【中信期货】中央经济工作会议学习体会-251215（21页）.pdf

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3、onal Research 2025/12/15 Insights from the Central Economic Work Conference 中央经济工作会议中央经济工作会议学习体会学习体会 摘要摘要 Abstract The Central Economic Work Conference was held in Beijing from December 10 to 11.The meeting reviewed the economic work of 2025,analyzed the current economic situation,and outlined the e

4、conomic agenda for 2026.The meeting carried forward the work requirements and situation assessments from the December Politburo session,and overall,we view the tone of this meeting as moderate and positive.It is expected that the overall intensity of macro policies in 2026 will remain broadly consis

5、tent with 2025,continuing the approach of balancing countercyclical and cross-cycle measures.Compared with the December Politburo meeting,this Central Economic Work Conference has identified five key areas of additional information to note:(1)“Anti-involution:efforts remain unwavering and may even i

6、ntensify marginally next year.(2)Fiscal and monetary policies are likely to remain broadly stable,with the deficit ratio projected to stay at 4%next year and slight increases in special bonds and special treasury bonds.The window for monetary policy easing through reserve requirement ratio cuts and