SHMET 网讯：美国财政部长斯科特·贝森特（Scott Bessent）上周日表示，美国在2026年不存在陷 入经济衰退的风险，并宣称民众将很快从特朗普政府在贸易和税收方面的经济政策中获益。 在接受NBC新闻《会见新闻界》（Meet the Press）节目采访时，贝森特表示："我对2026年非常、 非常乐观。我们已经为实现强劲且非通胀性的经济增长奠定了基础。" 贝森特称，共和党大规模支出计划——《大而美法案》（One Big, Beautiful Bill Act）的部分内容 仍在逐步生效，其经济效果尚未完全显现。这项新法律将特朗普2017年的减税政策永久化，同时包括用 于抵消社会保障税的老年人"奖金"，以及更大的州和地方税收抵扣。该计划还为小费收入、加班工资和 汽车贷款提供了税收减免。 贝森特补充说，医疗保健成本也有望变得更加可负担。这位财长表示，特朗普政府本周将在该议题 上发布更多消息。目前，由于与《平价医疗法案》市场补贴延期相关的国会僵局，数百万人的医疗成本 预计将被推高。 贝森特指出，限制加班费税收、削减小费税和部分人群的社会保障税，以及使汽车贷款可抵扣等政 策变化，将提高美国工薪阶层的实际收入水 ...

贝森特承认经济中部分领域显现困境迹象，包括住房和对利率敏感的行业。他指出服务业经济助推了通 货膨胀，但声称较低的能源价格将很快有助于推动物价下降。 美国财政部长斯科特.贝森特上周日表示，美国在2026年不存在陷入衰退的风险，并声称美国人将很快 受益于特朗普政府在贸易和税收方面的经济政策。贝森特在接受采访时表示："我对2026年感到非常、 非常乐观。我们已经为强劲且非通胀性的经济增长奠定了基础。" 贝森特称，共和党大规模支出方案《大美丽法案》的部分条款仍在陆续生效，其经济效应尚未完全显 现。这项新法律将特朗普2017年的减税政策永久化，同时为老年人提供抵消社会保障税的"补贴"，并提 高州和地方税的抵扣额度。该计划还包括针对小费收入、加班费和汽车贷款的税收减免。 贝森特补充说，医疗保健成本也将变得更加可负担。这位财政部长表示，特朗普政府本周将就此议题发 布更多消息。目前，由于国会围绕《平价医疗法案》市场增强补贴延期的僵局，预计将推高数百万人的 医疗成本。 白宫国家经济委员会主任凯文.哈西特上周日同样表示，由于政府停摆，第四季度的经济数据可能显现 疲软。这次在华盛顿持续43天的僵局是美国历史上最长的一次。 民调显示 ...

略性新兴产业 55 未来产业 ll F Read www. . . . . . . . : " 规划事调 = = = = = = = 小伙伴们好,我是汇小鲸。近 "十五五" 规划建议全文已 日, 发布，这意味着未来五年中国 发展的总蓝图已经绘就! 哪些领域是重点、投资风口在哪 里? 今天，特邀"鲸专家"，为 大家划重点、指方向! 鲸专家，"十五五"和我们普 通投资者有什么关系呀? "十五五" 是2035年基本实现社 会主义现代化承上启下的关键五 年。看懂它，才能抓住未来的投 资主线。 培育壮大新兴产业和未来产业 A 这些新兴产业会带来多大市场? 这些集群将催生数个万亿级甚至 更大规模的市场。 这些未来产业呢? 这些产业蓄势发力，未来10年新增规 模相当于再造一个中国高技术产业。 #++<+Alt+612=11/9/1462&&older= 164/J/イ1×297/11/1 11:17:17 171/71/77/2 创新链条 美健技术 真做 F 15:55 研究 007 33 000 科技攻关具体瞄准哪些"硬骨头"? 要全链条推动集成电路、工业母机、 高端仪器等重点领域关键核心技术攻 关取得决定性突破。 企业 ...

Core Viewpoint - The Japanese service industry sentiment index showed a strong recovery in October, reaching 49.1, significantly up from the previous value of 47.1, marking the highest level since March 2023 and exceeding market expectations of 47.6 [1] Economic Indicators - The household budget trend index also displayed positive changes, with retail and other service sectors' growth effectively offsetting declines in housing-related spending, leading to a stabilization in overall household consumption willingness [1] - The economic outlook index surged to 53.1 in October, up from 48.5, achieving the highest reading since July 2023, indicating a notable increase in confidence among businesses and households regarding future economic trends [1] Business Activity - Both manufacturing and other non-manufacturing sectors expanded simultaneously, driving an acceleration in the business trend index [1] - Employment conditions improved, reflecting a sustained recovery in labor market demand [1]

Core Viewpoint - The Chongqing government has introduced measures to eliminate consumption barriers and stimulate consumer spending, focusing on sectors like automotive, housing, and cultural services [1][3]. Group 1: Measures to Boost Automotive Consumption - The measures aim to resolve issues in the second-hand car market, such as transaction bottlenecks and strict regulations on modified vehicles, by enhancing information sharing and simplifying transaction processes [3]. - Initiatives include supporting second-hand car exports and easing registration for modified vehicles [3]. Group 2: Housing Consumption Development - The plan addresses restrictions on housing provident fund withdrawals, optimizing the process for purchasing existing homes and relaxing conditions for full payment home purchases [3]. Group 3: Cultural and Sports Service Consumption - The strategy focuses on utilizing existing resources like sports venues and parks to enhance cultural and sports consumption experiences, including free or low-cost access to sports facilities and hosting unique sports events [3]. Group 4: Attracting External Consumption - Measures are designed to improve the convenience and attractiveness of external consumption, such as developing tax refund stores, enhancing payment systems for inbound tourists, and promoting local specialty brands [3]. Group 5: Optimizing Medical Service Consumption - The initiative supports medical institutions in providing diverse services, including foreign-related medical services and allowing institutions to set prices for personalized medical services [4]. Group 6: Improving Consumer Environment - The focus is on strengthening consumer rights protection through strict regulation and improved services, including combating counterfeit goods and optimizing administrative enforcement in the consumption sector [5].

Core Insights - The "15th Five-Year Plan" is positioned as a critical transitional phase towards achieving the goal of basic socialist modernization by 2035, building on the achievements of the "14th Five-Year Plan" [5][14] - The plan emphasizes high-quality development, balancing stable growth with efficiency improvements, and includes new targets for technological self-reliance and enhanced national security [6][22] Group 1: Development Goals - The plan sets multi-dimensional development goals, highlighting the importance of increasing total factor productivity (TFP) and improving the resident consumption rate [5][18] - It introduces a focus on technological self-reliance and prioritizes the well-being of citizens over ecological goals, reflecting a heightened emphasis on industrial autonomy and social welfare [6][22] Group 2: High-Quality Development - High-quality development is the central theme, aiming to enhance the global competitiveness of traditional industries while fostering strategic emerging industries such as renewable energy and low-altitude economy [6][25] - The plan stresses the integration of technology and industry, particularly in critical areas like integrated circuits and industrial machinery, to drive innovation [6][29] Group 3: Domestic and International Circulation - The plan aims to strengthen domestic circulation by boosting employment, increasing income, and enhancing public services to unlock consumption potential [2][33] - It emphasizes the construction of a unified national market to eliminate regional and industry barriers, facilitating smoother circulation of goods and services [2][35] Group 4: Common Prosperity - The plan addresses common prosperity by focusing on employment, income distribution, education, social security, and housing, aiming to expand the middle-income group and promote equitable access to public services [2][7] - It highlights the need for sustainable social security systems and improved housing security to enhance the quality of life for all citizens [7][22] Group 5: Safety and Development - The plan integrates safety and development, establishing a risk prevention system across key sectors such as supply chains, technology, energy, data, and finance [2][6] - It aims to enhance resilience by embedding risk management into economic activities and ensuring that safety requirements are reflected in market regulations [6][17] Group 6: Party Leadership - The comprehensive leadership of the Party is emphasized as a fundamental guarantee for the implementation of the plan, ensuring that political advantages are translated into governance effectiveness [2][7] - The plan calls for the establishment of a robust leadership system and the promotion of strict party governance and anti-corruption measures [2][7]

Core Points - The article discusses the "Ten Major Projects" outlined in the Central Committee's proposal for the 15th Five-Year Plan, emphasizing significant achievements in high-quality economic and social development, technological self-reliance, and enhanced national security [2] Group 1: Industrial Innovation Project - The Industrial Innovation Project aims to enhance China's international competitive advantages by focusing on strategic emerging industries such as new energy, aerospace, and quantum technology [3] - It emphasizes the need for a new type of national system to support key technological breakthroughs in areas like integrated circuits and high-end instruments, while also promoting the integration of the real economy with the digital economy [3] Group 2: Industrial Internet Innovation Development Project - The Industrial Internet is crucial for the digital transformation of manufacturing, requiring advancements in network infrastructure, key technologies, and the development of intelligent industrial models [4] - The project aims to foster cross-industry platforms and support the integration of industrial internet with key industry chains to enhance collaborative transformation [4] Group 3: Housing Quality Improvement Project - The Housing Quality Improvement Project shifts the focus from mere housing availability to enhancing living conditions, emphasizing safety, comfort, and sustainability [6] - It aims to implement a new model of real estate development that meets the public's aspirations for a better life through meticulous management of the entire housing process [6] Group 4: Healthcare Strengthening Project - The Healthcare Strengthening Project focuses on transitioning from a disease-centered approach to a health-centered one, enhancing public health services and accessibility [7] - It aims to optimize the layout of grassroots healthcare institutions and improve service delivery through various actions, including digital empowerment [7] Group 5: Major Ecological Protection and Restoration Project - The project emphasizes green development and ecological protection, aiming to enhance biodiversity and establish a robust ecological safety barrier [8] - It focuses on integrating ecological restoration with economic development, promoting the transformation of ecological benefits into economic value [8] Group 6: National Defense Development Project - The National Defense Development Project is a key pillar of national strategy, directly impacting national security and military modernization [9] - It emphasizes technological innovation and the establishment of an intelligent military system to enhance defense capabilities [9] Group 7: Military Theory Modernization Project - The Military Theory Modernization Project aims to innovate military theories by analyzing potential adversaries and establishing a logical relationship between strategy, demand, and planning [11] - It seeks to integrate theoretical research with technological advancements to create effective military strategies [11] Group 8: Marxist Theory Research and Construction Project - The project focuses on deepening the study of Marxist theory and enhancing the construction of related academic disciplines [12] - It aims to develop high-quality educational materials and promote international academic exchanges to strengthen China's academic voice in Marxism [12] Group 9: Traditional Culture Inheritance and Development Project - The project emphasizes the protection and innovative development of traditional Chinese culture, focusing on the preservation of cultural heritage and the promotion of cultural participation [13] - It aims to create a collaborative environment for the transmission and development of traditional culture across society [13] Group 10: New Era Moral Education Project - The New Era Moral Education Project aims to cultivate a comprehensive educational system that emphasizes moral, intellectual, physical, and aesthetic development [14] - It seeks to innovate educational pathways and integrate various educational aspects to foster well-rounded individuals [14]

Core Insights - The U.S. Consumer Price Index (CPI) for September increased by 3% year-over-year, which was below the expected 3.1% and higher than the previous month's 2.9% [4][6] - Core CPI rose by 0.2% month-over-month, the slowest growth in three months, and below the market expectation of 0.3% [3][6] - The data reinforces market expectations that the Federal Reserve will continue to lower interest rates within the year, clearing the way for the upcoming rate decision [6][14] Inflation Trends - The overall CPI increase was primarily driven by rising energy costs, with clothing prices rising by 0.7%, likely reflecting higher tariffs [6] - Service sector inflation showed signs of slowing, reaching its weakest level since November 2021, partially offsetting the pressure from rising energy prices [7] - Core inflation indicators are showing clearer signs of cooling, with the core CPI year-over-year growth decreasing from 3.1% in August to 3.0% in September, marking the lowest level since June [9] Specific Data Points - The "SuperCore CPI," which excludes housing from service sector inflation, also saw a slowdown, with a year-over-year growth rate of 3.30%, the lowest since May [9] - Transportation costs experienced a sharp slowdown, further contributing to the overall decline in inflation levels [11] - Goods inflation remained stable at an annual rate of 1.5%, with no significant tariff-driven inflationary pressures observed in the three and six-month annualized data [12] Market Reaction - Following the release of the CPI data, U.S. stock index futures saw a short-term increase, with Nasdaq futures rising nearly 1% [13] - U.S. Treasury yields fell sharply, with the 10-year Treasury yield dropping over 2 basis points to 3.978% [13] - The CPI report provided strong support for the market's expectation of two additional 25 basis point rate cuts by the end of the year [14]

Core Points - The article emphasizes the significant improvements in people's livelihoods in China over the past five years, driven by the "14th Five-Year Plan" which prioritizes the enhancement of living standards and addresses urgent public concerns [1][30] - Key indicators related to health, education, and housing have shown substantial progress, reflecting the government's commitment to improving the quality of life for its citizens [1][30] Health Sector - The "14th Five-Year Plan" aims to enhance the healthcare system, targeting 3.2 practicing (assistant) physicians per 1,000 people and increasing life expectancy by one year [3] - By the end of 2024, the actual figures reached 3.61 practicing (assistant) physicians per 1,000 people and an average life expectancy of 79 years, surpassing the targets [3][5] - The establishment of a tightly-knit county medical community has improved access to healthcare, with over 90% of residents able to reach a medical facility within 15 minutes [9][11] Education Sector - The plan sets ambitious goals for education, including a preschool enrollment rate of over 90%, a high school enrollment rate of 92%, and a higher education enrollment rate of 60% [21] - By 2024, the actual enrollment rates achieved were 92% for preschool, 92% for high school, and 60.8% for higher education, indicating that the education system has reached the average level of high-income countries [22][24] - Initiatives to balance educational resources across urban and rural areas have been implemented, including the "Quality Balanced Creation of Compulsory Education" program [24][26] Housing Sector - The "14th Five-Year Plan" includes a focus on improving housing security, with a target to renovate 21.9 million old urban residential communities [13] - Over the past five years, more than 240,000 old urban communities have been renovated, benefiting over 40 million households and 110 million people [13][19] - The renovation process has faced challenges, but efforts have been made to engage residents in decision-making and funding [15][17]

Core Viewpoint - The article emphasizes the importance of consumer spending as a key driver of economic growth and outlines the newly developed "2025 Shaoxing City Consumption Promotion Policy" aimed at enhancing consumption potential and boosting domestic demand [1][4]. Group 1: Policy Overview - The "2025 Shaoxing City Consumption Promotion Policy" consists of 15 measures and includes an additional funding of 178 million yuan to stimulate both traditional and new consumption scenarios [4][5]. - The policy is structured around three main areas: "Cultural, Business, and Tourism Integration," "New Scene Expansion," and "Consumption Voucher Distribution" [5][6]. Group 2: Specific Measures - In the "Cultural, Business, and Tourism Integration" area, five initiatives are proposed, including the development of performing arts economy and support for various types of tourism [5][6]. - The "New Scene Expansion" includes six initiatives aimed at supporting dining consumption, promoting night economy, and developing rural consumption scenes [6][9]. - The "Consumption Voucher Distribution" focuses on encouraging university students to stay in Shaoxing, promoting automobile and housing consumption, and distributing nearly 100 million yuan in various consumption vouchers [6][11]. Group 3: Characteristics of the Policy - The policy is characterized by its inclusivity, targeting all citizens across all age groups and expanding consumption scenarios from urban to rural areas [7][8]. - It emphasizes a concentrated implementation timeline, with all policies to be fully operational by the end of December this year [7][8]. - The policy encourages innovation in consumption scenarios, leveraging Shaoxing's unique resources to create diverse cultural and tourism consumption experiences [7][8]. Group 4: Engagement and Promotion - The government plans to utilize various media channels to promote the policy and encourage participation from all sectors of society [8][9]. - The policy aims to attract university students by providing tailored consumption vouchers to enhance their experience in Shaoxing [11][12]. Group 5: Low Altitude Economy - The low altitude economy initiative includes a wide range of areas such as aerial sightseeing and drone training, with specific subsidies for different consumption types [13][14]. - The policy aims to lower participation barriers and provide substantial subsidies to stimulate market activity in the low altitude economy [14][15]. Group 6: Performing Arts Economy - The performing arts economy is highlighted as a significant driver for cultural tourism, with specific incentives for hosting large-scale performances [15][16]. - The policy includes financial rewards for event organizers based on ticket sales, aiming to enhance the vibrancy of Shaoxing's cultural scene [15][16].