本次活动广泛吸纳全市合规经营、支持云闪付或贵州银行APP（云网版）支付的商超、餐饮、加油站等 实体商户参与。有意向的商户可通过云闪付APP内"附近有礼"频道的"我是商户"入口，找到"工'惠'有礼 乐享消费"专属通道完成报名。目前，首批审核通过的商户名单已近200家，涵盖国贸、花果园购物中 心、沃尔玛超市、合力超市、中石油、中石化等品牌。 市总工会相关负责人表示，本次活动是贯彻落实促消费、稳经济、惠民生工作部署的重要举措，旨在通 过"工会搭台、企业让利、职工受益"的模式，实现提振市场信心、提升职工生活品质的双重目标，让广 大职工在欢乐祥和的节日氛围中感受到温暖关怀。 12月25日，记者从相关新闻通气会上获悉，贵阳贵安将于2026年元旦启动"工'惠'有礼 乐享消费"活动， 全年投入700万元，面向持卡职工分五轮发放43万张消费券，覆盖五大节假日，全面促进消费回暖。 本次活动由贵阳市总工会与贵阳市商务局联合主办，将紧扣元旦、春节、五一、中秋、国庆五大节假 日，计划投入总额700万元资金，面向特定职工群体发放电子消费券，全面激发消费潜力。全年计划投 放"满200减30""满100减20""满50减10"三档电子消费券 ...

日度报告——综合晨报 美联储官员鹰派表态降息，中国国常会部署 稳经济工作 [T报ab告le_日R期an：k] 2025-12-22 宏观策略（外汇期货(美元指数)） 美联储鹰派暗示不会降息 哈马克力主维持高利率更长时间 美联储鹰派官员表态不会降息，利率维持高位更长时间，表明 对于通胀担忧继续存在，美元短期震荡。 宏观策略（股指期货） 国常会要求加快部署中央经济工作会议安排 综 近期宏观空窗期，A 股走势波澜不惊，短暂的回调之势被国家队 等稳市资金阻断，市场再度震荡上行。展望后市，跨年行情或 将维持高位窄幅震荡的态势。 有色金属（铜） 1-10 月全球精炼铜市场供应过剩 12.2 万吨 合 宏观策略（国债期货） 晨 央行开展了 562 亿元 7 天期逆回购操作 报 超长端品种继续大幅下跌的概率在下降，市场有望温和修复。 农产品（棉花） 美棉出口周报（11.20-11.27）：签约下滑 我国 11 月棉花棉纱进口环比同比双增，其中 11 月棉纱进口同比 增 25%至 15 万吨。配额短缺限制棉花进口，但进口纱竞争优势 增强，吸引部分企业加大采购。 黑色金属（螺纹钢/热轧卷板） 247 家钢厂高炉铁水日均产量 22 ...

证券研究报告 宏观 广义财政支出增长边际回升 ——11 月财政数据点评 2025 年 12 月 18 日│中国内地 动态点评 11 月财政收入端数据显示国内经济活动总体保持平稳，微观体感并未出现 与消费、投资等宏观数据相同幅度下滑的"体感差"；广义财政支出同比增 速边际回升、修正后的广义财政支出（季调后）环比增长进一步上行，显示 用于形成实物工作量的广义财政支出力度维持韧性。具体看，企业投资和工 业生产活动总体保持平稳，今年前 11 个月增值税/企业所得税累计同比增长 3.9%/1.7%、快于去年全年的-3.8%/-0.5%，投资、工业生产等宏观数据走 弱可能受到高基数和口径变化等"技术性因素"扰动；另一方面，11 月广 义财政（一般公共预算+政府性基金）支出同比降幅较 10 月的 19.1%收窄 至 1.7%，剔除注资特别国债和用于化债的"特殊专项债"后同比降幅亦较 10 月的 20.2%收窄至 3.8%；此外，修正后的（季调后）广义财政支出环比 增长从 10 月的 15%进一步上行至 33%、可能主要反映政策性金融工具投放 和地方债务结存限额下发带动部分信用扩张、拉动投资需求。具体看， ▪ 支出端而言， ...

Core Viewpoint - Stabilizing enterprises is essential for maintaining economic growth and serves as the "foundation" for economic stability [1][2] Group 1: Economic Indicators - In November, the manufacturing Purchasing Managers' Index (PMI) showed signs of improvement, with the small enterprise PMI reaching a six-month high [1] - From January to October, the cumulative profit growth of industrial enterprises was 1.9%, indicating a recovery in the profitability of enterprises [2] Group 2: Employment and Consumption - Enterprises are crucial for job creation, with small and medium-sized enterprises providing over 80% of urban employment in China [2] - A stable enterprise environment leads to increased consumer confidence and spending, creating a positive cycle of "enterprise stability - employment stability - income stability - consumption growth" [2] Group 3: Market Confidence - The production and business activity expectation index in the November manufacturing PMI was 53.1%, reflecting increased confidence among manufacturers due to effective economic policies [3] - Positive expectations from enterprises can lead to increased investments, market expansion, and research and development efforts [3] Group 4: Challenges and Policy Recommendations - Despite positive signs, challenges such as insufficient demand, cost pressures, and weak expectations remain, necessitating continuous efforts to stabilize enterprises [4] - Future policies will focus on optimizing the business environment, ensuring fair competition, and supporting the development of small and medium-sized enterprises [4][5] - Addressing financing difficulties, high costs, and overdue payments is critical for alleviating burdens on enterprises [5] - Expanding domestic demand and improving the consumption environment are essential for creating a conducive market space for enterprises [5]

稳企业，就是稳住社会就业的"容纳器"。居民收入主要来源工资性收入，而中小企业提供了我国 80%以上的城镇就业岗位。居民"有钱挣"才敢"放心花"，消费市场才能活跃，进而反哺企业，形成"企 业稳—就业稳—收入稳—消费旺"的良性循环。因此，千方百计稳住企业等各类经营主体，特别是呵护 好量大面广的中小微企业，就是直接有效地稳就业、保民生，筑牢社会稳定的根基。 企业是经济活动的重要主体，其稳与进、困与纾，影响着经济大盘的成色。稳企业，就是稳住经济 增长的"基本盘"。在经济循环中，企业既是产品和服务的供给者，也是生产要素的需求者；既是社会财 富的创造者，也是就业岗位的提供者。 11月份，制造业采购经理指数(PMI)在收缩区间内显现暖意，小型企业PMI达到近6个月高点；同 时，1月份至10月份，规上工业企业利润累计增速连续3个月保持增长。这两组数据，一为前瞻性景气指 标，一为滞后性效益体现，二者相互印证，展现出在宏观政策与经营主体的共同努力下，我国经济发展 的微观基础进一步夯实。企业是经济活动的重要主体，其稳与进、困与纾，影响着经济大盘的成色。稳 经济、稳预期，关键在于稳企业。 稳企业，就是稳住经济增长的"基本盘"。在经济 ...

Core Viewpoint - The Chinese government is allowing local governments to issue an additional 500 billion yuan in bonds in the fourth quarter to stabilize the economy, supplementing the previously arranged 5.2 trillion yuan in new local government bond issuance for the year [3][4]. Group 1: Government Bond Issuance - In the fourth quarter, local governments will issue 500 billion yuan in government bonds, with 300 billion yuan aimed at enhancing local government financial capacity and 200 billion yuan designated for supporting project construction in economically significant provinces [3][4]. - The total local government debt balance as of September 30 was 53.6995 trillion yuan, with a debt limit of 57.9874 trillion yuan, indicating a remaining debt limit of approximately 4.2879 trillion yuan [4]. Group 2: Economic Context - The decision to utilize the 500 billion yuan in local government debt limits is driven by ongoing economic pressures and the need for short-term growth stabilization [5]. - Local fiscal revenue for the first three quarters was 930.39 billion yuan, a year-on-year increase of 1.8%, while expenditures rose to 1.77056 trillion yuan, up 2.4% [6]. Group 3: Infrastructure Investment - Infrastructure investment growth has slowed, with a year-on-year increase of only 1.1% in the first three quarters, excluding certain sectors [6]. - The issuance of the 500 billion yuan in local debt and the recent deployment of 500 billion yuan in new policy financial tools are expected to alleviate local fiscal pressures and promote effective investment [6].

Core Points - The Chinese government has allowed local governments to issue an additional 500 billion yuan in government bonds in the fourth quarter to increase spending and support economic stability [1][2] - Of the 500 billion yuan, 300 billion yuan is allocated to supplement local government financial resources to address existing debt and unpaid accounts, while 200 billion yuan is designated for project investments in economically significant provinces [1][2] Group 1: Local Government Debt - The local government debt balance was 53.6995 trillion yuan as of the end of September, with a debt limit of 57.9874 trillion yuan, resulting in a debt margin of approximately 4.2879 trillion yuan [2] - This is not the first time China has utilized the local government debt margin; similar measures were taken in the fourth quarter of 2022 and are planned for 2024 [2] Group 2: Economic Context - The overall economic situation in China remains challenging, with significant downward pressure and a need for short-term growth stabilization [2] - Local fiscal revenue growth is slow, with a 1.8% increase in general public budget revenue and a 2.4% increase in expenditures in the first three quarters of the year [3] - Infrastructure investment growth has slowed, with only a 1.1% increase year-on-year in the first three quarters, indicating a need for increased effective investment [3]

Economic Overview - The GDP for the first three quarters of 2025 is reported at 10,150.36 billion yuan, with a year-on-year growth of 5.2% [2] - In September, the industrial added value for large-scale enterprises increased by 6.5% year-on-year and 0.64% month-on-month [2] - The total retail sales of consumer goods in September reached 41,971 billion yuan, showing a year-on-year growth of 3.0% [2] - Fixed asset investment (excluding rural households) for the first three quarters was 3,715.35 billion yuan, down 0.5% year-on-year, with real estate development investment decreasing by 13.9% [2] Market Performance - The A-share market saw an increase, with the Shanghai Composite Index closing at 3,863.89 points, up 0.63%, and the ChiNext Index rising by 1.98% to 2,993.45 points [5] - The communication, coal, and electric equipment sectors led the gains, with increases of 3.21%, 3.04%, and 1.54% respectively [5] - The market turnover was 17,514.91 billion yuan, showing a decline compared to the previous trading day [6] Real Estate Sector - In September, the housing prices in 70 large and medium-sized cities showed a mixed trend, with first-tier cities experiencing a month-on-month decline of 0.3% [3][4] - The year-on-year decline in new residential prices in first-tier cities was 0.7%, indicating a narrowing of the decline compared to the previous month [3][4] - The real estate market remains under pressure, with buyer sentiment still cautious, although there are signs of price stabilization due to ongoing policy support [4] Monetary Policy - The Loan Prime Rate (LPR) for one year remains at 3.0% and for five years or more at 3.5%, unchanged since May [2] - The current low interest rates for both corporate and personal loans are expected to support economic stability [3] Future Outlook - The upcoming 20th Central Committee's Fourth Plenary Session is anticipated to provide insights into the 14th Five-Year Plan, which may influence market sentiment [1] - The ongoing U.S.-China trade tensions are expected to impact global trade and China's exports, necessitating continued efforts for economic stability and job security [3]

Core Insights - The new policy financial tool has a total scale of 500 billion yuan, aimed at enhancing financial support for the real economy and promoting effective investment [1][2] - The tool is expected to address capital shortages for project construction, lower financing thresholds, and facilitate industrial upgrades, playing a significant role in stabilizing investment and promoting innovation by the second half of 2025 [1][2] Group 1 - The National Development and Reform Commission (NDRC) is actively working to deploy the new policy financial tool funds into specific projects, urging local governments to accelerate project commencement to generate tangible work volume [1] - The new policy financial tool is characterized as a "quasi-fiscal" instrument, with government-determined funding areas and market-oriented operations, focusing on emerging industries and infrastructure projects [2] - The implementation of this tool is expected to boost infrastructure investment, which has seen a slowdown in growth during the first half of the year, thereby supporting economic stability [2] Group 2 - The NDRC plans to continuously enhance macroeconomic policies and strengthen economic monitoring, forecasting, and early warning systems to adapt to changing circumstances [2] - There is confidence in maintaining stable and healthy economic development and achieving annual targets as the effects of various policies are fully realized [2]

Core Viewpoint - The National Bureau of Statistics spokesperson emphasized the challenges in maintaining employment stability amid complex external environments and ongoing domestic pressures, highlighting the need for continued efforts in employment policies and skills training [2] Employment Situation - The overall employment situation remains stable, which is considered a significant achievement given the current challenges [2] - There are structural contradictions in the job market, with both employment difficulties and recruitment challenges persisting [2] Policy Recommendations - There is a call for further strengthening of employment and economic stability measures [2] - Enhancing vocational skills training is essential to improve the matching of labor supply and demand [2] - The focus is on promoting high-quality and sufficient employment to improve living standards and support stable economic development [2]