Inflation Data Summary - The U.S. November CPI year-on-year increased by 2.7%, lower than the expected 3.1% and down from 3.0% in September[2] - Core CPI year-on-year rose by 2.6%, below the expected 3.0% and unchanged from September[2] - The unexpected slowdown in CPI was primarily driven by significant declines in household food and core services prices[2] Key Influences on CPI - Food prices decreased from 3.1% in September to 2.6% in November, with household food prices dropping from 2.7% to 1.9%[2] - Energy prices increased from 2.8% in September to 4.2% in November, influenced by low base effects and winter demand[2] - Core goods prices showed resilience, with clothing prices rising from -0.1% to 0.2% and new car prices slightly declining from 0.8% to 0.6%[2] Housing Market Insights - Housing prices fell sharply to 3.0% in November from 3.6% in September, contradicting other indicators of a recovering housing market[2] - Rent and owners' equivalent rent both decreased by 0.4 percentage points from September, indicating a significant cooling in the housing market[2] Market Reactions and Future Outlook - Following the CPI release, U.S. stock markets rose, while gold initially surged before declining, and the dollar index experienced volatility[2] - The probability of the Federal Reserve lowering interest rates in January 2026 is estimated at 27.7%[4] - The report suggests that the weak reference nature of the November inflation data may lead to a higher likelihood of the Fed adopting a wait-and-see approach rather than cutting rates[2]

零售、食品等方向领涨，东百集团、德必集团、大连友谊、西王食品、天创时尚、中央商场、上海九百 等十余股涨停。 (本文来自第一财经) 零售、食品等方向领涨，东百集团、德必集团、大连友谊、西王食品、天创时尚、中央商场、上海九百 等十余股涨停。 (本文来自第一财经) ...

Core Insights - The Consumer Price Index (CPI) in the U.S. increased by 2.7% year-on-year in November, down from 3% in September [1][2] - Food prices rose by 2.6% year-on-year, while energy prices saw a 4.2% increase [2] - The core CPI, excluding volatile food and energy prices, increased by 2.6% year-on-year in November [2] Data Context - The October CPI data was not published due to the federal government shutdown, which resumed operations on November 13 [2] - Analysts caution that the new inflation and employment data may contain inaccuracies due to the impact of the government shutdown, suggesting a need for careful interpretation [2]

Core Insights - Japan's core Consumer Price Index (CPI), excluding fresh food, rose by 3.0% year-on-year to 112.5 in November, marking the 51st consecutive month of year-on-year increases [1] - The year-on-year increase in November's core CPI remained stable compared to the previous month, while the month-on-month increase was 0.3%, slightly lower than the 0.4% recorded in the prior month [1] Price Drivers - The primary driver of the price increase in November was food, with significant price hikes observed in grains, snacks, prepared foods, dining out, beverages, meat, and dairy products [1] - Coffee bean prices surged by 51.6% year-on-year, while the price of ordinary japonica rice saw a year-on-year increase of 37.0%, although this was a decrease from last year's high levels [1] - Other categories such as housing repairs, electricity, automotive-related expenses, communication fees, and hotel accommodations also experienced year-on-year price increases [1] Economic Policy Impact - Concerns have been raised by media and experts regarding Prime Minister Suga Yoshihide's commitment to an active fiscal policy, which is exacerbating the depreciation of the yen and potentially leading to further inflation in Japan [1]

新华社北京12月18日电 题：中国高水平开放新答卷——从海南自贸港封关看中国制度型开放 新华社记者宿亮 风从海上来，帆向世界行。 海南自由贸易港18日启动全岛封关运作。这是中国坚定不移扩大高水平对外开放、推动建设开放型世界经济的标志性举措。封关后海南将成 为一个海关监管特殊区域，实施以"'一线'放开、'二线'管住、岛内自由"为基本特征的自由化便利化政策制度。 开放是人类文明进步的重要动力，是世界繁荣发展的必由之路。国际人士表示，海南自贸港封关运作充分展现了中国不断扩大对外开放、提 高对外开放水平的决心，交出了一份高水平对外开放的新答卷。 这是2025年11月28日拍摄的海南洋浦港。该港是海南自贸港10个"二线口岸"之一（无人机照片）。新华社记者郭程摄 英国四十八家集团主席杰克·佩里告诉新华社记者，近年来，他见证了海南从旅游目的地成长为具有独特优势的自贸港。他表示，海南自贸港 全岛封关运作意味着在全球市场和中国巨大内需之间架起一座桥梁，让货物进出口更便利，让新商业模式拓展更顺利。 打造开放新高地 港口，是联通世界的节点，也是开放合作的窗口。千百年来，随着航线延伸、货物集散，港口的发展串联起人类从贸易往来到全球产 ...

Group 1 - On December 18, a total of 6 stocks received buy ratings from brokerages, with 1 stock announcing a target price [1] - Based on the highest target price, Shangfeng Cement ranks first in potential price increase, with a projected increase of 22.43% [1] - Among the rated stocks, 5 maintained their ratings, while 1 stock received its first rating [1] Group 2 - One stock, Zhongwei Company, received attention from multiple brokerages, leading in the number of ratings with 2 brokerages providing ratings [1] - In terms of industry distribution, the semiconductor and semiconductor production equipment sector, as well as materials II, had the highest number of buy-rated stocks, with 2 stocks each, followed by the food, beverage, and tobacco sector with 1 stock [1]

Group 1 - Germany's overall export is projected to grow by 0.6% in 2023, reaching approximately €1.6 trillion, maintaining the same level as 2022 for the third consecutive year [1] - Imports are expected to increase by 4.4% to around €1.4 trillion, resulting in a trade surplus of about €200 billion, the lowest since 2012, excluding the pandemic years [1] - The export outlook for Germany in 2026 remains bleak, indicating ongoing challenges in international trade [1] Group 2 - Exports to China are forecasted to decline by 10% in 2023, falling to €81 billion, marking the first time since 2010 that China will not be among the top five export destinations for Germany [3] - Imports from China are expected to rise by over 7%, reaching approximately €168 billion [3] - Exports to the United States are also projected to decrease by 7.3%, slightly below €150 billion, with potential further declines anticipated due to preemptive actions by German companies [3] Group 3 - Different industries in Germany face varying export challenges in 2025, with food exports expected to grow by over 6% to a record €86 billion [4] - The chemical industry is projected to see slight growth, particularly in pharmaceuticals and fertilizers, with both expected to increase by over 3% [4] - The plastics industry is anticipated to be significantly affected, with exports expected to decline by over 2%, while the petrochemical sector may experience a dramatic drop of 13% [4] Group 4 - The machinery sector is likely to see a 1.7% decrease in exports due to U.S. tariffs on steel and aluminum, impacting EU machinery products [4] - The automotive industry is also expected to be heavily impacted, with a projected export decline of 3.2% [4] - The shift towards electric vehicles in China and other emerging markets may provide competitive advantages for Chinese manufacturers [4]

在全球首例镁基固态储氢设备成功出口的背后，有一支由招商骨干、海关专家等组成的"伴跑团"，为企 业量身定制申报方案，护航新产品走向世界。（详情：）； 当新能源汽车领军企业宁德时代将后市场直营体验中心落户闵行时，吸引企业的不仅是优质的载体资 源，更是因为有精准匹配的"一企一策"政策包与贯穿始终的帮办服务。（详情： 这些生动实践，共同勾勒出梅陇镇近年来推动经济高质量发展的核心脉络——"招服一体化"的服务模式 与产业集群生态的协同构建。 体系创新：从"物理拼接"到"化学反应"的服务重构 梅陇镇域狭长，产业载体分散于25个村与公司。以往招商与服务常有时差，企业落地后容易面临对接不 畅、办事周折的困境。 变革始于系统性整合。梅陇镇将25个村、公司的招商骨干纳入镇级帮办队伍，经专业培训成为一线"服 务尖兵"，提供从政策咨询、注册落地到融资对接的全流程服务，让企业"少跑腿、办成事"。 为打通服务"最后一公里"，梅陇镇在重点园区与楼宇布局10个"陇商空间"，构筑平均1公里一个枢纽 的"1公里服务圈"。 哈利波特制片厂之旅（上海）的快速落地，成为检验服务体系效能的典型范例。该项目合资公司注册涉 及多重复杂环节，帮办人员全程跟踪推 ...

Group 1: Platinum Jewelry Prices - The price of platinum jewelry has surpassed 800 yuan per gram, with the price reaching 815 yuan for foot platinum 999 on December 18 [1] - In the Shenzhen Shui Bei market, the price of platinum jewelry has increased to around 470 yuan per gram, up from approximately 300 yuan in June [1] - On the domestic futures market, platinum futures saw a significant increase, with a closing price rise of 5.32% on December 18 [1] Group 2: Chinese Technology ETFs - The KraneShares China Internet ETF (KWEB) has attracted $2.3 billion in inflows this year, potentially marking its best annual performance since 2021 [1] - The Invesco China Technology ETF (CQQQ) has also seen $2.1 billion in inflows, aiming for its best annual performance in history [1] Group 3: HBM3e and DDR5 Pricing Trends - The price of conventional DRAM has surged due to supply shortages, while HBM3e prices are also rising due to increased orders from GPUs and ASICs [1] - It is expected that the average selling price (ASP) gap between HBM3e and DDR5 will narrow significantly over the next year [1] Group 4: UK Home Security Market Growth - The number of households in the UK using professional home security monitoring services is projected to grow by 31% by 2025, reaching 542,600 households [2] - This growth indicates a significant market shift as consumers increasingly adopt smart technology for home security [2] Group 5: Chinese Photovoltaic Exports - China's photovoltaic product exports saw a total of $24.42 billion from January to October 2025, with a year-on-year decline of 13.2%, a significant improvement from the 34.5% decline in the same period of 2024 [2] - The stabilization of export prices reflects the effectiveness of industry self-regulation [2] Group 6: Hainan Free Trade Port - The Hainan Free Trade Port officially began operations on December 18, with international flight bookings to Haikou for the Spring Festival expected to double year-on-year [2] - Flight bookings for the New Year period also saw significant increases, with a 19% rise for Haikou and a 51% rise for Sanya [2] Group 7: Chow Tai Fook Price Increase - Chow Tai Fook announced a price increase for some products effective December 19, with most products seeing price hikes between 4% and 16% [3] - For example, a gold bracelet weighing approximately 32.35 grams increased in price from 56,800 yuan to 65,800 yuan, reflecting a 15.8% increase [3] Group 8: AI Framework for Disease Treatment - A research team from Jilin University has developed an AI framework called SpatialEx, which integrates spatial multi-omics data to aid in the diagnosis and treatment of diseases like breast cancer and Parkinson's [3] Group 9: MiniMax IPO Plans - MiniMax, a domestic AI model company, has passed the Hong Kong Stock Exchange hearing and plans to list in January 2026, potentially becoming the fastest AI company to IPO globally [6] - The company has served over 210 million users across more than 200 countries and regions [6] Group 10: Corporate Leadership Changes - The CEO of Master Kong, Chen Yingrang, will retire, with Wei Hongcheng appointed as the new CEO effective January 1, 2026 [5] - Wang Weidong has resigned as general manager of Songyang Resources, with Cai Jiantao taking over the position [6]

Core Insights - Shanghai's import and export value increased by 5.7% year-on-year in the first 11 months of this year, reaching 4.1 trillion yuan, which is 2 percentage points higher than the national average growth rate [1] - Exports amounted to 1.83 trillion yuan, growing by 11.2%, while imports reached 2.27 trillion yuan, with a growth of 1.6% [1] - In November alone, the import and export value was 387.49 billion yuan, marking a 10.6% increase, with exports hitting a record high of 186.6 billion yuan, up 18.2% [1] Trade Partners and Market Diversification - Shanghai's trade with the European Union, its largest trading partner, reached 742.31 billion yuan, growing by 1.4% [1] - Trade with emerging markets such as ASEAN, the Middle East, and Africa saw significant growth, with increases of 12.6%, 17.5%, and 28.9% respectively, indicating effective market diversification [1] Export and Import Composition - In the first 11 months, Shanghai exported 1.19 trillion yuan worth of electromechanical products, accounting for 65.4% of total exports, with "new three types" products growing by 16.5% [2] - Notably, hybrid vehicle exports surged by 174.8% to 25.72 billion yuan, while liquid cargo ship exports increased by 130.5% to 34.24 billion yuan [2] - High-tech product imports totaled 737.21 billion yuan, with significant growth in semiconductor manufacturing equipment, computers, and aircraft, reflecting a robust manufacturing sector [2] Consumer Goods and Market Activity - The import of consumer goods showed positive trends, with fruit and dairy product imports growing by 17.8% and 14.2% respectively, alongside toys and sports equipment imports increasing by 17% and 15.1% [2]