一个多月前，党的二十届四中全会审议通过的"十五五"规划建议明确提出"树立和践行正确政绩观"。近 日的中央经济工作会议上，习近平总书记以"为人民出政绩""以实干出政绩"阐明正确政绩观的内涵。 政绩观是对政绩的根本观点和总的看法，是世界观、人生观、价值观在从政行为中的具体体现。领导干 部树立了正确的政绩观，才会有"不畏浮云遮望眼"的清醒、"任尔东西南北风"的定力、"功成不必在 我，功成必定有我"的胸怀担当。 践行正确政绩观，习近平同志以身示范。在正定，为了老百姓吃饱饭，顶住压力减少粮食征购任务；在 厦门，领导擘画当地15年经济社会发展蓝图；主政浙江，推动率先启动"绿色GDP"体系设计；黄浦江 畔，"上海是全国的上海"的要求掷地有声…… 党的十八大以来，从发展速度再快一点"非不能也，而不为也"的战略抉择，到生态环境"不能吃子孙 饭"的战略远见，从全局谋、为长远计的政绩观一以贯之。 结合当前环境任务，习近平总书记格外强调党员干部树立正确政绩观，具有鲜明的现实意义。 未来五年，是基本实现社会主义现代化夯实基础、全面发力的关键时期，要抓住这一重要"时间窗 口"，"追求实实在在、没有水分的增长"，需要党员干部树牢正确政绩观 ...

转自：北京日报客户端 习近平总书记"为人民出政绩""以实干出政绩"的明确要求，指向的是我们党全心全意为人民服务的根本 宗旨和马克思主义实事求是的根本观点，阐明了共产党人干事创业的目标和路径，将这两者联系起来 看，尤显意涵深邃。 一方面，共产党员实干的重要标准就是看能否为民造福。 "为民造福是最大政绩。"2022年3月，在中央党校（国家行政学院）中青年干部培训班开班式上，习近 平总书记语重心长。 干部"干"字当头，就要创造业绩。创造业绩，就必须解决好政绩观的问题。 一个多月前，党的二十届四中全会审议通过的"十五五"规划建议明确提出"树立和践行正确政绩观"。近 日的中央经济工作会议上，习近平总书记以"为人民出政绩""以实干出政绩"阐明正确政绩观的内涵。 政绩观是对政绩的根本观点和总的看法，是世界观、人生观、价值观在从政行为中的具体体现。领导干 部树立了正确的政绩观，才会有"不畏浮云遮望眼"的清醒、"任尔东西南北风"的定力、"功成不必在 我，功成必定有我"的胸怀担当。 践行正确政绩观，习近平同志以身示范。在正定，为了老百姓吃饱饭，顶住压力减少粮食征购任务；在 厦门，领导擘画当地15年经济社会发展蓝图；主政浙江，推动 ...

新华社北京12月19日电 题：努力为人民群众多办实事——八论学习贯彻中央经济工作 会议精神 为政贵在行，民生重在实。做好民生工作的关键，就是要坚持问需于民、问计于民，用 心用情用力对接群众所需、谋划务实之策，多做雪中送炭的实事，多办纾难解困的好事，真 正把工作做到群众心坎上。改善民生是一个久久为功的过程，需要发扬求真务实的作风，一 件一件抓落实，一年接着一年干，取得扎实成效，努力让群众看到变化、得到实惠。用干 新华社评论员 部"好作风"换来群众"好日子"，用干部的"辛苦指数"换来群众的"幸福指数"，才能交出让 百姓舒心、让群众满意的民生答卷。 中央经济工作会议明确提出，坚持民生为大，努力为人民群众多办实事。学习贯彻中央 经济工作会议精神，做好明年经济工作，要坚持以人民为中心的发展思想，围绕不断增进民 生福祉，加大保障和改善民生力度，不断满足人民对美好生活的向往。 心中装着人民，奋斗为了人民。习近平总书记鲜明指出："我们要继续努力，把人民的 期待变成我们的行动，把人民的希望变成生活的现实。"新征程上，坚持人民至上，自觉践 行党的根本宗旨，走好新时代党的群众路线，多谋民生之利、多解民生之忧，让现代化建设 成果更多 ...

Core Viewpoint - The concept of "investment in people" is emphasized as a crucial strategy for driving economic growth and enhancing domestic demand, complementing traditional "investment in physical assets" [1][2]. Group 1: Investment in People - "Investment in people" refers to allocating more resources to education, employment, healthcare, and social security, focusing on enhancing human capabilities and driving high-quality economic development [2]. - This approach is a response to the declining returns on "investment in physical assets" and aims to shift the economic growth mechanism towards innovation and demand-driven models [2][3]. - The release of consumer potential and the enhancement of human capital are seen as essential for building long-term economic competitiveness in the face of global industrial competition [2]. Group 2: Domestic Demand and Economic Structure - Recent data indicates that household consumption accounts for approximately 39% of China's GDP, while capital formation accounts for about 41%, highlighting a need for improved consumer demand [3]. - Compared to global averages, where household consumption is around 57% of GDP, China's internal demand issues stem from insufficient consumer demand and the need for better interaction between consumption and investment [3]. - "Investment in people" is identified as a key lever to enhance this interaction, focusing on comprehensive human development to activate endogenous economic momentum [3]. Group 3: Integration of Investments - The emphasis on "investment in people" does not diminish the importance of "investment in physical assets," as there remains significant potential for capital investment in China [4]. - The strategy calls for a shift from scale expansion to quality improvement and precision efforts, focusing on key technology enhancements and optimizing existing assets [4]. - Continuous investment in public services and human resource development is essential, with a focus on education, healthcare, and social welfare to stimulate overall economic growth [4].

Market Concerns and Spring Market Outlook - The current market is concerned about the economic resilience in the medium to long term, with stock prices already reflecting pessimistic expectations sufficiently. November economic data showed a decline in retail sales and investment growth, but an increase in export growth, indicating structural recovery in consumption [7][12][16] - The impact of the Bank of Japan's interest rate hike on A-shares is limited. Historical data shows that the negative impact on US stocks is greater and more persistent than on A-shares. A-shares have historically shown resilience following such rate hikes [16][18] Spring Market Potential - The core factors influencing the initiation of the spring market include policies, external events, liquidity, and valuation sentiment. Historical patterns indicate that A-shares often experience adjustments before the spring market begins, with 15 out of 16 past spring markets showing some form of adjustment prior to initiation [24][26] - There is a possibility of a short-term spring market opening, with A-shares maintaining a slow bull trend. Short-term policies are expected to remain positive, and external risks are limited, with potential for further policy support to stimulate consumption [33][34] Industry Allocation - The technology growth sector is expected to maintain its advantage in the short term, with a shift in style being difficult due to high valuations and sentiment. Current valuations in technology sectors remain neutral to high, and liquidity may continue to ease [33][41] - There are potential allocation opportunities in certain consumer sectors supported by policy, particularly as the year-end approaches. The technology growth and some cyclical sectors may benefit from the Bank of Japan's interest rate hike [33][34][41] - Current sentiment and PEG ratios in sectors such as pharmaceuticals, media, and electric equipment are low, indicating potential for growth. A balanced allocation strategy is recommended across technology growth, cyclical, and consumer sectors [33][41]

● 本报记者 马爽 12月19日，由中国证券报主办的"财富向善 智理未来"2025财富配置与资产管理大会在深圳举行。广发 证券首席经济学家郭磊在发表主旨演讲时表示，激活经济潜能的关键，在于精准把握蕴含的五大潜在空 间。此外，"十五五"规划建议的相关部署，也为上述潜能释放筑牢了坚实的政策支撑。未来5至10年， 中国经济有望依托三条核心路径，实现供需的动态匹配与均衡发展。 "日前召开的中央经济工作会议提出，'必须充分激活整个经济的潜能'，这一表述的背后是中央对当前 经济形势的深刻洞察与精准把握。"郭磊表示，当前经济"供强需弱"矛盾突出，缓解这一矛盾的关键在 于补齐需求短板，而补齐短板的核心抓手正是充分激活经济潜能。基于这一判断，郭磊分别从五个关键 领域详细剖析了经济增长的潜在空间。 "固定资产投资的止跌回升与长效机制构建，成为当前宏观经济调控的重要着力点。"郭磊表示，2025年 中央经济工作会议明确提出推动投资止跌回稳，这释放出强烈的稳投资政策信号。从政策落地节奏来 看，进入四季度后广义财政已率先发力，政策性金融工具重点向经济大省倾斜，这一举措将成为撬动 2026年投资回暖的关键抓手。着眼长远发展，郭磊进一步表示 ...

转自：北京日报客户端 来源：新华社 中央经济工作会议明确提出，坚持民生为大，努力为人民群众多办实事。学习贯彻中央经济工作会议精 神，做好明年经济工作，要坚持以人民为中心的发展思想，围绕不断增进民生福祉，加大保障和改善民 生力度，不断满足人民对美好生活的向往。 让人民生活幸福是"国之大者"。党的十八大以来，以习近平同志为核心的党中央坚持不忘初心，站在人 民立场上考虑问题，把人民对美好生活的向往作为奋斗目标，以"民之所忧，我必念之；民之所盼，我 必行之"的信念扎实做好民生工作，不断把为人民造福事业推向前进。"十四五"时期，每年城镇新增就 业稳定在1200万人以上，居民收入增长与经济增长基本同步，全球规模最大的教育、医疗和社会保障体 系持续巩固，人民群众获得感、幸福感、安全感持续增强，全体人民共同富裕稳步推进。实践告诉我 们，坚持发展为了人民、发展依靠人民、发展成果由人民共享，经济社会发展就会拥有最坚实的依托、 最强大的底气、最澎湃的动力。 中国式现代化，民生为大。实现人民对美好生活的向往是中国式现代化的出发点和落脚点。党的二十届 四中全会把"坚持人民至上"作为"十五五"时期经济社会发展必须遵循的原则之一，把"人民 ...

新形势下，高质量共建"一带一路"，可以从3个方面来理解和把握。 2026年是"十五五"开局之年，近日召开的中央经济工作会议明确了关于明年经济工作的思路、任务、 政策等，一系列重点工作与"十五五"规划建议的部署一脉相承。为更好帮助网友理解会议精神，新华网梳 理了会议提出的部分关键提法，一起来学习。 如何理解高质量共建"一带一路"？ 共建"一带一路"是我国改革开放后提出的第一个全球性、大规模、全方位国际经济合作倡议。 三是全面提升务实合作质效，推进重大标志性工程和"小而美"民生项目协同增效，完善产业链供应链 合作，提升中欧（亚）班列发展水平，拓展绿色发展、人工智能、数字经济、卫生健康、旅游、农业等领 域合作，发挥重大国际合作平台支撑作用。 延展阅读 四是统筹发展和安全，完善多元化、可持续、风险可控的投融资体系，加强风险防控和海外利益保 护，推进高质量共建"一带一路"行稳致远。（据《党的二十届四中全会〈建议〉学习辅导百问》） 策划：车玉明 第一，共建"一带一路"进入高质量发展的新阶段。10多年来，共建"一带一路"从中国倡议走向国际实 践，从"大写意"转向"工笔画"，在推进互联互通基础上拓展成为贸易和产业合作平台，成 ...

Core Viewpoint - The Central Economic Work Conference emphasizes the importance of expanding domestic demand as a primary strategy for economic growth, aiming to build a strong domestic market and enhance the quality of goods and services supplied [1][2]. Group 1: Strengthening Domestic Demand - The conference prioritizes expanding domestic demand, with a contribution rate of 71% from domestic demand to economic growth in the first three quarters of the year [2]. - Experts highlight that the strategic position of expanding domestic demand has been elevated, with a focus on boosting consumption and improving investment efficiency [2][3]. - The emphasis on "maintaining strategic initiative and enhancing economic resilience" through a strong domestic market is noted as a key objective [2]. Group 2: Boosting Consumption - The focus on "expanding the supply of quality goods and services" aligns with the goal of leading new supply with new demand [4]. - There is a recognition of the mismatch between effective demand and supply, particularly in high-quality products and services, indicating a need for structural improvements [4][5]. - The conference outlines plans to adapt to changes in consumption structure and optimize the implementation of relevant policies to enhance service consumption [5][6]. Group 3: Investment Stabilization - The conference sets a goal to "promote investment stabilization," with plans to increase the scale of central budget investments and utilize new policy financial tools [7]. - It is acknowledged that fixed asset investment growth has been declining, necessitating a strategic response to enhance investment effectiveness [7][8]. - The emphasis on optimizing the management of local government special bonds aims to improve funding efficiency and support major project construction [8].

Group 1 - The central economic work conference emphasized the need for China to strengthen its internal capabilities to address external challenges while maintaining openness and promoting win-win cooperation across multiple fields [2][3] - The ongoing US-China trade friction remains a significant "old problem," with tariffs on Chinese goods reaching as high as 145% from the US, while China imposed tariffs of 125% on US goods. Although a temporary agreement reduced these tariffs, the fundamental issues persist [3][4] - New challenges include the restructuring of global supply chains and increasing pressure for green and low-carbon transitions, with developed economies implementing carbon border adjustments that could impact China's high-energy product exports [3][4] Group 2 - The conference proposed a dual circulation strategy, focusing on domestic economic work while engaging in international economic competition. This includes expanding domestic demand, supporting enterprises, stabilizing employment, and promoting technological innovation [4][5] - Fiscal policy is expected to maintain a deficit rate of no less than 4% next year to support infrastructure, technological innovation, and social welfare investments. Monetary policy will also be flexible, focusing on providing credit support to key sectors [6][7] - The emphasis on high-quality economic development prioritizes "qualitative effective improvement" over "quantitative reasonable growth," highlighting the importance of technological innovation, environmental sustainability, and improving people's livelihoods [7][8] Group 3 - The conference highlighted the need for increased foreign investment opportunities and the integration of trade and investment, encouraging the development of digital and green trade, which will benefit small and micro enterprises [8][9] - New policies for foreign investment will enhance market access and competition, leading to improved resource allocation efficiency and a wider variety of imported goods and services for consumers [9][10] - The focus on developing new productive forces and optimizing supply will help stabilize employment and market expectations, contributing to a harmonious social environment [10][11]