Core Viewpoint - The Guangdong Provincial Market Supervision Administration has released a draft guideline on "Integrity Pricing" for the catering, retail, and accommodation industries, aiming to create a fair and transparent consumption environment by addressing pricing issues through clear pricing, regulation of additional fees, and strict control of false promotions [2][6]. Group 1: Catering Industry - The new regulations require operators to clearly display prices through various means such as paper menus and electronic screens, with timely updates on price changes [4]. - A notable innovation is that additional fees like tea service and service charges must be disclosed in advance, preventing unexpected charges at checkout [4]. Group 2: Retail Industry - The retail guidelines specify clear pricing rules, mandating that online operators display prices clearly using text and images, with member and non-member prices shown in the same font size to avoid hidden tactics [5]. - Promotional activities are prohibited from using vague terms like "shocking price" or "value price," and cannot fabricate unverifiable "market prices" for comparison [5]. Group 3: Accommodation Industry - Although accommodation prices are subject to market regulation, the new guidelines set three strict rules: price comparisons must be based on identical service content and transaction conditions, false advertising like "lowest price online" is banned, and prices without comparison information cannot exceed the lowest price from the past seven days [5]. Group 4: Platform Regulation - The guidelines emphasize that platform operators must not infringe on merchants' pricing autonomy and are prohibited from using technical means to enforce false or misleading price displays, aiming to combat monopolistic practices like "forced low pricing" [5]. Group 5: Legislative Intent - The new regulations are based on the "Price Law" and tailored to the characteristics of the Guangdong consumer market, aiming to address issues like high hidden costs and deceptive promotions, with public feedback encouraged to refine the regulations [6].

证券研究报告|海外策略周报 [Table_Date] 2025 年 12 月 13 日 [Table_Title] 美股科技股回调，全球多数市场波动加大 1[Table_Title2] --海外策略周报 [Table_Summary] 全球市场一周主要观点:本周美股科技股出现明显回调，全球多 数市场波动趋于加大。由于市场对于 AI 泡沫的担忧加大，美联 储降息表态偏鹰派，特朗普签署统一人工智能监管规则，叠加 日本央行行长植田和男表示到 2027 年会出现多次加息，本周美 股科技股回调幅度较大；博通、甲骨文、闪迪等美股科技股在 本周内的交易日中出现单日大幅回撤。目前 TAMAMA 科技指 数市盈率仍然有 36.98；费城半导体指数市盈率上升至 45.72； 纳斯达克指数的市盈率仍然有 42.01，美股科技股相关指数估值 进一步升高。由于美股科技股估值水平较高，美股科技指数中 期仍容易出现进一步的回调压力。目前标普 500 席勒市盈率仍 有 40.22，依然处于高于 40 的高位区间，仍然距离 1999 年 12 月的历史高点较为接近。由于特朗普的经济政策存在较大的不 确定性，美联储宽松政策计划节奏不及市场预期， ...

持续扩大内需、优化供给，做优增量、盘活存量，因地制宜发展新质生产力，纵深推进全国统一大 市场建设，持续防范化解重点领域风险，着力稳就业、稳企业、稳市场、稳预期……迈向"十五五"开局 之年，中央经济工作会议明确了明年经济工作的总体要求、政策取向和重点任务。 聚焦产业实践：四大专题对话拆解升级路径 "十五五"开局之年怎么干？12月12日，由央广传媒集团指导、央广网承办的"央广财经年度对话 2025（第三届）"在京举办。本次对话以"启航'十五五'澎湃新动能"为主题，邀请来自政府部门、学术机 构、国资央企、上市公司及金融领域的近300位代表，围绕"建设现代化产业体系，巩固壮大实体经济根 基"展开深度研讨，为"十五五"开局凝聚智慧、探寻路径。 锚定新质生产力：多领域专家解码经济发展新引擎 "新质生产力的培育，离不开资本模态的创新突破。" 全国社会保障基金理事会原副理事长王忠民 在主旨演讲中提出，"十五五" 期间，有限责任与无限责任的有机组合、开源生态与 CVC 投资逻辑、同 股不同权不同利的差异化设计、注册制下的资本流动优化，将构成支撑新质生产力发展的四大资本结构 模态。他以基金架构为例解释，LP 有限责任与 GP 无 ...

天眼查App显示，近日，兰州春茶饮品有限公司成立，法定代表人为鲁迎霞，注册资本25万人民币，经 营范围为许可项目：食品销售；餐饮服务（不产生油烟、异味、废气）；食品互联网销售（依法须经批 准的项目，经相关部门批准后方可开展经营活动）一般项目：日用百货销售；外卖递送服务；食品用塑 料包装容器工具制品销售；工艺美术品及收藏品零售（象牙及其制品除外）；工艺美术品及礼仪用品销 售（象牙及其制品除外）；日用玻璃制品销售；茶具销售（除许可业务外，可自主依法经营法律法规非 禁止或限制的项目）。 ...

天眼查App显示，近日，景洪辫子姐姐的茶坊（个体工商户）成立，法定代表人为许智贤，注册资本5 万人民币，经营范围为许可项目：食品销售；食品互联网销售。（依法须经批准的项目，经相关部门批 准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：农副产品销 售；初级农产品收购；互联网销售（除销售需要许可的商品）；食用农产品零售；食用农产品初加工； 农产品的生产、销售、加工、运输、贮藏及其他相关服务；食品互联网销售（仅销售预包装食品）；食 品销售（仅销售预包装食品）；个人互联网直播服务；茶具销售；日用百货销售；珠宝首饰零售；租赁 服务（不含许可类租赁服务）；美发饰品销售；服装服饰零售。（除依法须经批准的项目外，凭营业执 照依法自主开展经营活动）。 ...

Core Insights - Zhejiang Province's cultural and tourism department has released 15 innovative cases to promote consumption in the cultural tourism sector, showcasing significant achievements in expanding consumption scenarios, enriching product offerings, and optimizing the consumption environment [1][2] Group 1: Consumption Expansion and Product Diversification - The "Come to Zhejiang to Shop" 2025 Douyin Travel Fair has been organized, featuring 235 merchants and over 1,900 cultural tourism products, with 580 cross-city travel routes and 253 popular products offered at discounted prices, creating a diverse and high-quality product system [1] - The event included a comprehensive live streaming system with 650 live broadcasts, generating total sales exceeding 470 million yuan [1] Group 2: Local Resource Utilization and Event Integration - Hangzhou has leveraged concert ticket sales to integrate local tourism resources, launching the "Follow the Concert to Tour Hangzhou" series, which has hosted 87 large-scale concerts with 1.6588 million attendees and ticket sales of 1.18 billion yuan, driving approximately 7.1 billion yuan in overall consumption [2] - Huzhou is developing pet-friendly tourism, establishing 55 pet-friendly scenic spots and over 200 pet-friendly hotels, enhancing the "pet-friendly tourism" ecosystem [2] Group 3: Culinary Tourism and Thematic Experiences - Quzhou has created a new model for cultural tourism driven by local cuisine, establishing the "First Spicy Street in the Yangtze River Delta," which has generated nearly 50 million yuan in direct sales since its opening in July 2024 [4] - The street features various activities and themed routes, enhancing the cultural experience beyond mere dining [4] Group 4: Event-Driven Consumption - The "Zhejiang BA" sports events have activated new opportunities for cultural tourism consumption, with the "Mushroom Warrior" theme market generating approximately 2.8 million yuan in direct consumption during the event [5] - The overall consumption driven by the "Zhejiang BA" events has exceeded 32 million yuan, with a year-on-year increase in visitor numbers of over 14% [5] Group 5: Future Initiatives - The provincial cultural and tourism department plans to release additional innovative cases in various fields for 2025, aiming to further promote innovative practices and reform achievements [8]

天眼查App显示，近日，汶川县榴心仙蛋糕店（个体工商户）成立，法定代表人为郭佳蕊，注册资本10 万人民币，经营范围为许可项目：餐饮服务；食品销售；食品小作坊经营。（依法须经批准的项目，经 相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：食 品销售（仅销售预包装食品）。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，泸定县享哆味汉堡店（个体工商户）成立，法定代表人为蒋红英，注册资本8 万人民币，经营范围为一般项目：食品销售（仅销售预包装食品）。（除依法须经批准的项目外，凭营 业执照依法自主开展经营活动）许可项目：餐饮服务。（依法须经批准的项目，经相关部门批准后方可 开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

天眼查App显示，近日，成都市青白江郭小妹卤菜店（个体工商户）成立，法定代表人为郭艳，注册资 本1万人民币，经营范围为许可项目：餐饮服务（不产生油烟、异味、废气）；食品销售；食品互联网 销售。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文 件或许可证件为准）一般项目：外卖递送服务。（除依法须经批准的项目外，凭营业执照依法自主开展 经营活动）。 ...

Core Viewpoint - A new individual business named Fanghua Zhiwei Xunjiu Guan has been established in Nanhai District, Foshan City, with a registered capital of 10,000 RMB, focusing on alcohol and food sales [1] Business Registration Details - The business is registered with a capital of 10,000 RMB [1] - The operating scope includes licensed projects such as alcohol sales and food sales, which require approval from relevant authorities [1] - General projects include the sale of pre-packaged food, online sales of pre-packaged food, sales of health food (pre-packaged), organizing sports performances, organizing cultural and artistic exchange activities, and delivery services [1]