Group 1: Autonomous Driving - China's first batch of L3 conditional autonomous driving vehicles has received approval for road testing in designated areas of Beijing and Chongqing, marking a significant step towards commercialization [1] - The two approved models include an electric sedan capable of 50 km/h in congested traffic and another capable of 80 km/h on highways and urban expressways, both limited to specific routes [1] Group 2: Financial Sector Reforms - The China Securities Regulatory Commission (CSRC) has initiated reforms to enhance the inclusivity and attractiveness of the capital market, focusing on the implementation of the "1+6" reform measures for the Sci-Tech Innovation Board [3][10] - The CSRC aims to promote high-quality development in the private equity fund sector and expedite the pilot program for commercial real estate REITs [10] - A new round of corporate governance initiatives will be launched to encourage quality companies to increase dividend payouts and share buybacks [11] Group 3: Company Financials - Cambrian Technology plans to use approximately 2.78 billion yuan from its capital reserve to offset accumulated losses, with the aim of bringing its negative retained earnings to zero by the end of 2024 [8] - TCL Technology intends to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan, increasing its ownership from 84.21% to 94.98%, to enhance its competitiveness in the semiconductor display industry [12] Group 4: Currency and Real Estate Market - The onshore and offshore RMB against the USD reached a 14-month high, with the onshore rate peaking at 7.0500 and the offshore rate at 7.046, indicating a favorable external environment for the RMB [13] - In November 2025, the sales prices of commercial residential properties in 70 major cities in China showed a month-on-month decline, with first-tier cities experiencing a 0.4% decrease in new residential prices [14]

大家好，厉叔的这篇文章主要阐述了房价下降这几年，发生了什么 过去这四年，房价终于跌了，可奇怪的是，大家并没有因此就去结婚买房，反而连恋爱都懒得谈了。 打工人不再拼命求升职，连大爷大妈都开始罢工不带孙子了，这期间到底发生了什么？ 房子跌下神坛 2025年12月，有一个特别微妙的信号引起了圈内人的注意，在当月召开的重要经济会议通稿里，以往雷 打不动的房地产三个字，历史性地消失了。 但这并不让人意外，毕竟普通人在这四年里，早就用钱包做出了投票，房子这个曾经中国家庭最硬的资 产信仰，正在经历一场彻底的祛魅。 回看这房价掉头向下的四年，最直接的变化就是大家对搞事业这件事没那么上头。 根据埃森哲的一份调研数据，人们对事业的关注度从四年前的53%直接跌到了35%，不是大家不想努力 了，而是账算明白了。 以前打工人拼命加班，图的是升职加薪买房，资产增值，现在的情况是，辛辛苦苦干一年赚的工资，可 能还赶不上房子缩水的零头。 有个在2022年买房的朋友，眼看着房子市值蒸发了几十万，这种打击比老板画的大饼更能让人清醒。 于是安全感替代了进取心，数据显示，人们对财富的关注度从47%飙升到了61%，注意这里的财富指的 不是投资，而是实 ...

Economic Growth Trends - In November, industrial value added grew by 4.8% year-on-year, slightly down from 4.9% in October[1] - The service production index increased by 4.2% year-on-year in November, a decrease from 4.6% in October[1] - Overall economic growth momentum has weakened, with both industrial and service sectors falling below 5% growth since Q4[1] Consumer Spending and Retail Performance - Social retail sales grew by only 1.3% year-on-year in November, down from 2.9% in October[1] - Online retail sales increased by 1.5% year-on-year in November, significantly lower than the 4.9% growth in October[1] - The "Double Eleven" shopping festival saw reduced consumer engagement, impacting retail performance[1] Investment and Real Estate Market - Fixed asset investment fell by 2.6% cumulatively from January to November, with a 12% decline in November alone[2] - Real estate development investment dropped by 30.3% year-on-year in November, indicating a worsening trend[2] - The sales area of commercial housing decreased by 17.3% year-on-year in November, with sales revenue down by 25.1%[2] Policy Recommendations - The central economic work conference emphasized the need for stronger domestic demand to address the supply-demand imbalance[3] - Plans for 2026 include more proactive fiscal and monetary policies to stimulate consumption and stabilize investment[3] - Risks include potential trade frictions and continued declines in the real estate market, which may affect policy effectiveness[3]

Core Viewpoint - Economic differentiation reveals clues about policy transformation, as "old indicators" overlook "new changes" in the economy [2][4][89] Consumption - Consumption policies are shifting from goods to services, leading to a decline in social retail sales while service retail shows strength. The social retail sales growth fell to 1.3%, driven by a decline in retail growth for goods such as home appliances and automobiles [2][8][68] - Service consumption remains positive, with total service retail sales increasing by 5.4% year-on-year, despite a slight decline in restaurant income [2][4][8] Real Estate - Real estate financing weakened due to credit risks from certain property companies, causing a significant drop in investment. In November, self-raised funds for property companies decreased, leading to a 25.3% decline in credit financing growth [2][12][63] - Real estate investment growth fell to -29.9%, with new construction and completion rates also showing significant negative growth [2][12][63] Investment - Recent policy measures have alleviated the "crowding out effect" of debt repayment on investment, with fixed asset investment showing a month-on-month rebound of 2.1% to -10.1% [3][22][88] - Infrastructure investment improved by 2.9% to -6.7%, while manufacturing and service sector investments also saw slight recoveries [3][22][88] Production - Industrial production maintained resilience, with industrial value-added growth stabilizing at 4.8%. The easing of workday effects and previous high inventory levels contributed to this stability [3][33][42] - Certain downstream industries, such as food and textiles, experienced significant production growth, while the automotive sector saw a decline [3][33][42] Summary - The economic structure is increasingly differentiated during the policy transformation process, but the positive effects of policies on the economy are becoming evident. Consumption policies are transitioning towards services, and while indicators for goods consumption are declining, service retail growth is rising [4][89][90] - Investment policies are focusing on "new investment" areas, with signs of improvement in new infrastructure and service sector investments, despite ongoing challenges in the real estate sector [4][89][90]

美联储主席人选再生变数，沃什成为哈塞特的有力竞争对手。 市场预期哈塞特可能更大程度牺牲美联储独立 性满足特朗普政府降息诉求，相比之下沃什则更偏鹰派。 上周受到12月美联储议息会议偏鸽，叠加美国当周初次申请失业金人数跳升的影响，市场交易偏鸽，美债利率 震荡，美元下跌，人民币升值，黄金上涨。 美股方面， 上周标普500指数上涨0.45%，美联储降息叠加偏鸽表态支撑了市场。短期来看，强劲的盈利基础 和宽松的货币政策构成关键支撑，短期市场有望修复。中期来看，美股估值偏高，AI泡沫担忧和变现压力的 问题仍然存在，未来市场还将在高估值、降息、AI变现之间反复博弈。美股盈利增长仍是核心支撑，但估值 上升空间收窄。 维持对美股的标配，收益预期方面回落至与盈利增速相匹配。若市场出现10%-20%的回调，估值将回归合理区 间，可考虑加大配置力度。配置上适度分散化，在科技股之外，可以关注材料和工业板块。 美债方面， 短期可关注本周公布的11月非农数据、明年初美联储新任主席的提名情况。若非农差于预期，或 是提名的主席人选鸽派倾向浓厚，美债利率可能会进一步下行。趋势上维持利率中枢下移的观点不变，其中短 债将直接受益于美联储的降息和扩表 ...

[Table_Title] 谁来接棒托底内需？ 丨证券研究报告丨 中国经济丨点评报告 ——11 月经济数据点评 报告要点 [Table_Summary] 从 11 月经济和政策信号来看，一方面是过去经济增长的结构性支撑在持续转弱，但另一方面， 政策对短期波动的定力不减反增：2025 年中央经济工作会议首次提出（将）"存量政策和增量 政策纳入宏观政策取向一致性评估。"12 月政治局会议首次提出"坚持内需主导"，均体现出在 政策端对于加速培育新业态发展的决心进一步增强。我们认为，在人口老龄化、地方化债的背 景下，地产基建投资或难有显著改善，"反内卷"则抑制着制造业投资的弹性，这意味着投资的 上行空间较为有限，叠加耐用品消费明显承压，服务消费料将成为 2026 托底内需的主要抓手。 分析师及联系人 [Table_Author] 于博 SAC：S0490520090001 SFC：BUX667 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com ——11 月经济数据点评 [Table_Summary2] 事件描述 2025 年 12 月 15 日，国家统计局公布 11 月经济数 ...

简评：11月份国民经济运行总体平稳，延续稳中有进发展态势。但外部不稳定不确定因素较多，国内有 效需求不足，经济运行面临不少挑战。下阶段，更加积极有为的宏观政策有望得以实施，从而持续扩大 内需、优化供给，做优增量、盘活存量，着力稳就业、稳企业、稳市场、稳预期，推动经济实现质的有 效提升和量的合理增长。 12月15日，国家统计局数据显示，2025年11月份，70个大中城市商品住宅销售价格环比总体下降、同比 降幅扩大。一线城市新建商品住宅销售价格环比下降0.4%，降幅比上月扩大0.1个百分点，同比下降 1.2%，降幅比上月扩大0.4个百分点；二手住宅销售价格环比下降1.1%，降幅比上月扩大0.2个百分点， 同比下降5.8%，降幅比上月扩大1.4个百分点。 简评：11月70城房价数据呈现"环比总体下降、同比降幅扩大"的特征，其中一线城市11月房价表现不 佳，无论是新房还是二手房，同环比跌幅均有所扩大。投资与销售的双降或显示行业仍处于深度调整 期，基本面尚未扭转。往后看，在中央"着力稳定房地产市场"的定调及各地"因城施策"下，房地产市场 有望在结构分化中逐步寻底。 央行12月12日发布2025年11月金融统计数据报告显 ...

Group 1 - The core point of the article is that Mould Technology (SZ 000700) held a temporary board meeting on December 15, 2025, to discuss the proposal for the first temporary shareholders' meeting of 2026 [1] - For the first half of 2025, Mould Technology's revenue composition was as follows: automotive industry accounted for 92.83%, medical industry 3.48%, casting 2.58%, and real estate 1.11% [1] - As of the report, Mould Technology's market capitalization was 10.1 billion yuan [1]

11月经济呈现出 "工业稳、投资与消费缓" 的格局。鉴于政策效果将在明年一季度更为充分显现，当前消费与投资仍面临阶段性逆风，"谁先企 稳"对明年经济"开门红"具有关键的信号意义。对此，我们认为可以从如下角度考虑： 投资端："乌云中的银线"。虽然房地产下行压力仍在释放，但基建与制造业已不时释放积极信号：11月制造业投资增速止跌回升，初步显现"拐 点"；建筑业PMI表现偏强，叠加新增专项债加速发力项目建设，表明"稳投资"的政策储备与执行已在跟进。 消费端：增速放缓背后的复杂局面。除高基数效应外，前期"国补"政策的火热、"双十一"促销前置，均在一定程度上透支了部分消费力，对短期 消费增速形成压制。长远来看，消费复苏仍需依赖消费场景实质性拓展以及居民收入预期改善。 尤其在中央经济工作会议"推动投资止跌回稳"的指引下，"稳投资"政策意图明确。投资有望先于消费实现企稳，成为支撑明年一季度"开门红"的 主要亮点。后续关键仍在于政策"愿望清单"能否如期兑现、向实物工作量有效转化。 工业：同环比背离释放了哪些信号？与改善幅度明显强于季节性的环比增速不同，11月工业增加值同比增速却小幅放缓至4.8%（前值4.9%），两 者的背离 ...

截至发稿，珠免集团市值为129亿元。 每经头条（nbdtoutiao）——"一针两千，童颜针年销3亿元"背后：多家关联方注册地"查无此人"，股民 追问"钱呢"！钱氏姐弟几乎"掏空"江苏吴中，公司即将退市 每经AI快讯，珠免集团（SH 600185，收盘价：6.83元）12月15日晚间发布公告称，截至2025年12月15 日，公司对外担保余额为68.77亿元，占公司最近一期经审计净资产11.65亿元的比例为590%，包括对公 司及其属下控股公司提供的担保；公司为关联方重庆两江新区格力地产有限公司提供反担保余额为7.94 亿元。 2025年1至6月份，珠免集团的营业收入构成为：免税商品销售占比61.4%，房地产占比24.43%，其他占 比12.4%，其他业务占比1.78%。 （记者 曾健辉） ...