巴媒报道，美巴商会研究表明，在2025年8月至11月期间，受美加征关税影响，巴21个行业对美出 口同比下降，出口总额减少约 15 亿美元，其中食品、塑料和橡胶、木材、金属及运输设备等行业损失 最重。 （原标题：今年8-11月巴西对美国出口下降） ...

地方 AMC 参与企业破产重整 的分析与建议 联合资信 金融评级二部 | 梁兰琼 | 陈鸿儒 | 卢芮欣 近年来，在退市常态化与严监管的背景下，国家支持企业通过破产重整化 解债务风险；而地方 AMC 依托属地区域资源，可高效协调区域内司法、 产业及金融机构，加速资产盘活，并能对属地风险企业形成支持，参与企 业破产重整已成为地方 AMC 重要业务方向之一。但破产重整业务风险较 大，参与其中仍需加强专业能力建设和风险把控，并从地区协同、模式创 新、风险锁定等维度探索可持续发展路径。 www.lhratings.com 研究报告 1 近年破产重整案件快速增长，参与机构增多，地方 AMC 参与企业破产重整的业 务也逐渐增多，本文主要分析地方 AMC 参与的破产重整案件的特点、模式、优劣势， 总结其影响并给出建议。 一、 地方 AMC 参与企业破产重整的背景分析 会纪要》（以下简称《纪要》），《上市公司监管指引第 11 号——上市公司破产重整相 关事项》（以下简称"11 号文"）也于同月开始征求意见，这两项重要新规对上市公司 重整提出了更高标准，包括债权调整方案的创新性、清偿结构的合理性等要求，重整 方案需更精细的法律 ...

人民财讯12月23日电，在今日由证券时报举办的"攻守之道：新消费高波动背后的定价逻辑重构"沙龙 上，景顺长城研究部基金经理张欢指出，2026年新消费投资或将往"两端"迁移：一是市场需求刚起步、 尚处于早期阶段的品类，包括新功效成分的保健品和口服养生品、医美创新材料、宠物保健品等；其次 是供给释放相对有序，甚至有望出清，供需相对平衡的品类，包括功能性饮料、低糖健康食饮、古法黄 金，以及零食量贩和高端美容服务(中小企业出清)等，其中优选成长确定性高的单品牌或平台型公司。 ...

Market Performance - The Hong Kong stock market indices experienced a collective adjustment, with the Hang Seng Index down by 0.11% to 25,774.14 points, the Tech Index down by 0.69% to 5,488.89 points, and the National Enterprises Index down by 0.29% to 8,913.83 points [2] Sector Performance - Food stocks showed resilience, with notable gains from companies such as Master Kong Holdings (up 2.07%), Uni-President China (up 1.46%), and Crayon Shin-chan Foods (up 0.50%) [4][5] - The electric equipment and lithium battery sectors performed strongly, with Dongfang Electric rising by 8.17%, Harbin Electric by 5.04%, and China Electric by 1.02% [6][7] - The demand for gas turbine generators in the U.S. data center market is strong, which is positively impacting Dongfang Electric's sales prospects [8] - The lithium battery sector is expected to see a significant growth cycle, with a projected 75% increase in global shipments from Chinese manufacturers this year [9] Underperforming Sectors - The optical communication sector faced pressure, with stocks like Yangtze Optical Fibre and Cable falling by 5.13% and Huizhou Technology down by 4.34% [10][11] - Despite rising fiber prices indicating demand recovery, concerns about valuation risks have emerged due to high rolling P/E ratios and a mismatch between supply-demand expectations and actual business structures [11] - The tech sector saw declines, with Kuaishou down by 3.52% and Tencent Holdings down by 2.03%, influenced by negative sentiment following a content-related incident on Kuaishou's platform [12][13] Notable Stock Movements - Rongda Technology surged by 14.83% after announcing plans to acquire Shenzhen Yanke Digital for up to 65 million RMB [14] - Xinjiang Xin Mining rose by 2.81% amid expectations of reduced nickel ore production targets from Indonesia, which could impact market balance [15]

在食品消费领域，包括康师傅、益海嘉里集团等企业;在钢铁制造领域，包括宝钢股份（600019）、河 钢集团等企业。 在商贸流通领域，包括凤宇翔商贸、海源合商贸等企业;在新材料及绿色包装领域，包括道恩新材料、 合兴包装（002228）等企业。 12月23日，以"智绘零碳未来 共赴绿色新程"为主题的海尔智家（600690）碳中和战略发布会在青岛顺 利举行。现场，海尔智家颁发了"可持续发展生态伙伴卓越奖"，以表彰在绿色供应链、低碳创新、循环 经济等领域与海尔智家同心同行、贡献卓著的生态伙伴。 据了解，此次获奖的生态伙伴来自认证咨询、食品消费、钢铁制造、商贸流通、新材料及绿色包装等多 个领域。 其中，在认证咨询领域，包括欧睿国际、德国莱茵T V、中创碳投、中国质量认证中心、德勤、普华永 道等。 颁奖并非终点，而是一个崭新协同阶段的开始。未来，海尔智家将进一步凝聚伙伴力量，推动形成更紧 密的绿色发展共同体，共赴零碳新程。 ...

肉类价格小幅上涨五花肉为14.02元，较昨日上涨0.21%；较精瘦肉14.60元，较昨日上涨0.90%；羊肉为 41.14元、牛肉为37.73元，均与昨日持平； 中国发展网讯12月22日青岛市价格认证和监测中心价格监测科市场巡查显示：超市、农贸市场粮油及其 他重要民生商品储备充足，销售情况平稳，未出现断档脱销、价格异常波动情况，总体价格运行在合理 区间。 蔬菜价格平稳蔬菜批发市场成交量较昨日增加8.96%。各农贸市场、超市蔬菜品种丰富、供应稳定，整 体价格平稳，批发价格为2.50元，与昨日价格持平； 粮油价格平稳面粉(特一粉)为2.35元(平均零售价格，每500克，下同)、花生油(5升桶装)为133.20元、大 米(一级长粒)为3.29元，均与昨日持平； 海产品价格基本平稳带鱼平均价格为15元、鲅鱼为10.33元、海明虾为34元，虾皮为35元、干海带为 19.67元，牡蛎为7.17元，均与昨日持平，个别产品销量略有波动，市场整体较为平稳。(青岛市价格认 证和监测中心宋佳) 鸡蛋价格平稳鸡蛋平均价格为3.62元，与昨日持平； ...

Group 1: Market Performance - A-shares experienced fluctuations and a decline, with the Consumer ETF (159928) dropping by 0.74% and a trading volume exceeding 650 million yuan [1] - The Consumer ETF (159928) has seen a net subscription of over 470 million units during the day, accumulating over 600 million yuan in the last 20 days [1] - As of December 22, the latest scale of the Consumer ETF (159928) exceeded 21.3 billion yuan, leading its peers [1] Group 2: EU Dairy Products Subsidy - The EU has announced a preliminary ruling on dairy products, determining that subsidies exist with a countervailing duty rate ranging from 21.9% to 42.7% [3][7] - Starting December 23, temporary countervailing measures will be implemented on imported dairy products from the EU [3] - The additional countervailing duty is expected to increase import prices, potentially accelerating domestic substitution in the dairy sector [8] Group 3: Domestic Dairy Industry Impact - The countervailing duties are projected to shift the deep processing of dairy products to domestic enterprises, as domestic milk prices are currently lower than international prices [8] - The deep processing sector is anticipated to enhance demand for raw milk, improving the supply-demand balance in the upstream raw milk industry [8] - Domestic dairy companies are actively focusing on deep processing, which is expected to drive demand growth and stabilize the industry [8] Group 4: Consumer Sector Insights - The Consumer ETF (159928) is characterized by its resilience across economic cycles, with the top ten constituent stocks accounting for over 68.55% of its weight [13] - The ETF includes major players such as Yili (10.37%), Kweichow Moutai (9.94%), and Wuliangye (9.50%) [14] - The current valuation of the Consumer ETF (159928) is attractive, with a TTM P/E ratio of 19.4, placing it in the lower 3.13% of the past decade [5] Group 5: Future Consumption Trends - The service consumption sector is expected to grow significantly as China's GDP per capita exceeds $10,000, indicating a shift in consumer spending patterns [11] - Emerging consumer groups, particularly the Z generation and affluent elderly, are likely to drive demand for service-oriented consumption [12] - Investment opportunities in the service sector are anticipated, particularly in areas such as event economy and AI applications [12]

2025年中央经济工作会议将"坚持内需主导，建设强大国内市场""坚持对外开放，推动多领域合作共 赢"确定为2026年经济工作的重点任务。在双循环格局下，食品企业如何洞察新趋势、拥抱新消费，实 现高质量发展？在日前举办的第九届食品企业社会责任年会上，来自国内的8位食品企业代表以及地方 相关部门负责人以圆桌对话的形式，共同探讨"双循环消费新格局的产业趋势与市场趋势"。 圆桌对话现场 在布局国内市场方面，有企业代表认为需从"产品输出"转向"情感输出"，从"传统售卖"向"共同创造价 值"转变，同时也要"加减法"并用。在开拓国外市场方面，有企业代表提出，出口企业应坚持科技创 新，推动产品由"中国制造"转向"中国创造"，并在保证品质的前提下降低成本……一场围绕趋势洞察与 实践探索的深度交流，不仅为食品企业在双循环格局下锚定了发展目标，更凝聚起参会嘉宾共识——唯 有紧跟消费需求变化、兼顾内外市场布局，方能在高质量发展之路上行稳致远。 "国内食品市场'内卷'加剧，其本质是消费需求和消费方式的转变，而非需求萎缩，例如有的消费者愿 意驱车几十公里到大型超市消费，印证了优质产品的市场吸引力。"福建省新麦食品有限公司销售总监 张松景 ...

（原标题：跨国公司在广东：一流营商环境"不见外"） 南方财经记者程浩 广州报道 近年来，尽管全球经济面临诸多不确定性，但跨国化工巨头埃克森美孚却在中国市场动作频频，投资不 断加码。从投资百亿美元级的惠州乙烯项目，到新建大湾区研发中心，埃克森美孚正是看到了广东良好 的发展基础和广阔的发展前景。 作为全球制造业体系最完备的大省，广东拥有全部31个制造业大类，约160种工业产品产量居全国第 一，已形成9大万亿产业集群。2024年，广东工业、制造业增加值分别达到4.76万亿元、4.32万亿元，分 别占全国1/9、1/8左右，连续多年位居全国前列。 广东拥有完善的产业链、供应链和庞大的消费市场，已成为吸引外资企业的投资沃土，从"引进 来"到"扎下根"，外资巨头为广东营商环境投下重要一票，埃克森美孚、巴斯夫等多个百亿美元级外资 大项目相继落户。 12月4日，世界500强、全球生态转型领军企业法国威立雅集团与科学城集团签署合作协议，双方将在广 州开发区共同打造创新的工业烟气捕集与资源化利用零碳项目，预计每年可减少碳排放约20万吨。 当天，全球医疗巨头万益特与广州开发区、黄埔区也签署合作协议，落地自动化腹膜透析设备生产基地 ...

Core Insights - Hebei Province is leveraging its historical strengths in county-level industrial clusters to drive economic development through innovation and efficiency improvements [1][25] - The province has established 107 provincial-level key characteristic industrial clusters, focusing on quality upgrades and cost reductions to support high-quality economic growth [1][11] Industrial Clusters: New Engines of Growth - The construction of the new industrial park in Xinhai Economic Development Zone is progressing, with an expected annual output value of 200 million yuan upon completion [2] - The focus on optimizing traditional industries through shared resources and technology exchange is enhancing operational efficiency and reducing costs [4][21] Innovation Empowerment - The cosmetic brush industry in Qingxian has seen significant growth, with annual production exceeding 500 million brushes and a market share of over 50% in China [6] - Local enterprises are collaborating with renowned cultural institutions and utilizing advanced technologies to enhance product quality and market appeal [6][12] Food Industry Development - Qiu County has developed a comprehensive food industry chain, attracting over 200 food enterprises and creating more than 10,000 jobs [11] - The integration of various food production processes is fostering local economic growth and enhancing the region's market competitiveness [11] Agricultural Innovation - The introduction of ice sweet potatoes in Baixiang County has significantly increased product value, with a full-chain digital agriculture system in place [12][14] - New technologies in mushroom cultivation are enabling year-round production, contributing to local economic development [16] Technological Advancements - Hebei Province is focusing on high-end manufacturing and technological innovation, with significant investments in automation and smart manufacturing processes [21][24] - The province aims to enhance the competitiveness of its industrial clusters through shared manufacturing capabilities and technological breakthroughs [25]