（来源：廊坊日报） 转自：廊坊日报 丰宝广源汽车科技有限公司总经理庄洪森表示，这笔贷款主要用于二期新产线设备购置与安装。项目投产 后，公司年产能将从25万辆份提升至50万辆份，新增就业岗位近200个。 据项目建厂工程师张建东介绍，新厂房将引进更先进的生产设备和工艺，实现生产流程的智能化、自动化升 级，进一步提升企业核心竞争力和行业影响力。项目投产后，预计将新增5条生产线，年新增税收约3500万 元，增加就业岗位200个。 在项目推进过程中，节能审查报告办理一度因部分设备型号未定、数据难以细化而遇到困难。了解情况后， 大厂高新区主动介入，精准协调解决。"我们坚持'一事一策'，不让局部技术问题影响整体项目进度。"大厂 高新区管委会副主任刘时雨表示，他们立即协调市、县审批部门，协助企业对接专家团队，研究如何在现有 条件下最大限度完善报告内容，既满足审查要求，又为后续设备选型留出空间。 "大厂高新区主动下沉服务，全程为我们想办法、解难题。节能审查报告比原计划提前近一个月完成，为后续 建设争取了宝贵时间。"张建东对此深有感触。 抓服务、提质效，抓改革、破堵点，抓整治、解难题。大厂持续开展"走访解促"，推动服务上门、政策 ...

Core Insights - The "Cross-Year Consumption · Discount in Deer City" campaign was officially launched in Baotou City on December 26, aiming to stimulate the consumption market at the end of the year and beginning of the next [1][2] - The campaign features an innovative "1+10+N" comprehensive system that integrates resources from various sectors including industry, agriculture, technology, culture, tourism, sports, and elderly care, breaking down industry boundaries [1] Group 1: Campaign Highlights - The campaign's standout feature is "boundaryless integration," moving beyond traditional commercial consumption promotion to weave elements from multiple sectors into a consumption network [1] - In the industrial sector, Baotou's Ministry of Industry and Information Technology opened "transparent factories," allowing citizens to visit production lines of companies like Yili and Yanjing Snow Deer, creating a closed loop of industrial tourism and direct product purchase [1] - In agriculture, local agricultural and pastoral departments organized "field direct purchases" and "New Year goods fairs," promoting high-quality agricultural products from rural areas to urban markets [1] Group 2: Policy and Experience Integration - Baotou City allocated 21 million yuan in fiscal funds to distribute consumption vouchers and introduced an innovative "voucher reuse" mechanism, allowing consumers to enjoy secondary discounts with tickets from concerts or sports events at designated merchants [2] - Financial institutions launched multi-scenario payment discounts and consumer credit benefits, enhancing payment convenience, particularly at Donghe International Airport, which is developing a payment service demonstration area for overseas guests [2] - The campaign targets all age groups, featuring events like esports competitions and family-friendly activities, with special services for the elderly, including "warm short-term care" and free trial stays in collaboration with elderly care institutions [2] Group 3: Overall Objectives - The consumption season will span New Year's Day, the Spring Festival, and winter vacation, aiming to create a consumption promotion ecosystem through multi-industry collaboration, policy integration, and broad demographic coverage [2] - Baotou City is exploring a new path for consumption promotion that stimulates domestic demand potential through deep integration and enhances residents' happiness through precise services [2]

来源：熊园-国盛证券首席经济学家 国盛证券宏观首席分析师，张浩；宏观分析师，薛舒宁 2025年7月以来，我国PPI回升趋势较为明朗，预计2026年PPI同比降幅大概率继续收窄、且未来半年可能是修复最快的时期。过往看，PPI回升的不同阶 段，A股走势和领涨风格各异，债市也表现出不同的阶段性特征。本文通过复盘历史各轮PPI回升阶段的股债表现，以求挖掘2026年PPI回升过程中催生的 投资机会。 核心结论：2000年以来有5轮PPI回升，以史为鉴、全面复盘、用数据说话。 1、股市方面，过往5轮，A股多呈上行趋势、且阶段性特征明显： >第一阶段，PPI环比见底时：A股估值率先修复、股价上涨，中小盘成长股占优，TMT、传媒涨幅领先； >第二阶段，PPI同比由底部回升至转正前：大盘继续上行、风格更加均衡，成长、消费、周期均有不错表现，如电子、通信、电力设备、食品饮料、家 电、美容护理、有色金属、基础化工等； >第三阶段，PPI同比转正后：大盘转入高位震荡，股市风格再平衡，价值占优的概率提升，周期、稳定风格表现跑赢大盘。 2、债市方面，通胀因素仅是影响10Y国债利率的变量之一，增长预期和流动性环境更为关键。只有需求确定性改 ...

针对即时零售、硬折扣超市等新型业态，总经理赵惠卿称，公司通过专项优化产品包装设计与供货服务 体系，提升渠道适配效率与市场响应速度。 前三季度收入同比下滑的同时，经销商数量较年初也有所减少。董秘于航航对此解释为"经销商数量的 合理精简，并非渠道布局的收缩"。公司主动实施"渠道瘦身健体"战略，淘汰运营低效、回款能力薄 弱、区域覆盖重叠的经销商，并同步加大对优质经销商的培育力度。 智通财经12月26日讯（记者 吴蔚玲）维维股份（600300.SH）前三季度收入同比下滑，其渠道拓展、产 品布局等方面受到投资者关注。在今日召开的业绩会上，公司管理层表示，公司在优化经销商体系，并 积极向即时零售、硬折扣超市等新业态靠拢，布局健康化产品，顺应消费市场新趋势。 渠道方面，于航航补充表示，全渠道融合、B端市场开拓以及区域市场深耕将成为渠道拓展的重点。一 方面，线下端，聚焦终端提质、客情深化等方面巩固传统渠道优势，同步拓展社区团购、硬折扣超市、 新兴零食连锁等高效业态；线上端，加大直播带货的布局力度。另一方面，聚力开拓B端市场，积极拓 展学校、养老机构等团购渠道，培育营收增长新引擎。此外，针对消费增长较快的区域加大渠道下沉力 度 ...

机构：海通国际 研究员：Xiaorui Hu/闻宏伟 食品饮料行业多赛道布局，全方位营销持续增强品牌力。中国旺旺历经六十余年发展，已成为全国闻名 的食品饮料龙头企业，业务范围覆盖米果、乳饮料、休闲食品等多个赛道。公司股权结构集中，内部治 理稳定，公司高管多数拥有丰富的行业经验。旺旺积极开展多方位营销，通过设计广告语和打造品牌IP 极大提升了品牌知名度，使得旺旺成为了家喻户晓的国民品牌。 支柱业务乳饮料稳健扩容，新品新渠道驱动米果复苏，新兴渠道及市场成增长引擎。收入贡献半数以上 的乳饮料品类FY18-24CAGR 约3.7%，乳饮料兼具乳制品和软饮料的属性，近年来受益于消费者对口味 的需求增长稳健，大单品旺仔牛奶所属的中性含乳饮料赛道前景良好且竞争相对和缓，我们预计FY25- 27 乳饮料收入增长0.5%/2%/2%。米果业务FY25H1 新品占收入比已达双位数，在新渠道及新品带动下 预计将近一步恢复增长，预计FY25-27 米果收入增长3.5%/2%/2%。休闲食品中糖果收入保持较好增 长，我们预计FY25-27 休闲食品收入增长5%/4%/4%。公司积极通过组织变革、拓展新兴渠道和发力海 外市场寻求突破，尽 ...

证券研究报告 | 金融工程 gszqdatemark 2025 12 26 年 月 日 量化分析报告 攻守兼备，穿越周期——华夏中证 A500ETF 基金投资价值分析 中证 A500 是适合作为风险分散的配置资产 1）中证 A500 指数未来一年预期收益为 12.9%。我们对各分项进行预 测并加总得到：未来一年中证 A500 预期收益为 12.9%，其中盈利预计有 较强支撑，贡献 8.7%的收益，估值项预测仍有 3%的上涨空间。 中证 500ESG 基准指数和中证 500 指数基日以来累计收益分别为 3.96% 和 2.42%，ESG 负面剔除后的指数超额收益显著，且年化波动率更低。 3）指数成分股：大市值、高流动性。中证 A500 指数前十大成分股龙头集 中度高，新经济与传统经济均衡配置，充分体现 A500 指数"大盘蓝筹 + 行业龙头"的编制特征。从中证 A500 指数成分股中信一级行业分布来看， 主要集中在电子、电力设备及新能源、银行、有色金属、医药等行业。中 证 A500 指数成分股在行业龙头、陆股通重仓、核心资产、基金重仓、成 交主力等概念的暴露较高，具备较好的市场流动性和较高的机构认可度。 华夏中 ...

海南岛，阳光、沙滩，以及诱人的免税商品，构成了许多人对这片热土的印象。然而，当你为一件比内地便宜不少的奢侈品而欣喜时，是否意识到，自己可 能正参与一场关乎十几亿人财富未来的深刻变革？ 故事的源头，要追溯到中国作为"世界工厂"的辛勤积累。经过无数个日夜的努力，我们积累了庞大的外汇储备，这笔凝聚着无数人汗水的"血汗钱"，却面临 着一种尴尬的境地。我们不得不将这些美元大量购买美国国债，这无疑是将财富存放在一个自身债务缠身，且信用风险日益增加的邻居家中。日益膨胀的美 国国债规模，以及巨额的利息支出，都让人感到不安。 更令人担忧的是，西方国家手中握有的金融"核弹"。2022年，俄罗斯海外资产被冻结的事件，无疑敲响了警钟。这让我们不得不思考，如果类似的风险降 临，我们庞大的外汇储备是否也会瞬间失去流动性？ 正是在这样的背景下，2025年12月18日海南全岛封关运作，就显得意义非凡。这绝非简单的"买买买"，而是一盘深谋远虑的大棋局，旨在为国家财富寻找一 条安全通道，打造一艘能够抵御金融风暴的"诺亚方舟"。 这盘棋的布局，早已超越了海南岛的范围。我们与沙特等石油大国探讨使用人民币结算石油，金砖国家也在积极构建独立于西方体系的 ...

作者丨周芮 出品丨牛刀商业评论 （图源：康师傅公众号） 在饮品业务的管理实践中，魏宏丞已展现出精准贴合市场趋势的创新洞察力与执行力。面对消费升级下 健康化、多元化的需求浪潮，他带领团队对核心产品进行系统性革新。 国民级大单品 "冰红茶" 全面布局 "无糖 + 低糖高纤" 赛道，顺势推出长岛冰茶风味、劲凉双倍薄荷等年 轻化创新口味；"茉莉" 系列以无糖茉莉花茶为核心，延伸出茉莉龙井等跨界新品。 800 亿营收规模的快消巨头康师傅控股，正式迈入家族传承的关键阶段。 12 月 18 日晚间，公司公告官宣重磅人事调整：创始人魏应州第三子、43 岁的魏宏丞将出任新任 CEO，自 2026 年 1 月 1 日起生效。 这位手握哈佛 MBA 学位、深耕饮品业务十余年的 "少帅"，将与胞兄、现任董事会主席魏宏名携手， 构建 "兄弟共治" 的核心管理格局，接过这家国民级企业的治理大权。 魏宏丞的上位并非临危受命，而是深耕多年后的水到渠成。 自 2015 年跻身康师傅饮品控股董事阵营，2019 年升任事业部董事长，他主导核心饮品业务已逾十年， 交出了一份堪称亮眼的成绩单：任期内，饮品板块营收从 2019 年的 356 亿元稳步攀 ...

Core Viewpoint - The "Qihang·2025 Financial Annual Conference" held in Beijing emphasizes the theme of "crossing cycles, resilient growth," focusing on the high-quality development of listed companies and their role in China's modernization efforts [1][3]. Group 1: Event Highlights - The event gathered leaders from regulatory bodies, industry associations, financial institutions, and representatives from over 200 listed companies to discuss development paths and empower the capital market [1]. - The 2025 14th "Golden Wisdom Award" was announced, recognizing over 140 companies, including Haier Smart Home, Leyard, and Dongpeng Beverage, as models of high-quality development from more than 8,000 A-share, Hong Kong stock, and Chinese concept stock companies [1]. Group 2: Economic Context - The CFO of Financial界, Zhu Ying, highlighted the accelerating global changes and geopolitical tensions, indicating that the Chinese economy faces dual pressures from external uncertainties and internal transformation [1]. - The year 2026 is identified as a critical year for implementing the "14th Five-Year Plan" and addressing key economic challenges, including financial strength, technological independence, and revitalizing the capital market [1]. Group 3: Financial界's Role - Financial界 has over 20 years of experience in the financial sector, establishing core advantages in information dissemination and professional research [3]. - The platform produces over 50,000 financial information pieces daily, reaching more than 20 million targeted financial audiences, with a cumulative reading volume of 6 billion on the Toutiao platform [3]. - The organization aims to continue leveraging its platform to build precise cooperation bridges for listed companies and contribute to the resilient development of the Chinese economy [3].

Core Insights - The new consumption sector in 2025 has transitioned from "extreme enthusiasm" to "intense divergence," with pricing gradually returning to rationality [1][5] - Despite market fluctuations, demand for new consumption remains strong, leading to an optimistic outlook for the future [1][5] Group 1: Market Dynamics - The new consumption market has experienced a "roller coaster" of emotions and pricing, shifting from extreme enthusiasm for innovative models to significant divergence, resulting in substantial valuation fluctuations [2][7] - The market is now reassessing the quality and quantity of growth, focusing on management capabilities and potential changes in competitive dynamics due to significant capital influx [2][7] - The consumption market exhibits a clear "K-shaped recovery," where high-net-worth individuals drive high-end consumption recovery, while middle and low-income groups face slower recovery due to employment and income expectations [2][7] Group 2: Investment Opportunities - 2025 is characterized as a year of full pricing for innovation in the new consumption sector, emphasizing the importance of supply-demand "innovation" [3][8] - Companies that can proactively innovate and adapt to changes will gain a competitive edge, particularly those enhancing consumer experiences through supply chain empowerment and emotional value satisfaction [3][8] Group 3: Future Outlook - Looking ahead to 2026, attention should be paid to the "aftereffects" of high prosperity, as an increase in IPOs and active financing and mergers may lead to supply excess and intensified competition [4][9] - Three key areas to watch include: 1. Platform companies capable of navigating cycles, as single-brand models often face limitations [4][9] 2. Early participants in emerging trends, such as health-related products, which are expected to grow rapidly due to rising health awareness and social media-driven consumption [4][9] 3. Companies successfully expanding overseas, where manufacturing often scales more easily than branding, particularly in functional products [4][9] - The new consumption sector must continue to evolve, balancing innovation with an understanding of competitive dynamics and corporate capabilities [4][9]