盘面上，机器人板块强势爆发，华伍股份、日发精机等多股涨停。消息面上，特朗普政府正在考虑明年 发布一项关于机器人技术的行政令，特斯拉擎天柱团队发布一段"擎天柱"人形机器人跑步的短视频。该 团队配文称：刚在实验室刷新了个人纪录。众擎机器人宣布，全尺寸极致高效能通用人形机器人众擎 T800正式发布，产品发售进程也随即正式启动。 商业航天板块反复活跃，中国卫星等多股涨停。山西证券表示，我国商业航天产业有望成为"十五五"规 划的重要方向，监管部门的设立、政策的完善将持续推动我国商业航天高质量发展，产业链有望全线受 益。 其他热点方面，半导体、芯片股冲高，华虹公司、中微公司、景嘉微等股领涨。国金证券表示，随着 AI大模型驱动存储技术向3D化演进，叠加长鑫、长存等国内存储大厂扩产项目落地，国产半导体设备 产业链有望迎来新一轮高速增长机遇。 其他热点方面，体育概念股局部异动，舒华体育午后涨停；福建板块反复活跃，圣元环保涨超10%。跌 幅方面，大消费、基础化工、煤炭开采等板块跌幅居前。 从个股看，两市上涨1455家，下跌3878家，123家涨幅持平。两市共40股涨停，共28股跌停。 截至收盘，沪指跌0.06%报3875.79点 ...

中国宏观经济展望 20251203 摘要 中国经济供需矛盾突出，供给强但内需相对较弱，政策调整将聚焦增加 优质消费供给、减少低效投资、促进消费惠民生及处理债务问题，对各 行业产生不同程度影响。 2026 年中国出口预计将保持增长势头，甚至可能高于 2025 年，新兴 市场出口占比增加，企业利润率受益于技术进步和成本下降而企稳回升。 内需疲软主因是房地产转型和债务负担，影响企业、政府及居民收入。 应收应付款等指标反映了这一现象，需关注相关风险。 "反内卷"政策是系统性工程，2026 年或在玻璃、化工、光伏、有色金 属和煤炭等行业加大力度，结构性机会将更多体现在特定行业中。 2026 年经济政策延续温和提速趋势，聚焦增加优质消费供给，减少低 效供给。游艇、私人飞机、汽车、体育、中高档医疗及入境消费等领域 值得关注，合计相当于 2024 年 GDP 的 3%，增长潜力大。 财政政策方面，预计总体财政赤字率上升，专项债使用方向调整以提高 效率。货币政策预计保持宽松，降息是大概率事件，降准空间充足。 投资方面，总量适度加码及结构调整并行，预计明年略好于今年。消费 方面，以旧换新、社保民生支出加码及优质消费供给增加等多维 ...

Group 1: Service Trade and Economic Indicators - The total service trade import and export amount from January to October 2025 reached 65,844.3 billion yuan, showing a year-on-year growth of 7.5% [2] - Service exports amounted to 29,090.3 billion yuan, increasing by 14.3%, while imports were 36,754 billion yuan, growing by 2.6% [2] - The service trade deficit was 7,663.7 billion yuan, a decrease of 2,693.9 billion yuan year-on-year [2] Group 2: Automotive Industry - In November 2025, the retail sales of new energy vehicles in the passenger car market reached 1.354 million units, a year-on-year increase of 7% [3] - Cumulative retail sales for the year reached 11.504 million units, reflecting a year-on-year growth of 20% [3] - Wholesale of new energy vehicles in November was 1.72 million units, up 20% year-on-year, with cumulative wholesale for the year at 13.777 million units, a 29% increase [3] Group 3: Cultural and Tourism Integration - The Ministry of Culture and Tourism and the Civil Aviation Administration of China issued an action plan for the integration of cultural tourism and civil aviation, aiming for significant improvements in tourism service levels by 2027 [3] - The plan includes expanding domestic tourism routes and encouraging the opening of new flights to popular tourist destinations [3] Group 4: Football Industry Regulations - The Chinese Football Association announced new policies regarding financial agreements and player contracts, stating that clubs signing "yin-yang contracts" will face penalties including relegation [4] - Clubs exceeding spending limits on player salaries and bonuses will incur point deductions, and involved players may face a 24-month suspension [4]

近期，动作频频的星辉互动娱乐股份有限公司（简称"星辉娱乐"，300043.SZ）引发市场关注。 根据星辉娱乐发布的公告，近期收到控股股东、实际控制人陈雁升先生及其一致行动人陈冬琼女士出具的《股份减持计划告知函》，计划公告之日起十五个 交易日后的三个月内通过集中竞价或大宗交易方式减持星辉娱乐股份合计不超过36,003,100股（占剔除公司回购专用证券账户股份后总股本的2.90%），原 因为"股东自身资金需求"。 星辉体育（香港）已收到VELOCITY支付的 6,500 万欧元现金，VELOCITY 已向星辉体育（香港）交付其14.72 股A类股份（估值为2500万欧元，占 VELOCITY总股本的6.33%），向星辉游戏（香港）交付其23.54股A类股份（估值为4000万欧元，占VELOCITY总股本的10.12%），上述 38.26 股A类股份 均已在英国公司注册处完成登记。 截至2025年9月30日，本次交易将增加星辉娱乐归母净利润约人民币4706.94万元(按9月30日汇率测算）。相比星辉娱乐此前披露的《关于出售皇家西班牙人 足球俱乐部股权的公告》(2025-030)中测算的归母净利润15,005.01万 ...

聚焦重点领域，构建多元化场景供给体系。以满足人民群众多元化需求为核心，在重点领域打造一批标 志性服务消费场景。在生活服务领域，推动家政服务、社区养老、托育服务等数字化升级，建设智慧社 区服务平台，构建"15分钟便民服务圈"。在文旅消费领域，加快文博场馆场景创新，鼓励开放馆藏资源 开发数字文创产品，推行"夜间开放""免预约参观"等服务模式，打造"非遗+研学"等融合场景，培育区 域文旅消费IP。在体育消费领域，支持地方举办大众体育赛事和精品职业联赛，建设智能化健身场馆和 户外健身步道，推广数字瑜伽、智能健身等新型健身场景。 一、新场景大规模应用是提振服务消费的战略支点 消费升级催生场景创新。随着城乡居民收入水平稳步提升，消费需求已从"有没有"转向"好不好"，个性 化、品质化、体验化成为服务消费的核心诉求。2025年1月—8月，文体休闲服务类、旅游咨询租赁服务 类、交通出行服务类零售额较快增长，印证了服务消费的强劲增长动力。"Z世代"追捧数字艺术展览、 潮玩聚集地，银发群体青睐适老化旅游、智慧康养服务，亲子家庭偏好沉浸式主题乐园，消费群体的需 求分化倒逼服务供给不断变革。新场景通过整合技术、文化、社交等多元要素，将 ...

Core Insights - The report highlights three core trends in the consumer services industry: "New Recovery, New Ecology, and New Supply" [6] - Structural factors are aiding certain sectors in stabilizing and improving operations, indicating a gradual recovery from the bottom [7] - The integration of online platforms with offline operations is reshaping the industry ecosystem, enhancing competition and operational efficiency [8] Industry Overview - The consumer services sector has seen a slight revenue increase of 2.57% year-on-year, totaling 183.23 billion yuan in the first three quarters of 2025, despite a 12.7% decline in net profit [20][22] - The sector's performance has been mixed, with tourism and education sectors showing significant growth, while the hotel and restaurant sectors faced slight declines [16][19] New Recovery - The hotel industry is experiencing a rebound due to increased tourism demand and a stabilization in average daily rates (ADR), with occupancy rates showing signs of improvement [31][57] - The Macau gaming market has shown strong recovery, with gross gaming revenue (GGR) reaching 24.086 billion MOP in October 2025, driven by non-gaming attractions [32][44] - The duty-free market is benefiting from policy optimizations, with sales in Hainan reaching 2.425 billion yuan in October 2025, reflecting a 34.86% year-on-year increase [32][38] New Ecology - Major players like Alibaba, Meituan, and JD.com are competing in the instant retail space, each leveraging their strengths to enhance online and offline integration [42] - The restaurant industry is witnessing a shift towards standardized and professional supply chains, with the chain restaurant rate increasing from 15% in 2020 to 23% in 2024 [46][48] New Supply - The tourism sector is transitioning from a "sightseeing + ticket" model to one focused on content innovation and immersive experiences, with companies like Sanxia Tourism and Haichang Ocean Park leading this change [50][53] - The sports industry is evolving to combine spectator and participatory sports, creating new social engagement opportunities through digital platforms [54] Investment Recommendations - Key recommendations include focusing on leading hotel chains like Jinjiang Hotels and ShouLai Hotels, and monitoring companies with strong supply chain advantages in the restaurant sector [6][8] - The report suggests that innovative companies in tourism, sports, and education sectors, particularly those utilizing AI and content innovation, are worth attention for potential growth [8][50]

Group 1 - The sports sector increased by 2.34% on December 1, with Lisheng Sports leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] - Lisheng Sports (002858) closed at 15.03, with a rise of 3.23%, and Zhongti Industry (600158) closed at 8.74, up 2.10% [1] Group 2 - The net inflow of main funds in the sports sector was 21.4 million yuan, while retail funds experienced a net outflow of 9.38 million yuan [1] - Lisheng Sports had a main fund net inflow of 13.52 million yuan, accounting for 10.82% of its total, while retail funds saw a net outflow of 13.88 million yuan [1] - Zhongti Industry had a main fund net inflow of 7.88 million yuan, with retail funds showing a net inflow of 4.49 million yuan [1]

格隆汇12月1日丨力盛体育(002858.SZ)公布，截至2025年11月30日，公司通过回购专用证券账户以集中 竞价交易方式回购公司股份1,811,500股，占公司总股本的1.1051%，最高成交价为16.4000元/股，最低 成交价为12.3000元/股，成交总金额为23,681,309.00元（不含交易费用）。本次回购符合相关法律法规 的要求，符合公司既定的回购方案。 ...

Core Points - Jilin Province has announced the "Ice and Snow Holiday" from December 3 to 7 this year, which will not overlap with winter and summer vacations [1] - During the holiday, 171 A-level tourist attractions and 39 qualified ski resorts and ice rinks will be open, offering free admission for students and discounts for parents [3][5] - The government encourages employees of various organizations to take paid leave to accompany their children for related activities [4] Group 1 - Jilin Province's "Ice and Snow Holiday" is aimed at promoting winter sports and tourism [1] - Students can enjoy free ice and snow activities for three hours, including equipment rental, at designated venues [5] - Parents accompanying students can receive a 30% discount on tickets, capped at 300 yuan [5] Group 2 - A total of 85 museums, 17 art galleries, 66 public libraries, and 79 cultural centers will be open for students and parents to explore various cultural experiences [6] - Other regions, such as Xinjiang, have also announced similar snow holidays, extending the break to potentially nine days [7]

《上海市服务贸易促进指导目录（2025年版）》近日发布。具体如下： 上海市服务贸易促进指导目录（2025年版） 一、运输服务贸易 促进目标：打造一批主营业务突出、经营模式先进、海外网络健全、国际竞争力较强的综合型国际货代 企业；培育一批以专业化为基础、通过创新运营和操作模式扩展服务项目的新型国际货代企业；推动一 批具有较强国际资源整合能力的国际货代领军企业发展成为高效能的国际供应链服务商。逐步形成结构 合理、业态多样、服务优质、竞争有序的国际货代市场。 培育重点： （一）国际货代及相关辅助业务收入占总营收比例不低于70%，在国内外设有一定规模的、独立操作功 能的物流服务网点（包括国内设立的分支机构、与境外国际货物运输代理企业签订的一年及以上代理协 议）； （二）拥有协议服务期在一年及以上的国内外知名制造业或贸易企业客户； （三）主要生产设施与设备具有一定先进性，拥有国际物流（国际货代及其辅助业务）管理信息系统， 能与主要客户实现电子数据交换、信息共享，并能实现对物流活动的实时跟踪、信息反馈。 二、旅游服务贸易 促进目标：建设结构合理、多种所有制经营协调发展、日益繁荣的旅游市场，形成一批实力雄厚、业务 广泛的重 ...