Group 1 - The core point of the articles indicates that Germany's employment is projected to decline in 2025, marking the first decrease since 2020, with an average employment number dropping by approximately 5,000 compared to 2024 [1] - In 2025, the manufacturing sector is expected to see a significant reduction of 143,000 jobs, a decline of 1.8%, while the construction sector will lose 23,000 jobs, a decrease of 0.9% [1] - The service sector, however, is projected to avoid a sharp decline, with an increase of 164,000 jobs, representing a growth of 0.5%, particularly in public services, education, and health, which will see an increase of 205,000 jobs, a growth of 1.7% [1] Group 2 - The unemployment rate in Germany is expected to rise significantly, with an increase of 161,000 unemployed individuals, marking a growth of 10.8%, leading to an unemployment rate increase from 3.1% to 3.5% [1] - The analysis from the Federal Statistical Office suggests that the slowdown in economic growth and demographic changes are impacting the labor market, with fewer young workers entering the workforce to replace retiring baby boomers [2] - The participation rate in the labor market is being supported by the net immigration of foreign workers and the increasing employment of older individuals and women [2]

智通财经APP获悉，调查显示，欧元区制造业活动在12月进一步萎缩。上个月，由于新订单进一步减 少，欧元区制造业活动陷入更深层次的收缩，产量出现了10个月来的首次下降。 法国成为了罕见的亮点，其制造业PMI跃升至42个月以来的高点。在非欧盟成员国英国，受益于财政大 臣瑞秋·里夫斯预算案带来的缓解，需求回升推动12月制造业活动创下15个月来最快的增长速度。 标普全球的欧元区制造业采购经理人指数(PMI)从11月的49.6降至12月的48.8。这是九个月来的最低读 数，且连续第二个月低于50这一荣枯分界线。 调查显示，欧元区20国的制造业活动呈现出普遍性的下滑。作为欧元区最大的经济体，德国在受监测的 八个国家中表现最弱，PMI读数创下10个月新低。意大利和西班牙也重新跌回了收缩区间。 汉堡商业银行首席经济学家赛勒斯·德拉鲁比亚表示："欧元区制造产品的需求再次放缓。企业似乎既没 有能力也不愿为来年积累动力，反而表现出审慎态度，这对经济而言无异于毒药。" ...

Core Viewpoint - The article emphasizes the importance of safety production during the New Year holiday, highlighting the need for strict supervision and risk management across various industries to ensure safety and stability [1]. Group 1: Safety Production Measures - The provincial safety committee has issued a safety production work prompt, urging relevant departments to enhance safety inspections in key sectors such as mining, hazardous chemicals, transportation, and construction [1]. - There is a focus on the "three managements and three musts" principle to strengthen safety oversight and ensure that major risks and issues are closely monitored [1]. - Emergency management departments will conduct "safety check-ups" in manufacturing enterprises during the holiday, focusing on risk rectification, safety measures implementation, and emergency preparedness [1]. Group 2: Specific Industry Inspections - In the hazardous chemicals sector, experts will assess key enterprises to address safety concerns, particularly in light of winter weather conditions [4]. - Inspections will include checking the safety status of critical facilities at gas stations, ensuring compliance with unloading management systems, and enhancing employee emergency training [6]. - Transportation safety is highlighted as a critical area, with comprehensive checks being conducted at passenger transport stations to enforce regulations and ensure vehicle safety [8][12]. Group 3: Risk Management and Compliance - Companies are required to implement full-process management for special operations, including strict approval and monitoring procedures [3]. - The article stresses the need for companies to take responsibility for safety, rectify identified hazards promptly, and prepare for emergencies [5]. - Inspections will also focus on ensuring compliance with safety protocols, such as the proper storage of flammable materials and the functionality of safety equipment [9][11].

Core Viewpoint - The private equity firms believe that the A-share bull market is ongoing, with a shift from liquidity-driven to fundamentals-driven growth expected in 2026, leading to increased stock selection difficulty and significant investment opportunities in areas such as overseas expansion, artificial intelligence, anti-involution, and domestic demand [1][2][3]. Group 1: Market Outlook - The A-share market is still in a bull phase, with the valuation uplift driven by a loose liquidity environment in 2025 [2]. - The current stock-to-deposit ratio indicates that equity assets remain attractive, with room for residents to shift asset allocation towards the stock market [2]. - The ratio of total A-share market capitalization to household savings is around 0.65, suggesting that the bull market has not yet concluded [2]. Group 2: Fundamental Changes - A significant transformation in the underlying logic of the A-share market is noted, with improving free cash flow and increasing dividend and buyback ratios, expected to exceed 40% in 2025 [2]. - The transition from old to new economic drivers is underway, supported by a stable market mechanism from policy [2]. - The overall market risk appetite is bolstered by favorable liquidity conditions and expectations of a Federal Reserve rate cut [3]. Group 3: Investment Opportunities - Investment opportunities in 2026 are expected to focus on overseas expansion, artificial intelligence, anti-involution, and domestic demand [6][7]. - Strategic resource stocks, particularly copper and aluminum, are viewed positively due to limited supply growth and rising costs [6]. - High-growth sectors such as artificial intelligence, innovative pharmaceuticals, and military industry are highlighted as attractive investment areas [6][7]. Group 4: Economic Recovery and Market Dynamics - The economic recovery is anticipated to be supported by domestic price recovery and the implementation of anti-involution policies, which may lead to a shift in market style from growth to value and cyclical stocks [5]. - The expected GDP resilience and ongoing domestic demand expansion are likely to contribute to a favorable investment environment [5]. - Historical data suggests that during periods of earnings recovery, the market can achieve significant returns despite limited valuation increases [5].

格隆汇1月2日｜标普全球市场情报公司总监Rob Dobson表示，在岁末之际，英国制造业领域释放出更 多增长信号。产出连续第三个月增长，新订单数量自2024年9月以来首次有所改善（尽管仅为略有改 善）。国内市场仍然是经济增长的积极动力，而新的出口业务，虽然已经连续四年下降，但朝着稳定迈 出了相当大的一步。随着秋季预算、关税和捷豹路虎网络攻击事件等的不确定性的负面影响有所缓解， 英国制造商受益于年底前几次逆风减弱。预计2026年初将显示，在这些暂时的刺激消退后，经济增长能 否持续。经济扩张的基础需要更多地转向不断增长的需求，而不是增加库存和清理积压。12月的降息有 望在帮助这种转变方面发挥一定作用，鼓励制造商及其客户增加支出和投资。但制造商对此仍存疑虑 ——12月企业信心指数出现三个月来首次下滑。 ...

S&P Global发布12月份英国制造业采购经理指数。 指数从11月份的50.2上升至50.6； 上年同月47。 责任编辑：陈钰嘉 S&P Global发布12月份英国制造业采购经理指数。 指数从11月份的50.2上升至50.6； 上年同月47。 责任编辑：陈钰嘉 ...

Group 1 - The core viewpoint is that the manufacturing sector in France showed improvement in December, with the PMI rising above the growth threshold to its highest level in three and a half years, indicating a positive step despite ongoing structural challenges [1] - The industry may benefit from large orders in the defense and aerospace sectors, particularly from overseas, as recent months have shown that export demand is more resilient than domestic orders [1] - Ongoing political instability and the resulting uncertainty for businesses and households remain significant negative factors for future prospects [1]

Core Viewpoint - The S&P Global Australia Manufacturing PMI remains at 51.6 in December 2025, indicating continued expansion in the Australian manufacturing sector for the second consecutive month, although the rate of expansion has stabilized [1]. Group 1: Manufacturing Performance - The manufacturing sector in Australia shows growth in new orders and factory output in December, but the growth rate has slowed compared to November [2]. - Despite an increase in new orders, the overall growth is limited due to a weakening market environment, intensified competition, and weak overseas demand [2]. - New export orders have declined for the fourth consecutive month due to constrained budgets from overseas clients [2]. Group 2: Employment and Production - The increase in new orders and production demand has led to a rise in employment, reaching the highest growth rate in nine months [2]. - Unfinished work has decreased further, while input inventories have slightly declined for the third consecutive month [2]. Group 3: Cost and Pricing - Average input costs in the manufacturing sector have continued to rise, with the increase in costs accelerating compared to November due to higher material prices and transportation costs [2]. - Supplier delivery times have extended to the highest level since November 2024, attributed to supply shortages and delivery delays [2]. - Manufacturers have raised average product prices to pass on additional cost pressures, although the increase remains below long-term averages [2]. Group 4: Business Confidence - Business confidence in the Australian manufacturing sector remains positive, with expectations for new product launches and business expansion to drive sales and output growth in the next 12 months [3]. - Confidence levels have reached a four-month high, reflecting optimism about future production growth despite a slowdown in new orders and output growth [3].

我国推进"人工智能+制造"具备独特的综合优势。其一是完备的产业基础。我们不仅拥有全球最完整的 工业体系，还有从基础层到应用层的完整人工智能产业体系，这一双重完备体系形成了天然的协同互 补，即工业体系让人工智能技术有用武之地，人工智能产业体系让工业体系有升级之力。其二是丰富的 应用场景。41个工业大类和超大规模市场，为人工智能技术提供了海量多元的落地场景，加速技术迭代 成熟。其三，有力的政策与基建支撑，为融合发展扫清障碍。其四，协同高效的创新生态，形成了从技 术研发到市场应用的快速通道。 日前举行的全国工业和信息化工作会议部署了2026年十大重点工作，提出推进"人工智能+制造"专项行 动，培育一批重点行业智能体、智能原生企业。前不久召开的中央经济工作会议强调深化拓展"人工智 能+"，"人工智能+制造"正是其中的主阵地。我国制造业总体规模连续15年保持全球第一，人工智能技 术全球领先，"人工智能+制造"若能叠加融合两大优势，发挥乘数效应，将为制造强国、网络强国建设 注入强劲动能。 人工智能是推动科技创新和产业创新深度融合的重要桥梁。从科技创新看，人工智能是引领新一轮科技 革命和产业变革的战略性技术。作为通用技术， ...

"人工智能＋制造"不是简单相加。在不少制造企业中，有的只把人工智能技术应用于某个环节或单一场 景，有的内部数据难以流通，有的采集了数据却不加分析应用，有的盲目照搬其他企业的人工智能应用 方案，这些都是把人工智能与制造简单相加的表现。虽然技术是新的，但生产模式和价值创造方式仍是 旧的。这背后，有企业认知和成本压力的原因，也有技术层面和产业匹配的问题。 发挥"人工智能＋制造"的乘数效应，要变物理拼接为化学融合。这意味着不能仅仅把人工智能当成工具 应用在某个环节，而是通过人工智能催生制造业中数据、知识、流程与劳动者之间的化学反应，重组生 产要素、重构生产模式，实现生产力革命性跃迁。这有待于打破数据孤岛，以技术下沉适配产业需求， 以生态协同打通技术转化堵点卡点，推动制造企业从技术应用转向模式创新，才能让人工智能从简单替 代人工走向创造更多新质生产力。 日前举行的全国工业和信息化工作会议部署了2026年十大重点工作，提出推进"人工智能＋制造"专项行 动，培育一批重点行业智能体、智能原生企业。前不久召开的中央经济工作会议强调深化拓展"人工智 能＋"，"人工智能＋制造"正是其中的主阵地。我国制造业总体规模连续15年保持全球 ...