Market Performance - The A-share market in Fujian continues to strengthen, with notable stocks including Zhongchuang Environmental Protection hitting a 20% limit up, and Deyi Cultural Creativity rising over 12% [1] - Significant stocks such as Shuhua Sports, Longzhou Co., Xinha Food, and others also experienced limit up movements, with Anji Food achieving a six-day consecutive rise [1] Policy Developments - On December 8, the Xiamen Municipal Committee released suggestions for the 15th Five-Year Plan, aiming to accelerate the establishment of a cross-strait common market [2] - The plan includes optimizing the business environment related to Taiwan, exploring free trade for goods, and enhancing the transportation system between Xiamen and Taiwan [1][2] Stock Highlights - Zhongchuang Environmental Protection (300056) saw a 20.05% increase with a market cap of 3.971 billion, but a year-to-date decline of 22.44% [3] - Deyi Cultural Creativity (300640) increased by 12.42%, with a market cap of 2.814 billion and a year-to-date rise of 60.87% [3] - Anji Food (603696) rose by 9.99%, with a market cap of 5.541 billion and a remarkable year-to-date increase of 189.47% [3]

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 300056 | 中创环保 | | 20.05 | 39.71亿 | -22.44 | | 300640 | 德艺文创 | | 12.42 | 28.14亿 | 60.87 | | 300096 | ST易联众 | 1 | 12.10 | 34.66 乙 | 154.26 | | 605299 | 舒华体育 | 1 | 10.04 | 64.17亿 | 103.49 | | 002682 | 龙洲股份 | 4-> | 10.03 | 53.65亿 | 125.53 | | 003016 | 欣贺股份 | | 10.03 | 48.91亿 | 34.45 | | 002229 | 鸿博股份 | | 10.01 | 91.10亿 | 53.13 | | 000905 | 厦门港务 | 1 | 10.00 | 108亿 | 105.07 | | 600693 | 东百集团 | 1 | 9.99 | 107亿 | 78.52 | | 603696 | 安记食品 | ...

Group 1: China's Trade and Economic Resilience - China's foreign trade shows strong resilience, with a total import and export value of 41.21 trillion yuan in the first 11 months of the year, marking a year-on-year growth of 3.6% [2] - In November, the year-on-year growth rate of imports and exports rebounded to 4.1%, maintaining growth for ten consecutive months since February [2] - Exports of mechanical and electrical products reached 14.89 trillion yuan, with a year-on-year increase of 8.8%, and "new three items" and ship exports both exceeding 20% growth [2] Group 2: Cross-Border E-commerce and Market Expansion - Cross-border e-commerce imports and exports reached approximately 2.06 trillion yuan in the first three quarters, showing a year-on-year growth of 6.4% [3] - China has achieved significant growth in trade with ASEAN, Latin America, and Africa, with respective growth rates of 8.5%, 5.6%, and 18.7% in the first 11 months [3] Group 3: Foreign Investment and Market Attraction - In 2023, the number of newly established foreign-invested enterprises in China reached 54,000, a year-on-year increase of 14.7% [7] - Major global brands continue to invest in China, with notable examples including Pizza Hut surpassing 4,000 stores and Tesla establishing a super factory in Shanghai [7] - The Chinese market remains a key destination for foreign investment, with many companies viewing it as essential for maintaining global competitiveness [9] Group 4: Open Trade Policies and International Cooperation - China has implemented zero-tariff treatment for all products from least developed countries, resulting in an increase of over 55 billion yuan in imports from these nations [4] - The establishment of free trade ports and the expansion of zero-tariff policies are attracting global attention and investment [10] - China's commitment to high-level institutional openness is evident in its efforts to align with international trade rules and reduce trade costs [11] Group 5: Infrastructure and Global Connectivity - The Belt and Road Initiative is enhancing economic integration and providing new momentum for regional economies through improved trade and infrastructure [12] - Significant projects, such as the construction of the tallest building in Africa and the development of the China-Laos Railway, are underway, showcasing China's commitment to global cooperation [12]

中国国际经济交流中心副理事长王一鸣在主旨演讲中强调，京港深化金融合作，对巩固和提升香港国际 金融中心地位、助力构建"双循环"新发展格局意义重大。他建议从五个方面探索深化合作路径：一是合 作发展科技金融；二是探索跨境资管合作；三是协同推进人民币国际化；四是强化优势互补提升各自竞 争力；五是加强金融监管协同，筑牢金融安全防线。 来源：环球网 【环球网财经综合报道】日前，"深化京港协同，赋能金融高水平开放——资产管理行业在'十五五'开 放格局下的发展机遇"金融街论坛系列活动在北京成功举办。本次活动在北京市地方金融管理局、北京 金融街服务局的指导下，由北京资产管理协会与港大经管学院华北校友会共同主办。 北京资产管理协会会长、工银理财有限责任公司总裁高向阳表示，北京资产管理协会自成立以来，始终 以"推动资管行业高质量发展、搭建跨区域交流合作平台"为核心使命，本次活动正是协会立足"十五 五"战略窗口期，助力京港金融"双中心"协同、服务金融高水平开放的重要实践。高向阳指出，当前， 我国正处于"十四五"规划圆满收官与"十五五"规划谋篇布局的关键交汇期，金融领域正从"要素型开 放"向"制度型开放"进阶，构建适配我国经济地位、兼 ...

12月5日，"深化京港协同，赋能金融高水平开放——资产管理行业在'十五五'开放格局下的发展机 遇"金融街论坛系列活动在北京举办。论坛汇聚多位政产学领域重磅嘉宾，共探资管行业开放发展机遇 与京港金融合作路径，为构建安全开放的现代金融体系凝聚共识。 北京资产管理协会会长、工银理财有限责任公司总裁高向阳表示，当前，我国正处于"十四五"规划圆满 收官与"十五五"规划谋篇布局的关键交汇期，金融领域正从"要素型开放"向"制度型开放"进阶，构建适 配我国经济地位、兼具安全与开放属性的现代金融体系已成为核心任务。北京与香港作为我国金融体系 中两大核心枢纽，形成的"双中心"驱动效应，正是支撑这一任务落地的关键引擎。 中国国际经济交流中心副理事长王一鸣表示，京港深化金融合作，对巩固和提升香港国际金融中心地 位、助力构建"双循环"新发展格局意义重大。他建议从五个方面探索深化合作路径：一是合作发展科技 金融；二是探索跨境资管合作；三是协同推进人民币国际化；四是强化优势互补提升各自竞争力；五是 加强金融监管协同，筑牢金融安全防线。 全国社会保障基金理事会原副理事长王忠民认为，当前，香港金融市场的功能作用主要体现在三个方 面。一是供应链 ...

Group 1 - China's foreign trade shows resilience, with a total import and export value of 41.21 trillion yuan in the first 11 months of the year, a year-on-year increase of 3.6% [2] - In November, the year-on-year growth rate of imports and exports rebounded to 4.1%, maintaining growth for ten consecutive months since February [2] - Exports of mechanical and electrical products reached 14.89 trillion yuan, up 8.8% year-on-year, with "new three types" products and ship exports growing over 20% [2] Group 2 - Cross-border e-commerce imports and exports reached approximately 2.06 trillion yuan in the first three quarters, a year-on-year increase of 6.4% [3] - China has achieved significant growth in trade with ASEAN, Latin America, and Africa, with respective growth rates of 8.5%, 5.6%, and 18.7% in the first 11 months [3] Group 3 - China has maintained a continuous increase in imports for six consecutive months, with imports from least developed countries increasing by over 55 billion yuan [4] - The Ministry of Commerce emphasizes the need to promote high-quality trade development and enhance international cooperation [4] Group 4 - In 2023, 54,000 new foreign-invested enterprises were established in China, a year-on-year increase of 14.7%, indicating strong market attraction [7] - Major foreign companies continue to invest in China, reflecting the country's status as a significant consumer and import market [7] Group 5 - The establishment of free trade ports and the implementation of zero tariffs on certain products are attracting global attention and investment [10] - China's free trade zones and ports are seen as high-level open forms that promote economic vitality and international cooperation [11] Group 6 - The Belt and Road Initiative is enhancing economic integration and providing new momentum for regional economies through improved trade and infrastructure [12] - China's commitment to openness is expected to contribute to the construction of an open world economy and a better future for humanity [12]

Core Viewpoint - China's foreign trade shows resilience with a total import and export value of 3.9 trillion yuan in November, reflecting a year-on-year growth rate of 4.1%, marking a significant recovery from the previous month [1] Group 1: Trade Performance - In November, exports reached 2.35 trillion yuan, up 5.7% year-on-year, while imports were 1.55 trillion yuan, increasing by 1.7% [1] - For the first 11 months, the total import and export value was 41.21 trillion yuan, a year-on-year increase of 3.6%, with exports at 24.46 trillion yuan (up 6.2%) and imports at 16.75 trillion yuan (up 0.2%) [1] Group 2: Export Structure - High-tech and high-value-added products are driving export growth, with mechanical and electrical products reaching 14.89 trillion yuan, a year-on-year increase of 8.8%, accounting for over 60% of total exports [2] - Integrated circuits and automobiles saw significant growth, with exports of 1.29 trillion yuan (up 25.6%) and 896.91 billion yuan (up 17.6%), respectively [2] - Traditional labor-intensive products have seen a decline, indicating a shift in export structure from quantity to quality [2] Group 3: Trade Entities - The share of private enterprises in foreign trade continues to rise, with their import and export value reaching 23.52 trillion yuan, a year-on-year increase of 7.1%, accounting for 57.1% of total foreign trade [2] - The number of private enterprises engaged in foreign trade increased by 66,000 year-on-year, with a continuous growth in both exports and imports for nine consecutive months [2] Group 4: Trade Partners - Emerging markets are crucial for stabilizing foreign trade, with trade with ASEAN reaching 6.82 trillion yuan, a year-on-year increase of 8.5%, accounting for 16.6% of total foreign trade [3] - Trade with countries involved in the Belt and Road Initiative totaled 21.33 trillion yuan, up 6% year-on-year, indicating a reduced reliance on traditional developed economies [3] Group 5: Policy Support - A series of policies aimed at stabilizing foreign trade have been implemented, focusing on financial credit, tax refund facilitation, and cross-border e-commerce support [3] - Future policies will emphasize institutional openness and structural support to guide the transformation of foreign trade, including market access reforms and the promotion of cross-border e-commerce [3]

新华社北京12月8日电 题：坚持在开放合作中育新机拓新局——中国与世界共享机遇共同发展 新华社记者邹多为、戴锦镕、丁乐 中国越发展就越开放，开放是国家繁荣发展的必由之路。 纵观2025年，面对外部冲击影响加大，中国积极识变应变求变，以开放促改革促发展，在加快构建 新发展格局中携手各国共享新机遇、共拓新空间。 外贸"韧实力"展现新气象 "箱"当给力！12月2日，世界第一大港迎来历史性时刻—— 随着一个身披"红妆"的集装箱被稳稳吊至装箱轮，宁波舟山港年集装箱吞吐量首次突破4000万标准 箱，成为全球第三个达成这一里程碑的港口。 川流不息的货车船只、强大的吞吐能力、高效运转的作业系统……港口作为观察我国外贸活力 的"晴雨表"，清晰展现出货物贸易第一大国的强劲韧性。 海关总署12月8日发布的最新数据显示，今年前11个月，中国货物贸易进出口总值达到41.21万亿 元，同比增长3.6%；11月当月，进出口同比增速回升至4.1%，从2月起连续10个月保持增长。 海关总署副署长王军分析认为，中国外贸之所以稳中有进、量质齐升，主要源于完备产业体系支撑 的底气，新质生产力带来的朝气，以及广大外贸企业迎难而上、开拓进取的锐气。 习 ...

宏观研究 宏观快评 2025 年 12 月 08 日 华创证券研究所 证 券 研 究 报 告 【宏观快评】 等待"两大会"召开——政策周观察第 58 期 近一周，政策出台不多，主要有以下内容。短期内，关注中央政治局会议和中 央经济工作会议"两大会"召开。 1、12 月 1 日，《求是》杂志发表习近平总书记重要文章《推进党的自我革命 要做到"五个进一步到位"》。文章中，习近平总书记指出"对党的自我革命认 识要进一步到位……我们党进行自我革命，刀刃向内、激浊扬清、刮骨疗毒， 非但不会影响党的形象和威信，反而能够提高党的形象和威信；非但不会挫伤 党员干部的积极性，反而能够更广泛更充分地调动党员干部的积极性；非但不 会影响经济社会发展，反而能够为高质量发展提供坚强政治保证"，"党员干部 增强党性要进一步到位"，"权力规范运行要进一步到位"，"从严监督执纪要进 一步到位"，"落实管党治党责任要进一步到位"。 2、资本市场：1）12 月 5 日，国家金融监管总局调整保险公司相关业务风险 因子，"针对保险公司投资的沪深 300 指数成分股、中证红利低波动 100 指数 成分股以及科创板股票的风险因子，根据持仓时间进行了差异 ...

Core Insights - The article emphasizes the growth and effectiveness of China's Free Trade Zones (FTZs) as a significant strategy for reform and opening up during the 14th Five-Year Plan period, with nearly 200 institutional innovations achieved across 22 FTZs [1][2] Group 1: Achievements and Innovations - The FTZs have implemented a series of landmark measures, including negative lists for foreign investment and cross-border service trade, which have improved the business environment and stimulated open development [2] - By 2024, the share of foreign trade and foreign investment from FTZs is projected to reach 19.6% and 24.3% of the national totals, respectively, indicating accelerated release of innovation dividends [2] Group 2: Differentiated Exploration - Each of the 22 FTZs has unique resources and geographical characteristics, allowing for tailored explorations of reform, such as Zhejiang focusing on bulk commodities and Jiangsu and Shandong on biomedicine and marine economy [2] Group 3: High Standards and Future Directions - FTZs in Shanghai and Hainan have aligned with international high-standard trade rules, launching over 110 pilot measures across key areas like trade, investment, and environmental protection, which are expected to enhance economic growth [5] - The Ministry of Commerce signals a commitment to further explore beneficial reforms and enhance the quality of the open economy during the 15th Five-Year Plan period [5]