南海之滨，海南自贸港一站式飞机维修产业基地内，来自全球多地的飞机"排成队"。 中央经济工作会议指出，"坚持对外开放，推动多领域合作共赢""有序扩大服务领域自主开放""围绕激 发高质量发展的动力活力，坚定不移深化改革扩大开放"。 江苏太仓高新区，舍弗勒太仓制造基地新能源二期工厂，自动导向搬运车在产线间有序穿梭，驱动电机 关键部件高效生产。一条马路配齐一辆新能源汽车电驱系统，成为太仓部分路段的写照；南京路、北京 路、广州路等集聚新能源汽车动力系统、底盘系统、车身附件等产业链，产业链共振效应显著。 党的二十届四中全会提出，"扩大高水平对外开放，开创合作共赢新局面。" 从海南维修飞机，到上海、江苏制造新能源汽车、建设配套产业链，高水平对外开放动能从何而来？答 案蕴藏在制度创新、产业升级、平台构建的"三轮驱动"之中。记者近日在上海、江苏、海南调研，探寻 三地以"三轮驱动"扩大高水平对外开放的生动实践。 制度创新破壁垒，夯实开放"硬支撑" 开放的高度，来自制度创新的深度。 海南自贸港全岛封关运作在即，制度集成创新让人流、物流、资金流加速汇聚。今年前10月，海口空港 综保区保税维修货值达478.6亿元，同比增长71.8%。 ...

"遨游半在江湖里，始觉今朝眼界开。"站在江苏南通狼山之巅极目远眺，江水浩荡，奔流向海，气势磅 礴。 南通，这片江海相拥的土地，曾是中国近代民族工业的重要发祥地之一，以敢为人先的实践点燃了实业 救国的星火，留下了"近代第一城"的历史印迹；曾作为首批14个沿海开放城市之一，以"纺织之乡""建 筑铁军"等名片，在改革开放的春风里激流勇进。如今，站在"十四五"收官与"十五五"启航的历史交汇 点，面对多重战略机遇叠加的天时，"左右逢源""南通好通"的地利，南通正在加快打造江苏高质量发展 重要增长极，建设长三角北翼中心城市，书写跨江向海、通向未来的新篇章。 解码万亿南通产业升级路 ——南通耐心资本何以拔节生长 下个万亿，看海洋 ——南通构筑海洋经济发展新高地 张謇企业家精神何以穿越百年 详见5—8版 稳住"压舱石" 敢摘"未来星" ...

（来源：锦桥纺织网） 来源：锦桥纺织网 【概要】本周，美联储降息预期兑现，国内中央经济会议召开定调进一步扩内需促消费，金融市场信心 有所提振；受国内棉纺消费保持韧性、国际消费需求疲软等因素影响，国内棉价重心上移，国际棉价维 持弱势震荡，内外棉价差继续扩大。 一、价格回顾 国内方面，随着新棉销售快速推进，丰产压力逐步消化，现货市场报价坚挺；同时，中央经济会议召开 给金融市场带来信心，国内棉价延续涨势。本周郑州棉花期货主力合约结算均价13794元/吨，较前周上 涨31元/吨，涨幅0.2%；代表内地标准级皮棉市场价格的国家棉花价格B指数均价14960元/吨，较前周上 涨41元/吨，涨幅0.3%。 国际市场，美联储宣布降息25个基点符合市场预期，金融市场情绪有所回暖，但在美国农业部进一步上 调美棉产量的影响下，国际棉价走势维持弱势，均价略有下降。本周纽约棉花期货主力合约结算均价 63.89美分/磅，较前周下跌0.44美分/磅，跌幅0.7%；代表进口棉中国主港到岸均价的国际棉花指数(M) 均价71.99美分/磅，折人民币进口成本12559元/吨(按1%关税计算，不含港杂和运费)，较前周下跌89元/ 吨，跌幅0.7%。国 ...

Group 1: Direct Impact on Individuals - Lower consumption costs due to reduced interest rates and appreciation of RMB against USD, making overseas education, travel, and cross-border shopping cheaper, saving families over ten thousand yuan annually [1] - Decrease in prices of imported goods such as luxury items and electronics, providing short-term benefits to consumers [2] - Decline in yields of dollar deposits, US Treasury bonds, and dollar-linked financial products, necessitating adjustments in asset allocation [3] - Support for safe-haven assets like gold and silver due to a weaker dollar, but caution advised as gold prices are at historical highs [4] - Eased mortgage pressure with potential reductions in monthly payments for loans, such as a decrease of 150 yuan for a 1 million yuan mortgage over 30 years [5] Group 2: Differentiated Impact on Enterprises - Positive effects for import enterprises as procurement costs in RMB decrease, leading to short-term profit increases [6] - Companies with dollar-denominated debts benefit from lower overseas financing costs and reduced interest expenses on existing dollar debts [7] - Emerging industries may see increased foreign investment, potentially boosting valuations in sectors like new energy and semiconductors [8] - Negative impact on dollar-denominated export companies as rising commodity prices weaken international competitiveness, particularly in labor-intensive sectors like textiles and home appliances [9] - Increased costs for raw material import companies due to rising international commodity prices, affecting sectors such as chemicals and air logistics [10] Group 3: Investment Market Opportunities and Risks - Anticipation of foreign capital inflow into A-shares and Hong Kong stocks, benefiting technology growth stocks (AI, semiconductors) and interest-sensitive sectors (brokerage, real estate) [11] - Caution advised regarding the risk of "good news being fully priced in," which may lead to increased short-term volatility [11] - Narrowing interest rate differentials between China and the US alleviating depreciation pressure on RMB, with a trend of increased foreign allocation to Chinese bonds [12] - RMB exchange rate expected to stabilize and trend upwards, with recent offshore rates surpassing 7.06, though rapid appreciation may impact exports [13] - Weaker dollar driving capital towards emerging markets, with Chinese assets viewed as "value traps," but caution against rapid inflow and outflow of speculative capital [14] Group 4: Long-term Policy and Economic Linkages - Expansion of domestic policy space with reduced external constraints, allowing for more flexible monetary policy, supporting a "moderately loose" stance through 2026 [15] - Coordination of fiscal and monetary policies to stabilize growth as indicated by the Central Political Bureau meeting [15] - Potential systemic risks if the US aggressively lowers interest rates due to political pressure, which could lead to technology stock bubbles or stagflation risks [15] - Possible acceleration of RMB internationalization if the dollar's global status is undermined by diminished independence of the Federal Reserve [15]

Core Viewpoint - Weiqiao's entry into the automotive industry is driven by stagnation and profitability pressures in its traditional textile and aluminum sectors, prompting a strategic shift towards new growth opportunities in the automotive market [3][4][5]. Group 1: Company Background and Transition - Weiqiao, originally a textile giant, has expanded into aluminum production and is now venturing into the automotive sector, marking a significant cross-industry transformation [2][5]. - The company has a history of strategic expansion, starting from its foundation in 1951 as a cotton processing plant to becoming the world's largest cotton textile enterprise by 2003 and the largest aluminum producer by 2014 [2]. Group 2: Challenges in Traditional Industries - Both the textile and aluminum sectors are facing growth bottlenecks, with the textile division experiencing losses since 2022 due to adverse international trade conditions and supply chain disruptions [3][4]. - Regulatory pressures in the aluminum industry, including a crackdown on illegal production capacities, have further strained Weiqiao's profitability [3]. Group 3: Strategic Shift to Automotive - Weiqiao plans to invest at least 60 billion yuan (approximately 8.4 billion USD) over the next three years in the automotive sector, focusing on new energy vehicles and integrating its aluminum production capabilities into vehicle manufacturing [5][6]. - The company aims to leverage its aluminum expertise to enhance vehicle lightweighting, which is crucial for improving electric vehicle efficiency and range [8]. Group 4: Investment and Partnerships - Weiqiao's automotive strategy includes acquiring stakes in traditional car manufacturers and investing in new energy vehicle startups, such as a 10 billion USD investment in Shanghai Luoke Intelligent Technology [6][7]. - The establishment of the Shandong Weiqiao New Energy Vehicle Technology Group will oversee Weiqiao's automotive operations, consolidating its investments in various vehicle manufacturing and design companies [7]. Group 5: Product Development and Market Positioning - Weiqiao is developing a diverse range of vehicles, including fuel, hybrid, and electric models, with a focus on creating a brand cluster that spans multiple market segments [9]. - The company is positioning its new MPV brand, Ruisheng, to compete in the crowded market, aiming to establish itself as a leader by 2030 [9][10]. Group 6: Brand and Market Challenges - Weiqiao faces brand identity issues with its Beijing Automotive Manufacturing Plant, which is embroiled in a trademark dispute that could undermine its market position [10]. - The new Ruisheng brand must build recognition and credibility in a competitive MPV market, where it currently lacks visibility [10]. Group 7: Future Considerations - The transition from a B2B manufacturer to a consumer-facing brand poses significant challenges for Weiqiao, particularly in understanding and responding to consumer needs in the automotive sector [11].

2025年12月10日，墨西哥参众两院通过一项关税法案，计划从2026年1月1日起对中国等未与其签署贸易协定的亚洲国家加征5%至50%的关税。其中，中国 轻型汽车关税将从20%飙升至50%，汽车零部件、钢铁、纺织品等1371个品类均被覆盖。这一税率甚至超过美国对华关税上限，引发全球供应链震动。 墨西哥经济部文件显示，新关税涉及1463个税则项目，占墨西哥总关税代码的16.8%，影响价值约520亿美元的进口商品，相当于墨西哥年进口总额的 8.6%。其中，中国产品首当其冲——2024年墨西哥从中国进口额达902亿美元，占其总进口的20%。若按等比例推算，超过100亿美元的中国商品将直接受到 冲击。 墨西哥此次加税并非孤立行动。2025年以来，其已连续推出多轮对华限制：1月对中国纺织品征收临时关税；7月对电动汽车加征35%反补贴税；8月将小额 包裹关税从19%提至33.5%。这一系列动作与美国对墨施压紧密相关。 核心诱因是2026年《美墨加协定》审议。美国多次要求墨西哥限制中国商品"借道"进入北美市场，尤其担心中国电动汽车通过墨西哥规避美国100%的关税 壁垒。 特朗普政府甚至以芬太尼走私、移民问题为借口，威胁对墨 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Domestically, Zhengzhou cotton broke through upwards this week. With the Fed's interest - rate cut and the expected reduction in Xinjiang's cotton planting area, Zhengzhou cotton may challenge the 14,000 yuan/ton mark despite facing upward pressure [56]. - Internationally, the market fluctuated narrowly. The USDA's monthly supply - demand report was bearish, and U.S. cotton's weekly export data was weak. Short - term U.S. cotton is expected to remain weakly volatile [56]. 3. Summary by Directory 3.1 Cotton Market Analysis - **Futures Prices**: Zhengzhou cotton strengthened this week with a weekly increase of 0.95%, while ICE cotton fluctuated slightly with a weekly increase of 0.01% [11]. - **Spot Prices**: This week, the cotton price index rebounded. The 3128 index rose 16 yuan/ton and the 2129 index rose 15 yuan/ton compared to last week [16]. - **Import Situation**: In October, 90,000 tons of cotton were imported, a year - on - year decrease of 20,000 tons [21]. - **Inventory Situation**: As of the second half of November, the commercial cotton inventory was 4.6836 million tons, and the market entered an accelerated inventory accumulation stage [22]. - **Downstream Inventory**: In November, the yarn inventory was 26.33 days, a year - on - year decrease of 1.13 days, and the grey fabric inventory was 32.34 days, a year - on - year increase of 0.69 days [30]. - **Yarn Prices**: This week, yarn prices rose. The price of open - end spun 10 - count cotton yarn remained flat, while the prices of carded 32 - count and combed 40 - count cotton yarns increased by 30 yuan/ton [34]. - **Zhengzhou Commodity Exchange Warehouse Receipts**: This week, the number of Zhengzhou cotton warehouse receipts plus forecasts increased by 1,062, with 2,967 warehouse receipts and 3,585 valid forecasts, totaling 6,552 [40]. - **U.S. Cotton Export**: As of November 13, the net sales of U.S. upland cotton for the current year increased by 187,600 bales, and for the next year, it was 17,600 bales [47]. - **U.S. Weather**: The total area in drought (D1 - D4) in the U.S. was 33.8%, with different drought levels having different coverage percentages [53]. 3.2后市展望 (Market Outlook) - Domestic market: Zhengzhou cotton is expected to challenge the 14,000 yuan/ton mark due to factors such as the Fed's interest - rate cut and the expected reduction in Xinjiang's planting area, although it faces upward pressure [56]. - International market: U.S. cotton is expected to remain weakly volatile in the short term due to a bearish USDA report and weak export data [56].

Core Viewpoint - CMB International maintains a "market perform" rating for China's discretionary consumption sector for 2026, expecting overall retail sales growth of approximately 3.5% with a cautious outlook [1] Sector Summaries Preferred Sub-sectors - The company is optimistic about the following sub-sectors: 1) Tea and coffee, 2) Trendy toys, 3) Apparel, 4) Textiles [1] Neutral Outlook Sub-sectors - The company maintains a "market perform" view on the following sub-sectors: 5) Dining, 6) Sports goods, 7) Travel and hotel, 8) Home appliances [1] Consumption Types - In a basic scenario, the company favors: 1) Survival consumption (frugality, low price, high cost-performance), with related companies including: Guoquan, Yum China, Luckin Coffee, Dashihua, Bosideng [1] - 2) Compensatory consumption (small pleasures, affordable entertainment, emotional value, experiential) [1] - 3) Defensive consumption (gold, silver, high dividends), with related companies including: Bosideng, Jiangnan Buyi, Li Lang, Tabo [1] Optimistic Scenario - In an optimistic/bull market scenario (strong stock market, stabilizing real estate), large-ticket consumption will benefit more, with related companies including: Haier Smart Home, Midea Group, Hai Di Lao, Anta Sports [1]

Core Viewpoint - The report from CMB International indicates a cautious outlook for China's discretionary consumption sector in 2026, with an expected overall retail sales growth of approximately 3.5%, a slight decrease from about 4% in 2025, influenced by factors such as the delayed Spring Festival, extended holidays, potential recovery in the real estate sector, and a thriving stock market [1] Group 1: Industry Overview - The industry valuation is likely to have bottomed out this year, currently at around 15 times the price-to-earnings ratio, which is still not expensive compared to the average of about 20 times over the past eight years [1] - The overall view remains conservative due to potential slowing growth in the next 12 months and high geopolitical risks, suggesting that valuations may not rise quickly without significant positive policies or a clear recovery in real estate [1] Group 2: Subsector Ratings - CMB International prioritizes the following subsectors for 2026: 1) Tea and coffee, 2) Trendy toys, 3) Apparel, 4) Textiles; maintaining a "market perform" rating for: 5) Dining, 6) Sports goods, 7) Travel and hotel, 8) Home appliances [2] - The ratings for the tea and coffee sector and trendy toys are maintained at "outperform," while the apparel and textile sectors have been upgraded to "outperform" [2] Group 3: Investment Themes - The investment themes are categorized into different types of consumption, with a focus on: 1) Essential consumption (frugality, low price, high cost-performance), related companies include: Guoquan (02157), Yum China (09987), Luckin Coffee (LKNCY.US), Dashihua (01405), Bosideng (03998) [2] - Other themes include compensatory consumption (small pleasures, affordable entertainment, emotional value, experiential) and defensive consumption (gold, silver, high dividends), with related companies such as Bosideng (03998), Jiangnan Buyi (03306), Li Lang (01234), and Taobo (06110), all rated as "buy" [2] Group 4: Large-ticket Consumption - CMB International is less optimistic about large-ticket consumption (durables, real estate-related, luxury goods, high-end tourism), but in a bullish scenario (if wealth effects are strong with a thriving stock market and stabilizing real estate), it could benefit large-ticket consumption, with related companies including Haier Smart Home (06690, 600690.SH), Midea Group (00300, 000300.SH), Haidilao (06862), and Anta Sports (02020), all rated as "buy" [3]

Macro Economic Overview - The central economic work conference indicates that China will adopt a moderately stimulating policy in 2026, with a more proactive fiscal policy and a moderately loose monetary policy. Key focuses include expanding consumption, stabilizing investment, and preventing systemic risks [2] - The central bank is expected to lower the RRR by 50 basis points and the LPR by 20 basis points in 2026. The broad fiscal deficit may reach 8.5% of GDP, close to 8.4% in 2025 [2] Global Market Performance - The Hang Seng Index closed at 25,531, down 0.04% for the day but up 27.27% year-to-date. The Shanghai Composite Index closed at 3,873, down 0.70% for the day and up 15.56% year-to-date [3] - The U.S. markets showed slight increases, with the Dow Jones up 1.34% and the S&P 500 up 0.21%. However, the Nasdaq fell by 0.25% [3] Industry Outlook Consumer Sector in China - The report maintains a "market perform" rating for the Chinese consumer sector in 2026, expecting overall retail sales growth of about 3.5%, slightly down from approximately 4% in 2025. Negative factors outweigh positive ones, including the withdrawal of subsidies and slowing export momentum [7][8] - Investment focus is on three consumption types: survival consumption emphasizing frugality, compensatory consumption focusing on affordable entertainment, and defensive assets like gold and high-dividend stocks [8] Specific Sub-sectors - The report is optimistic about the tea and coffee, trendy toys, clothing, and textile industries for 2026. It suggests that tea and coffee have structural growth potential despite a slowdown in growth rates [8][9] - The restaurant sector faces challenges from subsidy withdrawals and increased competition, while the sports goods sector may see some brand reversals but is still impacted by consumer downgrading and inventory pressures [9] Company Reports - Adobe reported a 10% year-on-year revenue increase to $6.19 billion in Q4 FY25, with non-GAAP net profit rising 8% to $2.29 billion, meeting expectations. The integration of AI technology is driving business growth, with AI-enabled business ARR exceeding one-third of total business [10] - J&T Express achieved profitability in Thailand after years of price wars, holding a market share of 32.8% in the first half of FY25. The management is confident about growth potential in the Southeast Asian market [10]