Macro Dynamics - In the first ten months of 2025, China's service trade totaled 65,844.3 billion yuan, a year-on-year increase of 7.5% [2] - Service exports reached 29,090.3 billion yuan, growing by 14.3%, while imports amounted to 36,754 billion yuan, increasing by 2.6% [2] - The service trade deficit was 7,663.7 billion yuan, a decrease of 2,693.9 billion yuan year-on-year [2] Industry Developments - The Ministry of Culture and Tourism and the Civil Aviation Administration of China issued an action plan to promote the integration of culture, tourism, and civil aviation, aiming for improved travel services and broader coverage of domestic and international routes by 2027 [3] - The plan emphasizes tailored services for specific travel groups, including senior travelers, educational tours, family trips, winter sports tourism, and inbound tourism [3] Market Data - In November 2025, retail sales of new energy vehicles in China reached 1.354 million units, a year-on-year increase of 7% [4] - Cumulative retail sales for the year reached 11.504 million units, up 20% compared to the previous year [5] - Wholesale sales of new energy vehicles in November were 1.72 million units, a 20% increase year-on-year, with cumulative wholesale sales for the year at 13.777 million units, up 29% [5] Consumer Trends - From January to November 2025, the trade-in of consumer goods generated over 25,000 billion yuan in sales, benefiting over 360 million people [6] - Notable trade-ins included over 11.2 million vehicles, 12.844 million home appliances, and 9.015 million digital products [6] Company News - China International Capital Corporation, Dongxing Securities, and Xinda Securities announced continued suspension of their A-shares due to major asset restructuring plans [8] - New China Life Insurance's independent director Ma Yaotian resigned due to the expiration of his term, effective December 3, 2025 [9] - Industrial and Commercial Bank of China raised the minimum investment for its three-year large-denomination certificates of deposit to 1 million yuan, while the industry standard is around 200,000 yuan [10][11] Stock Market Performance - On December 3, 2025, A-shares saw a collective decline, with the Shanghai Composite Index down 0.51% and the ChiNext Index down 1.12% [12] - The Hong Kong stock market also experienced a downturn, with the Hang Seng Index falling by 1.28% [13] Corporate Developments - Moore Threads is set to be listed on the STAR Market on December 5, 2025 [14] - Guizhou Bailing's actual controller is under investigation by the China Securities Regulatory Commission for insider trading and other violations [14] - Zhong Guodong has been appointed as the General Manager of China Huaneng Group [15][16] - Airbus has revised its 2025 delivery target for civil aircraft down to approximately 790 units due to supply chain issues [17]

人民财讯10月28日电，中央网信办秘书局发布通知称，中央网信办自即日起，在全国范围内开展为期2 个月的"清朗.整治网络直播打赏乱象"专项行动。聚焦娱乐性团播、私域直播等易滋生直播打赏乱象的 重点领域，通过专项整治，从严打击低俗团播引诱打赏、虚假人设诱骗打赏、诱导未成年人打赏和刺激 用户非理性打赏等4方面突出问题，督促平台完善直播打赏运行规则，健全直播打赏管理功能，加强直 播打赏营利行为规范，营造良好直播生态，促进网络直播行业健康有序发展。 ...