Core Viewpoint - The article emphasizes that despite the fluctuations in the liquor market, Kweichow Moutai (600519) remains strategically focused on quality and long-term value, adapting to the evolving industry landscape while maintaining its core principles [1][8]. Group 1: Market Dynamics - The price of Moutai liquor has been volatile, with the retail price of Feitian Moutai reported at 1827 yuan per bottle, reflecting an increase in both price and sales [2]. - The liquor industry is undergoing a deep adjustment phase, characterized by high channel inventory, price discrepancies, and slowing growth, which presents challenges for many liquor companies [2]. - Moutai's management acknowledges the existence of challenges but emphasizes the importance of recognizing structural opportunities while maintaining brand value [2]. Group 2: Supply and Demand Management - Moutai has maintained normal shipments of 500ml Feitian Moutai, while reducing allocations for certain non-standard products by 30%-50% [3]. - The company is focused on adapting supply to meet demand, ensuring that product releases are based on market conditions rather than blanket decisions [3]. Group 3: Innovation and Consumer Engagement - Moutai's approach to innovation is strategic, aiming to enhance real consumption and cultural heritage rather than pursuing innovation for its own sake [4]. - The company is building a brand ecosystem that resonates with younger consumers through immersive experiences and digital engagement, transitioning from merely selling liquor to promoting a lifestyle [4]. - Moutai is also addressing digital challenges by collaborating with e-commerce platforms to enhance consumer access and ensure product authenticity [4]. Group 4: Cultural and Ecological Commitment - Moutai is reinforcing its cultural identity by integrating traditional craftsmanship with modern aesthetics, promoting Chinese liquor culture through innovative products [5]. - The company is committed to ecological sustainability, implementing a "green development" strategy that focuses on environmental protection and sustainable practices [6]. Group 5: Long-term Strategic Vision - Moutai's stability is rooted in its deep systemic capabilities, including ecological protection, production capacity, and talent development [6][7]. - The company is actively enhancing its talent pool through partnerships with educational institutions, ensuring a blend of traditional brewing techniques and modern innovation [7]. - Moutai's consistent approach aligns with national strategies to boost domestic demand, positioning the company to respond effectively to market fluctuations [7][8].

Group 1 - The core viewpoint of the article indicates a mixed economic outlook, with some indicators showing improvement while others reflect ongoing challenges in various sectors [2][3][20]. Group 2 - The Huachuang Macro WEI index has shown a slight increase to 5.17% as of December 14, up 1.05% from December 7, indicating a recovery in economic activity [2][8]. - Retail sales of passenger cars have seen a narrowing decline, with a year-on-year decrease of -17% in the second week of December, compared to -32% previously [2][13]. - The prices of three major new energy products have risen significantly, with industrial silicon up 3.1%, polysilicon up 6.4%, and lithium carbonate up 16.4% [2][36]. Group 3 - Most industries are experiencing a decline in operating rates, with only a few exceptions like Tangshan's blast furnaces showing stability [3][17]. - The average listing price of second-hand homes has dropped significantly, with first-tier cities down 0.6% and a cumulative decline of 6.2% for the year [3][38]. - The construction sector shows signs of weakness, with asphalt operating rates declining to an average of 27.8% from 34.4% earlier [9][17]. Group 4 - The port container throughput has increased year-on-year by 10.6%, although it has decreased by 0.9% compared to the previous week [2][20]. - The export container throughput from Chinese ports has shown a recovery, with a year-on-year increase in the number of outbound vessels [20][21]. - The overall import situation in the U.S. has rebounded, but imports from China remain weak, with a year-on-year decrease of -27.6% [22][23]. Group 5 - The current stock-bond Sharpe ratio difference stands at 2.65, indicating a favorable allocation value for stocks compared to bonds [11]. - The interest rates for various financial instruments have shown slight fluctuations, with DR001 at 1.2706% and DR007 at 1.4413% as of December 19 [48][49]. - The government is expected to maintain necessary fiscal deficits and debt levels while enhancing the precision and effectiveness of fiscal policies [41][42].

人民财讯12月22日电，据上海发布，中国共产党上海市第十二届委员会第八次全体会议12月22日召开。 全会审议通过《中共上海市委关于制定上海市国民经济和社会发展第十五个五年规划的建议》；认真贯 彻落实中央经济工作会议精神，总结2025年工作，分析当前形势，部署明年经济社会发展目标任务。全 会指出，"十五五"时期，要加快建设"五个中心"，持续提升城市能级和核心竞争力。坚持创新引领、联 动发展，提升国际经济中心地位，以先进制造业为骨干，构建"2+3+6+6"现代化产业体系，促进服务业 优质高效发展，深入实施扩大内需战略，着力培育世界一流企业；增强国际金融中心竞争力和影响力， 加快建设人民币资产全球配置中心和风险管理中心，完善现代金融体系，提高金融服务实体经济能力； 推动国际贸易中心提质升级，加快贸易创新发展，推动贸易结构转型，强化全球供应链管理功能；建设 全球领先的国际航运中心，巩固提升辐射全球的海空枢纽港地位，大力发展现代航运服务业，加快航运 数字智能绿色转型；强化国际科技创新中心策源功能，加强原始创新和关键核心技术攻关，推动科技创 新和产业创新深度融合，一体推进教育科技人才发展。 ...

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the **expansion of domestic demand** as a long-term structural reform strategy to address challenges such as declining demographic dividends and globalization pressures. The shift is from supply-driven to demand-driven, emphasizing the need to supplement both upstream R&D and downstream consumption [1][2][3]. Core Insights and Arguments - **Increase in Resident Income**: A critical factor for expanding domestic demand. Policies like trade-in subsidies may have a short-term effect but can lead to over-reliance on such measures. The emphasis should be on increasing wage and asset income through fiscal reforms to achieve broad-based benefits [1][6]. - **Consumer Trends**: By 2026, service consumption, high-end consumption, and emerging self-reward consumption are expected to perform well. Policies may favor sectors like tourism and dining, while a declining real estate market could enhance purchasing power for younger consumers [1][9]. - **Investment Focus**: Effective investments are anticipated in water conservancy, energy, municipal infrastructure, and core technology sectors such as AI, biomedicine, and quantum communication. The green transition is expected to unlock consumption potential in areas like eco-tourism and energy-efficient appliances [1][11]. Industry-Specific Insights Home Appliance Sector - The home appliance industry is projected to experience a downturn in the second half of 2025 due to trade-in policies, but a recovery is expected in early 2026 as subsidies are renewed, leading to a replenishment cycle [1][12][13]. - **Sales Data**: By November 2025, air conditioner sales grew by approximately 2%, while refrigerator sales declined by about 1%. The overall industry saw a decline in the latter half of the year, particularly in Q4, where air conditioner sales dropped over 20% [12][13]. Fiscal Policy and Consumer Behavior - The fiscal reform is expected to shift focus from incremental taxation to more comprehensive measures, such as property and capital gains taxes, which will gradually influence overall household income and consumption [7][8]. - The effectiveness of subsidies is questioned, as they may lead to a crowding-out effect on autonomous consumption. For instance, a 300 billion yuan subsidy led to a 2.7 trillion yuan increase in retail sales, but the non-subsidy portion contributed negatively [6]. Investment Recommendations - **Home Appliances**: Companies like Midea, Haier, TCL, and Hisense are recommended for their strong domestic and international performance. The expectation is that these companies will benefit from the renewed subsidy policies in 2026 [15]. - **New Consumption Trends**: Focus on emerging brands in personal care and health products, as well as established brands with significant market barriers, such as Mao Geping and Shanghai Jahwa [18]. - **Health and Wellness Sector**: Companies like Xianle Health and Ximai Foods are highlighted for their growth potential in the health and wellness market, driven by the aging population and increasing health awareness [19][21]. Additional Insights - **Transportation Sector**: The aviation industry is expected to benefit directly from increased demand, while the shipping industry will see indirect benefits from heightened domestic trade activities [28]. - **Agricultural Sector**: Recommendations include focusing on the pet industry and functional ingredients, with companies like Zhongchong and Bailong Chuangyuan showing strong growth potential [31]. Conclusion - The overall sentiment is optimistic regarding the expansion of domestic demand, with significant investment opportunities across various sectors, particularly in health, home appliances, and new consumption trends. The emphasis on increasing resident income and effective fiscal reforms will be crucial in driving this growth [26][27].

编者按 党的二十届四中全会对扩大内需作出战略部署，刚刚闭幕的中央经济工作会议将"坚持内需主导，建设 强大国内市场"列为明年经济工作要抓好的八项重点任务之首。要结合学习贯彻党的二十届四中全会精 神和中央经济工作会议精神，深刻把握这一重要部署的战略考量和实践要求，坚定实施扩大内需战略， 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。本版摘发部分文 章，供读者学习参考。 ...

为深入贯彻落实北京市关于促进消费扩容提质的决策部署，持续释放餐饮消费潜力，由北京市昌平区商务局主办的昌平区2025年涮肉美食节自启动以来，已 成功举办市集活动，掀起"舌尖+文化"消费热潮。今日，2025年涮肉美食节年终活动——涮肉+滑雪主题快闪在军都山滑雪场震撼登场，以"冰雪+美食"的创 新场景，打造一场兼具烟火气与文化味的冬日消费盛宴。 雪地涮肉新体验：11家品牌联动，解锁"1秒切换"的快乐 本次活动选址军都山滑雪场雪地核心区域，打破传统市集边界，首创"雪道直达展位"模式——滑雪爱好者从雪道飞驰而下，转瞬即可抵达涮肉展位，实 现"摘板即涮肉"的无缝衔接，生动诠释"从摘板到涮肉，只需要1秒"的活动口号。11家参与品牌涵盖老字号、新锐餐饮、文旅机构及特色市集，包括北冰 洋、昌平文旅集团、呷哺呷哺、和庆斋、九华山庄、幸會火锅咖啡、阳坊大都涮羊肉、阳坊涮肉、月朗斋、巴图锡盟羊肉铜锅涮、军都四季火锅等，形 成"涮肉主力+文旅赋能+特色饮品"的全场景消费矩阵。 快闪活动现场 现场不仅提供手切鲜羊肉、创意涮肉等冬日限定美味，更推出多种美食节专属优惠，让市民游客在冰雪激情中畅享"暖胃又暖心"的实惠。 文化+促销双驱动：镖局 ...

近日，被认为相对稀缺的"零负债人群"走红网络，并频频登上各大平台热搜。所谓"零负债人群"，其核 心特征在于：以理性规划确保财务安全与生活从容。 这一群体坚持财务"绝对安全"原则，在消费选择上，他们更注重必需品的性价比，主动回避奢侈品、面 子工程等高溢价消费。由于经济压力较小，这部分人群拥有更高的时间自主权，可将精力投入学习、转 行或阶段性休整，甚至获得更稳定的睡眠质量。 新质未来研究院院长、经济学家张奥平在接受《中国经营报》记者采访时表示："只有让'零负债人'转 变为'零忧虑人'，消费意愿才有可能真正提升。" 高自由，不迁就 中银消费金融联合时代数据在2021年发布的《当代青年消费报告》显示，全国约有1.75亿名90后，其中 仅有13.4%的年轻人处于无负债状态。 尼尔森2019年发布的数据显示，中国年轻人整体信贷产品渗透率高达86.6%。 如何撬动"零负债人群" 2026年，中国将继续实施扩大内需战略。在此背景下，"零负债人群"如何释放消费潜力，成为值得关注 的现实问题。 随着经济发展和人均收入水平提高，我国居民消费结构已由生存型向发展型转变，由商品消费向服务消 费拓展。相较于大额耐用品消费，服务消费在降低 ...

第一个维度，是深刻理解"战略之举"的时代内核。李冠英说道："'扩大内需是战略之举'，并不仅仅是将扩大内需作为一种 短期的经济刺激手段，更是基于大国经济转型、国家安全发展，以及人民福祉提升的宏观考量。改革开放以来，中国经济长期 依赖'两头在外'的国际大循环，而随着外部环境发生深刻变化，传统依靠外需拉动经济增长的模式已经难以为继。" "当前的扩大内需，是顺应我国经济发展阶段演进、契合国际宏观环境变化的根本性战略调整，标志着我国经济发展重心 将从过去主要依赖出口和投资，转向以内需为主导的增长模式。这一战略不仅是应对当前外部风浪的'挡风墙'，更是保障我国 经济行稳致远的'压舱石'。"李冠英表示。 "大国经济的优势就在于内部可循环。"对此，李冠英结合全球经济形势进一步分析称，近年来全球经济增长动能持续减 弱，单边主义思潮蔓延，在此背景下，只有构建起强大的内需市场，才能在外部需求萎缩时，通过内需的稳定增长对冲外需下 滑的影响。"这不仅是经济问题，更是生存与竞争、发展与可持续的长期问题。以内需的稳定性应对国际环境的不确定性，是 保障国家经济安全的必然选择。"李冠英说道。 第二个维度，是充分释放"市场"这一稀缺战略资源的巨大 ...

Investment Rating - The report maintains a rating of "Buy" for several key companies in the aviation and logistics sectors, including China Southern Airlines, Spring Airlines, and SF Express [2]. Core Insights - The aviation sector is expected to benefit from multiple catalysts, including the recovery of passenger demand and improved ticket pricing due to high load factors and regulatory support [4][6]. - The logistics and express delivery industry is experiencing a divergence in growth rates, with a focus on improving operational quality through policies aimed at reducing "involution" and the adoption of automation technologies [6][7]. Summary by Sections Aviation Sector - The report highlights the positive impact of the national strategy to expand domestic demand, which is expected to drive up airline stock prices. For instance, companies like China Eastern Airlines and China Southern Airlines saw stock increases of 12.48% and 13.60%, respectively [4]. - Key metrics for airlines from December 15 to December 19 include average daily flights and aircraft utilization rates, with notable year-on-year increases in flight numbers for several airlines [4]. - The report emphasizes the long-term growth potential of the aviation sector, driven by a combination of recovering demand, regulatory support for pricing, and a gradual recovery in aircraft utilization rates [6]. Logistics and Express Delivery - The express delivery sector is witnessing a mixed trend in volume and pricing, with November data showing a year-on-year increase in delivery volumes for some companies while others face declines [6]. - The report notes that the integration of Danbird Logistics into Shentong Express is expected to enhance scale and operational efficiency [6]. - The "anti-involution" policy is anticipated to improve profitability across the express delivery industry, with a focus on enhancing service quality and pricing strategies [6][7]. Infrastructure - The report suggests that the infrastructure sector, particularly highways, remains stable with consistent cash dividends and ongoing expansion projects [6]. - Data from December 8 to December 14 indicates a slight decline in freight traffic on highways and railways, but overall port throughput showed a year-on-year increase [6]. Shipping and Trade - The shipping sector is experiencing fluctuations in freight rates, with oil shipping showing strength while dry bulk rates are declining. The report suggests that geopolitical factors may reshape global shipping dynamics [7]. - The report recommends monitoring companies in the shipping sector for potential investment opportunities, particularly those positioned to benefit from seasonal demand increases [7].

会议强调，要坚持青年优先发展，聚焦建设青年发展型城市，强化青年理论武装，促进 青年健康成长，加快完善入学入园、创业就业、安居宜居、婚恋养育、权益维护等全生命周 期服务，深入实施"楚材聚汉、共建支点"行动，扎实推进"学子聚汉"和"双创双带"，激励广 大青年担当作为、建功立业，为全力打造"五个中心"、全面建设现代化大武汉凝聚青春奋进 力量。 会议要求，要把握新一轮科技革命和产业变革机遇，发挥我市科教人才和医疗资源优 势，构建跨领域协作的创新环境，加强关键核心技术攻关，打造高性能产品，拓展多元应用 场景，加快培育创新主体，推动产业集聚集群发展，打造脑机接口产业创新发展高地。 12月19日，市委副书记、代市长熊征宇主持召开市政府第175次常务会议，传达学习习 近平总书记近期重要讲话重要文章精神，研究政府系统贯彻落实举措；研究部署我市赏樱游 规划建设、青年发展型城市建设、脑机接口产业创新发展等工作。 会议强调，要深入学习贯彻习近平总书记在《求是》杂志上发表的重要文章《扩大内需 是战略之举》精神，深刻领会其核心要义和实践要求，坚定不移实施扩大内需战略，坚持惠 民生和促消费、投资于物和投资于人紧密结合，深入实施消费提振专项 ...