来源：中国基金报 【导读】三部门发布《关于加强商务和金融协同，更大力度提振消费的通知》 中国基金报记者 李智 强化商务和金融系统协作，助力提振和扩大消费。重磅文件来了！ 12月14日，商务部办公厅、中国人民银行办公厅、金融监管总局办公厅发布《关于加强商务和金融协 同，更大力度提振消费的通知》（以下简称《通知》）。 商务部财务司负责人解读《通知》指出，《通知》提出3方面11条政策措施： 一是深化商务和金融系统协作。推动地方有关部门加强沟通交流和分工协作，鼓励有条件的地方健全沟 通合作机制，强化财政资金、信贷资金与社会资本等合力，细化落实具体实施细则，共同打好政策"组 合拳"。 二是加大消费重点领域金融支持。鼓励金融机构围绕升级商品消费、扩大服务消费、培育新型消费、创 新多元化消费场景、助力消费帮扶五大重点领域，优化金融产品服务，推动供需两端强化对接，提高对 商品和服务消费的适配性，因地制宜推动新型消费发展，支持消费新业态新模式新场景建设，落实落细 各项金融支持举措。 三是扩大政金企对接合作。鼓励发挥"政金企"扩消费合力，开展多层次、多渠道、多样化的促消费活动 和信息共享，做好精准对接服务，用足用好相关政策红利， ...

Group 1 - The core issue is the significant increase in layoffs across various sectors, with a total of 1,170,821 employees laid off in the U.S. as of November, marking a 54% increase from the previous year, approaching the levels seen during the 2008-2009 financial crisis [1] - The primary reason for the layoffs is attributed to the impact of the DOGE department led by Elon Musk, which has resulted in 293,753 federal employees and contractors losing their jobs, alongside 20,976 in private and non-profit sectors, an eightfold increase compared to 2024 [4] - The macroeconomic environment, characterized by high costs and tariffs, is also a significant factor contributing to the layoffs [6] Group 2 - The low-interest rate environment has led to a debt hangover, with many companies facing the need to refinance at higher rates, resulting in doubled interest expenses and halved net profits for struggling "zombie companies" [7][8] - The retail sector is the hardest hit, with a notable decline in consumer confidence, as evidenced by the Michigan Consumer Sentiment Index dropping to 51, a more than 20% decrease from the previous year [15] - The service industry has also seen significant layoffs, with 69,089 jobs cut throughout the year, a 64% increase, affecting a wide range of roles from restaurant staff to logistics coordinators [17] Group 3 - The technology sector has been particularly affected, contributing 35% of the layoffs, with a historical high of 28% of layoffs being middle management positions, as AI tools reduce the need for these roles [29][30] - Companies are increasingly using layoffs as a management tool to meet Wall Street's new performance metrics, leading to a culture where reducing headcount is seen as a standard practice rather than a response to crises [31] - The trend of layoffs in the tech industry is expected to continue, with predictions of a peak in cost-cutting benefits in 2026, as operational costs are projected to decrease significantly [37] Group 4 - The layoffs are not only affecting lower-level positions but are also targeting high-salary roles, particularly in finance and technology, indicating a shift in the labor market dynamics [27][28] - The reduction in middle management is leading to immediate operational efficiencies, with companies reporting significant cost savings and improved performance metrics following layoffs [35] - However, the long-term implications of these layoffs may hinder innovation, as a significant portion of laid-off employees hold critical technical expertise, potentially extending product development cycles [41][51]

Core Viewpoint - The joint notice issued by the Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Authority aims to enhance collaboration between commerce and finance to boost consumer spending and support economic recovery [1][2]. Group 1: Strengthening Financial Support for Key Consumption Areas - Financial support will be increased for durable goods and digital products, focusing on enhancing consumer finance services to tap into the potential for consumption upgrades [4]. - Financial institutions are encouraged to collaborate with platforms and key merchants to improve payment services such as installment plans, credit cards, and digital currency, thereby better meeting consumer demand for upgrades [4][5]. - Personal consumer loan policies will be tailored based on customer repayment ability and credit status, with differentiated policies on loan amounts, terms, and interest rates to accelerate the development of personal consumer loans [4][5]. Group 2: Promoting Service Consumption - A comprehensive policy framework will be established to support service consumption, focusing on sectors like home services, hospitality, entertainment, education, tourism, and elder care [5][6]. - Financial products and services will be innovated to better integrate into consumption scenarios, enhancing the accessibility and convenience of financial services for consumers [6]. - Financial institutions are encouraged to provide loans to service sector entities and to promote intangible asset financing for small and micro enterprises [6][7]. Group 3: Cultivating New Consumption Models - The initiative aims to promote new consumption types such as green consumption, health consumption, and digital consumption, with financial support tailored to these emerging sectors [6][7]. - Financial institutions are urged to collaborate with social e-commerce and live-streaming platforms to develop business models that cater to internet characteristics [6][7]. - There will be an emphasis on expanding customer reach and enhancing service accessibility, particularly for underserved segments [6][7]. Group 4: Enhancing Government-Financial Institution-Enterprise Cooperation - Financial institutions are encouraged to actively participate in local consumption promotion activities organized by commerce departments, offering tailored financial products and services [8][9]. - A focus on information sharing between local commerce departments and financial institutions will facilitate better alignment and support for consumption projects [8][9]. - The initiative includes promoting consumer rights and guiding rational borrowing and consumption among consumers [9].

人民财讯12月14日电，商务部办公厅、中国人民银行办公厅、金融监管总局办公厅发布关于加强商务和 金融协同，更大力度提振消费的通知。通知提到，升级商品消费。加强大宗耐用消费品、数码产品等消 费金融服务，挖掘商品消费升级潜能。推动金融机构与平台、重点商户合作，走进商超卖场，完善分期 付款、信用卡、手机银行、数字人民币等产品服务模式，更好满足消费者换新需求。根据客户还款能力 和信用情况，合理确定贷款发放比例、期限和利率，落实好个人消费贷款额度、期限、利率差异化政 策，加快推动个人消费贷款业务发展。适当减免汽车以旧换新过程中提前结清贷款产生的违约金。加强 金融机构与内外贸一体化重点企业和平台对接，提供境内外交易撮合服务，完善跨境供应链融资模式， 支持更多企业内外贸一体化经营，扩大内贸险承保规模，支持更多优质外贸产品进入国内市场。 ...

为深入贯彻党中央、国务院决策部署，强化商务和金融系统协作，引导金融机构聚焦消费重点领域加大 支持力度，助力提振和扩大消费，现将有关事项通知如下： 一、深化商务和金融系统协作 （一）完善协作机制。地方商务主管部门与金融管理部门加强沟通交流和分工协作，结合实际情况建立 健全协调工作机制，推动解决金融支持扩消费工作落实中遇到的困难和问题。鼓励有条件的地方与金融 机构健全沟通合作机制、推出专门工作方案等，引导金融机构依据市场化、法治化原则，丰富金融产品 和服务，加大对消费领域的金融供给。 （二）细化落实举措。地方商务主管部门结合扩消费工作，加强与金融管理部门政策衔接、工作对接和 信息共享，推动进一步调动金融资源，抓好相关政策措施落地生效。金融机构按照《关于金融支持提振 和扩大消费的指导意见》《关于发展消费金融助力提振消费的通知》等已出台政策要求，统筹内部资 源，主动靠前服务，制定具体实施细则，开展专项行动等，支持提振和扩大消费。 商务部办公厅 中国人民银行办公厅 金融监管总局办公厅 关于加强商务和金融协同 更大力度提振消费的通知 商办财函〔2025〕447号 各省、自治区、直辖市及计划单列市、新疆生产建设兵团商务主管 ...

中央经济工作会议定调明年经济政策 1、中央经济工作会议定调明年经济政策。 中央经济工作会议在北京举行，定调明年经济工作，强调要继续实施更加积极的财政政 策，保持必要的财政赤字、债务总规模和支出总量，重视解决地方财政困难。要继续实施适度宽松的货币政策，灵活高效运用降准降 息等多种政策工具。会议确定8方面重点任务，提出要优化"两新"政策实施，清理消费领域不合理限制措施。推动投资止跌回稳，适 当增加中央预算内投资规模。坚持创新驱动，深化拓展"人工智能 "。深入整治"内卷式"竞争。加快新型能源体系建设，扩大绿电应 用。倡导积极婚育观，努力稳定新出生人口规模。着力稳定房地产市场，因城施策控增量、去库存、优供给，鼓励收购存量商品房重 点用于保障性住房等。多措并举化解地方政府融资平台经营性债务风险。 2、商务部将出台加快零售业创新发展意见。 旨在通过统筹规划、合理布局，提升商品和服务质量，协同优化存量和增量，推动线上 线下公平竞争，以实现新供给与新需求的良性互动。这一政策有望为零售行业带来新的发展机遇，促进市场活力提升。 3、11月中国汽车产销同比增长，新能源汽车占比超五成。 中国汽车工业协会数据显示，11月汽车产销分别完 ...

内容提要： 2025年11月社融新增2.49万亿元，同比增长6.9%，非标融资和政府债托底占比超80%，实体信贷收缩。居民贷款同比少增4688亿元，地 产弱、消费乏力拖累中长期和短期需求；企业短期票据冲量，中长期少增400亿元，信心不足抑制投资。财政政策今年重点置换隐性债 后，明年可能重新转向固定资产投资，推动止跌回稳，但需防范加剧产能过剩风险。 一、11月新增社会融资增长6.9%，主要由非标融资托底。 12月12日，中国人民银行公布的2025年11月金融统计数据显示，前11个月社会融资规模增量累计达33.39万亿元，同比增长13.5%，比上 年同期多增3.99万亿元。其中，11月新增社融2.49万亿元，同比多增1597亿元，增速达6.9%。这一增长看似稳健，但细究分项，主要依 赖非标融资和政府债的托底，而非 实体经济的核心信贷需求。 从结构看，非标融资成为绝对主角。11月信托贷款、委托贷款及银行未贴现承兑汇票等非标资产环比增加2146亿元，同比多增1328亿 元，占新增社融的约9%。其中，信托贷款同比多增753亿元，表外票据多增580亿元，而委托贷款仅同比少增5亿元。这得益于10月新型 政策性金融工具资金投 ...

Core Viewpoint - The 59th Hong Kong Brands and Products Expo, organized by the Chinese Manufacturers' Association of Hong Kong, opened on January 13 and will run until January 5 of the following year, aiming to stimulate local consumption and boost the economy [1] Group 1: Event Overview - The expo features a theme of "Thousands of Brands, Inheriting the Expo," with an exhibition area of 28,000 square meters and over 900 outdoor booths [1] - The booths are distributed across 12 themed exhibition areas, showcasing local delicacies and various essential products [1] Group 2: Economic Context - The president of the Chinese Manufacturers' Association, Lu Jinrong, highlighted the resilience of Hong Kong's society and economy over the past year, particularly driven by the events economy [1] - The retail and tourism sectors in Hong Kong are experiencing steady growth, supported by the ongoing events [1] Group 3: Objectives of the Expo - The event aims to enhance the content of the exhibition areas and increase consumer rewards to further stimulate local consumption [1] - The goal is to inject new momentum into the economy through this initiative [1]

Market Overview - A-share market showed mixed performance this week, with major indices experiencing varied movements. The ChiNext Index led gains, while the Shanghai Composite Index weakened, and micro-cap stocks saw significant declines, closing below the 60-day moving average for the first time in six months, potentially affecting the bullish sentiment for small-cap stocks. Specifically, the Shanghai Composite Index fell by 0.34%, the Shenzhen Component rose by 0.84%, the ChiNext Index increased by 2.74%, and the Sci-Tech 50 Index gained 1.72%. The micro-cap index suffered a substantial drop of 5.02% [1]. Sector Performance - The communication and defense industries led the gains this week. The military industry is experiencing a boost from ongoing developments in the commercial space sector, with reports of SpaceX planning an IPO to raise over $30 billion, targeting a total valuation of approximately $1.5 trillion, and plans for a launch in mid-2026. Additionally, the Hainan Wenchang International Space City is set to produce 1,000 satellites annually, and the Long March 12 rocket is scheduled for its maiden flight in late December [3]. - In the computing power sector, AI-related companies in the US performed strongly, and the US government has allowed Nvidia to sell its H200 AI chips to China, stimulating growth in computing hardware stocks, including optical module concepts and the PCB industry chain [3]. - The storage chip market has seen a significant surge in spot prices, leading to a strong recovery in related stocks, with the semiconductor sector showing notable activity on Friday [3]. - The consumer sector is also showing signs of recovery, with the Ministry of Commerce announcing plans to accelerate the development of new consumption models and environments, positioning retail as a key focus for strengthening domestic demand [3]. Other Developments - A multi-crystalline silicon platform company, Beijing Guanghe Qiancheng Technology Co., has been registered, and the China Securities Regulatory Commission indicated it would moderately open capital space and leverage limits for quality institutions to enhance capital efficiency, positively impacting related industries such as photovoltaics and non-banking sectors [4].

南财智讯12月12日电，百大集团公告，公司股票价格于2025年12月11日、12月12日连续二个交易日内日 收盘价格涨幅偏离值累计达到20%以上，根据上海证券交易所的相关规定，属于股票交易异常波动。经 公司自查并向控股股东及实际控制人函询核实，截至公告披露日，公司经营活动正常，外部环境未发生 重大变化，不存在其他应披露而未披露的重大事项。公司目前未发现可能或已经对公司股票交易价格产 生影响的媒体报道、市场传闻或涉及热点概念事项。在本次股票交易异常波动期间，持股5%以上的股 东西子联合控股有限公司于2025年12月10日至12月11日期间通过集中竞价方式减持公司股份1,399,400 股，占公司总股本的0.37%，公司其他董事、高级管理人员、控股股东及实际控制人未有买卖公司股票 的行为。截至2025年12月12日收盘，公司静态市盈率为33.67，滚动市盈率为177.4，明显高于所属零售 业同行业水平。公司2025年1-9月营业收入为13,271.47万元，同比下降6.86%；归属于上市公司股东的净 利润为2,396.78万元，同比下降81.78%；扣除非经常性损益后的净利润为4,223.4万元，同比下降 32. ...