每经头条（nbdtoutiao）——白金信用卡权益大缩水：贵宾厅限次、酒店减量⋯⋯银行吐槽没赚头，"羊 毛党"薅了个寂寞 （记者 张明双） 2025年1至6月份，ST易购的营业收入构成为：零售业占比91.7%，其他业务占比8.3%。 截至发稿，ST易购市值为161亿元。 每经AI快讯，ST易购（SZ 002024，收盘价：1.74元）12月10日晚间发布公告称，公司第八届第三十八 次董事会会议于2025年12月9日在公司会议室召开。会议审议了《关于修订 <对外投资管理制度> 的议 案》等文件。 ...

Market Overview - The market experienced a slight V-shaped recovery today, with the retail sector opening strong and several stocks hitting the daily limit up [3] - The Shanghai Composite Index and the ChiNext Index closed down by 0.23% and 0.02% respectively, while the Shenzhen Component Index rose by 0.29%, indicating a mixed market performance with a total trading volume of nearly 1.8 trillion [4] Retail Sector - The retail sector saw a strong opening driven by local stocks in Fujian, with East Hundred Group (4 limit ups), Yonghui Supermarket (3 limit ups), and Huijia Times all hitting the daily limit [6] - The retail sector peaked with a 2.8% increase in the morning but closed with a gain of 1.55%, primarily influenced by the strong performance of Yonghui Supermarket, which saw significant buying interest [6][6] - The so-called National Retail Industry Innovation Development Conference was mentioned as a catalyst, but the real driver was the unexpected strong bidding for Fujian stocks [6] Hainan Sector - Hainan stocks outperformed today, with a significant rally following the release of the 15th Five-Year Plan suggestions by the Hainan Provincial Committee, which aims to enhance trade liberalization and promote future industries [9] - Stocks such as Ronniu Mountain, Hainan Ruize, and Hainan Highway all hit the daily limit, contributing to a total increase of 6.86% in the Hainan sector [10] - The upcoming closure of Hainan's free trade port on December 18 also contributed to the bullish sentiment in the market [10] Real Estate Sector - The real estate sector was ignited by a sudden surge in Vanke A shares, which led to multiple stocks in the sector hitting their daily limits [11] - Vanke A's stock price rose significantly, with reports suggesting that China International Capital Corporation (CICC) is involved in a rescue plan for the company [11] - The real estate, property management, and real estate brokerage sectors closed with gains of 1.65%, 2.05%, and 4.87% respectively, driven by the momentum from Vanke A [11] Computing Chip Sector - The computing chip sector initially faced a downturn due to limited acceptance of Nvidia's H200 chip and negative news regarding domestic AI chips, leading to significant declines in stocks like Zhongke Shuguang and Huahong Semiconductor [15][15] - However, the sector saw a rebound later in the day, influenced by the strong performance of newly listed Moer Thread, which rose sharply [16][17] - The overall computing chip sector closed with a slight gain of 0.19%, recovering from earlier losses [17]

Group 1 - Consumption is a key driver of China's economic growth, with retail industry playing a significant role in promoting consumption and investment, as highlighted in the "14th Five-Year Plan" [1] - The Ministry of Commerce emphasizes the need for the retail industry to shift from price-driven and product-driven models to quality-driven and experience-driven approaches for high-quality development [5] - By the end of 2025, retail sales in various sectors such as convenience stores, supermarkets, and specialty stores are projected to grow by 6.4%, 4.4%, 0.9%, 4.8%, and 1.5% respectively [7] Group 2 - In Hangzhou, the introduction of 153 new flagship stores in the first half of the year indicates a 39.1% year-on-year increase, showcasing a trend of high-quality growth in the retail sector [13] - The Lakefront business district in Hangzhou has become a hub for new brands, with over 100 new brands added this year, reflecting the city's vibrant retail environment [11] - In Guiyang, the Qingyun Road pedestrian street has attracted over 20 million visitors this year, generating total sales exceeding 700 million yuan, driven by unique cultural and creative stores [21]

国债期货日报 2025/12/10 行业消息 \ 2、海关总署12月8日发布数据显示，2025年前11个月，我国货物贸易进出口总值41.21万亿 元人民币，同比（下同）增长3.6%。其中，出口24.46万亿元，增长6.2%；进口16.75万亿 元，增长0.2%。11月份，我国货物贸易增速回升，进出口总值3.9万亿元，增长4.1%。其中， 出口2.35万亿元，增长5.7%；进口1.55万亿元，增长1.7%。 3、商务部副部长盛秋平在全国零售业创新发展大会上表示，"十五五"时期，要把零售业作 为培育完整内需体系、做强国内大循环的关键着力点，推动行业转向品质驱动、服务驱动，实 现高质量发展。要学习推广胖东来等企业好经验好做法，加快转型提升。 | | 周三国债现券收益率多数下行，到期收益率1-7Y下行约0.5-0.7bp左右，10Y、30Y到期收益率 | | --- | --- | | | 分别变动0.15、-1.10bp左右至1.84%、2.24%。国债期货集体走强，TS、T、TF、TL主力合约 | | | 分别上涨0.04%、0.06%、0.06%、0.30%。DR007加权利率维持1.45%附近震荡。国内基本 ...

Market Overview - The market showed mixed performance with over 2800 stocks declining, and total trading volume reaching 1.8 trillion, a decrease of 125.45 billion from the previous day [1] - The Shanghai Composite Index fell by 0.23%, while the Shenzhen Component Index rose by 0.29%, and the ChiNext Index decreased by 0.02% [1] Market Adjustment Reasons - Global liquidity concerns were highlighted as the 10-year Japanese government bond yield surpassed 1.96%, with the Bank of Japan signaling potential interest rate hikes, which may lead to market volatility [2] - Policy expectations were also a factor, as the November CPI showed a strong year-on-year increase of 0.7%, the highest since March 2024, driven mainly by rising food prices [2] Sector Performance - The retail sector continued its strong performance, with notable stocks like Dongbai Group achieving four consecutive trading limits, and others like Yonghui Supermarket and Huijia Times hitting the daily limit [5] - The Hainan sector saw a rebound, with stocks like Hainan Ruize and Luoniushan reaching their daily limits, driven by the upcoming full island closure operation of Hainan Free Trade Port [6] - The precious metals sector rose, led by Xiaocheng Technology, with silver prices increasing significantly, up nearly 110% year-to-date [7] Individual Stock Highlights - Moore Threads saw a surge in its stock price, surpassing its initial listing high of 688 yuan, with a total market capitalization exceeding 320 billion [3] Institutional Perspectives - Zhongyin Securities anticipates that the market will continue to rise, supported by funds and policies, with a potential early start to the spring market rally [9] - Xinda Securities suggests that December may serve as a window for positioning in the cross-year market, although the timing for a rally may not be immediate due to current valuation concerns [10] - CITIC Securities notes that market fluctuations and structural opportunities will be the norm until unexpected changes in domestic demand occur, emphasizing the potential undervaluation in resource and traditional manufacturing sectors [11]

Group 1 - The mainstream financial markets in Europe and the US are on an upward trend, while the Hong Kong Hang Seng Index is approaching a new low for September, and A-shares are showing a "difficult to rise" pattern [1] - The current market situation is characterized by indices rising while individual stocks are declining, indicating a challenging environment for investors [1] - The food and beverage sector is expected to perform well by 2026, driven by three key factors: the realization of dividend attributes, faster recovery in B-end and business scenarios, and innovations in health and digital supply chains [1] Group 2 - The retail sector is showing strong performance, with several stocks hitting the limit up, and the National Retail Innovation Development Conference is set to take place in Beijing [3] - The retail industry is being positioned as a key focus for developing a complete domestic demand system and enhancing domestic circulation during the 14th Five-Year Plan period [3] - The Hainan Free Trade Zone is entering a new phase of operation, with policies aimed at promoting free trade and economic development [4] Group 3 - The Shanghai Composite Index opened lower and showed a clear downward trend, with significant capital outflows observed [6] - The market is in a state of waiting and observation, with no major changes expected to alter the current oscillating trend of the indices [6] - The ChiNext Index also opened lower and experienced a decline, with over 4,000 stocks falling, reflecting a weak market sentiment [6] Group 4 - The overall market trend is weak, with no significant new capital entering the market, leading to a lack of profitable opportunities [8] - The distribution of stock price changes shows a significant number of stocks declining compared to those increasing, indicating a bearish market sentiment [9]

Core Viewpoint - Dongbai Group (600693.SH) confirmed that as of December 9, 2025, there are no undisclosed significant matters or information regarding the company, its controlling shareholder, or actual controller, and that its current business operations are normal with no significant changes in the external market environment or industry policies [1][3]. Group 1: Shareholder Activity - On December 9, 2025, the controlling shareholder, Fujian Fengqi Investment Co., Ltd., sold 25,951,900 shares of the company through centralized bidding, complying with relevant regulations [3]. - The recent stock trading activity coincided with the company's stock price reaching its highest level since 2017, prompting discussions about the timing of the shareholder's actions [3][6]. - The reduction in shares sold by Fengqi Investment represents approximately 48% of the shares it had previously acquired, realizing a cash amount of about 320 million yuan [6]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenue of 1.359 billion yuan, a year-on-year increase of 2.34%, and a net profit attributable to shareholders of 88.05 million yuan, up 3.04% year-on-year [7]. - The company's stock price closed at 12.33 yuan per share on December 9, 2025, with a year-to-date increase of 78.52%, marking three consecutive trading limit increases [7]. - The company's static and rolling price-to-earnings ratios are significantly higher than the industry averages, indicating potential overvaluation concerns [3][7].

央视网消息：消费是中国经济增长的重要引擎。"十五五"规划建议中，大力提振消费被置于更加突出的位置。其中，零售业对促进消费和 投资、保障民生和就业的贡献巨大。12月9日，全国零售业创新发展大会在北京召开，商务部副部长盛秋平表示，"十五五"时期，要把零售业 作为培育完整内需体系、做强国内大循环的关键着力点，推动行业转向品质驱动、体验驱动，实现高质量发展。 北京市商务局副局长 庄建蓉：北京作为第一批试点城市，围绕商业设施的改造提升和新增培育来提升消费供给，比如今年开业的中海大 吉巷，它就是依托了老北京胡同，把四合院和现代商业融为一体。 作为杭州首店最密集的区域，湖滨商圈1800多家商户中，仅今年就新增了100多个新品牌。1至10月，累计招引首店、旗舰店达98家，高能 级首店密度领跑全国。潮流服饰区的韩国品牌emis浙江首店同样人气爆棚，复古风单品被年轻消费者争相试戴，高峰期单日营业额超4万元。 2025年上半年，杭州共引入153家首店，新增首店数量同比上涨39.1%，保持高品质增长态势。首店扎堆的背后，是政策与服务的双重保 障。今年，上城区推出最高100万元的首店补助，从选址到开业全程护航。政策红利下，2025年以 ...

湘财证券指出，消费市场保持平稳增长，消费潜力持续释放，并呈现出显著的结构性特征。升级类商品 消费旺盛，在"以旧换新"等政策助推下，与品质生活和提升效率相关的商品销售增长迅猛。新型与绿色 消费活跃，智能、健康、绿色等新型消费理念正催生新的市场增长点，智能穿戴、智能健康设备、有机 食品等销售额均实现显著增长。此外，县域商业潜力释放，乡村消费增速持续快于城镇，表明随着县域 商业设施的完善和乡村振兴战略的推进，下沉市场正成为消费扩容的重要阵地。在国内扩内需稳增长政 策持续刺激推进下，国内线下消费能力与意愿有望进一步走高，建议关注国货美容护理头部品牌，尤其 是稀缺的高端国货品牌。 据悉，"十四五"以来，零售业对促进消费和投资的贡献巨大。2024年全国社会消费品零售总额同比增长 3.5%。2025年前三季度，限额以上零售业单位中便利店、超市、百货店、专业店、品牌专卖店零售 额，同比分别增长6.4%、4.4%、0.9%、4.8%、1.5%。 零售板块10日盘中再度活跃，截至发稿，欢乐家涨超12%，永辉超市、中央商场、美凯龙、安记食品、 东百集团等均涨停。值得注意的是，安记食品已连续7个交易日涨停，东百集团、永辉超市分别斩获 ...

1. Report Industry Investment Rating No information provided in the content regarding the report industry investment rating. 2. Core Viewpoints of the Report - The Fed is expected to cut interest rates for the third consecutive time with internal disagreements, and officials may hint at a pause later. The market has highly priced in a 25 - basis - point rate cut, but Kevin Hassett believes there is still much room for rate cuts [1]. - In December 2025, the Fed's interest - rate meeting and China's Central Economic Work Conference will affect the rhythm of the A - share market in December and lay the foundation for the cross - year market and investment themes in 2026. Before the policies are officially announced, the stock market is expected to be volatile, and after the positive policy signals resonate with the Fed's rate cuts, market risk appetite may increase [9]. - For various futures varieties, different trends and influencing factors are analyzed, and corresponding investment outlooks are provided, such as the long - term upward trend of precious metals and the short - term weakening trend of some energy and chemical products [12][17]. 3. Summary by Relevant Catalogs 3.1 Key Varieties - **Treasury Bonds**: Generally rising, the yield of the 10 - year active Treasury bond fell to 1.83%. Market liquidity is stable, but there are concerns about global liquidity tightening. The long - term Treasury bond futures price remains weak due to factors such as the suspension of 5 - year fixed deposits in banks and the new fund sales regulations [2][10]. - **Oils and Fats**: Soybean and rapeseed oils were weak at night, while palm oil rose slightly. Palm oil exports slowed down, and production decreased. The expected inventory build - up in November may limit the upside of palm oil. The arrival of imported Australian rapeseed may suppress rapeseed oil prices [3][28]. - **Copper**: The copper price closed lower at night. Concentrate supply is tight, and smelting profits are at the break - even point. Although smelting output has declined month - on - month, it still shows high growth overall. The supply - demand expectation has turned to a deficit due to supply disruptions [3][18]. 3.2 Daily News Focus 3.2.1 International News - Chinese and US officials met to promote Sino - US economic and trade cooperation. China welcomes more US companies to invest in China, and the US side is willing to play a bridging role [6]. 3.2.2 Domestic News - China successfully launched the Remote Sensing Satellite 47 and the Satellite Internet Low - Earth Orbit Group 15 satellites on December 9 [6]. 3.2.3 Industry News - Multiple provinces have released the 15th Five - Year Plan suggestions, proposing to accelerate the construction of a new real - estate development model and improve the housing supply system [7][8]. 3.3 Morning Comments on Major Varieties 3.3.1 Financial - **Stock Index**: The US stock market was mixed. Before the policies of the two important meetings are determined, the stock market is expected to be volatile, and after the policies are clear, market risk appetite may increase [9]. - **Treasury Bonds**: The situation is similar to the key varieties section, with long - term bond futures remaining weak [10][11]. 3.3.2 Energy and Chemical - **Crude Oil**: The SC crude oil fell 1.31% at night. The European conflict and the US oil production forecast are the main influencing factors, and the downward trend remains [12]. - **Methanol**: Methanol fell 1.45% at night. The start - up rate of coal - to - olefin plants increased, and coastal methanol inventories decreased, but the overall inventory is still high. It is expected to be weakly volatile in the short term [13]. - **Rubber**: The natural rubber futures declined. Overseas supply is increasing, and domestic supply is entering the off - season. The demand for all - steel tires is stable. The price is expected to be volatile in a wide range [14]. - **Polyolefins**: The polyolefin futures declined. The downstream demand has reached a high level, and the market sentiment is affected by crude oil and the overall commodity market. It is expected to maintain a low - level volatile trend [15]. - **Glass and Soda Ash**: Both glass and soda ash futures mainly declined. Their inventories decreased, and the market is cautious. The focus of trading is shifting to the May contract [16]. 3.3.3 Metals - **Precious Metals**: Silver reached a new high, and gold fluctuated slightly. Weak employment data strengthened the expectation of a rate cut in December. The long - term upward trend remains unchanged [17]. - **Copper**: Similar to the key varieties section, the price closed lower at night, with tight concentrate supply and a potential supply - demand deficit [18]. - **Zinc**: The zinc price closed lower. The concentrate supply is temporarily tight, and the supply - demand difference is not obvious. Attention should be paid to market sentiment [19]. - **Aluminum**: The Shanghai aluminum fell 0.7% at night. Due to the approaching Fed meeting and uncertainty about future rate - cut paths, the price corrected. In the long term, it is supported by supply and demand factors [20]. - **Lithium Carbonate**: The supply and demand situation is complex. In the short term, the supply is affected by production resumption, and the price is risky to chase up. In the long term, it can be considered from a bullish perspective after a correction [21][22]. 3.3.4 Black - **Coking Coal and Coke**: The night - session trading was volatile. Steel mill profits are low, and iron - water production may decrease, which is negative for the demand for coking coal and coke. However, strong policy expectations in December may provide upward momentum [23]. - **Iron Ore**: The iron - ore price slightly declined. Shipping increased slightly, and port inventories increased slightly. Steel mills' profitability is low, and they will continue to purchase on demand. The price is expected to be slightly bullish in the short term [24]. - **Steel**: The steel price fluctuated. The market is in a situation of weak supply and demand, but macro - expectations are positive, so there is some short - term upward momentum, but the medium - term outlook is weak [25]. 3.3.5 Agricultural Products - **Protein Meal**: Soybean and rapeseed meal were weak at night. Brazilian soybean sowing progress has accelerated, and US soybean exports are slow. The domestic supply is expected to be sufficient, putting pressure on prices [26][27]. - **Oils and Fats**: Similar to the key varieties section, soybean and rapeseed oils were weak, and palm oil rose slightly. Palm oil inventory build - up and the arrival of Australian rapeseed are the main influencing factors [3][28]. - **Sugar**: The Zhengzhou sugar futures were volatile and are expected to be weak in the short term. International and domestic factors such as Brazilian sugar production and Chinese sugar supply affect the price [29]. - **Cotton**: The Zhengzhou cotton futures were volatile and are expected to be slightly bullish in the short term. Domestic supply is sufficient, and downstream demand and macro - sentiment support the price, but there is also hedging pressure [30]. 3.3.6 Shipping Index - **Container Shipping to Europe**: The EC index fluctuated, and the 02 contract rose 1.17%. The demand in mid - December is okay, and the price is expected to be volatile. The 04 contract may decline due to supply - surplus and potential resumption of Red Sea shipping [31].