中央纪委国家监委网站 张思诺 习近平总书记强调，国有企业是我们党执政兴国的重要支柱和依靠力量。各级纪检监察机关立足职能定 位，紧盯关键岗位、重点领域、突出问题，将正风肃纪反腐与深化改革、完善制度、促进治理、推动发 展贯通起来，为国资国企改革提供坚强纪法保障，推动发挥好经济"顶梁柱"作用。 聚焦改革目标，以监督促重点任务落实 2025年是国有企业改革深化提升行动收官之年。纪检监察机关围绕党中央重大决策部署做实政治监督， 聚焦提高国有企业核心竞争力、增强核心功能等重点工作，压实责任护航国企改革向纵深推进。 "平台集招标采购信息发布、全流程交易、数据服务和智能监督管理等功能于一体，帮助国资监管部门 实现对企业采购行为的智慧监督。"沈阳市纪委监委有关负责同志介绍，目前13家市属一级企业已全部 完成采购管理制度修订完善工作并备案，对采购权限、程序、职责以及进入平台的要求等作出明确，确 保采购活动有章可循、全程留痕。 强化以案促改促治，完善制度机制 近期，四川省南充市高坪区人民法院审理了南充高坪机场有限责任公司人力资源部原部长、安检站原站 长彭某涉嫌贪污、受贿案，该公司36名干部旁听庭审。 玉龙县纪委监委结合国企实际，找 ...

Group 1 - The "2026 Buy in China" and Spring Consumption Season was launched in Shanghai on January 3, 2026, organized by the Ministry of Commerce [1][3] - The initiative will focus on three main themes: product consumption, service consumption, and consumption scenarios, with various activities planned nationwide, including "Happy Shopping Spring Festival" and "International Consumption Season" [3] - The Ministry of Commerce will collaborate with relevant departments to host special activities during the Spring Festival, promoting a series of consumer-friendly measures across the entire consumption chain [3] Group 2 - During the New Year period (January 1-2), Shanghai's average daily consumption reached 12.2 billion yuan, a 2.5% increase compared to the same period in 2025 [4] - Offline daily consumption was 6.49 billion yuan, remaining stable year-on-year, while online daily consumption was 5.71 billion yuan, showing a 5.5% year-on-year growth [4] - The number of tax refund applications in Shanghai increased by 253% year-on-year, with corresponding tax refund sales rising by 132.6% [4]

Group 1 - The year 2026 marks the beginning of a new phase for urban development, emphasizing the importance of innovation, openness, and integration of science and industry [2][3] - Chengdu has made significant progress in high-quality urban development, with over 17 national-level industrial clusters and more than 14,500 high-tech enterprises [2] - The city has enhanced its international connectivity, with annual passenger throughput at the international aviation hub exceeding 90 million and over 36,000 international freight trains operated [2] Group 2 - The focus on improving the living environment includes community initiatives such as affordable meal services for the elderly and accessible cultural resources like local bookstores [2][3] - The commitment to a better urban life is reflected in the integration of large-scale urban narratives with the daily experiences of citizens, showcasing resilience in facing uncertainties [4] - The new year is seen as a critical period for consolidating the foundations of socialist modernization and striving for comprehensive development [5]

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同时，央企将着力"向内挖潜"。张玉卓表示，要做好全面预算管理，加强全员、全要素、全生命周期成 本管控，加大应收款项、合同资产、存货和应付款项管控力度。加强上市公司质量和市值管理。 在投资布局上，数据显示，今年1-11月，中央企业完成固定资产投资（不含房地产）3.3万亿元、同比 增长0.7%。张玉卓提出，2026年，要以有效投资积蓄发展潜力。围绕产业链强基补短、基础设施建 设、能源资源保障、前瞻产业布局等重点领域，用好各类支持政策，靠前谋划实施一批重大项目和标志 性工程，厚植可持续发展基础。 作为国民经济的中流砥柱，中央企业在"十五五"开局之年的改革动向与发展布局，备受市场关注。12月 22日，国务院国资委主任张玉卓在2025年度中央企业负责人会议上表示，国有企业改革深化提升行动主 体任务基本完成，2026年将在新起点上推动改革再上新台阶。他表示，要加强上市公司质量和市值管 理，大力推进战略性、专业化重组整合和高质量并购。 全力以赴稳经营提质效 今年以来，中央企业经济效益保持总体平稳。数据显示，1-11月，中央企业实现增加值9.5万亿元，同 比增长1.4%；年化全员劳动生产率81.1万元/人、同比提升3%，营业 ...

Core Viewpoint - The Hainan stock market has seen a significant surge, particularly in the "Hainan sector," driven by the policy benefits from the Hainan Free Trade Zone's customs closure and zero tariff implementation [1][3]. Group 1: Market Performance - As of midday on December 22, stocks such as Shennong Agricultural and Kangzhi Pharmaceutical reached the daily limit of 20%, with 23 stocks in the Hainan sector hitting their upper limits [1]. - The Hainan Free Trade Zone index rose by 9.59%, with notable individual stock performances including Shennong Agricultural (+20.03%) and Kangzhi Pharmaceutical (+19.96%) [2]. Group 2: Policy Impact - The customs closure marks a new development phase for the world's largest free trade port, implementing a customs supervision system that allows for "one line open, one line controlled, and free movement within the island" [3]. - The number of taxable items under the zero tariff policy has increased from over 1,900 to approximately 6,600, covering 74% of all taxable items, which is expected to reduce import tax burdens by about 20% for related enterprises [3][5]. Group 3: Economic Benefits - Hainan Airlines has utilized the zero tariff policy to import aviation materials worth approximately 350 million yuan, saving over 50 million yuan in taxes since 2020 [4]. - On the first day of the customs closure, the value of goods benefiting from zero tariffs reached 360 million yuan, primarily including crude oil and aviation materials [4]. - The consumer response has been strong, with Sanya's duty-free sales reaching 118 million yuan on the first day, and foot traffic in duty-free stores increasing by over 60% year-on-year [4]. Group 4: Future Outlook - Institutions are optimistic about the long-term development opportunities following the customs closure, with expectations that the zero tariff policy will enhance cost structures for enterprises and boost tourism consumption [5]. - The short-term demand for travel is expected to rise, with significant increases in flight bookings to Hainan, particularly around the New Year holiday [4][5].

Core Viewpoint - The article emphasizes the importance of innovative and diversified consumption scenarios to expand domestic demand and enhance consumer experience, particularly through the integration of new business models and formats [1][4]. Group 1: New Consumption Models and Scenarios - The Ministry of Commerce and the Ministry of Finance have initiated pilot programs in 50 cities, including Beijing, to explore new consumption models and scenarios, focusing on enhancing quality supply and stimulating consumer potential [2][6]. - The pilot programs aim to address the insufficient supply of high-quality consumption and to foster innovation in consumption formats, thereby expanding premium consumption supply [2][3]. Group 2: Beijing's Role and Achievements - Beijing's selection as a pilot city is attributed to its large population, strong economic influence, and significant development potential, having attracted over 5,000 brand flagship stores since 2019 [3][4]. - The city has established itself as an international consumption center, with a consumption index reaching 109.9 in 2022, reflecting a 19.6% increase since the end of 2020 [3]. Group 3: Integration of Culture and Economy - The article highlights the effectiveness of cross-industry integration in enhancing consumption vitality, particularly through collaborations with well-known intellectual properties (IPs) to create culturally rich products that resonate with consumers [5]. - The pilot programs in Beijing will also focus on fostering "IP+" new consumption scenarios, integrating cultural consumption into daily life [5][6].

Core Viewpoint - The Danzhou Huanxin Yingwan area is being developed as a model for Hainan Free Trade Port, focusing on the integration of port, industry, city, and technology to drive regional development and attract investment [5][6][7]. Group 1: Development Strategy - Danzhou is implementing a coordinated development strategy, aiming to achieve a phased goal of "three years to gain momentum, five years to take shape, and ten years to establish a city" [5]. - The area is positioned as a key hub for the integration of the Yangpu Economic Development Zone and Danzhou Industrial Park, promoting collaborative development [5][10]. Group 2: Infrastructure and Urban Development - The Huanxin Yingwan area has seen significant improvements in infrastructure, with a range of key industrial projects being launched and completed, contributing to urban quality and functionality [5][9]. - A new neighborhood center has opened, serving as a multifunctional business complex and a new landmark for the Huanxin Yingwan New City [9]. Group 3: Industry Focus - The development plan emphasizes the establishment of a diverse industrial ecosystem, focusing on high-tech, modern services, and high-end tourism, while also integrating traditional industries like petrochemicals and logistics [7][12]. - The area aims to create a complete industrial chain, particularly in sectors such as digital economy, healthcare, and education [12]. Group 4: Future Planning and Goals - By 2026, the Danzhou government plans to enhance collaborative mechanisms in industry development, investment attraction, and event hosting, aiming to create a model for regional coordinated development [13]. - The focus will be on key sectors such as new materials, biomedicine, renewable energy, and digital economy, with an emphasis on optimizing the business environment and reducing operational costs for enterprises [13][14].

研究报告 Research Report 19 Dec 2025 东南亚必需消费 & 可选消费 Southeast Asia Staples & Discretionary 东南亚消费行业 11 月跟踪报告：通胀温和且分化，多数消费跑输指数 Moderate, Uneven Inflation; Most Consumer Sectors Underperform the Index [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 市盈率 P/E 股票名称 评级 目标价 PE(2025E) PE(2026E) 资料来源： Factset, HTI 80 100 120 140 160 HAI Southeast Asia Staples HAI Southeast Asia Discretionary MSCI China Related Reports 东南亚消费行业 10 月跟踪报告：通胀温和且分化，消费需求结构性改善 Inflation Moderate and Differentiated; Consumption Structurally Impr ...

Core Viewpoint - The recent Central Economic Work Conference emphasizes the need for financial institutions to enhance support for expanding domestic demand, with a focus on boosting consumption through coordinated efforts between commerce and finance [1][10]. Group 1: Financial Support for Consumption - Financial support will be increased in key areas of consumption, including upgrading product consumption and expanding service consumption [1][2]. - Innovative financial products and services will be developed to cater to the characteristics of service consumption, such as home services, hospitality, and entertainment [2][4]. - The development of financing services for intangible assets like intellectual property and technology achievements will be prioritized, along with tailored financial products for small and micro enterprises [4]. Group 2: New Consumption Models - Financial institutions are encouraged to collaborate with platforms and key merchants to enhance payment options like installment plans and digital currencies, addressing consumer upgrade needs [6]. - There will be a focus on developing new consumption scenarios, including green consumption, digital consumption, and AI-driven consumption [7]. - Financial services will be integrated to support new business models and consumption activities, such as "Buy in China" initiatives and the development of urban consumption centers [7]. Group 3: Rural and County-Level Consumption - Financial support will be provided for county-level consumption initiatives, including seasonal commercial activities and rural product sales [11]. - The development of rural logistics and cold chain facilities will be supported through targeted financing [11]. - Financial institutions are encouraged to participate in local consumption promotion activities, offering tailored products and services to enhance consumer engagement [11].