从基金十大重仓股角度 数据显示，长城基金旗下1只基金重仓厦门国贸。长城中证红利低波100ETF（159228）三季度持有股数 44.17万股，占基金净值比例为1.88%，位居第三大重仓股。根据测算，今日浮亏损失约16.34万元。 长城中证红利低波100ETF（159228）成立日期2025年6月5日，最新规模1.45亿。成立以来收益4.03%。 12月30日，厦门国贸跌4.71%，截至发稿，报7.48元/股，成交1.16亿元，换手率0.73%，总市值159.89亿 元。 长城中证红利低波100ETF（159228）基金经理为陶曙斌。 资料显示，厦门国贸集团股份有限公司位于福建省厦门市湖里区仙岳路4688号国贸中心，成立日期1996 年12月24日，上市日期1996年10月3日，公司主营业务涉及供应链管理、房地产经营、金融服务。主营 业务收入构成为：供应链管理业务99.63%，健康科技业务0.36%，其他板块业务0.02%。 截至发稿，陶曙斌累计任职时间8年285天，现任基金资产总规模1.99亿元，任职期间最佳基金回报 130.74%， 任职期间最差基金回报-38.15%。 风险提示：市场有风险，投资需谨慎。本 ...

江苏省委经济工作会议指出，要根据中央经济工作会议部署的重点任务，结合我省推动高质量发展的实 际，抓住关键、纲举目张地做好明年工作。在中央经济工作会议确定的明年经济工作重点任务中，"坚 持内需主导，建设强大国内市场"是第一条任务，明确提出内需主导并把国内市场建设放在极其重要的 位置上。这表明在新的复杂的国内外政治经济形势下，扩大内需问题直接决定了国内经济可循环的程度 和力度，决定了内需在内循环主导外循环新发展格局形成中的地位和重要性。 习近平总书记在《扩大内需是战略之举》一文中指出，"总需求不足是当前经济运行面临的突出矛盾"。 中央经济工作会议强调，我国当前"国内供强需弱矛盾突出"。这些重要判断，既反映出扩大内需是一项 长期而艰巨的任务，也充分凸显了当前扩大有效需求、增强内循环的重要性和紧迫性。据此，省委经济 工作会议指出，要在深入挖掘内需潜力上下功夫，深入实施提振消费专项行动，谋划实施一批牵引性强 的重大项目。 从理论上看，扩大内需是指扩大国内有效需求，包括国内消费者对商品服务的有货币支付能力的需求和 各类主体对生产资料的有货币支付能力的投资需求两个部分。扩大国内有效需求对江苏经济的重要性， 是江苏经济运行中 ...

Core Viewpoint - The Shenzhen Municipal Government has released the full text of the "15th Five-Year Plan" proposal, focusing on economic development strategies and the establishment of a modern industrial system to drive growth and innovation in the region [1][2][3][4][5]. Group 1: Economic Development Strategies - The proposal emphasizes the acceleration of emerging industries, the optimization of traditional industries, and the establishment of Shenzhen as a global advanced manufacturing center [1]. - It aims to promote high-quality development in the service sector, establishing Shenzhen as a significant global industrial financial, consumption, and logistics center [2]. - The plan includes fostering a robust financial system that supports innovation and the real economy while effectively managing risks [2]. Group 2: Technological Innovation - The proposal highlights the importance of artificial intelligence as a key driver of technological revolution and industrial transformation, advocating for high-quality development and application of AI across various sectors [3]. - It calls for the establishment of a leading industrial technology innovation center to enhance productivity and support original innovation and core technology breakthroughs [4]. Group 3: Real Estate Development - The plan outlines strategies for promoting high-quality development in the real estate sector, focusing on affordable housing and improving living conditions for new citizens, youth, and migrant workers [5]. - It aims to create a comprehensive housing supply guarantee system to ensure that individuals can settle and thrive in Shenzhen [5]. Group 4: Regional Coordination and Collaboration - The proposal stresses the importance of regional coordination, enhancing Shenzhen's role as a core engine in the Guangdong-Hong Kong-Macao Greater Bay Area and promoting urban integration with neighboring cities [4].

Group 1: New Quality Productive Forces - In 2025, China focuses on technological innovation and industrial upgrading to cultivate new quality productive forces, enhancing the foundation for high-quality development [2] - Traditional industries are crucial for accelerating the development of new quality productive forces, with the Ministry of Industry and Information Technology releasing action plans for ten key industries [2] - Strategic emerging industries and future industries are the main battlegrounds for cultivating new quality productive forces, with significant growth in sectors like new energy vehicles, photovoltaics, and quantum technology [2][3] Group 2: Expanding Domestic Demand - Expanding domestic demand is a strategic choice for China to respond to economic changes and promote high-quality development, with policies implemented to stimulate consumption and investment [4] - Consumer markets are recovering, with significant growth in retail sales of home appliances and communication equipment, with year-on-year increases of 14.8%, 18.2%, and 20.9% respectively [6] - Investment in emerging sectors is also strong, with notable increases in manufacturing and renewable energy investments, such as a 15.3% growth in automotive manufacturing [6] Group 3: High-Level Opening Up - Expanding high-level opening up is essential for China's high-quality development, providing stability to the uncertain global economy [7] - China's foreign trade resilience is improving, with policies promoting service exports and green trade, reflecting a commitment to innovative leadership [7][8] - Trade with major partners like ASEAN has seen growth, with a year-on-year increase of 8.5% in trade volume [8] Group 4: Risk Mitigation - In 2025, China continues to address key risk areas to ensure high-quality development, with measures in place to manage local government debt and mitigate financial risks [9] - The real estate sector has seen successful completion of housing delivery tasks, with policies aimed at stabilizing the market and supporting housing supply [9] Group 5: Appropriate Monetary Easing - Since 2025, a moderately loose monetary policy has been in effect, with social financing scale increasing significantly, reaching 33.39 trillion yuan in the first eleven months [10] - The structure of credit has improved, supporting key sectors and strategic economic transformations, with notable growth in technology and green loans [11] Group 6: Green Transition - China has introduced numerous policies for green low-carbon transition and ecological civilization construction, achieving significant progress in various fields [14] - The energy structure is shifting towards non-fossil sources, with ambitious targets for renewable energy installations [14][15] - The green economy is thriving, with over 218.7 million existing green economy-related enterprises, indicating sustained vitality in the sector [14]

2024 Getty Images / Getty Images News via Getty Images Investors who are looking to either match (or hopefully beat) the indexes in 2026, there are plenty of factors to consider. Quick Read Bonds rise as interest rates fall due to inverse correlation. Treasury-focused ETFs provide diversification with lower risk. Alternative assets like real estate and precious metals may outperform if consumers shift toward value and tangible holdings. Dividend stocks become more attractive as Fed rates decline be ...

Our major market indexes have flattened on low seasonal volume of late, and are slipping in early trading in the third-final trading day of 2025. The Dow is currently -52 points, the S&P 500 is -20, the Nasdaq -123 and the small-cap Russell 2000 is -5 points currently. Year-to-date, we’re up anywhere from +13% in the Russell 2000 to +21% in the Nasdaq. This looks to be the third-straight year the Nasdaq is trading at +20% or higher. Not too shabby.Home Price Reports This WeekAfter today’s open, we’ll get th ...

随着城市发展从大规模增量扩张阶段转向存量提质增效为主的阶段，房地产行业也站在了转型关键节点 上。2025年是"十四五"规划的收官之年，在这一年中，城市更新取得重要进展，以高杠杆、高周转、高 负债为特性的房地产发展旧模式逐步退场。与此同时，面对房地产市场供求关系的重大变化，房地产发 展新模式也正加快构建，行业高质量发展的基础不断夯实。 展望2026年，大力推进现代化人民城市建设，推动房地产高质量发展将是住房城乡建设工作的重点发力 方向。统筹防风险和促转型、惠民生和稳增长，在推动新旧模式平稳转换的同时，着力推动房地产市场 平稳运行，城市更新行动将进一步加大实施力度，房地产行业也将加快高质量发展的步伐，为实现"十 五五"良好开局作出贡献。 转变城市发展方式 今年以来，城市更新工作在中央及地方得到系统推进，取得重要进展。在推进现代化人民城市建设的大 背景下，城市更新的重要性正不断凸显。 2025年，面对房地产市场供求关系的重大变化，政策在发力稳市场的同时，也加快构建房地产发展新模 式，优化供给结构，健全住房制度，推动房地产业转型升级，更好满足居民刚性和多样化改善性住房需 求。 随着人民群众住房需求从"有没有"转为"好 ...

摘要 人民币升值投资机会解读 20251229 人民币升值利好上游原材料行业（公用事业、有色金属、钢铁、能源化 工）和消费品行业（航空公司、免税业务），降低进口商品成本，提升 相关企业盈利能力。 人民币升值减轻了航空公司和房地产企业以美元计价的债务偿还压力， 尤其是航空公司通过汇兑收益直接增厚利润，房地产企业境外美元债偿 债压力降低。 人民币升值将提升人民币核心资产的估值，金融领域的银行和保险业， 以及港股市场中的恒生科技指数和恒生中国企业指数，可能因外资流入 而表现突出。 燃气板块受益于人民币升值，因燃气价格与美元计价的国际油价挂钩， 降低采购成本；而高股息火电板块受汇率影响较小，表现相对弱势。 航空业直接受益于飞机采购和租赁的汇兑收益，以及美联储降息带来的 融资成本降低；间接受益于美元计价运营成本的降低和出境游需求的刺 激。 人民币升值扩大了国内降息空间，有助于房地产市场企稳，并吸引外资 投资以人民币计价的大宗不动产，如商业办公和物流地产项目。 港股市场因人民币升值对外资吸引力增加而受益，尤其是科技板块，但 股价根本驱动因素仍是每股收益（EPS），流动性影响短期股价。 Q&A 人民币升值对哪些行业有显著影 ...

Summary of Key Points from Conference Call Records Industry and Company Overview - The conference call discusses the impact of AI on global markets, particularly in the US, China, Hong Kong, and other Asian markets, highlighting the significant role of the AI industry chain, including sectors like chips, storage, electricity, and non-ferrous metals in driving market growth [1][5]. Core Insights and Arguments Economic Performance - The US economy showed strong growth in Q3 2025, with a quarter-on-quarter annualized GDP growth of 4.3% and a nominal growth rate exceeding 8%, with AI contributing nearly 1% to GDP [1][6]. - Consumer resilience remains strong, but a weak job market poses risks, with unemployment potentially rising to 4.8%, raising recession concerns [1][6]. Market Dynamics - The AI sector has led to a revaluation of stocks, particularly in Hong Kong, although the Hang Seng Tech Index has corrected by 15%-20% from its peak, indicating short-term volatility risks [1][5]. - The US credit cycle is expected to recover by 2026, with potential overheating risks [1][6]. Policy Impacts - Trump's policies, particularly regarding tariffs, have influenced market sentiment and economic growth, with the effective tax rate being lower than initially feared, thus having a minimal impact on inflation [1][8]. - The upcoming midterm elections may affect policy execution, particularly if the Republican Party loses control of the House [1][8]. Federal Reserve Actions - The Federal Reserve's hesitant approach to interest rate cuts is seen as beneficial for sectors like real estate and manufacturing, with moderate cuts expected to stimulate demand without significantly impacting inflation [1][9]. - The new Fed chair's dovish stance may reflect in long-term rates, potentially boosting economic demand [1][9]. AI Bubble Concerns - While there are concerns about an AI bubble, current demand and investment levels do not yet reflect the extremes seen in past bubbles, suggesting that while expectations are high, they are not unsustainable at this point [1][7]. Additional Important Insights Currency and Trade - The Chinese market's growth has been primarily driven by valuation, with the tech hardware sector contributing significantly to profits. Future growth will depend on earnings rather than just valuation [1][13]. - The Chinese government is implementing supply-side policies to boost consumption, including removing restrictive measures and increasing the supply of quality goods and services [1][4][27]. Market Trends and Investment Strategies - The investment strategy for the upcoming year suggests a shift from valuation-driven to earnings-driven growth, with a focus on large-cap growth stocks and potential opportunities in cyclical sectors related to real estate [1][22][24]. - The liquidity situation in the US has improved due to the Fed's actions, which is expected to support the stock market [1][10]. Consumer Behavior and Economic Outlook - Consumer spending is expected to be affected by high base effects and declining purchasing power, with the real estate sector's downturn exacerbating consumption weakness [2][13][14]. - The outlook for the real estate market shows significant differentiation, with second-hand home prices declining while the high-end new home market remains active [1][14]. Global Investment Landscape - The global investment landscape in 2025 is expected to be bullish for most asset classes, with emerging markets like South Korea and China's ChiNext showing strong performance [3][5]. This summary encapsulates the key points discussed in the conference call, providing insights into economic performance, market dynamics, policy impacts, and future investment strategies across various sectors.

格隆汇12月29日丨南山控股(002314.SZ)在投资者互动平台表示，公司目前暂无股票回购计划。 ...