本报记者 马宇薇 日前在京举行的中央经济工作会议释放了哪些关键信号？如何理解其对中国资本市场的影响？ 东北证券股份有限公司上海证券研究咨询分公司总经理李冠英在接受《证券日报》记者专访时表示，此次会议明确传递了 实施更加积极有为的宏观政策的清晰信号，其核心在于通过增强政策的前瞻性针对性协同性，系统性提振企业、居民和市场多 维度信心。对于资本市场而言，会议的部署不仅夯实了"稳"的基础，更在产业升级与改革关键处指明了"进"的方向，将主导未 来的结构性投资主线。 在李冠英看来，会议对宏观政策的表述保持积极，财政政策强调更加积极，货币政策定调适度宽松，并要求加大跨周期和 逆周期调节力度。这一组合拳旨在形成合力，有效应对国内供强需弱矛盾。 "财政政策将保持必要的支出强度，并优化地方政府专项债券用途管理，这有助于保障'两重'项目等重大工程落地，带动投 资止跌回稳。"李冠英说。 会议指出，把促进经济稳定增长、物价合理回升作为货币政策的重要考量，灵活高效运用降准降息等多种政策工具。李冠 英认为，这为2026年货币环境维持适度宽松提供了明确预期，重点在于畅通货币政策传导机制，引导资金精准流向扩内需、科 技创新等重点领域。 会议将 ...

Group 1: Investment Strategy Overview - The report indicates a bullish outlook for the A-share market, with the Shanghai Composite Index showing a V-shaped reversal and breaking above previous resistance levels, suggesting a potential spring rally [5][18] - The report maintains a focus on technology and non-ferrous metals as the best investment choices, with a target for the Shanghai Composite Index to surpass 4034 points [5][18] - The U.S. stock market is expected to rise further, with Google emerging as a new leader in the AI sector, replacing Nvidia, and the Dow Jones index showing strong performance [24][25] Group 2: Market Trends and Analysis - The bond market is in a long-term downtrend, with the target for the 30-year government bond set near the low point from September 30, 2024 [4][15] - The commodity market is experiencing a mixed performance, with precious metals leading the gains while steel and construction materials are underperforming [31] - The foreign exchange market shows a strong performance for the Renminbi against the U.S. dollar, with expectations of a stable yet fluctuating trend [26][7] Group 3: Policy and Regulatory Developments - Domestic policies include the introduction of optimized regulatory measures for lithium thionyl chloride batteries, aimed at enhancing trade facilitation and aligning with international standards [33] - The central economic work conference emphasized the continuation of proactive fiscal policies to support economic stability and growth [34] - Internationally, the U.S. has signed agreements with Japan, South Korea, and Australia to strengthen the rare earth supply chain, indicating a strategic focus on technology competition [35]

新华社北京12月12日电 题：稳中求进提质增效 奋力实现明年经济社会发展目标任务——与会同 志谈贯彻落实中央经济工作会议精神 新华社记者 中央经济工作会议12月10日至11日在北京举行，习近平总书记出席会议并发表重要讲话。会议期 间，部分与会同志接受新华社记者采访，畅谈对会议精神的学习认识和下一步工作打算。 大家一致表示，现场聆听习近平总书记的重要讲话，进一步深化了对新形势下做好经济工作的规 律性认识，进一步坚定了用好优势、应对挑战的决心和信心。要自觉把思想和行动统一到以习近 平同志为核心的党中央对形势的科学判断上来，全面贯彻会议对明年经济工作的总体要求和政策 取向，稳中求进、提质增效，奋力实现明年经济社会发展目标任务，以高质量发展的实际成效迈 好"十五五"开局第一步。 2025年，我国经济顶压前行、向新向优发展，全年经济社会发展主要目标将顺利完成。过去5年， 我国有效应对各种冲击挑战，推动党和国家事业取得新的重大成就，"十四五"即将圆满收官，第 二个百年奋斗目标新征程实现良好开局。 成绩非凡，来之不易。湖南省委书记沈晓明说，即将过去这一年，中国经济巨轮破浪前行，为"十 四五"圆满收官，交出一份靓丽答卷。我们 ...

（来源：青岛金融） 习近平总书记在中央经济工作会议上发表的重要讲话，总结2025年经济工作，分析当前经济形势，部署2026年经济工作。与会同志一致表示，要认真贯彻 落实习近平总书记重要讲话精神，自觉把思想和行动统一到党中央对形势的科学判断上来，万众一心、砥砺前行，奋力实现明年经济社会发展目标任务， 确保"十五五"开好局、起好步。 中央经济工作会议指出，今年是很不平凡的一年。以习近平同志为核心的党中央团结带领全党全国各族人民迎难而上、奋力拼搏，坚定不移贯彻新发展理 念、推动高质量发展，统筹国内国际两个大局，实施更加积极有为的宏观政策，经济社会发展主要目标将顺利完成。 山东省委书记 林武：总书记的重要讲话全面总结了今年和"十四五"以来取得的重大成就，深入分析了我们面临的国际国内形势，系统部署了明年经济社 会发展的目标任务，为我们做好工作提供了根本遵循。我们将深入学习贯彻习近平总书记重要讲话精神，切实把思想和行动统一到党中央对形势的科学判 断和决策部署上来，坚定扛牢经济大省挑大梁责任担当，为全国大局多作贡献。 中央经济工作会议指出，过去5年，我们有效应对各种冲击挑战，推动党和国家事业取得新的重大成就，"十四五"即将 ...

（来源：新疆工商联） 12月10日至11日，中央经济工作会议在北京举行。中共中央总书记、国家主席、中央军委主席习近平出席会议并发表重要讲话。李强、赵乐 际、王沪宁、蔡奇、丁薛祥、李希出席会议。新华社记者 谢环驰 燕雁 摄影报道 2025年，是"十四五"规划收官之年。这一年，民营经济面临不少老问题与新挑战。从外部看，不确定因素增加，关税阴云笼罩全球贸易，部分 企业发展承压；从国内看，供强需弱矛盾突出、经营成本高企、转型升级压力大，考验企业发展耐力。 民营经济正在经历转型阵痛。各界也看到，当前面临的问题、挑战大多是在发展中、转型中出现，经过努力可以解决。中国经济基础稳、韧性 强、潜能大，坚定信心、用好优势，民营经济定能爬坡过坎。 其一，中央支持一以贯之。今年新春刚过，高规格的民营企业座谈会再次释出支持民营经济发展壮大的强烈信号，清晰表明对于民营经济发展 的方针政策将一以贯之地坚持和落实，不能变，也不会变。 岁末，中央经济工作会议强调"发挥存量政策和增量政策集成效应"、"增强居民和企业的获得感"等。可预期，来年民营经济发展相关政策落地 将更重实效，民营企业更直接感受到政策"温度"与"力度"。 其二，法治保障护航发展 ...

Market Overview - US stock indices, including the S&P 500 and Dow Jones, reached record closing highs, indicating strong market control and resilience against downturns, with a tendency for timely interventions to cool overheated conditions [1] - Hong Kong stocks experienced a rise of 1.75% following a recent adjustment and the conclusion of significant meetings [1] - Social financing data revealed a total increase of 33.39 trillion yuan in social financing for the first 11 months of the year, with RMB loans increasing by 15.36 trillion yuan [1] Economic Policies - The People's Bank of China will conduct a 600 billion yuan reverse repurchase operation with a six-month term to inject liquidity into the market by the end of the year, indicating an optimistic outlook for the market [2] - The Central Economic Work Conference did not present significant highlights but focused on the establishment of a "national unified market" to break local protectionism, benefiting industries like express delivery [2] Industry Trends - The domestic agricultural machinery market is seeing a significant increase in recognition, with tractor exports rising by 35% year-on-year in the first three quarters, and a notable 54% increase in October [3] - The AI sector is experiencing a surge in demand, with major companies like MiniMax and Zhiyu planning IPOs, which will further drive the demand for computing power and related technologies [5] Company Developments - Tian工 International is expanding its titanium alloy business, which is expected to benefit from the growing demand in the nuclear fusion sector, with a reported revenue of 447 million yuan and a net profit of 65 million yuan in Q3 2025 [8] - The company is also focusing on high-nitrogen steel for humanoid robots, having overcome technical barriers and established partnerships for production [9] Stock Performance - Companies in the express delivery sector, such as Jitu Express and Zhongtong Express, saw stock increases of over 5% due to market expectations of growth driven by the unified market initiative [2] - In the agricultural machinery sector, leading companies like First Tractor Co. experienced stock increases of over 11% as the market recognizes their potential for growth [3] - In the AI-related sector, stocks of companies like Cambridge Technology and Changfei Optical Fiber rose by nearly 8% and over 4%, respectively, due to the anticipated demand from upcoming IPOs [5]

Market Overview - The S&P 500 and Dow Jones reached record closing highs, indicating strong control over the U.S. stock market, with rebounds following declines and timely negative news to cool off overheating [1] - The Hong Kong stock market also saw a rise of 1.75% after a prior adjustment and the conclusion of significant meetings [1] Social Financing and Monetary Policy - In the first 11 months of the year, China's social financing increased by 33.39 trillion yuan, with RMB loans rising by 15.36 trillion yuan [1] - As of the end of November, the broad money supply (M2) was 336.99 trillion yuan, growing by 8% year-on-year, while the narrow money supply (M1) was 112.89 trillion yuan, with a year-on-year increase of 4.9% [1] Economic Policy and Market Reactions - The People's Bank of China plans to conduct a 600 billion yuan reverse repurchase operation to inject liquidity into the market by the end of the year [2] - The central economic work conference did not present significant highlights, but the focus is on establishing a "national unified market" to break local protectionism, benefiting the express delivery industry [2] Industry Trends - The domestic agricultural machinery market is seeing a significant increase in recognition, with tractor exports rising by 35% year-on-year in the first three quarters of 2025 [3] - The AI sector is experiencing a surge, with major companies like MiniMax and Zhiyuan planning IPOs, which will increase demand for computing power [5] Stock Performance - Companies in the agricultural machinery sector, such as First Tractor Company, saw stock prices rise over 11% due to increased export growth [3] - In the AI-related sector, stocks like Cambridge Technology and Changfei Optical Fiber Cable rose nearly 8% and over 4%, respectively, driven by the anticipated demand from upcoming IPOs [5] Equipment and Technology Developments - GE Vernova expects to sign contracts for 80 gigawatts of combined cycle gas turbine capacity by the end of the year, indicating strong demand for gas turbines [4] - The global nuclear fusion market is projected to approach 500 billion USD by 2030, with several companies planning to establish commercial fusion power plants by 2040 [4] Excavator Sales Data - In November 2025, excavator sales reached 20,027 units, a year-on-year increase of 13.9%, with domestic sales growing by 9.11% [8] - The total sales of excavators from January to November 2025 were 212,162 units, reflecting a year-on-year growth of 16.7% [8] Company-Specific Developments - Tiangong International is expanding its titanium alloy business and has engaged in discussions with research institutes to innovate in high-end materials [9] - The company is also focusing on high-nitrogen steel for humanoid robot applications, having overcome technical barriers in production [10]

中央经济工作会议明确指出，要引导金融机构加力支持科技创新、中小微企业等重点领域，创新科技金 融服务。 面对不确定的外部环境，中央经济工作会议提出，持续扩大内需、优化供给，做优增量、盘活存量，因 地制宜发展新质生产力，纵深推进全国统一大市场建设，持续防范化解重点领域风险，着力稳就业、稳 企业、稳市场、稳预期，推动经济实现质的有效提升和量的合理增长，保持社会和谐稳定。 关于中央经济工作会议提到的发展新质生产力，需关注的是，在当前各国竞相争夺人工智能、新能源、 量子信息等高新技术领域的背景下，与发达国家相比，我国在技术创新能力、科研成果转化率方面仍显 不足。 前不久，在受尊敬企业年会上，清华大学国家金融研究院院长田轩公布了一项统计结果：截至2025年10 月31日，中国A股市场排名前十的企业依次为农业银行、工商银行、贵州茅台、宁德时代、中国石油、 工业富联、中国银行、中国人寿、招商银行和中国神华；美股市场排名前十的企业依次为英伟达、苹 果、微软、谷歌、亚马逊、博通、美塔、台积电、特斯拉、伯克希尔·哈撒韦。 这项研究成果意味着，我国科技产业的发展还有很大空间。 中央经济工作会议12月10日至11日在京举行，其中指出， ...

中央经济工作会议准确把握2026年在"十五五"时期的重要地位，明确了明年经济工作的总体要求和政策 取向，部署了明年经济工作"八个坚持"的重点任务。与会同志们表示，要认真学习领会、贯彻落实习近 平总书记在中央经济工作会议上的重要讲话精神，为实现"十五五"良好开局而凝心聚力、克难奋进。 据央视《新闻联播》12日报道，在中央经济工作会议上，习近平总书记发表重要讲话，为做好明年经济 工作指出了明确方向、提供了根本遵循。与会同志们表示，要更加紧密团结在以习近平同志为核心的党 中央周围，坚定信心、用好优势、应对挑战，不断巩固拓展经济稳中向好势头，奋力实现"十五五"良好 开局。 中央经济工作会议指出，要自觉把思想和行动统一到党中央对形势的科学判断上来，把握我国发展大 势，坚定对未来发展的信心。 与会同志们表示，中央经济工作会议是党的二十届四中全会后党中央召开的一次十分重要的会议，对于 我们坚定信心、奋发有为，实现"十五五"良好开局具有重大而深远的意义。 辽宁省委书记 许昆林：总书记在中央经济工作会议上发表重要讲话，高屋建瓴、思想深邃、视野宏 阔，科学回答了对当前国内外经济形势怎么看、今后经济工作怎么干的重大理论和实践问题， ...

Group 1 - The central economic work conference emphasizes a continuation of proactive macro policies, including more active fiscal policy and moderately loose monetary policy, to support economic recovery and stabilize the capital market [1] - The focus for 2026 is on improving quality and efficiency, with core directions being economic structure adjustment, industrial structure optimization, and technological self-reliance, reinforcing the long-term logic of "technology growth" in the A-share market [1] - The external environment is improving with resilient overseas economies and expectations of interest rate cuts by the Federal Reserve, while domestic "dual easing" policies are likely to continue, leading to a weak recovery in the economy [1] Group 2 - The technology growth sector remains the core focus for medium to long-term investment, with the AI industry chain expected to shift from hardware to application, particularly in media, computing, and internet sectors [2] - Four specific investment themes are highlighted: high dividend assets in white goods, banks, and telecoms; improvement in coal, steel, and solar industries driven by "anti-involution" policies; new consumption areas like health and pet economy alongside travel and aviation; and resource sectors benefiting from rising commodity prices [2] - The A-share market is expected to continue its upward trend in 2026, supported by policies, improved internal and external environments, and structural optimization, with a focus on technology growth and advantageous sectors [2]