利好！中央政治局会议精神解读 20251208 摘要 政策聚焦基本面，消费端关注纺织服饰、轻工制造、家电和农业等板块 的阿尔法机会，供给侧关注有色金属、石油化工等上游资源品及钢铁、 水泥等 PPI 修复逻辑板块，以及机械设备和电力设备等中国制造。 优增量与盘活存量政策旨在推动新旧动能转换，重点发展新质生产力， 战略新兴产业和未来产业是两大方向，尤其关注量子科技、生物制造、 氢能、核聚变、脑机接口及 6G 等六大未来产业。 货币政策预计延续适度宽松，降准降息概率较低，倾向于通过买入回购 或购入国债保持流动性，一季度或配合财政发力降准一次，下半年可能 降息一次。财政政策保持连续性和平稳性，赤字率预计维持在 4%左右， 增加超长期国债和地方政府专项债额度。 扩大内需旨在提升消费和保持投资合理增长，以实现 5%左右的经济增 长目标，通过消费品以旧换新和服务消费专项方案提振消费，并以基建 为抓手稳定固定资产投资。 培育壮大新动能需推动科技创新与先进制造业发展，在中美暂缓期，加 快推进十四五规划中的科技加制造战略，支持科技研发，促进高质量的 新质造业发展。 Q&A 如何解读近期中央政治会议对 A 股市场的影响？ 从整体框 ...

Summary of Key Points from Conference Call Industry and Company Overview - The conference call discusses the macroeconomic outlook for China in 2026, focusing on various sectors including the midstream manufacturing industry, real estate, and the overall stock and bond markets. Core Insights and Arguments Economic Growth Projections - The actual GDP growth rate for 2026 is expected to be around 4.8%-4.9%, with nominal GDP growth at approximately 4.5% [5][6][12] - Retail sales growth could reach 4%-4.5% under certain subsidy assumptions, while export growth is projected to maintain resilience at about 5% [5][7] - Fixed asset investment is anticipated to rise from -3.1% this year to a range of 0%-1%, with manufacturing expected to grow by 2% and real estate continuing to decline by -10% to -13% [5][7] Fiscal Policy and Price Trends - Fiscal policy is expected to remain expansionary in 2026, with budget expenditure growth around 5% and new government debt between 1 trillion to 1.5 trillion [6][8] - CPI is projected to gradually rise and turn positive, while PPI trends are uncertain, with potential for stabilization in midstream PPI in the first half of 2026 [6][9][10] Midstream Manufacturing Industry - The midstream manufacturing sector is highlighted as the most promising area, benefiting from a recovery with overseas gross margins surpassing domestic margins for the first time, reaching 25%-30% [13][16] - Demand growth in this sector has outpaced supply growth for over a year, indicating a recovery in return on equity (ROE) [13][16] Stock Market Outlook - A strategic bullish outlook for the stock market in 2026 is maintained, although the pace of valuation increases and the outperformance of the ChiNext index may weaken [21][23] - The focus will shift towards sectors with low valuation percentiles and high dividend yields, such as insurance and home appliances [23][24] Bond Market Perspective - A cautious view on the bond market is expressed, with expectations of rising yields, particularly for ten-year government bonds, which are projected to exceed 2% [26] - The bond market is considered relatively expensive compared to equities, and adjustments are anticipated [26] Additional Important Insights Uncertainties in Policy Implementation - Several uncertainties regarding policy implementation are identified, including the use of special bonds and the structure of long-term special government bonds [8] - The impact of service consumption subsidies on the service sector and overall economic performance remains to be seen [8] Key Timeframes for Investors - Two critical timeframes in 2026 are highlighted: January for CPI expectations and around May for PPI consensus, which are significant for macroeconomic assessments [12] Investment Focus Areas - Investors are advised to focus on sectors with high capacity utilization and low capital expenditure, such as synthetic fibers, black metals, oil and gas, and general equipment [25] - The midstream manufacturing sector is emphasized as the most reliable investment direction due to its current performance and growth potential [20] Future of Real Estate Market - The real estate market's future remains uncertain, with a need for policy support to stabilize prices, especially given the current oversupply situation [11] This summary encapsulates the key points discussed in the conference call, providing insights into the economic outlook, sector performance, and investment strategies for 2026.

★ 宏观动态 ★ 中共中央政治局召开会议 分析研究2026年经济工作 据新华社，中共中央政治局12月8日召开会议，分析研究2026年经济工作，审议《中国共产党领导全面依法 治国工作条例》。其中会议 会议指出，明年经济工作要坚持稳中求进、提质增效，继续实施更加积极的财政 政策和适度宽松的货币政策，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度，切实提升宏 观经济治理效能。要坚持内需主导，建设强大国内市场；坚持创新驱动，加紧培育壮大新动能；坚持改革攻 坚，增强高质量发展动力活力；坚持对外开放，推动多领域合作共赢；坚持协调发展，促进城乡融合和区域联 动；坚持"双碳"引领，推动全面绿色转型；坚持民生为大，努力为人民群众多办实事；坚持守牢底线，积极 稳妥化解重点领域风险。 海关总署：11月份出口2.35万亿元，同比增长5.7% 12月8日，海关总署对外公布，今年前11个月，我国货物贸易保持增长，进出口总值41.21万亿元，同比增长 3.6 %。其中：出口24.46万亿元，增长6.2%；进口16.75万亿元，增长0.2%；对共建"一带一路"国家进出 口21.33万亿元，增长6%，占我国外贸总值的51.8%；我 ...

（编辑 姚尧） 证券日报网讯 12月8日，美的集团在互动平台回答投资者提问时表示，公司始终以股东利益最大化为核 心目标，在制定分红与负债管理策略时，会全面权衡股东回报、资本结构、长期发展及行业特点等多重 因素。目前的分红政策，是基于对公司现金流状况、投资机会和股东回报偏好的综合考量。公司会持续 密切关注资产负债结构，在确保稳健经营和可持续增长的前提下，灵活调整财务策略，平衡好股东当期 回报与长期价值积累。 ...

Core Viewpoint - Midea Group has completed its share repurchase plan, acquiring approximately 135 million shares, which represents 1.76% of the total share capital, with a total expenditure of around 10 billion yuan [1] Group 1: Share Repurchase Details - As of December 8, the company has repurchased a total of approximately 135 million shares, with a maximum transaction price of 83.11 yuan per share and a minimum transaction price of 69.91 yuan per share [1] - The total amount paid for the repurchased shares is approximately 10 billion yuan, excluding transaction fees, reaching the upper limit of the repurchase plan [1] - The repurchased shares will be used for capital reduction through legal cancellation and for implementing equity incentive plans and employee stock ownership plans [1] Group 2: Future Handling of Repurchased Shares - All repurchased shares will be stored in a dedicated securities account and will not enjoy voting rights, profit distribution, capital increase from reserves, subscription for new shares, or convertible bonds during the storage period [1] - The company plans to cancel and reduce registered capital for 70% or more of the repurchased shares, with 95 million shares set to be legally canceled, representing 1.24% of the total share capital before cancellation [1]

记者丨刘雪莹 编辑丨曾静娇 12月8日晚，美的集团公告称，截至2025年12月8日， 公司累计回购股份数量约为1.35亿股 ， 占公司总股本的1.76%，最高成交价为83.11元/股，最低成交价为69.91元/股， 支付的总金额 约为100亿元。 综上，公司本次回购股份金额已达回购方案的金额上限100亿元，本次回购方 案实施完毕。 根据本次回购方案， 回购股份70%及以上将用于注销并减少注册资本 。 公司最新财报显示， 美的集团前三季度实现营业总收入3647.2亿元，同比增长13.8%；归母净 利润378.8亿元，同比增长19.5%。其中，仅第三季度，美的集团营业总收入再次突破千亿达到 1124亿元。 二级市场上，12月8日美的集团股价盘初急跌，收盘跌0.51%，最新市值6349亿元。值得一提 的是，美的集团在12月4日的盘中一度达83.17元，创下其近4年多来新高。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 出品 | 2 1财经客户端 2 1世纪经济报道 SFC 21君荐读 泡泡玛特遭空头围猎，近4个月跌40%，市值蒸发超1800亿港元 政治局会议释放新信号，解读来了 五粮液被 ...

Core Insights - Midea Group has established a strong global presence, operating in over 200 countries and regions, with overseas revenue reaching 107.2 billion yuan in the first half of 2025, a year-on-year increase of 17.7% [1] - The company was recognized as a "Flagship Brand" in the "2025 Forbes China Globalization 30&30" event, marking a significant milestone in its global market penetration [1] Group 1: Product Development and Market Position - Midea's products, including air conditioners and refrigerators, have achieved top sales in local markets such as Brazil, Egypt, Malaysia, and Saudi Arabia, establishing trust among overseas consumers [3] - The company was certified by Euromonitor International as the world's number one brand in smart home appliance sales [3] - Midea's PortaSplit air conditioner was recognized as one of the "Best Inventions of 2025" by TIME magazine, highlighting its innovative product offerings [3] Group 2: Research and Development - Midea has invested over 43 billion yuan in research and development over the past three years, with more than 8.8 billion yuan allocated in the first half of 2025 [4] - The company has established a "2+4+N" global R&D network, integrating various overseas research bases and centers to enhance product innovation [4] - Midea's Thailand factory has been recognized as the first overseas "Lighthouse Factory" in the home appliance industry by the World Economic Forum, showcasing its commitment to advanced manufacturing [4] Group 3: Localization Strategy - Midea has strengthened its localization strategy through the acquisition of Teka, leveraging its distribution network in the Iberian Peninsula and over 400 service partners in Europe [5] - The company has added 18 new overseas manufacturing bases, bringing the total to 63, and has established new subsidiaries in Panama, Saudi Arabia, and Iraq to deepen local operations [5] Group 4: Brand Expansion and Marketing - At the IFA 2025, Midea launched the MASTER COLLECTION series of home appliances, addressing various consumer needs across different regions [6] - Midea has expanded its sports marketing efforts, partnering with FC Barcelona and securing sponsorships for major tournaments, enhancing brand visibility and emotional connection with consumers [7] - The recognition as a "Flagship Brand" by Forbes signifies Midea's successful integration of local production, R&D, and sales with its global strategy, aiming to enhance brand competitiveness in overseas markets [7]

Group 1 - The core point of the article is that Midea Group has completed its share repurchase plan, having repurchased a total of 135,012,663 shares, which represents 1.76% of the company's total share capital [1] - The highest transaction price for the repurchased shares was 83.11 yuan per share, while the lowest was 69.91 yuan per share [1] - The total amount paid for the share repurchase reached 9,999,994,748 yuan, which is the maximum limit set in the repurchase plan of 10 billion yuan [1]

智通财经APP讯，海尔智家(06690)发布公告，于2025年12月8日，该公司斥资人民币259.46万元回购9.5 万股A股，每股回购价格为27.14-27.37元。 ...

美的集团(000333.SZ)今日公告称， 公司已完成以集中竞价交易方式回购公司部分已发行的A股股份，回购金额达100亿元，占回购方案的金额上限。 根据本次回购方案，回购股份70%及以上将用于注销并减少注册资本。公司本次累计回购股份1.35亿股，其中9500万股将予以依法注销减少注册资 本，注销股份占注销前总股本比例为1.24%。 本的1.76%,最高成交价为83.11元/股,最低成交价为69.91元/股,支付的总金额 为9,999,994,748元（不含交易费用）。 综上,公司本次回购股份金额已达回购方案的金额上限100亿元,本次回购 l 方案实施完毕。 下载财联社APP获取更多资讯 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 ...