Market Overview - Global markets showed divergence this week with a cooling risk appetite; the Dow Jones increased by 1.05% while the Nasdaq fell by 1.62%, indicating a shift of funds away from overvalued growth stocks [1] - European stocks remained weak, while Asian markets, particularly in China, Japan, and South Korea, saw gains; Hong Kong stocks slightly declined by 0.42% [1] - In the commodity sector, oil prices decreased, while gold and copper prices strengthened [1] A-Share Market Dynamics - The A-share market exhibited structural fluctuations, with the ChiNext Index rising by 2.74% and the Sci-Tech 50 Index increasing by 1.72%, showcasing resilience in the technology growth sector; however, the CSI 300 and Shanghai Composite Index experienced slight declines [1] - Market turnover shrank, leading to a focus on small and mid-cap growth sectors amid a stock game [1] Sector Performance - Industry performance showed increasing divergence, with sectors such as telecommunications, military, and electronics leading gains driven by policy support; the telecommunications sector saw a rise of 6.27% [1] - Conversely, cyclical sectors like coal, oil and petrochemicals, and real estate experienced notable pullbacks [1] Policy Environment - The Central Economic Work Conference set the tone for "seeking progress while maintaining stability, improving quality and efficiency," emphasizing support for technological innovation and new productive forces, and mentioned the flexible use of interest rate cuts [1] - The expectation of interest rate cuts by the Federal Reserve also reinforced global liquidity easing [1] Outlook - Looking ahead to next week, the structural market trend in A-shares is expected to continue, supported by internal policy expectations and external liquidity conditions; the technology growth theme is likely to remain dominant, with continued attention on telecommunications, electronics, semiconductors, and military sectors [1] - Hong Kong stocks may benefit from improved liquidity and valuation advantages, with a potential recovery in technology and financial sectors [1] Investment Strategy - It is recommended to focus on sectors with clear industrial trends and strong policy support, such as AI computing power, domestic substitution, and high-end manufacturing, while avoiding chasing high valuations and emphasizing strategic positioning during pullbacks [1]

Group 1 - In 2025, China's economy faced significant challenges but showed resilience, with a focus on domestic demand and building a strong domestic market as highlighted in the Central Economic Work Conference [1][16] - The total value of China's goods trade import and export reached 41.21 trillion yuan, a year-on-year increase of 3.6%, with a trade surplus exceeding 1 trillion USD for the first time [1][3] - Private enterprises have become the mainstay of foreign trade, with their import and export value reaching 23.52 trillion yuan, a year-on-year increase of 7.1%, accounting for 57.1% of China's total foreign trade [7][9] Group 2 - The export growth of private enterprises outpaced that of state-owned and foreign enterprises, indicating their crucial role in driving trade growth [9] - Despite a decline in exports to the US by 18.9%, exports to ASEAN and the EU increased significantly, compensating for the drop [3][5] - The overall import growth was sluggish at 0.2%, reflecting weak domestic demand, which the Central Economic Work Conference emphasized needs to be addressed [10][20] Group 3 - The Central Economic Work Conference identified the imbalance between strong supply and weak demand as a major challenge, necessitating a focus on balancing supply and demand [20][22] - The government plans to implement a "rural and urban residents' income increase plan" to enhance consumer purchasing power, indicating a shift towards a more inclusive economic strategy [36][42] - The emphasis on quality over quantity in production is crucial for addressing the current economic challenges, with a focus on enhancing the supply of high-quality goods and services [29][31] Group 4 - The real estate market's stability is vital for consumer confidence, with measures proposed to stabilize the market and support affordable housing [49][51] - The government aims to shift fiscal spending from traditional infrastructure to social services like education and healthcare, which could enhance consumer spending capacity [47][46] - The Central Economic Work Conference set a policy direction of "seeking progress while maintaining stability" and "improving quality and efficiency," indicating a focus on sustainable economic growth [51]

来源：世界晋商论坛 12月12日，首届中国会长圆桌会（第三期）在北京成功召开。本次会议以"双碳目标下，绿色基建与循 环经济的创新实践与协同路径"为主题，由中国社会组织促进会主办，中国社会组织促进会行业协会商 会分会承办，喜跃发集团协办。 会议汇聚了来自公路建设、市政工程、房地产、煤炭、交通、机械工业、民用机场、节能环保及饭店业 等15个行业的国家级协会负责人，以及交通部、住建部、发改委等有关部委及科研院所的专家领导，共 话绿色基建与循环经济的发展趋势与实践路径。中国社会组织促进会会长杨岳出席并讲话，副秘书长贾 卫主持会议。中国社会组织促进会行业协会商会分会总干事李有生介绍活动背景、意义及出席嘉宾，中 国社会组织促进会副会长、喜跃发集团董事长刘跃代表主办单位致辞。 中国社会组织促进会会长杨岳讲话 中国社会组织促进会副秘书长贾卫主持会议 中国社会组织促进会行业协会商会分会总干事李有生介绍活动背景、意义及出席嘉宾 2 案例分享：技术创新推动产业循环 喜跃发集团副总经理李俊锋分享了企业在绿色基建领域的实践成果。集团通过100%固废冷拌冷铺技 术、工业固废资源化利用，从源头降低碳排放；推广预防性养护等低碳工艺，减少施工 ...

Group 1 - The Ministry of Finance emphasizes the need for a stable yet progressive policy approach for the upcoming year, focusing on enhancing macroeconomic governance and utilizing various government bond funds effectively [2] - The central economic meeting indicates that China's GDP is expected to reach approximately 140 trillion yuan in 2025, with a focus on synchronizing income growth with economic growth [3] - The National Development and Reform Commission highlights the importance of investment recovery and consumer spending, proposing measures to optimize consumption policies and enhance public resource allocation [4] Group 2 - The healthcare sector is set to see significant improvements, with 949 new drugs added to the medical insurance directory during the 14th Five-Year Plan, and plans for instant settlement of medical insurance funds by 2026 [5] - The Ministry of Natural Resources stresses the need for optimizing land use and resource management, particularly in urban renewal and the development of marine industries [4][5] - The private equity sector has seen substantial growth, with the total scale surpassing 22 trillion yuan, indicating a robust performance in the investment landscape [9] Group 3 - The lithium iron phosphate industry is experiencing a price increase, with major manufacturers announcing price hikes for their products starting in 2026 [10] - The film industry in China has achieved a total box office of over 50 billion yuan in 2025, with domestic films accounting for nearly 82% of the total [10] - The artificial intelligence sector in Shanghai is expanding rapidly, with a goal to add 1,000 new AI companies in the next three years, supported by various government initiatives [11] Group 4 - The cryptocurrency sector is witnessing regulatory developments, with the U.S. government approving plans for five new national banks focused on cryptocurrency [12] - The beverage industry, particularly Coca-Cola, is facing challenges in its sale of Costa Coffee, with negotiations stalling due to pricing issues [15] - The semiconductor industry is seeing increased collaboration between U.S. companies and Chinese firms, as evidenced by AMD's discussions with Chinese officials [6]

Group 1 - The banking, steel, transportation, and real estate industries received significant attention from major funds, with the banking sector seeing a net inflow of 1.547 billion yuan [1] - The electronics, computer, communication, pharmaceutical, and defense industries experienced substantial net outflows, with the electronics sector facing nearly 18 billion yuan in sell-offs [1] Group 2 - Among individual stocks, Dongshan Precision received the highest net inflow of 1.508 billion yuan, with a weekly increase of 21.02% [1] - Shenghong Technology and BYD also saw notable net inflows of 1.379 billion yuan and 1.217 billion yuan, respectively [1] - In contrast, ZTE, Sungrow Power, and Tianfu Communication faced significant sell-offs, with net outflows of 5.317 billion yuan, 4.721 billion yuan, and 3.843 billion yuan, respectively [1]

波黑媒体《新闻报》12月7日报道。欧洲央行在2025年10月30日的最新会议上决定维持利率不变， 标志着欧洲将暂别"廉价货币"时代，正式进入资本成本持续高企的新周期。这一根本性转变正深刻影响 各国经济、企业运营与居民生活。 欧洲央行三大关键利率维持现状：主要再融资利率为2.15%，边际贷款利率2.40%，存款利率 2.0%。其核心目标是维持价格稳定，致力于实现中期对称性2%的通胀目标。根据预测，欧元区通胀率 将在2025年平均为2.1%，2026年降至1.7%，2027年微升至1.9%。当前最显著的变化在于，"中性利 率"（即既不刺激也不抑制经济增长的利率水平）已明显高于金融危机前时期。这表明，至少在中期 内，资本价格已永久性处于更高水平。企业和个人通过贷款融资的成本因此大幅高于往年。 （原标题：欧洲步入"昂贵资本"时代，高利率重塑欧盟经济格局） 高利率环境对不同经济主体产生分化影响：企业层面，投资与扩张成本直接上升。国家层面，公共 债务高的南欧成员国偿债成本增加，财政空间被挤压，其在发展投资、社会政策或绿色转型方面的能力 进一步受限。居民层面，浮动利率住房贷款及其他贷款的还款额上升，抑制消费与大额支出。另一 ...

马上就要2026年了，大家最近有没有留意新闻，房价这话题又被提上日程了。 虽然有人说"房价会稳"，也有人预测"可能会下跌"，但不管哪种声音，最直接影响的还是普通家庭。 大家心里都有个不言自说的担忧：要是这房价明年还得接着往下走，我们普通家庭的所谓"家底"，还能 兜得住吗？ 要是2026年房价接着跌，中国近一半的家庭，可能要撞上这4个绕不开的坎。 房子砸手里卖不掉 现在的二手房市场早就不是 "挂出去就能卖" 的年代了，完全变成了 "卖家多、买家少" 的买方市场。 打开房产 APP，不管是一线城市的老小区，还是三四线的新楼盘，随便哪个小区都挂着几十上百套二 手房，挂牌量蹭蹭往上涨，成交量却趴在地上不动。 买家心里都打着小算盘，知道房价还在跌，谁都想再等等抄底，没人愿意当冤大头现在接盘。 想卖房就得狠下心降价，可就算降了价，也未必有人问津。 很多家庭为了快点出手，一降再降，降个十几万、几十万都是常事，可就算这样，看房的人都寥寥无 几，更别说成交了。 成交周期也越来越长，有的房子挂了大半年，连个靠谱的买家都遇不到，只能一直耗着。 更让人糟心的是持有成本，房子卖不掉，物业费、取暖费照样得按时交，一分都不能少。要是小区物 ...

组织方强调，会议旨在促进商业实体、立法者与服务使用者之间的对话，并为房地产领域的创新解决方 案开辟空间。(驻波黑使馆经商处) 波黑国家台12月10日报道。波黑联邦商会将在联邦发展、创业与手工业部的支持下，于12月11日至12日 在涅乌姆举办第二届"房地产市场挑战"国际会议。会议将汇聚区域内顶尖专家及政府代表，共同探讨房 地产市场面临的关键挑战，包括潜在客户对接、创意营销策略、新型数字技术应用以及《不动产中介服 务法》实施过程中存在的不足。预计届时将有来自克罗地亚、塞尔维亚、黑山、斯洛文尼亚及波黑等国 的逾百名代表参会，会议或将成为区域房地产市场交流经验、促进行业发展的独特平台。 ...

Group 1 - The Central Economic Work Conference held on December 10-11 outlined China's economic direction for 2026, emphasizing a long-term positive trend and the need for confidence in facing challenges. Key tasks include focusing on domestic demand, innovation, and reform [2][7] - Beijing Weilan New Energy Technology Co., known as China's "first solid-state battery stock," has initiated its IPO process on the A-share Growth Enterprise Market, aiming for large-scale production of solid-state batteries by 2027 [2][7] - The U.S. stock market showed mixed results, with the Dow Jones reaching a historical high while the Nasdaq fell nearly 400 points due to concerns over tech stock valuations, particularly after Oracle's disappointing earnings report [2][7] Group 2 - Shandong Province has introduced a housing "old-for-new" policy to stimulate housing consumption, which includes various models for upgrading homes and enhancing financial support [3][8] - The price of Moutai has dropped below the psychological threshold of 1499 yuan, indicating a potential industry adjustment as demand weakens and the company faces challenges in returning to consumer markets [3][9] - Mexico's new law imposing tariffs of up to 50% on goods from countries without free trade agreements, including China, could impact Chinese industries such as automotive and textiles, prompting companies to adapt their supply chains [3][9] Group 3 - Many companies, including China National Offshore Oil Corporation and China Shipbuilding Industry Corporation, have secured orders extending to 2028, indicating strong business growth prospects due to industry recovery and capacity release [4][10] - Recent adjustments to six major indices, including the CSI 300, will lead to corresponding changes in large-scale index funds, enhancing the representation of technology sectors and benefiting investors in advanced manufacturing [4][10] - SoftBank's investment in OpenAI has faced challenges, leading to a significant drop in its stock price and market capitalization, as concerns about profitability and competition from Google arise [5][10] - The Chinese film market is projected to exceed 50 billion yuan in 2025, driven by successful domestic productions and an expanding "film +" ecosystem that enhances overall consumption [5][10]

Core Insights - The real estate industry is in the early stages of AI transformation, with a need for more companies to implement AI in core areas [2] - Deloitte's research indicates that while some companies report unmet expectations from AI investments, none have ceased their investments, highlighting a growing emphasis on AI [1] Group 1: AI Trends and Characteristics - Companies recognize that the speed of AI's impact on business is not aligned with the rapid development of AI technologies [1] - The focus is shifting towards integrating AI into core business functions rather than just easy-to-implement areas [1] - There is a general lack of awareness regarding risk management associated with AI applications, which is crucial for internal and external business operations [1] - Companies are experiencing a transformation in roles, with management attitudes towards AI significantly influencing development speed and intensity [1] Group 2: Industry-Specific AI Developments - Deep Intelligence has launched the "Real Estate AI-Ready" strategy, marking a shift from fragmented tool empowerment to a systematic deployment of AI across the industry [3] - The strategy includes a comprehensive product matrix covering three business scenarios, aiming to facilitate a data-driven transformation in real estate [3] - The company emphasizes the importance of data quality as a major challenge for AI implementation in the real estate sector [5] Group 3: Product Innovations and Applications - Deep Intelligence has introduced eight products that cover three major application scenarios in real estate, aiming to redefine decision-making processes [8] - The "CRIC2025" platform and other AI-driven tools are designed to automate complex tasks traditionally performed by human analysts [8] - The introduction of digital employees signifies a new organizational model where human and AI collaboration enhances efficiency in real estate operations [8] Group 4: Market Positioning and Competitive Advantage - Deep Intelligence's products demonstrate significant advantages in knowledge depth, data breadth, and application capabilities compared to general and vertical AI platforms [7] - The company is building a "data moat" by upgrading its extensive data resources into a structured database that supports AI decision-making [9] - The integration of expert knowledge into AI models allows for the scalable transfer of professional insights, enhancing AI's business understanding [9]