Carrer 1 # # are many C 2 149 家宴贺新岁。 "3！2！1！新年快乐！"2026年元旦零点的钟声敲响，西宁新千王府井生活广场瞬间沸腾。绚烂的烟花如金色星河倾泻，璀璨的光芒照亮夜空，映照着一张 张喜悦的脸庞。市民李女士牵着女儿的手，举着点燃的仙女棒欢呼雀跃，用手机记录下这漫天绚烂："跨年夜太有仪式感了，孩子都舍不得走！" 元旦假期，青海省各级商务主管部门与商贸企业紧抓消费黄金期，印发《关于加紧谋划2026年促消费活动的通知》，指导各地围绕重点节假日制定活动计 划，以"省市县联动、政企协同"的强劲合力，点燃全省消费热情。从湖畔家宴到商圈狂欢，从以旧换新到民生保障，高原大地处处涌动着蓬勃的消费活力。 超市货品供应充足。 本报记者 董 洁 特色活动轮番上阵 点燃城乡消费热情 消费热潮的涌动，离不开顶层设计的精准引领与全省一盘棋的统筹布局。省级层面聚焦两节消费关键节点，以"6+N"系列促消费活动为抓手，打造特色消费 品牌。其中"6"即省商务厅牵头出台1份全省方案——《2026年全省消费促进活动方案》，统筹安排促消费工作；举办1场全年促消费活动启动仪式，同步推 出"青海家宴·饗在刚察——日出刚 ...

本报讯(记者李晞)12月19日记者从省统计局获悉，今年前11月，全省经济运行稳中有进，工业稳步向 好，服务业营收表现亮眼，消费市场平稳复苏。 服务业整体稳步恢复，重点领域表现亮眼。1—10月，全省规模以上服务业营业收入同比增长7.5%。其 中，居民服务、修理和其他服务业，租赁和商务服务业，科学研究和技术服务业分别增长15.5%、 13.4%、10.1%。金融运行平稳有序。11月末，全省金融机构人民币存款余额27.0万亿元，同比增长 7.8%；人民币贷款余额28.2万亿元，同比增长9.4%。 消费市场平稳复苏，升级类消费增长强劲。1—11月，全省社会消费品零售总额42586.8亿元，同比增长 3.8%。全省限额以上批发业、零售业销售额同比分别增长5.1%、7.1%；限额以上住宿业、餐饮业营业 额同比分别增长2.5%、5.4%。 工业稳步增长，新兴动能持续壮大。1—11月，全省规模以上工业增加值同比增长6.6%。11月当月，规 上工业增加值同比增长5.1%，其中装备制造业、高技术制造业、数字核心产品制造业分别增长7.5%、 10.4%、10.2%；计算机、通信和其他电子设备制造业，铁路、船舶、航空航天和其他运输设 ...

■苏诗钰 11月份PPI环比上涨0.1%，连续两个月上涨，虽同比仍有降幅，但主要受上年同期基数较高影响，行业 内部的结构性改善已十分突出。季节性需求拉动能源工业回暖，煤炭开采和洗选业价格、燃气生产和供 应业价格分别环比上涨4.1%和0.7%，成为工业经济的"稳定器"。输入性因素带动下，有色金属冶炼和 压延加工业价格环比上涨2.1%，彰显产业链活力。此外，新兴产业快速发展，带动相关行业价格同比 上涨。 其三，物流领域展现强劲活力。 11月份中国快递发展指数同比增长3%，年快递业务量首次突破1800亿件。这得益于电商大促的拉动， 更得益于物流体系的提质增效。例如，无人配送车规模化投放、生鲜冷链设施完善，让快递服务 既"快"又"准"。公路物流同样呈现稳中向好态势，11月份运价指数升至年内最高水平，以大宗商品及区 域运输为主的整车指数、零担重货指数同比均有增长，既支撑了工业原材料的稳定供应，也保障了消费 商品的高效流通。 总的来说，各项数据的积极变化，并非孤立存在的偶然现象，而是宏观政策精准发力与市场活力持续释 放的必然结果。扩内需政策持续显效，消费潜力不断释放；行业整治"内卷式"竞争，推动工业企业盈利 改善；物流基 ...

本报讯(记者毛艺融)摩根大通中国股票策略团队近日发表2026年展望报告。展望2026年，该机构保持对 沪深300指数的建设性看法。基准情景下，其对2026年底沪深300指数的目标点位预测为5200点，较11月 24日收盘价存在17%的潜在上行空间。悲观情景和乐观情景下，该机构的目标点位分别为4000点和6000 点。 最后，中国消费市场复苏，低端和奢侈品消费均有望受益。 通过市值、日均成交额和海外收入等指标，摩根大通筛选出把握中国创新机遇的IT、医疗保健类的A股 标的，并预计到2026年初，市场风格将从价值股转向成长股。 展望2026年，摩根大通看好四大投资主题，包括"反内卷"政策的执行、国内外AI基础设施或变现增长、 发达市场宏观环境景气利好海外销售以及消费市场复苏。 再次，全球宏观环境景气，尤其是2026年的财政、货币政策宽松，将为上市公司的海外销售提供支持。 首先，"反内卷"政策有望加速落地，有利于沪深300指数成份股的净利润率、净资产收益率的结构性上 行。目前市场一致预期的2026年净利润率及净资产收益率分别为12%、11%，在亚太市场中排名居中。 其次，2026年全球AI基础设施资本支出增长，利好中 ...

报告立足于中国经济稳中有进的发展态势，围绕消费市场整体表现、消费者心态、核心消费诉求及不同世代消费特征展开分析，勾勒出2026年中国消费市场 的清晰图景，为品牌布局提供了方向指引。 当前中国消费对GDP的推动作用持续增大，在多轮国补与国债支持的政策助力下，消费市场稳步复苏。全渠道零售额保持增长，其中科技耐用消费品增速达 12.5%，远超快速消费品的4.7%。消费者对个人财务状况的感知趋于乐观，但支出谨慎的群体仍占四成。消费者的核心担忧集中在经济下行和自身及家庭福 利与幸福感上，其他担忧还包括流行病等问题。 消费诉求呈现"功能质量奠基，健康便捷乘势，体验终成归途"的特征。81%的消费者将产品安全和质量列为购买首要考量因素，对健康有益、形式便捷的产 品意愿支付更高价格。同时，消费者对价格促销的依赖有所下降，相比2024年，通过在线购物、数字技术找优惠等行为占比均有回落，更多人倾向于在品牌 打折时购买或选择折扣店购物。 不同世代的消费差异显著，构成了鲜明的代际消费图景。婴儿潮一代虽人口占比19.9%，但消费意愿强劲，70%乐于消费，偏好熟悉品牌，愿意为养生、高 端成分及新产品付费，老年护肤和智能穿戴设备市场增速迅猛 ...

Core Insights - The Yangtze River Delta (YRD) region, comprising Shanghai, Jiangsu, Zhejiang, and Anhui, achieved a combined GDP of 25.18 trillion yuan in the first three quarters of 2025, accounting for 24.81% of the national GDP, reinforcing its status as a key economic driver in China [1][2][3] Economic Performance - The YRD's economic growth remains robust, with Jiangsu leading at 10.28 trillion yuan, followed by Zhejiang (6.85 trillion yuan), Shanghai (4.07 trillion yuan), and Anhui (3.98 trillion yuan), all showing growth rates above the national average [2][3] - Among 41 cities in the YRD, 31 cities outpaced the national average growth rate of 5.2%, with 14 cities exceeding 6% growth [3][4] City Development Dynamics - The first tier of cities includes nine trillion-yuan cities, with Shanghai, Suzhou, Hangzhou, Nanjing, Ningbo, Wuxi, Hefei, Nantong, and Changzhou contributing significantly to the regional economy, collectively accounting for 57.6% of the YRD's total GDP [3][4] - The second tier includes cities with GDPs between 600 billion and 800 billion yuan, while the third tier consists of cities with GDPs between 500 billion and 600 billion yuan, indicating a balanced regional development [4] Industrial Growth and Transformation - Advanced manufacturing is identified as a cornerstone of the YRD economy, with Shanghai's tertiary sector contributing 79.1% to its GDP, and significant growth in high-tech manufacturing sectors [6][7] - Jiangsu's high-tech industries accounted for 51.8% of its industrial output, with notable growth in sectors like optical fiber and lithium-ion battery manufacturing [6][7] Consumption and Market Dynamics - The recovery of the consumer market is contributing to the YRD's high-quality development, with diverse drivers such as policy incentives boosting physical consumption [9][10] - Jiangsu leads in social retail sales, reflecting its substantial consumer market potential, while Zhejiang's growth in retail sales is supported by digital economy integration and innovative consumption models [10][11] Competitive City Aspirations - Cities like Wenzhou and Xuzhou are on track to achieve trillion-yuan GDP status, with Wenzhou focusing on private sector growth and Xuzhou leveraging national strategic support [11][12] - The successful elevation of these cities would expand the YRD's "trillion-yuan club" to 11 members, enhancing the region's economic influence nationally [14]

Core Insights - The company, Shunluo Electronics, has announced its strategic focus on the mobile communication market and other consumer electronics sectors, indicating a positive trend in the overall consumer market recovery [2] Group 1: Company Positioning - Shunluo Electronics has established a strong market position in the mobile terminal business, which is a traditional application area for the company [2] - The company has gained the trust of major industry clients due to its high product quality and stable supply capabilities, forming strategic partnerships with numerous core mobile enterprises both domestically and internationally [2] Group 2: Market Trends - The overall consumer market is experiencing a sustained recovery, with improving market conditions [2] - The procurement share of new products from major consumer electronics clients is continuously increasing, which is expected to drive the company's performance in the traditional consumer electronics sector [2] - As new products continue to ramp up and the traditional consumer market recovers, the company's performance is anticipated to exceed the overall industry growth rate [2]

Core Insights - China's final consumption expenditure contributed 53.5% to economic growth in the first three quarters, an increase of 9.0 percentage points compared to the previous year, reinforcing its role as the "main engine" of economic growth [1][2] Group 1: Economic Policies and Measures - The government has implemented a series of macro policies to stimulate consumption, including the allocation of 300 billion yuan in special bonds to support the replacement of old consumer goods [2] - The "old-for-new" policy has led to significant retail growth in categories such as home appliances and communication devices, with retail sales in these sectors maintaining double-digit growth [2][3] - The domestic travel during the Mid-Autumn and National Day holidays reached 888 million trips, showcasing the resilience and vitality of China's consumer market [2] Group 2: Consumer Trends and Market Dynamics - Service consumption, particularly in leisure and travel, has shown strong performance, indicating a high enthusiasm for offline activities among consumers [3] - New consumption models, such as online shopping, have also seen substantial growth, highlighting their importance in supporting overall market expansion [3] - Upgraded consumer goods, including communication devices and home appliances, have experienced over 20% growth, reflecting a steady progression in consumer upgrading [3] Group 3: Future Outlook and Recommendations - The government aims to enhance internal growth momentum by implementing targeted measures to boost consumption, stabilize employment, and increase income channels for residents [4][5] - Suggestions include issuing consumption vouchers and organizing promotional activities to further stimulate consumer spending [5] - Long-term strategies should focus on increasing income levels for low- and middle-income groups and improving the social security system to alleviate concerns related to consumption [5]

Group 1 - The "Back-to-School Economy" reflects a vibrant consumer market recovery, showcasing a diverse range of products from high-end digital devices to essential school supplies, indicating a strong economic revival driven by youth consumption [1][3] - Sales data from "What Worth Buying" indicates significant year-on-year growth in sales for key products during the back-to-school season, with MacBook sales increasing by 88.11%, iPad by 72.93%, and learning machines by 22.50%, alongside a notable rise in stationery and military training supplies [1][3] - The back-to-school consumption trend is characterized by a dual drive of practicality and emotional connection, with a marked increase in sales of essential items reflecting the rigid demand from students and families, as well as a surge in personalized and ceremonial products [1][2] Group 2 - The back-to-school season presents new consumer demands that extend beyond hardware, emphasizing the importance of emotional and ceremonial needs, which are crucial for businesses to explore [2] - The strong purchasing power of the young consumer demographic is a vital support for economic growth, with the back-to-school season serving as a key driver for related industries and enhancing market confidence [3] - Businesses are encouraged to optimize the consumer environment and innovate shopping experiences to create a back-to-school consumption ecosystem that meets both practical needs and emotional values, thereby sustaining economic vitality [3]

Group 1 - The national consumer price index (CPI) decreased by 0.4% year-on-year in August 2025, while the core CPI, excluding food and energy, increased by 0.9%, marking four consecutive months of expansion [1][4] - The producer price index (PPI) fell by 2.9% year-on-year, but the decline narrowed by 0.7 percentage points compared to the previous month, indicating a shift from decline to stability on a month-on-month basis [1][4] - The divergence in price indicators reflects a differentiated recovery in the domestic consumption market and industrial sector [1] Group 2 - Food prices were the main drag on the CPI, with significant declines in pork, fresh vegetables, and eggs, while non-food prices rose by 0.5%, particularly in services [3] - The PPI showed positive signals as it ended an eight-month decline, with prices in upstream industries like coal processing and black metal smelting turning from decline to increase [3] - Emerging industries such as integrated circuit packaging and shipbuilding saw price recoveries, indicating positive effects from industrial structure adjustments [3][4] Group 3 - Analysts noted that the current price trend exhibits characteristics of "core stability and structural improvement," with the core CPI reflecting a gradual recovery in domestic demand [4] - The narrowing PPI decline suggests improvements in industry capacity governance and stability in supply chains, particularly in key industries [4] - The recovery in emerging industry prices injects new momentum into the industrial economy, indicating that the recovery process in the industrial sector may be faster than expected [4] Group 4 - Experts anticipate that the recovery momentum in the consumption market will continue to be released, with service prices likely to remain high due to the normalization of peak seasons for tourism and accommodation [6] - The construction of a unified national market is expected to optimize industry competition, while macro policies will continue to drive structural adjustments in industries [6] - However, fluctuations in international commodity prices may pose input-related impacts, and the issue of insufficient domestic effective demand requires ongoing policy support [6]