Core Viewpoint - The ability to globalize may become a significant dividing line for the development of e-commerce platforms in the medium to long term, as major overseas platforms demonstrate resilience and risk management capabilities through various operational strategies [1][2] Group 1: Resilience of Overseas E-commerce Platforms - Despite external disturbances, overseas e-commerce platforms have maintained resilience, with a projected GMV growth of 12% for overseas e-commerce in 2025, and a 25% growth for the four major Chinese overseas e-commerce platforms [1] - The adjustment of tariffs and small package tax exemption policies has become a major issue affecting overseas e-commerce, with increasing global regulatory scrutiny [1] Group 2: Localization and Diversification Strategies - Major overseas platforms are taking steps to diversify operational regions, increase overseas warehouse fulfillment methods, improve operational strategies, and promote semi-managed models, showcasing stronger operational resilience and risk management capabilities [2] - Enhanced localization and diversified layouts are expected to mitigate the impact of extreme situations on platform operations, leading to stable revenue and profit growth [2] Group 3: Revenue and Profit Outlook for 2026 - In 2026, major overseas e-commerce platforms may face revenue pressure due to adjustments in European small package policies and significant exposure in European operations, but profitability remains likely due to improvements in customer order value and repurchase frequency, as well as scale expansion driving efficiency [3]

建银国际认为，2025年底前逢低吸纳，为明年初的春季行情做好准备，并于2026年初逐步加强进攻，可 基础配置高息股，重点关注新质生产力和结构改革主题，精选科技、高端制造、氢能核能等新能源和内 需股(消费及服务业等)。 相关热门ETF： 12月22日早盘，恒生指数高开0.41%，恒生科技指数涨0.61%。盘面上，锂矿股走强，科网股走势分 化，美团涨1.46%。港股消费板块早盘高开后略有震荡，港股消费ETF(513230)现小幅微涨，其持仓股 中，蜜雪集团、布鲁可、珍酒李渡领涨超4%，老铺黄金、泡泡玛特、思摩尔国际、卫龙美味、古茗等 均涨超3%，港股消费板块整体情绪较强。 招商证券表示，港股近期走弱缘于南向资金由于公募基准新规而回流A股和抱团的挤出效应，IPO融资 潮的担忧，解禁高峰的到来，盈利下修与海外流动性扰动。展望后市，随着南向资金回流和抱团行为减 弱，IPO供给压力和解禁金额阶段性缓解，盈利修复，海外流动性释放，港股有望迎来跨年行情。 假期催化+冰雪经济：旅游ETF(562510) 提振内需+低估赛道：食品饮料ETF(515170) 电商龙头+新消费：港股消费ETF(513230) ...

Core Viewpoint - The article emphasizes the need for the government to play a guiding role in enhancing the leadership of "chain master" enterprises, improving the resilience and safety of industrial supply chains, and promoting industrial upgrades through collaboration with universities and research institutions [1][6]. Group 1: Current Issues in China's Industrial Chain - China's industrial chain, while complete, faces significant issues of being "large but not strong" and "broad but not deep," with high dependence on foreign core technologies and key components [2]. - The self-sufficiency rate of critical technologies is low, and many strategic industries still rely on imports for essential materials and equipment, weakening the control of "chain master" enterprises over the supply chain [2]. - The collaboration depth among upstream and downstream enterprises is insufficient, with "chain master" enterprises often unable to receive high-end support from small and medium-sized enterprises (SMEs) due to their low value-added roles [2]. - The relationship between "chain leader" (government) and "chain master" (enterprise) is not fully clarified, leading to inefficiencies in policy execution and a lack of effective communication between the government and enterprises [2]. Group 2: Financial Support Challenges - Financial support for "chain master" enterprises and SMEs is currently inadequate, with a heavy reliance on bank loans and low utilization of direct financing methods, resulting in high financing costs [3]. - SMEs face persistent financing difficulties due to a lack of collateral and low credit ratings, limiting their ability to innovate and expand [3]. - The development of supply chain finance is lagging, failing to effectively connect "chain master" enterprises with SMEs, which reduces the efficiency of capital flow within the industrial chain [3]. Group 3: International Experience and Recommendations - The U.S. government supports "invisible champion" enterprises through funding initiatives like the Small Business Innovation Research (SBIR) program, encouraging technological breakthroughs in niche areas [4]. - "Chain master" enterprises in the U.S. integrate SMEs into their ecosystems, enhancing their control over critical supply chain segments [4]. - Recommendations for strengthening China's "chain master" enterprises include establishing collaboration platforms between enterprises and research institutions, creating a cross-regional coordination mechanism, and promoting supply chain finance services [6][7]. - Encouraging "chain master" enterprises to globally allocate resources can lower costs and enhance efficiency, supported by government policies such as tax incentives and financial subsidies for overseas investments [7].

Group 1 - The market is entering a critical window for cross-year layout, with expectations for A-shares to resonate upward with global markets by 2026, focusing on "technology + overseas expansion" as a continuing theme [1][2] - Current market conditions are characterized by narrow fluctuations, influenced by external factors such as concerns over the AI bubble in the US and interest rate hikes by the Bank of Japan [2][3] - Investor sentiment has recently dropped below 70, indicating a pessimistic outlook that may lead to a slight recovery in sentiment and upward market fluctuations [2] Group 2 - Industry allocation strategies include focusing on high dividend stocks, cyclical sectors, and thematic hotspots such as Hainan's duty-free shopping and nuclear power [2][4] - The anticipated "cross-year-spring" market rally is supported by early policy implementation and increased institutional investment in broad-based ETFs [4][5] - The potential for a structural outperformance in sectors like brokerage and technology is expected, driven by upcoming monetary policy changes and market liquidity improvements [7][8] Group 3 - The ongoing appreciation of the RMB is expected to influence asset allocation, with approximately 19% of industries likely to see profit margin improvements due to currency appreciation [3] - Key sectors benefiting from policy support include AI, aerospace, and innovative pharmaceuticals, while cyclical sectors like chemicals and energy metals may also see positive impacts [6][9] - The market is expected to experience a "spring rally" driven by favorable valuation levels, liquidity conditions, and catalysts that enhance risk appetite [6][12] Group 4 - The outlook for 2026 suggests a shift from a single narrative to a broader focus on physical demand and domestic policy benefits, with sectors like AI and consumer services poised for recovery [10][13] - Non-bank financials are highlighted as having significant earnings elasticity, while sectors like electric equipment and machinery are expected to benefit from AI investments and export demand [13][14] - The market is currently in a phase of adjustment before the anticipated cross-year rally, with a focus on structural opportunities aligned with policy directions and industry trends [11][14]

织里童装是我市特色优势产业，这两年积极布局海外市场。湖州南童魔服饰有限公司于2022年开始尝试 出口业务，企业负责人颜烈荣表示，通过AI工具实现款式迭代后，效率能提升40%，而且海外订单响应 速度显著加快，今年1至10月，企业出口同比增长30%以上。 湖州作为长三角重要的产业带城市，拥有纺织、家居、机电等特色产业集群，但在品牌建设、数字化运 营、全球合规等方面仍面临挑战。颐高集团作为数字园区与产业运营的中介平台，去年在长兴设立了电 商孵化园，实现营收3.62亿元，目前已有40多家电商企业入驻。"目前，我们在中东的迪拜、东南亚的 越南等国家和地区建立了海外选品中心，目的是把湖州当地特色产业，比如汽车零配件、童装、电竞椅 等产品推广出去。接下来，我们计划在长兴跨境园区的基础上，全市再覆盖50至100家工贸一体的企 业。"企业总裁助理洪雯向记者介绍道。 会上，AI技术如何重塑出海生态成为热议焦点。业内专家围绕"AI驱动的选品创新""智能翻译与跨文化 营销"等主题分享实战经验，亚马逊等平台解析了AI在新兴市场爆品打造中的应用案例，为我市外贸企 业加速出海增添了信心。 "通过这个培训让我们少走很多弯路，我们想把产品和技 ...

1、美股三大指数集体收涨，道指收涨0.38%，标普500指数涨0.88%，纳斯达克 综合指数涨1.31%，芯片 股大涨，英伟达涨近4%，博通涨3%，英特尔涨1.4%，美光科技涨近7%。纳斯达克中国金龙指数涨 0.86%，阿里巴巴涨1.68%，拼多多涨3.5%。 2、美联储哈玛克表示更担心居高不下的通胀，倾向于将利 率维持稳定至春季；CME"美联储观察"显示，美联储明年1月维持利率不变的概率为79%。 3、美国据 悉将扣押第三艘委内瑞拉油轮，特朗普政府正加强对委内瑞拉马杜罗政权的 石油封锁，相关行动可能 导致委内瑞拉石油生产面临停摆风险。 4、通用 人工智能公司MiniMax通过港交所聆讯；壁仞科技香港 IPO拟发行逾2.47亿股，最高定价19.6港元，预期明年1月2日开始交易。 5、以色列官员计划向特朗普通 报可能对伊朗发动新一轮打击的计划，以色列总理内塔尼亚胡预计将于本月晚些时候与特朗普在佛罗里 达州海湖庄园会晤。 6、日本自民党安全保障调查会长小野寺五典提出，有必要就"无核三原则"的定位 展开讨论，自民党计划于明年2月向内阁提交相关动议推动国会讨论。 7、乌克兰总统泽连斯基称美国 提议与乌克兰、俄罗斯代表 ...

Group 1 - The Federal Reserve's Vice Chair indicated that the low CPI data is due to technical factors and there is no urgency to adjust monetary policy [3][10] - The U.S. stock market saw all three major indices rise, with the Dow Jones up 0.38%, S&P 500 up 0.88%, and Nasdaq up 1.31% [4] - Chip stocks experienced significant gains, with Nvidia rising nearly 4% and Micron Technology up nearly 7% [4] Group 2 - WTI crude oil rose by 1.12% to $56.48 per barrel, while Brent crude increased by 1.27% to $60.65 per barrel [4][7] - The Hang Seng Index closed up 0.75%, with a trading volume of HKD 221.86 billion [5] - A-share indices showed slight gains, with the Shanghai Composite Index up 0.36% and the Shenzhen Component Index up 0.66% [6] Group 3 - The Japanese central bank raised interest rates by 25 basis points to a 30-year high of 0.75% [11] - The U.S. intercepted a third oil tanker near Venezuela, which may disrupt the market [13] - The Chinese government is taking steps to regulate false information related to the capital market [13][16]

（来源：中国妇女报） 转自：中国妇女报 □ 中国妇女报全媒体记者 姚改改 □ 俞晓帆 冬日的晨光，挣脱了群山的怀抱，将一片温存的金纱洒向蜿蜒的溪水、静谧的竹林和生机勃勃的乡村。 万物在这份暖煦中苏醒，积蓄着内在的生机。 在杭州市临安区太湖源镇的青山绿水间，一针一线、一器一物，正悄然织就一幅女性创业创新的生动画 卷。踏实、勤勉的她们，在乡土中扎根，在传统中创新，在互助中成长。 一枚绣针，带活一群人 走进青云村的"守艺工坊"，丝线在指尖缠绕，刻刀在木面游走。全国三八红旗手罗云妍是工坊的发起人 之一。2017年，因想念家乡的青山绿水，她选择返乡创业，开民宿、做女红。因绣品大受欢迎，来年， 她组织起村里会刺绣的妇女，开始零散接活，后来又成立"源头绣娘"队伍，将指尖技艺逐步推向市 场。"让更多人感受到传统手艺的魅力，我觉得是一件非常有意义的事情。" 真正让这个工坊走向稳健的，还有"背后力量"的加持。临安区妇联与太湖源镇联动，成立"天目女儿"共 富联盟，主动对接工坊需求，帮助解决培训、订单等实际问题。公益课堂一期期开办，周边闲散妇女被 动员起来，从学习刺绣、布艺到缠花、皮具，技能在指尖传递，信心在群体中生长。 如今，工坊 ...

Group 1 - Pinduoduo announced an organizational restructuring during its annual shareholder meeting on December 19, implementing a co-chairman system with Zhao Jiazhen and Chen Lei serving as co-chairmen and co-CEOs [1][8] - The management expressed optimism about Temu's future, stating that it has the potential to recreate Pinduoduo's success over the next three years, having already achieved significant market scale globally in just three years [1][8] - The company will focus on leveraging the Chinese supply chain as a core element of its business strategy moving forward, aiming for high-quality development and brand enhancement [1][8] Group 2 - Ant Group rebranded its AI health application AQ to "Ant Aifu" on December 15, launching a new version of the app that enhances features such as health companionship, health Q&A, and health services [2][10] - "Ant Aifu" has surpassed 15 million monthly active users, making it the largest AI health management app and ranking among the top five AI applications, with over 5 million health inquiries answered daily [2][10] - The app's monthly active user growth rate reached 83.4%, significantly outpacing industry growth, indicating strong market demand [2][10] Group 3 - The Hang Seng Index fell by 1.10% this week, while the Hang Seng Technology Index decreased by 2.82% and the Hang Seng China Enterprises Index dropped by 1.96% [12][17] - Among the 12 Hang Seng industry indices, the non-essential consumer sector saw the largest decline at -2.98%, while the essential consumer sector was the only one to gain, increasing by 1.59% [13][17] - In the US market, the Dow Jones Industrial Average decreased by 0.67%, while the S&P 500 rose by 0.10% and the Nasdaq Composite increased by 0.48% [20][22]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights ongoing trends in the AI industry, with companies like MiniMax and Zhiyu AI passing hearings, indicating a strong interest in AI investments [2] - The education sector is experiencing slight pressure, with increased competition among small and medium institutions, while leading companies like Alpha are stabilizing [4] - The coffee and tea beverage industry maintains high enthusiasm, with brands actively opening new stores despite seasonal fluctuations [4] - E-commerce is under pressure due to the domestic consumption environment, with online retail sales for physical goods reaching 11.82 trillion yuan, a 5.7% increase year-on-year [4] - Music streaming platforms are seen as quality internet assets driven by domestic demand, suggesting continued investment interest [4] - The automotive service sector is witnessing a decline in sales for traditional luxury brands, while domestic luxury and new force brands are experiencing growth [4] - The internet medical sector is expanding, with companies like JD Health and Ant Group's AI health application gaining traction [4] - Concerns remain regarding the sustainability of capital expenditure and returns in the AI industry, but there is optimism about the long-term trends [4] Summary by Sections 1.1 Consumer & Internet - The non-essential consumption index fell by 2.98%, with notable stock performances from companies like HuShang Auntie (+4.27%) and Luckin Coffee (-3.62%) [9] - E-commerce index decreased by 2.86%, with Pinduoduo's stock rising by 24.51% while Alibaba's stock fell by 5.71% [13] 1.2 Platform & Technology - The media index dropped by 2.23%, with Netflix and Tencent Music experiencing slight declines [19] - The virtual asset market saw a decrease in total cryptocurrency market value to $296.84 billion, with Bitcoin and Ethereum prices falling by 2.4% and 3.5% respectively [25] - The automotive service sector's index fell by 1.21%, with significant declines in stocks like Advance Auto Parts (-12.87%) [34] 1.3 Media - The media index decreased by 0.1763%, with Perfect World (+10.68%) and Giant Network (+8.97%) showing positive performance [50] - The report emphasizes the importance of new game releases and innovations in the gaming sector, with a projected revenue of 350.79 billion yuan for the domestic gaming market by 2025 [4]