2025.12. 29 本文字数：2011，阅读时长大约4分钟 作者 | 第一财经 樊志菁 本月初，市场因担忧人工智能相关支出拖累科技股走弱而出现震荡，不过美股随后迅速企稳回升。圣 诞节假期前一日，标普500指数收盘再创历史新高，距离首次站上7000点关口仅差约 1%。 投资者 期望美股市场在下周以强势表现收官2025年，为又一个强劲年份画上句号。这一基准指数正朝着连 续第八个月上涨的目标迈进，若能实现，将创下2017-2018年以来最长的月度连涨纪录。 美联储政策悬念持续 随着假期来临，上周发布的数据有限，市场对美联储的政策前景预测仍然并不明朗。 美国政府周二发布的延迟数据显示，在强劲消费支出的推动下，美国经济增速创下两年来新高。美国 经济分析局发布的初步预估数据显示，三季度实际国内生产总值（GDP）同比增长4.3%，远高于市 场普遍预期值3.3%。 圣诞行情能否如期上演 受第三季度经济增长报告好于预期的提振，美国三大股指上周延续升势。标普500指数周五盘中一度 触及6945.77点的历史新高。 板块方面，道琼斯市场统计显示，原材料板块涨幅居首，攀升2.4%；科技板块与金融板块紧随其 后，分别上涨1.8%和 ...

Group 1 - The article emphasizes the increasing diversity of complaint channels available to consumers beyond the well-known 12315 platform, which is managed by the State Administration for Market Regulation [1][9] - The 12315 platform is recognized for its authority and ability to escalate complaints to local market regulatory departments, particularly for clear-cut cases involving food safety, price fraud, and false advertising [2][10] - The article outlines the importance of industry-specific complaint channels, which are often more knowledgeable and efficient in handling disputes [3][11] Group 2 - Media and third-party platforms, such as Black Cat Complaints, have emerged as popular alternatives for consumers, especially younger demographics, due to their ability to exert social pressure on companies through public attention [4][14] - Black Cat Complaints operates as a neutral third-party platform, allowing users to submit complaints quickly and track their progress, significantly reducing the time and effort required for consumer advocacy [5][15] - The article highlights the role of consumer associations and legal avenues as additional resources for consumers, with associations providing mediation and legal routes serving as a last resort for significant disputes [6][16] Group 3 - Specific complaint channels are recommended for various sectors, such as telecommunications, finance, transportation, and internet platforms, each with designated regulatory bodies to address consumer issues effectively [12][19] - The article stresses the importance of gathering evidence, such as order records and communication screenshots, regardless of the chosen complaint channel, as this is crucial for successful advocacy [20]

Core Insights - The first "Specialized, Refined, Characteristic, and Innovative" enterprises overseas conference was held in Beijing, focusing on empowering these enterprises to expand internationally and providing a platform for policy interpretation, experience sharing, and resource integration [1][3] Group 1: Conference Overview - The conference gathered government leaders, industry experts, and representatives from specialized enterprises to discuss new paths for internationalization [3] - The theme "Gathering Chains to Empower Navigation" emphasized the importance of direction and methods for these enterprises to successfully establish themselves abroad [1][3] Group 2: Government and Institutional Support - The government and institutions are committed to supporting specialized enterprises through policies, funding, and resources, with a focus on creating a collaborative ecosystem for international expansion [4][5] - The establishment of the "Specialized and Innovative Enterprises Overseas Reception Hall" aims to provide comprehensive services including policy interpretation and market entry support [9] Group 3: Strategic Insights and Expert Contributions - Experts highlighted the strategic necessity for enterprises to go global, supported by national policies and the evolving international landscape [7] - Discussions included practical experiences and strategies for navigating international markets, addressing challenges, and leveraging opportunities [10] Group 4: Collaborative Models and Partnerships - The conference facilitated strategic partnerships between state-owned enterprises and specialized firms, aiming to create a synergistic model for international expansion [5][9] - The collaboration is expected to enhance resource sharing and operational efficiency for enterprises venturing into global markets [6][9]

海南自贸港全岛封关，从12月18日正式启动，这一措施一实行，立马就把整个岛变成了零关税的区域，外边的一线通行无阻，想进来都容易，可到了里面的 二线就得堵得严严实实。 货一进岛，随意转转是没问题的，只要企业加工增值达到30%，就能免税，直接对接内地市场。东南亚的货源一下子涌到洋浦港，印尼的煤炭、马来西亚的 电子零件啥的，搞定本地之后，就往广州发过去。 贸易的花费少了，时间也节省不少，全球企业一听有盼头，资金也纷纷跟进。东南亚的航线开始偏向海南，那边马六甲的流量明显减弱了。 新加坡港口的业务遭遇打击，燃料和维修的订单明显减少，这一波变化来的太快，出乎不少人的预料。 新加坡的经济可真离不开转口贸易，这部分占了它GDP的大头。马六甲海峡的位置，更是帮它把东南亚的中转业务垄断了好些年。 海南这样一搞，实际上是给大家提供了更实在的优惠方案。东盟国家把海南当作一个跳板，把原料运到这里加工完毕后，可以免税销往内地，既省钱又省事 儿，还能避开新加坡的环节。 像印尼企业运椰子纸浆，以前还得绕一圈新加坡，要花40天，损耗还挺大，现在直接冲海南，7天搞定，成本一下就往下掉。 如今，船舶也开始挑洋浦港加油，便宜了大约8%，一大船跑一趟 ...

截至2025年12月26日收盘，国网英大(600517)报收于6.06元，上涨0.33%，换手率0.46%，成交量26.55万 手，成交额1.61亿元。 国网英大全资子公司英大证券拟将其持有的英大期货100%股权以112,928.62万元的价格出售给中国石油 集团资本有限责任公司。交易价格以2025年3月31日为评估基准日，经沃克森评估并备案确认，采用市 场法评估，增值率8.31%。本次交易不构成关联交易或重大资产重组，尚需国有资产监督管理部门批准 及中国证监会核准。交易完成后，英大期货将不再纳入公司合并报表范围。 交易信息汇总资金流向 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 12月26日主力资金净流出816.51万元，占总成交额5.07%；游资资金净流入0.62万元，占总成交额 0.0%；散户资金净流入815.89万元，占总成交额5.07%。 来自交易信息汇总：12月26日主力资金净流出816.51万元，占总成交额5.07%。 来自公司公告汇总：国网英大全资子公司英大证券拟以112,928.62万元向中国石油集团资本有限责 ...

Core Viewpoint - The "Sanya International Forum and the Fifth Sanya Wealth Management Conference" highlighted the strong growth phase of service trade, particularly service exports, which are increasingly vital for economic growth in the context of rising trade protectionism [1][4]. Group 1: Service Trade Growth - Service exports grew by 14.2% from January to October 2024, with an expected annual growth of 18.2% [5][6]. - Travel service exports surged by 54.4%, driven by high-level unilateral open policies and visa exemptions for 75 countries [6][7]. - The contribution of service exports to nominal GDP growth reached 0.34% in the first three quarters of 2024, indicating a rising impact on economic growth [9]. Group 2: Industry Integration and Opportunities - The integration of service trade with secondary industries is enhancing service export growth, particularly in maintenance and repair services [7][9]. - The establishment of a maintenance base for international cruise ships in Hainan represents a significant opportunity for service exports [11]. - The digital economy is driving growth in data trade, which constitutes about 20% of service exports [8][9]. Group 3: Hainan Free Trade Port Advantages - Hainan's local product exports grew at an annual rate of 13.6%, surpassing the national average of 8.1% [10]. - Companies registered in Hainan experienced a 25.3% annual growth in exports, indicating the effectiveness of Hainan's geographical advantages [10][11]. - The service trade growth rate in Hainan from January to October was 84.6%, significantly higher than the national average of 5.8% [11]. Group 4: Emerging Sectors and Cultural Exports - Personal cultural entertainment service exports from Hainan increased by 20 times compared to the previous year, showcasing substantial growth potential [12]. - The financial sector in Hainan has seen a 16-fold increase in imports and a 4.6-fold increase in service exports, indicating a competitive edge in financial services [12][14]. - The overall service export dependency in Hainan is 6.2%, compared to the national average of 2.6%, highlighting Hainan's unique advantages in service trade [13].

Group 1 - The concept of the "kill line" in the U.S. reflects the idea that survival is contingent upon paying taxes and expenses, which are likened to a survival tax imposed by capitalists [3][6][18] - Essential expenditures such as healthcare, insurance, education, and housing account for 60% to 80% of living costs for ordinary Americans, creating a financial burden that is difficult to escape [3][4] - The financial, insurance, and real estate sectors, collectively referred to as the FIRE industries, have seen significant growth, with their value-added share of U.S. GDP rising from 10.4% in 1947 to 20.36% in 2007, and employment in these sectors increasing nearly fourfold over 60 years [7] Group 2 - The wealth distribution in the U.S. is severely imbalanced, with safety nets intended to protect ordinary citizens instead benefiting the wealthy, leading to increased financial strain on the lower classes [6][9] - The rising number of homeless individuals in the U.S. correlates with the increasing wealth of the upper class, exemplifying the K-shaped recovery where the rich get richer while the poor suffer [13] - As of Q3 2025, U.S. household debt has surpassed $15 trillion, with a delinquency rate of 4.49%, indicating an underlying debt crisis among lower-income households [14]

现在再有人在你耳边吹人民币升值是天赐良机，是买买买的神助攻，那你可得多个心眼。 背后的故事不是利好，而是一记老到发腥的"黄鼠狼给鸡拜年"。 先看这波人民币的动态，截止今年12月15日，在岸人民币兑美元已经累计升值了3.44%，12月中旬更是一脚踩过了7.05关口，刷新逾一 年新高。 不少人在朋友圈刷着"这波赚了""出国便宜"，甚至有人蠢蠢欲动，准备把手头人民币全换成美元"套利"。 听着都眼熟吧，几年前也有那么一波"美元信仰者"，结果被汇率一个过山车送回解放前，终极结算一算，不仅没赚，连本金都缩水。 资产投资不能只看眼前的价格波动，得把整个战略局看懂，而这盘棋就是美国人精心布的。 这次是国际货币基金组织（IMF）发话了，堂而皇之地建议人民币"逐步升值"，每年最好涨个5%起步，还得带着物价一同往上拉。 表面看是为健康发展献计，实则挖好一口深井，把中国制造就往里推，这招不就是1985年针对日本那一套广场协议的翻版么？ IMF的一纸"建议"，把老美的算盘暴露得一清二楚：逼人民币升值、削弱中国出口优势、制造订单回流、瓦解中国的制造核心、把咱辛 苦赚的外汇储备捏在手里再猛贬一波…… 这不就是软刀子割肉、不战而屈人之兵？ ...

Domestic Economic Indicators - Industrial enterprise profits from January to November increased by 0.1% year-on-year, while profits in November alone fell by 13.1% due to weakening production and profit margins[1] - The average operating rate of blast furnaces in December recorded 78.88%, a decrease of 3.42 percentage points from the previous month[1] - Retail sales of passenger cars in December decreased by 19.5% year-on-year, with a month-on-month increase of 2.9%[1] International Economic Indicators - The U.S. GDP for Q3 2025 grew at an annualized rate of 4.3%, driven primarily by increased consumer spending, exports, and government expenditure[4] - Core PCE inflation in the U.S. rose to an annualized rate of 2.9%, indicating a marginal increase in inflationary pressures[4] - Gold prices reached a new high of $4549.95 per ounce, while silver prices hit a record high of $79.33, reflecting a strong performance in precious metals markets[1] Market Trends - The Baltic Dry Index (BDI) averaged 2339.2, showing a month-on-month increase of 6.2% and a year-on-year increase of 113.6%[1] - The average price of copper increased by 3.65% week-on-week, driven by a combination of weak dollar and improved global demand expectations[3] - The issuance of local government bonds is planned at 580 billion yuan for January 2026, with a total of 4.58 trillion yuan issued this year, exceeding the annual quota[3]

Core Viewpoint - The "15th Five-Year Plan" period is crucial for Changsha to achieve basic socialist modernization, emphasizing high-quality development and the integration of various strategic initiatives to enhance economic and social growth. Group 1: Achievements During the "14th Five-Year Plan" - Significant achievements were made during the "14th Five-Year Plan" period, including the elevation of Changsha to a megacity status and the establishment of the Chang-Zhu-Tan urban agglomeration as the first national-level urban agglomeration in Central China [2][3] - The city has accelerated the construction of a modern industrial system, improved advanced manufacturing quality, and enhanced innovation capabilities, ranking among the top in the nation [2][3] - Changsha has been recognized as one of the happiest cities in China for 18 consecutive years, reflecting the continuous improvement in residents' well-being [2] Group 2: Development Environment and Challenges - The "15th Five-Year Plan" period is characterized by both strategic opportunities and risks, with increasing uncertainties in the international and domestic landscape [4] - The city is positioned to strengthen its role as a core city in the province, with the upcoming 16th National Games providing a significant opportunity for long-term development [4] - Challenges include the need for faster development of emerging industries, strengthening technological innovation, and addressing resource constraints [4] Group 3: Guiding Principles and Goals - The guiding principles for the "15th Five-Year Plan" include upholding the leadership of the Communist Party, prioritizing people-centered development, and promoting high-quality growth [6][7][8] - The main goals include achieving better high-quality development outcomes, enhancing the construction of the "three high grounds," and promoting the integration of Chang-Zhu-Tan [11][12] Group 4: Economic and Industrial Development - The focus will be on building a modern industrial system centered on advanced manufacturing, with an emphasis on enhancing the value-added of manufacturing and fostering new industries [15][16] - The city aims to strengthen its competitive edge in key industries such as engineering machinery, automotive, and new materials, while also promoting the development of new energy vehicles [15][16] - Efforts will be made to upgrade traditional industries and enhance the quality of modern service industries, including logistics and creative services [17][30] Group 5: Technological Innovation and Talent Development - The plan emphasizes the establishment of a high-level innovation platform and the enhancement of independent innovation capabilities, aiming to build Changsha into a global research and development center [18][19] - There will be a focus on integrating education, technology, and talent development to foster a conducive environment for innovation [20] Group 6: Urban Development and Infrastructure - The strategy includes optimizing urban spatial layout and enhancing urban infrastructure to support comprehensive urban development [31][33] - The city will implement major infrastructure projects to improve connectivity and enhance the overall urban environment [33] Group 7: Rural Development and Agricultural Modernization - The plan prioritizes agricultural modernization and rural development, aiming to improve living conditions in rural areas and ensure food security [37][38] - Efforts will be made to promote sustainable agricultural practices and enhance the quality of rural life [37][38] Group 8: Cultural Development and Social Welfare - The cultural strategy focuses on promoting socialist core values and enhancing cultural heritage, aiming to create a vibrant cultural environment [40][41] - The plan aims to improve the quality of life for residents through better employment opportunities, education, and social services [44][45]