Core Viewpoint - The company is focusing on developing a new industrial structure of 1+3+N, aiming to strengthen its home appliance controller business while addressing the growing demand for smart home solutions tailored for the elderly population due to global aging trends and supportive policies for the "silver economy" [1] Group 1: Company Strategy - The company is leveraging its existing smart controller technology to create multiple solutions specifically designed for the elderly, including a medical-grade oxygen machine with sensing technology and AI health analysis features [1] - The company has partnered with Tencent Cloud to develop the Smart Bed 2.0, which is part of its initiative to cater to the aging population [1] Group 2: Financial Performance - For the period from January to September 2025, the company reported a revenue of 1.034 billion yuan, representing a year-on-year growth of 14.77% [1] - The company achieved a net profit attributable to shareholders of 23 million yuan, which is a year-on-year increase of 7.72% [1] Group 3: Market Trends - The demand for age-friendly smart home products is on the rise, driven by the acceleration of global aging and the promotion of policies related to the "silver economy" [1] - The company has conducted pilot tests of its products in various elderly care institutions and home settings, indicating a proactive approach to market validation [1]

服务行业：1）商务部发言人何亚东4日在商务部例行新闻发布会上表示，岁末年初是传统的消费旺季，商务部将 坚持惠民生和促消费紧密结合，扩大优质商品和服务供给，创新消费场景，更好地满足人民美好生活需要。何亚 东介绍，商务部将加快推进消费新业态、新模式、新场景试点和国际化消费环境建设工作，打造更加舒适便捷的 消费环境。2）12月2日，《外卖平台服务管理基本要求》国家标准发布实施。针对社会广泛关注的外卖平台非理性 竞争，标准提出外卖平台开展价格促销时不能扰乱市场价格认知与正常秩序。标准除直接限制非理性竞争行为外， 还通过提高外卖餐品质量、在算法中为配送员"降速"以及加强消费者权益保护等多个方面形成系统性合力，促进 外卖行业市场竞争回归理性。 数据来源：iFind，华泰期货研究院 行业总览 宏观日报 | 2025-12-05 上游：1）有色：铜价格回升较多。2）能源：液化天然气价格下行。3）化工：尿素价格回落。 关注下游年末促销进展 中观事件总览 生产行业：中国自主研发CPU发布。 1）4日下午，商务部新闻发言人就开展稀土相关物项出口管制进行了回应。 商务部新闻发言人何亚东：中国政府依法依规开展稀土相关物项的出口管制工作 ...

Group 1 - The acquisition of Skechers by 3G Capital for approximately $9.4 billion at $63 per share has sparked a lawsuit from hedge funds seeking to reassess the company's fair value, claiming the price undervalues the company [2][4] - The acquisition price represented a 30% premium over the 15-day volume-weighted average stock price prior to the announcement, but the stock had already dropped 25% by April 24 due to U.S. government tariff policy fluctuations [4] - Skechers' sales for the first half of 2025 reached $4.85 billion, a 10% year-over-year increase, with the Asia-Pacific region contributing $1.19 billion, up 15.8%, although sales in China declined by 12.1% [6] Group 2 - The lawsuit from hedge funds is seen as a speculative move, where they purchased shares before the acquisition and are now challenging the price to seek higher returns [5] - 3G Capital attempted to negotiate a settlement with a slightly higher offer than the acquisition price, but it did not meet the expectations of the hedge funds and other large investors [5] - Skechers China has managed to produce over 90% of its products locally, reducing the impact of external trade environment changes, and is investing in digitalization and AI to enhance its supply chain [5]

Group 1 - The Chinese government is implementing export controls on rare earth-related items, ensuring compliance for civilian use applications and promoting trade facilitation measures to maintain global supply chain stability [1][1][1] - The Ministry of Industry and Information Technology is guiding electric bicycle manufacturers to adhere to new standards, focusing on optimizing design and improving consumer satisfaction [1][1][1] - The State Administration for Market Regulation has released a national standard for food delivery platforms, emphasizing food safety, fair market competition, and the protection of delivery personnel's rights [1][1][1] Group 2 - The People's Bank of China announced a 1 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, with a term of 91 days [1][1][1] - China's service trade showed steady growth in the first ten months of 2025, with total service trade reaching 65,844.3 billion yuan, a year-on-year increase of 7.5% [1][1][1] - The electronic information manufacturing industry in China experienced stable production growth, with smartphone production at 1.02 billion units, a 0.7% year-on-year increase [1][1][1] Group 3 - The China Logistics and Purchasing Federation reported that the China Bulk Commodity Price Index (CBPI) for November 2025 was 114.1 points, reflecting a month-on-month increase of 0.8% and a year-on-year increase of 1.6% [1][1][1] - The second China-ASEAN Digital Governance Dialogue emphasized collaboration to address challenges posed by digital development and enhance governance capabilities [1][1][1] - Cambricon Technologies issued a statement clarifying that recent media reports regarding its product and capacity forecasts were misleading, urging investors to rely on official disclosures [1][1][1]

Core Insights - Shenzhen is accelerating the development of its "Silver Economy" by establishing a multi-dimensional industrial park system, with 15 new parks announced for 2025, indicating a strategic move to capture a trillion-yuan market potential [4][12] - The first batch of "Silver Economy Industrial Parks" includes three key parks focusing on smart manufacturing, medical devices, and other high-tech sectors, aligning with Shenzhen's industrial development direction [6][12] Group 1: Industrial Development - The Bao'an District has the highest number of selected parks, focusing on smart manufacturing, medical devices, and biomedicine, with 14 elderly care institutions and 3,471 elderly care beds established by the end of 2024 [5][12] - The three parks selected as the first batch include the New Bridge East Advanced Manufacturing Industrial Park in Bao'an, the Deep Hundred New Economic Base in Pingshan, and the Longhua Silver Economy Industrial Park, all of which are aligned with Shenzhen's strengths in technology and innovation [6][12] Group 2: Policy and Support - Shenzhen's government has implemented a comprehensive policy support system to promote high-quality development in the silver economy, including investment support measures and a focus on original innovation and technology breakthroughs [8][12] - The establishment of a virtual silver economy industrial park and multiple district-level parks aims to create a collaborative "1+N" development model, enhancing service delivery and resource integration for enterprises [8][12] Group 3: Cultural Integration - The Guihuatang Laowei Elderly Health and Tourism Industrial Park combines cultural heritage with modern health services, promoting Hakka culture and offering various wellness programs [9][10] - The park has implemented initiatives like the "Silver Inheritor Plan" to engage elderly individuals in traditional crafts, fostering cultural transmission and product innovation [10] Group 4: Market Potential - The silver economy in China is projected to reach 30 trillion yuan by 2035, with Shenzhen positioning itself as a leader in this burgeoning market [11][12] - The establishment of a street-level silver economy committee in Longhua District aims to enhance collaboration among enterprises, addressing fragmentation in the industry and fostering competitive advantages [13]

新华社北京12月4日电 12月4日下午，国务院总理李强在北京人民大会堂会见来华进行国事访问的法国 总统马克龙。 新华社北京12月4日电 全国人大常委会委员长赵乐际4日下午在北京会见法国总统马克龙。 赵乐际表示，习近平主席今天上午同总统先生举行会谈，为中法关系下阶段发展指明了方向。中方愿同 法方一道，落实好两国元首重要共识，弘扬中法建交精神，密切友好往来，深化互利合作，扩大人文交 流，加强多边领域对话协作，推动两国关系稳健、积极发展。中国全国人大愿同法国议会两院密切各层 级交流交往，分享立法、监督等工作经验，为两国务实合作提供法律保障。 马克龙表示，法中保持坦诚直接、内涵丰富的对话，达成许多共识。法方钦佩中国在经济、科技等领域 取得的成就，愿同中方深化务实合作，加强立法机构交往，共同应对全球性挑战，不断推动法中关系平 衡发展。 李鸿忠参加会见。 《 人民日报 》( 2025年12月05日 01 版) 李强表示，近年来，在两国元首战略引领下，中法关系与合作取得很多新的进展和成果。今天上午，习 近平主席同总统先生举行会晤，为进一步深化两国关系指明了方向。中法同为全球主要经济体和联合国 安理会常任理事国，保持密切战略 ...

12月4日下午，国务院总理李强在北京人民大会堂会见来华进行国事访问的法国总统马克龙。 李强表示，近年来，在两国元首战略引领下，中法关系与合作取得很多新的进展和成果。今天上午，习 近平主席同总统先生举行会晤，为进一步深化两国关系指明了方向。中法同为全球主要经济体和联合国 安理会常任理事国，保持密切战略沟通，开展协调有力行动，不仅有利于双方携手发展，也能为当今变 乱交织的世界注入更多稳定性、确定性。中方愿同法方一道继续努力，赓续传统友谊，巩固政治互信， 加强全方位合作，推动中法全面战略伙伴关系迈上新台阶。 马克龙表示，今天上午，我同习近平主席举行了富有成果的会晤，共同擘画了法中全面战略伙伴关系持 续深入发展的愿景。祝贺中国近年来经济社会发展取得显著成就，乐见中国经济持续增长。中国科技创 新迅速发展，在诸多领域位居世界前列。法方愿同中方加强各层级交往对话，扩大双向开放和相互投 资，深化经贸、农业、航天、航空、民用核能、可再生能源等领域合作，共同开拓第三方市场。法方愿 同中方加强协作，维护自由贸易和多边贸易体制，推动改革完善全球治理体系。 吴政隆参加会见。 （文章来源：新华社） 李强指出，中法作为长期重要经贸伙伴，经 ...

作者：王明夫 老龄化社会正在向我们走来，悲观的人听到了夕阳西下的生命挽歌，乐观的人看到了朝阳升起的经济日出。我和本书的牵头作者张卢锋、曹卓君，显然属 于乐观的人。我们坚信，未来二十年，"银发经济"是重构中国消费格局、驱动产业创新、支撑中国经济增长的重要力量。我对未来二十年的中国银发经济 有十一点认识，供方家批评指正。 一、规模跃迁，从万亿规模的蓝海到百万亿级规模的支柱产业。 未来二十年，中国银发经济将完成从"潜力市场"到"支柱产业"的史诗级跨越。随着"60后""70后"等高净值人群步入退休，老年人口总量增加、寿命延长与 人均消费能力提升这三者将形成乘数效应。这个市场将不再是原来概念下的养老、保健、医疗，而是渗透至消费全域，成为重塑市场格局的决定性力量。 二、消费分层，年龄层次定义银发经济的需求特征和市场结构。 目前，我国以60岁为老年人的起点（以退休年龄为标志），我国人口平均寿命接近80岁。银发经济对应的年龄期间约为20年（60岁-80岁）。随着AI和先 进生物技术应用于医药医疗，未来二十年，人的寿命将大幅延长，据说活到百岁以上是常态。如果依旧以60岁为老年人的起点，那么银发经济对应的年龄 期间可能是40年（ ...

王毅参加上述活动。 一是不断拓展双边经贸合作新领域。中方视法方为重要的、不可或缺的经贸合作伙伴，欢迎法方积极参与中国式现代化进 程，支持有实力、有意愿的中方企业赴法投资兴业。双方要挖掘人工智能、绿色和数字经济、生物医药、银发经济等新兴领 域合作潜力，持续推动产业链供应链开放合作，为两国企业提供公平、透明、非歧视、可预期的营商环境。 二是继续推动中欧互利合作新发展。今年是中欧建交5 0周年。中欧经贸关系的本质是优势互补、互利共赢，完全能够在发展 中实现动态平衡。相互依赖不是风险，利益交融不是威胁。中法双方要推动中欧坚持全面战略伙伴关系定位，共创中欧关系 更加光明的下一个5 0年。 三是共同为改革完善全球治理作出新贡献。今年是世界反法西斯战争胜利和联合国成立80周年。为了推动构建更加公正合理 的全球治理体系，继全球发展倡议、全球安全倡议、全球文明倡议后，今年9月我提出全球治理倡议。中法两国要践行真正的 多边主义，共同维护联合国地位和权威，维护以世界贸易组织为核心、以规则为基础的多边贸易体制，为改革完善全球治理 贡献正能量。 习近平强调，中共二十届四中全会审议通过了"十五五"规划建议。中国将全面推进中国式现代化，扩 ...

一是不断拓展双边经贸合作新领域。中方视法方为重要的、不可或缺的经贸合作伙伴， 欢迎法方积极参与中国式现代化进程，支持有实力、有意愿的中方企业赴法投资兴业。双方 要挖掘人工智能、绿色和数字经济、生物医药、银发经济等新兴领域合作潜力，持续推动产 业链供应链开放合作，为两国企业提供公平、透明、非歧视、可预期的营商环境。 二是继续推动中欧互利合作新发展。今年是中欧建交50周年。中欧经贸关系的本质是优 势互补、互利共赢，完全能够在发展中实现动态平衡。相互依赖不是风险，利益交融不是威 胁。中法双方要推动中欧坚持全面战略伙伴关系定位，共创中欧关系更加光明的下一个50 年。 三是共同为改革完善全球治理作出新贡献。今年是世界反法西斯战争胜利和联合国成立 80周年。为了推动构建更加公正合理的全球治理体系，继全球发展倡议、全球安全倡议、全 球文明倡议后，今年9月我提出全球治理倡议。中法两国要践行真正的多边主义，共同维护联 合国地位和权威，维护以世界贸易组织为核心、以规则为基础的多边贸易体制，为改革完善 全球治理贡献正能量。 习近平强调，中共二十届四中全会审议通过了"十五五"规划建议。中国将全面推进中国式 现代化，扩大高水平对外开放 ...