以下文章来源于瑞银证券 ，作者瑞银证券 瑞银证券 . 瑞银证券是中国证券市场首家由外资直接入股的全牌照证券公司，秉承 "客户至上" 理念，致力于为个 人客户、企业和机构客户、合格境外机构投资者（QFII）等提供品种多样、风险合理、结构灵活的金融 产品和服务，竭诚帮助客户实现投资目标。欢迎关注！ 近日，中国经济2025年成绩单出炉，GDP同比增长5%，圆满实现预期目标。2026年是"十五 五"规划的开局之年，中国经济将面临怎样的机遇与挑战呢？ 在近期举行的瑞银大中华研讨会上，我们邀请到多位专家学者，围绕中国经济的现状与未来 展开了深度讨论。在当前全球经济格局深刻调整、国内结构性转型持续推进的背景下，与会 嘉宾聚焦货币政策、增长动能、贸易环境、产业升级等多重维度，为投资者带来精彩洞见。 货币政策：从总量调控到结构性支持 货币政策通常被视为宏观管理的工具，不过与会专家指出，如今中国的货币政策呈现出更鲜 明的结构性特征。当前中国央行已推出针对科技创新、碳中和、中小企业、清洁能源等领域 增长引擎转换：从投资与出口转向科技创新与消费 当 前 中 国 经 济 正 处 于 换 档 期 ， 相 较 于 单 一 的 增 长 数 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The county market shows strong consumer resilience, with spending growth significantly outpacing that of first-tier cities, prompting brands to target lower-tier markets as a strategic choice [8][9] - Consumers in county areas are shifting from a focus on external identity symbols to valuing practical benefits and emotional connections in their purchases, indicating a trend towards more rational consumption [25][36] - The overall satisfaction of county residents remains stable, with a cautious optimism regarding future income and spending, reflecting a balanced approach to financial management [27][34] Summary by Sections Introduction - The report outlines the changing landscape of consumer behavior in county areas, emphasizing the need for brands to adapt their strategies to local market dynamics [23] Consumer Behavior Changes - Life changes include increased work pace and a more cautious approach to spending, with consumers prioritizing practical and emotional value in their purchases [16][27] - Demand for identity-related products has decreased, with a growing emphasis on experiences and emotional connections [25][36] - Spending patterns are diversifying, with a shift from functional optional spending to experiential optional spending [16][25] Market Dynamics - The county market is characterized by a high degree of consumer satisfaction and a dynamic balance of diverse needs, which presents unique opportunities for growth [11][25] - The report highlights the importance of understanding the internal dynamics of county consumers, including their evolving preferences and spending habits [24][28] Future Outlook - The report anticipates that the county market will continue to evolve, with emerging trends in consumer preferences indicating a shift towards higher emotional and experiential value in products and services [25][36] - The potential for growth in the county market is significant, driven by a large consumer base and the emergence of new consumption trends [26][34]

2025中国经济年报公布，消费这个主引擎备受关注。 有人忧虑，"社会消费品零售总额增速只有3.7%，是不是增长红利见顶？" 社零总额增速放缓，恰是消费市场成熟的标志。 经济体越发达，消费越多元，实物消费比重越低。2025年，服务零售额增速高于同期商品零售额增速 1.7个百分点，中国消费结构向商品和服务消费并重转变，消费动能由"价格驱动"迈向"体验驱动"。 从"生存型"到"发展型"，消费升级蕴藏巨大潜力。"苏超"实现"1元门票带动7.3元周边消费"杠杆效 应，"夜校热"折射教育市场新赛道……回望2025，坚持投资于物和投资于人紧密结合，增长新驱动、消 费新活力正在形成。 中国经济增长红利，不但没有"见顶"，而且在加速孕育。把人口高质量发展同人民高品质生活紧密结合 起来，中国的发展定是高质量、可持续的。(楠 溪) 《人民日报》（2026年01月22日 第 01 版） 责编：张靖雯、李萌 ...

2025中国经济年报公布，消费这个主引擎备受关注。 中国经济增长红利，不但没有"见顶"，而且在加速孕育。把人口高质量发展同人民高品质生活紧密结合 起来，中国的发展定是高质量、可持续的。 有人忧虑，"社会消费品零售总额增速只有3.7%，是不是增长红利见顶？" （文章来源：人民日报） 经济体越发达，消费越多元，实物消费比重越低。2025年，服务零售额增速高于同期商品零售额增速 1.7个百分点，中国消费结构向商品和服务消费并重转变，消费动能由"价格驱动"迈向"体验驱动"。 从"生存型"到"发展型"，消费升级蕴藏巨大潜力。"苏超"实现"1元门票带动7.3元周边消费"杠杆效 应，"夜校热"折射教育市场新赛道……回望2025，坚持投资于物和投资于人紧密结合，增长新驱动、消 费新活力正在形成。 社零总额增速放缓，恰是消费市场成熟的标志。 ...

"人有团圆宴，宠有专属餐，家里的年夜饭和毛孩子的年饭都得提前订好。"1月21日，三湘都市报记者 在长沙走访发现，长沙多家宠物店已提前开放宠物年夜饭预订，线上也有不少商家开始全国配送宠物年 夜饭。 今年的宠物年夜饭颇具亮点，不仅主打营养均衡的鲜食，配料中还加入了不少传统养生食材，"命 中""铲屎官"对仪式感和宠物养生的双重期待，成了市场"香饽饽"。 "人团圆有满桌烟火的仪式感，'毛孩子'的新年也该有同等的宠爱。"长沙市民吴女士表示，已为家里的 两只小狗提前预订了年夜饭。 "小狗过年，既要吃上颜值在线的'漂亮饭'，更要吃上贴合体质的'养生饭'。"家住便河边的孙先生向记 者坦言，他家8岁柴犬"发财"在饮食上格外讲究，近期看到不少宠物年夜饭套餐里加入了中式养生食 材，当即动了心："现在的宠物食品颜值口感双双在线，很省心。" 在社交媒体上，商家及"铲屎官"纷纷晒出宠物年夜饭，新鲜现制、短保质期的食材已成为宠物年夜饭的 标配。记者注意到，今年不少宠物年夜饭的配料中，新增了中式滋补养生食材。例如，puton canteen宠 物烘焙特意添入鹿茸菇、枸杞、红枣等传统食材。还有商家推出药膳饼干，配料里加入矢车菊、金盏菊 等养生 ...

Group 1: Overall Industry Trends - The growth rate of social retail sales in December continues to narrow, primarily due to high base effects, weak overall demand, and the preemptive effects of previous consumption expansion policies [2][22] - In December, the total retail sales of consumer goods reached 501.202 billion, with a year-on-year growth rate of 0.9%, down from 1.3% in the previous month [14][22] - The retail sales growth in first-tier cities turned negative at -5.0%, significantly dragging down overall performance, while new first-tier, second-tier, third-tier, fourth-tier, and fifth-tier cities also experienced a slowdown [14][22] Group 2: Consumer Demand Insights - Essential consumption categories mostly slowed down, with year-on-year growth rates for staple food, beverages, and clothing declining to 3.9%, 1.7%, and 0.6% respectively, while the decline in tobacco and alcohol sales narrowed to -2.9% [18][22] - Optional consumption showed some improvement, with cosmetics growth expanding to 8.8% and daily necessities turning positive at 3.7% [18][22] - The online retail sales of physical goods grew at a rate higher than the overall retail sales, indicating a continued advantage for channels like instant retail and live streaming [22][23] Group 3: Information Technology Sector - The Philadelphia Semiconductor Index and DXI Index increased, indicating a positive trend in the semiconductor sector [3][8] - Prices for DDR5 and DDR4 DRAM memory continued to rise, while NAND index also showed an upward trend [3][8] - In December, the production of integrated circuits saw a year-on-year growth rate narrowing, while smartphone production experienced a reduced decline [3][8] Group 4: Midstream Manufacturing Sector - The automotive production and sales in December turned negative year-on-year, with a three-month rolling growth rate narrowing to 4.26% [6][8] - The price index for photovoltaic products increased, while prices for upstream products in the new energy sector mostly declined [6][8] - The production of industrial robots saw a narrowing year-on-year growth rate, and the production of metal cutting machine tools turned negative [6][8] Group 5: Resource Sector Trends - The average transaction volume of construction steel declined, and prices for rebar also decreased [4][10] - Coal prices showed mixed trends, with some prices rising while others fell, and overall coal inventory increased [4][10] - The Brent crude oil price increased, while the chemical product price index showed a mixed performance [4][10]

台雪超 青岛报道 2025年,青岛市崂山区深入贯彻落实国家、省、市关于扩内需、促消费的决策部署,聚焦"扩大内需、提振 消费"核心主题,构建"政策引导、场景驱动、创新赋能"的消费提振体系,统筹推进商品消费升级、线上消 费提升、新型消费培育,为区域经济高质量发展注入强劲动力。 为加速形成"大消费"格局,崂山区成立全区提振消费工作专班,实施顶格协调、顶格推进,高效联动文旅、 住建、民政、教体等多部门,打破领域壁垒,强化政策协同与资源整合,全力构建"商旅文体健"深度融合、 互促共进的全领域消费新格局,为打造具有强劲辐射力、影响力的国际消费中心城区筑牢机制保障。 打造区域消费升级标杆 为释放消费活力,崂山区围绕"乐购崂山·悦享生活"主题,联动崂山丽达、金狮广场、利群金鼎等大型商超, 以四季主题为脉络,通过"政府搭台、企业唱戏"模式,全年累计举办商超特色促消费活动超100场,成为青 岛消费升级的标杆样本。 创新主题节庆活动,营造四季消费新热点。崂山区以"春生、夏长、秋收、冬藏"为灵感,将消费促进活动 与季节特色深度融合,形成"季季有主题、月月有亮点"的消费图谱。精心打造"2025温馨冬日崂山美食年 货节",汇聚40余家本 ...

中国发展网讯 记者王斌报道 1月20日下午，甘肃省政府新闻办公室召开新闻发布会，正式发布了2025年 全省经济运行数据。过去一年，甘肃省坚持稳中求进工作总基调，高质量发展扎实推进，经济总量迈上 新台阶，主要指标增长好于预期，呈现稳中有进、进中提质的良好态势。 总量跨越新台阶，增长动能强劲 根据地区生产总值统一核算结果，2025年，甘肃省地区生产总值（GDP）达到13697.5亿元，按不变价 格计算，比上年增长5.8%，自2022年以来连续16个季度高于全国平均水平，增速表现亮眼。分产业 看，第一产业增加值1773.0亿元，增长5.5%；第二产业增加值4558.2亿元，增长6.7%；第三产业增加值 7366.3亿元，增长5.3%。三次产业协同发力，共同支撑经济稳健前行。 工业"压舱石"作用凸显，重点行业产品快速增长 工业生产是甘肃经济增长的主要引擎。全年全省规模以上工业增加值比上年增长9.5%，增速强劲。分 门类看，采矿业增长5.4%，制造业增长9.3%，电力、热力、燃气及水生产和供应业增长17.6%，电力保 障能力显著增强。重点行业中，有色金属冶炼和压延加工业、电力热力生产和供应业增加值分别高速增 长19.5 ...

Core Insights - The company views China as a key driver of global economic growth and aims to increase its sales in China from 10% to 15% of global sales by 2032 [1] Group 1: Market Outlook - China is the largest chemical producer globally, expected to account for 42% of the global market share by 2024, making it a core growth engine for the chemical industry [2] - The "dual carbon" strategy in China is driving the chemical industry to explore innovative solutions, with green sustainability becoming essential for high-quality development [2] - Emerging industries such as new energy vehicles, renewable energy, healthcare, and semiconductors are creating new market demands and growth points for the chemical sector [2] Group 2: Business Strategy - The company emphasizes R&D and production as the two pillars for growth in China, focusing on bio-based solutions, energy transition, and circular economy [3] - The company aims to enhance production efficiency and sustainability while providing stable, green product supply to both local and global markets [3] Group 3: Innovation and Collaboration - The company plans to focus on new energy and energy transition, developing high-performance materials for new energy vehicles and hydrogen energy [4] - It will establish innovation centers in China, such as a hydrogen technology center and an Asian skin research center, to support local customer needs from R&D to application [4] - The company is expanding its production capacity with projects like the specialty amines expansion in Nanjing and a specialty hydrogen peroxide plant in Leshan, set to be operational by 2026 [4]

Core Insights - The event "Journey of Value Discovery for Listed Companies" in Foshan showcased Hanhigh Group as a benchmark enterprise in the home hardware manufacturing sector, providing investors with an opportunity to gain insights into the company's growth logic through on-site visits and executive dialogues [1][4] Company Overview - Hanhigh Group's headquarters, covering nearly 40,000 square meters, exemplifies the company's innovative spirit with a blend of technology and fashion design [2] - As a national high-tech enterprise, Hanhigh has accumulated over 1,100 patents, participated in drafting three industry standards, and won more than 30 international design awards [2] - The company has achieved a compound annual growth rate of over 30% in revenue over the past three years, indicating strong business performance [2] Product and Innovation - The original home hardware museum visit deepened investors' understanding of Hanhigh's product capabilities and design philosophy, showcasing a range of products that reflect the company's keen insight into user needs and commitment to quality craftsmanship [2] - Hanhigh integrates practical functionality with aesthetic value through continuous design iterations and technological breakthroughs, positioning its products as both functional and artistic [2] Market Strategy and Future Plans - Hanhigh's vision since its establishment in 2004 has been to create a leading world-class home hardware enterprise, transitioning from single manufacturing to design innovation and scenario-based solutions [3] - The company has expanded its market presence to over 110 countries and regions, including Europe, the Middle East, and Southeast Asia, through sustained product innovation and reliable quality service [3] - Hanhigh plans to continue increasing R&D investment, optimizing products and services, and seizing market opportunities arising from home automation and consumer upgrades to ensure long-term sustainable growth [3]