培育新优势 激发新动能 2025年，"十四五"收官之年，中国式现代化进程中具有重要意义的一年。这一年，经济运行总体平稳、 稳中有进，经济社会发展主要目标将顺利实现。"稳"的格局、"进"的势头，离不开高质量发展的扎实推 进。 去年底，中央经济工作会议对2025年经济工作作出系统部署，其中"积极发展首发经济、冰雪经济、银 发经济""促进平台经济健康发展""大力发展县域经济""大力发展海洋经济和湾区经济"引人注目。一年 来，这些"经济"持续成长壮大，它们是中国经济的鲜活实践，也是高质量发展的生动注脚。 新业态激活消费新动能，释放市场巨大潜力。 首发经济不断上新，北京、上海、四川成都等地加强政策支持力度，吸引众多首店、首发品牌入驻，成 为挖掘内需潜力的重要抓手。冰雪经济持续升温，逐渐从"一季热"变为"四季火"，冰雪产业规模2025年 预计突破万亿元。银发经济空间广阔，养老新业态、新模式不断涌现，银发消费市场规模稳步增长。平 台经济规范有序，在以旧换新政策的支持下，平台企业强化技术创新、优化服务体验，助推消费提质升 级。 新领域释放发展新活力，塑造区域竞争优势。 赶首发，成为生活新风尚 冬日暖阳下，四川成都太古里商圈行 ...

培育新优势激发新动能 韩春瑶 2025年，"十四五"收官之年，中国式现代化进程中具有重要意义的一年。这一年，经济运行总体平稳、 稳中有进，经济社会发展主要目标将顺利实现。"稳"的格局、"进"的势头，离不开高质量发展的扎实推 进。 去年底，中央经济工作会议对2025年经济工作作出系统部署，其中"积极发展首发经济、冰雪经济、银 发经济""促进平台经济健康发展""大力发展县域经济""大力发展海洋经济和湾区经济"引人注目。一年 来，这些"经济"持续成长壮大，它们是中国经济的鲜活实践，也是高质量发展的生动注脚。 新业态激活消费新动能，释放市场巨大潜力。 首发经济不断上新，北京、上海、四川成都等地加强政策支持力度，吸引众多首店、首发品牌入驻，成 为挖掘内需潜力的重要抓手。冰雪经济持续升温，逐渐从"一季热"变为"四季火"，冰雪产业规模2025年 预计突破万亿元。银发经济空间广阔，养老新业态、新模式不断涌现，银发消费市场规模稳步增长。平 台经济规范有序，在以旧换新政策的支持下，平台企业强化技术创新、优化服务体验，助推消费提质升 级。 新领域释放发展新活力，塑造区域竞争优势。 县域经济蹄疾步稳，县域消费市场扩容提质，城乡融合深 ...

Group 1: Economic Development Trends - The year 2025 is significant for China's modernization process, with a focus on high-quality development and achieving major economic and social goals [10] - Key economic sectors highlighted include the "first launch economy," "ice and snow economy," "silver economy," platform economy, county economy, marine economy, and bay area economy, all of which are experiencing growth [11][12] Group 2: First Launch Economy - The first launch economy is gaining traction, with cities like Beijing, Shanghai, and Chengdu enhancing policy support to attract flagship stores and brands, becoming a vital driver for domestic demand [11] - Chengdu's first flagship store of the Swiss sports brand On opened in April, attracting significant customer traffic and showcasing a unique shopping experience [15][16] Group 3: Ice and Snow Economy - The construction of the Harbin Ice and Snow World is underway, with nearly 10,000 workers involved, and the park is set to cover 1.2 million square meters [17] - The ice and snow economy is evolving from a seasonal to a year-round industry, with projections indicating the industry scale will exceed 1 trillion yuan by 2025 [11][18] Group 4: Silver Economy - The silver economy is expanding, with tailored services for the elderly, such as the "Starry·Lanmei" themed tourist train, which caters to the needs of senior travelers [19] - The elderly demographic is becoming a significant force in the tourism market, with over 80% of travelers on certain routes being aged 60 and above [19][20] Group 5: Platform Economy - The platform economy is shifting from a "what to produce" model to a "what is needed" approach, enhancing consumer experience through direct subsidies and one-stop services [21][22] - E-commerce platforms are driving domestic demand growth and facilitating foreign trade transformation, with significant sales increases during promotional events [23] Group 6: County Economy - The county economy is thriving, with initiatives like "Hundred Villages, Thousand Lodgings" promoting rural tourism and local industries, leading to increased income for residents [24][25] - The county's tourism revenue reached 11.265 billion yuan, with over 15.45 million visitors recorded in the first ten months of the year [25] Group 7: Marine Economy - The marine economy is advancing with the delivery of the "Guoxin 1号2—2," a large smart fishing vessel, which will conduct year-round farming trials [26][27] - The focus on green and low-carbon initiatives is reshaping the shipping industry, with a significant portion of new vessels being designed for zero-carbon emissions [27] Group 8: Bay Area Economy - The Guangdong-Hong Kong-Macao Greater Bay Area is fostering innovation and collaboration, with companies leveraging regional strengths for technological advancements [29][30] - The integration of research and industry within the bay area is enhancing the commercialization of scientific achievements, creating a robust ecosystem for startups [30]

成交集中度来到 45%，再次达到历史偏高经验值。结构风险在 11 月明显缓解，是行情能够持续修复的基础。 而科技仍然是 11 月 24 日以来修复的核心，其他板块尚未出现更强的叙事。受此影响，资金再次聚集到科技板块 （尤其是 AI 算力），推升成交集中度。例如，今日成交额前 10 的个股，基本与光模块、PCB 和半导体相关，尽 管还有商业航天、储能和机器人品种，但基本表现平平。而周期品种如有色、白酒、钢铁、煤炭等则大幅下跌， 可能受科技板块"虹吸"效应的影响。 [Table_Title] 资产配置日报：科技独树一帜 [Table_Title2] [Table_Summary] 12 月 9 日，股债呈现跷跷板行情，不过方向则变为债涨股跌。权益市场上演极致的分化行情，资金聚集于科 技板块，大部分非科技品种表现较弱；债市则在多空交织的背景下，在震荡中小幅下行。 权益市场缩量下跌。万得全 A下跌 0.55%，全天成交额 1.92 万亿元，较昨日（12 月 8 日）缩量 1339 亿 元。港股方面，恒生指数下跌 1.29%，恒生科技下跌 1.90%。南向资金净流入 5.31 亿港元，其中腾讯控股、小米 集团和阿里巴巴 ...

Market Overview - The A-share market saw most indices decline today, with the Shanghai Composite Index down by 0.37% closing at 3909.52 points, and the Shenzhen Component Index down by 0.39% at 13277.36 points. The ChiNext Index, however, increased by 0.61% to close at 3209.60 points. Overall, there were 1305 stocks that rose while 4057 stocks fell, with a total trading volume of 19040 billion yuan, a decrease of 1327 billion yuan from the previous trading day [1][10]. Industry Performance - Among the Shenwan first-level industries, the sectors that performed well included comprehensive, communication, and electronics, with increases of 3.45%, 2.23%, and 0.78% respectively. Conversely, industries such as non-ferrous metals, steel, real estate, and coal experienced declines, with decreases of 3.03%, 2.47%, 2.10%, and 1.62% respectively [1][10]. Concept Sector Performance - The concept sectors that saw the highest gains today included copper-clad laminates, optical modules (CPO), cultivated diamonds, circuit boards, high transfer, superhard materials, dairy industry, NVIDIA supply chain, high-speed copper connections, silicon energy sources, initial public offerings, consumer electronics OEM, ice and snow tourism, lithography machines, and Moore Threads [2].

12月8日晚间，广百股份（002187）发布公告，持股5%以上股东中银金融资产投资有限公司于2025年3 月3日至2025年12月4日通过集中竞价方式累计减持720万股，减持比例为1.0269%，现持股比例降至 4.99999%。 中银投资股份来源为2021年公司因重大资产重组向特定对象发行股份而取得的上市公司股份。 今年1月，乘着首发经济、免税等概念的东风，广百股份大幅上涨。1月2日~1月17日，录得6次涨停， 股价从7元以下最高涨至11.04元/股。 中银投资也在此时连续"精准"减持。1月3日至1月15日，共减持公司股份2080.7万股，持股比例从8.96% 降至6%，减持比例近3%。 虽然几次减持都没有公布减持价格，但从公司的减持时机来看，截至目前，中银投资投资广百股份4年 多以来，所赚十分有限。 2021年3月，广百股份发行股份及支付现金购买资产并募集配套资金暨关联交易事项获准通过。公司向 广商资本、广商基金、中银投资及建投华文等发行股份及支付现金购买友谊集团100%股权。此次交易 中，广百股份以股份支付的方式向中银投资支付了交易对价约5.06亿元，中银投资因而获得广百股份 6304.90万股股权，发 ...

Core Insights - The article highlights the launch of the second-generation exoskeleton by the company, marking its entry into a new market that integrates artificial intelligence, bionic technology, and precision manufacturing [1][3]. Product Development - The second-generation exoskeleton builds on the success of the first generation, featuring multiple significant upgrades and is set to be launched across various channels, including offline stores, e-commerce platforms, and rental services at popular tourist sites [3][5]. - The first-generation exoskeleton achieved full autonomy in materials, structure, and control systems, utilizing bionic design and integrating multi-modal sensor systems for intelligent human-machine interaction [3][5]. Market Strategy - The company is strategically positioning itself in the burgeoning markets of the silver economy, health industry, and intelligent equipment, aiming to capture a share of the trillion-dollar potential in these sectors [3][9]. - The second-generation exoskeleton has undergone systematic upgrades in performance, intelligence, and cost, enhancing features such as lightweight design, battery life, waterproofing, and environmental adaptability [5][9]. Consumer Engagement - The company has established dedicated experience zones in key cities, allowing consumers to test the exoskeleton in simulated outdoor scenarios, which helps to alleviate consumer concerns and strengthen brand recognition [7]. - The collaboration with well-known scenic spots for rental services not only lowers the entry barrier for consumers but also provides real-world data for further product development [7][9]. Industry Outlook - With over 310 million people aged 60 and above in China by the end of 2024, and a projected global market for elderly care robots exceeding $100 billion by 2030, the demand for exoskeletons in the elderly care and rehabilitation sectors is expected to grow significantly [9][10]. - The company's commitment to intelligent equipment extends beyond a few innovative products, indicating a strategic elevation and a clear path for future growth in both consumer and professional markets [9][10].

12月5日，2025年度《中国商圈商业力TOP100指数榜单》正式揭晓，南京新街口商圈、百家湖商 圈、新江东商圈、夫子庙商圈、奥体商圈5个商圈上榜。其中，南京新街口商圈排名第二，仅次于北京 CBD，上海小陆家嘴—张杨路位列第三。 该榜单依托国内领先的零售商业综合服务商——赢商股份提供的城市商业运行监测数据，从人口规 模、交通配套、商业规模、档次、多样性、活力及潜力等多维度构建评价体系，覆盖全国368城、 3000+商圈，其结果用于城市间对比分析并预判商业发展方向。 新街口商圈商业力全国第二，占据华东地区"消费C位" 12月7日中午，记者来到新街口商圈，各大商业综合体里人潮如织，一派繁华热闹的景象。 这里拥有10多座商场，超百栋商务楼宇，成百上千户街边商家，是中国唯一同时拥有4个年销售额 超40亿元的购物中心，高峰期日客流量可达百万人次。 在新发布的2025年度《中国商圈商业力TOP100指数榜单》中，新街口商圈排名全国第二，仅次于 北京CBD，力压上海小陆家嘴—张杨路商圈，印证其商业硬实力。这里不仅是南京的商业中心，也长 期占据华东地区"消费C位"。 以百家湖为代表的新兴商业，承接首店时侧重潮流化、生活化。景 ...

Core Insights - The article emphasizes the role of consumption as a fundamental driver of economic growth, highlighting a joint implementation plan by six departments to enhance the adaptability of supply and demand in consumer goods, aiming to cultivate new consumption scenarios and business formats [1] Group 1: Transformation and Strategy - Haining China Leather City has transformed from a single leather trading market to a "full-category fashion source," aligning with the policy's goal of enhancing core business district capabilities [2] - The center now encompasses a diverse product matrix, including leather, fur, cashmere, down, and seasonal fashion, consolidating approximately 90% of the country's leather jacket production capacity and over 60% of new leather design [2] - Haining has created a strong industrial cluster effect by seamlessly integrating design, production, exhibition, and live streaming across the entire industry chain, positioning itself as a "first-release center" encouraged by policy [2] Group 2: Globalization and International Cooperation - Haining Leather City is actively pursuing a globalization strategy, as outlined in the implementation plan, by establishing international partnerships and participating in global fashion networks [3] - In September 2025, Haining's chairman led a delegation to Europe, forming strategic collaborations with top leather exhibitions in Milan and luxury marketing institutions in Paris to facilitate resource exchange between Asia and Europe [3] - This marks a shift from merely exporting products to proactively building a global fashion cooperation network and engaging in international dialogue on rules [3] Group 3: Cultural Experience and Consumer Engagement - Haining Leather City is elevating its industry value from commercial transactions to cultural experiences, aligning with the trend of consumer demand for emotional resonance and cultural identity [4] - The integration of "leather + cultural tourism" is being promoted, with government initiatives connecting Haining Leather City to cultural landmarks, creating themed tourism routes [4] - The market features immersive experiences where visitors can create leather goods, blending shopping with cultural engagement, thus transforming one-time purchases into memorable experiences [4] Group 4: Comprehensive Development and Future Vision - Haining Leather City is not just a passive follower but a proactive leader in the transformation of the leather industry, supported by a full industry chain and innovative digital systems [5] - The company aims to expand its consumer reach through an online and offline integration matrix and foster global cooperation to open up international markets [5] - The strategic focus on cultural integration enhances the intrinsic value of consumer experiences, positioning Haining Leather City as a global fashion consumption landmark that leads autumn and winter fashion trends [5]

Core Viewpoint - Various regions are implementing multiple measures to cultivate new consumption scenarios and promote the "first launch economy," injecting new momentum into economic development [1] Group 1: New Consumption Scenarios - The "Guangde Three-piece Set," consisting of stewed pot, milk tea, and peach crisp, has gained popularity, attracting a large number of tourists from the Yangtze River Delta, with 573,500 visitors recorded in the past week, a year-on-year increase of 33.65% [3] - Guangde, located at the intersection of Jiangsu, Zhejiang, and Anhui provinces, has leveraged the opening of the Hu-Su-Hu high-speed railway to enhance its appeal, launching special activities and providing free parking and bus services to meet the consumption needs of young consumers [5] Group 2: Promotion of First Launch Economy - Dalian has transformed its former electronics market into an immersive consumption space centered around "trendy play culture," integrating e-sports, anime themes, and smart technology, with over 1,000 promotional events held this year and 133 million yuan in consumption vouchers distributed to boost consumer activity [7] - Chengdu has seen the establishment of over 710 first stores this year, with more than 280 events such as first exhibitions and performances held. The city plans to establish 6,500 first stores and 100 economic landmark projects by the end of 2027 to continuously release consumption potential and enhance urban competitiveness [9]