值得注意的是，本案的被告方之一华夏幸福基业控股股份公司（简称"华夏控股"），是上市房企华夏幸 福的股东，持股比例为11.5%。而华夏控股的最大股东是北京东方银联投资管理有限公司，实控人为王 文学。 近日，天眼查信息显示，华夏控股新增一民事案件，原告为中国平安人寿保险股份有限公司、平安资产 管理有限责任公司，被告为王某、华夏幸福基业控股股份公司，案由为"申请确认仲裁协议效力"，12月 17日将在上海金融法院开庭。 据知情人士表示，前述"王某"即华夏控股的董事长王文学。 公开信息显示，本案涉及的"申请确认仲裁协议效力"，即当事人就仲裁协议效力问题有不同认识时，从 法律上由人民法院对仲裁协议的效力加以确认，以保护当事人的合法权益，对仲裁程序提供司法监督与 支持。 法院在审查仲裁协议效力时，主要针对以下因素：协议是否成立、是否具备缔约能力、是否以书面形式 订立、协议事项是否超出法定仲裁范围、是否胁迫迫使订立仲裁协议、是否有明确的仲裁机构、是否同 时选择了仲裁和诉讼。 截至目前，针对平安和华夏控股的具体仲裁事由，公司方面还未有回应。 近期，华夏控股旗下地产平台华夏幸福，正在筹划预重整工作。11月16日，华夏幸福发布公告 ...

Core Viewpoint - Recent consumer complaints about a rodent found in a product from Sam's Club highlight ongoing challenges in the membership store sector, emphasizing the need for improved supply chain management and consumer safety measures [1][5][6] Group 1: Consumer Perception and Membership Model - Initially, the membership fee model for stores like Sam's Club was not well accepted by Chinese consumers, making it difficult for these stores to expand in the market [1][2] - Over time, the rise of the middle-income population has led to increased acceptance of membership stores, driven by the appeal of exclusive products and high cost-performance ratios [2][3] Group 2: Competition and Product Differentiation - Membership stores face intense competition as more retailers enter the market, leading to a homogenization of popular products, which diminishes the uniqueness of offerings [2][3] - The pressure to develop market-leading products is significant, as competitors can quickly replicate successful items, creating challenges for established brands [3][6] Group 3: Supply Chain and Logistics Challenges - The recent incident involving a rodent in a product underscores the critical importance of logistics and supply chain management in maintaining product safety and consumer trust [5][6] - Membership stores must ensure that all aspects of the supply chain, from sourcing to delivery, are secure and efficient to prevent safety issues that could harm brand reputation [5][6] Group 4: Future Outlook for Membership Stores - The membership store model has potential for growth, but it requires continuous innovation in product offerings and a focus on safety in e-commerce logistics to meet rising consumer expectations [6]

亚行首席经济学家朴之水（Albert Park）表示："一年以来，尽管前所未有的不确定性给全球贸易环境 蒙上了一层阴影，但亚太地区稳固的经济基本面为强劲的出口表现和稳健的增长提供着支撑。" 需求韧性与贸易不确定性减弱 亚行表示，强劲的外部需求，尤其是对电子相关产品的需求推动了东亚2025年增长预测的上调。2025年 下半年，区域出口继续保持增势，其中电子产品需求尤为突出。今年1月至9月，中国以外的发展中亚洲 经济体的电子产品出口增长达25%，全年也保持稳步上升态势。在全球对半导体芯片需求旺盛的背景 下，高收入技术出口经济体10月份的出口同比大幅增长22%。 另一方面，自9月以来，美国进一步放宽了关税政策。此前美国关税曾在2月大幅上涨、4月显著飙升， 随后于8月和9月企稳于历史高位。通过贸易协议与后续调整，美国有效关税水平从9月的17%降至11月 中旬的15%。随着多项贸易协定落地，贸易不确定性有所降低，亚行上调2026年的增长预测至4.6%。 朴之水表示："贸易协定在一定程度上缓解了不确定性，但外部及其他挑战仍可能拖累增长前景。域内 各经济体政府应当继续推进开放贸易与投资，以维持韧性和增长。" 根据海关总署数 ...

| 名称 | 涨幅%▽ | 现价 | | --- | --- | --- | | 立昂微 | +10.01% | 33.18 | | 长飞光纤 | +10.00% | 98.43 | | 特发信息 | +10.00% | 14.85 | | 中瓷电子 | +10.00% | 71.84 | | 联特科技 | +9.06% | 146.04 | | 东田微 | +8.55% | 176.38 | | 长米华芯 | +8.02% | 152.54 | | 汇绿生态 | +7.93% | 22.45 | | 赛微电子 | +6.60% | 58.76 | | 奕东电子 | +6.38% | 49.03 | | 长芯博创 | +6.14% | 142.55 | | 金禄电子 | +6.06% | 30.08 | | 兆驰股份 | +5.92% | 7.34 | | 长盈通 | +5.51% | 46.35 | | 华懋科技 | +4.84% | 53.25 | | 永鼎股份 | +4.84% | 18.64 | | 思瑞浦 | +4.12% | 154.29 | | 新易盛 | +4.04% | 436.06 | 编 ...

| < W | | 房地产指数(886057) | | | | --- | --- | --- | --- | --- | | | | 2528.41 47.76 +1.93% | | | | *** | 成分 | 资讯 | 相关基金 | 月度收益 | | 名称 | | 现价 | 涨跌幅 ◆ | lil | | 世联行 | | 3.17 | 10.07% | 0.63% | | 002285.SZ | | | | | | 财信发展 | | 3.98 | 9.94% | 6.42% | | 000838.SZ | | | | | | 广宇集团 | | 3.77 | 9.91% | 0.00% | | 002133.SZ | | | | | | 万 科 A | | 5.13 | 7.55% | 3.43% | | 000002.SZ | | | | | | 海南机场 | | 5.13 | 7.10% | 0.00% | | 600515.SH | | | | | | 夜直幸禮 | | 2.59 | 7.02% | 3.19% | | 600340.SH | | | | | | 特发服务 | | 43.88 | 6 ...

Core Viewpoint - The local stocks in Hainan experienced significant gains, with multiple companies reaching their daily limit up, indicating a strong market response to recent policy announcements [1][2]. Group 1: Stock Performance - Hainan Development, Haide Co., and Xinlong Holdings all hit the daily limit up, showcasing a robust performance in the local stock market [1]. - Shennong Agriculture surged by 20.07%, closing at 6.88, while Kangzhi Pharmaceutical increased by 16.57%, closing at 12.59 [2]. - Other notable performers included Hainan High-speed and Jingliang Holdings, both reaching nearly the daily limit up with increases of 9.97% and 9.99% respectively [2]. Group 2: Policy Impact - The significant stock price increases coincided with the release of the suggestions from the Hainan Provincial Committee of the Communist Party regarding the formulation of the 15th Five-Year Plan for national economic and social development [1][2].

Group 1 - SpaceX is advancing its IPO plan aiming to raise over $30 billion with a target valuation of approximately $1.5 trillion, which is close to the valuation achieved by Saudi Aramco during its IPO in 2019 [2] - If successful, the fundraising will exceed Saudi Aramco's $29 billion, potentially making it the largest IPO in history [2] - The management and advisors of SpaceX are striving to complete the IPO between mid-2026 and late 2026, although the timeline may be adjusted due to market conditions [2] Group 2 - SpaceX expects revenues of about $15 billion in 2025, increasing to between $22 billion and $24 billion in 2026, primarily driven by its Starlink business [2] - Elon Musk stated that SpaceX has maintained positive cash flow for years and conducts regular stock buybacks to provide liquidity to employees and investors [2] - There are conflicting reports regarding the fundraising amount and valuation, with some sources indicating a potential IPO in the next year seeking over $25 billion and a valuation exceeding $1 trillion [3] Group 3 - SpaceX's valuation has seen rapid growth, doubling from $180 billion at the end of 2023 to approximately $400 billion in July 2023, based on internal share sales [3] - Compared to Tesla, SpaceX's valuation premium is significant, with Tesla's market cap nearing $1.5 trillion and last year's revenue around $98 billion, while SpaceX's target valuation is similar but with expected revenue only 15% of Tesla's [3]

Core Viewpoint - The article emphasizes the importance of enhancing quality and efficiency in economic governance for the upcoming year, focusing on proactive fiscal and monetary policies to stimulate domestic demand and improve macroeconomic management [2][3]. Group 1: Economic Governance Strategy - The Central Political Bureau outlined eight key principles for economic governance in 2026, including prioritizing domestic demand, innovation, reform, and maintaining social stability [2]. - The shift from "promoting stability through progress" to "enhancing quality and efficiency" indicates a more dynamic and effective approach to policy-making, emphasizing the interaction between policy and market trends [2][3]. Group 2: Domestic Demand and Consumption - The core issue facing the Chinese economy is insufficient effective demand, particularly in consumer spending, which requires systemic reforms to broaden consumption capacity [3][4]. - Enhancing consumer purchasing power is essential for increasing consumption rates, necessitating reforms in income distribution and social welfare systems [4]. Group 3: Consumer Protection and Market Transparency - There is a pressing need to improve consumer rights protection laws and policies to foster a more consumer-friendly market environment [4][5]. - The introduction of collective litigation and clearer consumer rights is advocated to reduce information asymmetry in the market, thereby enhancing pricing power and risk management capabilities [5].

Core Insights - The International Air Transport Association (IATA) forecasts that global airlines will achieve a net profit of $41 billion in 2026, up from $39.5 billion in 2025, marking a historical high [2] - Total industry revenue is expected to reach $1.054 trillion in 2026, a 4.5% increase from $1.008 trillion in 2025, with passenger traffic projected to hit 5.2 billion, reflecting a 4.4% growth [2] - The average net profit per passenger is estimated at $7.90, lower than the historical peak of $8.50 in 2023, remaining unchanged from 2025 [2] Financial Performance - The IATA highlights that the airline industry contributes nearly 4% to global GDP and supports 87 million jobs, yet profit margins are extremely thin [2] - Fuel costs are projected to slightly decrease to $252 billion in 2026, down 0.3% from $253 billion in 2025, while non-fuel costs are expected to rise to $729 billion, a 5.8% increase from $689 billion in 2025 [2] - The increase in non-fuel costs is attributed to aging fleets, supply chain disruptions, and rising maintenance and leasing costs [2] Regional Insights - In the Asia-Pacific region, net profit is estimated at $6.6 billion in 2026, driven by increased tourism and a growing middle class in China and India [3] - However, the average profit per passenger in the Asia-Pacific region is only $3.20, the lowest among all regions, compared to $28.60 in the Middle East, $10.90 in Europe, $9.80 in North America, and $5.70 in Latin America [3] - The region is expected to achieve a record passenger load factor of 84.4% in 2026, despite challenges in international passenger recovery and overcapacity [4] Cargo Insights - The IATA anticipates that air cargo volume will reach 7.16 million tons in 2026, a 2.4% increase from 2025, defying many pessimistic forecasts [4] - Despite a slowdown in global trade, cargo yield is expected to remain stable, only slightly decreasing by 0.5%, and maintaining a level approximately 30% higher than pre-pandemic [4] - The demand for air cargo is bolstered by strong e-commerce and semiconductor transportation needs, as global trade flows adjust due to U.S. tariff policies [4]

12月10日盘中，摩尔线程一度拉升涨超15%，站上700元大关，创上市新高。截至发稿，涨幅达 10.46%，报694元/股，成交额超44亿元。 编辑 ｜ 钉钉 | G | C摩尔-U(688795) | | | | | --- | --- | --- | --- | --- | | | 交易中 12-10 10:10:26 融 成 | | | | | 694.00 | 额 44.1亿 股本 4.70亿 市盈 -225 | | 万得 营口 | | | 65.69 10.46% | 3262亿 市净 28.33 换 22.56% 市值 | | | | | 时间 10:10 | 价格 694.95 涨跌 66.64 | | | | | 涨跌幅 10.61% | 均价 666.04 成交量 581 | | | | | 叠加 10:10 | | 第二 | 负责 | | | 728.00 | | 15.87% 卖五 699.37 | | 2 | | 694.95 | 24 M 10.61% | | 699.36 | 4 | | | | | 699.18 | 2 | | | | | 699.00 | 4 | | | 0.0 ...