Summary of Key Points Core Viewpoint - The A-share market in 2025 is characterized by a significant increase in cash dividends, with total dividends exceeding 2.6 trillion yuan for the first time, reflecting a trend of higher amounts, more frequent distributions, and broader coverage among companies [1][2]. Group 1: Dividend Trends - In 2025, a total of 3,766 listed companies implemented cash dividends, amounting to approximately 2.64 trillion yuan, marking a historical high [2]. - The number of companies consistently paying cash dividends for three consecutive years increased by 12% compared to 2023 [1]. - The number of companies distributing over 100 billion yuan in dividends rose from 33 in 2024 to 37 in 2025 [1][2]. Group 2: Industry Distribution - The majority of companies with dividends exceeding 100 billion yuan are concentrated in the banking, telecommunications, and oil & gas sectors [3]. - Notable companies include Industrial and Commercial Bank of China with 160.17 billion yuan, followed by China Construction Bank with 149.36 billion yuan, and Agricultural Bank of China with 126.48 billion yuan [2][3]. Group 3: Historical Growth - From 2021 to 2024, the total dividend amounts for A-share listed companies were 1.55 trillion yuan, 2.06 trillion yuan, 2.13 trillion yuan, and 2.38 trillion yuan, respectively, with a compound annual growth rate exceeding 12% [4]. Group 4: Market Dynamics - The demand for high-dividend, strong cash flow assets is increasing, driven by long-term funds entering the market and the steady improvement in corporate profitability [5]. - In the first three quarters of 2025, A-share companies achieved a revenue growth of 1.36% and a net profit growth of 5.50% [5]. Group 5: Policy and Regulation - Recent policies have aimed to enhance cash dividend mechanisms, including initiatives for multiple distributions within a year and stricter regulations on dividend payments [8][9]. - The China Securities Regulatory Commission has emphasized the importance of increasing dividends and buybacks as part of its annual priorities [8]. Group 6: Future Outlook - The ongoing reforms in the ChiNext board are expected to further support new industries and technological innovations, injecting new vitality into the dividend ecosystem [9].

中证报中证网讯(记者王鹤静)12月30日晚间，广发证券发展研究中心所长助理、首席策略分析师刘晨明 在中国证券报"金牛来了"直播间分享了其对A股投资的新思考。 刘晨明认为，A股和港股的盈利研判框架需重大调整。结合当前市场环境来看，在地产、基建、内需消 费等传统经济板块体感未有改善的情况下，A股非金融板块的ROE实现了连续三个季度的企稳。A股历 史上还没有出现过连续三年"提估值"的情况，在2024年至2025年连续两年估值正贡献的情况下，2026年 估值演绎能否打破历史规模值得关注。 刘晨明提出，A股连续三年行业涨幅排名前五的案例历史上只出现过一次，即2016年至2020年的食品饮 料行业，其它行业都无法连续领涨三年，2026年通信和电子行业的表现能否打破行业涨跌"事不过三"的 规律值得关注。今年电子行业的机构持仓达到历史单个行业的上限，也打破了所谓"20%持仓即见 顶"的"魔咒"，TMT板块持仓比例已超过当年的"茅指数"。每一次产业周期牛市中TMT成交占比都会突 破历史上限，今年DeepSeek时期TMT成交额占比突破历史。此外，继黄金2024年一季度突破历史周期 上沿后，今年LME铜价也突破了历史上每一轮涨价 ...

趋势识别是精准判定个股盈利生命周期的基石。在实证研究的第一步，国信证券利用二次函数对万得全A样本进行回归，剔除异常值后共有1273只个股展 现出显著的U型特征，占比约23%。通过对二次项系数的显著性及拐点位置判定，将样本划分为第一阶段(压力期)241只潜力股与第二阶段(修复期)1032只 绩优股。回测显示，除受超长周期状态迁移噪声干扰的2000年起始的样本外，其余窗口期(2010/2015/2020/2023年起始到2025年12月17日)的第二阶段涨幅 均显著大于第一阶段，其中2023年以来第二阶段的样本涨幅约为第一阶段的3.6倍，充分验证了盈利生命周期范式的实战价值。 通过中观维度对标筛选各阶段具备超额韧性与上行弹性的行业。在完成个股判别后，国信证券筛选出盈利趋势跑赢市场的优势行业。发现在第一阶段(压 力期)，传媒、公用事业及医药生物展现出极强的防御韧性，其ROE承压的下行斜率显著比大盘平缓；进入第二阶段(修复期)，电力设备、电子、家用电器 切换至高弹性，其ROE修复的上行斜率跑赢市场。其中，通信与医药生物行业在生命周期的两个阶段展现出全方位的领先优势。 通过微观择优在行业内部挖掘盈利趋势强于行业中枢的A ...

日前，记者从汉诺威米兰展览(上海)有限公司获悉，由东浩兰生会展集团上海工业商务展览有限公司与 汉诺威米兰展览(上海)有限公司共同主办的东南亚(泰国)智能制造展览会(IME2026)将于2026年7月22日 至24日在泰国曼谷举办。 本届展会将聚焦智能制造与先进技术，系统展示工业自动化、人工智能与机器人、数控机床、电子制 造、新能源装备等十二大领域的创新产品与技术，覆盖汽车、电子、食品饮料、新能源等重点行业，为 全球企业搭建对接东南亚市场的关键平台。 展会规划展览面积10000平方米，预计吸引200家海内外参展企业。将举办4场高端行业论坛及1场中泰技 术交流与装备贸易对接会，促进产业链上下游合作与资源共享。 随着全球供应链持续重构，东南亚正成为制造业发展的新热土。主办方表示，当前，东南亚地区在政策 推动与市场需求双重驱动下，智能制造与绿色转型进程加快。IME2026将通过汇聚区域优质资源，帮助 企业精准触达目标客户、拓展业务网络，并融入本地可持续工业生态建设。(经济日报记者李治国) ...

从蜜雪冰城上市时的"雪王"家族集体敲钟，到泡泡玛特的Labubu爆火，2025年品牌竞争的赛场发生了很 多改变。 用户的注意力日渐被多元化的信息渠道分散，变得更加碎片化和多元化：他们不再盲目追随品牌的市场 知名度，而是日益重视能与自己产生共鸣的品牌；"情绪营销"成为品牌破局的有效手段；很多企业已经 开始借助AI技术打造文案、预测爆款走向，单纯"砸钱买量"的营销方式也已逐渐失灵。 品牌要如何适应市场的改变，成功打造爆品，还能获得长期增长？日前，《财经天下》与长江商学院 MBA联手策划了"2025品牌增长新动能私享会"，邀请品牌营销专家和多家品牌负责人，围绕"什么样的 品牌才更有未来"这个话题，进行了深入讨论与交流。 01、品牌营销进化：争取"活人感"用户 "大家经常会说，现在的市场已经变了。但在我看来，其实不是市场变了，市场的规律还是消费者会买 更便宜的东西、离自己最近的东西、最快能拿到的东西，但是坐在你对面的人已经变了。"品牌营销专 家蒋美兰说。 在蒋美兰看来，市场和消费者行为的本质未变，真正需要改变的，是品牌对用户需求的理解与营销方 式。当下，用户对产品已不仅限于功能性的需求，还对它提供的情绪价值提出要求。 ...

天福(06868)发布公告，于2025年12月30日斥资5400港元回购2000股。 ...

央视网消息：据"网信中国"微信公众号消息，今年以来，中央网信办举报中心持续畅通网络举报渠道，强化涉仿冒假冒网站举报受理处置工作，根据网 民提供的线索，协调有关部门逐一查证、及时处置违法违规仿冒假冒网站平台1418个，较去年同比增加1.7倍。 主要类型及情形 仿冒假冒网站通常以"领取补贴""充值消费""期刊征稿""商业合作""投资理财""考试招生"等名义，违规收集网民个人信息，诱导注册账号并缴费，实施诈 骗行为，相关网站服务器多设在境外，域名频繁跳转，侵害人民群众的合法权益和财产安全，社会危害大。 1.仿冒人社部、国家税务总局等国家机关网站317个。冒用国家机关名义，发布虚假"综合工薪补贴"、"退税通知"等，诱导网民输入身份证号码、银行卡 号码等个人隐私信息，导致信息泄露。 2.仿冒国家电网、中国石化等国有企事业单位网站323个。发布虚假投资、充值信息，诱导网民购买虚拟商品、虚假充值加油卡等，导致网民受骗。 3.仿冒《中国校外教育》《中华护理教育》等学术期刊网站250个。假借期刊名义骗取论文审稿费、版面费等费用，造成网民财产损失和个人文章泄露。 4.仿冒齐鲁制药、蜜雪冰城等民营企业网站135个。诱导网民开展虚假 ...

Group 1 - The external environment presents uncertainties but is overall favorable, with global economic resilience expected in 2026, as major economic organizations forecast slight declines in growth rates compared to 2025, with the World Bank predicting a growth rate of 2.40% for 2026, up from 2.30% in 2025 [6][10] - The U.S. is likely to continue lowering interest rates in 2026 due to a weak labor market, with expectations of more than one rate cut, as indicated by the Federal Reserve's recent actions [6][13] - The U.S. dollar's strength is supported by weak economic expectations, with factors such as reduced immigration and uncertain tariff policies suppressing economic activity [6][21] Group 2 - The "15th Five-Year Plan" aims for qualitative and quantitative economic growth, emphasizing stability in employment, enterprises, and market expectations, with policies to support effective growth and enhance quality [6][44] - The investment sector is expected to stabilize, with government initiatives to increase investment in infrastructure and optimize the use of local government bonds [6][49] - Consumer spending is projected to improve, supported by policies aimed at boosting consumption and enhancing the supply of quality goods and services [6][52] Group 3 - The market is expected to continue a "slow bull" trend, with overall company performance anticipated to improve, driven by supportive policies and resilient economic dynamics [6][59] - The technology (TMT) and advanced manufacturing sectors are expected to benefit from long-term policy support and are key drivers of economic transformation [6][67] - Investment opportunities are identified in sectors such as non-involution, supply-demand changes, and emerging themes like artificial intelligence and renewable energy [6][70]

Group 1 - The JingTian Packaging Drinking Water (Shandong) base project in Yishui County has a total planned investment of 500 million yuan and covers an area of 73.5 acres, with 90% of the project completed and expected to reach production in January 2026, capable of producing 215 million bottles (or barrels) of drinking water annually, generating an estimated annual sales revenue of 460 million yuan and tax revenue of 11.1 million yuan [1] - The project has attracted the Shanghai Zijiang PET packaging intelligent manufacturing project as a core supplier, with a total investment of 150 million yuan, introducing the Canadian Husky injection molding system to provide localized bottle preforms, significantly reducing raw material procurement and logistics costs [3] Group 2 - Yishui County has been advancing its industrial chain work, establishing a "command + chain leader + special class" mechanism, focusing on creating two signature industrial chains in fine chemicals and biomanufacturing, and four characteristic industrial chains in leisure health food, intelligent equipment manufacturing, textiles and clothing, and new materials, with 271 large-scale enterprises achieving a total output value of 56.78 billion yuan and tax revenue of 1.415 billion yuan, representing growth of 13.1% and 51.2% respectively [5] - The county has established 15 new innovation platforms, including one academician workstation, and has reached agreements on 10 industry-university-research projects to promote deep integration of technological and industrial innovation [7] - A revised service management method for key industrial projects has been implemented to optimize land, energy consumption, and funding support mechanisms, with new entity loans totaling 6.12 billion yuan, including 3.2 billion yuan in industrial loans [9] - The project approval time for key industrial projects has been reduced to 10 working days, with an average of two months earlier start for projects, and a mechanism for efficient handling of private enterprise requests has been established, achieving a resolution rate of 97.4% and a satisfaction rate of 97.2% for enterprise complaints [11]

格隆汇12月30日丨欢乐家(300997.SZ)公布，根据公司经营发展及战略规划需要，拟在马来西亚投资设 立公司全资企业HLJ IMPORT & EXPORT (MALAYSIA) SDN.BHD（欢乐家（马来西亚）进出口有限公 司，暂定名，最终以登记机关核准登记的名称为准），注册资本不超过100万美元（或其他等值外 币），由公司合并报表范围内的全资企业持有其100%股权。本次拟投资设立的全资企业将主要用于承 接公司海外业务拓展及椰子类加工产品的销售业务。公司董事会授权管理层办理本次投资设立全资公司 的具体事宜，包括但不限于向相关境内主管部门申请办理境外投资审批或备案等。 ...