Core Viewpoint - The State Administration for Market Regulation has issued guidelines aimed at enhancing the quality of products and services on online trading platforms, focusing on innovation and quality improvement across various sectors [1] Group 1: Quality Improvement Initiatives - The guidelines emphasize the need to improve the quality of products sold online, particularly in sectors such as home appliances, home decoration, electronics, textiles and clothing, and food [1] - There is a call for the establishment of quality standards, inspection and certification systems, and brand development for online products [1] - The initiative aims to ensure that products sold online and offline meet the same quality standards [1] Group 2: Collaborative Efforts - The guidelines support collaboration among platforms, operators within the platforms, manufacturers, industry associations, and research institutions to implement innovation-driven quality improvement plans [1] - The focus is on enhancing supply chain quality through coordinated efforts among various stakeholders [1]

Group 1: Consumer Price Index (CPI) Analysis - In November, Guangdong's Consumer Price Index (CPI) increased by 0.4% year-on-year, with a month-on-month decrease of 0.4% [1] - The average CPI from January to November showed a decline of 0.2% compared to the same period last year [1] - Food prices rose by 0.3% year-on-year, contributing approximately 0.06 percentage points to the CPI increase [1] - Service prices remained stable with a year-on-year increase of 0.4%, while industrial consumer goods prices rose by 0.2%, a decrease of 0.2 percentage points from October [1] - Notable increases in jewelry prices included gold (up 59.3%), platinum (up 55.1%), and silver (up 10.8%), collectively contributing about 0.24 percentage points to the CPI [1] - Clothing prices increased by 2.3%, while prices for fuel and new energy vehicles decreased by 4.1% and 4.9%, respectively [1] - Energy prices fell by 3.3%, with gasoline prices down 7.6%, impacting the CPI by approximately 0.28 percentage points [1] Group 2: Producer Price Index (PPI) Analysis - In November, Guangdong's Producer Price Index (PPI) decreased by 1.6% year-on-year, with a month-on-month increase of 0.1% [2] - The Industrial Producer Price Index (IPI) saw a year-on-year decline of 2.5% and a month-on-month increase of 0.3% [2] - From January to November, the average PPI fell by 1.5%, while the IPI decreased by 2.9% [2] - Among 38 major industries surveyed, 10 experienced price increases, 25 saw declines, and 3 remained stable, indicating an industry increase rate of 26.3%, which is a 5.2 percentage point increase from October [2] - Prices for production materials decreased by 2.2%, while living materials saw a decline of 0.6%, with the latter's decline remaining stable compared to October [2] - In terms of month-on-month changes, 16 industries increased prices, 14 decreased, and 8 remained stable, maintaining an industry increase rate of 42.1% [2] - The decline in oil prices affected the petrochemical sector, leading to a 0.8% price drop, while the rise in gold prices boosted prices in the cultural and sports goods manufacturing sector by 2.9% [2] - The black metal mining sector saw a price increase of 2.7% due to adjustments in steel production capacity and increased demand, while the black metal smelting and rolling industry rose by 1.5% [2] - The non-ferrous metal smelting and rolling industry experienced a 1.7% price increase due to tight copper supply and rising demand from emerging industries [2] - Electrical machinery and equipment manufacturing prices rose by 0.3% due to increased raw material costs, while computer manufacturing prices increased by 1.6% driven by AI server demand [2]

天眼查App显示，近日，四川九霞轻醑商贸有限公司成立，法定代表人为李勇，注册资本100万人民 币，经营范围为许可项目：酒类经营；旅游业务。（依法须经批准的项目，经相关部门批准后方可开展 经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：食品销售（仅销售预包装食 品）；国内贸易代理；货物进出口；食品进出口；食用农产品零售；食用农产品批发；互联网销售（除 销售需要许可的商品）；食品互联网销售（仅销售预包装食品）；工艺美术品及收藏品批发（象牙及其 制品除外）；农副产品销售；日用杂品销售；五金产品批发；五金产品零售；新鲜水果零售；厨具卫具 及日用杂品批发；婚庆礼仪服务；会议及展览服务；社会经济咨询服务；广告设计、代理；组织文化艺 术交流活动；广告发布；包装服务。（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - In November, the year-on-year increase in CPI was mainly driven by a sharp rebound in fresh vegetable prices, while PPI remained weak year-on-year. The unexpected rebound in exports may be due to factors such as the suppression of the base effect in October, Christmas stocking in Europe and the United States, and improvements in Sino-US tariffs. The structure of foreign trade exports continued to improve, with diversification results becoming prominent, and high-end manufacturing becoming the core driving force for exports [2]. - The economy still faces certain pressures. Although there is growth in durable goods and service consumption supported by policies on the consumer side, the structural differentiation of CPI and the mild rebound of core CPI reflect that the overall consumer willingness of residents still needs to be boosted. Exports rebounded unexpectedly in November, and the trade structure continued to improve. Affected by the high base of pre - emptive exports in the first half of this year, the resilience of foreign trade growth next year needs to be continuously observed. The 75BP interest rate cuts by the Federal Reserve in the second half of the year have brought changes in global liquidity, and overseas trade frictions may still continuously disrupt export expectations. Against the backdrop of the intertwining of internal and external factors, the probability of the introduction of growth - stabilizing policies such as reserve requirement ratio cuts and interest rate cuts has increased, and attention should be paid to the implementation effects of policies and the improvement signals of prices and foreign trade [3]. - The performance of the bond market in 2026 is expected to be better than expected. Since the second half of the year, the bond market has often deviated from the fundamentals and is mainly dominated by institutional behavior. From the perspective of the domestic fundamentals, the domestic economic data is under pressure, and the necessity of lowering the policy interest rate has significantly increased. From the external environment, the Federal Reserve has cut interest rates by 75BP, and the inversion of the Sino - US interest rate spread has been significantly relieved. Currently, the yield of long - term bonds has reached a high point this year. Under the dual effects of internal and external factors, the probability of a successful long - position strategy is relatively high [3]. Group 3: Summary by Relevant Catalogs CPI Situation - In November, CPI increased by 0.7% year - on - year, the highest level since March 2024. Food prices turned from a decline of 2.9% last month to an increase of 0.2%, while non - food prices rose by 0.8% year - on - year. Core CPI increased by 1.2% year - on - year, maintaining above 1% for three consecutive months [2]. - Food prices "turning from negative to positive" were the core driving force. Fresh vegetable prices rose by 14.5% year - on - year, with the impact on the year - on - year increase of CPI increasing by about 0.49 percentage points. The year - on - year decline in pork prices narrowed to - 15.0%, and the prices of beef and mutton increased. Energy prices had a greater drag, with energy prices falling by 3.4% year - on - year [2]. - There was a structural differentiation in core CPI. On the industrial consumer goods side, the year - on - year increase in gold jewelry prices expanded to 58.4%, and clothing prices rose by 2.0%, but household appliance prices decreased. On the service side, although the demand for post - holiday travel declined, the prices of domestic services and dining out still maintained positive growth [2]. PPI Situation - In November, PPI decreased by 2.2% year - on - year, with the decline expanding by 0.1 percentage points. Production materials decreased by 2.4% year - on - year, and living materials decreased by 1.5% year - on - year. PPI increased by 0.1% month - on - month, maintaining positive growth for two consecutive months [2]. - Domestic policies and seasonal demand supported upstream prices. The start of "peak - winter power consumption" in November led to a surge in coal demand, and the prices of coal mining and washing and coal processing increased significantly month - on - month. The effects of comprehensive rectification of "involution - style" competition were evident, and the year - on - year decline in prices of some industries continued to narrow [2]. - Input factors showed a differentiated pattern. The increase in international non - ferrous metal prices drove up the prices of domestic non - ferrous metal mining and smelting industries, while the decline in international oil prices led to a decline in the prices of the oil and gas extraction and refined petroleum product industries [2]. - The seasonal decline in downstream demand for infrastructure restricted the overall ex - factory prices. The prices of the ferrous metal smelting and rolling processing industry decreased both month - on - month and year - on - year, reflecting the weakening of infrastructure demand. Most industries' ex - factory prices were still under significant pressure year - on - year, but non - ferrous metal industries performed well [2][3]. Foreign Trade Situation - In November, the total value of imports and exports was 3.9 trillion yuan, a year - on - year increase of 4.1%. Exports were 2.3 trillion yuan, a year - on - year increase of 5.7%, turning from negative to positive compared with October. Imports were 1.6 trillion yuan, a year - on - year increase of 1.7%, continuing the six - month growth trend. The trade structure continued to have the characteristics of "strong exports and stable imports" [3]. - Trade with the EU and Africa rebounded significantly, while the decline in exports to the US continued to expand. Exports to ASEAN maintained double - digit growth. Exports to the EU rebounded strongly, and exports to Africa had a high growth rate. Although the decline in exports to the US expanded, the drag on overall exports was offset by the growth of the EU and African markets [3]. - This month's unexpected export growth was mainly affected by the rebound in export growth to the EU and Africa. High - end manufacturing became the core driving force for the rebound. Exports of mechanical and electrical products and high - tech products increased significantly year - on - year, while the growth rates of labor - intensive products were still in the decline range [3].

天眼查App显示，近日，冰极限（四川）食品有限公司成立，法定代表人为孙磊，注册资本1000万人民 币，经营范围为许可项目：食品销售；食品互联网销售；食品生产。（依法须经批准的项目，经相关部 门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：低温仓储 （不含危险化学品等需许可审批的项目）；货物进出口；技术进出口。（除依法须经批准的项目外，凭 营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，四川沁番食品有限公司成立，法定代表人为陈林，注册资本10万人民币，经营 范围为许可项目：食品销售；食品互联网销售；食品经营管理。（依法须经批准的项目，经相关部门批 准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：食品进出口； 保健食品（预包装）销售；食品互联网销售（仅销售预包装食品）；食品销售（仅销售预包装食品）； 非食用植物油销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，四川省瑜味萦川食品有限公司成立，法定代表人为向廷露，注册资本10万人民 币，经营范围为许可项目：食品互联网销售；食品销售。（依法须经批准的项目，经相关部门批准后方 可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：互联网销售（除销售 需要许可的商品）；宠物食品及用品零售；玩具销售；玩具、动漫及游艺用品销售；日用百货销售；母 婴用品销售；服装服饰零售；日用杂品销售；日用品销售；外卖递送服务；成人情趣用品销售（不含药 品、医疗器械）；广告发布；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；信息 咨询服务（不含许可类信息咨询服务）；企业管理；国内贸易代理；销售代理。（除依法须经批准的项 目外，凭营业执照依法自主开展经营活动）。 ...

Economic Performance - Heilongjiang Province's GDP reached 1.65 trillion yuan in 2024, ranking 25th among all provinces in China, with a year-on-year growth of 3.2%, which is 1.8 percentage points lower than the national average[2] - The province's primary industry added value was 320.3 billion yuan, growing by 2.9%, while the secondary industry saw a decline of 0.2% to 414.7 billion yuan, and the tertiary industry grew by 4.7% to 912.6 billion yuan[2][22] - In the first three quarters of 2025, Heilongjiang's GDP was 1.15 trillion yuan, with a year-on-year growth of 4.8%, still below the national growth rate of 5.2%[2] Fiscal Strength - Heilongjiang's general public budget revenue was 145.2 billion yuan in 2024, a 4.0% increase, ranking 25th among provinces, with a tax ratio of 60.0%, down 1.5 percentage points from the previous year[5][35] - The province's budget self-sufficiency rate was only 22.5% in 2024, indicating a high reliance on upper-level subsidies, which accounted for 45.6% of total fiscal revenue[5][33] - In the first half of 2025, the general public budget revenue was 77.3 billion yuan, a 3.4% increase, with a self-sufficiency rate improving to 27.7%[5][44] Debt Situation - By the end of 2024, Heilongjiang's government debt reached 962.8 billion yuan, an increase of 113.0 billion yuan from the previous year, ranking 24th nationally[8] - The ratio of local government debt to general public budget revenue was 6.63 times, placing it 7th highest in the country, indicating a heavy debt burden relative to fiscal capacity[8] - As of September 2025, the total government debt had risen to 1.063 trillion yuan, maintaining its 24th position among provinces[8] Regional Economic Disparities - Harbin and Daqing are the leading cities, with GDPs of 601.6 billion yuan and 281.6 billion yuan respectively, together accounting for 53.6% of the province's total GDP[3][49] - In 2024, 10 cities experienced economic growth while 3 cities (Qitaihe, Hegang, and Jixi) faced declines, with Qitaihe's GDP dropping by 7.2%[3][50] - The economic structure is increasingly dominated by the tertiary sector, with 8 cities having over 50% of their GDP from services in 2024[3][53]

天眼查App显示，近日，江门聚创领鲜和膳食品有限公司成立，注册资本10万人民币，经营范围为一般 项目：食品销售（仅销售预包装食品）；技术进出口；货物进出口；包装服务；食用农产品批发；食用 农产品零售；食品进出口；农副产品销售；鲜肉批发；国内贸易代理；运输货物打包服务；供应链管理 服务；普通货物仓储服务（不含危险化学品等需许可审批的项目）。（除依法须经批准的项目外，凭营 业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，广州市锦祥益食品有限公司成立，注册资本2万人民币，经营范围为技术服 务、技术开发、技术咨询、技术交流、技术转让、技术推广;个人卫生用品销售;农副产品销售;未经加工 的坚果、干果销售;农产品的生产、销售、加工、运输、贮藏及其他相关服务;谷物销售;运输设备租赁服 务;食用农产品批发;信息技术咨询服务;农作物病虫害防治服务;城市绿化管理;鱼病防治服务;水产品零售; 二手日用百货销售;日用百货销售;食用农产品零售;水产品批发;新鲜水果批发;鲜蛋批发;仓储设备租赁服 务;粮油仓储服务;新鲜水果零售;新鲜蔬菜零售;新鲜蔬菜批发;鲜肉批发;鲜肉零售;水果种植;蔬菜种植;豆 类种植;水产品收购;企业管理;劳务服务（不含劳务派遣）;餐饮管理;单位后勤管理服务;供应链管理服务; 企业管理咨询;食品销售（仅销售预包装食品）;外卖递送服务;日用品销售;专业设计服务;初级农产品收 购;餐饮服务（不产生油烟、异味、废气）;餐饮服务;食品销售。 ...