沪深两市成交额1.77万亿，较上一个交易日缩量3188亿。全市场超2900只个股下跌。 12月15日，A股市场全天震荡调整，截至收盘，沪指跌0.55%，深成指跌1.1%，创业板指跌1.77%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | and the control of the many of the may be | 3867.92c | -21.42 | -0.55% | | 399001 | 深证成指 | No New You | 13112.09c | -146.24 | -1.10% | | 399006 | 创业板指 | Company of Canada Career Station of Children | 3137.80c | -56.56 | -1.77% | 盘面上，算力硬件产业链下挫，CPO、存储器方向领跌；摩尔线程、超硬材料、半导体、AI穿戴、创新药概念股跌幅居前。大消费走 强，零售、食品方向活跃；保险、军工表现强势。 具体来看，大消费板块逆势 ...

沪指早间低开回升，创业板指走势较弱。大消费板块逆势走强，乳业、食品、零售等方向领涨，欢乐家、阳光乳业等多股 涨停。商业航天概念继续活跃，雷科防务、通宇通讯等涨停。保险板块走强，中国平安涨超4%，创4年多新高。下跌方面，算 力硬件股走弱，长飞光纤触及跌停。两市上涨个股略大于下跌家数，上午半天成交1.2万亿。午间收盘沪指跌0.11%，深成指跌 0.71%，创业板跌1.29%。 ...

Group 1 - The core viewpoint of the article is that Hongli Zhihui's major shareholder, Luzhou Laojiao Group, aims to become a globally influential first-class financial holding group, focusing on building an ecosystem-driven industrial chain [1] - The company plans to develop six key industries: liquor, finance, trade, technology, food, and construction, with a goal of achieving revenue exceeding 100 billion yuan [1] - The strategy emphasizes a dual-driven approach combining both real economy and finance to create a modern industrial ecosystem and world-class industrial clusters [1]

Group 1: Market Performance - The consumer sector has shown positive performance for the second consecutive day, with the consumption ETF (159928) increasing by over 1% and a trading volume exceeding 320 million yuan [1] - The consumption ETF (159928) received a net subscription of 8 million units during the day, following a significant net inflow of over 12 million yuan last Friday [1] Group 2: Policy and Economic Support - Three departments issued a notice to enhance collaboration between commerce and finance to boost consumption, proposing 11 specific measures including the use of digital RMB smart contracts to improve policy effectiveness and the development of personal consumption loans [3] - The National Bureau of Statistics reported an increase in the CPI year-on-year in November, indicating positive changes in the economy [3] Group 3: Company News - Moutai - Following the announcement of Moutai's new volume control policy, market prices reacted immediately, with the price of Tianjin Flying Moutai rising to 1,630 yuan per bottle, an increase of over 150 yuan in two days [4] - Moutai's pricing strategy includes focusing on three core products for growth and adjusting the supply of non-standard products based on market demand [8][10] - East Wu Securities believes Moutai's proactive changes and long-term resilience are trustworthy, despite facing challenges from demand shortages and industry transformations [11] Group 4: Industry Insights - The white liquor industry is currently in a challenging phase, with significant declines in revenue and profit margins reported [12] - The industry is experiencing a reduction in the number of large-scale liquor companies, with a record high of 36.1% of companies reporting losses in the first half of 2025 [12] - The demographic changes and evolving drinking habits are expected to have a limited impact on liquor consumption in the next 5-10 years, with signs of price stabilization emerging [13] Group 5: Valuation and Investment Strategy - The consumption ETF (159928) is considered to have attractive valuation characteristics, with a TTM P/E ratio of 19.37, which is lower than 97% of the historical data over the past decade [6] - The white liquor sector's current valuation is reasonable, with a strong dividend yield providing a safety margin for investors [14] - The top ten components of the consumption ETF (159928) account for over 68.55% of its weight, indicating a strong focus on essential consumer goods [15]

Core Insights - The proposal outlines the development strategy for Shenyang during the 15th Five-Year Plan period, emphasizing the enhancement of the real economy and the promotion of intelligent, green, and integrated manufacturing [1][2] Group 1: Economic Development and Industry Upgrades - Shenyang aims to optimize and elevate traditional industries by advancing intelligent, green, and service-oriented manufacturing, and promoting the "smart transformation and digital upgrade" of manufacturing [2] - The city plans to cultivate emerging and future industries, focusing on innovative infrastructure, technology research and development, and large-scale application of new technologies and products [2] - Key industrial chains and advanced manufacturing clusters will be developed, with a focus on the automotive and parts industry, equipment manufacturing, aerospace, information technology, and renewable energy sectors [3] Group 2: Financial and Systemic Reforms - The proposal emphasizes the need for comprehensive economic system reforms, particularly in the financial sector, to enhance financial supply and support the development of various financial services [4] - It includes plans to optimize the financial institution system, expand financing scales in credit, bonds, and capital markets, and establish a multi-level investment fund system [4] - The initiative aims to improve the financial ecosystem by establishing a bad asset trading center and enhancing financial arbitration and mediation mechanisms [4]

Core Insights - The article highlights the innovative entrepreneurial initiatives in Jiangmen, focusing on the "Entrepreneurship Accompanying Flight" program, which aims to provide targeted support for startups and rural entrepreneurs [1][10]. Group 1: Entrepreneurship Initiatives - Jiangmen's "Entrepreneurship Accompanying Flight" program emphasizes a shift from traditional broad-based support to precise, tailored assistance for startups [2][4]. - The program includes expert teams conducting in-depth consultations with businesses, providing actionable advice to overcome specific challenges such as product registration and financing [4][6]. - A recent resource matching event featured project pitches from selected startups, showcasing their capabilities in various sectors, including biotechnology and food processing [6][7]. Group 2: Rural Entrepreneurship - The training camp for rural entrepreneurs concluded with 30 participants, focusing on developing leadership skills for rural revitalization [10][11]. - The curriculum included practical modules on rural industry development, cultural tourism projects, and e-commerce operations, designed to enhance entrepreneurial competencies [10][11]. - The emphasis is on cultivating leaders who understand local conditions and can drive innovation in rural areas, contributing to the overall economic development of Jiangmen [11]. Group 3: Ecosystem Development - Jiangmen is building a comprehensive support system that integrates capital, industry, services, and talent to foster a sustainable innovation environment [11]. - The collaboration between universities and local industries aims to leverage academic resources to meet market demands, enhancing the entrepreneurial ecosystem [11].

Core Viewpoint - The city of Xuyi, known for its lobster industry, is transforming into a diversified economy by enhancing industrial competitiveness and developing tourism, aiming for high-quality county-level development [1][3]. Industry Development - Xuyi has established a comprehensive lobster industry chain involving research, breeding, processing, dining, and e-commerce, employing over 200,000 people, which is more than one-third of the county's permanent population [1]. - The city is actively increasing investment attraction to develop new industrial engines, focusing on electronic information and new energy sectors, with significant projects like the Zhongcheng Caihong project, which has a total investment of 5.5 billion yuan [3][4]. - The Zhongcheng Caihong project is expected to achieve annual sales of 7 billion yuan and create over 700 jobs, addressing high-end copper foil demand in various advanced technology sectors [4]. - Another major project by TBEA in Xuyi involves a total investment of 5.1 billion yuan, aimed at producing energy storage devices and solar inverters, projected to generate annual sales of 6.2 billion yuan and create 500 jobs [5]. Investment Environment - Xuyi has established a supportive investment environment, with a project management system that allows for rapid project initiation, achieving a turnaround from land acquisition to construction in as little as 35 days [12][13]. - The local government emphasizes a "101% service" philosophy, ensuring that investor needs are met while providing additional support [12]. - The region has a significant amount of available land for development, with 3,000 acres reserved in provincial development zones and an additional 10,000 acres for future projects [13][14]. Tourism Development - Xuyi is enhancing its tourism appeal by developing night-time activities and cultural experiences, aiming to convert visitors from short-term lobster diners to longer-term tourists exploring the city [17][21]. - The city has been recognized for its natural beauty and environmental quality, with awards for being a top tourist destination and maintaining excellent air quality [21][23]. - New attractions and events, such as the "Mystery of First Mountain" night tours, are being introduced to engage visitors and promote local culture [19][21].

Wind数据显示，12月12日，共有12只个股获券商买入评级，其中1只个股公布了目标价格。按最高目标 价计算，哈尔斯目标涨幅排名居前，涨幅分别达25.93%。从评级调整方向来看，9只个股评级维持不 变，3只个股为首次评级。从获买入评级个股所属Wind行业来看，食品、饮料与烟草、制药、生物科技 与生命科学、材料Ⅱ买入评级个股数量最多，分别有3只、2只、1只。 ...

证券研究报告 | 行业周报 gszqdatemark 2025 12 14 年 月 日 食品饮料 周观点：白酒龙头信号积极，量贩龙头景气扩张 投资建议：1、白酒：坚持内需主导下顺周期白酒估值、基本面有望先后 修复，茅台、五粮液出牌优化渠道与价格，板块底部价值持续凸显，建议 配置：1）供给出清或边际改善：泸州老窖、古井贡酒、迎驾贡酒、洋河 股份、港股珍酒李渡、舍得酒业、酒鬼酒等；2）中长期龙头：贵州茅台、 五粮液、山西汾酒等。2、大众品：中央经济工作会议重点定调内需主导， 11 月 CPI 同比上涨 0.7%，由食品价格转正带动，鸣鸣很忙上市获批，卫 龙盐津重点打造魔芋，优先关注成长股、后续切换复苏： 1）高景气或高 成长逻辑：东鹏饮料、燕京啤酒、珠江啤酒、万辰集团、盐津铺子、有友 食品、新乳业、百龙创园等，港股卫龙美味等。2）政策受益或复苏改善： 百润股份、青岛啤酒、海天味业、伊利股份、重庆啤酒、安琪酵母、洽洽 食品、仙乐健康、安井食品、立高食品、好想你等，港股农夫山泉、华润 饮料、H&H 国际控股等。 白酒：茅台、普五纷纷出牌，龙头积极、静待改善。临近年底旺季将至， 在白酒需求疲软、供给持续出清、批价仍在承 ...

截至发稿，云南能投市值为102亿元。 每经头条（nbdtoutiao）——美股AI突变！OpenAI沦为"股价毒药"，硅谷八巨头一夜蒸发3.8万亿元市 值，专家：看好谷歌，其拥有两项致胜"法宝" （记者 王晓波） 每经AI快讯，云南能投（SZ 002053，收盘价：11.1元）发布公告称，2025年12月12日，云南能投接受 深圳国安保证担保有限公司等投资者调研，公司董事会秘书秦媛等人参与接待，并回答了投资者提出的 问题。 2025年1至6月份，云南能投的营业收入构成为：电力占比40.76%，天然气占比25.57%，食品占比 18.9%，化工占比12.72%，其他业务占比2.05%。 ...