5. 中证协：12 月 15 日，中国证券业协会发布公告，根据《团体标准管理 规定》和《中国证券业协会团体标准工作规范》的相关规定，经协会第七届 理事会第四十一次会议审议同意，《证券行业应用 RPA 技术的通用功能和接口 规范》(编号：T/TSAC002—2025)纳为中国证券业协会团体标准。现予以公布， 自公布之日起实施。（资料来源：同花顺） 6. 广西：广西壮族自治区工业和信息化厅近日印发《广西培育先进制造业 集群行动方案》。其中提出，推动智能化数字化升级。深入实施"人工智能+ 制造"行动，深化人工智能、数字孪生、云计算、大数据等数字技术的集中 应用，发展智能机器人、具身智能、智能家居等智能产品，在集群内重点领 域打造一批应用场景和工业高质量数据集。（资料来源：同花顺） 东 兴 晨 报 东兴晨报 P1 经济要闻 1. 商务部: 中澳自贸协定自 2015 年生效实施以来，有力推动了两国经贸 关系发展取得丰硕成果。2025 年 7 月，中澳两国签署关于实施和审议中澳自 贸协定的备忘录，决定启动协定总体审议工作。（资料来源：同花顺,新华社） 2. 国家统计局：国家统计局新闻发言人付凌晖表示，从未来看，我国投资 ...

安井食品（603345.SH）：迅速适应 市场变化，成长脉络清晰 2025 年 12 月 12 日 强烈推荐/维持 安井食品 公司报告 事件：近期我们参加安井食品股东大会，公司主业稳定经营，发展思路清晰， 战略坚定明确。 全面拥抱定制化策略取得积极成果。公司一直秉承"BC 兼顾，全渠发力"的 渠道策略，在过去的发展中，传统渠道也积累了较大的优势。近几年随着渠道 碎片化加剧，以及新兴渠道的不断崛起，去年以来公司提出全面拥抱定制化的 战略，去主攻餐饮定制化和商超定制市场，以适应新渠道的变化，并取得了积 极的成绩。目前公司成功进入山姆渠道，并与盒马、胖东来、大润发、沃尔玛、 麦德龙、永辉等主流商超形成合作。 新品表现优异，营销从 B 端转向 C 端。公司今年推出"嫩鱼丸"新品，主要 有三个规格：200g 为锁鲜装、400g 为家庭装以及 2.5KG 的 B 端产品，通过" 活鱼现杀"概念强化产品新鲜度。去年 C 端烤肠盈利能力欠佳，今年公司在火 山石烤肠等烤机渠道产品 2024 年取得初步成效的基础上进行"升级换代"，涵 盖了概念创新、包装和克重调整，进一步向高端化发展。在营销上从 B 端转向 C 端，针对 C 端 ...

2025 年 12 月 12 日星期五 经济要闻 1. 中央经济工作会议: 中国人民银行行长潘功胜表示，党的二十届四中全 会为"十五五"时期规划了发展蓝图，这次会议为"十五五"良好开局、做 好明年经济工作制定了科学、清晰的指引。中国人民银行将认真贯彻落实习 近平总书记重要讲话精神，继续实施好适度宽松的货币政策，把握好政策实 施的力度、节奏和时机，为经济稳定增长和金融市场稳定运行创造良好的货 币金融环境。（资料来源：同花顺,新华社） 2. 财政部：部长蓝佛安表示中央经济工作会议对明年的财政政策明确定 调，要求继续实施更加积极的财政政策。这与今年的政策取向一以贯之，是 应对外部冲击和内部风险挑战的重大决策部署。在具体安排上，主要是做到 "两个保持"：保持政策力度；保持政策连续性。在具体实施中，主要是做到 "三个坚持"：坚持投资于物和投资于人相结合；坚持惠民生与促消费相结合； 坚持财政货币政策相协同（资料来源：同花顺，新华社） 3. 工信部： 工业和信息化部举行"用好绿色金融政策支持绿色工厂建设" 新闻发布会。工业和信息化部节能与综合利用司司长王鹏表示，计划到 2030 年，国家、省、市各级绿色工厂产值占比提高到 ...

事件： 财政货币政策保持双宽，推动经济增长质 的有效提升 2025 年 12 月 12 日 宏观经济 事件点评 ——12 月 11 日中央经济工作会议点评 | | | 12 月 10-11 日，中央经济工作会议召开，分析当前经济形势，部署 2026 年经济工作。 主要观点： 本次会议是 12 月 8 日中共中央政治局会议对经济方面指导意见的延伸，各项政策的精确规模和细节将在明年陆续落地。总 体来说，明年将更好统筹国内经济工作和国际经贸斗争，更好统筹发展和安全，实施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，推动经济实现质的有效提升和量的合理增长。 宏观政策持续了去年宽松和前瞻性基调，更加积极的财政政策和适度宽松的货币政策，内需为明年的首要任务，对经济增长 质的提升要求有所增加。更加积极有为的宏观政策包含三个方面。 更加积极的财政政策。会议明确明年将保持必要的财政赤字、债务总规模和支出总量，我们预计明年财政赤字或与今年相仿， 保持相同的财政力度。同时会议也明确重视解决地方财政困难，这意味着中央财政的权重将继续有所增加。 适度宽松的货币政策。把促进经济稳定增长、物价合理回升作为货 ...

美联储谨慎鸽派降息，预期明年经济转好 ——12 月美国 FOMC 点评 2025 年 12 月 12 日 宏观经济 事件点评 分析师 康明怡 电话：021-25102911 邮箱：kangmy@dxzq.net.cn 执业证书编号：S1480519090001 事件： 美联储降息 25bp,政策利率降至 3.5~3.75%。 主要观点： 一、美联储观点 美联储对经济预期略有上升。美联储评估近期经济继续温和增长，其中消费者支出保持稳健，商业固定投资继续扩张，但地 产市场仍旧疲软。劳动力市场逐渐冷却，通胀略有上行。联邦政府临时关门可能会对当前季度 GDP 有所影响，但这种影响 大概率被政府重新开门后下个季度更高的增长所抵消。在 SEP 中，参与者对 GDP 增速的中位数略有提高，分别为今年 1.7% 以及明年 2.3%。鲍威尔认为明年经济更好来自四个因素，分别是财政政策刺激、AI 投资、政府重新开门，以及消费仍然稳 健。 继续降息仍主要源自非农数据疲软。鲍威尔对就业市场的观点与前两次记者会基本一致。失业率略有上升，工作报酬相比于 年初显著下降。鲍威尔继续认为目前劳动力供需双方均明显减少。劳动供给的下降来自移民下降 ...

Economic News - The Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 3.5%-3.75%, marking the third rate cut since 2025 [1] - Vietnam's National Assembly amended the mineral law to prohibit the export of rare earth ores starting January 1, 2026, emphasizing strict control over exploration and processing [1] - The Ministry of Human Resources and Social Security held a seminar in collaboration with the International Labour Organization [1] - The Ministry of Industry and Information Technology emphasized the importance of pilot innovation in manufacturing as a key link connecting innovation, technology, and industry [1] - The Ministry of Commerce plans to enhance policy support for the retail industry's innovation and transformation during the 15th Five-Year Plan period [1] - The Ministry of Commerce will work with local governments to implement policies to stabilize foreign trade and promote market diversification [1] - The China Textile Import and Export Chamber reported that yarn and fabric exports reached $69.18 billion from January to October 2025, a 2.1% year-on-year increase [1] - The Ministry of Finance plans to issue special government bonds due in 2025, with a total face value of CNY 400 billion for the first phase and CNY 350 billion for the second phase [1] - The National Internet Information Office is conducting a special campaign to rectify online chaos in the automotive industry [1] - The Ministry of Education reported an increase in the number of students returning from studying abroad, with 495,000 expected to return in 2024, a 19.1% increase from 2023 [1] Company News - Pop Mart announced changes in its board of directors, with new appointments effective December 10, 2025 [4] - Kweichow Moutai announced a cash dividend of CNY 23.957 per share, totaling CNY 30 billion, with the ex-dividend date on December 19 [4] - Nanjing Highway plans to invest up to CNY 9.033 billion in the construction of the Nanyang Yangtze River Bridge southern connection project [4] - ZTE Corporation is in communication with the U.S. Department of Justice regarding compliance investigations related to the Foreign Corrupt Practices Act [4] - Oracle reported Q2 FY2026 revenue of $16.1 billion, a 14% year-on-year increase, with cloud revenue of $8 billion, a 34% increase, but below market expectations [4] Transportation Industry - The transportation sector has shown signs of recovery, with the strong cycle sectors benefiting from anti-involution policies [5] - The focus for 2026 will remain on sectors benefiting from anti-involution and high certainty stocks, with a long-term impact expected from these policies [6] - The express delivery industry has seen a recovery in profitability, with rising prices and a reduction in low-price competition [7] - The airline sector has improved performance due to lower oil prices and better management of ticket pricing, with a cautious approach to aircraft procurement expected to continue [8] - The highway sector has experienced significant stock price adjustments, with a focus on high dividend yield and low debt ratio companies expected to gain more attention [9]

Investment Summary - The transportation industry has shown a significant underperformance compared to the broader market, ranking among the lowest in terms of growth within the Shenwan primary industry indices as of December 8, 2025 [15][16] - The implementation of anti-involution policies has positively impacted the fundamentals of certain segments within the transportation sector, particularly benefiting the aviation and express delivery sectors [26][30] 2026 Outlook - The focus for 2026 remains on sectors benefiting from anti-involution policies and high-certainty stocks, with a long-term impact expected from these policies on stock price movements [5][34] - Key sectors to watch include aviation, express delivery, and regional shipping, while high-dividend and low-debt companies are expected to attract more investor interest in weaker cyclical areas [5][34] Express Delivery Sector - The express delivery industry has seen a recovery in profitability driven by rising single-package prices, with major companies like YTO Express and Shentong Express showing significant improvements [6][35] - The trend of price competition has been curtailed, leading to a decrease in package volume growth as companies focus on maintaining service quality and profitability [6][38] - The competitive strategies among companies have diverged, with YTO and Shentong performing strongly, while Yunda has struggled with profitability and market share [42][53] Aviation Sector - The aviation sector has experienced a notable improvement in performance since Q2 2025, with major airlines reporting increased profitability compared to the previous year [63][64] - The focus for 2026 will be on the transition from high passenger load factors to higher ticket prices, supported by controlled supply and strong demand [69][87] - Major airlines are expected to maintain cautious procurement strategies, with a projected fleet growth of around 5% in 2026 [69][80] Highway Sector - The highway sector has faced significant adjustments in stock prices, leading to a more rational market approach towards high-dividend investments [8][4.1] - Following substantial adjustments, the attractiveness of highway stocks has improved, with a focus on companies with high dividend ratios and low debt levels [8][4.3]

Economic News - In November 2025, the national industrial producer price index decreased by 2.2% year-on-year, while the purchasing price index fell by 2.5% year-on-year. The average for January to November shows a decline of 2.7% for the producer price index and 3.1% for the purchasing price index compared to the same period last year [1] - The consumer price index for November 2025 increased by 0.7% year-on-year, with an average for January to November remaining flat compared to the previous year [1] - The United Nations reported that global trade is expected to exceed $35 trillion for the first time in 2025, with a projected growth of approximately 7% compared to last year [1] - The International Monetary Fund (IMF) forecasts China's economic growth rate to reach 5% in 2025, an increase of 0.2 percentage points from previous estimates [1] - The Ministry of Industry and Information Technology has revised the management measures for public service platforms in industrial technology, focusing on key industries such as new energy, artificial intelligence, and biotechnology [1] Company News - Haiguang Information has terminated its plan to merge with Zhongke Shuguang through a share exchange [4] - China Life Insurance reported total premiums exceeding 700 billion yuan as of November 30, 2025 [4] - SIRUI announced the termination of its plan to acquire shares of Aola and will resume trading on December 10, 2025 [4] - Alibaba's Tongyi Qianwen has launched Qwen Code v0.3.0, enhancing its capabilities for developers [4] - Xiamen Airport is planning to acquire 100% equity of its controlling shareholder's subsidiary, Zhaoxiang Technology, using its own funds [4] Non-Bank Financial Sector - The recent adjustment of risk factors for insurance companies aims to enhance their long-term investment management capabilities and support the real economy [5][6] - Specific adjustments include lowering risk factors for certain stock indices and export credit insurance, which is expected to stabilize the capital market and improve the efficiency of insurance fund utilization [7][8] - The regulatory changes are anticipated to benefit major industry players and promote a balanced and healthy development of the equity market [9][10]

东 兴 晨 报 经济要闻 1. 美国政府：美国总统特朗普当地时间 8 日在社交媒体上发文宣布，美国政 府将允许英伟达向中国出售其 H200 人工智能芯片，但对每颗芯片收取一定费 用。特朗普表示，美方将从相关芯片出口中收取 25%的分成。他还称，美国 商务部正在敲定相关安排细节，同样的安排也将适用于超微半导体公司、英 特尔等其他人工智能芯片公司。（资料来源：同花顺） 2. 美联储：据 CME"美联储观察"：美联储 12月降息 25 个基点的概率为 89.4%， 维持利率不变的概率为 10.6%。美联储到明年 1 月累计降息 25 个基点的概率 为 68.5%，维持利率不变的概率为 7.8%，累计降息 50 个基点的概率为 23.8%。 （资料来源：同花顺） 3. 国家外汇管理局：12 月 7 日，国家外汇管理局统计数据显示，截至 2025 年 11 月末，我国外汇储备规模为 33464 亿美元，较 10 月末上升 30 亿美元， 升幅为 0.09%。（资料来源：同花顺） 东兴晨报 P1 2025 年 12 月 9 日星期二 8. 乘联会：中国汽车流通协会乘用车市场信息联席分会发布的数据显示，今 年前 11 个月 ...

Core Insights - The report emphasizes the need for a stable economic environment while enhancing quality and efficiency in 2026, with a focus on proactive fiscal policies and moderate monetary policies to improve macroeconomic governance [2] - The report highlights the significant growth of private enterprises in foreign trade, with a 7.1% increase in imports and exports, accounting for 57.1% of total foreign trade [2] - The report indicates a strong performance in the pet consumption sector, particularly during the Double Eleven shopping festival, showcasing resilience and growth potential in pet-related products [10][11] Economic Policy and Industry Trends - The Central Political Bureau meeting stresses the importance of effective investment and the integration of existing and new policies to stabilize the economy [2] - The report notes that the construction and building materials industry is facing challenges due to declining investment in infrastructure and real estate, with a negative growth forecast for fixed asset investment in 2025 [6][7] - The report discusses the ongoing negative cycle in the real estate sector, which continues to impact overall economic demand, although the intensity of this impact is decreasing [7][8] Company-Specific Developments - Zhongtong Bus reported a significant increase in production and sales in November 2025, with production up 61.89% and sales up 39.53% year-on-year [5] - Baidu Group is evaluating the potential spin-off and independent listing of its subsidiary Kunlun Chip, although no guarantees are provided regarding the outcome [5] - Xizang Pharmaceutical's product, a recombinant human brain natriuretic peptide, has been included in the medical insurance directory, indicating its significance in the treatment of acute heart failure [5] Consumer Behavior and Market Dynamics - The report identifies a trend towards domestic brands in the pet food market, with a notable increase in the market share of local brands during the Double Eleven sales event [11][12] - The pet food sector is experiencing diversification and a shift towards health-oriented and premium products, reflecting changing consumer preferences [11][13] - Export pressures in the pet food industry are noted, with a decline in export volume and value, although domestic consumption remains strong [13]