Market Performance - The three major US stock indices closed higher, with the Dow Jones up 0.17%, the S&P 500 up 0.16%, both reaching historical highs, and the Nasdaq Composite up 0.26% [1] - The Nasdaq Golden Dragon China Index rose by 4.26%, with significant gains in popular Chinese stocks such as Kingsoft Cloud up over 21% and Alibaba up over 10%, marking its largest increase since August 29 [3] Company Highlights - Major tech stocks saw an upward trend, with Google A rising by 1% and surpassing a market capitalization of $4 trillion, while Apple increased by 0.34% due to a partnership with Google for AI technology support [2] - Walmart's stock rose by 3%, reaching a historical high with a market value exceeding $940 billion [2] Commodity Market - Gold prices surged, with spot gold increasing by 1.84% to $4,592.13 per ounce, and hitting a record high of $4,630.21 during the session [4] - Crude oil prices also saw gains, with WTI crude up 1.22% to $59.84 per barrel and Brent crude up 1.41% to $64.23 per barrel [5] Economic Indicators - The US 10-year Treasury yield slightly increased by 1 basis point, while the dollar index ended its consecutive rise, dropping nearly 0.6% from its daily high [3] - Investors are awaiting the upcoming US Consumer Price Index (CPI) report, which may influence market expectations regarding potential Federal Reserve interest rate cuts [6]

美国最大零售商沃尔玛(WMT.US)跳空高开超2%，报117.6美元创历史新高。消息上，沃尔玛将取代阿 斯利康成为纳斯达克100指数成份股，取代阿斯利康公司在纳斯达克100指数中的位置，调整将于2026年 1月20日生效。 ...

每经AI快讯，有投资者在投资者互动平台提问：董秘你好，公司在月底前是否披露一下年报，提振一 下股价？ 友阿股份（002277.SZ）1月8日在投资者互动平台表示，公司已预约于2026年4月30日披露年报。 （文章来源：每日经济新闻） ...

每经AI快讯，商务部副部长盛秋平6日在国新办新闻发布会上表示，商务部将发挥市场主导作用，构建 绿色消费积分体系。我们将支持行业协会探索建立线上线下（300959）通兑通用的绿色消费积分体系， 引导零售企业、电商平台等规范开展积分采集，鼓励消费者通过购买绿色产品、使用低碳服务获取积 分，用于兑换商品折扣或服务优惠。例如，有的采用绿证绿电，降低用能成本；有的设立"绿色消费账 户"，以多倍积分激励绿色消费行为；还有的采用"互联网+回收"模式，给予兑换优惠券，助力公益项 目，这些都是很好的做法，我们将及时总结推广。 ...

Group 1 - The core viewpoint of the report indicates that Hong Kong's retail sales value increased by 6.5% year-on-year in November, maintaining a moderate recovery trend similar to October's 6.9% growth [1] - The slight slowdown in November retail sales may be partially attributed to the emotional impact of the fire at Hong Fu Court in Tai Po at the end of November [1] - The report anticipates a low to mid-single-digit growth in December retail sales, influenced by a potential decline in the strong momentum of electronic products and a slight slowdown in the year-on-year growth of inbound tourists [1] Group 2 - The report maintains a constructive outlook on Wharf Real Estate Investment Company, rating it as "Overweight," due to signs indicating that non-essential retail is emerging from a trough [1] - Conversely, the report holds a "Neutral" rating on Link REIT, as supermarket sales fell by 2% year-on-year in November, suggesting ongoing competition from cross-border e-commerce for Link REIT's tenants [1]

沃尔玛（Walmart）似乎遭遇了一次系统故障，导致数千名顾客无法访问该零售商的移动应用程序和网 站。 根据故障追踪网站Downdetector的数据，美东时间周二上午7点刚过，就有超过6500名用户报告系统故 障。近四分之三的用户报告沃尔玛的移动应用程序出现问题，而约四分之一的用户则遇到了网站问题。 根据Downdetector的数据，一些用户报告结账困难或无法结账。 责任编辑：李桐 沃尔玛（Walmart）似乎遭遇了一次系统故障，导致数千名顾客无法访问该零售商的移动应用程序和网 站。 根据故障追踪网站Downdetector的数据，美东时间周二上午7点刚过，就有超过6500名用户报告系统故 障。近四分之三的用户报告沃尔玛的移动应用程序出现问题，而约四分之一的用户则遇到了网站问题。 根据Downdetector的数据，一些用户报告结账困难或无法结账。 责任编辑：李桐 ...

格隆汇12月29日｜中金发表报告，首次覆盖沃尔玛，予"跑赢行业"评级，目标价125美元，基于可比公 司估值法，对应2027财年市盈率预测42倍。该行认为，公司已从传统零售转型为全渠道生态平台，凭借 显著的成本优势和仓+店混合履约网络，开启由广告、会员等高毛利业务驱动的第二增长曲线，长期盈 利质量提升和估值体系均具备重构空间。该行预计公司2026、2027财年每股盈利分别为2.72美元及2.97 美元，2025至2027财年年均复合增长率为10%。 ...

Group 1 - The company announced the resignation of director Cui Xingpin due to work adjustments, effective December 26, 2025 [1] - Huang Xianfeng was elected as the employee director of the company's ninth board of directors during a recent employee representative meeting [1] - As of the report, the company's market capitalization is 47.9 billion yuan [1] Group 2 - For the first half of 2025, the company's revenue composition is as follows: 86.64% from the pharmaceutical industry, 11.75% from the retail industry, and 1.6% from the packaging and printing industry [1]

Economic Growth Forecast - The average GDP growth forecast for China in 2026 is 4.5%, with a range of 4.0% to 5.0%, which is an increase of 0.2 percentage points from the previous survey in September [2][8] - The average GDP growth forecast for 2025 is 4.9%, with nearly all economists believing that the government’s target of around 5% can be achieved [4][6] - The predicted year-on-year growth for Q4 2025 is 4.4%, which is a decrease of 0.4 percentage points from the previous quarter [4] Factors Influencing Economic Growth - The early export movements in 2025 due to U.S. tariff increases and consumer stimulus policies have positively impacted the economy [5] - Economists believe that the "better-than-expected performance" accumulated before September will absorb the final stage of slowdown [6] - The easing of trade tensions following the U.S.-China summit in October has been viewed as a positive factor for economic growth [8] Consumer Behavior and Domestic Demand - Consumer spending remains weak, with retail sales growth of only 1.3% year-on-year in November, marking six consecutive months of decline [8] - The real estate market continues to struggle, leading to a persistent downward trend in housing prices and a "negative wealth effect" that dampens consumer willingness to spend [9] Investment Trends - Fixed asset investment from January to November 2025 has decreased by 2.6% year-on-year, a larger decline than the 1.7% drop recorded from January to October [9] - There is a growing concern about the balance between reducing excess capacity and promoting innovation in key sectors like electric vehicles and solar panels [11] Currency Exchange Rate Predictions - The expected average exchange rate for the Chinese yuan against the U.S. dollar by the end of 2026 is 7.00 yuan, showing an appreciation from the previous forecast of 7.06 yuan [16] - The anticipated exchange rate for the end of 2027 is 6.98 yuan, with expectations of gradual appreciation due to uncertainties in the U.S. economy [16] Government Policy and Economic Strategy - The Chinese government is expected to announce its official economic growth target for 2026 at the National People's Congress in March, likely maintaining a target around 5% [12] - There is a cautious approach towards expanding fiscal deficits while still emphasizing the need to stimulate domestic demand [12][13] - Economists suggest that unconventional stimulus measures may be implemented if export growth slows significantly [14]

Core Viewpoint - The company has announced its expected daily related transactions for the year 2026, which will follow fair and open principles, ensuring that transaction prices are aligned with market rates and do not lead to significant dependence on related parties [1][2]. Group 1: Daily Related Transactions Overview - The board of directors approved the expected daily related transactions for 2026 with a unanimous vote, and the proposal does not require shareholder meeting approval [2]. - The independent directors conducted a special meeting to review the related transactions and expressed prior approval [2][9]. Group 2: Previous Related Transactions - In 2025, the company estimated related transactions to be 166.6 million yuan, while the actual transactions from January to November 2025 amounted to 102.0528 million yuan, indicating that the actual amount will not exceed the estimated figure [3]. Group 3: Expected Amount and Categories for 2026 - The company anticipates a total of 30 million yuan in various daily related transactions for 2026, with the current agreement with Alibaba Group's Hema set to expire on March 31, 2026, and will not be renewed [4][6]. Group 4: Related Party Information - Alibaba Group Holding Limited is identified as a major related party, being one of the largest retail entities globally and controlling significant business operations in China [5]. - The relationship with Alibaba is established through its subsidiary, which is considered a related transaction due to its ownership structure [5][9]. Group 5: Transaction Policy and Impact - The company ensures that all related transactions are conducted based on fair and open principles, with prices reflecting market conditions [7]. - These transactions are deemed necessary for the company's operational needs and are not expected to adversely affect its financial status or independence [8].