1月8日，港股消费板块午盘震荡下挫，港股消费ETF（513230）现小幅微跌超0.5%。持仓股中，上美股 份、康师傅控股、统一企业中国、特步国际、晶苑国际等跌幅居前，卫龙美味、蜜雪集团、万洲国际、 古茗等涨幅居前。 港股消费ETF（513230）跟踪中证港股通消费主题指数，一键打包港股新消费龙头，成分股近乎囊括港 股消费的各个领域，包括泡泡玛特、百胜中国、安踏体育、农夫山泉、万洲国际等消费龙头。 2026年元旦假期旅游热度创新高，从结果上看，出境游、周边游、冰雪游、免税消费、酒店均取得较为 亮眼的增长，华创证券表示持续看好2026年服务消费相关板块的表现。 新年首日，多地发布当地以旧换新"首单"。消息面上，包括京东、苏宁易购在内的多个线上线下平台已 全面承接国家补贴的落地实施，并纷纷推出配套活动和服务，为市民"焕新"提供更多便利。2026年第一 批625亿元超长期特别国债支持消费品以旧换新资金计划，已向地方提前下达，带动消费市场在政策红 利中迎来"开门红"。 ...

Group 1 - Fujian local stocks experienced a surge in the afternoon, with Xiamen Port reaching the daily limit increase [1] - Pingtan Development, Xiamen Airport, Dongbai Group, and Haixia Innovation also saw significant gains [1]

成交价方面，共9只股票平价成交，3只股票溢价成交，63只股票折价成交；掌趣科技、南模生物、国联 民生溢价率居前，溢价率依次为12.6%、8.17%、2.74%；汤姆猫、连城数控、恒烁股份折价率居前，折 价率依次为31.09%、31.04%、23.34%。 Wind数据显示，今日(1月5日)A股共75只个股发生大宗交易，总成交25.62亿元，其中药明康德、长川科 技、中集车辆成交额居前，成交额依次为9.29亿元、1.69亿元、1.52亿元。 机构专用席位买入额排名：药明康德(6.11亿元)、长川科技(1.42亿元)、中集车辆(1.12亿元)、盐湖股份 (7672.5万元)、完美世界(7515万元)、滨江集团(4522.94万元)、宝胜股份(3016万元)、澳华内镜(2621.49 万元)、恒烁股份(2363.52万元)、澄天伟业(2208.38万元)、若羽臣(2202.9万元)、南凌科技(1291.08万 元)、新天药业(1229.21万元)、精达股份(1156万元)、新巨丰(803.37万元)、华光新材(710.25万元)、可川 科技(705.17万元)、川恒股份(675万元)、中邮科技(518.4万元)、天 ...

Group 1 - The State Council issued the "Solid Waste Comprehensive Governance Action Plan" to strengthen environmental law enforcement and supervision, aiming to combat illegal activities related to solid waste [1] - The plan emphasizes strict enforcement of laws and regulations regarding solid waste pollution prevention and establishes a cross-departmental regulatory mechanism to address illegal dumping across provinces [1] Group 2 - ByteDance reported internal violations for Q3 2025, with 120 employees dismissed for breaching company policies, including 14 individuals referred to judicial authorities for criminal offenses [1] - The company has communicated the information to industry alliances and revoked stock options for the involved employees [1] Group 3 - 25 A-share listed companies, including Shunxin Agriculture and CITIC Securities, revised their ESG guidelines or management measures during the specified period [2] - Companies like Dongsheng Technology and Crystal Optoelectronics have set clear responsibilities for ESG management and accountability for failing to meet ESG targets [2] Group 4 - Yibin Paper announced plans to appeal a criminal judgment regarding its subsidiary Huijie Environmental Protection, which was fined 100,000 RMB for environmental pollution [3] - The company believes there were errors in the judgment and intends to seek a retrial [3] Group 5 - A total of 3,767 A-share listed companies distributed cash dividends amounting to 2.6 trillion RMB in 2025 [5] - Industrial and Commercial Bank of China led the dividend payouts with 160.169 billion RMB, followed by China Construction Bank with 149.359 billion RMB and Agricultural Bank of China with 126.484 billion RMB [5]

2026.01. 01 本文字数：2603，阅读时长大约4分钟 作者 | 第一财经 樊志菁 2026年的第一天，金融界迎来了一件诸多投资者曾希望永远不会发生的大事："股神"巴菲特即将功 成身退。 这位"奥马哈先知"在去年5月的股东大会上宣布，将在2025年底结束自己长达60年的伯克希尔哈撒韦 掌舵生涯，由其亲自选定的继任人格雷格阿贝尔（Greg Abel）接棒，续写公司未来。 阿贝尔掌舵伯克希尔 值得注意的是，在（巴菲特卸任）消息宣布后的近半年里，伯克希尔哈撒韦公司的股价一度下跌逾 10%，同期标普500指数涨幅超过10%。多年来，由于巴菲特负责管理资金，投资者一直愿意为伯克 希尔的股票支付溢价。当巴菲特即将离开时，投资者对伯克希尔的信心受挫或许是不可避免的。巴菲 特采取了一系列安抚措施：他向投资者保证，继任者是更优秀的管理者；自己不会出售所持股票；同 时将继续担任公司董事长，且多数时间仍会到岗办公。这些积极表态，再加上阿贝尔承诺 "投资理念 不会改变"。 第一财经记者注意到，虽然对美股持谨慎态度，伯克希尔正在加大对日本的投资力度。 据报道，伯 克希尔哈撒韦去年下半年已聘请多家银行，为新一轮日元债券发行做准备 ...

中国经济网北京12月30日讯 A股三大指数今日小幅低开，市场午后震荡走强。截至今日收盘，上证综指 报3965.12点，涨幅0.00%，成交额8875.33亿元；深证成指报13604.07点，涨幅0.49%，成交额12547.92亿 元；创业板指报3242.91点，涨幅0.63%，成交额5594.95亿元。 A股市场板块涨跌幅排行 | 序号 | 板块 | 涨跌幅(%)▼ | | 总成交量 (万手) = 总成交额 (亿元) ▼ | 净流入 (亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 电机 | 2.81 | 791.76 | 215.84 | 18.89 | 21 | র্ব | | 2 | 影视院线 | 2.57 | 1121.88 | 87.02 | 4.85 | 15 | ട് | | 3 | 石油加工贸易 | 1.90 | 1242.36 | 116.91 | 11.54 | 14 | 13 | | 4 | 自动化设备 | 1.65 | 1110.43 | 382.94 | 19.00 | 61 ...

品牌，是消费市场的信誉锚点，是产业升级的核心动能，更是区域经济高质量发展的生动注脚。在消费 对经济增长的基础性作用持续凸显的当下，一批兼具品质实力与创新活力的消费品牌，正成为激活市场 潜力、满足民生期待的关键力量。为了深入挖掘和展示山东消费领域品牌魅力，即日起，第五届影响山 东餐饮消费业品牌巡礼活动正式启动。作为深耕齐鲁消费领域的品牌盛会，本届活动将以更广阔的视 野、更立体的维度挖掘优质品牌价值，凝聚品牌发展合力，为山东消费市场高质量发展注入强劲动能。 参与企业需具备独立法人资格，拥有注册商标与齐全证照，经营稳健且经济效益、社会效益良好，无重 大侵犯知识产权等违法行为，同时需重视品牌建设与技术创新，在市场开拓中具有示范带动作用；参与 个人需坚守以人为本理念，具备强烈的法治意识、契约精神，坚持公平竞争与诚信经营。 作为活动的核心价值之一，全方位宣传推广将为优质品牌赋能增效。活动期间，齐鲁晚报·齐鲁壹点将 对活动进行全程跟踪报道，通过行业分析、企业专访、人物纪实等系列内容，深度挖掘品牌故事与创新 实践。 值得注意的是，诚信是参与本次活动的前提与底线。活动组委会明确表示，一旦发现参与企业或个人存 在诚信信息不实、失 ...

Core Insights - Brazil, as the largest economy in Latin America, continues to attract strategic and financial investors due to its vast domestic market, rich natural resources, and strategic location in the Southern Hemisphere [1] - The country is undergoing significant tax reforms, including a comprehensive consumption tax reform that aligns with OECD standards, necessitating forward-looking financial and tax due diligence [1][3] Regulatory Environment - The merger and acquisition process in Brazil is more complex compared to jurisdictions like the US or Europe, requiring extensive documentation, additional regulatory approvals, and longer approval timelines [2] - Specific industries such as media, healthcare, and aviation have restrictions on foreign ownership or require special permits, impacting transaction structures and timelines [2] Tax Due Diligence - Tax due diligence (TDD) is critical in Brazil's evolving tax landscape, with three major structural reforms directly affecting valuation models and transaction agreements [3] - The transition from a fragmented VAT system to a dual VAT system (CBS/IBS) is set to begin in 2026, with significant implications for profit margins and working capital [3][10] Transfer Pricing and Global Minimum Tax - Starting January 1, 2024, Brazil will adopt OECD's arm's length principle for transfer pricing, expanding the scope to include services, intangible assets, and financial transactions [4] - The implementation of a qualified domestic minimum top-up tax (QDMTT) from January 1, 2025, will require companies with revenues exceeding €750 million to model effective tax rates and prepare compliance documentation [4] Employment Tax Risks - The Brazilian Supreme Court has paused litigation regarding the legality of hiring through personal service companies (PJs), which poses significant investment risks for industries reliant on contractors [8] - Potential liabilities related to employment taxes could arise if the court's final ruling is unfavorable, impacting cost structures and compliance obligations [8][15] Legal and Judicial Uncertainty - Court rulings can significantly affect tax treatment outcomes, necessitating careful evaluation of each tax dispute to determine refund eligibility and audit risks [7] - The dynamic nature of the CBS/IBS tax framework highlights the need for flexible pricing models and renegotiation clauses in sale and purchase agreements [7] Industry-Specific Considerations - In the consumer and retail sector, traditional pricing models based on ICMS-ST must be adjusted to comply with new CBS/IBS regulations [11] - The technology and digital industries must address historical risks and outdated contract structures while ensuring compliance with OECD transfer pricing rules [13] - The telecommunications sector will benefit from unified taxation rules under CBS/IBS, but transitional risks remain [14] Conclusion - Brazil's market presents attractive investment opportunities, but success hinges on the ability to navigate complex information and incorporate tax reforms, legal uncertainties, and employment tax risks into pricing considerations [17] - Effective tax due diligence is now a strategic tool that transforms complex situations into clear judgments, supporting decision-making processes [17]

Group 1 - The market sentiment score has slightly decreased to 1.1 as of December 21, down from 1.35 the previous week, indicating a neutral outlook despite a recent rebound on Friday [1][6] - The overall sentiment index has shown significant improvement this week, with signs of a rebound in market trading activity [1][6] - The price-volume consistency indicator has improved, suggesting a better correlation between capital attention and stock price increases, although the risk appetite remains insufficient as indicated by the declining proportion of the STAR 50 index's trading volume [1][9] Group 2 - The total trading volume for the entire A-share market decreased by 9.86% week-on-week, with an average daily trading volume of 17,604.84 billion yuan, reflecting a decline in market activity compared to the previous week [1][12] - The short-term scores for industries such as beauty care, pharmaceuticals, non-bank financials, agriculture, and retail have shown upward trends, with the communication sector having the highest short-term score of 79.66 [1][33] - The correlation between trading congestion and weekly price changes is strong, with high congestion sectors like retail and light manufacturing leading in gains, while sectors with lower congestion such as power equipment and computers lag behind [1][38] Group 3 - The current model indicates a preference for small-cap and growth styles, with the 5-day RSI showing a decline relative to the 20-day RSI, suggesting potential weakening of signals [1][42] - The financing balance ratio continues to rise, reaching a new high for the phase, indicating increased risk appetite and active capital utilization in the market [1][22] - The main capital inflow has broken through the fluctuation range, reflecting a stronger willingness of institutional funds to enter the market, which supports a bullish momentum [1][28]

2025 年 12 月 22 日 市场情绪细分指标出现修复、改善 ——量化择时周报 20251221 相关研究 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 量 化 策 略 - ⚫ 市场情绪得分周内继续回落：截至 12 月 21 日，市场情绪指标得分为 1.1，较上周五的 1.35 小幅降低，但周五情绪得分出现回升，从情绪角度来看观点偏中性。从所有分项指 标分数之和的变化来看，本周情绪指数综合得分周内出现较明显改善，市场交易活跃度出 现反转回升迹象。 ⚫ 情绪出现修复改善，指标分化仍存：本周价量一致性指标较上周出现一定改善，市场价量 匹配程度回升，资金关注度与标的涨幅相关性增强，情绪端边际回暖；科创 50 相对全 A 成交占比仍处下行通道，风险偏好修复 ...