Group 1 - Ed Yardeni is optimistic about the market, predicting the S&P 500 will reach 7,700 by 2026 and 10,000 by 2029, with gold potentially hitting $10,000 per ounce by the end of the decade [1][2] - The S&P 500's path to 10,000 is based on projected earnings growth, with expected earnings per share rising from approximately $270 this year to around $500 by 2030, applying a price-to-earnings ratio of about 20 [2][10] - Yardeni emphasizes the resilience of the economy and productivity improvements driven by the digital revolution and AI, which he believes will support higher profitability [3][4] Group 2 - Yardeni advises against over-allocating to technology stocks, suggesting a balanced approach with diversification into sectors like healthcare, industrials, and financials [6][10] - He has shifted his stance on gold, now viewing it as a strategic diversification tool due to increased central bank purchases and demand from key regions like China and India [7][8] - The relationship between gold and the S&P 500 is noted, with both potentially trending upward simultaneously, reflecting a strategic hedge in a politically and economically uncertain environment [9][10] Group 3 - Key variables that could support Yardeni's bullish outlook include avoiding recession, measurable productivity gains from AI, and managing market concentration risks through sector rotation [10][11][12] - The overall narrative suggests that while the path to 10,000 points for the S&P 500 may involve volatility and cyclical shifts, sustained earnings growth and reasonable valuation multiples are crucial [13]

文 |求知 编辑|求知 12月18日，海南自贸港正式启动全岛封关，标志着我国迈入更高水平对外开放的新阶段。 零关税、加工增值超30%可免税进入内地市场的政策。 一夜之间，吸引了大量东南亚货物涌入，12家跨国企业火速落地设立基地，首日资金流入就超过了500 亿人民币。 海南崛起，新加坡失速：一场"港口革命"正在上演 这一场封关风暴，不仅宣告了我国推动高水平开放的决心，更是对区域产业链重塑的一次深度再洗牌。 这场看似属于中国的自贸港实验，却在第一时间让新加坡受到了最大的影响。 对于全球物流网络来说，新加坡曾是毋庸置疑的海上神经中枢。 但海南这一新通路一开，新加坡的转口优势便开始动摇，甚至正面遭遇替代效应。 数据最有说服力。2025年前10个月，印尼通过新加坡的转口贸易量骤降23%，泰国的散货中转量半年内 锐减32%，新加坡港口的集装箱吞吐量同比下滑了4.2%。 而反观我国的洋浦港，增速高达38%。 这是产业链的主动转向，当货物可以更快进入海南加工、再以优惠政策输往内地市场，新加坡的中转站 角色就不再不可替代。 海南封关后，货物不用再绕道新加坡，直接进岛加工，增值30%以上就能免税进入14亿人的庞大内需市 场。 这 ...

Market Overview - The domestic market experienced a rise in both volume and price, with the Shanghai Composite Index closing at 3959.62 points, up 0.47%, and the Shenzhen Component Index closing at 13531.41 points, up 0.33% [4][8] - A total of 26 out of 30 sectors in the CITIC first-level industry index saw gains, with notable increases in defense, comprehensive finance, and machinery, while non-ferrous metals, consumer services, and coal experienced declines [4][8] - The total trading volume for the entire A-share market was 19439 billion, showing a slight decrease compared to the previous day [4][8] Key Drivers - The Central Political Bureau of the Communist Party held a meeting to discuss the construction of party conduct and anti-corruption work for 2026, emphasizing the importance of institutional oversight and accountability [9][10] - On the same day, 3773 stocks rose, 1473 fell, and 208 remained unchanged, indicating a strong market sentiment with 283 stocks rising over 5% and 96 hitting the daily limit up [9] - The offshore RMB exchange rate broke the 7.0 mark, which is expected to boost market enthusiasm for buying [9]

Group 1 - JD Logistics has launched its first overseas automated warehouse in the UK, covering over 3,000 square meters and deploying nearly 200 robots, achieving a fourfold increase in picking and shipping efficiency [1] - Counterpoint Research forecasts global generative AI consumer spending to grow from $225 billion in 2023 to $699 billion by 2030, with a compound annual growth rate (CAGR) of 21%, particularly in AI dialogue platforms [2] - The Jiangsu Province held a meeting to promote the embodied intelligent robotics industry, emphasizing a long-term and systematic approach to develop the industry, including establishing industry alliances and public platforms [15] Group 2 - The new CEO of Oriental Selection, Sun Jin, has been appointed, which may pave the way for the company's expansion into the cultural tourism sector [17] - The National Grid is expected to exceed 650 billion yuan in fixed asset investment in 2025, marking a historical high, with a total investment of over 2.85 trillion yuan planned during the 14th Five-Year Plan [20] - The rental price for some robots has halved, with basic models now available for as low as 200 yuan per day, reflecting significant changes in the rental market due to supply and demand dynamics [21]

每一张"李白"背后都站着一颗"春笋"——在《王者荣耀》深圳城市派对现场，全球最大"李白"气模是最热打卡点。按下快门的瞬 间，身后层层叠叠的摩天楼宇也总能入镜。 都市CBD往往有明显的"钟摆效应"，工作日熙攘繁忙，节假日则安静悄然。深圳后海却有些不同：一面是联想、阿里、小米、 字节等各色Logo填满天际线，另一面，李白、朵莉亚、蔡文姬、小乔等虚拟英雄跃出屏幕，筑成一座跨次元王者"痛城"。 连日来，深圳南山区牵手《王者荣耀》，展开为期17天的超级IP嘉年华。活动首个周末，12月20日后海3.5平方公里累计人流超 58万，创下历史新高，21日累计人流超53万。 社媒平台上，网友晒出各类合影：有与"李白"巨型气模，有与"妲己"真人coser，最魔幻的当属与"孙尚香"人形机器人。 在深圳，工位与"峡谷"或许只间隔200米，游戏IP不再是孤立的线上娱乐或线下文旅项目，而成为串联科技、制造、消费的纽 带，并悄然唤起年轻人与这座城市的情感共振。 (全球最大"李白"气模)左手硬科技，右手"痛"文化 21世纪经济报道记者陈思琦深圳报道 作为承载一代人青春记忆的国民游戏，《王者荣耀》今年迎来十周年庆。 官方数据显示，2025年王者 ...

Report Summary 1. Report Industry Investment Rating - Not mentioned in the report. 2. Core Viewpoints - The upstream prices are showing a differentiated trend, with nickel prices rising, egg prices falling, and oil and liquefied natural gas prices dropping. The mid - stream has a low - season for chemical product production, increased coal consumption in power plants, and low asphalt construction rates. The downstream real - estate market is warming up, while domestic flight frequencies are decreasing [1][2][3]. 3. Summary by Related Catalogs Upstream - **Non - ferrous Metals**: Nickel prices have rebounded significantly, with the price on December 25th at 127,383.3 yuan/ton, a year - on - year increase of 5.79% [2][37]. - **Agriculture**: Egg prices declined on the previous day, with the spot price on December 25th at 6.3 yuan/kg, a year - on - year decrease of 5.02% [2][37]. - **Energy**: Crude oil prices have corrected, and liquefied natural gas prices have continued to decline. The spot price of WTI crude oil on December 25th was 58.4 dollars/barrel, a year - on - year increase of 4.55%, and the spot price of liquefied natural gas was 3,356 yuan/ton, a year - on - year increase of 7.34% [2][37]. Mid - stream - **Chemical Industry**: It is the off - season for chemical product production [3]. - **Energy**: Coal consumption in power plants has increased [3]. - **Infrastructure**: Asphalt construction rates are at a low level [3]. Downstream - **Real Estate**: The sales of commercial housing in first, second, and third - tier cities have continued to pick up [3]. - **Services**: The number of domestic flights has decreased [3]. Industry Events - **Production Industry**: On the afternoon of December 25th, four leading silicon wafer companies jointly raised their prices significantly, with an average increase of 12%. The average price increase of various silicon wafer models this week is between 3.3% - 9.8%, mainly due to the large increase in upstream silicon material prices. The National Tobacco Monopoly Administration is soliciting opinions on promoting the supply - demand balance of the e - cigarette market [1]. - **Service Industry**: The People's Bank of China and seven other departments have issued a document to support the construction of the New Western Land - Sea Corridor, including exploring digital financial international cooperation and promoting cross - border payments using central bank digital currencies [1].

12月26日，厦门国贸涨5.67%，截至发稿，报8.38元/股，成交17.31亿元，换手率10.39%，总市值179.13 亿元。厦门国贸股价已经连续5天上涨，区间累计涨幅27.7%。 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%。 从基金十大重仓股角度 数据显示，易方达基金旗下1只基金重仓厦门国贸。易方达国证自由现金流ETF（159222）三季度减持 52.49万股，持有股数171.62万股，占基金净值比例为2.8%，位居第十大重仓股。根据测算，今日浮盈 赚取约77.23万元。连续5天上涨期间浮盈赚取295.19万元。 易方达国证自由现金流ETF（159222）成立日期2025年4月9日，最新规模3.79亿。成立以来收益 27.31%。 易方达国证自由现金流ETF（159222）基金经理为张泽峰。 从厦门国贸十大流通股东角度 数据显示，易方达基金旗下1只基金位居厦 ...

Core Viewpoint - The article emphasizes the importance of understanding various consumer complaint channels beyond the official 12315 hotline, highlighting a multi-layered and diversified system for consumer rights protection. Group 1: Industry-Specific Complaint Channels - The postal and express delivery industry has a dedicated complaint channel, 12305, for issues like delays, losses, or service quality, which requires consumers to first contact the delivery company and escalate to 12305 if unsatisfied within 7 days [1][9]. - The telecommunications and internet services sector utilizes 12300 for complaints regarding mobile plans, overcharging, and service issues, allowing escalation if no response is received within 15 days [1][11]. - The transportation service sector is covered by 12328, which addresses issues like ride-sharing disputes and taxi service complaints, forwarding issues to local transportation management for resolution [2][16]. Group 2: Social Organization Mediation Channels - Consumer associations at various levels not only accept complaints but also engage in comparative testing and public interest litigation to protect consumer rights, with online complaint platforms available for submissions [3][12]. - Industry-specific mediation organizations exist for sectors like home decoration and automotive services, providing specialized and feasible mediation solutions, although their outcomes are not legally binding [3][12]. Group 3: Media and Internet Public Welfare Platforms - Black Cat Complaints, a public welfare platform under Sina, offers multiple access points for consumers to submit complaints, utilizing a smart ticketing system for direct communication with companies and providing real-time tracking of complaint progress [4][13]. - The platform promotes transparency by displaying complaint content after anonymization and has features for collective complaints, enhancing issue visibility and resolution efficiency [4][13]. - The recent introduction of the AI legal assistant on the platform provides 24/7 free legal consultation, significantly lowering the barriers for consumers without legal backgrounds [5][14]. Group 4: Internal Complaint Channels - Many companies have their own customer service channels, such as hotlines and online support, which can provide quick responses and direct communication, suggesting consumers attempt internal resolution before escalating externally [6][15]. Group 5: Choosing the Right Complaint Channel - For issues requiring administrative enforcement, such as food safety and fraud, the 12315 platform is recommended [7][17]. - Specific service quality issues in sectors like delivery, telecommunications, and transportation should be directed to their respective regulatory channels [7][17]. - For financial service disputes, the 12378 hotline is designated for complaints related to banking and insurance [7][16]. - For rapid responses and public support, platforms like Black Cat Complaints are suggested, while complex disputes may benefit from mediation through consumer associations or industry organizations [7][17].

"十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期，在基本实现社会主义现 代化进程中具有承前启后的重要地位，对谱写好"强富美高"新南京现代化建设新篇章具有重大意义。中 国共产党南京市第十五届委员会第十二次全体会议，深入学习贯彻党的二十大和二十届历次全会以及习 近平总书记对江苏工作重要讲话精神，认真落实省委十四届十次全会部署，就制定我市国民经济和社会 发展"十五五"规划提出以下建议。 一、准确把握"十五五"时期在推进中国式现代化南京新实践中的重要地位和经济社会发展总体要 求、主要目标 1."十四五"时期南京经济社会发展取得新的成就。"十四五"时期，面对错综复杂的外部形势和艰巨 繁重的改革发展稳定任务，全市上下坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻党中 央决策部署和习近平总书记对江苏工作重要讲话精神，认真落实省委省政府部署安排，团结奋进、砥砺 前行，经受住世纪疫情严重冲击，坚决扛好经济大省挑大梁的省会担当，总量保持全国内地城市十 强，"强富美高"新南京现代化建设迈上新台阶。经济实力稳步提升，全市地区生产总值超过1.9万亿 元，人均GDP居全国城市前列，软件和信息服务产业产值预计突破 ...

Group 1 - The global financial crisis is severe, with the US debt nearing $40 trillion, reflecting the fragility of the global economy [1] - Japan's total debt has reached $9 trillion, with a debt-to-GDP ratio of 235%, indicating a precarious fiscal situation [1] - Financial expert Rogers warns that 2026 could mark the beginning of the largest financial crisis in history, with Japan being the most affected [1] Group 2 - The economic crisis that began in late 2019 exposed high national debts and accelerated the fiscal crisis, leading to tightening policies by central banks [3] - Japan, under Prime Minister Kishida, has adopted aggressive fiscal policies, including a "responsible active property" plan, which may worsen its economic condition [3] - Kishida's extreme fiscal populism and provocative statements regarding Taiwan have deteriorated Japan-China relations, raising concerns about Japan's economic stability [3][5] Group 3 - Japan's GDP growth has sharply declined, showing a 0.4% negative growth in the post-pandemic quarter, indicating economic downturn [5] - Industries heavily reliant on the Chinese market, such as tourism and medical aesthetics, are facing significant challenges, leading to production cuts and rising unemployment [5] - There is growing domestic concern regarding Kishida's government, with calls for a policy shift to avert inevitable economic decline [5][8] Group 4 - Kishida's approach of external provocation to distract from domestic issues is seen as ineffective, as China has emerged as a global economic power [7] - The strategic imbalance caused by policy missteps under Kishida's "Abenomics" misleads the public and misjudges future economic prospects [8] - The looming global financial crisis, originating from the US, is closely tied to Japan's fate, necessitating careful consideration of future developments [8]