一场"稳预期"的年末供地盛宴 近日，武汉市自然资源和城乡建设局发布《武汉市拍卖出让国有建设用地使用权公告（武告字〔2025年〕27号）》，一次性推出27宗地块，总起始价87.99 亿元。其中，涉宅用地高达24宗，起始总价约83.53亿元，将于2025年12月9日统一网上拍卖。 这不仅是今年武汉土地市场罕见的"集中供地"操作，更是一次精准回应市场预期、稳定楼市信心的关键举措。在房地产深度调整期，如此大规模、高效率的 供地节奏，传递出武汉"稳地价、稳房价、稳预期"的坚定态度。 你是否也在关注：这次集中供地，会否成为武汉楼市的新拐点？哪些区域将迎来新一波开发热潮？ 区域分布：从"单核集聚"到"多中心辐射" 本次27宗地块覆盖全市八大行政区，其中新洲区9宗、江夏区9宗、蔡甸区2宗、江汉区2宗、硚口区2宗、东湖高新区1宗、洪山区1宗、汉阳区1宗。 远城区（新洲、江夏、蔡甸）合计20宗，占比超八成；而主城区（江汉、硚口、汉阳、洪山）仅6宗，但个个"含金量"十足。 这一分布清晰表明：武汉正加速从"单核集聚"向"多中心辐射"转型。远城区承接人口外溢与产业转移，主城区则聚焦高品质稀缺资源供给——城市发展逻辑 正在重构。 重点地 ...

谋篇布局"十五五"·热点问答 如何激发消费新动能? "十五五"规划建议提出 坚持惠民生和促消费紧密结合 惠民生是促消费的前提和基础,促消费是 惠民生的重要途径。消费是收入的函数, 就业是财富之本、收入之源，居民消费的 能力和意愿很大程度上取决于就业和收入 增长状况;在居民收入一定的情况下,生 育、教育、医疗、养老等生活中的具体问 题,都可能直接影响居民消费意愿。 统筹促就业、增收入、稳预期，增强居民 消费能力 扩大优质消费品和服务供给 以放宽准入、业态融合为重点扩大服务消 费,强化品牌引领、标准升级、新技术应 用,推动商品消费扩容升级,打造一批带 动面广、显示度高的消费新场景。 > 多渠道稳定和扩大就业，优化创业促 进就业政策环境,支持重点群体就 业。 > 促进工资性收入合理增长,进一步拓 宽财产性收入渠道,扩大中等收入群 体规模。 > 稳步推进基本公共服务均等化,加大 生育养育支持力度,强化教育支撑, 提高医疗养老保障能力，保障群众基 本生活。 责编：秦雅楠、王瑞景 ...

据中国人民银行官网11月24日消息，为保持银行体系流动性充裕，2025年11月25日，中国人民银行将以 固定数量、利率招标、多重价位中标方式开展10000亿元MLF操作，期限为1年期。 鉴于11月有9000亿元MLF到期，当月央行MLF净投放规模将达到1000亿元，为央行连续第九个月对 MLF加量续作。 本期编辑：孙琪 据证券时报，东方金诚首席宏观分析师王青指出，11月MLF加量续作是着眼于应对潜在的流动性收紧 态势。10月财政部安排5000亿元地方政府债务结存限额，意味着11月政府债券净融规模会有明显上升。 同时，10月5000亿元新型政策性金融工具投放完毕，在带动当月委托贷款走高后，接下来还会带动配套 中长期贷款较快投放。此外，11月银行同业存单到期量也有明显增加。上述因素都会在一定程度上收紧 银行体系流动性，需要央行给予流动性支持。 来源：中国人民银行官网、证券时报 "总体上看，接下来央行会综合运用买断式逆回购、MLF两项政策工具，持续向市场注入中期流动 性。"王青表示，近期宏观经济运行出现波动，央行加量续作MLF有助于稳增长、稳预期。 ...

Core Viewpoint - The overall operation of the national economy in October is stable, with solid progress in transformation and upgrading, and the new development momentum continues to grow [1] Economic Performance - The external environment remains unstable and uncertain, and there are significant pressures from domestic structural adjustments, posing challenges to the stable operation of the economy [1] Policy Recommendations - The next steps should focus on maintaining a stable yet progressive work guideline, expanding domestic demand comprehensively, and ensuring stability in employment, enterprises, markets, and expectations [1] - There is an emphasis on actively promoting the effective implementation of macro policies, deepening reforms and opening up, and further strengthening innovation-driven initiatives [1] Economic Goals - The aim is to promote a qualitative effective improvement and a reasonable quantitative growth of the economy [1]

Core Viewpoint - The report emphasizes the acceleration of new growth momentum in China's economy through enhanced fiscal policies, support for innovation, and investment in key industries, while ensuring the stability of employment and market expectations [1][3]. Group 1: Fiscal Policy and Economic Growth - The fiscal policy is increasingly proactive, focusing on stabilizing employment, businesses, and market expectations, while promoting economic recovery [3][4]. - A total of 300 billion yuan in special bonds is allocated to support the replacement of consumer goods, which is expected to stimulate significant retail sales [4][15]. - The central government plans to increase its technology funding to 398.12 billion yuan in 2025, a 10% increase from the previous year, focusing on core technology and strategic industries [5][21]. Group 2: Investment and Consumption - The government aims to enhance domestic demand by boosting consumption and effective investment, with a focus on key sectors and weak links [13][16]. - The issuance of special bonds has accelerated, with 5.55 billion yuan issued in the first half of the year, completing 42.7% of the annual target [16]. - The manufacturing sector is expected to see a 10.3% increase in industrial investment, driven by government support for technological upgrades [17]. Group 3: Employment and Social Welfare - The central government allocated 667.4 billion yuan for employment support, with 6.95 million new urban jobs created in the first half of the year [27][28]. - Education spending increased by 5.9% to 2.15 trillion yuan, with a focus on improving quality and access to education [29][30]. - Basic public health service funding reached 804.35 billion yuan, enhancing health management and disease prevention efforts [32][33]. Group 4: Risk Management and Financial Stability - The government is implementing measures to mitigate financial risks, including the management of local government debt and the promotion of real estate market stability [7][9]. - A comprehensive approach to fiscal management is being adopted, including reforms in tax systems and budget execution to ensure effective use of resources [7][12]. Group 5: Innovation and Technology - The report highlights the importance of integrating technological innovation with industrial development, with a focus on enhancing research capabilities and supporting key technology projects [20][21]. - Funding for basic research is set to increase by 12.1%, emphasizing the need for original innovation and support for research institutions [21][22]. Group 6: Environmental and Social Development - The government is committed to ecological protection and sustainable development, with significant funding allocated for pollution control and ecosystem restoration [38][39]. - Social welfare programs are being expanded, with increased support for vulnerable populations and efforts to improve living standards [34][35].

Economic Performance - Zhangjiagang's GDP for the first three quarters reached 242.4 billion, with a year-on-year growth of 5.4%, surpassing the national average of 5.2% and ranking fifth in Suzhou [1] - The total GDP ranks third among all county-level cities in Suzhou, indicating strong economic strength and stable development [1] Investment Highlights - Industrial investment in Zhangjiagang amounted to 21.83 billion, with a growth rate of 14.6%, ranking second in Suzhou [1] - Infrastructure investment saw a remarkable growth rate of 48.7%, also placing second in Suzhou [1] Service Sector Growth - The revenue from the scale above designated size in the service industry reached 14.9 billion, growing by 11.6%, ranking fourth in Suzhou [1] Construction Sector - The total output value of the construction industry was 17.851 billion, with a growth rate of 14.2%, ranking second in Suzhou [1] - The sales area of commercial housing increased by 3.3%, leading Suzhou [1] Future Outlook - Zhangjiagang plans to implement more effective measures to stabilize employment, enterprises, markets, and expectations, aiming to achieve the annual economic and social development goals and successfully conclude the "14th Five-Year Plan" [1]

Core Viewpoint - The article discusses the release of the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" by the Central Committee of the Communist Party of China, emphasizing the need to enhance macroeconomic governance effectiveness and promote an economy driven by domestic demand and consumption [1] Group 1: Economic Governance - The document highlights the importance of strengthening the strategic guiding role of national development planning [1] - It calls for better coordination between fiscal and monetary policies to enhance overall economic governance [1] - The need to leverage various policies, including industry, price, employment, consumption, investment, trade, regional, environmental, and regulatory policies, is emphasized to foster a more domestically driven economic model [1] Group 2: Macroeconomic Policies - The article advocates for stronger counter-cyclical and cross-cyclical adjustments to implement more proactive macroeconomic policies [1] - It stresses the importance of maintaining stable growth, employment, and expectations through consistent macro policy orientation [1] - The need for enhanced evaluation of policy implementation effectiveness and the establishment of a sound expectation management mechanism is also mentioned [1] Group 3: High-Quality Development - The document underscores the importance of optimizing the comprehensive performance assessment for high-quality development [1]

Core Viewpoint - The People's Bank of China (PBOC) is injecting 900 billion MLF (Medium-term Lending Facility) to provide liquidity to banks, which is expected to stabilize financing costs for enterprises and support the A-share market [1][3]. Group 1: Monetary Policy Impact - The injection of 900 billion MLF is essentially a measure to alleviate liquidity constraints for banks, ensuring they do not tighten credit excessively [3]. - This policy action is aimed at maintaining stable expectations in the market, indicating that there will not be sudden disruptions in funding availability [3]. Group 2: Investment Strategy - Long-term investors should not treat this monetary policy as a short-term trading opportunity but rather as a signal to hold onto fundamentally sound stocks with reasonable valuations [3]. - The focus should be on following policy signals and core logic to maintain stable long-term positions in the market [3].

Core Viewpoint - The article emphasizes the importance of achieving the annual economic and social development goals set by the Chinese Communist Party, focusing on stabilizing employment, businesses, markets, and expectations to maintain the economic foundation and promote recovery momentum [1] Group 1: Economic Stability Measures - The meeting highlighted the need for macro policies to continue to exert force and to be adjusted as necessary, ensuring the implementation of enterprise support policies and special actions to boost consumption [1] - It is crucial to safeguard the "three guarantees" at the grassroots level and to actively and prudently resolve local government debt risks [1] Group 2: Employment and Social Welfare - The meeting stressed the importance of ensuring livelihood security through multiple channels, enhancing job stability for key groups, and increasing efforts to rectify wage arrears [1] - There is a focus on improving basic public services and addressing urgent issues faced by the public, particularly in disaster recovery and ensuring warmth for affected populations during winter [1] Group 3: Safety and Stability - The meeting underscored the necessity of ensuring safety in production and maintaining stability, with a strong emphasis on accountability for safety production and strict enforcement of regulatory systems to prevent major accidents [1] - It also called for comprehensive supervision of food and drug safety, conflict resolution, and the legal crackdown on various crimes, alongside effective public opinion guidance to mitigate ideological risks [1]

Economic Growth Perspective - In Q3, the actual GDP growth rate was 4.8%, while the nominal GDP growth rate was 3.7%[5] - Industrial output growth was 6.2%, while demand growth (including retail, fixed investment, and exports) was 2.98%, resulting in a growth rate difference of 3.2%[5] - Export growth was 7.1%, compared to a combined growth of 1.92% for retail and fixed investment, leading to a difference of 5.18%[5] Consumer Spending Insights - The combined growth rate for travel and policy-driven replacement consumption was 8.6%, while essential consumption categories like food and clothing saw a growth rate of only 0.3%[5] - The consumer spending tendency in Q3 was 68.1%, down from 68.9% in the same period last year, indicating a decline in consumer confidence[48] Investment Trends - Fixed asset investment growth was -6.6% in Q3, a significant drop from the previous value of 1.8%[43] - Equipment investment grew by 14%, contrasting with a -4.1% decline in construction investment, highlighting a shift towards new economic sectors[15] Market Expectations and Policy Recommendations - To stabilize market expectations, it is crucial to maintain confidence in long-term economic transformation and short-term price recovery, with a target Q4 growth rate of around 4.5% to meet the annual goal[4] - The need for further reduction in mortgage rates is emphasized, as the cumulative decline in second-hand housing prices was 3.93% while mortgage rates only decreased by 3 basis points[8] Employment and Labor Market - The total number of rural laborers working outside their home areas reached 19.187 million, with a year-on-year growth of 0.9%[52] - The urban survey unemployment rate was 5.2%, showing a slight decrease from the previous month[56]