12月18日，华凯易佰盘中上涨2.08%，截至09:57，报10.80元/股，成交3010.56万元，换手率0.80%，总 市值43.67亿元。 资金流向方面，主力资金净流入171.71万元，特大单买入101.34万元，占比3.37%，卖出0.00元，占比 0.00%；大单买入801.48万元，占比26.62%，卖出731.11万元，占比24.28%。 华凯易佰所属申万行业为：商贸零售-互联网电商-跨境电商。所属概念板块包括：AIGC概念、元宇宙 概念、人脸识别、电子商务、设计咨询等。 截至9月30日，华凯易佰股东户数1.98万，较上期增加2.52%；人均流通股17764股，较上期减少2.47%。 2025年1月-9月，华凯易佰实现营业收入67.40亿元，同比增长10.21%；归母净利润4940.63万元，同比减 少73.90%。 分红方面，华凯易佰A股上市后累计派现1.54亿元。近三年，累计派现1.36亿元。 机构持仓方面，截止2025年9月30日，华凯易佰十大流通股东中，香港中央结算有限公司位居第九大流 通股东，持股186.49万股，为新进股东。 责任编辑：小浪快报 华凯易佰今年以来股价跌24.10%，近 ...

晨会纪要 中原期货研究咨询部 2025 第（227）期 发布日期：2025-12-15 | 中原期货研究咨询部 | | --- | | 0371-58620083 | | 0371-58620081 公司官方微信 | 公司官方微信 1 中原期货研究咨询部 | 化工 | 主力合约 | 2025/12/15 | 2025/12/14 | 涨跌 | 涨跌幅/% | | --- | --- | --- | --- | --- | --- | | | | 8:00 | 15:00 | | | | | 焦煤 | 1,062.50 | 1,016.50 | 46.0 | 4.525 | | | 焦炭 | 1,508.50 | 1,475.00 | 33.50 | 2.271 | | | 天然橡胶 | 15,265.00 | 15,230.00 | 35.0 | 0.230 | | | 20号胶 | 12,440.00 | 12,330.00 | 110.0 | 0.892 | | | 塑料 | 6,602.00 | 6,486.00 | 116.0 | 1.788 | | | 聚丙烯PP | 6,294.00 | 6,12 ...

IT之家 12 月 13 日消息，中国国际经济交流中心今日举办 2025—2026 中国经济年会，国家发展改革委副秘书长肖渭明在活动上表示，要全方位扩 大国内需求，深入实施提振消费专项行动，加快放宽服务消费限制，加快出台实施首发经济、赛事经济、电子商务、"人工智能 +"消费等领域提 振消费的政策。 据IT之家了解，商务部曾在今年 3 月发布《关于支持国际消费中心城市培育建设的若干措施》。其中提到，推动人工智能、虚拟现实、大数据等 技术在消费领域深化应用，打造一批"人工智能 + 消费"场景。持续开展消费品以旧换新，加快推广智能家居、智能家电、智能网联新能源汽车等 产品。深入实施消费品"三品"（增品种、提品质、创品牌）战略，高质量开展"三品"全国行，分级打造中国消费名品方阵。 ...

12月10日至11日，中央经济工作会议在北京举行，总结2025年经济工作，分析当前经济形势，部署2026 年经济工作。 12月13日，由中国国际经济交流中心举办的"2025-2026中国经济年会"在京举行，今年年会的主题为"贯 彻落实中央经济工作会议精神以高质量发展为'十五五'开好局"。 国家发展改革委副秘书长肖渭明在年会上发表《贯彻落实中央经济工作会议部署扎实做好明年经济发展 重点工作》的主旨演讲。 肖渭明表示，要坚持改革攻坚。持续破除阻碍全国统一大市场的卡点、堵点，清理不合理限制，打破市 场分割和地方保护。深入推进招投标改革，改进提升营商环境。加紧清理拖欠企业账款，单个合同或单 个项目欠款50万元以下的，到2025年底要全部清理完毕。 肖渭明表示，要深入扩大高水平对外开放，进一步拓展中间品贸易，培育服务出口新增长点，引导外资 更多投向先进制造、现代服务、高新技术、节能降碳环保的领域，扎实推动共建"一带一路"高质量发 展，研究一批扩大自主开放单边开放的新举措。以海南自贸港全岛封关为契机，不断完善政策制度体 系，加快推进区域和双边贸易投资协定进程，扩大和丰富高标准自由贸易区域网络。 肖渭明表示，要以"双碳"为 ...

人民财讯12月13日电，12月13日，中国国际经济交流中心举办2025—2026中国经济年会。国家发展改革 委副秘书长肖渭明在活动上表示，要全方位扩大国内需求，深入实施提振消费专项行动，加快放宽服务 消费限制，加快出台实施首发经济、赛事经济、电子商务、"人工智能+"消费等领域提振消费的政策， 大力发展银发经济和冰雪经济，用好中央预算内投资、超长期特别国债、新增地方政府专项债券、新型 政策性金融工具等，扩大有效投资。 ...

（原标题：越南国会正式通过《电子商务法》） 《电子商务法》适用于在越南参与电子商务活动的国内外组织和个人，并于2026年7月1日起生效。 越南工贸部网站12月10日报道，越南国会当日上午以444/446的赞成票通过《电子商务法》。 越南《电子商务法》共7章41条，规定了越南电子商务的发展政策，电子商务平台及组织和个人在 电子商务活动中的职责，有外国元素的电子商务，提供电子商务支持服务的组织的职责以及在管理和处 理电子商务违规中的技术应用等。 ...

天眼查App显示，近日，泰州市肴美旺电子商务有限公司成立，法定代表人为严正才，注册资本10万人 民币，经营范围为许可项目：食品销售（依法须经批准的项目，经相关部门批准后方可开展经营活动， 具体经营项目以审批结果为准）一般项目：互联网销售（除销售需要许可的商品）；食品销售（仅销售 预包装食品）；食品互联网销售（仅销售预包装食品）；食品添加剂销售；农副产品销售；初级农产品 收购；食用农产品零售；食用农产品批发（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...

Core Insights - During the "14th Five-Year Plan" period, Shanxi Province's online retail sales of physical goods grew at an average annual rate of 24.1%, outpacing the national growth rate [1][3] - The advantages of e-commerce in connecting online and offline markets, bridging supply and demand, and linking urban and rural areas are becoming increasingly evident [1] Group 1: E-commerce Development - The Shanxi Provincial Department of Commerce is focusing on cultivating market entities, innovating business models, promoting consumption upgrades, developing rural e-commerce, and optimizing the development environment to drive high-quality e-commerce growth [3] - Since 2020, Shanxi has strengthened the management of live e-commerce bases, fostering a live e-commerce ecosystem and enhancing the sales capabilities of local live-streaming agencies [3] - In 2024, a joint initiative titled "Famous Products from Shanxi" will be launched, featuring 21 key tasks aimed at integrating e-commerce with local specialty industries [3] Group 2: Consumer Growth - Shanxi has created promotional events such as the "All Jin Shopping" online New Year goods festival, leveraging new models like influencer marketing and live e-commerce to provide diverse consumer choices [3] - These initiatives are expected to continuously stimulate consumer spending and unlock potential market demand [3] Group 3: Rural E-commerce - Since 2022, Shanxi has invested 1.47 billion yuan in developing 100 rural e-towns and establishing public service platforms for rural e-commerce [4] - The province has built 100 county-level e-commerce public service centers, covering a total area of 230,000 square meters, and has over 2,700 e-commerce enterprises registered [4] - Shanxi's rural e-commerce initiatives have been recognized as exemplary practices by the State Council for promoting high-quality development [4] Group 4: E-commerce Ecosystem - In 2023, Shanxi introduced an action plan to accelerate the integration of e-commerce systems and logistics delivery [6] - A key initiative includes subsidies for the logistics of agricultural products, which have led to a total subsidy of 120 million yuan, driving approximately 3.3 billion yuan in agricultural sales [6] - The logistics costs for major courier companies have decreased by 20% to 30%, enhancing the efficiency of the dual circulation of agricultural products and industrial goods [6]

Core Viewpoint - The company, Zhejiang Yayi Metal Technology Co., Ltd., is experiencing significant growth in its online sales channels, particularly through platforms like Amazon and TikTok, which is expected to drive revenue growth in 2024 [2][4]. Group 1: Company Performance - In 2024, the company anticipates a revenue of 296 million yuan, representing a substantial year-on-year increase of 87.22%, driven by its online sales strategy [2]. - The company's overseas revenue accounts for 98.94% of total revenue, benefiting from the depreciation of the RMB [4]. - For the period from January to September 2025, the company achieved a revenue of 239 million yuan, reflecting a year-on-year growth of 22.23%, although the net profit attributable to the parent company decreased by 68.19% to 1.78 million yuan [9]. Group 2: Business Strategy - The company focuses on independent research and development, specializing in outdoor leisure furniture such as fire pits and gas stoves, and has developed a comprehensive system for research, design, production, and sales [2]. - The product range includes various series of fire pits and gas stoves, establishing the company as a major provider in the domestic market for these products [2]. Group 3: Investment and Partnerships - On July 26, 2023, the company announced plans to invest 10.2 million yuan in a partnership with several investment firms to establish a venture capital partnership, holding a 39.98% stake [3]. Group 4: Market Position and Shareholder Information - As of November 20, 2023, the number of shareholders decreased by 4.20% to 6,113, while the average number of circulating shares per person increased by 4.38% to 9,007 shares [9]. - The company has distributed a total of 142 million yuan in dividends since its A-share listing, with 51.1 million yuan distributed over the past three years [9].

Financial Data and Key Metrics Changes - Identical sales without fuel grew 2.6% year-over-year, with a two-year stack increase of 4.9% [13][20] - Adjusted EPS was $1.05, reflecting a 7% growth compared to last year [24] - FIFO gross margin rate, excluding rent, depreciation, and amortization, increased by 49 basis points year-over-year [22] Business Line Data and Key Metrics Changes - E-commerce sales grew 17%, driven by delivery, with significant improvements in profitability [15][25] - Pharmacy business continued strong growth, contributing positively to overall operating profit despite impacting margin rates [21] Market Data and Key Metrics Changes - Spending from higher-income households remained strong, while middle-income customers faced increased pressure, leading to smaller, more frequent shopping trips [11][12] - Food inflation increased moderately, particularly in beef, impacting overall sales dynamics [21] Company Strategy and Development Direction - The company is evolving its hybrid fulfillment model to improve operational efficiency and profitability, expecting $400 million in e-commerce profitability improvements in 2026 [10][26] - Plans to accelerate capital investment in new stores beyond 2025, focusing on high-potential geographies and improving return on invested capital [16][30] Management's Comments on Operating Environment and Future Outlook - Management noted macroeconomic uncertainty influencing customer behavior, with a focus on delivering value through lower prices and promotions [12][19] - The company expects to narrow its range for identical sales without fuel growth to 2.8%-3% and raise the lower end of adjusted EPS guidance to $4.75-$4.80 [31][32] Other Important Information - The company announced the closure of three automated fulfillment centers by January 2026, which are not meeting operational and financial expectations [8][26] - The CEO search is ongoing, with expectations to appoint a new CEO in the first quarter of 2026 [34][35] Q&A Session Summary Question: Can you talk about the accelerated sourcing program and potential store exits? - Management expressed excitement about new store investments, indicating plans to increase new store builds by 30% in 2026 and explore acquisition opportunities [39][40] Question: What are you looking for in the new CEO? - The board is seeking a candidate with a deep understanding of retail transformation, customer focus, and cultural fit with Kroger [42][43] Question: How do you feel about the current grocery ID trend and competition? - Management acknowledged increased caution among consumers and competitive pressures but emphasized ongoing price investments and promotional strategies [48][52] Question: Can you discuss the impact of pharmacy on the quarter? - Pharmacy performance remained stable, with slight market share improvements, while discretionary categories faced challenges due to inflation [70] Question: What are the expectations for e-commerce profitability next year? - E-commerce is expected to be profitable in 2026, driven by improved operational efficiency and new partnerships [80][81]