核 心 观 点 货币更注重与财政协同。 政府预计仍是2026年加杠杆的主体，而央行宽松的节奏或主要配合财政发力，在政 府加杠杆放缓的时段维持利率的平稳。货币政策预计有三个特点，一是传统产能扩张类信贷将继续压降；二是 央行对于银行负债端利率比价约束持续关注；三是货币政策更要兼顾债务风险、汇率风险、银行息差等中长期 变量。 二、扩内需：广义财政稳投资，补贴优化扩消费 广义财政扩张稳投资。 中央财政和准财政工具直接托底但效果有限，促进投资止跌回稳更重要的是充分发挥 新增专项债作用，以"新基建"、"绿色基建"稳投资既能在短期内促进投资止跌回稳，又能在中长期促进产业转 型。 补贴政策优化扩消费。 商品消费重视补贴效用，服务消费支持扩大供给。个体补贴缩量、全国统一补贴标 准，或是在高效利用宝贵财政资源的出发点上，考虑到补贴对存量受惠群体的效用或边际下降，对增量受惠群 体的效用或较高，以图惠及更多消费者、保持较高的政策效用而提出的。发展服务消费或需要更重视优质服务 供给，顺应当前商品消费倾向下滑、服务消费韧性较强、新消费广受关注的消费趋势。 三、反内卷：治标过后要治本，清理欠款稳经营 标准引领落后产能出清，清理欠款减轻企业 ...

贺词指出，"我们依靠创新为高质量发展赋能"，这更激发了辽宁博促会科技服务有限公司总经理张 波更好服务企业科技创新的热情。2025年，他们服务了300多家企业，帮助10余家新型研发机构对接政 策、市场、资金、人才、平台等资源。张波表示，新的一年，将深化覆盖科技创新全周期的多链融合服 务，针对全链条各环节的需求与痛点，整合全要素资源，为企业提供定制化、集成化解决方案，助力企 业降低创新成本、规避创新风险、加速创新进程，为辽宁产业创新与科技创新深度融合贡献一份力量。 "每年我都会准时聆听新年贺词，心里总是感觉暖暖的。"在辽宁工程技术大学，大四学生唐庄妍和 同学们聆听贺词后，畅想起即将到来的2026年，"因为国家的帮扶政策，我才有机会走入大学校门，追 逐梦想。2026年我即将走出校门，奔赴乡村，成为一名支教教师，将这份温暖传递下去，就像当初国家 帮我圆梦一样。"唐庄妍说，作为学校中国共产党人精神谱系宣讲团成员，将会用国家发展的鲜活案 例，点燃孩子们的理想之火，在三尺讲台耕耘奉献，用实际行动回应国家对青年的期许。 "新年贺词字里行间饱含着对文旅产业发展的殷切期望，我们备受鼓舞，更坚定了深耕文旅赛道的 信心与决心。"辽宁 ...

Group 1: Innovation Development - The core innovation industries and outputs continue to cluster in central urban areas and multiple points, with emerging sci-tech industrial clusters expanding [3][5] - The spatial layout of the three trillion-level sci-tech industry clusters has been continuously optimized over the past decade, showing characteristics of diversification, networking, and grouping [5][14] - The original innovation results are accelerating industrial transformation and application, contributing to the formation of a new productive force regional linkage development model [16][18] Group 2: Coordinated Development - Since the implementation of the overall plan, the population structure in the city has gradually optimized, with multiple new employment centers forming in the plain multi-point areas [18][22] - The balance between residence and employment has significantly improved, with noticeable growth in short-distance commuting groups in the plain multi-point areas [22][25] - The urban sub-center has strengthened its capacity to absorb and carry employment populations from the surrounding areas, particularly benefiting from the rail transit system [25][27] Group 3: Green Development - The construction of garden cities in Beijing has achieved significant results, with continuous improvement in ecological service efficiency [29] - The park system has clear positioning, with a hierarchical service network that meets the diverse needs of citizens [29][31] - The greenway network has expanded, becoming a new norm for many citizens, with a noticeable increase in visitor traffic from central urban areas to peripheral regions [31][36] Group 4: Open Development - The scale of commercial vitality in the city has steadily increased, with significant achievements in the construction of commercial circles in ecological conservation areas and the periphery of central urban areas [37][40] - The commercial gathering areas have shown stable growth in customer traffic, with consumption levels in peripheral commercial areas on the rise [40][41] - The international consumption experience zones have seen continuous improvement in their openness, with a notable increase in short-term foreign visitors [44][46] Group 5: Shared Development - The coverage rate of basic public services has continuously improved, with a convenient living circle forming within a 15-minute reach [51] - The system of infant and toddler care service facilities has been continuously enriched [51][53] - The distribution of high-level medical resources has been optimized, with a shift from a centralized structure to a more balanced, independent group structure [53][55]

Group 1 - The Beijing-Tangshan Intercity Railway (京唐城际) is set to significantly reduce travel time between Beijing and Tangshan to a minimum of 55 minutes, enhancing connectivity and integration within the Beijing-Tianjin-Hebei region [1][2] - The railway's opening is expected to facilitate a "double city life" for residents, allowing for easier travel for family visits, medical appointments, and other activities, thus improving the quality of life for citizens [1] - The anticipation for the railway's completion is high among students and faculty at Beijing Jiaotong University Tangshan Research Institute, as it will enable better academic collaboration and access to educational resources in Beijing [2] Group 2 - High-tech enterprises in Tangshan are recognizing new development opportunities due to the railway, with a notable increase in business interactions and collaborations between Beijing and Tangshan [3] - The railway is fostering a sense of "co-city" living, allowing businesses to operate seamlessly across both cities, thus promoting a model of "Beijing research, Tangshan transformation" [3] - The intercity railway is enhancing industrial collaboration and innovation, with more companies establishing operations in Tangshan, driven by the improved transportation and cost advantages [3]

生产性服务业发展报告 (2025 年) 版权声明 本报告版权属于中国信息通信研究院，并受法律保护。 转载、摘编或利用其他方式使用本报告文字或者观点的， 应注明"来源：中国信息通信研究院"。违反上述声明者， 本院将追究其相关法律责任。 前 言 党的二十届三中全会、四中全会分别提出要"聚焦重点环节分领 域推进生产性服务业高质量发展"，"提高现代服务业与先进制造业 融合发展水平"。生产性服务业涵盖研发设计、信息传输、金融、 物流、商贸等多个领域，服务工业、农业生产的多个环节，具有知 识密集、附加值高、融合性和专业化强等显著特点。在新一代信息 技术影响下，生产性服务业高质量发展呈现融合化、数智化、高端 化、绿色化、全球化的演进特征。推动生产性服务业高质量发展已 成为发展新质生产力、赋能新型工业化、构建现代化产业体系、实 现高水平对外开放的必然选择。 经过多年发展，我国生产性服务业增加值规模从 2016 年的 19.8 万亿增至 2024 年的 41.1 万亿人民币，年复合增长率 9.5%，占 GDP 比重从 26.6%升至 30.5%。服务型制造走深走实提升发展质量，成 为制造业企业普遍选择，"制造+服务"的"两业融 ...

（来源：科创中国） 安徽省黄山市以科技服务业为着力点，持续优化创新生态，推动产业提质增效。黄山市科技服务业载体 建设、企业培育、服务能力实现全面提升，为高质量发展提供了有力支撑。截至今年三季度末，黄山市 规上科技服务业企业营业收入同比增长467.2%，固定资产投资额增幅达63.7%。 载体建设提速，创新平台扩容升级。聚焦重点产业链，打造"载体+平台"模式，提升本地载体科技服务 能力，优化科研力量布局和创新要素配置。"十四五"期间，新建成省新型研发机构1家，省联合共建学 科重点实验室1家，省特色产业创新研究院1家，省企业研发中心23家。同时，加快建设孵化载体，全面 打造全链条孵化育成体系，新培育省级及以上科技企业孵化器、众创空间孵化载体5家。 企业培育增效，创新主体活力迸发。高质量开展好科技服务业市场主体培育，进一步促进科技服务业发 展壮大。黄山市规上科技服务业企业达14家，2家企业升级为国家高新技术企业，前三季度规上科技服 务业企业营业收入达7亿元。开展临规科技服务业市场主体调研摸底工作，对21家主体逐一了解企业生 产经营情况，已有5家企业初步符合入规条件。 服务能力拓展，产业生态持续优化。科技服务业业态从单 ...

Core Viewpoint - The official launch of the Hainan Free Trade Port's full island customs operation on December 18, 2025, marks a significant step in China's commitment to high-level openness and the construction of an open world economy [1][11]. Group 1: Economic Impact - The "zero tariff" policy implemented in Hainan Free Trade Port will increase the proportion of zero-tariff goods from 21% to 74%, with approximately 6,600 tariff items now eligible, covering nearly all production equipment and raw materials [6]. - The processing and value-added tax exemption policy has been upgraded, removing restrictions on the income proportion of encouraged industries and expanding the range of imported materials, which will lower the threshold for companies to benefit from these policies [6]. - In 2022, the value of imported goods under the "zero tariff" policy reached 27.06 billion yuan, resulting in a tax reduction of 5.09 billion yuan [8]. Group 2: Business Sentiment - Companies like Hainan Hongyan Food Co. express confidence in the historical significance of the customs closure, planning to increase R&D investment and align new products with market demands [2]. - Jingrun Pearl Group anticipates significant benefits from the zero-tariff policy on imported raw materials, which will enhance competitiveness and potentially lower product prices for consumers [7]. Group 3: Infrastructure and Technology - The implementation of a "smart customs" system by CGN Beigu Technology has enabled efficient customs clearance, allowing vehicles to pass through in just 180 seconds, enhancing operational efficiency for businesses [5]. - The establishment of a comprehensive regulatory product system covering various scenarios, including cargo transport and customs inspection, is crucial for the effective management of the free trade port [5]. Group 4: Future Development - The Hainan Free Trade Port aims to establish a robust policy system focused on trade and investment freedom by 2025, with a vision to become a new high ground for China's open economy by 2035 [10]. - The integration of Hainan Free Trade Port with the Guangdong-Hong Kong-Macao Greater Bay Area is seen as a key step for future development, particularly through cross-sea projects [9].

罗志恒/文 12月10日至11日，中央经济工作会议召开。会议总结2025年经济工作，分析当前经济形势，部署2026年 经济工作。 总体上看，会议坦诚务实、基调积极，既充分认识困难又看到是发展和转型中的问题，举措注重务实可 行，着眼目标在于稳增长、优结构，同时高度强调民生为大。会议在延续前期"更加积极有为"宏观政策 导向和"高质量发展"主线的基础上，更突出三个取向：一是更强的问题导向和底线思维，直面"供强需 弱""风险隐患较多"等现实矛盾，对房地产、地方债、新就业形态、极端天气等给出更细化的应对路 径；二是更明确的结构性与制度性安排，通过"条例""纲要""配套法规""试点"等抓手，把全国统一大市 场、能源强国建设、民营经济发展、地方税体系完善等推向更具约束力和可操作性的阶段；三是更重视 预期管理和政策协同，不仅强调"增强宏观政策取向一致性"，还把经济与非经济、存量与增量政策一体 纳入评估，健全预期管理机制，通过制度化安排来稳定信心、引导预期。 中央经济工作会议延续了此前政治局会议的重大判断和政策取向，充分肯定今年和过去五年的成绩，在 政策基调上，继续强调实施更加积极有为的宏观政策，财政政策更加积极、货币政策适度 ...

中新网武汉12月13日电 (梁婷姜胜来姚坤森)国家技术转移中部中心实体运行揭牌仪式暨科技服务业生态 大会13日在武汉举行。据会上发布的《湖北科技服务业发展报告2025》显示，湖北科技服务业迈向规模 化、专业化发展阶段。 在技术转移体系方面，该省构建起多层次、广覆盖的技术转移服务网络，通过系统布局"众创空间—孵 化器—加速器—产业园"全链条孵化育成载体，推动科技成果从实验室走向产业化。此外，专业化中试 基地、概念验证平台和临床医学研究中心加速运行，检验检测服务能力持续提升，显著提升成果成熟度 与市场适配性。 据了解，"十五五"时期，湖北将加快重大科技成果高效转化应用，推动科技服务业高质量发展。 该省将聚焦研究开发、技术转移、检验检测等十大细分赛道，实施"专业能力跃升计划"，培育一批深耕 细分领域的专业化服务机构，引育一批高水平技术转移人才，推动机构服务模式从"通用型"向"定制 化"转型，提升专业科技服务对产业创新的精准支撑效能。(完) （文章来源：中国新闻网） 科技服务业是连接科技创新与市场需求的重要桥梁。报告数据显示，截至2025年9月，湖北实现科技服 务业营业收入近1166亿元，产学研协同创新不断深化。 截 ...

专题：中央经济工作会议在北京举行 业内解读 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 熊园观察 国盛证券首席经济学家，熊园 博士 国盛证券宏观分析师，朱慧 事件：2025年12月10-11日，中央经济工作会议召开，部署2026年经济工作。 核心观点：中央经济工作会议延续了12.8政治局会议的总基调，"坚定信心、用好优势、应对挑战"，首 提做好明年经济工作的"五大必须"和"五大关键着力点"，进一步"划重点"，应有助于各方更好理解、更 好执行中央政策。延续8大重点任务，扩内需、强产业、促改革延续前三，具体举措上也有不少新提 法，尤其是：货币政策新增"灵活高效运用降准降息等多种政策工具"；财政支出力度由"加大""提高"改 为"保持必要的力度"；"两新"政策延续、关注可能的扩围；投资新增"止跌回稳"目标、关注新一批重大 项目；重提房地产、定调变为"着力稳定房地产"，新提"因城施策控增量、去库存、优供给"；重申积极 有序化解地方债、不得违规新增隐性债务等。往后看，大方向已定，年底年初政策仍有3大关注：1）各 部门年度工作会议，应会围绕12月两大会议抓落实、进一步部署；2）2026年1月地 ...