在积极促进高质量充分就业的同时，我国扎实推进社会保障制度改革。企业职工基本养老保险实现 全国统筹，失业保险、工伤保险实现省级统筹，建立实施个人养老金制度，创新开展职业伤害保障试 点，社会保障体系日趋完善。 保障和改善民生没有终点，只有连续不断的新起点。以人民为中心，着力稳就业、稳企业、稳市 场、稳预期，以高质量发展的确定性应对各种不确定性，越来越多的百姓期待将转化为可感可及的幸福 生活，中国式现代化的建设成果也将更多更公平地惠及全体人民。（中国经济网评论员 臧梦雅） 党的二十届三中全会《决定》提出，"完善就业优先政策"。今年的《政府工作报告》首次提出"投 资于人"，要求强化宏观政策民生导向，推动更多资金资源服务于民生，并围绕更大力度稳定和扩大就 业、完善社会保障和服务政策，作出工作部署。一系列推动高质量发展的重要部署，成为就业提质扩容 的关键推动力。 【责任编辑：陈思阳】 就业是最基本的民生。"十四五"以来，我国就业局势总体稳定，就业结构持续优化，就业质量稳步 提升，每年城镇新增就业稳定在1200万人以上，为民生改善和经济发展提供了重要支撑。 筑牢民生之本，加大稳就业力度。接下来，仍需始终坚持就业优先理念，不 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 猜想一：量的增长，对应"十五五"规划时期，经济增速目标维持在4.5%-5%区间，兼顾远景目标与潜在增 长水平。 核心观点： "十五五"时期是我国乘势而上迈向基本实现社会主义现代化的关键五年，规划将致力于实现质的提升与量 的增长协同并进，其最终目标则锚定于人的全面发展与全体人民共同富裕。我们理解，"十五五"规划将围 绕三大核心主线展开：科技引领、内需提振与安全发展；而稳定经济增速、提升全要素生产率、加速人工 智能应用落地、稳定制造业占比、更多资源"投资于人"则是重要政策抓手。 五年规划对中国经济发挥着重要的引领性作用 十四个五年规划，服务于不同时期的发展诉求。从"一五"到"五五"，奠定工业化基础；自"六五"至"十二 五"，着重解 ...

Group 1 - The core idea emphasizes the importance of investing in human capital to enhance economic development and meet the people's expectations for a better life [3][7][8] - The focus on "investing in people" reflects a commitment to improving the quality of life and economic growth through education and skills development [4][6][7] - The collaboration between educational institutions and industries aims to create a practical training environment that aligns with market needs, thereby reducing the adaptation period for new employees [4][6][7] Group 2 - The introduction of affordable rental housing in Hohhot is part of a broader strategy to support young professionals and address housing challenges, facilitating their employment and entrepreneurial efforts [9][11][14] - The city has implemented policies that combine housing support with talent attraction, offering significant rent reductions for eligible graduates [11][14] - The development of community-oriented housing projects aims to provide not just shelter but also essential amenities, enhancing the living conditions for young residents [11][14] Group 3 - The focus on technological innovation in companies like Anhui Tongguan Copper Foil Group highlights the commitment to addressing consumer needs and improving quality of life through advanced materials [15][17][20] - The company has invested significantly in research and development to create products that enhance communication quality, demonstrating a direct link between innovation and consumer satisfaction [15][17][20] - Local government support for innovation projects aims to ensure that technological advancements translate into tangible benefits for the community, reinforcing the connection between industry growth and public welfare [20]

Group 1 - The core idea emphasizes the importance of "investing in people" to enhance economic development and improve the quality of life for citizens, aligning with the central government's focus on high-quality development [1][4] - The article highlights the collaboration between vocational schools and enterprises to create a talent cultivation system, which significantly shortens the adaptation period for new employees [2][3] - Investment in vocational education is seen as a crucial step in improving labor skills and promoting high-quality economic and social development [4][6] Group 2 - The article discusses the implementation of affordable rental housing policies in Hohhot to address housing challenges for young professionals, thereby supporting their employment and entrepreneurial efforts [5][6] - The city has combined housing policies with talent attraction strategies, providing various forms of housing solutions for young people, including significant rent reductions for students [6][7] - Hohhot has successfully gathered 18,400 units of recognized affordable rental housing, serving over 25,000 young talents and providing substantial financial subsidies [7] Group 3 - The focus on "investing in people" extends to technological innovation, with companies aiming to ensure that their research and development efforts directly benefit the public and enhance economic growth [8][10] - The article highlights a specific case of a company that invested 60 million yuan annually in R&D to develop key materials for 5G communication, addressing a significant market need [10][11] - The successful development of proprietary HVLP copper foil has improved communication quality for residents in remote areas, demonstrating the tangible benefits of innovation [10][11]

激发有潜能的消费、扩大有效益的投资，从供需两侧发力，才能推动释放更大的内需潜力。 习近平总书记强调，"要顺应人民群众对美好生活的期待，坚持人民主体地位，把人口高质量发展同人民高品质生活紧密结合起来，把'投资 于物'同'投资于人'紧密结合起来"。 "投资于人"，是以人民为中心的发展思想的具体体现。推动更多资金资源"投资于人"、服务于民生，不仅提升了人民群众的获得感、幸福 感、安全感，更为经济高质量发展注入信心和动力。 投向人才成长，让每个人生都精彩绽放 "国庆、中秋'双节'前包裹较多，派送速度得再快点儿。"在天津市蓟州区一家物流公司站点，28岁的负责人赵思桐按下"派送优先级"按钮，精 准调派快递员。从一线收派员到片区负责人，赵思桐走出校园后，仅用7年时间就实现了职业发展的多次跃升。 "要感谢我的母校天津交通职业学院，注重学生职业技能的打磨和职业认同的塑造。入职后，我们很快能成长为业务骨干。"赵思桐说。 据了解，赵思桐供职的这家物流公司在天津与多家职业院校共建"产学协同"培养体系，这些职校输送的物流人才上岗适应期较其他新人缩短 近一半。今年，企业又招聘了约200名职校毕业生。 赵思桐在供职的物流公司一处分拨中心调 ...

Group 1 - The core idea emphasizes the need for local governments to shift from infrastructure investment to "investment in people" to stimulate employment and economic growth [1][2] - In Shanxi Province's Lüliang City, local government has invested 250 million yuan in training over 100,000 domestic workers, achieving an employment rate of approximately 62% and a total annual wage exceeding 1.6 billion yuan [1] - The 2025 Government Work Report highlights the importance of directing more resources towards "investment in people" to support employment expansion and improve residents' income [1] Group 2 - Middle and low-income groups face employment challenges, particularly due to limited skills and age, necessitating targeted investment to enhance their job opportunities and income [2] - The construction industry has seen a significant exit of 12.716 million migrant workers from 2021 to 2024, indicating a need for focused re-employment strategies for this demographic [2] - In Lüliang, many women have transitioned from traditional roles to become skilled domestic workers, earning between 5,000 to 20,000 yuan per month through training programs [2] Group 3 - Skill training initiatives must consider the actual learning capabilities of middle and low-income individuals, as many face barriers such as low educational levels [3] - The demand for skilled workers in various sectors, including domestic services and manufacturing, is increasing, but the willingness of older workers to engage in training is low [3] Group 4 - Local governments should facilitate connections between training programs and employment opportunities, especially by collaborating with businesses in first and second-tier cities [4] - Establishing a standardized training system is crucial to ensure quality over quantity in training programs, which will enhance the local reputation and attract businesses [4] - Addressing the concerns of low-income individuals regarding employment in urban areas is essential, including providing practical training on public transport and improving their living conditions [4] - The long-term benefits of investing in human capital may not be immediately visible, but over time, returning migrant workers can significantly boost local consumption and yield high returns on investment [4]

Core Viewpoint - The central economic strategy for China emphasizes the comprehensive expansion of domestic demand as a primary driver for economic growth and stability, addressing current challenges of insufficient domestic demand and external uncertainties [1][2]. Group 1: Investment in People - "Investment in people" is crucial for enhancing human capital and driving structural reforms in supply-side economics, especially in the context of low consumption rates and an aging population [2][4]. - The concept of "investment in people" focuses on optimizing resource allocation to promote comprehensive human development and meet the public's needs for a better life [7][11]. - The government is identified as the primary investor in human capital, with significant implications for education, healthcare, and social services [3][4]. Group 2: Economic Growth and Social Development - "Investment in people" plays a vital role in economic growth by releasing consumption potential, optimizing investment structures, and enhancing social adaptability [3][10]. - The relationship between "investment in people" and "investment in material" is complementary, where both are necessary for sustainable economic development [8][9]. - The economic benefits of investing in human capital are shown to surpass those of material investments, emphasizing the need for a balanced approach [9][10]. Group 3: Current Challenges and Needs - China's current low consumption rate, which dropped from 45.5% in 2001 to 39.1% in 2023, highlights the urgent need for "investment in people" to enhance consumer capacity and stimulate demand [24][26]. - The aging population and declining labor force participation necessitate a shift from demographic dividends to talent dividends through human capital investment [26][29]. - The disparity in educational attainment and the slow improvement in labor force education levels call for significant investment in education and training [27][30]. Group 4: Policy Recommendations - To effectively implement "investment in people," policies should focus on enhancing education, employment, and healthcare systems, ensuring equitable access and quality [29][30][33]. - A comprehensive approach to public service systems is essential, integrating "investment in people" with material investments to create a virtuous cycle of economic growth and improved living standards [29][30]. - Specific measures include increasing funding for education, promoting lifelong learning, and enhancing healthcare services to support overall human development [30][33].

Core Viewpoint - The recent implementation of free preschool education and child-rearing subsidies reflects the government's commitment to alleviating the financial burden of raising children, particularly for low-income families and those in rural areas, thereby promoting educational equity and supporting population growth [1][3][5]. Policy Implementation - The free preschool education policy now covers all kindergarten classes, benefiting approximately 12 million children [2]. - The financial impact of this policy is significant, with an estimated increase in national fiscal expenditure of about 20 billion yuan for the current semester alone [3]. Financial Data - National fiscal expenditure on preschool education has increased from 86.2 billion yuan in 2013 to 315 billion yuan in 2023, representing an average annual growth rate of 13.8% [3]. - The gross enrollment rate for preschool education reached 92% in 2024, a 20 percentage point increase from 2013, aligning with the average level of high-income countries [3]. Future Considerations - The successful implementation of free preschool education requires careful planning regarding future birth rates, the demand for kindergarten spaces, and the economic capacity to sustain such policies [4]. - The series of supportive policies, including extended parental leave and increased childcare services, are interconnected and aim to create a favorable environment for child-rearing [4][5].

Core Viewpoint - The recent implementation of free preschool education policies in China aims to alleviate the financial burden on families, particularly benefiting low-income and rural households, while promoting educational equity [1][3][5]. Policy Impact - The free preschool education policy now covers all kindergarten classes, benefiting approximately 12 million children [2]. - Families can save significant amounts; for instance, one family reported saving nearly 5,000 yuan annually due to the policy [1]. Financial Implications - The policy is expected to reduce childcare costs for many families, with an estimated increase in national fiscal expenditure of about 20 billion yuan for the current semester [3]. - The national financial investment in preschool education has grown from 86.2 billion yuan in 2013 to 315 billion yuan in 2023, reflecting an annual growth rate of 13.8% [3]. Future Considerations - The successful implementation of free preschool education requires careful planning regarding future birth rates, the demand for kindergarten spaces, and the economic capacity to sustain such policies [4]. - The initiative is part of a broader strategy to create a supportive environment for young families, encouraging higher birth rates and improved child-rearing conditions [4][5].

Core Viewpoint - The concept of "anti-involution" emphasizes governance against disorderly competition among enterprises, and is also seen as a crucial tool to reverse the ongoing decline in macro prices. Recent expectations of supply constraints have strengthened, but prices related to "anti-involution" have experienced a short-term spike followed by a decline. The future dynamics will depend on the demand side [2][5][9]. Group 1: Debt Management - Historically, debt management has helped to improve the liquidity situation of local governments and urban investment enterprises to achieve "risk prevention." However, this period of debt management often corresponds with weakened investment demand in infrastructure, which can hinder "stabilizing growth." This explains the divergence between government bond issuance and infrastructure investment trends observed this year [5][9]. - The current round of debt management is accompanied by the clearing of local financing platforms, resulting in negative net financing for urban investment bonds and zero growth in interest-bearing liabilities of urban investment enterprises. This further elucidates the divergence between government bond issuance and infrastructure investment [5][9]. Group 2: Shift in Fiscal Spending - Unlike in the past, the philosophy of fiscal spending is gradually shifting from "investment in objects" to "investment in people." Consequently, various types of social spending have accelerated this year, while infrastructure spending has significantly lagged. "Investment in people" is beneficial for long-term economic development, but its effect on short-term total demand expansion is relatively limited or delayed [7][9]. - Future projections indicate that land transfer income may continue to decline significantly, suggesting persistent debt management pressures. It is also anticipated that "early allocation of part of next year's new local government debt limits and proactive use of debt management quotas" will be necessary [9][10].