本文字数：2781，阅读时长大约4分钟 作者 | 第一财经 樊志菁 北京时间10月30日凌晨2点，美联储公布利率决议。 联邦公开市场委员会（FOMC）以10-2的方式决定下调利率区间25个基点至3.75%-4.00%。反对票中，美联 储理事米兰希望降息50个基点，而堪萨斯联储主席施密德倾向于按兵不动。美联储主席鲍威尔承认，委员会内部 分歧较大，12月降息并非已成定局。 受此影响，美股盘中跳水，国际金价走弱。 美联储内部分歧 决议声明称，现有指标表明，经济活动一直以温和的速度扩张。今年就业增长放缓，失业率略有上升，但截至8 月仍处于较低水平；最近的指标与这些情况相符。通货膨胀率自今年早些时候以来有所上升，仍处于略高的水 平。 2025.10. 30 结束量化紧缩 美联储在政策声明中决定于12月1日结束量化紧缩（QT)。委员会同时计划调整投资组合结构——将到期抵押贷 款支持证券（MBS）的本金收益重新投资于短期国债（Treasury bills）。 在新闻发布会伊始，美联储主席鲍威尔表示，政府停摆前获取的数据显示，经济活动增长轨迹可能略强于此前预 期，这主要得益于消费支出的强劲表现。 对于政府停摆的影响，鲍威尔认 ...

Group 1 - The core viewpoint emphasizes the importance of expanding domestic demand as a strategic foundation for economic growth, with a focus on enhancing consumption and investment to drive high-quality development [3][6][12] - The "14th Five-Year Plan" period highlights the significant role of consumption as a main engine and stabilizer for economic growth, with consumer spending contributing approximately 60% to economic growth annually [5][6][12] - The service consumption sector is experiencing rapid growth, with service spending increasing by an average of 9.6% annually from 2020 to 2024, reflecting a shift from goods to services in consumer preferences [10][12][14] Group 2 - The integration of cultural and economic activities is being promoted, as seen in places like Luoyang, where new consumption scenarios are being created to enhance tourism and local economies [4][5] - The development of new consumption formats and experiences is crucial, with examples such as the successful launch of a new washing machine model by Haier that meets specific consumer needs [8][9] - The market for elderly services is identified as a significant growth area, with a focus on tailored products and services for different segments of the elderly population [15]

Core Viewpoint - The Chinese government emphasizes the importance of expanding domestic demand as a strategic foundation for economic growth, focusing on enhancing consumption and investment to drive high-quality development [1][4][10]. Group 1: Economic Growth and Domestic Demand - Domestic demand has become the main driving force for China's economic growth and stability, with a focus on building a strong domestic market and boosting consumption [1][3]. - The "14th Five-Year Plan" period highlights the need for a robust domestic market, with consumer spending contributing approximately 60% to economic growth annually [3][4]. - The social retail sales are projected to grow from 39.1 trillion yuan in 2020 to 48.3 trillion yuan by 2024, indicating a compound annual growth rate of 5.5% [10]. Group 2: Consumer Behavior and New Consumption Trends - The service consumption sector is experiencing rapid growth, with the proportion of residents' service consumption spending increasing by 3.5 percentage points to 46.1% [3]. - New consumption formats and scenarios are emerging, such as cultural tourism and innovative retail experiences, which are enhancing consumer engagement and satisfaction [2][7]. - The demand for high-quality and diverse consumer goods is rising, with a shift from mere availability to quality and experience [8][9]. Group 3: Policy and Strategic Initiatives - The government is implementing policies to stimulate consumption and improve living standards, emphasizing the synergy between consumption and investment [5][11]. - There is a call for optimizing supply to stimulate consumer willingness and enhancing policy support for consumption growth [5][12]. - The focus on service consumption is crucial, as it not only drives economic growth but also improves residents' quality of life [12][13].

（记者 贾运可） 截至发稿，利群股份市值为42亿元。 每经头条（nbdtoutiao）——"十五五"规划建议的18个新提法，释放了哪些重要信号？ 每经AI快讯，利群股份（SH 601366，收盘价：4.56元）10月29日晚间发布三季度业绩公告称，2025年 前三季度营收约53.65亿元，同比减少4.83%；归属于上市公司股东的净利润约1374万元，同比减少 46.79%。 ...

Core Viewpoint - Huijia Times (603101.SH) reported a total operating revenue of 1.868 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 1.18% [1] - The net profit attributable to shareholders of the parent company reached 80.41 million yuan, marking a significant year-on-year increase of 60.05% [1] - The basic earnings per share stood at 0.1709 yuan [1] Financial Performance - Total operating revenue for the first three quarters: 1.868 billion yuan [1] - Year-on-year revenue growth: 1.18% [1] - Net profit attributable to shareholders: 80.41 million yuan [1] - Year-on-year net profit growth: 60.05% [1] - Basic earnings per share: 0.1709 yuan [1]

格隆汇10月29日丨重庆百货(600729.SH)发布三季报，2025年前三季度实现营业总收入116.3亿元，同比 下降10.56%；归属母公司股东净利润9.91亿元，同比增长7.38%；基本每股收益为2.26元。 ...

Investment Rating - The report maintains a "Buy" rating for Tianhong Co., Ltd. [2][7] Core Insights - The company reported lower-than-expected performance for Q3 2025, with total revenue of 2.869 billion yuan, a year-on-year decrease of 2.01%, and a net profit attributable to shareholders of -91.23 million yuan, a year-on-year decline of 156.90% [7] - The company is optimizing its store structure and accelerating the transformation of its retail business, with a focus on upgrading over 20 shopping centers and introducing various smart technology stores [7] - The company has achieved a gross margin of 35.52% in Q3 2025, a slight increase of 0.11 percentage points year-on-year, while the expense ratio rose to 38.10% [7] Financial Data and Profit Forecast - For 2025, the company expects total revenue of 11.927 billion yuan, with a year-on-year growth rate of 1.2% [6] - The net profit attributable to shareholders is forecasted to be 132 million yuan for 2025, representing a year-on-year increase of 72.4% [6] - The company’s gross margin is projected to be 37.0% in 2025, with a return on equity (ROE) of 3.2% [6]

21世纪经济报道记者 刘婧汐 曼谷报道 MINISO LAND是名创优品推出的战略级店态，门店面积约为常规店2倍，已经在上海、成都、广州等地开业的MINISO LAND门 店总面积均超千平，店内IP产品占比基本在75%-80%。 这种"IP + 场景"的商业模式吸引了众多消费者的目光，带来了不菲的销量。此前于上海南京东路开业的2000㎡的MINISO LAND 全球壹号店，在9个月内销售额突破亿元。 在国内跑通了MINISO LAND店态后，名创优品试图将MINISO LAND带到海外，承担起拉升品牌势能、开拓海外市场的责任， 而与中国消费市场环境相似的泰国曼谷就成为了出海的第一站。 在最近大火的对话节目《罗永浩的十字路口》中，名创优品创始人叶国富对罗永浩表示，他认为中国IP才刚刚开始爆发，出海 潜力巨大，未来会带领名创优品"All in"文化消费。 这与21世纪经济报道记者在泰国曼谷看到的情况一致。 10月25日，名创优品海外首家MINISO LAND在泰国曼谷Siam Square步行街正式开业，在这个容纳了超8000个SKU的三层独栋建 筑内，有泰国本地消费者告诉记者："名创优品在泰国很'famous' ...

格隆汇10月29日丨中央商场(600280.SH)公布2025年第三季度报告，营业收入为4.62亿元，同比下降 3.13%；归属于上市公司股东的净利润为-4477.05万元；归属于上市公司股东的扣除非经常性损益的净 利润为-4131.26万元。 ...

大公司： 国际奥委会携手阿里巴巴首次推出五环系列首饰 2026年米兰·科尔蒂纳冬奥会开幕倒计时100天之际，奥林匹克天猫官方旗舰店独家首发米兰冬奥会系列 商品。同时，国际奥委会首次推出奥林匹克五环系列首饰，通过天猫平台在中国独家发售。系列商品已 于28日20时起在天猫开售。 消息称英伟达将与三星等韩国公司签署AI芯片供应协议 据知情人士称，美国科技巨头英伟达将向三星电子、SK集团等韩国企业提供人工智能（AI）芯片。本 周，英伟达CEO黄仁勋将出席在韩国庆州举行的亚太经合组织CEO峰会，这是一个与年度APEC领导人 峰会同时举行的以商业为中心的聚会。据消息人士透露，英伟达将与三星电子、SK集团、现代汽车集 团、Naver等4家公司签订供货协议，并将于周五公布。（新浪财经） 宝马加入"开源创新发展推进中心"，成为首个外资车企成员 36氪获悉，10月28日，宝马中国正式加入"开源创新发展推进中心"，成为该中心首个外资车企成员。据 了解，"开源创新发展推进中心"由中国信通院承办，是国家级开源协同创新平台，汇聚政、产、学、 研、用多方力量，推动中国汽车软件技术自主创新与生态共建。 腾讯"碳寻计划"二期全球50强名单发布 ...