Downstream Consumption - The tourism sector shows continued high activity, with Shanghai Disneyland's crowd index averaging 67%, reflecting a year-on-year increase of 29.4% [7] - The Hainan tourism price index increased by 2.5% week-on-week, indicating a significant improvement in tourism activity due to the lifting of restrictions [7] - Real estate sales remain low, with a year-on-year decline of 30.5% in transaction area across 30 major cities, despite recent policy adjustments aimed at stimulating the market [9] Technology & Manufacturing - The electronic industry continues to experience high demand driven by AI infrastructure investments, with DRAM prices for DDR4 and DDR5 increasing by 12.4% and 5.3% respectively [19] - PCB exports in November 2025 rose by 29.5% year-on-year, maintaining a high growth rate [19] - Manufacturing activity remains stable, with slight fluctuations in operating rates across various sectors, while chemical raw material prices have seen significant increases [25][34] Upstream Resources - Coal prices have continued to decline, with the Qinhuangdao port Q5500 coal price dropping by 4.4% week-on-week [39] - Industrial metal prices have accelerated upward, with copper and aluminum prices increasing by 5.9% and 1.6% respectively [41] Logistics and Transportation - There is a weakening demand for freight logistics, with nationwide highway truck traffic and railway freight volume decreasing by 0.5% and 6.1% respectively [51] - Long-distance travel demand has also shown a marginal decline, with international flight operations down by 2.6% week-on-week [46]

【资讯导读】 ·美联储内部分歧显现：降息决策如履薄冰 ·印度跃居全球第四大经济体 ·韩国拟大幅扩发国债吸引个人投资者 ·芝加哥PMI大幅反弹制造业景气改善 【市场资讯】 ·FOMC 12月会议纪要显示，尽管多数官员支持在通胀持续回落背景下进一步降息，但在时机与幅度上 分歧明显。部分支持降息的委员坦言该决定"处于微妙平衡"，甚至表示"也可维持利率不变"，凸显政策 制定的谨慎与不确定性。 ·美国总统特朗普再度抨击美联储主席鲍威尔，称其"严重失职"，并威胁提起诉讼。他同时透露已锁定 下任美联储主席人选，预计将于2026年1月正式公布。 ·印度政府最新报告称，其GDP已达4.18万亿美元，正式超越日本，成为世界第四大经济体。若当前增长 势头延续，有望在2–3年内赶超德国，跻身全球前三，并于2030年实现7.3万亿美元GDP目标。 ·韩国央行宣布修订M2货币供应量统计标准，将股票基金、债券基金、ETF等受益证券剔除，转而纳入 金融机构流动性指标。受此影响，10月M2同比增速由8.7%大幅下调至5.2%。 ·韩国财政部计划2026年向个人投资者发行2万亿韩元（约13.9亿美元）政府债券，较2025年的1.2万亿韩 元增加 ...

在回望与期盼的交响中，新年的脚步越来越近。"十五五"悦动的音符，正待轻抚嵩岳，拨动黄河，我们 与这片古老而年轻的中原大地，一同聆听时光拔节生长的声音。 注重细节，我们温暖生长。发展的宏图，最终要映照于百姓的微观感受。让城市更有内涵，不再一味 地"摊大饼"，而是更注重街角多一片绿地，社区多一分便利；让更多的"张桂芳"在希望的田野上大显身 手，不拘一格地带领乡亲们焕新家园、振兴乡村；让就业保障、基层医疗、普惠养老等一桩桩民生实事 从任务表变成"小确幸"，这滋味就如汪曾祺笔下"春初新韭，秋末晚菘"般平淡而隽永，让发展成果真正 化作千家万户细水长流的踏实与信心。 满怀希望，我们向上生长。每一次看似微小的拔节，都汇聚成磅礴向上的力量。这力量，藏在实验室里 长明不熄的灯火中，藏在新农人直播带货的镜头里，藏在夜市升腾的袅袅"锅气"间；更写在九三阅兵升 旗手张威那磨破的13双手套上，刻在69岁"红薯奶奶"坐着轮椅创业的志气里，融进97岁国医大师张磊每 周三次不变的坐诊守候中……心有所向，行则必达。无数个"我"的笃行，终将汇成"我们"的壮丽征程， 绘就一个更加壮阔的中原。 2026，愿山河锦绣，家园常宁。愿你我，在每一个寻常日 ...

Group 1 - The provincial industrial and information technology department has made significant progress in building a "network strong province" and promoting the integration of new generation information technology with manufacturing over the past year [1] - A three-year action plan for the intelligent transformation and digitalization of manufacturing will be implemented, focusing on enhancing new information infrastructure and promoting 5G-A network coverage [1] - The plan includes the establishment of national-level 5G factories and the construction of "ten-thousand megabit" communities, factories, and parks [1] Group 2 - The development of the new generation information technology industry will focus on high-end chip design, advanced packaging, and industrial software, aiming to break through key core technologies [2] - The plan includes the cultivation of specialized and innovative enterprises in the information technology sector, enhancing their market competitiveness [2] - Artificial intelligence will be leveraged to support new industrialization, with projects in smart connected vehicles and biomedicine being prioritized [2] Group 3 - The digital transformation of manufacturing will be advanced by improving the conditions for building intelligent factories and promoting the widespread adoption of AI in various industries [3] - The initiative aims to add 1-2 enterprises to the national leading intelligent factory cultivation list and support the digital transformation of small and medium-sized enterprises [3] - Cybersecurity measures will be enhanced through specialized actions to improve network and data security capabilities for enterprises [3]

Core Viewpoint - Anhui province has made significant progress in market regulation, food safety, quality control, and intellectual property protection during the "14th Five-Year Plan" period, achieving high ratings in national assessments [1][2] Group 1: Market Regulation and Business Growth - The number of business entities in Anhui increased by 2.6369 million over five years, rising from 14th to 9th in national rankings, with a total of 8.5151 million entities as of November [1] - A fair competition review system has been established at provincial, municipal, and county levels, reviewing 25,000 policy measures and clearing 49,000 documents that hinder market unity and fair competition [1] - Anhui's market environment index score has ranked 4th nationally for two consecutive years [1] Group 2: Consumer Protection and Quality Improvement - The province has implemented measures to optimize the consumption environment, leading to the "Safe Consumption in Anhui" initiative, with the 12315 platform handling 6.7888 million complaints and recovering 779 million yuan for consumers [1] - The offline unconditional return commitment units have reached 102,300, with an online dispute resolution success rate of 87.38%, exceeding the national average by 34 percentage points [1] Group 3: Quality and Intellectual Property Development - Quality improvement actions have been focused on 19 key industries, with significant enhancements in quality infrastructure and brand development, resulting in 28 national and 72 provincial quality inspection centers [2] - The manufacturing quality competitiveness index in Anhui reached 89.25, and the consumer product quality compliance rate was 93%, both above the national averages [2] - The number of high-value invention patents per 10,000 people increased from 3.99 to 12.56, with effective registered trademarks surpassing 1.5 million and geographical indication products increasing by 127% [2]

美国最新制造业数据释放出"边际改善、但未脱困"的信号。 智通财经APP获悉，周二公布的数据显示，12月芝加哥采购经理人指数显著回升，强于市场预期，但指 数仍低于50的荣枯线，表明制造业活动依旧处于收缩状态。 根据美国供应管理协会公布的数据，芝加哥PMI在12月升至43.5，明显高于11月的36.3，也超过市场普 遍预期的约39.8。这一回升幅度显示，在经历前期大幅下滑后，美国中西部制造业景气度出现一定修复 迹象。 不过，指数仍远低于50这一扩张与收缩的分界线，意味着制造业整体活动仍在萎缩区间。分析人士指 出，虽然新订单和生产分项有所改善，但需求恢复依然不稳，企业对未来订单的信心仍偏谨慎。 芝加哥PMI被视为美国全国制造业走势的重要区域性风向标，其波动往往领先于全国ISM制造业指数。 本次反弹被市场解读为"技术性修复"多于"趋势性反转"，显示制造业可能正在触底，但尚不足以确认复 苏已经启动。 在金融市场层面，数据公布后，美股整体反应相对平淡。道琼斯工业平均指数早盘小幅走低，投资者更 多将注意力放在即将公布的美联储12月会议纪要上，希望从中寻找2026年利率路径的进一步线索。 展望后市，市场人士认为，芝加哥PMI ...

新华财经北京12月30日电（王姝睿）由于美国关税降低及全球形势略有改善，瑞士经济前景略有好转。 数据显示，瑞士2025年12月KOF经济领先指标延续了前几个月的上行走势，上升1.7点至103.4，达到自 2024年9月以来的最高水平，并超出市场预期的101.4，显示瑞士经济在2026年初的前景高于平均水平。 另外，食品饮料生产商以及化工和制药行业的子指标表现疲软，使整体乐观前景略显受限。 瑞士政府此前下修2026年经济增长预测，美国高关税成主因。瑞士经济2025年料将增长1.3%，2026年 料将增长0.9%。近期整体贸易不确定性有所缓解，同时，海外扩张性财政政策利好瑞士经济，并有助 于出口，使瑞士经济前景温和向好。分析称，瑞士经济的主要风险在于全球经济的发展。 考虑到经济前景以及持续的低通胀，瑞士央行维持政策利率在0%不变，这是主要央行中最低的利率。 此前的高关税已损害经济增长，而贸易动荡期间避险资金流入推高瑞郎汇率，使进口商品更便宜，进一 步压低了通胀。 （文章来源：新华财经） 积极趋势在生产侧尤为明显，瑞士制造业相关指标组合显示出向好前景。相比之下，私人消费和国外需 求相关的指标组合则仍面临压力。 在生 ...

Core Insights - The offshore RMB has officially broken the "7" mark against the USD for the first time since October 2024, indicating a significant shift in the currency's trend [1][2] - The recent appreciation of the RMB is attributed to both external factors, such as the Federal Reserve's monetary policy shift, and strong internal economic fundamentals [3] External Factors - The Federal Reserve's recent interest rate cuts have led to a weakening of the USD, contributing to the RMB's rise [3] - The RMB's appreciation is also supported by China's economic resilience, with a notable trade surplus exceeding $1 trillion in the first eleven months of the year [4] Corporate Impact - Importing companies benefit from the RMB's appreciation, as it reduces procurement costs. For instance, a large manufacturing firm estimates saving 10 million RMB monthly due to favorable exchange rates [5] - Conversely, export-oriented companies face pressure on profit margins due to the stronger RMB, necessitating a reassessment of order feasibility [5] - Over 30 A-share companies have announced plans to engage in foreign exchange hedging to mitigate risks associated with currency fluctuations [5] Consumer Impact - The appreciation of the RMB has tangible benefits for consumers, particularly for families planning to study abroad, as it reduces the cost of tuition significantly [6] - Travel and shopping costs for overseas consumers are also decreasing, enhancing the affordability of international experiences [7] Policy Stance - Financial regulatory bodies emphasize maintaining the RMB's stability at a reasonable level, with recent meetings reinforcing the need for market resilience and preventing excessive fluctuations [8] Future Outlook - Market analysts express cautious optimism regarding the RMB's future, with expectations of continued strength in the short term [9] - Predictions for 2026 suggest a moderate appreciation trend, with estimates indicating the RMB could approach the 6.9 mark by year-end [9]

Group 1 - The number of bankruptcy filings by U.S. companies has surged to the highest level in 15 years, with at least 717 companies filing for bankruptcy by the end of November, according to S&P Global Market Intelligence data [1][7] - The increase in bankruptcies is most pronounced in the industrial sector, including manufacturing, construction, and transportation, heavily impacted by fluctuating U.S. trade policies and tariffs [1][7] - Over 70,000 jobs were cut in the U.S. manufacturing sector within a year, highlighting the severe impact of these economic pressures [7] Group 2 - Inflation and rising interest rates are cited as significant factors contributing to the financial distress of many companies, alongside the disruptive effects of U.S. trade policies on supply chains and costs [1][7] - There is a notable increase in bankruptcies among large companies, with 17 bankruptcy cases involving firms with assets exceeding $1 billion reported in the first half of 2025, marking the highest number since 2020 [7] - Companies are struggling to pass on increased costs to consumers due to fears of losing customers, leading to a market shakeout where weaker firms may be eliminated [7]

Core Insights - Morocco's economy is projected to close 2025 with strong domestic demand, ongoing investment activities, and an expanding trade deficit [1] Economic Performance - Household consumption remains robust, with a low inflation rate of -0.3% as of November [1] - Remittances from overseas Moroccans have increased, contributing to rising consumer credit [1] - The third quarter saw the creation of 220,000 new jobs [1] - Government investment spending has increased, with equipment spending growing by 16.9% as of the end of November [1] - Foreign direct investment has improved, with investment amounts increasing by 28.2% as of the end of October [1] Sectoral Developments - Agricultural production is expected to benefit from favorable climate conditions for the 2025-2026 season, with dam water storage reaching 34.7% as of December 24 [1] - Agricultural exports increased by 7.3% as of the end of October [1] - Industrial activity shows mixed performance, with manufacturing output growing by 2.2% and mining increasing by 7.4% in the third quarter [1] - Electricity generation rose by 6.1% and cement sales increased by 10.6% as of the end of November [1] - The service sector continues to strengthen, with inbound tourism reaching 18 million visitors, a 14% year-on-year increase, and tourism revenue growing by 16.7% [1] Trade Dynamics - Despite positive domestic conditions, the trade deficit is under increasing pressure, with exports growing by 2.6% as of the end of October [2] - Key export sectors include phosphates and derivatives (up 16.7%), aerospace products (up 8.3%), and agricultural products and food (up 1.1%) [2] - Imports increased by 9.4%, with a notable decline in energy imports by 4.4% [2] - The trade deficit expanded by 19.6%, with the export coverage ratio dropping to 56.5% [2] - Foreign exchange reserves are sufficient to cover 5 months and 21 days of import needs [2]