｜2025年12月15日星期一｜ NO.1 韩文秀：明年还将根据形势变化出台实施增量政策 2025-2026中国经济年会12月13日召开，主题为"贯彻落实中央经济工作会议精神，以高质量发展为'十 五五'开好局"。中央财办分管日常工作的副主任、中央农办主任韩文秀表示，做好明年经济工作，要坚 持稳中求进，提质增效，加大逆周期和跨周期调节，切实提升宏观经济治理效能。去年9月26日中央政 治局会议以来，先后出台实施了一系列政策措施，明年还将根据形势变化出台实施增量政策。要协同发 挥存量政策和增量政策的集成效应，推动经济稳中向好。 NO.2 工信部深化拓展制造业数字化转型，加快卫星互联网建设发展 工业和信息化部李乐成12月12日主持召开会议，传达中央经济工作会议精神，研究贯彻落实举措。会议 强调，明年是"十五五"开局之年要推动产业结构优化升级，实施传统产业焕新行动，打造新兴支柱产 业，培育发展未来产业。深化拓展制造业数字化转型行动和"人工智能+制造"，推进智能制造、绿色制 造、服务型制造。要推动信息通信业高质量发展，适度超前布局建设信息基础设施，推进6G技术研 发。加快卫星互联网建设发展。加强网络和数据安全保障。 NO ...

Macro and Financial - The Central Economic Work Conference has set the focus for 2026, emphasizing the use of various government bond funds and the issuance of ultra-long special bonds to support key construction and new initiatives [2] - The People's Bank of China will continue to implement a moderately loose monetary policy, enhancing both stock and incremental policy effects to stimulate domestic demand and optimize supply [2] - The Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau have jointly issued measures to boost consumption, including enhancing collaboration mechanisms and increasing financial support in key areas [3] - The Federal Reserve maintained the federal funds rate target range at 3.50%-3.75%, with internal divisions on whether to lower rates due to inflation concerns [3] - Global asset prices showed divergence, with gold prices rising by 2.5% to $4302 per ounce, while WTI crude oil fell by 4.39% to $57.44 per barrel [4] Capital Market - A-shares showed a weak recovery with a structural market, as the Shanghai Composite Index rose by 0.5%, led by sectors like controlled nuclear fusion and commercial aerospace [6] - The Hong Kong stock market faced pressure, with the Hang Seng Index dropping by 1.8%, particularly affected by technology stocks [6] - U.S. stock indices experienced a decline, with the Dow Jones falling by 0.51% and the S&P 500 down by 1.07% [6] - The upcoming week will see the release of significant economic data from China, including retail sales and industrial output [5] Commercial Industry - China's commercial aerospace sector is accelerating towards large-scale application, with significant technological breakthroughs and policy support, projecting a market size of over 2.5 trillion yuan by 2025 [9] - The State Administration for Market Regulation is seeking to standardize pricing behaviors in the automotive industry to ensure fair competition and protect consumer rights [9] - The new medical insurance and commercial insurance directories will include 114 new drugs, with a high negotiation success rate for innovative drugs [10] - The Hainan Free Trade Port will officially start its operations on December 18, allowing for zero tariffs on certain imports [11]

Group 1 - The successful launch of the Kuaizhou-11 Yao-8 rocket marks its fourth flight, successfully sending the Di'er-5 space experiment device and the Hope-5 Phase II satellite into orbit [2] - The world's first shipboard medium-voltage direct current hybrid circuit breaker has been developed, achieving a significant technological breakthrough in the ship power equipment sector, with a voltage level of 10 kV, which is 45 times that of standard residential electricity [2] - Four high-end five-axis CNC machine tools have been delivered in Shenyang, developed through a collaboration between China General Technology Group and Dongfang Electric Group, breaking the "disconnection between research and application" in the industry [2] Group 2 - The successful launch of the Di'er-5 China Science and Technology City spacecraft by private aerospace company Ziwei Technology signifies a new phase in China's commercial spaceflight, laying the foundation for broader space scientific research and cargo transportation [2]