（原标题：乌拉圭就业率创十年新高） 乌拉圭《界限》2025年11月26日报道，乌拉圭10月就业率达到60%的十年新高，约177.1万人就业，同比增加2万 人。与去年同期相比，就业结构出现明显分化，商业部门流失超2.7万个岗位，建筑和运输业分别减少约1.1万和9000 个岗位；服务业和农业部门成为就业增长的主要支撑力量。 ...

（原标题：葡萄牙11月消费者信心转弱，经济景气继续回升） 葡萄牙统计局11月27日报道，葡消费者信心在连续两个月回升后于11月出现下滑（至-15.2），主 要受对国家经济、家庭财务和大额消费前景转弱的影响。经济景气指标则继续回升（至3.1），商业、 制造业以及建筑业信心改善，服务业出现回落。商业和制造业的提升分别源于销售、库存及生产预期向 好；建筑业受就业预期支撑；服务业因企业活动和需求预期转弱而下跌。各行业企业对未来销售价格的 预期普遍上升，尤以建筑业最为明显。 ...

Group 1 - Xiamen Xinda (SZ 000701) announced on November 28 that its 12th board meeting for the year 2025 was held via telecommunication, where the proposal to revise the "General Manager Work Guidelines" was reviewed [1] - For the first half of 2025, Xiamen Xinda's revenue composition was as follows: 97.7% from commercial activities, 1.73% from industrial activities, and 0.57% from the service sector [1] - As of the report date, Xiamen Xinda's market capitalization stood at 4.9 billion yuan [1]

Economic Growth - The GDP of Kyrgyzstan reached 14,274 billion som (approximately 16.4 billion USD) from January to October 2025, reflecting a year-on-year growth of 10% [1] - The industrial sector grew by 9.8%, while the construction sector saw a significant increase of 27.7% [1] - The agricultural sector experienced a growth of 2%, and the services sector grew by 8.8% [1] Investment and Production - Fixed asset investment increased by 18.9% [1] - The production of goods rose by 11.3%, and net tax revenue grew by 10.8% [1] - The share of the services sector accounted for 49.6%, a decrease of 1.3 percentage points compared to the same period last year [1] Sectoral Contributions - The share of goods production increased by 1.8 percentage points to 35.4% [1] - The construction sector's share rose by 1.2 percentage points, while the industrial sector's share increased by 1 percentage point [1] - The agricultural sector's share decreased by 0.4 percentage points [1] Trade Performance - The total goods export and import amounted to 11.27 billion USD from January to September, showing a year-on-year decline of 8.3%, with exports down by 25.7% and imports down by 3% [1] - Trade with member countries of the Eurasian Economic Union totaled 3.84 billion USD, reflecting a year-on-year decrease of 5.3% [1]

Summary of Key Points from Conference Call Records Industry and Company Involved - The discussion primarily revolves around the global capital markets, with a focus on the impact of the Federal Reserve's interest rate policies, emerging markets, particularly Vietnam, and the AI sector. Core Insights and Arguments 1. **Federal Reserve Rate Cuts**: The expectation of rate cuts by the Federal Reserve is driving up gold and emerging market assets, particularly benefiting countries like Vietnam due to tariff negotiations and their economic conditions [1][2][3] 2. **Investment Logic**: The investment hierarchy is suggested as follows: Gold > Emerging Market Equity Assets > Developed Market Risk Assets, indicating a preference for gold and emerging markets in the current economic climate [1][4] 3. **AI Capital Expenditure**: AI capital expenditure is viewed as a representation of a future technological revolution, warranting active attention from investors [4] 4. **Chinese Central Bank's Position**: The likelihood of the Chinese central bank cutting rates in the short term is low, but there is a high probability of 1-3 cuts in the next year, which could positively impact RMB-denominated risk assets [5][1] 5. **Market Adjustments**: Recent adjustments in global capital markets are attributed to high valuations and challenges to the AI narrative, with concerns about potential AI bubbles following new product releases from major tech companies [6][1] 6. **RMB Asset Decline**: The decline in RMB assets is primarily due to investor sentiment rather than direct overseas liquidity impacts, with concerns about the sustainability of the AI trend [7][1] 7. **Federal Reserve's Hawkish Stance**: Recent hawkish comments from Federal Reserve officials have raised market expectations for a December rate cut to over 70%, which has alleviated liquidity concerns and led to a rebound in U.S. stocks [8][1] 8. **A-Share Market Liquidity**: A-Share market liquidity is expected to improve in early 2026, supported by government debt issuance and fiscal measures aimed at debt resolution [9][10] 9. **Global Market Trends**: The global market is anticipated to enter a significant easing cycle in 2026, although inflation in essential sectors may limit the Federal Reserve's ability to cut rates [11][1] 10. **Convertible Bond Market**: The convertible bond market is performing well, with specific bonds showing strong performance due to favorable market conditions and upcoming economic events [13][14] 11. **Consumer Policy Measures**: The government is implementing policies to enhance consumer demand, particularly in the service sector, focusing on both essential and discretionary services [17][18][19] Other Important but Potentially Overlooked Content - The discussion highlights the importance of monitoring the sentiment around AI investments and the potential for market corrections if the narrative shifts [6][1] - The convertible bond market's resilience is noted, with a focus on the potential for future gains as market conditions evolve [13][14] - The government's proactive approach to stimulating consumption, especially in the service sector, is emphasized as a critical area for future growth [17][18][19]

Summary of Conference Call Notes Industry Overview - **Macro Economic Outlook for China**: The actual GDP growth target for 2026 is expected to be around 5%, reflecting government confidence and policy strength. Over the next decade, GDP growth must not be lower than 3.5% to reach the level of moderately developed countries [1][4] - **Fiscal Policy**: The fiscal policy is expected to remain expansionary, with a fiscal deficit rate maintained at around 4%. Special government bonds may increase to 2 trillion, and special bonds could reach 4.6 trillion [1][5][6] - **Investment and Consumption**: Investment is anticipated to achieve positive growth in 2026, while export growth is expected to remain strong but slightly decrease to 3.5%-4%. Consumption is influenced by subsidy uncertainties and needs further analysis [1][7] Key Points - **New Economy Contribution**: The new economy's share of GDP has risen to approximately 18%, with high-tech investment accounting for 12% of total investment. The new economy has surpassed the traditional economy in scale, significantly driving economic growth [1][12] - **Impact of Artificial Intelligence**: AI significantly affects energy demand, with data centers' electricity consumption continuously increasing, driving demand for energy storage and raw materials like copper, aluminum, silicon, and rare earths [1][13] - **Consumer Market Performance**: In 2025, consumer growth reached its best level in 20 years, but sales of subsidized goods have declined. Internal consumption momentum is rising, with significant contributions from daily necessities, services, and cultural education products [1][14] Additional Insights - **Real Estate Market Trends**: Although the real estate market is still experiencing negative growth, the rate of decline is slowing, indicating stabilization. Policy support is crucial, and adjustments to mortgage rates are necessary to stabilize housing demand [2][21][23] - **Price Trends**: CPI is expected to return to around 0.5% in 2026, while PPI may also recover but is projected to remain negative. This indicates potential improvements in industrial profit margins and boosts confidence in listed companies' earnings [2][24][26] - **Future of Capital Markets**: The outlook for the capital market is optimistic, with expectations that the technology sector will continue to lead. The market performance will be influenced more by industry highlights and mid-level performance rather than macroeconomic fluctuations [1][29]

Summary of Key Points from the Conference Call Industry Overview - The macroeconomic data for October indicates a slowdown across various sectors, including industrial production, services, investment, retail sales, exports, and real estate sales, with notable declines in industrial value-added growth to 4.9% year-on-year, down 1.6 percentage points from the previous month [2][26]. Core Insights and Arguments - **Industrial Production**: The industrial value-added growth rate fell to 4.9% in October, with manufacturing showing significant deceleration. The electricity and water industries saw slight increases, while sectors like food and beverage, as well as non-ferrous metals, experienced declines [1][3][4]. - **Investment Trends**: Fixed asset investment decreased by 1.7% year-on-year in October, with real estate development investment dropping to 18% of total fixed asset investment, the lowest since 2018. This indicates a reduced reliance on real estate within the economy [1][2][4]. - **Real Estate Market**: The real estate market remains under pressure, with declines in new construction, construction, and completion areas. The second-hand housing market also showed weakness, with both new and second-hand housing price indices reflecting fatigue [5][6]. - **Retail Sales**: Social retail sales grew by 2.9% year-on-year in October, slightly lower than September's 3%. However, offline consumption and service sector spending showed improvement, with retail sales excluding automobiles growing by 4% [6][9]. - **PMI Data**: The manufacturing PMI decreased to 49, indicating contraction, while the services PMI saw a slight increase, suggesting a lack of significant improvement in economic recovery [7][26]. - **Inflation Metrics**: The CPI rose to 0.2% year-on-year, driven by a low base effect from the previous year and supply reductions in certain categories. The PPI remained negative at -2.1%, although the decline was less severe than before [11][12]. Additional Important Insights - **Fiscal and Monetary Policy**: Fiscal spending saw a significant drop of 9.8% year-on-year, while tax revenues remained robust, particularly personal income tax, which grew by 27.26%. However, the overall fiscal policy appears insufficient to counteract the economic slowdown [22][24]. - **Consumer Behavior**: Despite a general decline in retail data, certain sectors like high-end services and overseas brands showed signs of recovery. The demand for services such as business travel and hotel stays remained stable [20][15]. - **Sectoral Disparities**: There is a noticeable divergence between different industries, with some sectors performing relatively well while others face greater challenges. This structural change in the economy necessitates close monitoring [27][26]. This summary encapsulates the key points from the conference call, highlighting the current state of the economy and various sectors, along with the implications for future investment opportunities and risks.

Economic Performance - The GDP of Jining City for the first three quarters of 2025 reached 471.6 billion yuan, showing a year-on-year growth of 5.8% at constant prices [1] - The total output value of agriculture, forestry, animal husbandry, and fishery in the city was 86.15 billion yuan, with a year-on-year increase of 4.4% [1] - The added value of industrial enterprises above designated size grew by 7.7%, while the manufacturing sector saw a growth of 9.7% [1] Industry Growth - Nearly 80% of industries maintained growth, with 30 out of 38 major industry categories experiencing increases, resulting in a growth coverage of 78.9% [1] - From January to August, the operating income of the service industry above designated size reached 41.68 billion yuan, marking a growth of 10.7% [1] - Among the ten major industry categories, nine saw increases while one experienced a decline, with six categories maintaining double-digit growth [1] Investment and Consumption - Fixed asset investment grew by 2%, indicating a continuous improvement in investment structure [1] - The total retail sales of consumer goods in the city increased by 6.7% [1] Trade and Financial Indicators - The total import and export volume of the city reached 106.62 billion yuan, reflecting a year-on-year growth of 10.9% [1] - The general public budget revenue of the city completed 40.41 billion yuan, with a growth of 1.1% [1] - By the end of September, the balance of deposits in financial institutions (in both domestic and foreign currencies) was 1,065.58 billion yuan, showing a year-on-year increase of 11.2% [1]

Economic Development - Jiang'an County's GDP surpassed 20 billion yuan in 2021 and is projected to reach 23.183 billion yuan in 2024, ranking first among counties in Yibin City [4][5] - The county aims to become a leader in county-level economic development, focusing on a new pattern of synchronized urban-rural development [5] Industrial Growth - Jiang'an Economic Development Zone has successfully established itself as a provincial-level economic and chemical park, becoming a core area for the development of a 100 billion yuan power battery industry cluster [6] - The industrial output value of the zone reached 18.938 billion yuan in 2023, accounting for nearly one-quarter of the county's GDP, with industrial tax revenue exceeding 1.27 billion yuan, representing over 60% of the county's total tax revenue [6] Agricultural Modernization - The county has built a 5,500-acre seed industry demonstration park and facilitated the establishment of 30,000 acres of seed production bases, leading to a total agricultural output value exceeding 6.5 billion yuan in 2024 [7][8] - Jiang'an County has established the largest eel farming base in the province and created several modern agricultural parks, enhancing its agricultural profile [8] Service Sector Enhancement - The county's retail sales of consumer goods are expected to reach 10.944 billion yuan in 2024, with the tertiary industry contributing 12.166 billion yuan, accounting for 52.5% of GDP [9] - New business models, such as cross-border e-commerce, have emerged, with a local company securing over 4 million yuan in high-end custom orders [9] Future Outlook - Jiang'an County plans to strengthen its industrial base and optimize its industrial layout, focusing on energy and chemical industries while promoting traditional industry upgrades [10][11] - The county aims to enhance agricultural quality and promote rural revitalization, as well as deepen the integration of culture and tourism to build a modern service industry system [11]

□四川日报全媒体记者 王眉灵数读宜宾 "十四五" 地区生产总值 由2020年的2863.5亿元 增长到2024年的4005.8亿元 跨越两个千亿级台阶 稳居全省第三 全国GDP百强城市 排名上升至87位 人均地区生产总值达86714元 高于全省平均水平 产业升级 工业 2024年全部工业增加值1607.9亿元 是"十三五"末的1.5倍 是"十三五"末的1.5倍 农业 酿酒专用粮、茶园、蚕桑、油樟面积居全省第一 打造宜宾早虾、长宁竹荪、筠连红茶等 连续4年稳居全省第二 在全省的占比由7.6%提升至9% 连续入选全国先进制造业百强市 服务业 打造万象宜宾天地、冠英古街、 长江音悦街等消费新场景 2024年服务业增加值1696.3亿元 11个全国名特优新农产品 2024年农林牧渔总产值683.3亿元 是"十三五"末的1.2倍 城乡融合 以片区化思路 打造31个城乡融合发展试验区 建成首批14个和美乡村生活聚居点 地区生产总值超200亿元的县（区） 由2020年的2个 增加至2024年的9个 民生改善 实现"县县通高速" 成宜高铁、渝昆高铁渝宜段通车运营 全面融入成渝"1小时经济圈" 常态化开行 宜宾至重庆、宜昌、武 ...