Core Viewpoint - The A-share market is experiencing a trend of "physical dividends," where listed companies are offering various tangible benefits to shareholders, such as free admission to tourist attractions and consumer products, as a way to enhance shareholder engagement beyond traditional cash dividends [3][4]. Group 1: Physical Dividends Trend - Over 30 A-share listed companies have initiated shareholder reward activities since 2025, covering sectors like tourism, food and beverage, beauty, and home goods [3]. - Companies like Emei Mountain A are providing free admission to their scenic areas for shareholders, aiming to increase shareholder loyalty and stimulate secondary consumption in response to declining visitor numbers [4]. - Other tourism companies, such as Huangshan Tourism and Xiangyuan Cultural Tourism, have also introduced similar exclusive benefits for shareholders, including free tickets and discounts on various services [4]. Group 2: Consumer Goods Companies' Engagement - At least 18 companies in the food and beverage and beauty sectors have launched reward activities, such as skincare gift boxes and commemorative liquor for shareholders [5]. - The strategy of using self-owned products for shareholder rewards is cost-effective and allows companies to reach a consumer base with purchasing power, turning them into brand advocates [5]. Group 3: Innovative Reward Methods - Companies are expanding the forms of rewards, with examples including movie tickets and backstage visits for shareholders from Hengdian Film and Television, and high-value items like iPhones and drones offered through lotteries by biopharmaceutical firms [7]. - These innovative approaches aim to integrate shareholder rewards with core business operations, enhancing emotional connections and brand recognition [7]. Group 4: Market Dynamics and Long-term Value - While physical rewards are gaining popularity, they differ fundamentally from cash dividends, which reflect direct profit distribution [6][8]. - Investors are advised to focus on a company's core operational capabilities, profitability, and long-term growth potential, as short-term market attention may not sustain stock prices [8]. - Historical examples from mature markets, such as Japan, show that physical rewards can enhance shareholder loyalty and promote consumption, provided they adhere to fairness principles [8].

证券日报网讯12月4日，志邦家居（603801）在互动平台回答投资者提问时表示，周杰伦先生是公司品 牌代言人，同时也是定制家居行业独家。公司会长期保持互动和关注，也会积极探讨与周杰伦先生更深 度的合作方案，以提高品牌知名度和影响力。公司将加大线上业务投入力度，公司12月已经开展了"志 邦家居感恩服务季"的促销活动和"志邦家居微笑行动"等活动。 ...

新华社海南博鳌12月4日电（罗江、许雨深）当一家传统床具企业将消费需求定义为"睡得更健康"，借助传感器、芯片和算法量化睡眠质量并实现积极干 预，其推出的智能床实现了从家居产品到健康服务的价值跃迁。 在此间举办的2025企业家博鳌论坛上，与会嘉宾围绕消费市场变革趋势展开深度探讨，"以战略算法重塑消费愿景"的观点引发听众广泛共鸣。 图为2025企业家博鳌论坛会场。新华社发 我国消费市场正经历从"总量扩张"向"结构优化"的质变，一场由需求牵引供给、供给创造需求的深层变革正在发生。 如何将大量生牛乳原料转化为产业新动力，成为当前乳业面临的重要课题。"乳业进入精准营养时代，添加益生菌、乳清蛋白的产品需求不断增长，奶酪等 产品潜力凸显。"国家乳业技术创新中心、伊利集团创新中心专家冯罡表示，这要求更精细化的加工以获得更高的附加值。 长期以来，奶酪消费在中国面临场景适配难题，主要依赖餐饮门店渠道。为此，伊利通过技术创新赋能场景拓展，为奶酪消费开辟新增长点：公司新研发脆 奶酪新产品，以酥脆口感切入零食场景，既保留营养，又满足日常饮食习惯。 新消费业态也持续为传统茶产业注入新活力、开辟新赛道。"抹茶行业快速发展，预计今年国内产量 ...

Core Points - Guangdong is launching an initiative to expand online sales channels for industrial products, focusing on connecting industrial clusters with e-commerce platforms and utilizing live-streaming sales through influencers [1][2] - The province aims to recruit 100 influencers to conduct 100 live-streaming sales events, with over 20 targeted production and sales matching activities planned by the end of the year [1][2] - Guangdong's industrial value added accounts for approximately 1/8 of the national total and over 30% of the province's GDP, with a strong manufacturing base across all 31 major categories [1] Group 1 - The initiative will involve collaboration between the provincial industrial and information technology department and 21 local city departments, various industrial clusters, leading e-commerce platforms, and well-known live-streaming agencies [1] - Local cities will select high-quality industrial products to enter mainstream e-commerce platforms, promoting favorable measures for Guangdong enterprises to enhance online sales [1] - The focus will be on promoting products from large-scale enterprises, manufacturing champions, and specialized "little giants" in key industries such as home appliances, electronics, automotive, apparel, beauty, home goods, and toys [1] Group 2 - The initiative will create an innovative model of "influencer + Guangdong business" with a main live-streaming room in Guangzhou and additional rooms in various local parks and enterprises [2] - The unified live-streaming promotional branding will be "Good Products, Made in Guangdong," aiming to establish a matrix of leading influencers and local supporters [2] - Since the fourth quarter, over 50 industrial product matching activities have been held, resulting in 937 cooperation intentions with a total intended amount exceeding 29.2 billion yuan [2]

本报记者 吴晓璐 民营经济是推进中国式现代化的生力军，是高质量发展的重要基础。12月4日，最高人民法院（简称"最高法"）举办新闻 发布会，发布7个人民法院依法平等保护民营企业合法权益典型民商事案例。 . eg (19) . 这两个案例共同明确了金融机构权利行使的边界，为民营企业降低融资成本，稳定经营预期提供了司法保障。 最高人民法院民二庭庭长王闯介绍，发布的7个典型案例，地域分布覆盖东、中、西部地区，审理层级包括从基层法院到 最高人民法院的四级法院，内容涵盖融资环境优化、股东有限责任激活、历史遗留问题处置、企业名誉信用保护等多个方面。 案例较好地反映了人民法院在依法平等保护民营企业合法权益方面的最新工作进展。 据记者了解，本次发布的7个典型案例有4个特征：包括依法规范金融机构行为，助力破解民营企业融资难、融资贵问题； 坚持法不溯及既往原则，平等保护国企、民企合法权益；依法维护股东有限责任制度，增强民营企业投资创业信心；依法创新 执行举措，维护民营企业信用。 助力破解民营企业融资难、融资贵 首先，依法规范金融机构行为，助力破解民营企业融资难、融资贵问题。解决融资问题是保证民营企业"稳生存""谋发 展"的基础支撑 ...

Summary of Conference Call Notes Industry Overview - The conference call discusses the outlook for the Hong Kong and overseas markets in 2025, highlighting frequent asset rotation driven by credit expansion expectations [1][2] - The U.S. market is experiencing a credit cycle recovery, with expectations of a volatile or slowing trend in 2026, influenced by emerging demand, government spending, and potential Fed rate cuts [1][5] - The Chinese market is characterized by excess liquidity chasing scarce return assets, but reliance solely on liquidity is insufficient for sustained market growth [1][8] Key Points and Arguments Credit Cycle and Market Dynamics - The credit cycle is expected to gradually stabilize in Q4 2025, with a focus on the gap between actual and natural interest rates, industry trends, and policy support [1][10] - The investment strategy should align with credit expansion directions, favoring stable return assets during downturns and cyclical sectors during expansions [3][4][17] U.S. Market Insights - The U.S. market is projected to have a positive outlook, supported by a 13% to 16% earnings growth, despite high short-term valuations and risks [5] - AI technology is highlighted as a significant area of potential, with companies saving an average of 10% through AI, translating to approximately $300 billion in annual savings for S&P 500 companies [5][13] Gold Market Evaluation - Gold is viewed as a long-term value asset and a partial substitute for dollar credit, with a recommendation for a dollar-cost averaging investment strategy [1][7] - If gold prices reach $5,500, its total value could exceed the total value of U.S. Treasury bonds, indicating its potential as a hedge against dollar depreciation [7] Chinese Market Challenges - The Chinese market faces challenges related to excess liquidity and the need for fundamental support to sustain growth [8][9] - Historical lessons from Japan suggest that relying solely on liquidity without addressing income expectations and debt pressures can lead to market stagnation [9] Policy Effectiveness and Investment Strategy - The effectiveness of policies is prioritized as follows: finding new growth points, enhancing income expectations, and alleviating debt pressures [11] - The Hong Kong market index is projected to reach between 26,000 and 29,000 points under baseline scenarios, with a focus on dividend stocks and banking sectors as investment strategies [2][12] Sector Opportunities - Certain sectors, particularly those with low valuations and strong demand expectations, are identified as having trading opportunities [15] - External demand is significantly impacting the economic structure, with strong export demand driven by supply chain restructuring in emerging markets [16] Additional Important Insights - The bond market is experiencing unexpected rate cut expectations, suggesting a need for intermittent trading strategies to mitigate risks associated with Fed policy changes [6] - The potential for cyclical shifts in sectors like chemicals and coal is noted, as some investors may view these as opportunities for trading based on credit cycle dynamics [14]

Group 1: Institutional Insights and Market Analysis - Foreign institutions have conducted over 9,000 investigations into A-share listed companies this year, signaling a positive outlook on Chinese assets [1][4] - Notable foreign institutions such as Point72 Asset Management and Goldman Sachs are leading in research frequency, focusing on technology innovation and high-end manufacturing as key sectors [1][4] Group 2: External Markets and Related Assets - On Wednesday, US stock indices closed higher, with the Dow Jones up 0.86%, Nasdaq up 0.17%, and S&P 500 up 0.30%; Tesla rose over 4% and Oracle over 3%, while Microsoft fell over 2% and Nvidia dropped 1% [2][5] - The Nasdaq China Golden Dragon Index fell 1.37%, with significant declines in stocks such as Aters down 9.38%, Haitian Network down 7.98%, Jinko Solar down 5.67%, and NIO down 4.97% [2][5] - In commodities, Shanghai tin futures rose 3.59% to 320,440 CNY/ton, the highest since April 2022, while LME three-month tin also increased by 4.21% to 40,685 USD/ton [2][5] Group 3: Important Announcements from Listed Companies - On December 3, Zhihong Home disclosed its shareholding increase; concurrently, 15 A-share listed companies, including Tengjing Technology, Dongfang Electric, and Shanxi Fenjiu, announced shareholding reduction plans [3][6]

光大证券表示，市场虽然调整，但并没有恐慌情绪，仍然属于正常的区间震荡的范畴，在两场重磅会议即将召开的背景下，若有利好消息传出， 指数随时有望反弹。 今日题材方面： 今日券商策略前瞻： 大家早上壕！ 先看海外要闻： 国内重大事件汇总： 1、数据要素 | 据智通财经12月3日报道，国家数据局党组书记、局长刘烈宏日前表示，国家数据局把推动数据要素赋能人工智能发展，作为数据 要素市场化配置改革的重点工作。呼吁全社会加大数据领域投入，培育"为高质量数据付费"的市场意识，共同为数据要素市场化配置改革注入新 动力。 点评：据长江证券，截至2025年7月，我国已形成由1家国家级交易所领衔、50余家区域及行业级机构协同的立体化市场格局，数据交易市场规模 增长至2024年的2115.4亿元。其表示，随着区域协同机制逐步完善，全国一体化市场有望加速形成，从而破解数据孤岛与地域壁垒，进而加速我 国数据流转，2025年市场规模预计将达2840.9亿元，2030年有望突破7159亿元，期间年复合增长率有望达到20.3%。 2、MDI | 据生意社12月3日消息，匈牙利宝思德公司宣布1日起对所有MDI产品涨价，涨幅均为300欧元/吨（约2 ...

今日聚焦 1、摩尔线程 摩尔线程12月3日公告，经上交所审核同意，公司发行的人民币普通股股票将于2025年12月5日在上交所 科创板上市。 2、沐曦股份：发行价格确定为104.66元/股 沐曦股份12月3日公告，发行人与保荐人(主承销商)根据网下发行询价报价情况，协商确定公司发行价 格为104.66元/股，发行价格确定后上市时市值约为418.74亿元，对应的发行人2024年摊薄后静态市销率 为56.35倍，低于同行业可比公司2024年静态市销率平均水平。 3、王府井：拟使用不超15.2亿元暂时闲置募资进行现金管理 王府井12月3日公告，公司计划使用不超过15.2亿元的暂时闲置募集资金进行现金管理，购买安全性 高、流动性好的保本型产品或其他符合规定的产品(包括结构性存款、通知存款、协定存款等)，投资产 品的期限均不超过12个月，且不用于质押及以证券投资为目的的投资行为。 4、赛轮轮胎：拟1.52亿美元投建柬埔寨贡布经济特区项目(二期) 赛轮轮胎12月3日公告，公司拟投资建设柬埔寨贡布经济特区项目(二期)，项目投资总额1.52亿美元，由 公司在柬埔寨设立的全资子公司贡布湾投资负责实施。项目建设期为12个月，预计可 ...

清华大学校务委员会副主任、清华大学可持续社会价值研究院院长杨斌在主旨发言中指出，面对AI等 技术快速发展引发的"技能过时"挑战，企业应发挥其在技术、场景与资源方面的优势，主动推进社会性 的"技能再造"，这既是民众所需、政府所望，也是企业贡献社会价值、助力平稳转型的关键路径。腾讯 公司高级副总裁、首席人才官奚丹也表示："人工智能让我们更强大，但需要人文价值作出校正，以人 的价值为本、以服务社会为目标。我们应该对此保持清醒。" 北京商报讯（记者 魏蔚）12月3日，全球行动者共聚2025可持续社会价值创新大会（以下简称"S大 会"）在北京召开，由联合国驻华协调员办公室（UNRCO)、中国企业改革与发展研究会、清华大学可 持续社会价值研究院、腾讯可持续社会价值事业部（SSV）共同主办。腾讯"碳寻制 造"（CarbonXmade）项目正式发布首批6款落地低碳产品，包括HAY的Mags固碳沙发、Tims天好咖啡 的环保吸管、好望水的环保瓶、迪卡侬的守护地球运动场志愿衫等日常用品。这些产品制造的原材料源 自于从工业排放中捕集并利用的二氧化碳。 ...