1 王毅会见柬埔寨副首相兼外交大臣布拉索昆 2025年12月 12月28日，中共中央政治局委员、外交部长王毅在云南玉溪会见柬埔寨副首相兼外交大臣布拉索昆。王毅表示，中柬铁杆友谊经受国际风云变幻考验，坚如 磐石、历久弥坚。中方高度关注柬泰边境紧张局势，一直致力于劝和促谈。在各方共同努力下，柬泰两国军方达成停火协议，朝着恢复和平迈出重要一步， 中方对此表示祝贺。停火完全符合柬泰人民共同愿望，符合地区各国普遍期待，相信会得到各方欢迎支持。（央视新闻） N 王毅会见泰国外长西哈萨 据财政部网站，12月27日至28日，全国财政工作会议在北京召开。会议指出，2026年继续实施更加积极的财政政策。一是扩大财政支出盘子，确保必要支出 力度。二是优化政府债券工具组合，更好发挥债券效益。三是提高转移支付资金效能，增强地方自主可用财力。四是持续优化支出结构，强化重点领域保 障。五是加强财政金融协同，放大政策效能。 3 辽宁辽阳白塔区三里厨娘饭店重大火灾事故调查报告发布 40名公职人员被问责 辽宁省应急管理厅网站于12月28日向社会公布了辽阳白塔区三里厨娘饭店重大火灾事故调查报告。调查认定，这是一起因饭店主体责任不落实，违法改造扩 ...

↓中国贸促会召开12月例行新闻发布会 2 美国11月成屋签约指数、新屋开工数 3 美国12月19日当周EIA汽油、EIA原油 数据将公布" 1 王毅会见柬埔寨副首相兼外交大臣布拉索昆 每经编辑｜张喜威 王瀚黎 12月28日，中共中央政治局委员、外交部长王毅在云南玉溪会见柬埔寨副首相兼外交大臣布拉索昆。王毅表示，中柬铁杆友谊经受国际风云变幻考验，坚如 磐石、历久弥坚。中方高度关注柬泰边境紧张局势，一直致力于劝和促谈。在各方共同努力下，柬泰两国军方达成停火协议，朝着恢复和平迈出重要一步， 中方对此表示祝贺。停火完全符合柬泰人民共同愿望，符合地区各国普遍期待，相信会得到各方欢迎支持。（央视新闻） 王毅会见泰国外长西哈萨 2025年12月28日，中共中央政治局委员、外交部长王毅在云南玉溪会见泰国外长西哈萨。王毅表示，中方高度关注泰柬边境紧张局势，对冲突造成平民伤 亡、民众流离失所深感痛心。外长先生曾表示，泰国是爱好和平的国家，不愿与邻国为敌，中方对此重视和赞赏。作为友好近邻，中方最不希望看到泰柬兵 戎相见，最希望看到两国重归于好。在各方努力下，泰柬军方达成停火协议，迈出通往和平的第一步，中方对此感到欣慰。（央视新闻） ...

2026年市场营销策略如何定调，茅台酒的产品结构和价格明年将如何调整、渠道如何市场化等等，这些 问题都得到了贵州茅台方面的披露和解读……这场茅台酒的全国经销商联谊会信息量有点大。 12月28日下午，2026年贵州茅台酒全国经销商联谊会在贵阳举办，南都湾财社-酒水新消费指数课题组 记者在现场了解到，贵州茅台对茅台酒2026年市场营销进行了定调："坚持以消费者为中心，全面推进 茅台酒营销市场化转型。" 南都湾财社记者还在现场注意到，明年为实现这个营销工作首要目标，茅台酒将在产品、价格、渠道及 服务等方面作出了部署，其中针对茅台酒产品结构及价格等方面作出了定调：茅台酒打造更加稳固 的"金字塔"型产品体系；同时要尊重市场经济规律和消费者的选择，让产品价格随行就市。 茅台集团党委书记、董事长陈华。（受访者供图） "面对行业整体承压的严峻形势，茅台广泛深入一线调研，审慎研判市场形势，围绕场景、客群、服 务'三个转型'，聚焦'渠道有动力推、消费者有意愿买'的核心目标，持续加大费用投入，大力开展市场 活动，厂商团结一心、协同联动，有效地开拓了场景，扩大了需求，稳住了茅台酒市场的基本面。" 陈华表示，当前白酒行业整体上仍处于深 ...

2025年是很不平凡的一年，DeepSeek-R1的上线带火了中国科技叙事，AI成为全年主线；"反内卷"成为 各行业共识，产业发展向更高质量方向迈进；《哪吒2》热映、外卖大战，既是生活里的"烟火气"，也 是2025年消费新图景的生动写照。 在读者们的共同投票下，证券时报·e公司精选出2025年十大产经热点事件——定格过去一年每一个重磅 瞬间。 DeepSeek-R1发布 AI成全年主线 2025年1月，DeepSeek-R1发布，为资本市场注入强劲动能，成全年核心投资主线。其以少量算力实现 顶尖推理性能，打破"堆算力"路径依赖，开源模式降低行业门槛，带动芯片、设备、应用及散热、备用 电源等大模型相关产业链获资本高度关注，形成全年最大投资赛道。 在产业维度，资金向AI头部集中，推动行业从单纯性能比拼转向成本、效率与商业化能力竞争：一方 面，中小企业不用再为高昂的算力成本望而却步，能基于开源权重快速搭建适配自身场景的应用；另一 方面，允许蒸馏训练的规则，相当于打开了二次创新的大门，开发者可以基于现有成果优化衍生模型， 加速技术落地。 在投资维度，它推动中国科技产业"估值折价"修复，A股科创50、港股恒生科技及纳斯 ...

Group 1: AI and Technology - The launch of DeepSeek-R1 in January 2025 has energized the capital market, establishing AI as the core investment theme for the year, with significant attention on the related industry chain including chips, devices, and applications [3] - The AI industry is shifting from a focus on performance to competition based on cost, efficiency, and commercialization capabilities, allowing small and medium enterprises to build applications quickly using open-source weights [3] - The stock prices of leading AI companies have surged, with notable increases such as the "Yizhongtian" combination exceeding 450% in annual growth, and the stock price of Cambrian Technology surpassing that of Kweichow Moutai at one point [3] Group 2: Film and Entertainment - The film "Nezha 2" released in early 2025 achieved a box office of 15.4 billion yuan, breaking domestic records and entering the global top five, leading to a significant stock price increase for its producer, Light Media [4] - The success of "Nezha 2" reflects the potential of the Chinese animation film industry, with several other animated films also performing well at the box office [4] - The overall domestic film box office reached over 50 billion yuan in 2025, a 75 billion yuan increase from 2024, with total viewership reaching 1.2 billion, indicating a recovery in the film industry [4] Group 3: Robotics - The humanoid robot industry entered a commercialized phase in 2025, with significant orders indicating a shift towards scalable applications, including over 46 billion yuan in total orders and more than 20,000 units sold [5] - The applications of humanoid robots are expanding from industrial settings to service sectors, creating a collaborative development environment across the entire industry chain [5] - The commercialization of humanoid robots has attracted substantial investment and resources, laying a solid foundation for the industry's long-term growth [5] Group 4: Stock Market Dynamics - The competition for the title of "stock king" in the A-share market saw Cambrian Technology and Kweichow Moutai vying for dominance, reflecting a shift in investor preference from traditional consumer sectors to high-growth technology sectors [7] - Cambrian Technology's stock price initially surpassed Kweichow Moutai's, indicating a recognition of the growth potential in tech innovation, but later fluctuations in stock prices highlighted the volatility of market preferences [7] Group 5: Food Delivery Industry - The food delivery industry experienced intense competition in 2025, initiated by JD's entry with a no-commission model, prompting other platforms to enhance rider benefits and engage in large-scale subsidies [8] - This subsidy war led to significant challenges for merchants and platforms, with Meituan reporting a 2% revenue growth despite record user numbers, indicating the pressure on profitability [8] - Regulatory bodies intervened to address the chaotic competition, leading to commitments from major platforms to curb harmful practices and signaling a transition to a more rational development phase in the industry [8] Group 6: Semiconductor and AI Chip Industry - The domestic GPU industry marked a significant milestone with the listing of multiple companies, including Moer Technology and Muxi Technology, indicating a collective movement towards self-sufficiency in AI chips [10] - The semiconductor sector is experiencing a wave of mergers and acquisitions, reflecting a strategic shift from "domestic substitution" to becoming "globally competitive" [10] - The introduction of new listing standards for the Sci-Tech Innovation Board has further supported the growth of emerging industries, enhancing the capital market's backing for innovation [11] Group 7: Dividend Trends - A-share companies have shown a significant increase in dividend payouts, with total cash dividends reaching 2.61 trillion yuan in 2025, surpassing the previous year's total and setting a new record [12] - The growing trend of companies participating in dividend distributions reflects an improvement in overall profitability and a commitment to shareholder returns [12] Group 8: Lithium Battery Industry - The lithium battery industry has seen a rebound in prices due to a collective effort to combat "involution" competition, with significant price increases in lithium carbonate and hexafluorophosphate [13] - The industry is undergoing a transformation towards more sustainable practices, with regulatory measures aimed at stabilizing prices and promoting orderly competition [13] Group 9: Charging Battery Industry - The charging battery industry is entering a new phase of orderly development following a series of recalls by major brands due to safety concerns, highlighting the consequences of intense competition [14] - Regulatory changes and new certification rules are being implemented to enhance oversight and ensure product safety, marking a shift towards more responsible industry practices [14]

投资快报记者 茅宁 | 壬自鼠(原) | 53度/500ml | 2410 | 2410 | | --- | --- | --- | --- | | 生肖猪(原) | 53度/500ml | 2720 | 2720 | | 生肖狗(原) | 53度/500ml | 2440 | 2440 | | 生肖鸡(原) | 53度/500ml | 2430 | 2400 | 茅台酒批发参考价又大面积下跌。12月28日，第三方平台"今日酒价"数据显示，2025年飞天茅台（53 度/500ml，下同）原箱批发参考价报1560元/瓶，较上一日下跌10元；散瓶报1550元/瓶，较上一日跌10 元，双双均已连续4天下跌。 | 茅台飞天 | | | 2025年12月28日 | | --- | --- | --- | --- | | MOUTAL | | | (公众号:今日酒价) | | 品名 | 规格 | 昨日行情 | 今日行情 | | 225年飞天(原) | 53度/500ml | 1570 | 1560 F | | 225年76天(散) | 53度/500ml | 1560 | 1550 | | 24年飞天(原) | 53度/ ...

智通财经记者 郭莎莎 持续构建"亲清"厂商关系 在白酒行业深度调整的当下，茅台作为行业的风向标，其市场策略备受关注。 谈及白酒行业，陈华在大会上表示，当前白酒行业整体上仍处于深度调整期，酒企普遍面临渠道库存高 企、产品价格倒挂、指标增速放缓等现实问题。但对茅台而言，这些问题和挑战并非"洪水猛兽"，只要 茅台清醒认识当前之"时"的挑战，主动拥抱长远之"势"的机遇，就一定能够成功穿越周期、赢得未来。 之所以有这样的信心和判断，陈华认为，主要基于三个方面。他谈到，"虽然白酒行业整体承压，但茅 台酒市场基本面是稳健的。虽然传统消费主力需求减弱，但茅台酒市场空间是广阔的。虽然消费者需求 和理念有所转变，但茅台酒的品质与消费者对美好生活的追求是契合的。" 茅台董事长陈华 在备受关注的茅台经销商联谊会上，茅台董事长陈华最新表态，2026年要让市场更"稳"，尽最大努力防 止价格炒作，愿同渠道商持续构建"亲清"厂商关系。 12月28日，2026年贵州茅台酒全国经销商联谊会在贵州省贵阳市召开，本次大会主题为"坚持以消费者 为中心，全面推进茅台酒营销市场化转型"。在大会上，茅台集团党委书记、董事长陈华公布了茅台酒 2026年市场营 ...

本文字数：1122，阅读时长大约2分钟 作者 | 第一财经 栾立 备受关注的茅台2026年全国经销商联谊会于12月28日下午举行。2025年在经历了换帅，一年内飞 天茅台市场价格大跌30%后，此次会议传递的信息显示，茅台管理层已开始进行针对性策略调整， 明年茅台的产品与渠道策略、量价平衡等方面均将有所变化。 今年以来，飞天茅台市场批发价波动显著，从年初的2300元/瓶一度跌破1499元的官方指导价，近期 又回升至1600元/瓶左右。茅台批价持续下滑，与渠道去库存、商务消费收缩、投资性囤货退潮以及 电商低价冲击等因素密切相关，因此茅台管理层如何稳价备受外界关注。 2025.12. 28 有茅台经销商今日向记者表示，如果按当前批发价出售，算总账确实会存在一定亏损，但考虑到前几 年茅台生意好做也持续盈利，现阶段的亏损尚可承受。其表示，目前还未接到具体的政策调整通知， 但希望茅台管理层能真正减少市场供应量。 微信编辑 | 七三 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ...

文 丨 《 BUG》栏目 轩墨 12月28日，贵州茅台酒全国经销商联谊会在贵阳召开。《酒业内参》现场看到，开场前，包括茅台集团党委书记、董事长陈华在内的高管 们列队门口，对渠道商鼓掌欢迎。 针对2026年，茅台披露了更加详细的规划。 产品上，茅台强调产品价格随行就市，"必须想尽一切办法，尽最大努力防止价格炒作"。新年投放计划中，茅台将不再使用分销方式，适 当减少高附加值产品的量，打造"普飞-精品-陈年"的"金字塔"型产品体系。 茅台集团党委副书记、董事、代总经理王莉表示，"要把精品打造为又一大单品。" 新浪财经《酒业内参》现场看到，下午两点，正值会议前夕，包括陈华、王莉等在内的一众高管列队会议中心门口，对到场的渠道商鼓掌 欢迎。 今年以来，白酒行业经历了前所未有的深度调整，价格倒挂、库存高企等多个问题困扰着诸多酒企。 而或许也是正基于该种情况，茅台对新年经销商大会主题提出了两个关键词：消费者和市场营销化。该如何服务好消费者，又怎么推动市 场化？茅台的一众高管们给出了答案。 陈华坦言，茅台当前存在短板和问题，例如市场化程度不高，应对市场变化的灵活性不足；消费端触达的能力亟待增强；渠道生态还需进 一步优化等等。 ...

Core Insights - The report highlights a continued slowdown in corporate profits, with the cumulative profit of large-scale industrial enterprises in China showing a year-on-year increase of only 0.1% from January to November 2025, down from 1.9% in the previous period [3] - The report suggests that the current economic environment is characterized by a weak demand, necessitating further policy support to stimulate internal demand and address rising inventory levels [6][25] - The report emphasizes the importance of the upcoming spring market rally, suggesting a dual focus on technology and cyclical sectors for investment strategies [12] Macro Economic Analysis - The cumulative operating revenue of large-scale industrial enterprises from January to November 2025 increased by 1.6%, a slight decrease from the previous year's 1.8% [3] - November's profit margin saw a significant decline, with a year-on-year drop of 13.1%, indicating a challenging environment for industrial profitability [4] - The report notes that the inventory-to-sales ratio has risen significantly, indicating a need for policy intervention to stimulate demand [6] Industry Insights Chemical Industry - The report indicates an overall upward trend in the polyester industry chain, driven by rising prices of PX and PTA, with PX prices increasing by 6.97% and PTA by 8.95% as of December 26, 2025 [35] - The report highlights the importance of the "anti-involution" policy in supporting price stability and profitability within the chemical sector [36] Real Estate - The report notes a month-on-month increase in new and second-hand housing transaction areas, with Beijing further optimizing housing purchase restrictions [40] - The report indicates that various policies aimed at stabilizing the real estate market are beginning to take effect, contributing to a gradual recovery in housing prices [41] Electronics - The electronics sector is experiencing a high level of prosperity, with significant price increases expected in storage components, driven by strong demand and supply constraints [46][49] - The report highlights the positive performance of semiconductor stocks, with notable increases in stock prices for major players like SK Hynix and Micron [46] Biotechnology - The report discusses the upcoming IPO of Rebio Biotech, which focuses on innovative siRNA technology platforms for treating chronic diseases and cancers [52][54] - The company has established multiple clinical research pipelines and has secured significant partnerships with major pharmaceutical firms, indicating strong growth potential [55]