Abstract 摘要 2025年宏观经济回顾：增长展现韧性，利率保持稳定 2026年宏观经济展望：多元增长的新蓝图 展望未来，马来西亚将在2026年启动第13个马来西亚计划，即2026年至2030年的国家五年发展蓝图，我们预计其经济仍将保持韧性。该计划设定了4.5% 至5.5%的国内生产总值（GDP）年均增长目标。多个高潜力板块的战略性进展有望推动马来西亚实现这一增长目标。关键驱动力或包括人工智能（AI） 及高增长高价值行业（HGHV），如半导体和电子行业的持续扩张，以及旅游、科技和清真等行业的发展。这些产业将为马来西亚持续和多元化的增长奠 定基础。 资本市场：林吉特走强或推动股市迎来转折 根据彭博一致预测，2025年马来西亚经济增速预计为4.7%，受强劲的劳动力市场（失业率降至十年新低）和持续的居民消费支出支撑。得益于全球人工 智能相关投资增长带动的电子产品需求，出口亦为马来西亚的经济增长提供重要动力。尽管此前针对马来西亚关键半导体和电子产品出口的"对等关税"等 地缘因素带来外部压力，这一积极势头仍得以延续。考虑到宏观经济的增长韧性加强，以及2025年7月销售与服务税（SST）改革措施实施后的通胀率上 涨 ...

Group 1 - The first batch of Vietnamese snow-viewing tourist groups entered through the Hekou port, consisting of 55 groups with over 1,200 people visiting the Jiaozi Snow Mountain scenic area in Kunming [2] - Yunnan has recently experienced snowfall, attracting many Vietnamese tourists to organize group trips for snow viewing [2] - The Hekou border inspection station has implemented a pre-declaration system for cross-border tourist groups, optimizing inspection processes and ensuring smooth passage for tourists [2] Group 2 - From January to November this year, Hekou North Station has sent a total of 41,200 Vietnamese travelers, marking a year-on-year increase of 55.78% [2] - Since May 2023, when the first Vietnamese cross-border tourist group chose to travel by train, the number of travelers has consistently grown by 50% for three consecutive years [2]

Group 1 - The Daguanzhuan New Agricultural Market in Kunming is a popular destination for locals and tourists, known for its diverse range of food ingredients and specialties [2] - The market has gained popularity on social media, attracting visitors who come to experience local delicacies and the vibrant lifestyle of Yunnan [2] - The market features various stalls, including a coffee shop where visitors can taste Yunnan coffee beans [2] Group 2 - Fresh blueberries from Yunnan have recently become available, showcasing the region's agricultural diversity [5] - Tour guides are actively introducing the market to international visitors, including those from Malaysia, enhancing the market's appeal as a cultural experience [7] - The market is decorated with local specialties, such as wild mushrooms, which attract both locals and tourists [9]

Group 1 - Harbin's Ice and Snow World showcased six sets of Year of the Horse themed ice sculptures, enhancing the city's winter tourism atmosphere [1] - Harbin has become a popular travel destination for the New Year holiday, with significant increases in travel route bookings [1][3] - The "World Tourism Economic Forum · Heilongjiang 2025" is being held in Harbin, marking a collaboration with the United Nations World Tourism Organization to promote winter tourism [3] Group 2 - Train ticket sales for the New Year holiday show high demand for routes to Harbin, particularly from cities within a 4-hour high-speed rail radius [3] - Popular train routes include Shenyang-Harbin and Changchun-Harbin, with the Beijing-Harbin route being the most sought after [3] - Harbin ranks among the top ten travel destinations for the New Year holiday, with tickets for peak travel times selling out in under half a minute [3] Group 3 - Harbin Ice and Snow World is the largest ice and snow theme park globally, attracting both domestic and international tourists [3] - Upcoming attractions include the Harbin Sun Island Snow Expo, Harbin Songhua River Ice and Snow Carnival, and Harbin Ice Lantern Garden Party, set to open by the end of December [3] - Skiing is a highly popular activity among tourists, with family trips being a frequently mentioned travel topic [3]

Macro Dynamics - Beijing has issued the first batch of L3-level highway autonomous vehicle special license plates, marking a significant milestone in the country's autonomous driving era. The "conditionally automated driving" feature is currently limited to specific highway sections in Beijing [2] - The State Administration for Market Regulation will soon implement strict regulations on food safety responsibilities for live-streaming e-commerce operators, establishing clear guidelines and penalties for non-compliance [3][4] - By 2026, China plans to build over 10,000 charging guns in highway service areas, with at least 25% being high-power chargers, to enhance electric vehicle charging infrastructure [5] - The Chinese Foreign Ministry has expressed strong opposition to the U.S. adding DJI drones to a restricted list, criticizing the discriminatory practices against Chinese companies [6] - A radioactive water leak occurred at a decommissioned nuclear reactor in Japan, potentially exposing several individuals to radiation [7] Financial Institutions - Hangzhou Bank plans to issue financial bonds not exceeding 40 billion RMB, with a maturity of up to 10 years [8] - The CEO of Bank of America highlighted the increasing impact of AI investments on the U.S. economy, suggesting that AI will play a significant role in future economic contributions [9] Market Data - On December 23, the market experienced a pullback after an initial rise, with the Shanghai Composite Index up by 0.07% and the Shenzhen Component Index up by 0.27%. New stocks listed on the same day saw significant gains [10] - As of December 22, the total margin balance in the two markets increased by 12.534 billion RMB, indicating a growing interest in leveraged trading [11] - The Hong Kong Hang Seng Index closed down by 0.11%, with notable movements in gold stocks and declines in certain tech stocks [12] Company Dynamics - Oriental Yuhong reported that its U.S. subsidiary fell victim to a telecom fraud involving approximately 12.118 million RMB, but the incident is not expected to significantly impact the company's operations [13] - Zhongxin Tourism has established three subsidiaries in Hainan and is actively expanding its tourism-related business in the region [14] - Haohai Biological Technology's controlling shareholder was fined 14.6292 million RMB for insider trading, but this will not affect the company's daily operations [15][16] - The co-founder of the game "Call of Duty," Vince Zampella, tragically passed away in a car accident [17] - Jiangbolong indicated that rising prices of storage wafers would positively impact the company's gross margin, supported by long-term supply agreements with major wafer manufacturers [18]

Group 1 - Shanxi Province's Pinglu County is promoting the cultivation of traditional Chinese medicinal herbs such as Chaihu, Huangqin, and Dihuang, leveraging the geographical and climatic characteristics of the Loess Plateau [2] - Hunan Province's Taoyuan County is developing rural workshops to create job opportunities close to home, exemplified by the production of wind turbine blade fasteners at Hunan Feiwo New Energy Technology Co., Ltd. [4] - Zhejiang Province's Huzhou City is utilizing bamboo resources for deep processing, producing bamboo products like chopsticks, curtains, chairs, and mats [5] Group 2 - Anhui Province's Hefei City is exploring land intensification, integrated services, and smart agriculture, resulting in over 300 villagers achieving employment [7] - Jiangxi Province's Fengcheng City is enhancing its handmade noodle industry by adopting new food processing technologies and leveraging e-commerce platforms for nationwide sales [9] - Guangxi Zhuang Autonomous Region's Liuzhou City is advancing the industrialization and standardization of scallion production, with an area of 43,000 acres and an annual output of approximately 100,000 tons [14] Group 3 - The national scale of agricultural product processing enterprises is projected to exceed 100,000, with an estimated revenue of around 18 trillion yuan in 2024 [14] - The rural landscape is evolving, with various regions exploring new paths and models for development based on their unique characteristics and resources, contributing to a comprehensive rural revitalization [14] - In Henan Province's Luoyang City, the production of peony potted flowers is expected to reach 1 million, becoming a distinctive industry for local prosperity [14]

（来源：中国旅游报） 转自：中国旅游报 □ 朱仲祥 走出大理站，温暖阳光就拥抱了我们。虽已是冬季，但除了见不到盛开的山茶花之外，大理似乎一切还是春天的样子。 大理位于云南西部、横断山脉南端，依傍苍山，面向洱海。洱海苍山之间是一片扇形的冲击平坝，这里田地肥沃、村落相连。最令人欣喜的，还是这里的阳 光，那么灿烂明媚，和暖如春，每天都给人贴心贴意的关爱。 穿过大理古城的城门，再穿过一个稍有坡度的小巷，我们便走进了一处幽静的院落。小院很安静，是闹市中的一方净土。院子里栽种了不少花草，楼道里、 屋檐下，到处都是，绿植如碧，花朵明艳。尤其是一大丛炮仗花，从小楼的屋顶垂落下来，红火热烈，形成了"花瀑"。在北方还是寒风凛冽、万物萧索的时 节，大理却阳光灿烂，鲜花盛开。温暖的气候、充足的阳光，孕育了这里"街街流水，户户养花""三家一眼井，一户几盆花"的人居环境。 在大理最初的日子里，我们每天都沐浴着和暖的阳光，在"九街十八巷"转悠。特别是3条主干道，是我们来来回回闲逛最多的地方。复兴路连接南城门和北 城门，路面为麻块石路面，两边商铺保持了明清时期的建筑风格，是大理古城的主要商业街道。护国路上坐落着许多咖啡馆、酒吧和西餐厅。人民 ...

Core Viewpoint - The article highlights the unique cultural and culinary experiences of celebrating the Spring Festival in Zhanjiang, a coastal city in southern China, contrasting it with the colder climate of the author's hometown in Hunan [1][4]. Group 1: Cultural Experience - Zhanjiang's Spring Festival is characterized by a blend of Cantonese culture, Leizhou customs, and maritime features, creating a distinctive festive atmosphere [3]. - The lively market scene during the festival showcases a variety of traditional goods, including fresh seafood, fruits, and festive snacks, contributing to the local flavor of the celebration [2][3]. Group 2: Culinary Highlights - The local delicacies, such as rice rolls and grilled oysters, are emphasized as must-try dishes, reflecting the region's culinary heritage [2][3]. - The bustling seafood market is a focal point, with fresh catches like crabs, shrimp, and oysters, illustrating the abundance of local marine resources [2]. Group 3: Community and Festivities - Traditional activities, such as the "You Shen" folk event, involve community participation and are marked by vibrant sounds of drums and firecrackers, enhancing the festive spirit [3]. - The article describes the overall atmosphere of celebration that extends from the lunar month to the New Year, highlighting the communal joy and cultural significance of the festivities [3].

证券时报·数据宝统计显示，陕西旅游本次发行股份数量为1933.33万股，其中网上发行1933.30万股，发 行价格为80.44元/股。根据安排，陕西旅游将于12月24日公布中签结果，中签的投资者需在当天完成缴 款申购。（数据宝） （文章来源：证券时报网） 新股申购信息一览表 | 申购日期 | 股票简称 | 申购代码 | 发行价（元） | 顶格申购需配市值（万元） | | --- | --- | --- | --- | --- | | 12.23 | 蘅东光 | 920045 | 31.59 | - | | 12.22 | 新广益 | 301687 | 21.93 | 8.50 | | 12.22 | 陕西旅游 | 732402 | 80.44 | 19.00 | | 12.19 | 强一股份 | 787809 | 85.09 | 7.50 | | 12.19 | 誉帆科技 | 001396 | 22.29 | 8.50 | | 12.19 | 双欣环保 | 001369 | 6.85 | 60.00 | | 12.16 | 江天科技 | 920121 | 21.21 | - | | 12.15 | 健信超导 ...

时至年末，省委书记、省长密集会见民营企业家。 12月21日，辽宁省委书记许昆林，省委副书记、省长王新伟会见远景科技集团董事长张雷。 辽宁省委 书记许昆林，省委副书记、省长王新伟会见远景科技集团董事长张雷。图片来源：辽宁日报 12月16日，黑龙江省委书记许勤分别会见宇树科技董事长王兴兴、携程集团首席执行官孙洁。同一日， 许昆林和王新伟会见了吉利控股集团董事长李书福。 本月初，海南省委书记冯飞会见了顺丰控股董事长兼总经理王卫；在浙江省委书记王浩主持的座谈会上 也汇集了李书福等七位企业家。 一场场政企会面，传递出地方对民营企业的尊重和对民营经济的重视。 当地方产业布局变得清晰，营商环境就成为重要考量。 会面时，地方主官做出承诺。如，许昆林表示，"将提供全生命周期服务、全方位要素保障"；王浩在座 谈会上强调，"浙江将以更精准有效的政策、更坚强有力的保障，打造创新生态最好的营商环境，支持 企业做强做优做大、实现高质量发展。" 这表明，地方提供的不仅有短期实惠，还有一套着眼于企业长远发展的系统性支持与制度性保障。 长期以来，我国民营经济在稳定增长、促进创新、增加就业、改善民生等方面发挥着重要作用。 中央反复强调"两个毫不 ...