1月20日，国务院新闻办举行新闻发布会，介绍发挥积极财政政策作用，推动经济社会高质量发展有关 情况。 2025年发行超长期特别国债1.3万亿元，持续支持"两重""两新" 2025年，更加积极的财政政策"落地有声"，为宏观经济顶压前行、稳中有进提供重要支撑。 加大财政政策逆周期调节力度。赤字率按4%左右安排，新增政府债务规模11.86万亿元，远超前几年平 均水平。发行特别国债5000亿元，用于补充国有大型商业银行核心一级资本。安排5000亿元地方政府债 务结存限额，用于补充地方政府综合财力和扩大有效投资。 大力提升消费。发行超长期特别国债1.3万亿元，持续支持"两重""两新"，其中安排消费品以旧换新资 金3000亿元，带动相关商品销售额超过约2.6万亿元。出台实施个人消费贷款和服务业经营主体贷款贴 息等政策，鼓励和扩大相关消费。 持续加强民生保障。中央财政下达就业补助资金667.4亿元，出台扩大社会保险补贴范围、加大失业保 险稳岗返还力度等政策，提高居民医保和基本公共卫生服务经费两项财政补助标准，安排1000亿元对3 周岁以下婴幼儿发放育儿补贴……民生保障投入持续增加，增强居民消费能力、激发消费意愿。 坚持防风 ...

四是"活"的效果持续显现。加快推进重点领域改革，实施减轻企业负担专项行动，加快加力清理拖欠企 业账款，推动惠企政策落实落地，全力营造"一池活水"的企业发展环境。综合整治"内卷式"竞争成效初 显，新能源汽车、光伏等重点行业竞争生态持续改善。5G和千兆光网融入97个国民经济大类中的91 个，工业互联网实现41个工业大类全覆盖，为经济社会发展注入更多活力。加强优质企业梯度培育，累 计培育专精特新中小企业超14万家，有效期内的高新技术企业达50.4万家。2025年规模以上工业专精特 新"小巨人"企业增加值同比增长9%，前11个月规模以上工业高新技术企业利润总额同比增长5.3%。 （文章来源：新华财经） 二是"进"的步伐持续加快。锚定高质量发展这个首要任务不动摇，扎实推进制造业智能化、绿色化、融 合化发展。规模以上装备制造业、高技术制造业增加值同比分别增长9.2%、9.4%，增速高于规模以上 工业3.3个、3.5个百分点，占全部规模以上工业比重较2024年提高2.2个、0.8个百分点。制造业数智化转 型扎实推进，累计建成3.5万余家基础级、8200余家先进级、500余家卓越级智能工厂，培育15家领航级 智能工厂。工业降 ...

Core Viewpoint - Keda Intelligent has initiated its dual listing process on the Hong Kong Stock Exchange after 15 years on the A-share market, aiming to leverage its position in the digital energy and intelligent robotics sectors, despite facing challenges in business adjustments and industry competition [2]. Group 1: Business Overview - Keda Intelligent operates in two key sectors: digital energy and intelligent robotics, aligning with the trends of "new infrastructure" and "industrial intelligence" [3]. - The digital energy segment is the company's foundational business, with a product matrix that includes core devices such as integrated circuit breakers and distribution terminal units. The company ranks first in the FTU market and second in the integrated circuit breaker market in China [3]. - In the intelligent robotics sector, Keda Intelligent provides products like industrial robots and inspection robots, achieving the highest cumulative revenue in the industrial robot market from 2020 to 2024 [5]. Group 2: Financial Performance - Keda Intelligent's revenue has shown significant volatility, with 2023 revenue at 3.025 billion RMB, dropping to 2.687 billion RMB in 2024, and recovering to 1.904 billion RMB in the first three quarters of 2025 [6][7]. - The company recorded a net loss of 171 million RMB in 2023, turning profitable in 2024 with a net profit of 61.57 million RMB, and further increasing to 73.48 million RMB in the first three quarters of 2025 [6]. - The digital energy business accounted for 78.2% of total revenue in 2024, while the intelligent robotics segment saw a significant decline, with a 42.8% drop in revenue in 2024 [6][7]. Group 3: Market Challenges - The decline in the intelligent robotics business is attributed to both industry cycles and strategic adjustments, with a 21.3% actual revenue drop when excluding the impact of divested subsidiaries [8]. - Increased competition from companies like Siasun Robot and Estun in the AI-enabled and high-end customization sectors is further squeezing market space for Keda Intelligent [8]. Group 4: Future Prospects - The upcoming IPO in Hong Kong presents both opportunities and challenges for Keda Intelligent, with the potential to benefit from the 4 trillion RMB investment plan by the State Grid, which is expected to drive demand for digital energy solutions [9]. - The international capital platform of the Hong Kong market may help the company expand its overseas market presence, which currently accounts for less than 2% of its revenue [10]. - The company views the Hong Kong listing as a new starting point for strategic upgrades, focusing on enhancing R&D, optimizing business structure, and expanding market space to achieve a dual-driven growth model [10].

Group 1 - The Ministry of Finance announced a new loan interest subsidy policy aimed at supporting the development of small and micro enterprises [1] - The policy focuses on providing loan subsidies to enterprises in 14 key industries, including new energy, automotive, industrial robots, medical equipment, and mobile communication devices [1] - The initiative also targets upstream and downstream industries, as well as production systems and services in technology, logistics, information, and software [1]

1月21日，国新办举行新闻发布会介绍2025年工业和信息化发展成效。工业和信息化部副部长张云明表 示，2025年，工信部着力推进科技创新和产业创新深度融合，深入实施关键核心技术攻关，产业基础再 造工程，重大技术装备攻关工程。人工智能为工业经济增长注入强劲动力，工业机器人产量同比增长 28%，新能源汽车新车销量达1649万辆，同比增长28.2%。新兴领域投资增势良好，航空航天器及设备 制造等行业投资实现两位数增长。 ...

Core Viewpoint - The Chinese government is set to implement a more proactive fiscal policy in 2025, focusing on economic growth, social welfare, and structural transformation to ensure sustainable development in the long term [1] Group 1: Fiscal Policy Measures - The fiscal policy for 2025 will emphasize four main areas, including increased counter-cyclical adjustments, with a deficit rate set at around 4%, up by 1 percentage point from the previous year [2] - New government debt issuance will reach 11.86 trillion yuan, an increase of 2.9 trillion yuan compared to the previous year, significantly exceeding average levels from prior years [2] - Special government bonds worth 500 billion yuan will be issued to bolster the core tier-one capital of major state-owned commercial banks [2] Group 2: Consumer Stimulus - A long-term special bond issuance of 1.3 trillion yuan will support consumption, including 300 billion yuan allocated for a trade-in program for consumer goods, expected to drive sales exceeding 2.6 trillion yuan [2] - Policies will be introduced to stimulate consumption from both supply and demand sides, including interest subsidies for personal consumption loans and support for new consumption models [2] - Adjustments to duty-free shop and tax refund policies will be made to encourage and expand related consumer spending [2] Group 3: Social Welfare Enhancements - Employment support funds of 66.74 billion yuan will be allocated to enhance employment stability, alongside expanded social insurance subsidies and reduced unemployment insurance rates [3] - Fiscal subsidies for residents' medical insurance and basic public health services will be raised to 700 yuan and 99 yuan per person per year, respectively [3] - A 2% increase in basic pension levels for retirees will be implemented, along with a gradual rollout of free preschool education [3] Group 4: Risk Management and Development - The government will continue to manage hidden debt replacement, with 2 trillion yuan allocated for replacing existing hidden debts [3] - An additional 800 billion yuan in new special bonds will be issued to enhance local government financial capacity [3] - The focus will be on maintaining a stable overall fiscal operation while ensuring that key areas receive robust support [3] Group 5: Financial Collaboration - A package of fiscal and financial policies aimed at promoting domestic demand will be introduced, including interest subsidies for loans to small and micro enterprises in key industries [6][7] - A special guarantee plan for private investment will be launched, with a single credit limit set at 20 million yuan [7] - The government will enhance support for private enterprises through risk-sharing mechanisms for bond issuance, helping to lower financing barriers [7]

1月20日，财政部在官网连续发布五项政策文件，涵盖四项贴息政策与一项专项担保计划，并于当日下 午召开新闻发布会进行系统解读。 整体来看，此次政策组合可概括为"三优化、两新增"：在延续既有政策框架的基础上，延长政策期限、 扩围支持领域、提高单户额度，同时新增中小微企业贴息与民间投资专项担保工具，着力降低融资门槛 与成本，重点指向消费修复、设备更新、中小企业与民间投资等关键环节。 多家机构指出，此轮政策并非孤立出台，而是与此前央行结构性货币政策形成高度协同、无缝衔接。从 节奏和工具设计上看，财政与货币在年初即前置发力，体现出政策层面对稳增长"托底逻辑"的明确态 度。 一、从"短期刺激"转向"中期托底"：贴息政策全面延长 从政策形式看，最显著变化在于贴息政策期限的整体延长。个人消费贷款、设备更新贷款以及服务业经 营主体贷款三项政策，实施期限均统一延长至2026年底，贴息比例保持不变，但在额度、范围和参与机 构上明显放宽。 服务业经营主体贷款贴息政策则明显向"供给侧修复"倾斜：单户贴息贷款规模上限由100万元提高至 1000万元，并将数字、绿色、零售等新型消费领域纳入支持范围。这一调整，有助于缓解中小服务业主 体在扩 ...

Core Viewpoint - The Chinese government is implementing a series of policies aimed at stimulating domestic consumption and investment in 2026, marking the beginning of the "14th Five-Year Plan" period, with a focus on high-tech industries and expanding domestic demand [1][2]. Policy Initiatives - The National Development and Reform Commission (NDRC) and the Ministry of Finance have outlined key policy directions for 2026, including promoting consumption, stabilizing investment, and nurturing emerging industries [1]. - A comprehensive package of policies was released by the Ministry of Finance, which includes optimizing personal consumption loan interest subsidies, implementing special guarantees for private investment, and enhancing support for small and micro enterprises [2][7]. Consumption Promotion - A significant focus for 2026 is to boost consumer spending, with an emphasis on short-term consumption policies and long-term reforms aimed at increasing residents' income [2][3]. - The government has allocated 625 billion yuan to support a "trade-in" program for consumer goods, which has already been initiated in several provinces [2]. - The personal consumption loan interest subsidy policy has been optimized to include a 1% subsidy for loans used for consumption, including credit card installment payments [3][4]. Investment Support - The government aims to stabilize and increase fixed asset investment, which saw a decline in 2025, with a target to reverse this trend in 2026 [7]. - The package includes policies specifically designed to support private investment, such as interest subsidies for loans to small and micro enterprises and a special guarantee plan for private investments [8][9]. High-Tech Industry Focus - There is a strong emphasis on fostering investment in high-tech industries, with plans to launch significant projects during the "14th Five-Year Plan" period [10][11]. - The National Venture Capital Guiding Fund has been established with an initial capital of 100 billion yuan to attract social capital for investment in high-tech sectors [10]. Economic Growth and Employment - The government recognizes that consumer spending is closely linked to employment and income stability, and is working on plans to enhance job security and increase disposable income for residents [6]. - The implementation of structural reforms and policy support is aimed at improving market expectations and boosting consumer confidence [6].

Core Viewpoint - The Chinese government is implementing a series of policies aimed at stimulating consumption, stabilizing investment, and fostering emerging industries as part of the 2026 economic strategy, marking the beginning of the "14th Five-Year Plan" [1][13]. Policy Directions - The National Development and Reform Commission (NDRC) is planning to advance significant high-tech projects and develop a strategy for expanding domestic demand from 2026 to 2030 [1][13]. - The focus is on enhancing domestic circulation and adapting to the trends of demand upgrades, alongside the needs of a new round of technological revolution and industrial transformation [1][13]. Financial Measures - The Ministry of Finance has introduced a comprehensive set of policies, including optimizing personal consumption loan subsidies, equipment update loan subsidies, and special guarantees for private investment [1][14]. - A key emphasis is on stimulating private investment and promoting consumer spending, particularly in the first quarter when credit volume is typically higher [2][14]. Consumer Support Initiatives - The government is continuing to promote consumption through policies such as the "trade-in" program for consumer goods, with an initial allocation of 625 billion yuan for 2026 [3][15]. - A unified subsidy standard for various consumer goods, including automobiles and home appliances, will be implemented nationwide [3][15]. Loan Subsidy Enhancements - The personal consumption loan subsidy policy allows residents to receive a 1% subsidy on loans used for consumption, including credit card installment payments [5][17]. - The maximum loan amount for businesses eligible for subsidies has been increased from 1 million yuan to 10 million yuan, with a 1% subsidy for one year [6][18]. Investment in Emerging Industries - The government is focusing on releasing investment demand in high-tech industries and accelerating the cultivation of new growth drivers [11][23]. - The National Venture Capital Guiding Fund has been established with an initial investment of 100 billion yuan, aiming to attract over a trillion yuan in total investment [11][23]. Support for Small and Medium Enterprises - New policies are being introduced to support small and medium-sized enterprises (SMEs), including loan interest subsidies for key industries such as new energy vehicles and medical equipment [9][21]. - The maximum loan amount eligible for subsidies for SMEs is set at 50 million yuan, with a subsidy rate of 1.5% for up to two years [9][21]. Structural Reforms - The government is also working on a plan to increase residents' income and stabilize employment, which is crucial for boosting consumption [7][19]. - Structural reforms will include enhancing fiscal transfers to support low-income groups and optimizing tax policies to improve disposable income [7][19].

从贴息力度来看，对于个人消费者，消费者在一家银行单笔消费可获得的贴息额由500元提高到3000 元。对于消费服务行业的企业，将单户享受贴息的贷款额度，从100万元大幅提高到1000万元，贴息金 额也从1万元相应提高到10万元。 从期限来看，上述两项政策的实施期限均延长至2026年底。政策到期后，将根据实施效果，视情研究延 长政策期限。 财政部1月20日消息，财政部、央行、金融监管总局等部门近日出台财政金融协同促内需一揽子政策措 施：针对提振消费，优化实施个人消费贷款和服务业经营主体贷款贴息政策；围绕支持民间投资，实施 中小微企业贷款贴息政策，优化实施设备更新贷款财政贴息政策，实施民间投资专项担保计划。 优化实施"双贴息"政策 根据《关于优化实施服务业经营主体贷款贴息政策的通知》和《关于优化实施个人消费贷款财政贴息政 策有关事项的通知》两项政策安排，服务业经营主体贷款政策、个人消费贷款贴息政策的优化主要体现 在贴息力度更大，消费领域更广，实施期限更长，机构覆盖面更宽。 在消费领域方面，个人消费方面，将覆盖人群多、应用场景广泛的信用卡账单分期业务纳入到贴息范 围，并取消了原有政策中对消费领域的限制。对于服务业经营 ...