转自：新华财经 12月12日，2025年全省服务贸易（数字贸易）政策与统计工作培训班在江西南昌召开。来自全省各设区市、赣江新区商务主管部门、部分县市区商务主管部 门、省服务外包示范园区、服务贸易企业等代表参加此次培训。 培训中，服务贸易行业领域专家、业内人士针对服务贸易、数字贸易以及全球发展动态趋势等进行政策宣讲和解读，分享了跨境互联网广告、跨境电商、跨 境物流运输服务、跨境文化产业等领域解决方案及案例。围绕跨境服务贸易，相关企业代表进行了经验交流。 江西省商务厅党组成员、副厅长黄小燕在开班仪式上作动员讲话时指出，抓好服务贸易工作，要狠抓政策落地，释放政策红利，认真落实好《江西省加快服 务贸易高质量发展行动方案》；要推进创新转型，激发数字活力，紧抓数字经济发展浪潮，推动服务贸易向数字化、智能化、融合化方向转型；要强化整体 培育，夯实产业根基，做好企业服务工作，打造具有国际影响力的文化企业品牌，推动江西服务向江西品牌升级；要筑牢数据监测基础，提升科学决策水 平，加强统计数据分析能力，确保数据真实有效，准确研判产业发展态势，为政策制定工作评估和企业决策提供坚实的数据支撑。 中国出口信用保险公司江西分公司总经理蒋韶 ...

Group 1 - The core viewpoint of the news highlights a significant rise in financial technology stocks, particularly those related to digital currency, amidst a general decline in the A-share market [1][3] - Notable stocks such as Cuiwei Co., Hengbao Co., and Chuangshi Technology saw substantial gains, with some reaching the daily limit increase [1] - The largest financial technology ETF (159851) experienced a rise of 0.75% despite market downturns, indicating active buying interest [1][4] Group 2 - The surge in digital currency stocks may be influenced by a recent policy announcement encouraging the use of digital RMB to boost consumption [3] - Regulatory changes have lowered risk factors for insurance companies, potentially increasing their investment capacity in A-shares, which could stabilize and invigorate the capital market [3] - Analysts suggest that the financial technology sector will see opportunities in the short term due to ongoing market activity and in the medium term as financial IT companies benefit from policy support and improved fundamentals [3] Group 3 - The financial technology ETF (159851) and its associated funds are recommended for investment, covering a wide range of sectors including internet brokerage and AI applications [4] - As of December 15, the financial technology ETF has a scale exceeding 9 billion, with a daily average trading volume of 800 million over the past six months, indicating strong liquidity [4]

Core Viewpoint - The non-ferrous metal sector in A-shares has experienced a remarkable rally in 2025, with an annual increase of 73.67%, surpassing the communication sector and leading the market [1] Group 1: Market Performance - The non-ferrous metal sector has seen significant individual stock performances, with Srey New Materials (688102.SH) leading with a 340.01% increase, and several other leading companies like Zhaojin Gold (000506.SZ) and Xinyi Silver Tin (000426.SZ) also showing over 150% gains [1] - A total of 26 stocks in the sector have doubled in value, marking 2025 as a standout year for A-shares [1] - The non-ferrous metal sector is currently 0.7 percentage points ahead of the second-place communication sector in annual growth, with only 12 trading days left in the year [1] Group 2: Historical Context - Historically, the non-ferrous metal sector has never topped the annual growth rankings, achieving second place twice since 2000 but failing to maintain consecutive years in the top five [5] - The sector's past performance has been closely tied to super cycles in commodities and global monetary easing, with notable declines following previous peaks [5][6] Group 3: Future Outlook - The upcoming year, 2026, poses a critical question: whether the non-ferrous metal sector will follow historical patterns of correction or break the "champion curse" [2][6] - The sector's high valuation levels present a challenge for continued growth, with the non-ferrous metal index reaching a historical high of 7499.07 points, approximately 17% below the previous peak in 2007 [6] - Analysts suggest that the performance of the sector in 2026 will depend on the dynamics of metal prices and demand, with specific drivers identified for gold, silver, copper, and aluminum [7][8]

TCL科技公告，公司计划发行不超过20亿元的科技创新公司债券，用于支持数字经济发展。本期债券分 为两个品种，品种一期限为170天，品种二期限为3年期。品种一信用等级为A-1，品种二信用等级为 AAA，公司主体信用等级为AAA，评级展望为稳定。本期债券为无担保债券，发行后将在深圳证券交 易所上市交易。 （文章来源：第一财经） ...

Core Insights - The Pearl River Delta (PRD) is a leading area for China's reform and opening-up, showcasing top global manufacturing, technological innovation, and industrial clusters [1] - The visit focuses on four key areas: smart manufacturing, digital economy, green energy, and cross-border e-commerce, aiming to help participants gain insights into industry trends and connect with quality resources [1] Group 1: Benchmark Enterprises - The PRD is home to several benchmark enterprises, including Huawei, Tencent, BYD, and DJI, which are among the world's top 500 companies [3] - Participants will learn about strategic layouts, technological breakthroughs, and ecosystem construction from these leading companies, including Huawei's "1+N" strategy and Tencent's industrial internet transformation [3] Group 2: Advanced Technologies - Research and development investments are significant, with Huawei's annual R&D expenditure exceeding 100 billion yuan, making it a leader in global patent numbers [5] - Key technological methodologies include BYD's innovative materials for blade batteries and the collaborative model between industry and academia exemplified by Dongguan Songshan Lake Material Laboratory [5] Group 3: Knowledge System Upgrade - The visit provides a comprehensive understanding of strategic frameworks and management methodologies from leading companies, covering areas such as strategic planning, technology development, and global expansion [6] - This approach helps avoid the limitations of fragmented learning, enabling participants to build a complete cognitive system from macro trends to micro implementations [6] Group 4: Practical Experience - The visit emphasizes actionable solutions, such as Midea's "T+3" flexible production model, which can reduce delivery cycles by 30%, and OPPO's AI visual inspection technology, which can improve yield rates by 20% [8] - Participants will receive internal training materials and tools from leading companies, facilitating the rapid transformation of benchmark experiences into productivity [8] Group 5: Brand Influence - Participating companies will receive the "Pearl River Delta Benchmark Enterprise Learning Base" certification, enhancing their brand credibility and market competitiveness [9] - The visit serves as an accelerator for corporate upgrades, helping participants seize opportunities in the PRD economic wave for leapfrog development [9] Group 6: Resource Networking - The event creates a three-dimensional resource platform connecting government, capital, and industry chains, allowing participants to engage with local investment and technology agencies [10] - Post-visit, participants can join the "Pearl River Delta Enterprise Alumni Association" to continue receiving industry updates and invitations to internal sharing sessions, fostering a long-term value network [10]

Core Viewpoint - The training program for digital technology engineers in Ordos City aims to enhance the technical capabilities of nearly 120 participants, addressing the talent supply shortage in the digital economy sector [2][4]. Group 1: Training Program Details - The digital technology engineer training class is organized by the Ordos Human Resources and Social Security Bureau and will last for 8 days, combining theoretical learning with practical training [2]. - The program is part of a national initiative to cultivate digital technology professionals, aligning with the 2021-2030 National Professional Technical Talent Knowledge Update Project [4]. Group 2: Economic and Policy Context - The digital economy is identified as a core engine for high-quality economic development, with the training program being a key measure to support industrial transformation and the cultivation of new growth drivers [4]. - The training initiative is in response to national and regional policies aimed at fostering digital talent, including the "Action Plan for Accelerating Digital Talent Cultivation" set to be implemented from 2024 to 2026 [4]. Group 3: Future Plans - The successful launch of the training program marks the official start of the digital technology engineer cultivation project in Ordos City, with plans for ongoing optimization of the skills training system to meet industry needs [5]. - The Human Resources and Social Security Bureau will continue to develop targeted and practical training activities to provide robust talent support for the city's high-quality economic and social development [5].

Core Viewpoint - The A-share retail sector continues to show strong performance, with several retail stocks hitting the daily limit up, indicating a bullish trend in the market [1][2]. Retail Sector Performance - As of the morning close on December 16, seven retail concept stocks, including Yonghui Supermarket and Baida Group, reached their daily limit up, with Baida Group achieving a four-day consecutive limit up [1]. - Other notable stocks such as Maoye Commercial and Sanjiang Shopping also saw significant gains, with increases exceeding 5% [1][2]. Economic Indicators - From January to November, the total retail sales of consumer goods increased by 4% year-on-year, surpassing both the same period last year and the overall growth rate for the previous year [3]. - Service retail sales grew by 5.4% year-on-year, indicating a shift towards service consumption, which is outpacing goods retail sales [3][4]. New Consumption Trends - New consumption models, including instant retail and live-streaming e-commerce, are rapidly growing, with online retail sales of physical goods increasing by 5.7% year-on-year, accounting for 25.9% of total retail sales [4]. - The integration of digital and green consumption trends is becoming increasingly significant, with new consumer demands emerging in the market [4][5]. Industry Outlook - The retail industry is expected to undergo significant transformation in 2025, with traditional retailers enhancing product and service quality through various reforms [4][5]. - Policies encouraging the improvement of product quality and service in the retail sector are seen as key development directions for the industry [4][5]. Investment Opportunities - The retail sector is experiencing structural growth, particularly in home appliances and lower-tier markets, driven by policies such as "trade-in" programs [5][6]. - The application of AI and digital technologies in retail processes is enhancing operational efficiency and creating new growth opportunities in the market [6].

Core Viewpoint - The A-share retail sector continues to show strong performance, with several retail stocks hitting the daily limit up, indicating robust market sentiment and investor confidence in the sector [1][2]. Retail Sector Performance - As of the morning close on December 16, seven retail concept stocks, including Yonghui Supermarket and Baida Group, reached their daily limit up, with Baida Group achieving a four-day consecutive limit up [1]. - Notable stocks such as Guobai Co., Hongqi Chain, and Li Qun Co. also showed significant gains, with increases of nearly 10% [2]. Economic Indicators - From January to November, the total retail sales of consumer goods increased by 4% year-on-year, surpassing both the previous year's growth and the overall annual growth rate [3]. - Service retail sales grew by 5.4% year-on-year, indicating a shift towards service consumption, which is outpacing goods retail sales [3][4]. New Consumption Trends - New consumption models, such as instant retail and live-streaming e-commerce, are rapidly growing, with online retail sales of physical goods increasing by 5.7% year-on-year, accounting for 25.9% of total retail sales [4]. - The integration of digital and green consumption trends is becoming increasingly significant, with new consumer demands shaping the market landscape [4][6]. Policy and Market Environment - Policies encouraging the retail sector to enhance product and service quality are driving the industry's transformation towards high-quality development [4][5]. - The retail industry is experiencing structural growth, particularly in home appliances and in lower-tier markets, supported by government initiatives like "trade-in" programs [5][6]. Future Opportunities - Key opportunities in the retail sector include the application of AI and digital technologies for precise marketing and supply chain management, enhancing operational efficiency [6]. - Innovative retail models that combine services with traditional retail are effectively meeting consumer demands for convenience and emotional value [6].

Core Viewpoint - The macroeconomic policies in China are showing positive effects, with a focus on strengthening the domestic market, increasing production supply, expanding market sales, and maintaining overall stability in employment and prices, contributing to a steady economic growth trend [1] Economic Performance - Industrial production remains stable, with the industrial added value of large-scale enterprises growing by 4.8% year-on-year in November, maintaining the same growth rate as the previous month [2] - The service sector's production index increased by 4.2% year-on-year, with significant growth in information transmission and business services [2] - Social retail sales grew by 1.3% year-on-year in November, with a cumulative growth of 5.4% from January to November [2] - The total value of imports and exports increased by 4.1% year-on-year in November, accelerating by 4 percentage points compared to the previous month [2] - The urban unemployment rate remained stable at 5.1%, while consumer prices rose by 0.7% year-on-year, marking three consecutive months of increase [2] Energy and Investment - Energy supply has been strengthened to meet winter production and living needs, with significant increases in industrial oil, natural gas, and electricity production [3] - Investment in accommodation, catering, wholesale, and retail sectors grew by 7.1% year-on-year, while electricity and heat production and supply saw a 12.5% increase [3] New Production Capacity - New quality productivity is developing rapidly, with high-tech manufacturing value added increasing by 9.2% year-on-year from January to November [4] - The production of industrial robots and control systems surged by 29.2% and 87.6% respectively, indicating strong growth in emerging industries [4] - Traditional industries are also seeing improvements, with biomass fuel processing value added growing by 15.6% [4] Consumption and Investment Potential - Consumer spending is on the rise, with retail sales of cultural and office supplies and communication equipment growing by 11.7% and 20.6% respectively [6] - Online retail sales of physical goods increased by 5.7% year-on-year, accounting for 25.9% of total social retail sales [6] - Fixed asset investment (excluding rural households) decreased by 2.6%, but project investment excluding real estate development grew by 0.8% [6] - Investment in key sectors such as equipment manufacturing and green energy transition remains strong, supporting long-term economic development [6][7]

Core Insights - The digital RMB is expected to accelerate its penetration across the industrial chain, with significant growth potential in the future [1][2] - The development of digital RMB is beneficial for the internationalization of the RMB, addressing issues in traditional cross-border payment systems [2] - By 2030, the transaction volume of digital RMB could reach between 52.8 trillion to 223.6 trillion yuan, driven by both domestic consumption and cross-border payments [3] Group 1: Digital RMB Overview - Digital RMB is a central bank-issued digital legal currency, covering retail, corporate, and cross-border scenarios, gradually becoming a foundational infrastructure for the digital economy [1] - It operates under a "centralized management + dual-layer operation" model, with a completed top-level design and a system that has transitioned from "point breakthroughs" to "network coverage" [1] - Currently, digital RMB is being piloted in 17 provinces, with an international operational center established to facilitate cross-border digital payments and blockchain services [1] Group 2: Market Potential and Ecosystem - The digital payment ecosystem in China is mature, with high penetration rates, which will accelerate the implementation of digital RMB in various scenarios [2] - The zero transaction fee of digital RMB can reduce operational costs for third-party payment providers, incentivizing them to promote its adoption [2] - The estimated market space for digital RMB by 2030 includes domestic daily consumption payments and cross-border payments, with significant potential for third-party payment companies, especially in the cross-border payment sector [3]