中新社北京12月15日电 (记者 陈溯)中国国家统计局15日公布，11月全国社会消费品零售总额同比增长 1.3%。国家统计局新闻发言人付凌晖当天表示，近期社会消费品零售总额增速有所回落，主要因为去 年同期基数较高。从累计增速来看，今年社会消费品零售总额增长好于去年。 来源：中国新闻网 国家统计局：今年中国社会消费品零售总额累计增长好于去年 付凌晖在国务院新闻办公室举行的发布会上表示，今年以来，提振消费专项行动深入实施，消费品以旧 换新政策发力显效，带动了消费潜能释放。1至11月，社会消费品零售总额同比增长4%，增速不仅快于 上年同期，也快于上年全年。 从11月份情况看，付凌晖表示，中国市场销售继续扩大，服务消费增长较快，新型消费继续壮大。 付凌晖表示，1至11月，中国服务零售额同比增长5.4%，增速比上月加快0.1个百分点，连续3个月回 升，且快于商品零售额增速，这意味着服务消费在全部消费中的比重提升。中国居民精神文化需求不断 扩大。1至11月，文体休闲服务类零售额保持两位数增长，网络影视等网上娱乐消费持续活跃，服务消 费潜力继续释放。 此外，新型消费稳步成长，线上消费、新兴消费发展向好。1至11月，实物商品 ...

Core Viewpoint - The Ministry of Commerce has issued a notification to strengthen the collaboration between commerce and finance, aiming to boost consumption through 11 specific policy measures across three main areas [1][15]. Group 1: Strengthening Financial Support for Key Consumption Areas - Emphasis on enhancing financial services for durable goods and digital products to tap into consumption upgrade potential [1][6]. - Financial institutions are encouraged to collaborate with platforms and key merchants to improve payment services like installment plans and digital currency [1][6]. - Support for cross-border supply chain financing and integration of domestic and foreign trade operations [1][6]. Group 2: Expanding Service Consumption Policies - A comprehensive policy framework ("1+N") is proposed to support service consumption in sectors like hospitality, entertainment, and education [1][7]. - Financial products and services will be innovated to better fit into consumption scenarios and ecosystems [1][7]. - Encouragement for financial institutions to provide loans to service sectors and elderly care businesses [1][7]. Group 3: Promoting New Consumption Models - Initiatives to foster new consumption types, including green and digital consumption, with tailored financial services [1][8]. - Financial institutions are urged to collaborate with e-commerce platforms to develop internet-adapted business models [1][8]. - Support for expanding consumer access and convenience through innovative financial solutions [1][8]. Group 4: Enhancing Government-Financial-Enterprise Cooperation - Encouragement for financial institutions to participate in local consumption promotion activities, offering specialized products and services [1][10]. - Development of a project list for key consumption areas to facilitate information sharing between local commerce departments and financial institutions [1][11]. - Promotion of consumer rights and rational borrowing through effective communication of financial policies [1][12].

Group 1 - The core focus for 2026 is to "insist on demand-led growth and build a strong domestic market," marking a strategic shift from merely stimulating consumption to creating a virtuous cycle of "investment + income growth + consumption" [4][5][25] - The emphasis on "clearing overdue corporate accounts" is a new addition to the tasks for 2026, which is crucial for improving cash flow for companies, particularly benefiting construction, materials supply, and service sectors [7][8][29] - The real estate market is set to receive significant attention, with strategies to stabilize the market, control inventory, and reform the housing provident fund system, indicating potential for major policy shifts [9][30] Group 2 - The education sector will see adjustments in resource allocation, with plans to increase the supply of ordinary high school places and undergraduate admissions at quality universities, aligning educational resources with demographic changes [10][31][32] - The annual core economic meeting serves as a government work guide for the upcoming year and reflects China's proactive approach to shaping development dynamics and new patterns amid global changes [14][34][36]

Economic Overview - The uncertainty surrounding the UK budget continued to weigh on economic growth in October, with the services sector contracting by 0.3% month-on-month, a trend that may persist into November [1] - Overall, the GDP shrank by 0.1% for the second consecutive month in October, raising concerns about a potential quarterly contraction for the first time since 2023 [1] Sector Performance - Despite the recovery from the cyberattack affecting Jaguar Land Rover, automotive production has not rebounded as expected [1] - The construction sector experienced its fastest contraction since April 2024, indicating significant challenges ahead [1] Future Outlook - The combination of uncertainty, weak hiring, and concerns over rising unemployment may lead to subdued spending and investment as the year comes to a close [1] - The path into the new year is expected to be challenging, with risks of further economic decline [1]

每经头条（nbdtoutiao）——专访管涛：美国政府经济贸易政策正逐渐动摇美元本位国际货币体系，利 多因素下人民币汇率有可能破7 （记者 王瀚黎） 每经AI快讯，中钢天源（SZ 002057，收盘价：9.94元）12月12日晚间发布公告称，公司第八届第九次 董事会临时会议于2025年12月12日以通讯方式召开。会议审议了《关于调整第八届董事会战略发展与科 技委员会主任委员的议案》等文件。 2025年1至6月份，中钢天源的营业收入构成为：生产制造业占比80.4%，服务业占比19.6%。 截至发稿，中钢天源市值为75亿元。 ...

12月11日，国家统计局广东调查总队发布11月物价数据。11月，广东居民消费价格指数（CPI）同比上 涨0.4%，环比下降0.4%。1—11月平均，广东居民消费价格比上年同期下降0.2%。 从同比看，CPI上涨0.4%，涨幅比10月扩大0.1个百分点。其中，食品价格同比上涨0.3%，影响CPI上涨 约0.06个百分点。非食品中，服务价格上涨0.4%，涨幅与10月持平。工业消费品价格上涨0.2%，涨幅比 10月回落0.2个百分点。其中，金饰品、铂金饰品、银饰品价格分别上涨59.3%、55.1%和10.8%，合计影 响CPI上涨约0.24个百分点；服装价格上涨2.3%；受行业竞争等因素影响，燃油小汽车、新能源小汽车 价格分别下降4.1%和4.9%；受国际油价波动及国内政策调整等因素影响，能源价格下降3.3%，降幅比 上月收窄0.8个百分点。其中，汽油价格下降7.6%，影响CPI下降约0.28个百分点。 从环比看，CPI下降0.4%，与10月涨跌幅差为0.6个百分点。其中，食品价格由10月上涨0.2%转为下降 0.1%，涨跌幅差为0.3个百分点。 11月，广东工业生产者出厂价格指数（PPI）同比下降1.6%，环比上 ...

宏观日报 | 2025-12-11 上游价格持续分化，关注年末下游促销进展 中观事件总览 生产行业：1）国家统计局发布数据，2025年11月份，全国居民消费价格同比上涨0.7%，环比下降0.1%；全国工业 生产者出厂价格同比下降2.2%，环比上涨0.1%。 服务行业：1）北京时间周四凌晨03:00，美联储联邦公开市场委员会(FOMC)发布了最新的利率决议，宣布降息25 个基点，将联邦基金利率目标区间降至3.50%-3.75%，符合市场"鹰派降息"预期。"点阵图"显示，决策者预计2026 年只会再降息一次，2027年再降一次，然后利率将回到3%的长期水平。美联储主席鲍威尔表示，目前利率水平处 于良好位置，可应对经济前景变化，但他未对近期是否会再次降息提供指引。鲍威尔指出："值得注意的是，自去 年9月以来，我们已累计降息175个基点，其中自今年9月以来就下调了75个基点。目前，联邦基金利率已位于中性 水平的一个大致区间，我们也处于有利位置，可以等待观察经济的进一步发展"。2）全国零售业创新发展大会12 月9日至10日在北京举行，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 ...

Core Insights - The private sector activity in Kenya expanded for the third consecutive month in November, reaching its highest level in five years, driven by improvements across various industries [1] - The Stanbic Bank Kenya Purchasing Managers' Index (PMI) rose to 55.0 in November, up from 52.5 in October, marking the highest value since October 2020 [1] - The surge in business activity is translating into the strongest hiring spree in over two years, with significant signs of strengthening in the labor market, as employment growth accelerated for the tenth consecutive month [1] Industry Performance - Five monitored sectors, including services, construction, and manufacturing, all reported growth, indicating broad-based improvements across the economy [1] - The increase in the PMI reflects a robust recovery in the private sector, suggesting positive momentum for future economic activities [1]

Group 1: Economic Highlights - In November, production showed signs of weak improvement, with the manufacturing PMI rising 0.2 percentage points to 49.2%[1] - Industrial added value growth is expected to remain stable at 4.9%[1] - Exports rebounded to 5.9% in November, supported by an increase in working days and a reduction in production overhang effects[1] Group 2: Investment and Consumption Insights - Investment pressures may ease as the impact of debt repayment on investment diminishes, with construction investment remaining at -16% in October[2] - Service consumption is expected to improve due to the promotion of autumn holidays, despite a decline in "trade-in" programs[1] - Retail sales growth is projected at 2.7%[1] Group 3: Challenges and Risks - Manufacturing investment remains constrained by companies accelerating debt repayments, with accounts receivable growth dropping to 5.2%[2] - Real estate investment and sales are likely to decline further, with November housing sales down 33.1% year-on-year[2] - The "anti-involution" policy's slow progress in the manufacturing sector keeps cost rates at historically high levels, negatively impacting profits[2] Group 4: Inflation and Price Trends - November inflation indicators are expected to show improvement, with CPI projected to rise to 0.7% year-on-year[3] - PPI is anticipated to recover slightly to around -2% due to ongoing price pressures from upstream commodities[3] - Core CPI may see limited improvement due to the lagging effects of the "anti-involution" policy on downstream prices[3]

Group 1 - The core viewpoint of the employment outlook report indicates that Singapore employers maintain a cautious hiring expectation for Q4 2025, with a Net Employment Outlook of 20%, reflecting a 17% decrease from the previous quarter and a 31% decrease year-on-year [1] - Among the 524 surveyed employers, 37% expect to increase headcount, 17% anticipate reductions, and 45% plan to maintain current staffing levels, with 1% uncertain [1] Group 2 - The transportation, logistics, and automotive sectors show the strongest hiring demand with a Net Employment Outlook of 48%, while the financial and real estate sectors exhibit the weakest hiring sentiment at only 10% [2] - Economic uncertainty has led to a more conservative expansion attitude among employers in the financial sector, reflecting a broader trend of cautious hiring across various industries [2] Group 3 - The primary driver for hiring growth in Q4 is attributed to business expansion, with 43% of employers citing growth and scale as the main reason for creating new positions [3] - Economic challenges are the leading reason for layoffs, with 41% of employers planning to reduce headcount due to economic uncertainty, followed by 31% citing restructuring or downsizing [3] Group 4 - Employers in Singapore face challenges in talent acquisition, with 50% indicating that attracting qualified candidates is their biggest hurdle, and 34% struggling to fill complex technical roles [4] - To retain talent, work-life balance is viewed as the most effective strategy by 56% of employers, followed by employee recognition at 40% and flexible work arrangements at 35% [4] - Singapore's Net Employment Outlook is slightly below the global average of 23%, with the UAE and India showing the strongest hiring intentions at 45% and 40%, respectively [4]