转自：山西日报 会议指出，山西省发展机遇和挑战并存，虽然当前经济运行面临一些困难和问题，但是经济回升向好、 转型发展提速的基本趋势没有改变，经济发展拥有诸多有利条件，正在加快转化为发展优势、竞争优 势。只要我们把思想和行动统一到党中央对形势的科学判断上来，保持战略定力，增强必胜信心，坚定 不移推动高质量发展、深化全方位转型，就一定能够奋力开拓各项事业发展新局面。 会议强调，明年是"十五五"规划开局之年，经济工作的总体要求是：以习近平新时代中国特色社会主义 思想为指导，深入贯彻党的二十大、二十届历次全会和中央经济工作会议精神，紧紧围绕习近平总书记 和党中央对山西工作的重大要求和战略定位，坚定扛牢党中央赋予的建设国家资源型经济转型综合配套 改革试验区、深化能源革命、促进中部地区加快崛起、推动黄河流域生态保护和高质量发展、打造内陆 地区对外开放新高地等重大使命任务，完整准确全面贯彻新发展理念，主动服务和融入新发展格局，着 力推动高质量发展，坚持稳中求进工作总基调，更好统筹经济工作和国际经贸斗争，更好统筹发展和安 全，落实更加积极有为的宏观政策，增强政策前瞻性针对性协同性，持续扩大内需、优化供给，做优增 量、盘活存量 ...

我们维持2026年美联储降息2-3次的判断。2025年三季度美国经济数据公布后，美国经济软着陆预期进 一步升温，美联储降息预期有所降温。我们维持2026年2-3次降息的判断，虽然美国经济韧性较强，但 是劳动力市场出现结构性、持续性走弱迹象，同时美联储主席换届会对降息有一定的助推作用。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：梁中华宏观研究 · 概要 · 2025年三季度美国经济数据超预期，主要源于个人消费韧性、公共支出增长，以及出口贡献提升。但是 表现出三重"K"型分化的特征，分别为个人收入消费分化、大小企业景气度分层和新老经济分化。预计 四季度美国经济短期冲击后，后续整体韧性依然较强。预防式降息周期仍将持续，维持2026年2-3次降 息的观点。 2025年三季度美国GDP环比折年率为4.3%，预期3.3%，前值3.8%，美国总体经济韧性超预期。从各经 济分项来看，三季度美国经济韧性主要源于个人消费韧性、公共支出增长，以及出口贡献提升。第一， 资本市场的财富效应持续支撑美国个人消费支出高增。美国消费与资本市场表现显著相关，2025年三季 度美国三大股指创历史新高，带动消 ...

数据显示，11月日本核心CPI同比升幅与上月持平，环比升幅为0.3%，略低于上月的0.4%。导致11月物 价继续上涨的最主要原因是食品，包括谷物、点心、预制食品、在外就餐、饮料、肉类、奶蛋类食品等 在内，与消费者餐桌相关的食品全面涨价。其中咖啡豆价格同比涨幅仍高达51.6%，普通粳米价格由于 去年价格高企，今年同比涨幅有所回落，但依然高达37.0%。此外，房屋修缮、电费、汽车相关费用、 通信费、酒店住宿等价格均呈现同比上涨。 日本总务省19日公布的报告显示，今年11月日本去除生鲜食品后的核心消费价格指数（CPI）同比上升 3.0%至112.5，连续51个月同比上升。 由于日本首相高市早苗坚持积极财政政策加剧日元贬值，此间媒体和专家普遍忧虑其政策将进一步推动 日本物价上涨。 资讯编辑：刘佳惠 021-26093916 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进 ...

Group 1 - The core focus of the Central Economic Work Conference is to prioritize domestic demand and build a strong domestic market through various initiatives aimed at boosting consumption and investment [1][2] - Emphasis on innovation-driven growth by fostering new momentum, enhancing education and technology development, and strengthening intellectual property protection in emerging sectors [1][2] - Reform efforts are aimed at enhancing high-quality development, including the establishment of a unified national market and deepening state-owned enterprise reforms [2][3] Group 2 - The strategy includes promoting coordinated development to enhance urban-rural integration and regional collaboration, with a focus on high-quality county-level economic development [3][4] - A commitment to green transformation is highlighted, with initiatives for energy efficiency, carbon reduction, and the establishment of a national carbon trading market [3][4] - The plan emphasizes improving people's livelihoods through job stability, education resource allocation, and healthcare reforms [4][5] Group 3 - The approach to risk management includes stabilizing the real estate market and addressing local government debt risks through various measures [4][5] - The government aims to encourage the acquisition of existing housing for affordable housing purposes and reform the housing provident fund system [4][5]

今年是"十四五"规划收官之年。12月10日，江苏省政府新闻办公室举办"高质量完成'十四五'规划"系列 新闻发布活动第一场——"推动经济高质量发展"主题新闻发布会，公布江苏"十四五"经济发展成绩单。 城乡区域展现更新面貌。五年来，江苏深入实施国家重大战略，做好"区域互补、跨江融合、南北联 动"大文章。长江经济带和长三角一体化发展联动推进，长江江苏段只占长江通航里程的1/7、承担的货 运量占到了70%，长三角生态绿色一体化发展示范区成为跨区域协作的生动样板。从省内来看，积极推 进"1+3"重点功能区加快建设，南北结对帮扶，特别是南北区域合作不断深化，南北差距不断缩小，比 如说苏南苏北人均GDP之比缩小到1.86∶1。同时，江苏统筹推进新型城镇化和乡村全面振兴，常住人口 城镇化率现在是75.5%，比全国平均基本上高10个百分点，百强县数量全国第一。农业全产业链加快打 造，宜居宜业和美乡村加快建设，粮食生产为全国作出了贡献，以全国3.2%的耕地，生产了全国5.4% 的粮食。 美丽江苏彰显更绿底色。五年来，江苏牢固树立和践行"绿水青山就是金山银山"的理念，积极稳妥推进 碳达峰碳中和。目前，江苏已有国家碳达峰试点4个，在 ...

Core Viewpoint - The article discusses the strategic development of Wuhan through its five-year plans, highlighting the city's evolution from a regional leader to a national benchmark, with a focus on modernization and urbanization [2][3]. Group 1: Urban Development and Planning - Wuhan's five-year plans have been a crucial experience in governance, marking the city's continuous growth and modernization since the reform and opening up [2]. - The city has transitioned from being an advanced city among peers to becoming a national center, integrating into the national strategy as a core city in the Yangtze Economic Belt and an international metropolis [4][6]. - The development goals have evolved from foundational economic strengthening to enhancing urban functions and establishing a modern governance system, aiming for a "modernized Wuhan" [7]. Group 2: Economic and Industrial Growth - The plans emphasize the importance of economic development, with each phase focusing on different aspects such as transportation, trade, and industrial bases, ultimately aiming for a comprehensive economic center in Central China [5][11]. - The city aims to create a sustainable economic, social, and ecological system, with significant improvements in economic quality and urban functionality [9][10]. Group 3: Technological Innovation - Wuhan prioritizes technology and innovation as core strategies, transitioning from factor-driven to innovation-driven development, with a focus on high-quality growth [12]. - The city has made substantial investments in science, education, and cultural sectors, aiming to enhance its technological capabilities and foster high-tech industries [13][15]. Group 4: Social Welfare and Quality of Life - The plans reflect a commitment to improving the quality of life for residents, progressing from basic guarantees to a focus on affluent living standards and enhanced public services [16]. - The emphasis is on ensuring that economic growth translates into better living conditions, cultural enrichment, and overall social progress for the population [18].

Group 1 - The core viewpoint emphasizes the importance of private investment as a crucial support for stabilizing growth, adjusting structure, and promoting employment, with the release of 13 targeted policy measures to invigorate private investment [1][2] - The measures encourage private capital participation in key sectors such as railways and nuclear power, and aim to remove unreasonable restrictions on service industry access, thereby broadening the space for private investment [2][3] - The policies focus on optimizing the business environment and boosting development confidence, including increased support for eligible private investment projects through central budget investments and new policy financial tools [2][3] Group 2 - The measures are designed to address the concerns of private enterprises by expanding access, resolving bottlenecks, and strengthening guarantees, effectively creating a "policy combination" to stimulate the endogenous motivation of private investment [3] - It is highlighted that the further stimulation of private investment will continuously release domestic demand potential, providing stronger momentum for high-quality economic development [3]

Group 1: Economic Development Strategy - The "15th Five-Year Plan" period is crucial for achieving socialist modernization, emphasizing the need for continuous effort and progressive development[11] - The meeting highlighted the importance of maintaining a stable economic foundation, with strengths in the economy, resilience, and potential for long-term growth[12] - The goal is to achieve significant progress in high-quality development, with a focus on technological self-reliance and strengthening the real economy[14] Group 2: Technological Innovation and Self-Reliance - The emphasis is on accelerating high-level technological self-reliance to lead new productive forces, moving from merely having technology to achieving excellence and leadership[21] - Policies will focus on breaking through key core technologies and enhancing original innovation to seize future technological competition[22] - The aim is to create a robust national innovation system capable of producing disruptive technological achievements[21] Group 3: Domestic Demand and Economic Circulation - The strategy includes expanding domestic demand and strengthening the domestic economic cycle, with specific measures to enhance consumer spending and investment in human capital[23] - The focus is on creating a closed-loop logic between improving people's livelihoods and promoting consumption[24] - The meeting called for breaking down barriers to building a unified national market to unleash domestic demand potential[25] Group 4: High-Level Opening Up - The meeting stressed the need to expand high-level opening up and maintain a multilateral trade system, promoting reform and development through openness[27] - China aims to deepen institutional opening up, enhancing its economic resilience and competitiveness by aligning with international high standards[27] Group 5: Common Prosperity and Social Welfare - The meeting emphasized increasing efforts to improve people's livelihoods and advance common prosperity, ensuring coverage for all citizens[28] - Policies will focus on basic public services and strengthening social security for vulnerable groups[28] - The real estate sector is shifting towards high-quality development, focusing on meeting people's needs and improving product quality[28]

Group 1 - The 20th Central Committee's Fourth Plenary Session will be held in Beijing from October 20 to 23, signaling strong confidence in China's economic development under Xi Jinping's economic thought [1] - Since the 18th National Congress, China's economy has maintained strategic stability and high-quality development, achieving a GDP growth from 54 trillion yuan to nearly 135 trillion yuan from 2012 to 2024, with an average annual growth rate of 6% [2][3] - The transformation of development concepts has led to higher quality economic growth, with the International Monetary Fund (IMF) indicating a shift towards a more balanced and sustainable growth model [2] Group 2 - The supply and demand sides of China's economy have undergone profound changes, with innovation becoming the primary driving force, and domestic consumption expected to contribute approximately 63% to economic growth during the 14th Five-Year Plan period [3][4] - China's global innovation index ranking has improved significantly, moving from 34th in 2012 to 10th in 2025, with a notable increase in patent applications [3][4] - The rural population's income growth has outpaced that of urban residents, with nearly 100 million rural poor lifted out of poverty, showcasing effective regional development strategies [4][5] Group 3 - China's openness has increased, with the country becoming a major trading partner for over 150 countries, maintaining the world's largest goods trade volume [5][6] - The economic structure has shifted, with the proportion of GDP from the service sector rising, indicating a transition towards a more service-oriented economy [6][7] - The contribution of consumption to economic growth is expected to rise, while investment's contribution is projected to decrease to below 28% [3][4] Group 4 - The Chinese economy is expected to provide new opportunities for many countries, enhancing global economic stability and cooperation [6][7] - The focus on improving people's livelihoods has led to increased public safety and overall living standards, with life expectancy projected to reach 79 years by 2024 [6][7] - The government continues to prioritize social welfare, with significant investments in education, healthcare, and social security systems [6][7] Group 5 - China's economic transformation presents significant investment opportunities, particularly in traditional industries transitioning to high-end, intelligent, and green production [16][17] - The country is fostering innovation and talent, with substantial investments in research and development, positioning itself as a leader in global technology [17][18] - The expansion of consumer markets and infrastructure development is expected to create vast opportunities for both domestic and foreign investors [18][19]

Economic Development - Sichuan's total economic output has surpassed 6 trillion yuan, ranking 5th in the country, achieving a historic milestone [1] - The per capita GDP of Sichuan has exceeded 10,000 USD, indicating a significant improvement in economic strength [2] - The contribution rate of the service industry to economic growth has exceeded 60%, with strategic emerging industries accounting for 30% of the industrial output [2] - Sichuan's import and export total has surpassed 1 trillion yuan, ranking first in Central and Western China, enhancing its international competitiveness [2] Social Development - The average annual growth rate of per capita disposable income in Sichuan is 6.7%, outpacing economic growth by 1 percentage point [3] - Over 5 million new urban jobs have been created, and the basic medical insurance coverage rate has exceeded 95% [3] Regional Cooperation - The economic output of the Chengdu-Chongqing economic circle has grown from 6.3 trillion yuan to 8.7 trillion yuan, demonstrating its significant role in supporting high-quality development in the West and nationwide [4] - The railway operating mileage between Sichuan and Chongqing has increased by 28%, with a total of 26 transportation routes established [4] - The two regions have built the largest OLED production base globally and the third-largest automobile industry cluster in China [4] Transportation Infrastructure - Sichuan's transportation infrastructure investment has reached 1.7 trillion yuan, supporting high-quality economic development [6] - The total length of the transportation network in Sichuan has reached 443,000 kilometers, with new mileage sufficient to circle the equator nearly once [6] - The number of charging stations for electric vehicles has reached nearly 14,000, with charging facilities installed at all highway service areas [6]