其中提到通过"以好充次""变相降价""采取折扣、补贴等优惠手段""非对等物资串换""以物抵债""多 发货少开票不开票"等方法手段，使得实际销售价格低于进货成本的行为存在重大法律风险。 记者｜葛慧 编辑 ｜瑜见 12月12日，国家市场监督管理总局就《汽车行业价格行为合规指南（征求意见稿）》公开征求意见。 ...

不是欧洲没上桌，而是它的那把椅子早就被人悄悄抽走。 未来世界将由中美俄说了算，听上去像是"口嗨"，可你真要拆解一下这盘棋，就发现欧洲掉队，的确是 板上钉钉。 布鲁塞尔和它的盟友们还在高谈"软实力"，可冷酷的现实是他们的硬通货，经济、能源与军事实力正在 断崖式滑落。 2025年12月初《美国国家安全战略》全文厚厚几十页，之前好歹还会在序言中象征性地喊欧洲一句"关 键伙伴"，现在干脆用"重要盟友"这种模糊词混过去。 欧洲军工行业象征性地保留在全球前十的只剩个把门面；欧盟经济总量下跌严重；绿能投资被美国吸走 不少；连重大科技企业都开始搬去得州和亚利桑那。 华盛顿亮明新牌桌，欧洲发现自己连邀请函都没收到。 第一，战略存在感：俄乌冲突让莫斯科保持了全球焦点地位；逼迫欧盟用真金白银支持乌克兰，但换来 的是内部债务爆炸。 欧洲崛起靠三样东西：廉价俄气、对华出口、大西洋庇护，如今这三条线全断了，而且是自己把剪刀递 上去的。 2022年北溪管道被炸是信号弹也是分水岭，德国化工行业成本飙涨，巴斯夫跑到广东湛江投资新园区， 大众、宝马高端电池打算搬去重庆合肥。 在军工上，欧洲就更干脆地"裸奔"了。俄罗斯高超音速导弹"先锋""匕首" ...

Core Insights - The article highlights the significant influence of Alibaba and Geely in nurturing talent within the internet and automotive industries, respectively, with many executives in these sectors having connections to these two companies [2][11]. Industry Overview - The internet industry in China is projected to reach a market size of 18.7 trillion yuan in 2024, growing by 9.3% year-on-year, while the automotive industry is expected to reach 15.3 trillion yuan, both outpacing GDP growth [2]. - Together, these industries account for 34 trillion yuan, representing 25.2% of the national GDP, with over 40 million employees combined [2]. Talent Development - Alibaba has produced numerous successful entrepreneurs, with over 100,000 former employees starting their own companies, contributing significantly to the internet sector [6][9]. - Notable alumni include founders of major companies such as Didi, Xiaopeng Motors, and Pinduoduo, showcasing the impact of Alibaba's corporate culture on entrepreneurship [8][9]. Geely's Role in Talent Supply - Geely is recognized as a talent hub for the automotive industry, with many new energy vehicle startups recruiting from its workforce [11][13]. - The company has established a comprehensive talent development system, including partnerships with educational institutions, resulting in a high employment rate for graduates [13][14]. Corporate Culture and Impact - Both Alibaba and Geely emphasize the importance of corporate culture in shaping their employees, with Alibaba's "Six Pulses of Sword" and Geely's integrated training models being key to their success [10][15]. - The article suggests that the entrepreneurial spirit fostered by these companies has led to a significant transformation in their respective industries, positioning them as leaders in talent cultivation [15].

新华财经北京12月5日电印度央行周五(5日)将政策利率下调25BPs至5.25%，与预测相符。这是印度央行今年第四次降息，继2月份开始的 三次降息后，印度央行2025年的累计降息幅度达到125BPs。 印度金融市场对如期降息迅速做出了反应。周五上午，在印度央行宣布降息之前，卢比兑美元开盘短暂走强，接近89.85卢比。在降息的 新闻出现后，卢比兑美元回落至90卢比以上。 债券市场方面，10年期印债收益率在消息发布前徘徊在6.5%附近，交易员们密切关注通胀预测和任何公开市场操作。降息宣布后，加上 1万亿卢比的公开市场买债消息，市场对印度政府债券普遍看涨，10年期印债收益率小幅回落至6.49%。分析师预计随着印度央行在12月 开始购买债券后，收益率将会进一步下降。目前2年期与10年期印债收益率利差为79.6BPs。 据标准普尔2025年8月14日的最新评级，印度的信用评级为BBB。5年期印度信用违约掉期的当前报价为87.67BPs。相应的，隐含违约概 率为1.46%。 印度股市认为这一决定是积极的，尤其是对利率敏感的行业。在货币政策委员会做出决定后，印度房地产、汽车和金融类股表现优异， Nifty Realty指数 ...

证券分析师： 黄宜忠 执业编号：S0370524080001 huangyizhong@jyzq.cn 相关报告： 资讯晨报 20251203 资讯晨报 20251202 资讯晨报 20251201 邮箱：zqyjsw@jyzq.cn 资讯晨报 ——金元证券研究 国际股市概况 国际新闻 昨日重点公司情况 研报推荐 ⚫ 【金元交运】低空经济行业周报（第四十八周） 2025 年 12 月 4 日 资讯晨报 | | | | | 主要市场股指表现 | | --- | --- | --- | --- | --- | | 4.00 | | 近一交易日% | 近20交易日% | | | 2.00 | （%） | | | | | 0.00 | | | | | | -2.00 | | | | | | -4.00 | | | | | | -6.00 | | | | | | -8.00 | | | | | 请务必仔细阅读本报告最后部分的免责声明 曙光在前 金元在先 -1- 每 日 资 讯 晨 报 指数 开盘价 收盘价 近一交易日% 近20交易日% 道琼斯工业 纳斯达克 标普500 富时100 日经225 上证指数 深证指数 科创5 ...

Market Overview - Hong Kong stocks opened higher but closed lower, with the Hang Seng Index rising 0.24% to 26,095.05 points and a total turnover of 178.25 billion HKD [1] - The Hang Seng Tech Index fell 0.37% to 5,624.04 points, while the Hang Seng China Enterprises Index increased by 0.11% to 9,182.65 points [1] Blue Chip Performance - Galaxy Entertainment (00027) led blue-chip stocks, rising 2.81% to 40.98 HKD, contributing 3.88 points to the Hang Seng Index [2] - Other notable blue-chip performers included Hengan International (01044) up 2.69% and Budweiser APAC (01876) up 2.35% [2] - WuXi AppTec (02359) fell 3.13%, negatively impacting the index by 2.2 points [2] Sector Highlights - Macau's November gaming revenue reached 21.09 billion MOP, a 14.4% year-on-year increase, exceeding market expectations [4] - The mobile phone supply chain remained active, with notable gains in companies like AAC Technologies (02018) and BYD Electronics (00285) [4][5] - The automotive sector showed mixed results, with BYD (01211) up 2.19% while Xpeng Motors (09868) fell 5.52% [5][6] Notable Stock Movements - Conant Optical (02276) surged 10.58% to 54.85 HKD following the launch of AI glasses in collaboration with Alibaba [8] - Giga Biotech (02367) rose 8.53% after announcing a share buyback plan [9] - GAC Group (02238) increased by 7.32% due to positive management announcements regarding new battery technology and partnerships [10] - Longpan Technology (02465) saw a 4.1% increase amid industry price adjustments in lithium iron phosphate [11] - 3SBio (01530) faced pressure, dropping 4.61% after announcing a share placement to raise capital [12]

截至发稿，赛力斯市值为2286亿元。 每经头条（nbdtoutiao）——5年期大面积下线，3年期利率低至1.5%仍一单难求：要么"售罄"要么"额度 紧张"！中长期大额存单为何在消失？ 每经AI快讯，赛力斯（SH 601127，收盘价：131.22元）12月1日晚间发布公告称，赛力斯集团股份有限 公司控股股东重庆小康控股有限公司及其一致行动人持有公司股份约4.67亿股，占公司总股本的 26.79%。本次股份质押及解除质押后，小康控股及其一致行动人持有公司股份累计质押数量8860万 股，占其持有公司股份总数的18.99%，占公司总股本的5.09%。 2024年1至12月份，赛力斯的营业收入构成为：汽车行业占比97.13%，其他业务占比2.87%。 （记者 曾健辉） ...

Core Insights - Bosnia and Herzegovina's total foreign trade increased by 5.6% in the first nine months of the year, reaching 35.6 billion marks [1] - Exports amounted to 12.94 billion marks (up 5.6%), while imports were 22.6 billion marks (up 4.11%), resulting in a trade deficit of 9.65 billion marks [1] - The metal industry accounted for 44% of exports, followed by the wood industry at 21%, with energy, electronics, and automotive sectors being key growth drivers [1] - Electricity imports surged by 184% year-on-year, totaling 313 million marks, highlighting structural weaknesses in the energy sector [1] - Despite over two-thirds of exports going to the EU, reliance on low-value-added products and the EU market poses significant structural challenges, necessitating the exploration of new markets such as the US and the Middle East, along with accelerating digital transformation in industries [1]

Group 1 - China's inbound tourist volume has surged over 100% year-on-year, with significant increases in spending from American tourists (up 50%) and French tourists (up 160%) [2] - Macquarie Asset Management has proposed to acquire Qube Holdings Ltd. at a valuation of AUD 11.6 billion (USD 7.5 billion), offering AUD 5.20 per share, which is a 28% premium over the last closing price [3] - The low-altitude economy market in China is expected to reach CNY 1.5 trillion by 2025 and potentially exceed CNY 2 trillion by 2030, indicating strong growth in the sector [4] Group 2 - The securities industry has seen a net outflow of over 6,800 professionals this year, although the number of investment advisors has significantly increased, with 84,800 advisors and 5,932 analysts reported as of November 23 [5][6] - BHP has announced it will no longer pursue a merger with Anglo American, despite believing in the strategic advantages of such a merger [7] - Tim Cook's potential resignation as CEO of Apple has been denied, with reports suggesting that succession planning efforts are not yet mature [8] Group 3 - Nvidia has become a focal point of market concerns regarding AI, with a recent article questioning the integrity of the AI industry's financing, leading to a decline in its stock price and broader tech market [9] - China's national railway has sent 3.378 billion tons of goods in the first ten months of the year, a 3% increase year-on-year, marking a historical high for the same period [10] - Marriage registrations in China increased by over 400,000 in the first three quarters of the year, with 29 provinces extending marriage leave [11] Group 4 - Over 1,200 5G factories have been established in China, with investments exceeding CNY 50 billion, leading to improvements in product quality and operational efficiency in manufacturing [12] - The semiconductor industry in China is undergoing a new wave of transformation driven by advancements in AI, intelligent connected vehicles, and quantum computing, necessitating a comprehensive innovation ecosystem [13] - Xiaomi's vice president has refuted rumors linking the company to a fatal accident, emphasizing the importance of verifying information [14]

证券研究报告 | 宏观研究 gszqdatemark 2025 11 23 年 月 日 近半月，仍多聚焦"十五五"科技、重大项目、财政政策发力等，我们对 每半月重大政策进行跟踪：1）中央、部委重要会议与政策；2）地方政策； 3）行业与产业政策。本期为近半月（11.10-11.23）政策跟踪。 核心结论：总体看，近半月政策仍聚焦谋划"十五五"良好开局，具体有 6 大焦点：一是 11.16 总书记《求是》发表重要文章《因地制宜发展新质生产 力》，呼应"十五五"规划建议稿，要求"各地要坚持从实际出发，有选择 地推动新产业、新模式、新动能发展"；二是 11.22 总理出席 G20 峰会，就 "包容和可持续经济增长"议题发表讲话，聚焦协同应对世界经济增长乏 力、分歧矛盾等焦点问题，呼吁"坚定维护自由贸易，建设开放型世界经济； 坚持求同存异，通过平等协商妥处纷争摩擦"；三是 11.14 国常会部署深入 实施"两重"建设工作，要求把"两重"建设放在"十五五"全局中谋划和 推进，突出"战略性、前瞻性、全局性"，关注 2026 年全国两会后发布"十 五五"规划纲要全文，应会明确新一批重大项目"清单"；四是 11.14 财政 部 ...