Market Overview - Oracle's earnings report revealed weak cloud revenue and significant capital expenditure plans, causing a 16% drop in its stock and nearly 11% decline at close, impacting the Nasdaq [2] - OpenAI launched GPT-5.2, leading to a 2.43% drop in Google's stock, which was the worst performer among major tech companies [2] - Broadcom's earnings report showed a 74% increase in AI chip revenue, but the stock initially rose 4% before falling over 5% [8] Economic Indicators - The U.S. initial jobless claims rose by 44,000, marking the largest increase since 2020, while continuing claims fell to an eight-month low [26] - The U.S. trade deficit in September dropped to a five-year low, attributed to a reduction in gold imports [26] Company News - Broadcom's fourth-quarter revenue and profit reached record highs, with a nearly 30% and 40% year-over-year increase, respectively [26] - OpenAI's GPT-5.2 is claimed to surpass human experts in coding tasks, with the model expected to be a significant advancement in AI capabilities [27] - Disney invested $1 billion in OpenAI and authorized the use of its iconic characters for content generation [28] Industry Developments - The Central Economic Work Conference in China emphasized the continuation of a moderately loose monetary policy and measures to stabilize the real estate market [6][25] - Rivian announced new AI chip and L4 autonomous driving plans, but its stock fell by 10% following the announcement [28] - Ciena reported a 20% year-over-year revenue increase, reaching $1.35 billion, driven by strong demand in the optical networking sector [29] Technology Trends - The semiconductor industry is experiencing a significant increase in demand, with TSMC planning to ramp up production capacity for advanced packaging [28] - The AI sector is seeing intense competition, with Microsoft set to unveil a new AI model, indicating a strategic move in the evolving landscape [27] Commodity Market - Gold prices rose nearly 1.3%, surpassing $4,300, while silver prices also reached new highs, driven by supply-demand imbalances [4][19] - The price of NAND flash memory is expected to rise significantly due to supply constraints, with some prices increasing by over 100% [48]

证券研究报告|宏观点评报告 [Table_Date] 2025 年 12 月 11 日 [Table_Title] 积极政策继续 [Table_Title2] ──中央经济工作会议点评 [Table_Summary] 事件概述 2025 年 12 月 10 日至 11 日，中央经济工作会议在北京举行，总书记在重要讲话中总结 2025 年经济工作，分析当 前经济形势，部署 2026 年经济工作。总理作总结讲话，对贯彻落实习近平总书记重要讲话精神、做好明年经济工 作提出要求。相关点评如下： 核心观点 本次会议清晰、客观地指出了当前经济面临的老问题和新挑战，指出了应当通过努力解决问题，通过发展迎接挑 战。继续实施更加积极的财政政策，保持必要的财政赤字、债务总规模和支出总量；继续实施适度宽松的货币政 策，促进经济稳定增长、物价合理回升。坚持内需主导，建设强大国内市场，通过创新驱动、建设统一大市场和 推进制度型开放，推动高质量发展。2026 年，随着会议精神的深入贯彻与各项政策落地见效，我们预计经济预期 将持续改善，市场主体经营状况逐步好转，物价温和回升，经济回升向好的基础将进一步夯实。 我们预计明年财政将继续保持一定 ...

报告导读： 政策基调总体温和，下调对外风险评价，重视短期的扩大内需和中长期的"内 功"修炼。 中央经济工作会议 12 月 11-12 日在北京举行，会议贯彻了 12 月 8 日中央政治局会议对经济工作的定调，部署了 2026 年经济工作的八大重点任务。 总体来看，会议充分肯定了今年的经济工作，总结当前经济面临的机遇与挑战，下调对外风险评价，重视短期的扩大内需和中长期的"内功"修炼。预计 2026 年宏观政策有望延续积极基调，但不搞大水漫灌强刺激，做好"逆周期"调节的同时，也会注重"跨周期"调节。 具体来看，会议新闻稿有以下六个亮点： 第一，政策基调偏温和，聚焦内部形势和中长期问题。 总体基调由 2024 年底经济工作会议的"稳中求进，以进促稳、守正创新"，转变为"坚持稳中求进、 提质增效，发挥存量政策和增量政策集成效应"。表态上偏温和，预计 2026 年宏观政策有望延续 2025 年基调，整体积极，但也不会大水漫灌强刺激。 第二，明确财政和货币政策具体方向，表达出政策态度的连续性。财政政策方面， 一是，保持必要的财政赤字、债务总规模和支出总量，预计赤字率维持在 4% 左右。二是，提出"规范税收优惠和财政补贴政 ...

Group 1: National Unified Market - The Central Economic Work Conference emphasized the need to establish a national unified market construction regulation and to address "involution" competition [1] - The construction of a national unified market is seen as a key economic engine, expected to release significant "institutional dividends" and "efficiency dividends" over the next 3-5 years [1] - The focus is on eliminating bottlenecks and reducing costs, which will benefit companies involved in resource integration and efficiency improvement [1] Group 2: Robotics - The Beijing Humanoid Robot Innovation Center launched the first fully autonomous humanoid robot navigation solution in China, integrating various capabilities for diverse applications [2] - The core technology relies on a closed-loop system that allows robots to operate independently without human control, enhancing the potential for widespread industrial applications [2] Group 3: Communication - Huawei, Alipay, and China Mobile Internet signed a cooperation agreement to initiate an intelligent communication era with "Communication as a Service" (CaaS) [3][4] - This collaboration aims to transform traditional communication into an intelligent service platform, enhancing user experience and expanding service capabilities [4] Group 4: Drones - The "Jiutian" drone successfully completed its first flight, featuring a modular design and advanced capabilities, positioning it as a leading product in the global market [5] - The drone is expected to fulfill military and civilian logistics needs, with significant market value anticipated as orders are fulfilled in the coming years [5] Group 5: Storage Chips - The storage chip market is experiencing a significant decline in transaction volume due to rising prices and limited supply, with NAND resource prices increasing by over 100% [6] - The shortage of NAND chips is expected to persist, with many manufacturers facing inventory challenges that could impact future supply [6] Group 6: Controlled Nuclear Fusion - Multiple new controlled nuclear fusion projects are set to launch, indicating a shift towards industrialization and increased demand within the sector [7] - The industry is entering a phase of intensive bidding, with significant capital expenditures expected to support ongoing project developments [7] Group 7: Tungsten - Prices for tungsten products have risen, driven by tightening supply and increasing demand across various sectors [8] - The global tungsten supply is expected to remain constrained, supporting high price levels in the coming years [8]

策 略 研 究 2025 年 12 月 11 日 战略定力 ——中央经济工作会议点评 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 A 股 策 略 相关研究 证券分析师 程翔 A0230518080007 chengxiang@swsresearch.com 傅静涛 A0230516110001 fujt@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 程翔 A0230518080007 chengxiang@swsresearch.com - ⚫ 2025 年中央经济工作会议明确了 2026 年"稳中求进、提质增效"的主基调，宏观政策将实施"更加积极 的财政政策"和"适度宽松的货币政策"，并强调"存量+增量政策的集成效应"。通稿在基调上展现出更 强的战略定力，明确提出"我国经济发展中老问题、新挑战仍然不少，外部环境变化影响加深……这些大多 是发展中、转型中的问题，经过努力是可以解决的， ...

Core Insights - The article discusses the contrasting media and technology ecosystems in the United States and China, highlighting the supportive environment for content creators in the U.S. compared to the restrictive nature in China [8][9][10]. Group 1: Media Ecosystem - The U.S. has a content creator-friendly ecosystem, exemplified by platforms like Substack, which allows creators to retain 90% of their subscription revenue [8]. - In contrast, Chinese platforms often impose restrictive payment terms on creators, leading to a less favorable environment for content production [9]. - The New York Times' team operates with a focus on content creation without the pressure of revenue concerns, showcasing a different operational model compared to Chinese media [13][20]. Group 2: Creator Support and Engagement - U.S. media companies maintain strong relationships with creators, allowing for collaboration even when creators move to larger platforms [10]. - The N+1 publisher, despite having a small subscriber base, thrives on donations and focuses on nurturing new creators, demonstrating a commitment to quality over quantity [11]. - High renewal rates for subscriptions, such as 80% for some Substack creators, indicate a strong willingness among U.S. audiences to pay for quality content [10]. Group 3: Work Culture and Environment - Companies like Google provide exceptional employee benefits, contributing to a relaxed work culture, with employees typically working from 11 AM to 6 PM [18][19]. - Amazon, while more demanding, still offers a relatively comfortable work environment compared to Chinese standards [20]. - The overall atmosphere in U.S. companies appears more relaxed, which may foster innovation, contrasting with the more intense work culture in China [21]. Group 4: Podcasting Landscape - The podcasting industry in the U.S. has evolved into a mainstream medium, with a clear distinction between high-profile and niche shows, leading to a "middle collapse" phenomenon where mid-tier shows struggle for attention [22]. - U.S. podcasters can afford to take their time in developing content, focusing on quality rather than immediate commercial success, unlike the more frantic pace in China [24][25]. - The article emphasizes the importance of seizing early opportunities in emerging media, suggesting that the current podcasting landscape in China is still in its infancy [26][28].

据新华社消息，中央经济工作会议12月10日至11日在北京举行。会议指出，明年经济工作在政策取向 上，要坚持稳中求进、提质增效，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度， 提升宏观经济治理效能。 会议部署了八大重点任务，包括坚持内需主导，建设强大国内市场；坚持创新驱动，加紧培育壮大新动 能；坚持改革攻坚，增强高质量发展动力活力；坚持对外开放，推动多领域合作共赢；坚持协调发展， 促进城乡融合和区域联动；坚持"双碳"引领，推动全面绿色转型；坚持民生为大，努力为人民群众多办 实事；坚持守牢底线，积极稳妥化解重点领域风险。 加大逆周期和跨周期调节力度 2026年是"十五五"规划开局之年。中央经济工作会议在此关键节点召开，肩负着为"十五五"开篇定调、 绘制蓝图的历史使命，其政策取向将直接影响未来五年经济发展的节奏与质量。 今年中国经济在内外部风险挑战中表现出强劲的韧性。前三季度GDP同比增长5.2%，全年增速呈"前高 后低"走势。 发挥存量政策和增量政策集成效应，提升宏观经济治理效能。 一年一度的中央经济工作会议召开，为实现"十五五"良好开局指明了施政方向。 清华大学中国发展规划研究院常务副院长董煜表示 ...

来源：新浪证券-红岸工作室 12月11日，盐田港涨1.34%，成交额2.64亿元，换手率1.84%，总市值236.58亿元。 异动分析 航运概念+统一大市场+深圳国企改革+粤港澳大湾区+雄安新区 区间今日近3日近5日近10日近20日主力净流入-75.12万14.48万-332.61万-1806.68万1197.73万 主力持仓 1、深圳市盐田港股份有限公司的主营业务包括码头的开发与经营；货物装卸与运输；港口配套交通设 施建设与经营；港口配套仓储及工业设施建设与经营等。公司的主要产品或提供的劳务：高速公路收 费、港口货物装卸运输、仓储及其他服务。 2、公司的主要业务包括：投资港口货物装卸与运输业务，码头建设工程管理，收费高速公路经营管 理，海关监管仓和其他港口配套仓储经营。公司从事的港口行业属于国民经济基础产业，行业的发展水 平与国家及区域经济贸易发展状况密切相关。在"双循环"新发展格局下，港口作为连接国内与国际的交 通枢纽，具备放大汇聚物流、资金、贸易、数据的价值；港口主业与以港口为核心的港口供应链成为连 接国内国际两个市场的重要手段。 3、公司实际控制人为深圳市人民政府国有资产监督管理委员会。 4、深圳企业 ...

来源：新浪证券-红岸工作室 12月11日，重庆港跌0.57%，成交额8181.07万元，换手率1.32%，总市值61.84亿元。 异动分析 航运概念+统一大市场+国企改革+一带一路+民爆概念 1、公司主营业务是港口中转运输业务和综合物流业务，公司的主要产品及服务为装卸及客货代理业 务、综合物流业务、商品贸易业务、爆破施工业务。公司港口码头通过能力强。近年来通过对港口码头 建设投资及改(扩)建,已基本形成了集装箱、件杂散货、商品车和化工等专业化码头(群),港口货物通过能 力和集装箱吞吐能力位居西南地区首位。 5、子公司重庆市渝物民用爆破器材有限公司，主要经营炸药、雷管、导火索、导爆索等民用爆破器材 及原材料。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入446.13万，占比0.05%，行业排名4/35，该股当前无连续增减仓现象，主力趋势不明 显；所属行业主力净流入-5.67亿，当前无连续增减仓现象，主力趋势不明显。 区间今日近3日近5日近10日近20日主力净流入446.13万22.16万849.33万-481.01万-6275.56万 主力持仓 主力 ...

Core Viewpoint - The news highlights the performance and strategic positioning of Liaoport Co., which is a major player in the port logistics sector in Northeast China, particularly in light of the recent developments in trade agreements and market expansions [2][3]. Company Overview - Liaoport Co., established on November 16, 2005, and listed on December 6, 2010, is located in Dalian Free Trade Zone and specializes in various port logistics services including oil products, container handling, automotive, bulk cargo, and passenger services [8][9]. - The company operates as a unified platform for port logistics in Dalian, leveraging its strategic location as a gateway to the Pacific and its comprehensive transportation network [3][9]. Business Operations - The main business segments include oil/liquid chemical products, container handling, automotive logistics, bulk cargo, grain handling, and passenger roll-on/roll-off services, with service revenue constituting 96.37% of total income [9]. - The company has a significant role in the development of the Northeast Asia International Shipping Center and the Liaoning Coastal Economic Belt [3]. Market Developments - The signing of the China-South Korea Free Trade Agreement is expected to significantly impact trade and investment in Dalian, enhancing Liaoport's operational capabilities [2]. - The company has added 10 new shipping routes in the year, focusing on integrating into national strategies such as the Belt and Road Initiative and the dual circulation economy, with a particular emphasis on Southeast Asia and the Russian Far East [4]. Financial Performance - For the period from January to September 2025, Liaoport reported a revenue of 8.426 billion yuan, reflecting a year-on-year growth of 5.99%, and a net profit of 1.3 billion yuan, which is a 37.51% increase compared to the previous year [9][10]. - The company has distributed a total of 5.342 billion yuan in dividends since its A-share listing, with 1.439 billion yuan in the last three years [10].