消息面上，政策暖风频吹，为消费板块的强势表现提供了坚实支撑。《求是》杂志最新发表的署名文章《扩大内需是战略之举》明确指出，扩大 内需既关系经济稳定，也关系经济安全，不是权宜之计，而是战略之举。文章强调，要加快补上内需特别是消费短板，使内需成为拉动经济增长 的主动力和稳定锚。 【环球网消费综合报道】在"扩大内需"被提升至战略高度的背景下，大消费板块12月16日迎来爆发式行情。商业百货率先领涨，永辉超市、百大 集团（4连板）、欧亚集团、中央商场、广百股份、茂业商业等多股强势涨停，食品饮料、美容护理、旅游酒店等细分领域亦全面走强，市场做多 热情被彻底点燃。 国家发展改革委亦在同刊发表文章，提出要着力释放居民消费潜力，通过提振消费专项行动、消费品以旧换新、稳定和扩大就业、实施城乡居民 增收计划等多措并举，切实增强居民消费能力。此前召开的中央经济工作会议已将"坚持内需主导，建设强大国内市场"列为明年首要任务，彰显 了国家层面对提振消费的决心。 除了政策利好驱动，大消费板块自身的吸引力同样不容忽视。经过较长时间的调整，消费股估值已处于历史较低区间，存在显著的技术性反弹需 求。 在板块整体估值偏低和龙头业绩稳健的背景下，一 ...

【导读】上午三大指数集体下挫，智能驾驶股普涨，大科技回调，贵金属领跌 12月16日上午，A股三大股指集体下跌，创业板指、科创50指数均跌超2%。截至午间收盘，沪指回落至3820.85点，跌1.22%，深证成指跌1.88%，创业板 指跌2.35%。 沪深两市半日成交额为1.12万亿元，较上个交易日缩量606亿元。全市场916只个股上涨，35只个股涨停，4464只个股下跌。 从板块来看，智能驾驶板块爆发，汽车整车股普涨，商业百货、酒店旅游等消费板块持续走高，教育板块涨幅居前；此前上涨幅度较大的大科技板块下 挫，贵金属、通信设备、化工等领跌。 | | | Wind热门概念指数 | | | | | Wind中国行业指数 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 稳定而 | 智能驾驶 | 车路云 | 免税店 | 智能交通 | 零售 | 教育 | 日用化工 | 汽车 | 餐饮旅游 | | 1.73% | 1.31% | 1.26% | 1.09% | 0.97% | 2.31% | 1.75% | 0.69% | 0.52% ...

日前，华中科技大学同济医学院附属同济医院转化医学大楼（国家医学中心）完成主体结构，进入装饰装修和机电安装阶段。大楼 2026年底竣工投用后，将集中承载脑机接口研究中心等多个高水平科研平台，建成国内顶尖的集基础研究、成果转化及临床验证于一体的 转化医学研究中心。 同济医院转化医学大楼由"施工图"变为"实景图"之时，一批大健康产业总部项目已抢先起跑，在中法生态城布局落子。今年10月在中 法城市可持续发展论坛永久会址举办的蔡甸区国庆中秋恳谈会上，百草济世、麦克森企业总部等6个楚商项目签约，总投资达55亿元。 自2014年，中法两国政府决定在武汉共同建设一座可持续发展的示范新城。中法生态城在一片39平方公里的土地上拔节生长，至今已 有30个总部经济项目落户。 该公司相关负责人介绍，目前公司产品远销东南亚、中东、欧洲、非洲等区域，产值规模超10亿元，"中法生态城良好的生态人文环 境，是吸引公司总部落户的原因之一。在这片热土上，公司将致力成长为行业'隐形冠军'"。 该企业员工下班后常去距离不远的后官湖滨湖涵养带休闲散步，那是一条总面积约62.2公顷、陆地与后官湖之间呈"U"字形的生态缓冲 区，60个大大小小的水塘串珠成链 ...

Group 1 - The construction of Hainan Free Trade Port is a significant decision by the central government aimed at deepening reform and opening up in the new era, with the official closure of the island set for December 18 [1] - Hainan aims to become a key gateway for China's new era of opening up, focusing on institutional innovation and creating a modern industrial system [1][3] - The total registered international shipping capacity at "China Yangpu Port" has surpassed 7 million deadweight tons, making it the leading port in China's free trade zones [2] Group 2 - The Yangpu Economic Development Zone has become the first key park in Hainan to exceed 100 billion yuan in output value, supported by the rapid growth of the petrochemical and offshore wind power industries [2] - The cooperation between Danzhou and Shenzhen is a model for promoting mutual development, enhancing resource and capital efficiency [3] - Hainan's import and export growth rates for goods and services are projected to average 31.3% and 32.3% respectively from 2020 to 2024 [3] Group 3 - Hainan's biopharmaceutical industry has seen significant advancements, with policies reducing drug approval times by half, attracting investment [4][5] - The Haikou High-tech Zone has added 45 foreign-funded enterprises, with biopharmaceutical output reaching 26 billion yuan, contributing to the formation of a trillion-yuan industry cluster [6] - Hainan has implemented over 60 regulations related to the business environment, enhancing its attractiveness for foreign investment [6] Group 4 - The tourism sector in Sanya is evolving from sightseeing to experiential tourism, with significant revenue growth from non-room income [7][8] - The implementation of the duty-free shopping policy has led to over 200 billion yuan in sales since its launch, with a 27.1% year-on-year increase in shopping amounts following recent policy adjustments [8] - Hainan has signed agreements with 48 renowned domestic and international universities, enhancing its educational landscape [8]

Macro Economic Overview - The central economic work conference indicates that China will adopt a moderately stimulating policy in 2026, with a more proactive fiscal policy and a moderately loose monetary policy. Key focuses include expanding consumption, stabilizing investment, and preventing systemic risks [2] - The central bank is expected to lower the RRR by 50 basis points and the LPR by 20 basis points in 2026. The broad fiscal deficit may reach 8.5% of GDP, close to 8.4% in 2025 [2] Global Market Performance - The Hang Seng Index closed at 25,531, down 0.04% for the day but up 27.27% year-to-date. The Shanghai Composite Index closed at 3,873, down 0.70% for the day and up 15.56% year-to-date [3] - The U.S. markets showed slight increases, with the Dow Jones up 1.34% and the S&P 500 up 0.21%. However, the Nasdaq fell by 0.25% [3] Industry Outlook Consumer Sector in China - The report maintains a "market perform" rating for the Chinese consumer sector in 2026, expecting overall retail sales growth of about 3.5%, slightly down from approximately 4% in 2025. Negative factors outweigh positive ones, including the withdrawal of subsidies and slowing export momentum [7][8] - Investment focus is on three consumption types: survival consumption emphasizing frugality, compensatory consumption focusing on affordable entertainment, and defensive assets like gold and high-dividend stocks [8] Specific Sub-sectors - The report is optimistic about the tea and coffee, trendy toys, clothing, and textile industries for 2026. It suggests that tea and coffee have structural growth potential despite a slowdown in growth rates [8][9] - The restaurant sector faces challenges from subsidy withdrawals and increased competition, while the sports goods sector may see some brand reversals but is still impacted by consumer downgrading and inventory pressures [9] Company Reports - Adobe reported a 10% year-on-year revenue increase to $6.19 billion in Q4 FY25, with non-GAAP net profit rising 8% to $2.29 billion, meeting expectations. The integration of AI technology is driving business growth, with AI-enabled business ARR exceeding one-third of total business [10] - J&T Express achieved profitability in Thailand after years of price wars, holding a market share of 32.8% in the first half of FY25. The management is confident about growth potential in the Southeast Asian market [10]

元旦假期临近，国内旅游市场热度持续攀升，新兴跨年方式成为主流。12月11日，北京商报记者从多家 在线旅游平台获悉，近一个月以来，"跨年""元旦"等关键词搜索热度大幅上升，进入12月，元旦假期的 机票、酒店、民宿等主要产品预订逐步起量，其中，国内多个热门城市的酒店订单量同比增3倍以上。 从玩法来看，除了北上赏雪、南下避寒的经典选择之外，游客迎接新年的出行方式愈发多元，跨城追一 场演唱会、到主题公园赏烟花秀、为新年祈福等，成为元旦假期的出行新亮点。 预订热度增长近30% 2026年元旦跨年迈入倒计时阶段，不少游客已经开始安排出游计划。 主题乐园成为跨年首选 在歌声、荧光棒和纸花雨中，和喜欢的歌手一同跨年，是年轻人辞旧迎新的仪式感；主题公园内一场绚 烂夺目的烟花秀和跨年夜热闹、欢腾的气氛可以称得上是"绝配"。 "跟着演唱会去跨年"成为一大流行趋势。据不完全统计，广州、重庆、北京、成都等多地将举办跨年夜 演唱会。同程旅行平台上，元旦假期飞往北京、广州、重庆、成都等城市的机票预订热度稳步攀升，部 分演唱会周边酒店搜索量、预订热度也有明显增加。 去哪儿旅行方面表示，元旦期间有演唱会或音乐节举办的佛山、郑州、绍兴，当地酒店 ...

元旦假期临近，国内旅游市场热度持续攀升，新兴跨年方式成为主流。12月11日，北京商报记者从多家 在线旅游平台获悉，近一个月以来，"跨年""元旦"等关键词搜索热度大幅上升，进入12月，元旦假期的 机票、酒店、民宿等主要产品预订逐步起量，其中，国内多个热门城市的酒店订单量同比增3倍以上。 从玩法来看，除了北上赏雪、南下避寒的经典选择之外，游客迎接新年的出行方式愈发多元，跨城追一 场演唱会、到主题公园赏烟花秀、为新年祈福等，成为元旦假期的出行新亮点。 机酒产品整体预订热度增长近30% 2026年元旦跨年迈入倒计时阶段，不少游客已经开始安排出游计划。 同程旅行发布的《2026元旦假期旅行趋势报告》显示，近一个月以来，平台上"跨年""元旦"等关键词搜 索热度环比涨超280%，进入12月，元旦假期的机票、酒店民宿等主要产品预订逐步起量，整体预订热 度较去年同期提升近30%。 "跟着演唱会去跨年"成为一大流行趋势。据不完全统计，广州、重庆、北京、成都等多地将举办跨年夜 演唱会。同程旅行平台上，元旦假期飞往北京、广州、重庆、成都等城市的机票预订热度稳步攀升，部 分演唱会周边酒店搜索量、预订热度也有明显增加。 去哪儿旅行方面表 ...

Market Performance - The A-share market experienced slight fluctuations in the morning, followed by a collective rise in the afternoon, with the Shanghai Composite Index closing up 0.7% at 3902 points, the Shenzhen Component Index up 1.08%, and the ChiNext Index up 1.36% [1] - The total market turnover reached 1.74 trillion yuan, an increase of 177.3 billion yuan compared to the previous trading day, with nearly 4400 stocks rising [1] Index Summary - Shanghai Composite Index: 3902.81 (+27.01, +0.70%) [2] - Shenzhen Component Index: 13147.68 (+140.96, +1.08%) [2] - ChiNext Index: 3109.30 (+41.81, +1.36%) [2] - CSI 300: 7097.84 (+37.97, +0.84%) [2] - CSI 500: 5513.75 (+85.03, +1.21%) [2] - CSI 1000: 7342.49 (+93.84, +1.29%) [2] Sector Performance - The insurance sector saw significant gains, with China Ping An (601318) being added to a key focus list by Morgan Stanley, leading to a nearly 6% increase in its stock price, while China Pacific Insurance (601601) rose nearly 7% [3] - The commercial aerospace sector also performed well following the successful launch of Blue Arrow Aerospace's Zhuque-3, with stocks like Aerospace Development (000547) and Aerospace Science and Technology hitting the daily limit [3] - The superconducting concept stocks surged, with Yongding Co. (600105) reaching the daily limit [3] - The controllable nuclear fusion sector strengthened, with stocks like Changguang Huaxin also hitting the daily limit [3] - Other sectors that performed well included precious metals, non-ferrous metals, satellite internet, and those related to Fujian [3] - Conversely, bank stocks declined, with Chongqing Bank leading the losses, and the public utilities sector weakened, with Lianmei Holdings (600167) nearing the daily limit down [3] - The tourism, hotel, and traditional Chinese medicine sectors experienced notable declines [3]

欧股市场： 美股市场： 美东时间周四（4日），美股三大指数收盘涨跌不一。截至收盘，道琼斯工业平均指数比前一交易日下跌31.96点，收于47850.94点，跌幅为0.07%；标准普 尔500种股票指数上涨7.4点，收于6857.12点，涨幅为0.11%；纳斯达克综合指数上涨51.05点，收于23505.14点，涨幅为0.22%。作为最能代表美股市场小盘 股的指标，罗素2000指数收涨0.76%，突破10月27日创出的前高。 在美联储下周召开货币政策会议之前，市场情绪谨慎。美国上周首次申请失业救济人数降至2022年9月以来的最低水平。 热门科技股涨跌不一，Meta涨超3%，英伟达涨超2%，亚马逊、苹果跌超1%。计算机硬件、加密矿企涨幅居前，SanDisk涨超9%，Hut8涨近7%，戴尔科技 涨超4%，惠普涨近3%。贵金属、旅游酒店、锂矿概念股跌幅居前，美国雅保跌超5%，希尔顿酒店、皇家加勒比邮轮跌超2%。 纳斯达克中国金龙指数收涨0.39%，蔚来涨超4%，小鹏汽车涨超3%，百度、哔哩哔哩涨超1%，名创优品、百胜中国跌超1%。 欧洲三大股指4日全线上涨。英国伦敦股市《金融时报》100种股票平均价格指数报收于9710 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 航天机器人领涨 A 股小幅整理 ——市场分析 相关报告 《市场分析：煤炭有色行业领涨 A 股震荡整 固》 2025-12-03 《市场分析：船舶医药行业领涨 A 股震荡整 固》 2025-12-02 《市场分析：通信半导体领涨 A 股震荡上行》 2025-12-01 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 12 月 04 日 投资要点： ◼ A 股市场综述 周四（12 月 04 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指高 开后震荡上行，盘中沪指在 3885 点附近遭遇阻力，随后股指震荡回 落，盘中机器人、航天航空、半导体以及汽车零部件等行业表现较 好；船舶制造、旅游酒店、食品饮料以及美容护理等行业表现较 弱，沪指全天基本呈现小幅整理的运行特征。创业板市场周四震荡 上扬，创业板成分指数全天表现强于主板市场。 ◼ 后市研判及 ...