七连阳的市场蕴含何种机会？和讯投顾孔晓云表示，今天在没有外资的情况下，盘面是放量收红，早盘 商业航天继续涨到大家头晕目眩的强劲格局，下午盘面先拉资源，后拉科计，明天八连阳会不会来谁也 说不好，但至少这种波段连续上涨，已经让市场情绪暖和起来了，给人感觉春季是不是在悄悄预热了， 等外资过完节回来，量能可能进一步的放大，市场向上的空间呢或许还能打开。 当前离岸美元对软民币汇率已踏入60关口，回顾过去20年7轮升值周期，约19%的行业会因为升值带来 利润率提升，更关键的因素可能来自政策应对，预示明年货币政策可能更容易超预期宽松，这对于激发 内需板块带动市场再上一个台阶有重要的意义。 具体配置方向可关注以下三条主线。例如短期进入记忆的品种，航空、燃气、造纸等在成本端或外债端 直接受益，股价弹性较高，利润率驱动品种上游的资源品和原材料，包括钢铁、有色、石油、炼化、基 础化工、建材、内需消费品，比如农产品服务业相关品种，比如航运进口等跨境电商。制造设备主要是 工程机械政策驱动品种，受益于潜在货币宽松的免税，以及受益于可能资本账户开放的券商保险全球化 潜力释放。 ...

Core Viewpoint - The city of Liaocheng is focusing on the green and low-carbon transformation of its industrial sector as a key requirement for advancing new industrialization, leveraging national strategies and opportunities for high-quality development [1] Group 1: Industrial Transformation Initiatives - Since the 14th Five-Year Plan, the industrial and information system in Liaocheng has accelerated the green transformation of traditional industries, enhancing the "green content" of the industrial economy [1] - Over 2,000 industrial technological transformation projects have been implemented, with continuous high-speed growth in industrial technological investment for four consecutive years [1] - The expansion of three chemical parks by 12,000 acres has laid a solid foundation for the rise of a trillion-level green chemical industry [1] Group 2: Green Manufacturing Development - The city has explored a construction model of "green diagnosis + transformation + demonstration," gradually improving the green manufacturing system, with 235 green transformation projects identified, saving 126,000 tons of standard coal annually [2] - More than 1,600 advanced and applicable green low-carbon equipment have been promoted during the 14th Five-Year Plan, contributing to the establishment of a "four-in-one" green manufacturing system [2] - A total of 105 provincial-level and above green manufacturing units have been cultivated [2] Group 3: Energy Efficiency and Carbon Reduction - The implementation of a dual-drive approach of "energy-saving inspection + energy-saving diagnosis" has led to an annual average decrease of over 10% in energy consumption per unit of industrial added value since the 14th Five-Year Plan [3] - Key industries such as caustic soda, synthetic ammonia, refining, and copper smelting have achieved benchmark energy efficiency levels, with specific companies recognized as leaders in energy and water efficiency [3] - The city is promoting carbon peak and green low-carbon product supply enhancement actions, encouraging participation in carbon market trading, with a significant portion of carbon quota trading completed by local enterprises [3] Group 4: Future Development Focus - Liaocheng aims to cultivate and expand green productivity, focusing on the green low-carbon transformation of pillar and advantageous industries, while enhancing the application of green low-carbon technologies [4]

Domestic Market Overview - The domestic market experienced a steady rise, with the Shanghai Composite Index closing at 3940.95 points, up 0.53%, and the Shenzhen Component Index closing at 13486.42 points, up 0.88% [1][9] - Among the 30 sectors tracked, 26 saw gains, with notable increases in construction materials, defense, and electronics, while agriculture, coal, and food and beverage sectors faced declines [1][9] - The total trading volume for the A-share market was 189.72 billion yuan, showing a slight decrease from the previous day [1][9] Overseas Market Overview - The U.S. stock market recorded five consecutive days of gains, with the S&P 500 index reaching a new historical high, closing up 0.32% [2] - The Dow Jones increased by 0.6%, while the Nasdaq rose by 0.22% [2] Key Drivers - The People's Bank of China held a quarterly monetary policy meeting, emphasizing the need for integrated effects of incremental and stock policies to maintain low financing costs and stabilize the capital market [10] - On the same day, 4128 stocks in the A-share market rose, with 306 stocks increasing by over 5% [10] Industry Developments - The Chinese government released a document to support the construction of the Western Land-Sea New Corridor, proposing 21 key measures to enhance financial cooperation and support high-quality development [11] - The Ministry of Commerce continues to encourage foreign investment in advanced manufacturing, with a focus on sectors such as nucleic acid drug development and smart energy management systems [11] - A new fund for the commercial aerospace industry was launched, with an initial scale of 1-2 billion yuan, targeting investments in low-orbit satellite constellations and reusable launch vehicles [14]

Core Viewpoint - The increasing number of dissenting votes from H-share shareholders at various A+H listed companies indicates a growing concern over ESG (Environmental, Social, and Governance) standards, reflecting a shift in the importance of ESG from a supplementary factor to a prerequisite for engaging with global capital markets [3][4][5]. Group 1: Dissenting Votes in H-share Meetings - Numerous H-share shareholder meetings have seen significant opposition to ordinary resolutions, with dissenting votes reaching 3.08 billion shares (12.02%) at China Energy Construction and 1.21 billion shares (16.08%) at GF Securities [4]. - At China Telecom's meeting, two resolutions received 4.37 billion dissenting votes, exceeding 20% of the total [5]. - The trend of high dissenting votes has been persistent, with companies like Huatai Securities and Huaneng International also facing substantial opposition [6]. Group 2: ESG Concerns and Standards - Foreign investment institutions are increasingly critical of the ESG content in Chinese companies' reports, viewing dissenting votes as a statement on corporate governance [3][7]. - The disparity in ESG standards between domestic and international expectations poses a dual challenge for Chinese companies, as they must meet both international rating requirements and local policy directives [3][9]. - The MSCI research indicates that companies with lower ESG ratings face higher financing costs, with a difference of approximately 1.1 percentage points between the highest and lowest rated firms [8]. Group 3: Challenges in ESG Reporting - There is a perception among some overseas institutions that Chinese companies' ESG evaluations are biased, often focusing on documentation rather than practical actions [10]. - The Future Vision report highlights that 73.6% of Chinese companies lag in governance and behavior issues compared to a global average of 44.7%, indicating a significant gap in ESG performance [11]. - The need for a unified and industry-adapted disclosure standard is emphasized, with suggestions for collaborative governance among government, regulatory bodies, investment institutions, and companies to enhance ESG reporting quality [12][13]. Group 4: Progress in A-share ESG Reporting - A-share companies have made significant strides in ESG governance, with the disclosure rate of ESG reports increasing from 34.86% in 2022 to 41.51% in 2023, and projected to reach 46.34% in 2024 [14][15]. - The regulatory framework has evolved, with new guidelines promoting sustainable development reporting and aligning with international climate change disclosure requirements [14]. - Companies are shifting their perspective on ESG from viewing it as a cost to recognizing its potential as a capital-generating asset [15].

Core Viewpoint - The construction materials industry is expected to see improved profitability and demand in 2025, driven by "anti-involution" policies and a gradual recovery in key product demand [1][2]. Fundamental Analysis - In the first three quarters of 2025, demand for major construction materials showed slight improvement, while "anti-involution" policies positively impacted supply-side dynamics, leading to improved profitability across various sub-sectors [2]. - The construction materials index rose by 20.8% from January 2 to December 23, 2025, ranking 11th among all sectors, while the CSI 300 index increased by 17.43% during the same period [1][2]. Real Estate and Infrastructure - The real estate market continues to stabilize, with a downward trend in sales and completion rates, alongside declining housing prices; however, inventory reduction is evident as the area of unsold commercial housing has been decreasing since early 2025 [2]. - Infrastructure investment growth is declining despite an increase in the scale of special bonds directed towards land reserves [2]. Investment Recommendations - Focus on two main lines: 1. "Anti-involution" policies are expected to alleviate overcapacity issues in the construction materials sector, with an emphasis on traditional materials [2]. 2. The demand for high-end fiberglass products is anticipated to enhance industry profitability [2]. Sector-Specific Insights - **Cement**: The ongoing "anti-involution" policies are expected to ease overcapacity in the cement industry, with a long-term improvement in supply-demand dynamics anticipated to boost profitability, particularly for leading companies like Conch Cement [3]. - **Float Glass**: Demand remains weak, but supply-side changes from "anti-involution" policies may improve the supply-demand balance; companies like Xinyi Glass are recommended for attention [3]. - **Photovoltaic Glass**: The industry is currently facing overcapacity, but leading companies with cost advantages are likely to benefit from improved supply-demand conditions as "anti-involution" policies are implemented [3]. - **Consumer Building Materials**: The increasing proportion of aging housing is expected to drive demand for renovation-related building materials, with companies like Skshu Paint and Beixin Building Materials highlighted for potential investment [3]. Fiberglass Sector - The "anti-involution" policies are expected to prevent redundant capacity and curb vicious price competition in the fiberglass sector, with rising demand for mid-to-high-end fiberglass products likely to enhance profitability; companies such as China Jushi and Zhongcai Technology are recommended for investment [4].

"我们也很纳闷，这就是个普通的议案，不知道他们（H股股东）为什么要反对。"一位"A+H"上市公司 的人士近期对记者表示。 据悉，其所在的上市公司H股类别股东大会在审议一些普通议案时，出现了不少反对票。 证券时报·e公司记者梳理发现，这种情况不是个案。在诸多"A+H"上市公司H股类别股东大会上，频频 出现大量反对票，不时有议案遭否决。 一位在央企下属上市公司负责ESG事项的人士对记者表示："他们（海外投资机构）很看重上市公司的 ESG内容，投反对票是一种对公司治理的表态。" 在中国社会科学院教授、责任云研究院院长钟宏武看来，目前ESG已从"加分项"升级为"入场券"，ESG 报告作为企业与全球资本对话的重要载体，报告质量直接关系着企业能否跨越跨境资本的信任门槛。 但另一方面，国内外对ESG标准的评判差异，让很多中国企业面临双重难题。他们既需满足国际资本的 评级要求，又要契合本土政策导向，这大大增加了企业的适应成本。 对此，上海交通大学上海高级金融学院教授邱慈观认为，社会制度、文化差异导致双方关切的ESG议题 并不一致。在她看来，全世界不应该只有一套ESG标准，也不是只有一种标准是合理的。 H股类别股东大会频现反对 ...

经济增长：集运运价指数连续两周上涨 生产：电厂日耗弱于往年同期 通货膨胀：农产品超季节性涨价 CPI：农产品价格指数大幅高于近年同期 风险提示 统计口径误差。数据统计大多为抽样，恐与现实情况有些许出入。 敬请参阅最后一页特别声明 1 (1) 电厂日耗弱于往年同期。12 月 23 日，6 大发电集团的平均日耗为 80.0 万吨，较 12 月 16 日的 79.9 万吨上升 0.1%。 12 月 19 日，南方八省电厂日耗为 201.2 万吨，较 12 月 12 日的 201.8 万吨下降 0.3%。 (2) 高炉开工率以回落为主。12 月 19 日，全国高炉开工率 78.5%，较 12 月 12 日下降 0.2 个百分点；产能利用率 84.9%， 较 12 月 12 日下降 1.0 个百分点。12 月 19 日，唐山钢厂高炉开工率 92.7%，较 12 月 12 日上升 0.9 个百分点。 (3) 轮胎开工率窄幅波动。12 月 18 日，汽车全钢胎（用于卡车）开工率 64.1%，较 12 月 11 日上升 0.1 个百分点； 汽车半钢胎（用于轿车）开工率 71.4%，较 12 月 11 日下降 0.2 个百分点 ...

Economic Overview - The national economy in November 2025 showed characteristics of "stable production, differentiated consumption, and pressured investment" with industrial production recovering to normal levels after holiday disruptions[2] - Emerging industries continue to be the main support for production and investment, although industrial growth has slightly slowed down, indicating significant industry differentiation[6] Production Insights - The industrial added value in November increased by 4.8% year-on-year, a slight decrease of 0.1 percentage points from the previous month, while month-on-month growth improved by 0.44 percentage points[8] - The production-sales rate for industrial enterprises was 96.5%, showing a month-on-month increase of 0.1 percentage points, with the export delivery value decline narrowing from 2.1% to 0.1%[8] Consumption Trends - Retail sales growth in November was 1.3% year-on-year, marking a continuous decline for six months, with large-scale retail sales dropping by 2.0%[20] - The promotional season had limited impact on consumer spending, with online retail growth decreasing from 8.1% to 5.4%[22] Investment Analysis - Fixed asset investment from January to November decreased by 2.6% year-on-year, with November showing a month-on-month decline of 12.0%[26] - Manufacturing, broad infrastructure, and real estate investments saw declines of -4.5%, -11.9%, and -30.3% respectively, indicating a challenging investment environment[26] Risk Factors - There is an increasing uncertainty in external trade and a potential unexpected decline in domestic demand, which could further pressure economic growth[37]

Core Insights - The report indicates a notable recovery in movie ticket prices, alongside strong performance in metals and memory storage prices, suggesting an overall improvement in industry sentiment, particularly in resource products, midstream manufacturing, and information technology sectors [1][5]. Resource Products - The average transaction volume of construction steel has increased, with both steel billet and rebar prices rising. Coal prices have shown mixed trends, with some regions experiencing price increases while others see inventory fluctuations. The national cement price index has also risen [2][24]. - Industrial metal prices have generally increased, with copper, nickel, aluminum, tin, cobalt, and lead prices rising, while zinc prices have decreased. Most inventories have increased, particularly for zinc and tin [2][21]. Information Technology - The Philadelphia Semiconductor Index and Taiwan Semiconductor Industry Index have both risen, indicating a positive trend in the semiconductor sector. The prices of DDR4 and DDR5 DRAM memory have increased, reflecting strong demand in the market [5][25]. - The telecommunications sector has seen a three-month rolling year-on-year increase in main business revenue, suggesting robust growth in this area [5][24]. Midstream Manufacturing - Prices in the new energy supply chain have generally increased, with the photovoltaic price index also showing a week-on-week rise. The production of metal forming machine tools has seen a significant year-on-year increase, while the production of packaging equipment has declined [5][22]. - Port cargo throughput and container throughput have shown a narrowing year-on-year increase, indicating a potential slowdown in logistics activity [5][22]. Consumer Demand - Prices for fresh milk have risen, while the comprehensive price of sugar has decreased. Pork prices have increased, but the wholesale price of piglets has declined. The average price of live pigs has also decreased, indicating mixed trends in the livestock sector [5][18]. - The ten-day average box office revenue has increased, and movie ticket prices have risen, reflecting a recovery in consumer spending in the entertainment sector [5][20]. Financial and Real Estate - The monetary market has seen a net absorption of liquidity, with a decline in A-share turnover rate and daily transaction volume. The transaction area of commercial housing has increased, while the listing price index for second-hand houses has decreased [6][29]. Public Utilities - The ex-factory price of natural gas in China has decreased, while UK natural gas futures prices have risen. The average daily power generation of key power plants has shown a widening year-on-year decline [6][32].

在去年埃及的货币就已经贬值了40%，这样的情况下，如果是在那边做生意的人要亏死，可中国企业却开始频频进入埃及布局，这背后究竟是何用意？ 近两年，埃及成了旅游圈的热门目的地，金字塔前的打卡人群络绎不绝，不少游客直言埃及是"穷游天堂"，这股热潮的背后，是2024年初埃及货币的剧烈波 动。 当时埃及货币贬值幅度达到40%，一美元可兑换的埃及镑较此前多出近一半，旅游成本随之大幅下降，以往1700元一晚的豪华酒店，如今价格仅需400多元 就能拿下。 对游客而言是性价比巅峰，对企业来说却是利润考验，货币贬值意味着营收换算后大幅缩水，辛苦经营一年，年底核算时利润可能凭空减少大半。 反常的是，近一两年大量中国企业选择逆势而上，扎堆前往埃及开设公司、创办工厂，这种看似矛盾的选择，藏着全球供应链重构背景下的深层考量。 全球符合"China+1"布局的地区不在少数，中国企业为何偏偏青睐埃及，而非更熟悉的越南、柬埔寨？打开世界地图，答案一目了然。 埃及的地缘位置堪称"全球转运枢纽"。苏伊士运河穿境而过，衔接地中海与红海两大海域，向北可直达欧洲市场，向东连接中东核心商圈，向南辐射整个非 洲大陆。 对出口企业来说，这样的地理位置意味着物 ...