【隔夜行情】 •周四（2025年12月11日），A股市场三大指数集体收跌，截至收盘，沪指报3873.32点，跌0.7%；深证 成指报13147.39点，跌1.27%；创业板指报3163.67点，跌1.41%。总体来看，个股跌多涨少，下跌个股 超4300只。沪深两市全天成交额1.86万亿元，较上个交易日放量786亿元。 •周四（2025年12月11日），港股高开低走，三大指数集体走跌。截止收盘，恒生指数跌0.04%或10.27 点，报25530.51点，全日成交额为1824.77亿港元；恒生国企指数跌0.23%，报8934.28点；恒生科技指数 跌0.83%，报5534.59点。 •周四（当地时间2025年12月11日），截至收盘，道指涨646.26点，涨幅为1.34%，报48704.01点；纳指 跌60.30点，跌幅为0.25%，报23593.86点；标普500指数涨14.31点，涨幅为0.21%，报6900.99点。 【今日新股】 今日2只新股申购，无新股上市。 新股申购： 天溯计量，创业板证券代码301449，发行价格36.8元/股，发行市盈率21.78倍；是一家全国性、综合型 的独立第三方计量检测服务机 ...

Central Economic Work Conference - The conference emphasized the need for a more proactive macro policy in the upcoming year, focusing on expanding domestic demand and optimizing supply [2] - It highlighted the importance of maintaining employment, stabilizing enterprises, and ensuring market expectations, aiming for qualitative improvement and reasonable quantitative growth [2] - The policy direction for next year includes a commitment to continue implementing more active fiscal and moderately loose monetary policies, with a focus on consistency and effectiveness [2][3] Federal Reserve Interest Rate Decision - The Federal Reserve announced a 25 basis point rate cut, lowering the target range from 3.75%-4.00% to 3.50%-3.75% [4] - The decision faced opposition from three voting members, marking the first time since 2019 that such dissent occurred [4] - The Fed plans to begin purchasing short-term government bonds to maintain adequate reserve levels, indicating a focus on market liquidity rather than a return to quantitative easing [5] Trump's Golden Card Visa Program - The Trump administration has begun accepting applications for the "Golden Card" visa, aimed at attracting wealthy individuals to the U.S. for a fee of $1 million [6] - This program has raised concerns about fairness in the U.S. immigration system, as it contrasts with stricter immigration policies [6][7] World Bank Economic Forecast for China - The World Bank has raised its economic growth forecast for China, predicting a growth rate of 4.9% for 2025 and 4.4% for 2026, both up by 0.4 percentage points from previous estimates [8] - The IMF and ADB have also adjusted their forecasts upward, reflecting a more optimistic view of China's economic resilience amid global trade challenges [8][9] "Jiutian" Drone Development - The "Jiutian" drone successfully completed its maiden flight, showcasing advancements in China's large drone technology [10] - This drone features a modular design that allows for various applications, including logistics and emergency response, highlighting its dual-use potential [11] Meta's AI Model Development - Meta is leading a new AI project called "Avocado," utilizing Alibaba's Qwen model to enhance its AI capabilities, indicating a shift towards closed-source models [12][13] - This change reflects a broader trend among tech companies moving away from open-source models due to performance and security considerations [13] JD.com's Investment in Hong Kong - JD.com has acquired office space in Hong Kong for approximately 3.5 billion HKD, signaling its commitment to expanding operations in the region [14] - This move aligns with a trend of major internet companies increasing their investments in Hong Kong as a strategic market [14][15] Suning's Asset Sale - Suning.com announced the sale of eight companies for a total of 8 yuan, indicating a significant reduction in its debt burden [16][17] - This transaction is part of Suning's strategy to improve its financial situation, although the company continues to face operational challenges [17] Stock Market Performance - The stock market experienced a downturn, with the Shanghai Composite Index falling by 0.7% amid a lack of positive catalysts [18] - The market's performance reflects broader economic uncertainties, including concerns over consumer spending and real estate sector stability [18] New Stock Subscription Rules at Beijing Stock Exchange - The Beijing Stock Exchange is rumored to be changing its new stock subscription rules to lower the entry barrier for investors, potentially increasing market participation [19]

证券研究报告 | 朝闻国盛 gszqdatemark 2025 12 12 年 月 日 朝闻国盛 怎么看 2026 年美联储降息节奏？ 今日概览 ◼ 重磅研报 【宏观】增量信息不少—中央经济工作会议 6 大看点——20251211 【宏观】怎么看 2026 年美联储降息节奏？——兼评 12 月议息会议—— 20251211 【金融工程】低偏离度下的纯粹 Alpha 创造——兴银基金中小盘指增策 略探析——20251211 【非银金融】保险行业 2025 行情回顾——阶段性超额收益显著，全年跑 输大盘——20251211 ◼ 研究视点 【电子】蓝思科技（300433.SZ）-收购服务器业务公司，加码 AI 算力核 心布局——20251211 作者 | 分析师 | 杨润思 | | | | --- | --- | --- | --- | | 执业证书编号：S0680520030005 | | | | | 邮箱：yangrunsi@gszq.com | | | | | 行业表现前五名 | | | | | 行业 | 1 月 | 3 月 | 1 年 | | 通信 | 12.9% | 7.6% | 81.1% | | 国防 ...

今日关注 申购提示：今日两只新股申购。 5．中国汽车工业协会12月11日发布的最新数据显示，11月份，我国汽车产销延续良好表现，生产供给 依然保持较快节奏，产销量环比、同比均实现增长。最新数据显示，11月份，我国汽车月度产量首次超 过350万辆，创历史新高。不仅如此，今年前11个月，汽车产销量均超过3100万辆，同比增长均超过 10%。中国汽车工业协会的最新数据同时显示，今年1至11月，我国新能源汽车产销量均接近1500万 辆，同比增长均超过30%。在出口方面，新能源汽车出口231.5万辆，同比增长1倍。 6．《辽宁省冰雪旅游高质量发展三年行动计划（2025—2027年）》公开征求意见。其中提到，充分挖 掘辽宁冰雪文化内涵，健全完善专业型、爱好型、大众型三级产品体系，持续创新"冰雪+""+冰雪"多元 业态与消费场景，构建层次清晰、特色鲜明的辽宁冰雪旅游发展新格局，塑造具有辽宁辨识度的大众冰 雪旅游品牌。培育省级以上滑雪旅游度假地10个，打造冰雪旅游精品线路10条以上，冰雪旅游综合消费 带动效应显著增强，辽宁冰雪品牌影响力全面提升。力争到2027年，全省冰雪旅游年接待人次突破2.6 亿，年综合收入达到2500亿 ...

今日关注 申购提示：今日两只新股申购。 中央经济工作会议12月10日至11日在北京举行。 股价突破900元，摩尔线程发布关于股票交易风险提示公告。 中兴通讯回应公司涉及美国《反海外腐败法》合规性调查。 重要的消息有哪些 1．申购提示：新股方面，锡华科技申购代码732248，发行价10.10元/股，申购上限2.1万股。天溯计量申购代 码301449，发行价36.80元/股，申购上限0.4万股。 2．中央经济工作会议12月10日至11日在北京举行。会议指出，明年经济工作在政策取向上，要坚持稳中求 进、提质增效，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度，提升宏观经济治理效能。 要继续实施更加积极的财政政策。保持必要的财政赤字、债务总规模和支出总量，加强财政科学管理，优化财 政支出结构，规范税收优惠、财政补贴政策。重视解决地方财政困难，兜牢基层"三保"底线。严肃财经纪律， 坚持党政机关过紧日子。要继续实施适度宽松的货币政策。把促进经济稳定增长、物价合理回升作为货币政策 的重要考量，灵活高效运用降准降息等多种政策工具，保持流动性充裕，畅通货币政策传导机制，引导金融机 构加力支持扩大内需、科技创新、中小 ...

大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 昨夜今晨 【美众议院有关弹劾总统特朗普的动议经表决后被搁置】 据央视新闻，当地时间12月11日，美国众议院以237票赞成、140票反对的投票结果，搁置了得克萨斯州国会众 议员阿尔·格林提出的弹劾美国总统唐纳德·特朗普的动议。 所有共和党议员都投票支持这项所谓的"搁置动议"，而尽管许多众议院民主党议员私下里认为特朗普不应该继 续担任总统，或者应该被弹劾，但他们大多不愿推进这项决议。 【OpenAI发布更先进模型GPT-5.2】 财联社12月12日电，OpenAI宣布推出新人工智能模型GPT-5.2，旨在提升ChatGPT在编程、科学及工作任务中 的表现。该模型速度更快，擅长信息查找、写作和翻译，分为三档以模拟人类推理，处理复杂任务。GPT-5.2 将于周四向付费用户开放。 此前，OpenAI CEO Sam Altman在公司备忘录中拉响"红色警报"，要求加快改进ChatGPT，但表示谷歌Gemini 3的影响小于预期。Altman预计公司将于明年1月退出"红色警报"状态，恢复常态。 【中央明确普通高中优质本科扩招】 据第一 ...

中央经济工作会议于10日至11日在北京召开，会议总结2025年经济工作，分析当前经济形势，部署2026 年经济工作。 值得注意的是，会议五次提到"金融"。会议明确要"引导金融机构加力支持扩大内需、科技创新、中小 微企业等重点领域"，同时还要"继续发挥新型政策性金融工具作用""创新科技金融服务"并"深入推进中 小金融机构减量提质"，为2026年金融工作指明了方向。 财政货币政策继续协同发力 会议明确，要继续实施更加积极的财政政策。保持必要的财政赤字、债务总规模和支出总量，加强财政 科学管理，优化财政支出结构，规范税收优惠、财政补贴政策。重视解决地方财政困难，兜牢基层"三 保"底线。严肃财经纪律，坚持党政机关过紧日子。 中国民生银行首席经济学家温彬认为，会议明确"保持必要的财政赤字、债务总规模和支出总量"，与明 年经济工作要"提质增效"的整体基调相互呼应。温彬预计，在"更加积极"的财政政策取向下，2026年新 增政府债务规模或进一步提升至12.5万亿元左右，以支撑广义财政支出强度、兜牢基层"三保"底线；赤 字率维持在4.0%左右水平，对应赤字规模约为5.9万亿元，较上年增加约2000亿元，增加部分主要由中 央承担 ...

第一财经每日早间精选热点新闻，点击「听新闻」，一键收听。 【今日推荐】 中央经济工作会议最新信号，结构性货币政策工具"加量降价"可期 中央经济工作会议中关于2026年货币政策延续适度宽松的基调，显示出宏观政策保持很强的连续性、稳 定性。除了总量政策提出运用降准降息外，会议还要求畅通货币政策传导机制，引导金融机构加力支持 扩大内需、科技创新、中小微企业等重点领域。 泽连斯基：若获安全保障 愿支持在战时举行大选 当地时间11日，乌克兰总统泽连斯基在会见记者时表示，在获得国际伙伴提供充分安全保障前提下，他 愿意支持在战时状态下举行大选，并已要求议员着手准备相关立法修订。泽连斯基在与记者会面时表 示，"最重要的是确保选举的合法性。如果我们的合作伙伴能够帮助我们在安全条件下、在合理时间内 组织选举，我将予以支持。为避免这仅仅成为我发出的一个媒体信号，我已正式请求乌克兰议员起草允 许在战时状态期间举行选举的法律修正案。"泽连斯基强调，当前关键目标是以乌克兰的强势地位结束 冲突。 马斯克：若重来，不会领导"政府效率部" 美国电动车制造商特斯拉公司、太空探索技术公司创始人埃隆·马斯克日前表示，如果重来，他不会领 导"政府效率 ...

Group 1: Economic Policy - The Central Economic Work Conference emphasized the continuation of a more proactive fiscal policy and moderately loose monetary policy for the upcoming year, focusing on stabilizing economic growth and enhancing efficiency [1][2] - The conference highlighted the need for integrated effects of existing and new policies, increasing counter-cyclical and cross-cyclical adjustments, and improving macroeconomic governance effectiveness [1] - It was noted that maintaining necessary fiscal deficits and total debt levels, optimizing fiscal expenditure structure, and ensuring local fiscal stability are crucial [1] Group 2: Capital Market Reforms - The conference outlined key tasks for the next year, including deepening capital market investment and financing reforms and addressing "involution" competition [2] - A nationwide unified market construction regulation will be developed, and efforts will be made to clear overdue corporate payments [2] - The conference also called for the promotion of win-win development for platform enterprises and their operators, as well as the expansion of market-oriented reform pilots [2] Group 3: Corporate Developments - Moore Threads announced that its new products have not yet generated revenue and that it expects a net loss of between 7.3 billion to 11.68 billion yuan in 2025 [4] - The company is in the research phase for its new products and architectures, with revenue generation expected to take time due to various uncertainties [4] - The stock price of Moore Threads has seen significant fluctuations, raising concerns about potential short-term declines following rapid increases [4] Group 4: International Developments - The EU is reportedly considering delaying its ban on fuel engines due to pressure from major automotive producing countries, potentially extending the use of plug-in hybrid and range-extended vehicles until 2040 [5] - This extension would be contingent on the use of advanced biofuels and "green steel" in manufacturing, with ongoing discussions about the specifics [5] Group 5: Market Trends - The U.S. stock market showed mixed results, with the Dow Jones increasing by 646.26 points (1.34%) while the Nasdaq fell by 60.30 points (0.25%) [6] - Major tech stocks experienced declines, with Oracle dropping over 10%, raising concerns about high valuations in the tech sector [6] - The cryptocurrency market saw Bitcoin futures rise by 0.78%, while Ethereum futures fell by 2.56% [7]

（原标题：中央经济工作会议将内需置于任务首位，首提城乡居民增收计划） 21世纪经济报道 记者周潇枭 见习记者张旭 北京报道 12月10日-11日，中央经济工作会议在北京召开。在部署明年重点经济工作中，内需被放在了首要位 置。 会议提出，坚持内需主导，建设强大国内市场。具体来看包括：深入实施提振消费专项行动，制定实施 城乡居民增收计划。扩大优质商品和服务供给。优化"两新"政策实施。清理消费领域不合理限制措施， 释放服务消费潜力。推动投资止跌回稳，适当增加中央预算内投资规模，优化实施"两重"项目，优化地 方政府专项债券用途管理，继续发挥新型政策性金融工具作用，有效激发民间投资活力。高质量推进城 市更新。 （资料图） 多位专家指出，"坚持内需主导，建设强大国内市场"位列明年八项工作任务首位，这意味着2026年经济 增长将更多依靠内需发力。此外，在投资端强调"止跌回稳"与"结构优化"，特别是城市更新、专项债用 途优化、新型政策性工具的组合使用，显示政府更注重有质量的投资扩张。 "十五五"期间如何提振消费？ 国家发展改革委主任郑栅洁在《人民日报》发表的署名文章《坚持扩大内需这个战略基点》指出，立足 当前，重点是优化环境 ...