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 ...

Core Viewpoint - Shenzhen Yantian Port Co., Ltd. is experiencing positive market movement, with a 1.34% increase in stock price and a total market capitalization of 23.658 billion yuan, indicating strong investor interest in the company [1]. Company Overview - Shenzhen Yantian Port's main business includes the development and operation of terminals, cargo handling and transportation, construction and operation of supporting transportation facilities, and warehousing and industrial facility management [2]. - The company is a significant player in the port industry, which is closely linked to the national and regional economic trade development, benefiting from the "dual circulation" development pattern [2]. - The actual controller of the company is the State-owned Assets Supervision and Administration Commission of the Shenzhen Municipal People's Government [2]. - As one of the world's highest single-port container throughput terminals, Yantian Port is expected to benefit from the development of the Guangdong-Hong Kong-Macao Greater Bay Area [2]. Financial Performance - As of September 30, 2025, Yantian Port achieved an operating income of 616 million yuan, a year-on-year increase of 0.49%, and a net profit attributable to shareholders of 1.071 billion yuan, up 6.66% year-on-year [7]. - The company's revenue composition includes 59.49% from port cargo handling and transportation, 30.11% from highway tolls, and 10.41% from warehousing and other services [6]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 10.42% to 71,800, with an average of 44,079 circulating shares per person, a decrease of 9.44% [7]. - The company has distributed a total of 7.458 billion yuan in dividends since its A-share listing, with 2.015 billion yuan distributed in the last three years [8]. Market Position - Yantian Port is positioned within the transportation sector, specifically in shipping ports, and is part of various concept sectors including RCEP, port transportation, and the Xiong'an New Area [6].

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].

来源：新浪证券-红岸工作室 资金分析 12月10日，海通发展跌2.78%，成交额3.73亿元，换手率10.23%，总市值120.20亿元。 异动分析 海峡两岸+福建自贸区+航运概念+统一大市场+人民币贬值受益 1、公司位于福建省福州市台江区长汀街23号升龙环球大厦42层。公司主要从事国内沿海以及国际远洋 的干散货运输业务。公司主要产品和服务为境内航区运输业务、境外航区运输业务。经过多年的积累， 公司已发展成为国内民营干散货航运领域的龙头企业之一。 2、公司办公地址处于福建省福州市台江区长汀街23号升龙环球大厦42层 3、公司主要从事国内沿海以及国际远洋的干散货运输业务。公司主要产品和服务为境内航区运输业 务、境外航区运输业务。 4、公司2023年半年报公告：公司主要从事国内沿海以及国际远洋的干散货运输业务。经过多年的积 累，公司已发展成为国内民营干散货航运领域的龙头企业之一。境内沿海运输方面，公司主要运输的货 物为煤炭，现已成为环渤海湾到长江口岸的进江航线中煤炭运输货运量最大的民营航运企业之一，同时 积极拓展铁矿、水渣等其他干散货物的运输业务。 5、根据2024年年报，公司海外营收占比为65.04%，受益于人 ...

国家发展改革委党组书记、主任郑栅洁日前撰文表示，"十五五"时期，我们要持续扩大内需，进一步做 强国内大循环，为加快构建新发展格局、推动高质量发展提供强有力的保障。 南开大学金融学教授田利辉在接受《证券日报》记者采访时表示，扩内需不仅是应对短期经济波动的逆 周期调节举措，更是中国迈向高质量发展阶段的必然选择。通过构建内需主导的循环体系，可以为技术 创新和产业升级提供需求沃土，形成"供给创新—消费升级—产业跃迁"的内生增长闭环。 中共中央政治局12月8日召开会议。会议提出，要坚持内需主导，建设强大国内市场。 中国国际经济交流中心科研信息部副部长刘向东对《证券日报》记者表示，当前我国已经形成强大的生 产能力，亟待扩大内需来增强供需的适配性。扩大内需是有效对冲外部波动、确保经济韧性的重要举 措，是破解国内需求不足、推动经济回升向好的关键抓手，还是构建新发展格局、实现高质量发展的长 远之策。 记者注意到，近期政策层面持续发力促进消费。国务院近期印发的《关于增强消费品供需适配性进一步 促进消费的实施方案》提出，到2027年，消费品供给结构明显优化，形成3个万亿级消费领域和10个千 亿级消费热点，打造一批富有文化内涵、享誉 ...

中共中央政治局12月8日召开会议。会议提出，要坚持内需主导，建设强大国内市场。 中国国际经济交流中心科研信息部副部长刘向东对《证券日报》记者表示，当前我国已经形成强大的生 产能力，亟待扩大内需来增强供需的适配性。扩大内需是有效对冲外部波动、确保经济韧性的重要举 措，是破解国内需求不足、推动经济回升向好的关键抓手，还是构建新发展格局、实现高质量发展的长 远之策。 记者注意到，近期政策层面持续发力促进消费。国务院近期印发的《关于增强消费品供需适配性进一步 促进消费的实施方案》提出，到2027年，消费品供给结构明显优化，形成3个万亿级消费领域和10个千 亿级消费热点，打造一批富有文化内涵、享誉全球的高品质消费品。到2030年，供给与消费良性互动、 相互促进的高质量发展格局基本形成，消费对经济增长的贡献率稳步提升。 国家发展改革委党组书记、主任郑栅洁日前撰文表示，"十五五"时期，我们要持续扩大内需，进一步做 强国内大循环，为加快构建新发展格局、推动高质量发展提供强有力的保障。 田利辉认为，结合扩内需举措与未来发力点，当前政策的关键突破在于从"需求侧刺激"转向"供需双侧 协同改革"。一是以"新质生产力"供给创造新需求， ...

风险提示 宏观经济 | 动态跟踪 淡化总量，追求效能——理解 12 月政治局 研究结论 报告发布日期 2025 年 12 月 09 日 | 陈至奕 | 执业证书编号：S0860519090001 | | --- | --- | | | 香港证监会牌照：BUK982 | | | chenzhiyi@orientsec.com.cn | | | 021-63326320 | | 黄汝南 | 执业证书编号：S0860525120004 | | | huangrunan@orientsec.com.cn | | | 010-66210535 | | 孙金霞 | 执业证书编号：S0860515070001 | | | sunjinxia@orientsec.com.cn | | | 021-63326320 | | 孙国翔 | 执业证书编号：S0860523080009 | | | sunguoxiang@orientsec.com.cn | | | 021-63326320 | | 非美地区进口需求韧性绝非无源之水： | 2025-12-02 | | --- | --- | | 2026 年出口展望 | | | 难有 ...

来源：新浪证券-红岸工作室 12月9日，物产中大跌1.09%，成交额1.69亿元，换手率0.60%，总市值280.28亿元。 异动分析 资金分析 今日主力净流入-543.22万，占比0.03%，行业排名35/48，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-3.51亿，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-528.32万1084.07万-2664.14万-2228.70万-2.95亿 主力持仓 主力轻度控盘，筹码分布较为分散，主力成交额1.12亿，占总成交额的13.39%。 大豆+统一大市场+共同富裕示范区+参股保险+期货概念 1、公司有涉及玉米、大豆等农产品供应链集成服务。 2、公司积极构建智慧供应链物流体系，运用物联网技术将终端数据传送到大数据中心，实时监控达成 全方位的物联效果，降低供应链集成服务成本，提高利润率，夯实核心主业的行业龙头地位。重点以子 公司物产物流为承载主体，其系国家 AAAAA 级综合物流企业。 3、公司注册地址为杭州市，实际控制人为浙江国资委。公司积极响应国家和地方政府政策导向，结合 公司产业布局，一方面积极融入和 ...

Core Viewpoint - Shenzhen Yantian Port Co., Ltd. is a key player in the port industry, with significant potential for growth due to its strategic location and the development of the Guangdong-Hong Kong-Macao Greater Bay Area [2][6]. Company Overview - Shenzhen Yantian Port's main business includes the development and operation of terminals, cargo handling and transportation, and the construction and operation of port-related transportation facilities [2][6]. - The company is primarily engaged in port cargo handling and transportation, terminal construction project management, and management of toll highways, customs supervision warehouses, and other port-related storage operations [2][6]. - The company is controlled by the Shenzhen Municipal Government's State-owned Assets Supervision and Administration Commission [2]. Financial Performance - As of September 30, 2025, Yantian Port achieved operating revenue of 616 million yuan, a year-on-year increase of 0.49%, and a net profit attributable to shareholders of 1.071 billion yuan, up 6.66% year-on-year [7]. - The company has distributed a total of 7.458 billion yuan in dividends since its A-share listing, with 2.015 billion yuan distributed in the last three years [8]. Market Position and Trends - Yantian Port is one of the highest single-port container throughput terminals globally and is expected to benefit from the development of the Greater Bay Area [2]. - The company holds a 35% stake in Caofeidian Port Group Co., Ltd., which positions it to benefit from the development of the Xiong'an New Area [2]. Shareholder Information - As of September 30, 2025, the number of shareholders reached 71,800, an increase of 10.42% from the previous period, with an average of 44,079 circulating shares per person, a decrease of 9.44% [7].