每经AI快讯，12月1日，A股零售板块盘初拉升，赫美集团、茂业商业双双涨停，全新好、锦和商管、 友阿股份、万辰集团、吉峰科技跟涨。 （文章来源：每日经济新闻） ...

Group 1: Outlook on Chinese Stock Market - Multiple multinational giants express optimism about the Chinese stock market, particularly in the technology sector and AI development, highlighting a potential for significant growth in 2026 [3][4] - UBS forecasts strong profit growth in 2026 will drive Chinese tech stocks higher, viewing them as a high-certainty investment theme globally [3] - Goldman Sachs notes that the valuation levels of the Chinese stock market are attractive compared to other global markets, with potential for capital inflow due to increased retail participation and abundant liquidity [4] Group 2: Investment Themes and Predictions - JPMorgan identifies four key investment themes for 2026: implementation of "anti-involution" policies, growth in domestic and international AI infrastructure, favorable macroeconomic conditions for developed markets, and a K-shaped consumption recovery [4] - JPMorgan sets a target for the CSI 300 index at 5200 points by the end of 2026, corresponding to a price-to-earnings ratio of 15.9 times, based on an expected earnings per share of 328 yuan, reflecting a 15% year-on-year growth [4] Group 3: Outlook on US Stock Market - Financial giants are generally optimistic about the US stock market's performance in 2026, with expectations of continued growth driven by resilient consumer spending and significant investments in AI infrastructure [8][10] - Bank of America highlights six factors supporting the rise of US stocks, including robust consumer spending, substantial capital investments in AI, and anticipated further interest rate cuts by the Federal Reserve [8][9] Group 4: AI Development and Investment Opportunities - The rapid growth of AI investments raises questions about the sustainability of capital expenditures, but also presents new investment opportunities across the AI value chain [12][13] - Fidelity International emphasizes the importance of focusing on core segments of the AI value chain, including large-scale cloud service providers and chip manufacturers, while also identifying undervalued companies poised for growth [13][14] Group 5: Risks and Market Dynamics - Goldman Sachs warns of potential risks related to tariff-related rhetoric and regulatory shocks that could disrupt the current market momentum [6] - The ongoing competition in AI investments among major companies is expected to drive significant global spending, with a focus on maintaining competitive advantages through proprietary technology [15]

Investment Rating - The report maintains an "Outperform" rating for the Hong Kong stock market [4] Core Viewpoints - The price recovery across the market is evident, with significant differentiation in fundamentals among various sectors [1] - The Hang Seng Index and Hang Seng Composite Index have shown positive performance, with increases of 2.5% and 3.8% respectively [1] - Small-cap stocks outperformed mid and large-cap stocks, indicating a shift in market dynamics [1] Summary by Sections Market Performance - The Hang Seng Index rose by 2.5%, while the Hang Seng Composite Index increased by 3.8% [1] - The performance of different market segments showed that small-cap stocks (Hang Seng Small Cap +3.0%) outperformed mid-cap (Hang Seng Mid Cap +2.6%) and large-cap stocks (Hang Seng Large Cap +2.5%) [1] - Notable sector performances included the Hang Seng Innovation Drug Index (+6.1%) and the Hang Seng Automobile Index (+4.5%) [1] Valuation Levels - The valuation of the Hang Seng Index increased by 1.6% to 11.8x, while the Hang Seng Composite Index rose by 1.8% to 11.7x [2] - Significant valuation increases were observed in the Hang Seng Automobile Index (+5.3% to 13.8x) [2] - Among 30 sectors, 22 saw valuation increases, with notable rises in Light Industry Manufacturing (+6.7%) and Automotive (+5.7%) [2] Earnings Expectations - The earnings per share (EPS) for the Hang Seng Index increased by 0.4%, while the Hang Seng Composite Index saw a 0.5% rise [3] - The earnings expectations showed a mixed trend, with the Hang Seng Biotechnology Index up by 1.3% and the Hang Seng Automobile Index down by 0.7% [3] - A total of 19 sectors experienced upward revisions in EPS, with Steel (+11.6%) and Non-ferrous Metals (+3.6%) leading the increases [3]

Global Asset Performance - Major global stock markets experienced an upward trend, with the S&P 500, Dow Jones, and Nasdaq increasing by 3.7%, 3.2%, and 4.9% respectively this week[4] - The 10-year U.S. Treasury yield decreased by 4 basis points, indicating a mixed performance in the bond market[4] - London gold prices rose by 3.8%, while WTI crude oil fell by 0.6% and Brent crude oil increased by 0.1%[4][9] U.S. Economic Dynamics - U.S. retail sales grew by 0.2% month-on-month in September, with a year-on-year growth rate decline, while core retail sales increased by 0.1%[5][13] - High-income households maintained spending due to stock market support, but middle and low-income groups faced consumption slowdowns due to rising prices and weak employment[5][13] - The unemployment rate rose by 0.1% to 4.4%, reflecting pressures in the job market[15] Central Bank Monetary Policies - Federal Reserve officials indicated a dovish stance, with an 80% probability of a rate cut in December, as suggested by various officials[5][10] - The European Central Bank stated that current interest rates are sufficient to handle shocks, but the window for rate cuts remains open[5][10] Other Regional Economic Updates - The European Union approved a budget for the fiscal year 2026, amounting to €192.8 billion, focusing on defense and crisis response[5][28] - The Eurozone industrial confidence index fell to -9.3, indicating deteriorating expectations among business leaders[5][28] - Tokyo's core inflation rate remained stable at 2.8%, driven by rising electricity prices[5][28]

来源：市场资讯 中智关爱通（上海）科技股份有限公司，成立于2011年，位于上海市，是一家以从事零售业为主的企 业。企业注册资本11916.6698万人民币。通过天眼查大数据分析，中智关爱通（上海）科技股份有限公 司共对外投资了1家企业，参与招投标项目276次，财产线索方面有商标信息186条，专利信息36条，此 外企业还拥有行政许可12个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，中智关爱通（南京）信息科技有限公司、中智关爱通（上海）科技股份有限 公司取得一项名为"用于基于所识别的用户意图进行业务推荐的方法、计算设备和存储介质"的专利，授 权公告号CN120632219B，申请日期为2025年8月。 天眼查资料显示，中智关爱通（南京）信息科技有限公司，成立于2020年，位于南京市，是一家以从事 互联网和相关服务为主的企业。企业注册资本1000万人民币。通过天眼查大数据分析，中智关爱通（南 京）信息科技有限公司参与招投标项目2次，专利信息19条，此外企业还拥有行政许可9个。 ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on companies with optimistic profit improvement prospects. Core Insights - Domestic demand in Japan is diverging, with a rebound in duty-free sales driven by the National Day holiday and a weaker yen, marking the first positive growth in duty-free sales in eight months [3][15]. - Consumers are highly sensitive to prices for daily necessities, leading to increased average transaction values at discount and convenience stores, despite a decline in foot traffic [3][15]. - There is a trend of "downgrading" in dining and clothing consumption, with value brands like Saizeriya and Uniqlo seeing significant increases in customer traffic and same-store sales [3][15]. - Actual household entertainment spending has increased significantly, with travel and savings becoming preferred uses of disposable income, reflecting a mindset of enjoying life while prioritizing financial security amid economic uncertainty [3][15]. - The hotel industry continues to thrive due to a record number of inbound tourists and the depreciation of the yen, with strong demand for luxury goods and cosmetics from visitors [3][15]. Summary by Sections Macro Overview - The Japanese yen has depreciated, and inflationary pressures are rising, with the consumer confidence index slightly increasing to 35.8 in October from 35.3 in September [2][9]. - Real wages contracted by 1.4% year-on-year in September, continuing a nine-month trend of negative growth, while nominal wage growth was only 1.9%, significantly lagging behind inflation [2][9]. - The Producer Price Index (PPI) rose by 2.7% year-on-year in October, maintaining above 2% for four consecutive months, indicating persistent price pressures [2][13]. Essential Consumption - Retail sales in essential goods are showing steady growth despite high prices, with same-store sales for major retailers like Aeon and 7-Eleven increasing by 4.7% and 1.3% respectively in October [4][18]. - The demand for basic food and beverage items remains under pressure, with a year-on-year decline in retail sales for food and beverages recorded at approximately 35.56 billion yen in September [4][18]. Optional Consumption - There is a significant increase in demand for winter clothing, with same-store sales for Uniqlo rising by 25.1% in October, driven by strong sales of winter collections [5][32]. - The restaurant sector has seen same-store sales growth for major chains like Saizeriya and McDonald's, with increases of 16.9% and 8.1% respectively in October [5][28]. - Duty-free sales have turned positive for the first time in eight months, with a year-on-year growth of 7.5% in October, driven by increased tourist spending [5][36]. Stock Market Performance - The consumer sector saw most stocks rise from October 27 to November 27, with retail and food and beverage sectors gaining 5.6% and 4.7% respectively [6]. - Investment recommendations focus on companies like Mercari, which is expected to improve profitability, and Kirin Holdings, which has shown strong operational profit growth [6].

衡量美元兑一篮子六种主要货币强弱的美元指数最新上涨0.1%，报99.624，此前连续五天下跌，创下7 月21日以来最大单周跌幅。 周五，美元有望创下7月下旬以来最差的单周表现，原因是交易员纷纷押注美联储下月将进一步放松货 币政策，同时美国感恩节假期也导致市场流动性趋于紧张。 最明显的改变是美国今年的"黑色星期五"。即使存在很大折扣，许多零售高管都反映，顾客正变得更精 明，越来越注重优惠力度。曾几何时，人们为抢购限时折扣的玩具和电视而在商店过道大打出手的场面 已然不复存在。 对此，业内专家表示，美国消费者多年来都保持持续消费的习惯，因为他们都确信实际前景可能比他们 描述的更好。然而，经历了今年至今关税政策带来的波动后，许多企业选择将部分进口税成本转嫁给消 费者，这让消费者对价格更敏感。 在这当中，玩具、婴幼儿用品、家居用品及团体运动装备等品类受冲击最为严重。数据显示，9月销售 的玩具中有83%涨幅达5%以上，因为美国销售的玩具近80%产自中国。 目前美国的输入性通胀（如关税成本）和核心通胀仍存隐忧，为了在控制通胀与支持就业间平衡，官员 不得不释放降息信号以稳定市场预期。 不过这一变化对中国市场而言，意味着多重积 ...

茂业商业公告称，2025年11月27 - 28日，公司股票连续两个交易日收盘价格涨幅偏离值累计达20%，属 异常波动。11月25 - 28日连续四个交易日涨停，累计涨幅46.43%，截至11月28日，公司静态、动态市盈 率均显著高于行业水平。2025年前三季度，公司营收18.24亿元，同比降14.20%，净利润4173.16万元， 同比降72.88%。此外，控股股东一致行动人11月28日大宗交易卖出200万股，占总股本0.1155%，尚持 股约占1.7856%。公司提示投资风险。 ...

Core Insights - Ireland's retail sales experienced a decline of 0.5% in October compared to the previous month, indicating a short-term contraction in consumer spending [1] - Despite the monthly decline, retail sales were 2.1% higher than the same period last year, suggesting a year-over-year growth trend [1] Summary by Category - **Monthly Performance** - Retail sales fell by 0.5% in October from September [1] - **Year-over-Year Performance** - Retail sales were 2.1% higher than in October of the previous year [1]

以下文章来源于金十财经 ，作者金十小金 金十财经 . 每日8点，为您呈上金融投资行业的国际动态、财经数据和市场观察。 来源 | 金十财经 美联储最新发布的褐皮书调查显示， 美国经济活动在近几周几无变化 ，但除高端消费群体外， 整体消费者支出进一步下滑 。根据这家美国央 行于周三发布的针对地区商业联络人的褐皮书调查， 就业水平略有下降，物价则适度上涨 。 "总体而言，经济前景基本保持不变，"美联储表示，"部分联络人指出未来数月经济活动放缓的风险上升，而制造业领域则流露出一些乐观情 绪。"该报告依据美联储12家地区联储截至11月17日收集的信息编制，由达拉斯联储汇总完成。 包括纽约、亚特兰大和明尼阿波利斯在内的多个地区报告称，高收入消费者支出保持韧性，但中低收入家庭的消费能力明显疲软。明尼阿波利 斯联储引用一位联络人的观察指出："高收入客户未受制约，但财务状况处于中低水平的顾客正在收紧开支"。 对于12月会议应维持利率不变还是下调利率，美联储政策制定者之间存在分歧。这份报告为当前政策辩论的双方均提供了依据。 招聘冻结隐现 近几个月工资涨幅总体符合美联储通胀目标，但制造业、建筑业和医疗保健领域企业仍面临"温和"的薪 ...