025 [7][8] - Equipment investment has shown a robust growth of 12.2% year-on-year, contributing to an overall investment increase of 1.8 percentage points [8] Group 3 - Experts believe that while challenges exist, the potential for expanding domestic demand remains significant, driven by consumption upgrades and digital economy innovations [10][11] - The article emphasizes the need for effective investment strategies, with a focus on technological upgrades and infrastructure projects, predicting that fixed asset investment will exceed 3.6 trillion yuan in 2025 [16][17] - The government aims to enhance consumer spending by improving social security systems and increasing residents' income, thereby expanding consumption capacity [16][17]

Group 1 - The core focus of the Central Economic Work Conference is to ensure a strong start for the "14th Five-Year Plan" by emphasizing the importance of domestic demand and building a robust domestic market [1] - In 2026, the government plans to implement eight key tasks, with the first being to "insist on domestic demand as the main driver and build a strong domestic market" [1] - The "Two New" policies and "Two Heavy" projects will be optimized for implementation, with a first batch of 625 billion yuan in special bonds allocated to support consumption [1] Group 2 - The ice and snow economy is becoming a significant driver of consumption and domestic demand, with outdoor skiing searches increasing over threefold since December 2025 [2] - The "old for new" consumption policy has led to a 20% increase in Haier's appliance sales, with home air conditioning sales rising over 50% [2] - In 2025, the sales of goods related to the "old for new" policy exceeded 2.6 trillion yuan, benefiting over 360 million people [2] Group 3 - Investment in equipment and tools has seen a rapid increase, with a 12.2% year-on-year growth in equipment purchases from January to November 2025 [3] - Key sectors such as electricity and internet services have experienced significant investment growth, with electricity production and supply up by 12.5% and internet services by 20.7% [3] - The domestic demand scale is continuously expanding, enhancing its support for economic growth [3] Group 4 - There is still substantial potential and space for expanding domestic demand, despite facing some challenges [4] - Digital technology and AI are driving new business models and consumption patterns, with immersive and experiential consumption scenarios emerging [6] Group 5 - Effective investment opportunities remain vast, with significant funding directed towards technology upgrades and modernization in various sectors [7] - Traditional industries are undergoing transformation, creating a strong demand for equipment renewal and technological advancements [7] Group 6 - The strategy to expand domestic demand must prioritize boosting consumption, with a focus on enhancing the supply of quality consumer goods and services [9] - The government is expected to maintain high levels of fixed asset investment, projected to exceed 3.6 trillion yuan in 2025 [10] - The government aims to stimulate private investment and create a stable and transparent environment for private enterprises to participate in major projects [10] Group 7 - The overarching goal is to convert China's large-scale market advantages into competitive strengths, laying a solid foundation for national rejuvenation and modernization [11]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - In 2026, a more proactive fiscal policy will continue to be implemented, with an emphasis on improving precision and effectiveness, optimizing increments, and revitalizing stocks [3][8]. - Policies focus on supporting the construction of a strong domestic market, emphasizing boosting consumption, expanding effective investment, and promoting the construction of a unified national market [9]. - There is a stronger emphasis on supporting the in - depth integration of scientific and technological innovation and industrial innovation, using fiscal funds to guide social capital into key areas and stimulating enterprise innovation [3][9][10]. - Fiscal policy is the key measure, and there is a greater emphasis on the "integration effect". Fiscal policy will intensify efforts in two main directions: expanding the central fiscal deficit ratio and issuing ultra - long - term special treasury bonds, and increasing transfer payments and consumption subsidies for the resident sector [4][11]. 3. Summary by Related Content 3.1 Fiscal Policy Direction - The National Fiscal Work Conference proposed five key work guidelines: expanding the fiscal expenditure scale, optimizing the government bond tool combination, improving the efficiency of transfer payment funds, continuously optimizing the expenditure structure, and strengthening fiscal - financial coordination [3][8]. - It is estimated that in 2026, the deficit ratio will remain at around 4.0%, and the budget deficit scale will reach about 5.9 trillion. The net financing scale of new treasury bonds is expected to reach about 6.7 trillion, and the new local bond quota will be approximately 7.6 - 7.8 trillion [8]. 3.2 Support for the Domestic Market - In 2026, the focus is on six aspects of work, with the first being to adhere to domestic demand - led and support the construction of a strong domestic market. This involves boosting consumption, expanding investment, and promoting the construction of a unified national market to achieve coordinated supply and demand [9]. 3.3 Support for Innovation - Through "increasing investment" and "improving fund management", fiscal funds will guide social capital into basic research and key core technologies. By strengthening the main position of enterprises, it promotes the in - depth integration of innovation chains, industrial chains, capital chains, and talent chains [3][9][10]. 3.4 Fiscal Policy Intensification - Fiscal policy will intensify efforts in two directions: expanding the central fiscal deficit ratio and issuing ultra - long - term special treasury bonds, with funds invested in major "14th Five - Year Plan" projects and "15th Five - Year Plan" new infrastructure; increasing transfer payments and consumption subsidies for residents to expand total demand from both public investment and private consumption [11].

Core Viewpoint - The G20 meeting in Washington D.C. focused on enhancing the role of financial channels and macro policy coordination to promote global economic growth, with China emphasizing its support for multilateralism and the need for domestic policy adjustments in deficit countries [1][2]. Group 1: G20 Meeting Highlights - The G20 meeting took place on December 15-16, with discussions on the 2026 financial channel work arrangements and key topics [1]. - Chinese Vice Governor of the People's Bank of China, Xuan Changneng, represented China and highlighted the importance of multilateralism and macro policy coordination [1]. Group 2: China's Position and Proposals - China supports modernizing regulations to improve the business environment while maintaining essential financial regulatory standards like Basel III [1]. - The country is actively implementing the G20 Cross-Border Payment Roadmap to enhance cross-border payment efficiency and reduce transaction costs, adhering to international anti-money laundering standards [1]. - China plans to deepen reforms and expand high-level opening-up, focusing on domestic demand and building a strong domestic market to unleash service consumption potential [1]. Group 3: Monetary Policy and Economic Outlook - The People's Bank of China will continue to implement a moderately accommodative monetary policy to create a favorable monetary and financial environment for stable economic growth and high-quality development [1].

Group 1 - The core viewpoint emphasizes the importance of a strong domestic market as a strategic foundation for China's modernization, with the central economic work conference prioritizing "domestic demand-led growth" as the top task for the upcoming year [1] - Over the past four years, despite various challenges, China's economy has maintained an average growth rate of 5.5%, with domestic demand contributing 86.4% to this growth, highlighting the critical role of a robust domestic market [1] - China's large population and complete industrial system position it as the world's largest and most potential consumer market, with a per capita GDP exceeding $10,000 [3] Group 2 - The government has implemented special actions to boost consumption, including a vehicle trade-in policy that has led to over 10 million applications for subsidies, reflecting the vibrant activity in the consumer market [6] - In the first eleven months of the year, retail sales of consumer goods increased by 4% year-on-year, with service retail sales growing at a faster rate of 5.4%, indicating a shift towards service-oriented consumption [8] - The ice and snow industry in China is projected to exceed 1 trillion yuan, showcasing the potential for growth in this sector and the importance of balancing supply and demand [13] Group 3 - Recent policies aim to enhance the adaptability of supply and demand in consumer goods, promoting a virtuous cycle between consumption and investment, which is expected to improve the efficiency of the domestic market [17] - The focus on expanding employment and increasing household income is crucial for driving demand, while technological innovation is essential for upgrading industries and creating new demand [14] - The commitment to transforming the advantages of a large-scale market into competitive advantages will continuously release the growth potential of the Chinese economy [19]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - In the long - term, the domestic market is driven by liquidity, with continuous inflow of incremental funds. After the consolidation, the stock index still has upward momentum, as the Fed cuts interest rates by 25BP, the Politburo meeting sets the tone for 2026, and the economic work conference makes directional arrangements [3]. - The international situation is complex, but positive results have been achieved in China - US economic and trade consultations. The US enters a new interest - rate cut cycle, which is beneficial for RMB appreciation and foreign capital inflow. Current policies for stabilizing the capital market are positive, and the bottom line of the stock index is clear. The Politburo and economic work conferences give directional guidance, and the entry of medium - and long - term funds and residents into the market will enter a new cycle. The future strength of the index depends on trading volume [4]. 3. Summary by Directory Market Performance - This week, domestic stock indices continued to fluctuate. For example, the Shanghai Composite Index fell 0.25%, the ChiNext Index rose 2.74%, and the NASDAQ index fell 1.62%. Different industries showed differentiated trends, with sectors such as communication, national defense and military industry, and electronics rising, while coal, petroleum and petrochemical, and steel sectors falling [11][15]. Liquidity - In November, the growth rate of the total social financing scale was stable, while the growth rates of M2 and M1 declined. The M2 - M1 gap widened to 3.1 percentage points. The 11 - month cumulative social financing increment was 33.39 trillion yuan, an increase of 8.99 trillion yuan year - on - year. The government bond and corporate bond net financing contributed significantly. The 11 - month M2 balance was 336.99 trillion yuan, with a year - on - year growth of 8.5%, and the M1 balance was 112.88 trillion yuan [13][14][16]. Trading Data and Emotions - From January to November 2025, the number of new stock accounts opened by retail investors in the A - share market was 24.5902 million, a year - on - year increase of 7.95%. The number of new accounts opened by institutional investors was 93,400, a year - on - year surge of 35%. The average daily trading volume (MA5) of the two markets slightly increased to 2 trillion yuan, and liquidity is an important factor supporting the current index [24]. Index Valuation - As of December 12, 2020, the absolute valuation of the index was at a low level, but the quantile was relatively high. For example, the latest PB of the Shanghai Composite Index was 16.23, with a quantile of 79.03, and the latest PB of the entire market was 21.73, with a quantile of 81.60. Among the major stock indices, the valuation quantile relationship was CSI 500 < CSI 1000 < SSE 50 < SSE 300 [33]. Index Industry Weights - As of June 30, 2025, the top - weighted industries in the SSE 50 were banking, non - banking finance, and food and beverage. The weights of the SSE 300 were more dispersed, with the top three being banking, non - banking finance, and electronics. The top three weighted industries in the CSI 500 were electronics, pharmaceutical biology, and non - banking finance, and in the CSI 1000 were electronics, pharmaceutical biology, and computer [47][48][52]. Other Overseas and Domestic Policy Tracking - Domestic policies are mainly characterized by loose fiscal and monetary policies. For example, in May 2025, the deposit reserve ratio was reduced by 0.5 percentage points, the policy interest rate was lowered by 0.1 percentage points, and a 300 - billion - yuan service consumption and pension refinancing loan was established. The Politburo meeting in December emphasized the role of the "strong domestic market" in expanding domestic demand, and the Central Economic Work Conference proposed to implement more proactive macro - policies and stabilize the real estate market [53][54][55].