2025年12月，中央经济工作会议在北京举行。会议总结2025年经济工作，分析当前经济形势，对做好 2026年经济工作作出系统部署，为确保"十五五"起好步、开好局指明前进方向、提供根本遵循。我们要 认真学习贯彻中央经济工作会议精神，立足当前、着眼长远，深刻领会党中央关于经济工作的重大判 断、重大部署，不断巩固拓展经济稳中向好势头。 政策取向 政策取向决定后续的发力重点，是牵引系列政策协同发力的关键。中央经济工作会议提出"稳中求进、 提质增效"的政策取向，深刻揭示新形势下做好经济工作的方法论——"稳"与"进"互为前 提，"质"与"效"相辅相成，共同构成推动经济高质量发展的有机整体。这一表述立足超大规模经济体的 基本特征，回应内外环境变化带来的风险挑战，彰显宏观经济治理的战略定力与系统思维。 政策的精准发力，又通过落实落细增强市场信心，有助于推动"政策红利"向"发展实效"高效转化，实现 政策效果与发展需求的同频共振。 总体要求 一是更加注重处理好政府和市场的关系。政府和市场是相辅相成、有机统一的，市场在资源配置中起决 定性作用，但其自发性、盲目性需政府兜底规范；政府的宏观调控与监管职能，必须以保障市场活力为 前提 ...

【环球网财经综合报道】国家市场监督管理总局近期发布《汽车行业价格行为合规指南（征求意见稿）》，对汽车生 产企业和销售企业的价格行为作出系统规范，直指近年来行业内频繁出现的恶性价格战、变相降价、价格欺诈等问 题。 《南华早报》近日发文称，在预计外部不确定性增加的情况下，中国领导层一再重申提振国内需求的必要性，但上月 的零售销售数据创下三年来最低的年度增长率，这突显出持久的挑战。 报道还提到，一名未透露姓名的中央财经委员会办公室人员表示："近期消费和投资增长放缓，需要继续加大努力扩 大国内需求。"该人士还预计，投资和消费增长将在明年恢复，指出经济前景光明，并具备推动明年国内需求持续增 长的充足条件。 ...

12月10日至11日，中央经济工作会议在北京举行，总结2025年经济工作，分析当前经济形 势，部署2026年经济工作。 12月13日，由中国国际经济交流中心举办的"2025-2026中国经济年会"在京举行，今年年会的 主题为"贯彻落实中央经济工作会议精神 以高质量发展为'十五五'开好局"。 国家发展改革委副秘书长肖渭明在年会上发表《贯彻落实中央经济工作会议部署 扎实做好明 年经济发展重点工作》的主旨演讲。 中央经济工作会议指出，加大逆周期和跨周期调节力度，提升宏观经济治理效能。肖渭明表 示，这两个周期各有所指， "逆周期" 表明现在中国经济有下行压力，所以要采取有效手段； "跨周期" 说明现在还有一些结构性问题，短期内无法解决。因此，要短长结合，继续实施更 加积极的财政政策和适度宽松的货币政策，强化政策预期管理，加强宏观政策和重大改革举措 的协同配合，扎实开展各类经济政策和非经济政策、存量政策和增量政策的宏观政策取向一致 性评估。 肖渭明表示， 明年要全方位扩大国内需求，深入实施提振消费专项行动，加快放宽服务消费 的限制 ，加快出台实施首发经济、赛事经济、电子商务、人工智能+消费等领域提振消费的政 策，大力发 ...

■中国经济时报记者 孙兆 岁末谋篇，纲举目张。中共中央政治局12月8日召开会议，分析研究2026年经济工作。会议指出，明年 经济工作要坚持稳中求进、提质增效。这一部署为"十五五"规划开局之年的经济工作锚定了航向，也给 即将召开的中央经济工作会议定下了基调。 接受中国经济时报记者采访的业内人士表示，当前，以科技创新引领产业升级、推动消费从"恢复性增 长"向"可持续扩大"转型、深化改革扩大开放等议题，已成为市场关注的核心焦点。从高技术制造业的 加速成长到服务消费的稳步扩容，再到重点领域的改革推进，一系列政策信号与经济数据正交织成未来 发展的清晰脉络，不断彰显中国经济的韧性与活力。 01 产业双轮驱动 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》明确提出要因地制宜发展新质生产 力。此次中央政治局会议指出，我国经济运行总体平稳、稳中有进，新质生产力稳步发展。在经济结构 转型的关键期，如何平衡传统产业升级与新兴产业、未来产业培育，实现"稳存量"与"扩增量"的有机统 一，成为政策制定的重要考量。 中国社会科学院财经战略研究院财政研究室主任何代欣对中国经济时报记者表示，传统产业不仅贡献着 GDP，更支撑着就 ...

Group 1: Fiscal Policy Directions - The article emphasizes the importance of expanding domestic demand and supporting the construction of a strong domestic market through increased tax, social security, and transfer payments to boost consumer spending [1][3] - It highlights the need for high-level technological self-reliance and innovation, focusing on strengthening investment in technology and supporting key core technology breakthroughs [1][4] - The article discusses the necessity of optimizing the tax structure and improving the relationship between central and local finances to enhance fiscal sustainability and support local governments [4][5] Group 2: Employment and Social Welfare - The article stresses the priority of employment, supporting enterprises in maintaining and expanding jobs, and addressing structural employment issues [3] - It calls for improvements in education quality and accessibility, as well as strengthening the social safety net for vulnerable populations [3] - The article mentions the importance of enhancing public health services and the capacity of grassroots medical services [3] Group 3: Debt Management - The article outlines the need to prevent and resolve local government debt risks, emphasizing the importance of sustainable fiscal development [4] - It suggests implementing a comprehensive debt management strategy, including the replacement of hidden debts and strict accountability for violations [4][5] - The article proposes optimizing debt replacement methods based on the nature of the projects and their expected returns [5]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View The iron ore market showed a rising trend on Friday and in the night session. However, the overall market is affected by multiple factors. On the demand side, the real - estate investment and related steel - using indicators in the black building materials industry are deteriorating, and the domestic demand for steel is weak. The decline in crude steel and pig iron production also has a negative impact on iron ore demand. On the supply side, the production of five major steel products and inventory have decreased, and the inventory of imported iron ore in ports and steel mills has increased. Considering these factors, the iron ore market is expected to fluctuate, and short - term band operations within a certain range are recommended [1]. 3. Summary by Relevant Catalogs Market Review - Iron ore prices rose on Friday and continued to rise in the night session [1]. Important Information - Central Bank's Tao Ling proposed to restrict the "involution - type competition" in the financial industry and maintain a reasonable profit margin [1]. - The National Bureau of Statistics stated that it is necessary to continue to expand domestic demand and optimize the market competition environment to promote a reasonable recovery of prices [1]. - In October, China's automobile production was 3.279 million vehicles, a year - on - year increase of 11.2%. From January to October, the national real - estate development investment was 7.3563 trillion yuan, a year - on - year decrease of 14.7% [1]. Market Logic - Demand side: In the first 10 months, the real - estate investment growth rate continued to decline, and the growth rates of new construction, construction, and completion of houses continued to drop. The steel - using indicators of the black building materials industry deteriorated. The narrow - sense infrastructure investment growth rate was - 0.1%, the first negative value since 2021. The manufacturing investment growth rate dropped to 2.7%, the lowest level since 2021. The domestic demand for steel was weak. The year - on - year growth rate of crude steel production continued to decline, and pig iron production decreased by 1.8% year - on - year, which was negative for iron ore demand [1]. - Supply side: The production of five major steel products and inventory decreased. The inventory of imported iron ore in ports and steel mills increased. Affected by the lifting of production restrictions in some areas of Hebei, the daily output of molten iron increased by 2.66 million tons week - on - week. Recently, more building material steel mills resumed production, which was positive for iron ore demand [1]. Trading Strategy - Short - term band operations within a range are recommended. For the main 2601 contract, the pressure level is 833, and the support level is 750 [1].

Core Viewpoint - The article discusses the fluctuations in major economic indicators in China due to external demand slowdown, weakened domestic demand, and high base effects from the previous year, emphasizing the need for stronger macroeconomic policies to stabilize growth [3][4]. Economic Indicators - In October, the industrial added value for large-scale enterprises grew by 4.9% year-on-year, slowing down by 1.6 percentage points from September [3]. - The total retail sales of consumer goods increased by 2.9% year-on-year, a slight decline of 0.1 percentage points from September [3]. - From January to October, fixed asset investment (excluding rural households) reached 408,914 billion yuan, a year-on-year decrease of 1.7% [3]. Government Response - The State Council, led by Premier Li Qiang, held a meeting to discuss the implementation of "two major" constructions aimed at enhancing consumption and investment [3][4]. - The government plans to enhance the adaptability of supply and demand in consumer goods to stimulate consumption and achieve a dynamic balance [3][4]. Investment Trends - Despite a decline in overall investment, emerging industries such as digital manufacturing and smart equipment are showing significant growth, with the digital industry manufacturing value-added increasing by 9.5% year-on-year [7][8]. - The investment in fixed assets has seen a historical decline, particularly in infrastructure, manufacturing, and real estate sectors [9]. "Two Major" Construction - The "two major" construction initiative is set to allocate 800 billion yuan to support 1,459 projects, focusing on strategic areas such as ecological restoration and major infrastructure [11][12]. - This initiative aims to optimize project reviews and enhance the quality of investments, promoting new productive forces [11][12]. Consumer Trends - Service consumption is becoming a significant growth point, with retail sales in services growing by 5.3% year-on-year [7]. - Digital and green consumption are expanding, with online retail sales increasing by 9.6% year-on-year, indicating a shift towards a more diversified consumption structure [8][14]. Supply and Demand Adaptability - Enhancing supply and demand adaptability is crucial for releasing consumption potential and ensuring economic circulation [13][15]. - The article highlights the need for a balance between supply and demand, with a focus on quality and personalized consumption [14][15].

11月14日，国家统计局公布2025年10月份国民经济运行情况。数据显示，10月份，全国居民消费价格 （CPI）同比上涨0.2%，上月为下降0.3%；环比上涨0.2%。 同日，国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖在国务院新闻办举行的新闻发 布会上表示，总的来看，在促进价格合理回升的各项措施作用下，10月份居民消费价格出现积极变化，但 市场需求拉动仍显不足，价格总体低位运行。下阶段，要继续扩大国内需求，纵深推进全国统一大市场建 设，优化市场竞争环境，推进重点行业产能治理，改善供求关系，促进价格合理回升。 ...

Core Viewpoint - The National Bureau of Statistics emphasizes the need to expand domestic demand, unleash consumption potential, increase effective investment, strengthen innovation-driven growth, regulate market competition, promote capacity governance in key industries, and facilitate a reasonable rebound in industrial producer prices [1] Group 1 - The focus on expanding domestic demand is crucial for economic growth [1] - There is an emphasis on unleashing consumption potential to drive economic activity [1] - Increasing effective investment is highlighted as a key strategy for economic development [1] Group 2 - Strengthening innovation-driven growth is essential for enhancing competitiveness [1] - Regulating market competition is necessary to ensure a fair business environment [1] - Promoting capacity governance in key industries is aimed at optimizing production efficiency [1] Group 3 - Facilitating a reasonable rebound in industrial producer prices is important for stabilizing the economy [1]

Group 1 - The core viewpoint emphasizes the need to deepen the construction of a unified national market and optimize the market competition environment [1] - The next phase will focus on expanding domestic demand and advancing the governance of production capacity in key industries [1] - The goal is to improve supply-demand relationships and promote a reasonable recovery in prices [1]