Core Viewpoint - The joint issuance of the "Notice" by the Ministry of Commerce, the People's Bank of China, and the National Financial Regulatory Administration aims to enhance collaboration between commerce and finance to boost consumption through 11 policy measures focusing on various consumption sectors [1][2]. Group 1: Policy Measures - The "Notice" emphasizes deepening collaboration between commerce and finance systems, encouraging local departments to enhance communication and cooperation, and promoting a combination of fiscal, credit, and social capital to implement specific measures [1]. - It highlights the importance of cross-departmental coordination to ensure effective policy implementation, with the Ministry of Finance and the People's Bank of China already implementing a personal consumption loan subsidy policy since September 1 [1]. - The "Notice" aims to create a systematic approach by encouraging regular communication between commerce and finance sectors, enhancing policy alignment, and sharing information to maximize the effectiveness of various policy combinations [1]. Group 2: Consumption Focus Areas - The "Notice" proposes targeted measures for goods consumption, service consumption, and new consumption types, including enhancing financial services for durable goods and digital products to tap into consumption upgrade potential [2]. - It suggests improving the "1+N" policy framework to increase support for service consumption, focusing on sectors like home services, hospitality, entertainment, education, tourism, and elderly care [2]. - The document encourages innovation in financial products and services to integrate more into consumption scenarios and ecosystems, exploring effective measures to support emerging consumption models such as green consumption and digital consumption [2]. Group 3: Support for Consumption - The "Notice" encourages the "government-finance-enterprise" collaboration to conduct diverse consumption promotion activities and information sharing, ensuring precise service matching to meet the needs of businesses and consumers [3]. - It promotes the customization and upgrading of digital RMB smart contract red envelope services by financial institutions to meet the requirements for efficient fund turnover and targeted policies [3]. - Local commerce departments are urged to establish a list of key projects in the consumption sector and enhance information sharing with financial institutions to facilitate precise service matching [3].

Core Insights - The Hong Kong Stock Exchange (HKEX) has launched the Hong Kong Stock Exchange Technology 100 Index, marking a significant milestone in its index and data business development [1][2] - The index aims to reflect the structural transformation of the Hong Kong market, emphasizing technology as a new hallmark of the market [1][2] Group 1: Index Overview - The HKEX Technology 100 Index tracks the performance of 100 of the largest technology companies listed on the Hong Kong Stock Exchange, covering six major innovative themes: artificial intelligence, biotechnology and pharmaceuticals, electric vehicles and smart driving, information technology, internet, and robotics [1][2] - All constituent stocks are eligible for the Stock Connect program, catering to both international and mainland Chinese investors [1][2] Group 2: Market Demand and Trends - There has been a noticeable shift in investor perception of the Hong Kong market, increasingly recognizing it as a technology-driven market, with a significant number of technology companies listed since the listing rule reforms initiated in 2018 [2][3] - Data indicates that the market structure has shifted from traditional industries to technology companies, with technology stocks expected to account for approximately 40% of the total market capitalization of stocks eligible for Stock Connect by 2025 [2][3] Group 3: Differentiation from Existing Indices - The HKEX Technology 100 Index differentiates itself from the Hang Seng Technology Index by including 100 constituent stocks, ranging from large-cap companies like Tencent and Alibaba to smaller firms with market capitalizations of over 20 billion HKD [3][4] - The index is designed to meet diverse investor needs, providing a broader selection of technology stocks compared to existing indices [4] Group 4: Accessibility and Inclusion Criteria - All constituent stocks must meet the eligibility criteria for Stock Connect, ensuring ease of access for mainland fund companies in asset allocation [4][5] - The index typically requires a minimum of six months of listing history for its constituents, but it also has a mechanism for the rapid inclusion of representative new stocks [5] Group 5: Future Developments - The HKEX plans to expand its index offerings, including thematic indices, to cater to growing investor demand [6] - The recent launch of the Hang Seng Biotechnology Index futures reflects the increasing interest in the biotechnology sector, which has seen significant growth in the number of listed companies and their market capitalization [6]

Group 1 - The top ten financial brands in Beijing for the year 2025 have been announced [1] - The list includes major banks such as ICBC, China Construction Bank, and Agricultural Bank of China [2] - Other notable companies on the list are China Life Insurance and Ping An Life Insurance [2]

Core Viewpoint - The Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Administration have jointly issued a notification to enhance collaboration between commerce and finance, aiming to boost and expand consumption through targeted financial support [1]. Group 1: Policy Measures - The notification outlines 11 policy measures across three main areas, focusing on product consumption, service consumption, and new consumption models, while emphasizing the importance of policy synergy and implementation [3]. - It encourages local commerce departments to leverage existing funding channels to promote consumption activities, enhancing collaboration with financial support to better stimulate consumption potential [3]. - The notification suggests using digital RMB smart contracts to improve the effectiveness of consumption promotion policies and exploring various financing methods to support key consumption projects [3]. Group 2: Financial Support for Consumption - The notification emphasizes upgrading product consumption by enhancing financial services for durable goods and digital products, and promoting collaboration between financial institutions and key merchants [4]. - It advocates for reasonable determination of loan issuance ratios, terms, and interest rates based on customer repayment capabilities and credit status, while accelerating the development of personal consumption loans [5]. - The notification also highlights the need to expand service consumption by innovating financial products and services tailored to sectors like home services, hospitality, and tourism [5]. Group 3: New Consumption Development - The notification promotes the development of new consumption models, including green consumption, digital consumption, and AI-driven consumption, while providing diverse financial services [6]. - It encourages financial institutions to collaborate with social e-commerce and live-streaming platforms to develop internet-adapted business models [6]. - Suggestions include exploring fiscal incentives for new consumption models and improving tax regulations for platform-driven and technology-based consumption [7].

防风险基调延续下的息差策略 [Table_Authors] 王宇辰(分析师) 信用债市场周度回顾 251214 本报告导读： 中央经济工作会议指出，"坚持守牢底线，积极稳妥化解重点领域风险"。防风险基 调下，继续关注信用债短久期票息策略。 投资要点： 债券研究 /[Table_Date] 2025.12.14 | | 010-83939801 | | --- | --- | | | wangyuchen4@gtht.com | | 登记编号 | S0880523020004 | | | 张紫睿(分析师) | | | 021-23185652 | | | zhangzirui@gtht.com | | 登记编号 | S0880525040068 | [Table_Report] 相关报告 高速板块领跌，指数至阶段新低 2025.12.14 理解重要会议后的债市波动：三个层次的分析 2025.12.14 银行二永债周度数据库更新（2025.12.8-12.12） 2025.12.14 转债估值及常规因子表现数据库（251208- 251212） 2025.12.13 超长债上行期：保险买入未放量 2025.12. ...

新华社北京12月14日电 题：新起点、新动能、新机遇——国际人士瞩目中央经济工作会议为世界 注入确定性 新华社记者杜静 邓茜 岁暮天寒，暖意东来。 新起点：为新的征程布局谋篇 从年初深度求索（DeepSeek）横空出世引发全球人工智能热潮，到年末国际机构密集上调中国经 济增速预期，中国经济经历了充满挑战又顽强奋进的2025年。站在新的起点上，中国经济即将开启新篇 章。 "2025年是中国'十四五'规划收官之年，2026年是'十五五'规划开局之年，这次中央经济工作会议承 担着承前启后、锚定航向的重任。"马来西亚智库区域策略研究所署理主席陈家兴说。 这次中央经济工作会议总结了2025年经济工作，指出"经济社会发展主要目标将顺利完成""'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"。 这次会议指出，中国经济顶压前行、向新向优发展，现代化产业体系建设持续推进，改革开放迈出 新步伐，重点领域风险化解取得积极进展，民生保障更加有力。 国际社会对于中国经济的强大韧性和巨大潜能，有了越来越清晰的认知。 近日，世界银行、国际货币基金组织、经合组织、亚洲开发银行分别将2025年中国经济增速预期上 调0.4、0. ...

2．下周中国社会消费品零售总额、规模以上工业增加值、就业、70个大中城市房价以及固定资产投资 等数据将发布。 3．下周共有25家公司7.14亿股限售股解禁，解禁市值为130.32亿元，环比减少280.63亿元。下周二是解 禁高峰，解禁规模达67.41亿元，占全周比例的51.72%。具体到个股，下周解禁市值排名前3的是燕东 微、林泰新材、盛新锂能，解禁市值分别为55.66亿元、21.13亿元和13.98亿元。 4．下周沪深北三市有5只新股申购，分别为健信超导、江天科技、强一股份、双欣环保、誉帆科技。 5．周一（15日）日央行或发布季度短观经济调查报告；应对AI缺电，英伟达即将举办相关主题峰会； 美联储理事米兰、FOMC永久票委威廉姆斯等将发表讲话。 6．周二（16日）欧元区12月制造业PMI初值；美国11月失业率；美国11月非农就业人口变动（万 人）；美国12月标普全球制造业PMI初值。 7．周三（17日）FOMC永久票委、纽约联储主席威廉姆斯发表讲话；美联储继续实施购债计划，即每 月购买400亿美元短期国债的储备管理计划（RMP）。 钛媒体App 12月14日消息，下周（12月15日-21日）市场大事预告： ...

Financial Overview - In November, the total social financing (社融) stock grew by 8.5% year-on-year, remaining stable compared to October, but is expected to decline slightly by year-end[2] - The M2 growth rate in November was 8.0%, down 0.2 percentage points from October, while M1 growth fell to 4.9%, a decrease of 1.3 percentage points[2] - The net financing for the government sector was 1.20 trillion yuan, while the net financing for the household sector was -205.8 billion yuan, indicating a decrease for both sectors[2] Corporate Financing - Corporate sector net financing in November was 1.27 trillion yuan, an increase of 584.9 billion yuan year-on-year, primarily driven by short-term loans and bill financing[2] - Corporate bond financing reached 416.9 billion yuan, up 178.8 billion yuan from the previous year, reflecting a recovery in bond market sentiment[3] M1 Trends - The most significant change was observed in M1, with a year-on-year growth rate decline attributed to both a high base effect and weaker month-on-month trends[3] - November's M1 month-on-month growth rate was 0.8%, the second-lowest level for the same month since 2020, with seasonal adjustments potentially indicating a negative growth[3] Economic Implications - The weak financing demand from households contrasts with the expansion in corporate financing, suggesting a divergence in economic recovery[2] - The ongoing decline in M1 and M2 growth rates may signal continued tightening in monetary conditions, impacting overall economic activity[3]

Core Viewpoint - The Hong Kong government is preparing to launch public consultations for the upcoming fiscal budget, focusing on expanding economic development, accelerating innovation and technology, optimizing industrial structure, and creating quality jobs to enhance high-quality growth [1] Economic Performance - Hong Kong's merchandise exports have recorded double-digit growth year-on-year, supported by improved local demand and a slight increase in private consumption [1] - The economy grew by 3.3% year-on-year in the first three quarters of this year, with the government raising its full-year growth forecast to 3.2% [1] - Service exports benefited from a robust financial market and an increase in visitor arrivals, which reached over 45 million in the first 11 months, surpassing last year's total and marking a 12% year-on-year increase [1] Future Outlook - The Financial Secretary hopes that the upcoming New Year holidays, various events, and industry promotions will attract more visitors, injecting greater momentum into Hong Kong's consumer market and overall economy [2]

(一)提升跨境资金流动的便利性与服务效率 当前，在维护金融稳定的大前提下，跨境资金流动的便利化程度和金融服务效率仍有提升空间。这在一 定程度上影响了外资参与中国市场的深度，也使得部分跨国企业的在华财资中心业务面临操作环节的挑 战。例如，上海相关部门于2023年对20家跨国企业的调研显示，某汽车制造巨头反馈其在上海的跨境贸 易结算需经过3次单证审核、2个系统录入，全程耗时约2个工作日，而新加坡同类业务平均仅需0.5个工 作日。因此，优化流程、提升效率，而非改变我国推进人民币国际化的根本框架，是当前可行的突破 口。 (二)深化市场功能，丰富风险管理工具 构建一个能有效支撑人民币国际使用、风险可控、定价高效且接轨国际规则的一流金融生态系统。 全球货币格局正经历深刻重构，为人民币国际化提供了历史性窗口。上海作为我国国家战略定位的国际 金融中心，其发展已进入从"规模扩张"到"功能升维"的关键阶段。当前的核心任务，是构建一个能有效 支撑人民币国际使用、风险可控、定价高效且接轨国际规则的一流金融生态系统。这一系统的竞争力直 接关系到我国金融安全的韧性与国际话语权的强弱。 时代命题：以一流金融生态定义上海国际金融中心的新高度 ...