新京报贝壳财经记者对比往年内容发现，本次会议在政策取向上突出"稳中求进、提质增效"，并提出"发挥存量政策和增量政策集成效应"。会议强调，要 着力稳就业、稳企业、稳市场、稳预期，传递出明年经济工作将更注重结构优化、风险化解与民生实质改善的新信号。 新京报记者 任娇 董怡楠 任婉晴 编辑 陈莉 中央经济工作会议12月10日至11日在北京举行。会议指出，我国经济发展中老问题、新挑战仍然不少，外部环境变化影响加深，国内供强需弱矛盾突出， 重点领域风险隐患较多。这些大多是发展中、转型中的问题，经过努力是可以解决的，我国经济长期向好的支撑条件和基本趋势没有改变。要坚定信心、 用好优势、应对挑战，不断巩固拓展经济稳中向好势头。 | | 财政与金融的配合,以政府投资 央预算内投资规模,优化实施 | | | --- | --- | --- | | 台湾 | 有效带动社会投资。及早谋划 | "两重"项目,优化地方政府专 | | | "十五五"重大项目。大力实施 | 项债券用途管理,继续发挥新型 | | | 城市更新。实施降低全社会物流 | 政策性金融工具作用,有效激发 | | | 成本专项行动。 | 民间投资活力。高质量推进城市 ...

得益于内需强劲、投资逐步复苏以及大宗商品价格利好，印尼经济有望在2026年实现加速增长，官方预测GDP增速区间为5.4%至6%。我们建议政策制定 者优先关注以下方面：1）通过拓宽信贷渠道与加强收入支持，重振家庭消费；2）破除投资壁垒；3）加速人力资本建设以提升生产率。 ► 在战略性赤字与财政收入刺激之间寻求平衡： 2026年财政政策应优先着眼于战略灵活性与高质量支出。关键举措包括：扩大税基以降低对资源的依 赖，战略性调整支出结构、将资金重新配置至基础设施与人力资本等高乘数投资领域，同时探索转向周期性平均赤字目标机制，以增强政策应对能力。 中金研究 本报告阐述了我们对印尼经济的2026年展望。 点击小程序查看报告原文 Abstract 摘要 2025年回顾：以改革锻造韧性 面对多重阻力与政治过渡期，印尼经济在2025年仍展现韧性，三季度GDP同比增速小幅放缓至5.04%。经济发展得益于财政刺激、强劲出口表现以及政府 消费支撑，货币政策则从宽松转向以维持汇率稳定为主。2025年亦见证了主权财富基金Danantara的启动。该基金已开始向下游化产业、粮食安全及电动 汽车（EV）等领域投放资本，为其在2026年发挥更 ...

专题：2025中国企业竞争力年会 "2025中国企业竞争力年会"于12月9日至10日在北京举行。《中国经营报》副总编辑张荣旺在致辞中表 示，2025 年作为 "十四五" 规划收官之年与 "十五五" 新征程开启的关键节点，我国金融业在金融强国 建设目标引领下，持续深化改革创新，在服务实体经济、防控金融风险、扩大双向开放等领域实现了规 模与质量的历史性跨越。"数字化、智能化正深刻重塑金融生态"他说。 尤为值得关注的是，金融服务实体经济的质效全面提升，围绕做好金融 "五篇大文章"，金融资源精准 投向国家重大战略、重点领域和薄弱环节，为高质量发展提供有力支撑。 其中，科技金融领域政策框架持续完善，覆盖科技型企业全生命周期的融资服务体系日益健全，推动科 技、产业、金融形成良性循环。 在此背景下，他表示，金融行业需以更高站位、更强担当、更实举措主动融入中国式现代化大局，以创 新驱动破解难题，以深化改革增强内生动力，以高水平开放拓展发展空间，提升金融供给与实体经济需 求的适配性。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李 ...

特朗普还在为4月访华行程做准备，北京这边却先动了一步棋，不是发声明，不是放风，而是央行官网上一串冰冷的数字：截至11月末，中国官方黄金储备 达到7412万盎司，比10月底多出3万盎司，自去年11月起，整整十三个月不间断增持。 在国际金融话语体系里，这绝不是一条普通的数据更新。 特朗普还没上飞机，中国就先把黄金账本翻给全世界看，这既是一次公开展示，更是一种刻意释放的信号尤其是在美国债务高企、美元信用隐忧不断放大的 当下，这一步棋的政治意味，远远超出黄金本身的价格波动。 但1971年，美国自己关上了黄金窗口，布雷顿森林体系轰然倒塌，全球从金本位彻底滑向法币时代。 自那之后，货币发行不再以黄金为锚，而以国家信用、经济体量、财政能力、货币政策为基础。 当美国仍在指望盟友"接盘"美债的时候，中国一边稳步减持美债，一边耐心地往自家金库添砖加瓦。 等到特朗普真踏上访华航班，再回头看这一连串动作，就会发现：北京要传递的态度，其实早已写进了黄金数字里。 很多人一看到黄金储备，就习惯性地把它等同于"货币支撑"，仿佛只要金库里多几吨黄金，本国货币立刻就能坚如磐石。 这个认知既不完全错，却也早已跟不上时代。 在金本位年代，货币和黄金 ...

Core Insights - The article emphasizes the importance of selecting defensive and long-term growth potential U.S. stocks in the context of increasing market volatility and uncertainty due to factors like interest rate cuts and global trade wars [1][2]. Group 1: Market Performance - Over the past two decades, the U.S. stock market has experienced significant adjustments, including the 2008 financial crisis, the 2020 COVID-19 pandemic, and the 2022 Russia-Ukraine conflict, leading to heightened market volatility [2]. - The Nasdaq U.S. Dividend Growth Index has consistently outperformed the S&P 500 by approximately 1.1 to 1.4 percentage points in annualized returns, showcasing its stability and resilience during various market cycles [2][14]. Group 2: Index Characteristics - The Nasdaq U.S. Dividend Growth Index demonstrates superior downside protection during bear markets, with a win rate increasing from 32% in bull and correction phases to 66% in bear markets, achieving an excess return of 2.2% [4]. - The index employs a quality screening and dividend growth factor strategy, focusing on companies with stable revenue and dividend growth, making it suitable for investors seeking long-term stable returns amid market fluctuations [9][14]. Group 3: Asset Allocation Strategies - Investors can adopt differentiated risk and return management strategies based on their age, investment goals, and risk tolerance, with three asset allocation combinations corresponding to growth, balanced, and defensive styles [7]. - Increasing the allocation of the Nasdaq U.S. Dividend Growth Index from 25% in a growth style to 75% in a defensive style may slightly sacrifice returns but can reduce annualized volatility by 2%, thereby enhancing the Sharpe ratio of the investment portfolio [7]. Group 4: Fund Performance - As of July 31, 2025, the ETF tracking the Nasdaq U.S. Dividend Growth Index (code RDVY) has reached a total asset management scale of $15 billion, leading its peers in total return over five years and attracting the highest fund inflows in the same period [10]. - The index's sector weight distribution shows a significant allocation to the financial sector, approximately 30%, while maintaining a diversified exposure to the technology sector, which helps reduce volatility during economic downturns [12]. Group 5: Investment Logic - The index employs an equal-weight distribution for its top holdings, ensuring that no single tech giant dominates the portfolio, which has resulted in stable annualized returns exceeding those of the S&P 500 over the past two decades [12][14]. - The systematic factor strategy of the index is designed to achieve long-term stable performance without relying on individual strong stocks, highlighting its robust stock selection logic [12][14].

光大证券国际表示，恒指目前处于约25700点的水平，与公司2025年全年目标25000点相若，认为港股明 年有机会再次见到30000点以上的水平，值得关注的四大板块为中资金融、智能科技、能源有色、本地 金融。该行产品开发及零售研究部预期，2026年上半年主要央行维持宽松政策以稳定经济。美国关税政 策及美国政府停摆天数创纪录，虽然短期影响市场情绪，但明年上半年美国仍可能减息一次，将支持资 金流向新兴市场，有利内地及香港股市向上。该行证券策略师伍礼贤表示，经历2025年反弹后，从估值 来看，目前恒指市盈率高于过去5年均值，并向上偏离约一个标准差，反映总体估值有所修复，但处合 理区间；而科技指数刚回升至5年均值，反映估值仍有追落后的空间。至于整个市场的股息环境，虽然 恒指股息率以及高息指数的股息率分别回落至大概3%、6%附近的水平，但相对目前内地利率环境，吸 引力仍然突出。 ...

Market Overview - The Hang Seng Index closed down 0.34% at 25,858.89 points, while the Hang Seng Tech Index rose slightly by 0.02% to 5,599.11 points. The Hang Seng China Enterprises Index fell by 0.38% to 9,130.18 points. The total market turnover was HKD 146.2 billion, with a net inflow of HKD 2.727 billion from southbound funds [1][2]. Sector Performance - The robotics sector showed strong performance, with stocks like Yujian rising by 9.75% and Horizon Robotics-W increasing by 4.23%. Other notable gains included Ubiquity rising by 3.76% and SUTENG Juchuang up by 4.93%. In contrast, Alibaba Health fell by 3.30% [2][11]. - The semiconductor sector also performed well, with Huahong Semiconductor increasing by 2.69% and ASMPT rising by 1.69% [2][8]. Company Specifics - Haiwei Co., Ltd. debuted with a significant drop of 22.97%, closing at HKD 11.00 per share. The company is the second-largest capacitor film manufacturer in China, with applications in electric vehicles, renewable energy systems, industrial equipment, and home appliances [4][7]. - Huahong Semiconductor's stock rose by 2.34%, indicating positive market sentiment towards the semiconductor industry [8][11]. Investment Insights - Morgan Stanley maintains a constructive outlook on the CSI 300 Index for 2026, projecting a target level of 5,200 points. Key investment themes include the execution of "anti-involution" policies, growth in AI infrastructure, and a favorable macroeconomic environment for overseas sales [12][14]. - The report highlights that the expected net profit margin and return on equity for 2026 are 12% and 11%, respectively, positioning the index favorably within the Asia-Pacific market [13][14].

Market Overview - The Hang Seng Index closed down 0.34% at 25,858.89 points, while the Hang Seng Tech Index rose slightly by 0.02% to 5,599.11 points. The Hang Seng China Enterprises Index fell by 0.38% to 9,130.18 points. The total market turnover for the day was HKD 146.2 billion, with net inflows from southbound funds amounting to HKD 2.727 billion [2][3]. Robotics Sector Performance - Robotics concept stocks showed strong performance, with Yujian rising by 9.75% and Horizon Robotics -W increasing by 4.23%. Other notable gains included Ubtech up by 3.76%, SUTENG up by 4.93%, and Sanhua Intelligent Control up by 2.35% [3][15]. - A report from CITIC Securities highlighted that leading manufacturers have secured billion-level orders, indicating that 2025 will be a critical year for the commercialization of embodied intelligence. The report also noted that the Hong Kong market is becoming a hub for new players in the robotics sector [15]. Semiconductor Sector Insights - The semiconductor sector experienced gains, with Huahong Semiconductor rising by 2.34%. The establishment of Huahong Hongli Semiconductor (Wuxi) Co., Ltd. was reported, focusing on integrated circuit manufacturing and sales [10][12]. - Huahong Semiconductor's stock rose by 2.69% on the same day, reflecting positive market sentiment in the semiconductor industry [10]. Company-Specific Developments - Haiwei Co., Ltd. saw a significant drop of 22.97% on its first trading day, closing at HKD 11.00 per share. The company is the second-largest capacitor film manufacturer in China, with applications in various sectors including new energy vehicles and household appliances [5][8]. Future Market Outlook - JPMorgan expressed a constructive view on the CSI 300 Index for 2026, projecting a target of 5,200 points by the end of the year. Key investment themes include the execution of "anti-involution" policies, growth in AI infrastructure, and a recovery in K-shaped consumption [16][17]. - The report indicated that the market style is expected to shift from value stocks to growth stocks by early 2026, with a focus on sectors such as automotive, battery materials, lithium, and photovoltaic industries [18].

香港各界：把握"十五五"机遇，开拓新发展空间 中新社香港11月26日电 (记者 戴梦岚)24日至25日，中共二十届四中全会精神中央宣讲团在香港特区进 行宣讲，广大市民收看相关直播。香港各界人士在接受中新社记者采访时表示，宣讲活动有助于香港社 会深入把握国家"十五五"时期的发展机遇，推动香港积极融入和服务国家发展大局。 11月25日，中共二十届四中全会精神宣讲会在香港特区政府总部举行。中央宣讲团成员，中国科学 院院长、党组书记侯建国(右)，以及中央宣讲团成员，中央财经委员会办公室副主任、中央农村工作领 导小组办公室副主任祝卫东(左)分别作宣讲。 中新社记者 李志华 摄 港区全国政协委员、港区妇联代表联谊会副会长张佐姣表示，她将积极向香港各界别，特别是广大香港 妇女同胞，深入浅出地宣讲国家的大政方针和发展规划；努力提升香港妇女的综合素质和竞争能力，鼓 励和支持她们在国家发展的新征程中展现作为，为香港发展注入更多"她力量"和"她智慧"。 中国侨联委员、宁夏回族自治区政协港澳委员阎伟宁说，听完宣讲会受益良多，更清晰地理解全会精神 对香港长远发展的重要指导意义。当前，国家正推进粤港澳大湾区建设，香港可发挥金融优势助力人 ...

Economic Stimulus Plan - The Japanese government approved a total economic stimulus plan of 21.3 trillion yen, with 17.7 trillion yen from supplementary budget arrangements and 2.7 trillion yen from tax cuts [1] - The spending is divided into three categories: 11.7 trillion yen for "living security and price measures," 7.2 trillion yen for "crisis management and growth investment," and 1.7 trillion yen for "strengthening defense and diplomacy" [1] Economic Performance - Japan's GDP decreased by 1.8% year-on-year in the third quarter, marking the second negative growth since Q1 2024 [2] - The decline is attributed to the negative impact of U.S. tariffs on the automotive industry, which has been severely affected [2] - The Japanese government has revised its economic growth forecast for FY2025 from 1.2% to 0.7% due to ongoing challenges [2] Inflation and Consumer Prices - The consumer price index (excluding fresh food) rose by 3.0% year-on-year in October, marking the 50th consecutive month of increase [2] - Significant price increases were noted in rice (up 40.2%), chocolate (up 36.9%), and coffee beans (up 53.4%) [2] - The depreciation of the yen is contributing to rising consumer prices, with imported price increases being passed on to domestic retail [2] Market Reactions - Concerns over Japan's fiscal deterioration have intensified, leading to a depreciation of the yen, which fell to its lowest level in 10 months [3] - The yield on newly issued 20-year government bonds reached 2.810%, the highest in 26 years, while the 10-year yield hit approximately 1.8%, the highest since 2008 [3] - The Tokyo stock market has experienced declines, with the Nikkei 225 index dropping below 49,000 points [3] Fiscal Policy Changes - The government has abandoned its goal of achieving an annual fiscal surplus, which is seen as a significant policy shift [4] - The scale of supplementary budgets has increased dramatically post-pandemic, with the current budget reaching 17.7 trillion yen [4] - Concerns are raised about the sustainability of expansionary fiscal policies without reliable funding sources, drawing parallels to the UK's "Truss shock" [4] Economic Cycle Concerns - The large-scale economic stimulus measures may not effectively address high inflation and could potentially exacerbate the situation [5] - Analysts suggest that the government's approach may lead to a "vicious cycle" where stimulus measures fail to alleviate economic pressures [5] - Critics argue that the government's fiscal policies are neither "active" nor "responsible," with calls for a reassessment of the current strategy [6]