智通财经APP获悉，香港联交所最新数据显示，11月25日，摩根大通增持宁德时代(03750)71.5651万 股，每股作价468.0704港元，总金额约为3.35亿港元。增持后最新持股数目约为1261.37万股，持股比例 为8.09%。 ...

Core Points - The article discusses the various channels available for consumer rights protection in China, emphasizing the importance of knowing where to seek help when facing issues such as poor product quality or service discrepancies [1][7]. Group 1: Official Core Channels - The primary channel for consumer rights protection is the national 12315 platform, which is managed by the State Administration for Market Regulation, serving as the most authoritative complaint and reporting channel [1][2]. - Consumers can file complaints through multiple methods, including the official website, mobile app, WeChat mini-program, or by calling the 12315 hotline [1][2]. - The platform has strong authority, covering a wide range of consumer disputes, and follows a standardized processing flow for complaints [2][3]. Group 2: Industry-Specific Channels - Certain industries have dedicated regulatory bodies or industry associations for complaints, which are often more specialized and efficient [3][4]. - For financial disputes, consumers can report issues to the National Financial Supervision Administration by calling 12378 [3]. - The postal service has its own complaint platform for issues like lost or damaged packages, which can be accessed through the State Post Bureau's website or WeChat mini-program [3]. Group 3: Third-Party Social Platforms - Third-party complaint platforms, such as the Black Cat Complaint platform, provide a convenient and effective means of consumer rights protection, leveraging public opinion for added pressure on businesses [4][5]. - The Black Cat platform allows users to submit complaints through various channels and offers a streamlined process that reduces the time required for resolution [5][6]. - The platform enhances transparency and efficiency by providing real-time updates on complaint progress and publicly displaying complaint content, which can amplify the pressure on businesses [6]. Group 4: Constructing a Rights Protection Strategy - Consumers are encouraged to adopt a multi-faceted approach to rights protection, starting with the official 12315 platform as the foundational step [7]. - For industry-specific issues, it is advisable to utilize the corresponding regulatory channels alongside the official platform [7]. - Utilizing social platforms like Black Cat Complaint can expedite the resolution process and apply public pressure on companies [7].

证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交5427.16万元，其中，买入成交额为 3218.69万元，卖出成交额为2208.47万元，合计净买入1010.22万元。 具体来看，今日上榜营业部中，第一大买入营业部为中泰证券股份有限公司北京中关村大街证券营业 部，买入金额为875.28万元，第一大卖出营业部为方正证券股份有限公司衡阳长丰大道证券营业部，卖 出金额为524.91万元。 海德股份今日跌停，全天换手率1.54%，成交额2.08亿元，振幅1.87%。龙虎榜数据显示，营业部席位合 计净买入1010.22万元。 深交所公开信息显示，当日该股因日跌幅偏离值达-11.02%上榜，营业部席位合计净买入1010.22万元。 卖五 东方财富证券股份有限公司拉萨团结路第二证券营业 部 125.91 329.53 （文章来源：证券时报网） 融资融券数据显示，该股最新（11月28日）两融余额为1.94亿元，其中，融资余额为1.93亿元，融券余 额为114.49万元。近5日融资余额合计减少1467.81万元，降幅为7.06%，融券余额合计增加42.26万元， 增幅58.52%。（数据宝） 海德股份12月1日交易公 ...

Core Viewpoint - China's economy is experiencing a temporary turbulence amidst a complex global economic environment, with the composite PMI output index dropping to 49.7%, a decrease of 0.3 percentage points from the previous month, marking a new low in nearly a year. However, this decline reflects a structural adjustment and accumulation of strength rather than a comprehensive economic downturn [1]. Group 1: Manufacturing Sector - The manufacturing sector shows resilience with a PMI of 49.2%, a slight increase of 0.2 percentage points from the previous month, indicating a glimmer of hope amidst overall economic pressure [2]. - Small and medium-sized enterprises (SMEs) demonstrate strong vitality, with the PMI for medium-sized enterprises rising by 0.2 percentage points and small enterprises surging by 2.0 percentage points, highlighting the robust resilience of the grassroots economy [2]. - The production index has returned to the critical point of 50.0%, up by 0.3 percentage points, indicating overall stability in manufacturing production [3]. - The new orders index has improved to 49.2%, an increase of 0.4 percentage points, suggesting a gradual recovery in market demand and an increase in enterprise orders [3]. - The employment index has slightly risen, indicating an improvement in the employment situation within manufacturing, providing a human resource guarantee for stable production [3]. Group 2: Non-Manufacturing Sector - The non-manufacturing business activity index stands at 49.5%, down by 0.6 percentage points, becoming a major drag on the composite index, yet it reflects significant industry differentiation rather than a complete downturn [4]. - The service sector experiences short-term volatility, with real estate and residential services remaining at low levels, while sectors like railway transportation, finance, and telecommunications maintain high prosperity levels, illustrating a mixed performance [4]. - The construction sector shows signs of stabilization and recovery, with an increase in the new orders index indicating a growing demand for construction projects [4]. - Changes in input prices and sales prices in the construction sector reflect proactive responses to cost control and price adjustments, enhancing profitability and market competitiveness [4]. Group 3: Economic Outlook - Despite the temporary decline in the composite index, the fundamentals of China's economy remain solid, with stable manufacturing production, revitalized SMEs, and a high expectation level of 56.2% among non-manufacturing enterprises for the future [5]. - The current data drop is viewed as a short-term adjustment rather than a trend of decline, suggesting that the economy is seeking balance in a more nuanced and stable manner [5]. - The ongoing transformation and upgrading of the economy may be filled with challenges, but each step is directed towards a healthier and more sustainable direction [5].

智通财经APP获悉，港股12月迎来开门红，三大指数集体上扬，恒生指数重返两万六上方。截止收盘， 恒生指数涨0.67%或174.37点，报26033.26点，全日成交额为2008.84亿港元；恒生国企指数涨0.47%，报 9172.84点；恒生科技指数涨0.82%，报5644.76点。 华泰证券认为，当前市场已接近"利空出尽"状态，前期压制的核心风险点如中美贸易摩擦、海外流动性 宽松交易回摆及"外卖大战"对互联网板块盈利的冲击已在回调过程中释放相对充分，因此当前市场点位 下行空间相对有限。情绪指标在悲观区间反复震荡或表明市场依然缺乏主线催化，总体指向左侧布局机 会。 舜宇光学科技(02382)领涨蓝筹。截至收盘，涨6.22%，报67.45港元，成交额13.58亿港元，贡献恒指4.34 点。东北证券发布研报称，舜宇光学科技为全球领先的综合光学零件及产品生产商，持续受益于智能手 机光学创新、智能驾驶下沉、XR以及泛物联网行业的发展。 其他蓝筹股方面，紫金矿业(02899)涨5.28%，报32.32港元，贡献恒指14.46点；京东健康(06618)涨 3.93%，报63.5港元，贡献恒指4.26点；理想汽车-W(02 ...

Report Industry Investment Rating No relevant content provided. Core Views - Overseas, the US economy still shows resilience, with the GDPNow model predicting a 3.9% annualized quarterly GDP growth rate in Q3, driven by personal consumption and net exports. Consumption momentum is slowing, and attention should be paid to the released CPI and non - farm payroll data. Driven by rising interest - rate cut expectations and Russia - Ukraine peace - talk expectations, overseas risk assets generally recovered last week [2]. - Domestically, the November PMI and October industrial enterprise profits further confirm the weakening of the economic fundamentals in Q4. The manufacturing PMI is 49.2, remaining in the contraction range for eight consecutive months. The construction and service industries are also in the contraction range. October industrial enterprise profits declined, with manufacturing and public utilities being the main drags. A - shares had a weak rebound with shrinking volume last week, and short - term shocks are expected to be weak [3]. Summary by Directory 1. Overseas Macro - **US Retail in September**: US retail sales were weaker than expected in September. Retail sales increased 0.2% month - on - month (expected 0.4%, previous 0.6%), and core retail sales increased 0.3% month - on - month, in line with expectations. Durable goods consumption was divided, and non - durable goods still showed some resilience but with obvious structural differences [4][5]. 2. Domestic Macro - **October Industrial Enterprise Profits**: From January to October 2025, industrial enterprise revenues were 113.37 trillion yuan, with a 1.8% year - on - year increase. Total profits were 5950.29 billion yuan, a 1.9% year - on - year increase, significantly lower than September's 3.2%. The single - month profit growth rate in October dropped to - 5.5%. Upstream mining profits decreased less, while mid - and downstream profits cooled significantly. Enterprises were accumulating inventory, and profit margins were the main drag on profits [9][10]. - **November Manufacturing PMI**: The November manufacturing PMI was 49.2, still in the contraction range. Supply and demand improved synchronously, with external demand improving significantly. Prices rose, and finished - product inventory decreased. The service industry's prosperity declined, and the construction industry was still struggling [12][13]. 3. Performance of Major Asset Classes - **Equities**: A - shares, Hong Kong stocks, and overseas equities showed different trends last week. For example, the Wande All - A Index rose 2.90%, the Shanghai Composite Index rose 1.40%, and the Nasdaq Index rose 4.91% [23]. - **Bonds**: Yields of domestic and overseas bonds changed last week. For example, the 1 - year Chinese Treasury bond yield decreased by 0.42 basis points, and the 2 - year US Treasury bond yield decreased by 4.00 basis points [26]. - **Commodities**: Commodity prices generally rose last week. For example, the South China Commodity Index rose 1.99%, COMEX gold rose 4.34%, and COMEX silver rose 14.37% [27]. - **Foreign Exchange**: The US dollar index declined, and exchange rates of major currencies against the RMB changed. For example, the US dollar against the RMB decreased by 0.43% [30]. 4. High - Frequency Data Tracking - **Domestic**: The report provides charts of high - frequency data such as the congestion index of 100 cities, subway passenger volume in 23 cities, and commercial housing transaction area in 30 cities [32]. - **Overseas**: The report provides charts of high - frequency data such as Redbook commercial retail sales and unemployment insurance claims in the US [37]. 5. This Week's Important Economic Data and Events - This week, important economic data and events include China's November RatingDog manufacturing PMI, euro - zone November CPI, and US November ISM manufacturing PMI [46].

此次沙龙活动吸引了多家国内机器人领域领军企业参会路演，包括普渡机器人、海柔创新、始途科技、 九识智能、赛特科技、翎客航空、智身科技、派宝科技、沃迪科技等，覆盖工业自动化、公共服务、商 用服务、特种机器人等细分领域。 活动期间，还举办了法国Knave集团与中国银行厦门市分行、厦门金龙联合汽车工业有限公司、厦门建 发汽车集团的战略合作协议签约仪式，以及knave机器人产业集群签约仪式，标志着多方具体合作的正 式开展。 中国经济网厦门12月1日讯 11月30日，以"论道白鹭洲·扬帆法兰西"为主题的2025首届厦门机器人产业出 海创新沙龙暨法国knave集团亚太总部落成典礼在厦门成功举办。 本次活动由法国knave集团主办，厦门习福资本、厦门自贸投资发展有限公司承办，盛世光年（北京） 文化传媒有限责任公司协办，中国银行厦门市分行、厦门金龙联合汽车工业有限公司、厦门建发汽车有 限公司、厦门新数能电力科技有限公司作为支持单位。沙龙活动旨在搭建中国机器人产业与欧洲市场、 资本深度对接的国际化平台。 ...

光期研究 见微知著 股指期货策略月报 2 0 2 5 年 1 2 月 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 股指期货：12月震荡为主 p 2 股指期货 月度要点 股 指 策 略 周 报 | 1、指数高位回落 | | --- | 11月，Wind全A缩量震荡，收跌2.22%，日均成交额1.9万亿元。中证1000下跌2.3%，中证500下跌4.08%，沪深300月度下跌2.46%， 上证50下跌1.39%。经过本轮回调，各指数估值回到近5年1倍标准差以内，继续回落风险降低。板块上，电子、计算机、电力设备 等板块回调幅度较大，拖累指数下行，但近期相关板块已经止跌企稳，出现反弹，预计12月板块轮动为主。资金层面情绪有所回落， 但并不存在显著的空头情绪，融资余额11月小幅减少135亿元；新成立股票型基金304亿元，混合型基金235亿元，普遍将在未来三 个月建仓，增量资金仍在路上。 2、政策真空期预计震荡为主 随着6月以来的流动性行情告一段落，市场重新聚焦基本面逻辑，目前以AI为首的新质生产力题材普遍对未来三年的增长水平 存在乐观预 ...

今日早盘，红利板块震荡上行，截至午间收盘，中证红利价值指数上涨0.7%，中证红利低波动指数、中证红利指数均上涨0.6%，恒生港股通高股息低波动 指数上涨0.1%，恒生红利低波ETF（159545）半日净申购超1000万份。Wind数据显示，该ETF11月获近20亿元资金净流入，居全市场红利类ETF第一。 据悉，易方达基金是目前唯一一家红利类ETF全部实行低费率的基金公司，恒生红利低波ETF（159545）、红利ETF易方达（515180）、红利低波动ETF （563020）、红利价值ETF（563700）等产品管理费率均为0.15%/年，可助力投资者低成本布局高股息资产。 该指数由50只流动性好、连续分红、 红利支付率适中、每股股息正增长 以及股息率高目波动率低的股票组 成,反映分红水平高且波动率低的A 股上市公司股票的整体表现,银行、 交通运输、建筑装饰行业合计占比 超65% 截至午间收盘 该指数涨跌 恒生红利低波ETF 跟踪恒生港股通高股息低波动指 该指数由港股诵范围内50只流动性 较好、连续分红、红利支付率适中 且波动率较低的股票组成,反映分 红水平高且波动率低的港股通范围 内上市公司整体表现,金融、工 ...

Core Insights - The report highlights an increase in expectations for interest rate cuts, driven by ongoing negotiations regarding the Russia-Ukraine conflict, leading to a rebound in U.S. stocks and gold prices, while the U.S. dollar and crude oil prices declined. The MSCI global stock index rose by 3.54%, with notable performances from the Russell 2000 (up 5.5%) and Nasdaq (up 4.9%) [2][16][22] - U.S. macroeconomic indicators show a significant decline in retail sales for September, with a month-on-month increase of only 0.2%, down from 0.6% previously. Most retail categories experienced a slowdown, particularly in leisure goods, clothing, and automotive sales, although dining out remained strong [3][4][5] - The report notes that the U.S. job market remains weak, with initial jobless claims falling to their lowest level since April 2025, while the ADP employment figures have shown negative growth. The market anticipates an 86.4% probability of a 25 basis point rate cut in December, up from 71.0% the previous week [10][11][12] - The report discusses potential changes in U.S. Federal Reserve leadership, with Hasset emerging as a leading candidate for the Fed Chair position, advocating for immediate rate cuts based on current economic data [2][12] - The report suggests that the recent rebound in U.S. stocks is primarily driven by rising rate cut expectations and market sentiment recovery rather than fundamental economic improvements. It emphasizes the importance of monitoring the upcoming Federal Open Market Committee (FOMC) meeting and the potential impact of the December economic policy meeting in China [2][22] Economic Data - U.S. retail sales for September showed a month-on-month increase of only 0.2%, significantly lower than the previous month's 0.6%. Key categories such as leisure goods, clothing, and automotive sales saw notable declines, while dining out remained robust [3][4][5] - The report indicates that the initial jobless claims in November fell to 216,000, the lowest since April 2025, while the ADP employment figures have consistently shown negative growth since late October [10][11][12] Market Performance - The report notes that the U.S. stock market has rebounded, with the Russell 2000 and Nasdaq leading the gains. The S&P 500 and Dow Jones also saw increases of 3.7% and 3.2%, respectively [2][22] - In terms of asset performance, the report highlights a decline in the U.S. dollar index by 0.71% to 99.44, while COMEX gold prices increased by 4.77% [21][22] - The report emphasizes that the technology sector has led the market rally, with significant contributions from Chinese solar and OLED concepts [28][33]