Group 1 - Consumption has become a crucial engine for economic growth in China, with holidays serving as key windows for concentrated consumer demand release [1] - The recent notice from the Central Committee and State Council emphasizes expanding the supply of quality goods and services, innovating diverse consumption scenarios, and stimulating holiday consumption potential [1] - The deployment accurately addresses the current supply-demand relationship in the consumer market, providing short-term consumption boosts and long-term growth direction through supply-side quality enhancement and scenario innovation [1] Group 2 - The Chinese consumer market is characterized by simultaneous total expansion and structural upgrading, with rising income levels leading to a shift from basic needs to quality and experiential consumption [2] - The emphasis on expanding the supply of quality goods and services aligns with the trend of consumption upgrading, aiming to effectively connect supply capabilities with consumer demand [2] - Innovation in consumption scenarios is identified as a key driver to break traditional consumption models and release incremental demand, with recent examples illustrating the shift from single shopping to multi-experience consumption [2] Group 3 - The policy deployment of expanding quality goods and services and innovating diverse consumption scenarios is a pragmatic response to structural challenges in the current consumer market and a strategic approach to long-term domestic demand expansion [2] - To facilitate the transformation from short-term stimulation to long-term growth, three focus areas are suggested: increasing R&D investment by enterprises, improving consumer income expectations and social security systems, and promoting successful scenario innovation experiences into regular consumption practices [2] - Holiday consumption serves as an important window to observe economic vitality and a valuable opportunity to cultivate new growth momentum, requiring both short-term demand stimulation and long-term policy guidance for industry upgrades [3]

哈喽大家好，今天老张带大家聊聊谁能想到，2025年美国的圣诞季能这么割裂？ 一边是富人挥金如土的狂欢派对，一边是穷人排队领救济的生存现场，这剧情比短视频里的狗血剧还魔 幻，主打一个"同一圣诞夜，两个美国天"！ 先看那波"不差钱"的操作，简直闪瞎眼。美国零售联合会（NRF）预测今年11-12月假日零售销售额同 比增长3.7%-4.2%。 "黑色星期五"线上消费同比上涨10.4%，不含汽车的零售销售额涨4.1%，多项数据表现亮眼但未破纪 录。但你以为这是全民参与的热闹？错了！ 灯光下的裂痕 收入分化下的消费失衡愈发明显：高收入群体凭借股票增值和房产溢价，成为假日消费的主力，而中低 收入家庭则普遍收紧预算。 曼哈顿的奢侈品店排起长队，富人买百思买2000美元以上的家电毫不手软，达美航空高端舱位预订紧 张，这炫富姿势也是没谁了。 圣诞奇观 可另一边的画风，简直让人揪心到窒息。今年圣诞季热门礼物均价涨了26%，美国7月整体通胀率为 2.7%，礼物涨幅约为通胀率的9.6倍。 40%的人只能少买礼物，近三分之一的人干脆减少送礼对象。消费者面临显著预算压力，不少人转而选 择自制礼物或二手礼品，节日支出精打细算。 更扎心的是1 ...

贵金属成为本周最突出的亮点。避险情绪和降息预期共振下，现货黄金连续刷新历史新高，周五最高一度突破4530美元/盎司，今年累计涨超70%。白银走 势更为凌厉，连续突破整数关口并刷新纪录，周五最高涨破75美元/盎司关口；铂金、钯金及工业金属铜也在资金推动下创出阶段性甚至历史新高。截至发 稿，金银分别报4517.22和74.50美元/盎司。 非美货币方面，日本方面释放强烈干预信号，推动美元兑日元明显回落。弱势美元下，欧元、英镑、澳元兑美元本周均明显走高。 国际油价在供应端扰动预期下震荡偏强。周初受委内瑞拉、俄罗斯潜在供应风险影响明显反弹，随后两日围绕高位反复拉锯。美国可能出售扣押的委内瑞拉 原油，与乌克兰加大对俄相关设施的袭击消息交织，使油价在利多与不确定性之间反复定价，整体呈现高位震荡、小幅走高的特征。 行情回顾 本周，美元指数整体偏弱运行。周一开盘后持续下行，周二进一步跌破98关口，反映市场对美联储明年降息预期有所升温，之后虽然出现技术性反弹，一度 重回98附近，但力度有限，全周仍处相对低位震荡。截至发稿，美指报97.93。 美股方面，三大股指整体延续震荡上行走势，"圣诞行情"如期而至。标普500指数在周二、周 ...

美国经济正在呈现一种显著的结构性分化：在人工智能热潮和利润飙升的推动下，美国大型企业的股价 屡创新高，业绩表现强劲；而与之形成鲜明对比的是，众多小型企业因难以抵御经济逆风，正深陷经营 困境。 这种企业端"冰火两重天"的局面，如实折射并加剧了美国高收入与低收入人群之间日益扩大的财富鸿 沟。 最新就业数据显示，这种分化已在劳动力市场引发剧烈震荡。据薪资处理机构ADP数据，员工人数少于 50人的私营企业在过去六个月中持续裁员，仅11月单月就削减了12万个工作岗位。 这一趋势与中型企业、特别是持续增加就业岗位的大型企业形成了鲜明反差，凸显了小型企业在当前宏 观环境下的脆弱性。 市场表现进一步印证了这一裂痕。据LSEG统计，标普500指数成分股中的大型上市公司第三季度净利润 较上年同期增长12.9%，像亚马逊和英伟达这样资本雄厚的巨头普遍经历了丰收的一年。相比之下，受 持续通胀、消费者支出谨慎以及关税压力的影响，小型企业盈利能力正在减弱，迫使其实施缩减开支计 划。 Homebase的数据同样呼应了这一趋势，该公司发现11月劳动力参与率和工时指标均出现三年来最大降 幅，娱乐和酒店业的收缩尤为剧烈。 结构性劣势与关税冲击 ...

Core Insights - The retail sales of consumer goods in Henan province reached 2.64 trillion yuan, with a year-on-year growth of 5.8%, surpassing the national average by 1.8% [1] - The consumption market in Henan shows strong vitality, with significant foot traffic in commercial landmarks and a diverse range of consumer experiences [1] - The province has effectively stimulated market enthusiasm through the distribution of consumption vouchers and other incentives [1] Group 1: Consumption Trends - The restaurant revenue from key enterprises in Henan reached 48.28 billion yuan, growing by 7.2% year-on-year [1] - The retail sales of goods amounted to 678.82 billion yuan, with a year-on-year increase of 9.1% [1] Group 2: Demand for Upgrading - Henan has actively implemented national policies to promote "old-for-new" exchanges, boosting consumption in major categories like home appliances and new energy vehicles [2] - Retail sales for communication equipment, home appliances, and automobiles increased by 61.6%, 10.5%, and 4.7% respectively [2] - In November, retail sales for wearable smart devices, smartphones, and new energy vehicles grew by 74.6%, 49.9%, and 16.8% respectively [2] Group 3: New Consumption Opportunities - Large-scale events in Zhengzhou, such as concerts and sports events, have significantly boosted related sectors like dining, accommodation, and shopping, generating over 700 million yuan in consumption [2] - There is a growing demand for personalized, quality, and experiential consumption, prompting continuous innovation in the market [2] - The provincial government aims to enhance consumer benefits and integrate commerce with culture and tourism to unlock further consumption potential [2]

Core Viewpoint - The province experienced a 7.5% year-on-year decline in fixed asset investment from January to November, with project investment decreasing by 3.7% when excluding real estate development, while private investment in projects saw a slight increase of 0.2% [1] Investment Trends - Investment in basic living-related sectors such as food, clothing, housing, transportation, and entertainment showed strong growth, with agricultural and food processing industries seeing investments rise by 17.9% and 44.5% respectively [1] - The textile and apparel industry experienced a significant investment increase of 39.6%, while furniture and automotive manufacturing investments grew by 5.4% and 30.1% respectively [1] - The accommodation, catering, and entertainment sectors also reported substantial investment growth, with increases of 19.9%, 43.9%, and 41.5% respectively [1] High-Tech and Green Energy Investments - Investment in high-tech service industries grew by 18.1%, surpassing the overall investment growth rate by 25.6 percentage points, and its share of total investment increased by 0.9 percentage points year-on-year [1] - In the green energy sector, investments in electricity, heat, gas, and water production and supply industries rose by 30.6%, indicating sustained high growth in green energy investments [1]

本次活动延续"直领+秒杀+抽奖"的多元参与方式。涵盖商城、观影、订餐、打车等多种普惠服务场 景。工会会员可直接领取满100减30元商城消费券、满200减70元商城消费券、满30减20元观影消费券、 满30减20元订餐消费券、满10减8元打车消费券，普惠日常消费。 每日中午12点，平台还将限量推出高额秒杀券，包括满60减50元商城消费券、满60减50元观影消费券、 满60减50元订餐消费券，机会有限，先到先得。同时，活动期间实名认证会员每日登录APP即可获得一 次抽奖机会。赢取满10.1减10元、满50.1减50元、满100.1减100元等各种面额消费券，为职工送上实实 在在的优惠。 温馨提示：所有券有效期截至2026年1月8日23:59，欢迎全省职工持续关注"陇工惠"APP，及时参与，乐 享福利。 年末送暖，工会有礼。甘肃省总工会2025年第四期职工消费券发放活动将于12月25日正式启动，活动持 续至2026年1月8日。全省工会会员可通过"陇工惠"APP参与领取，畅享多重消费补贴，在辞旧迎新之际 感受"娘家"人的暖心关怀。 责任编辑：李靓 本次活动是甘肃省总工会落实国家促消费、稳增长政策，助力本地市场活力提升 ...

Core Insights - Hong Kong's "event economy" is thriving, significantly boosting tourism and local businesses, particularly in the restaurant sector, with a reported 30% increase in revenue since the opening of the Kai Tak Sports Park in March 2023 [1][2] - Major upcoming events, including concerts by prominent artists and the 15th National Games, are expected to further enhance Hong Kong's appeal as a diverse event hub [1][2] Group 1: Economic Impact - The Kai Tak Sports Park has hosted over 90 local and international events, selling 1.25 million tickets and generating over $191 million in total revenue, leading the Asian market in these metrics [2] - Hong Kong recorded approximately 45 million visitor arrivals in the first 11 months of the year, a 12% year-on-year increase, surpassing the total visitor count for 2024 [2] Group 2: Government Initiatives - The Hong Kong government has emphasized the synergy between culture, sports, and tourism in its policy reports, aiming to attract more significant events to stimulate retail and hotel sectors [2] - The concept of "events + tourism" is highlighted as a strategic focus for 2025, aiming to enhance the overall tourism atmosphere in Hong Kong [2] Group 3: Infrastructure and Services - The success of the "event economy" is attributed to both hard infrastructure, such as improved transportation networks, and soft advantages, including international talent and professional services [2] - The 15th National Games is seen as a catalyst for promoting the Greater Bay Area as a unique tourism brand, showcasing the appeal of a multi-destination travel model [5] Group 4: Cultural and Creative Development - The industry is adapting by creating deep-dive cultural and ecological tourism products and focusing on local creative IP development to invigorate the "event economy" [7] - Unique IPs, such as the giant inflatable sculptures in Victoria Harbour, have attracted significant public interest and engagement, contributing to the tourism revival [7]

让有消费能力的群体带头消费，政策引导与边界界定缺一不可。习近平总书记指出："要有序取消一些 行政性限制消费购买的规定，释放消费潜力。"这需要政策、制度甚至法律层面精准发力，体现包容、 合理。当然，这些既要为消费"松绑"，又要划清"红线"。必须严格区分合理消费与铺张浪费、个人消费 与公款消费的本质区别，在鼓励品质消费、多渠道消费、适度超前消费的同时，又坚守纪律底线，杜绝 公款消费和奢靡之风。近年来，多地实践证明政策"松绑"的有效性：重庆破除二手车流通堵点卡点，海 南公开征集消费限制优化建议，北京定向增发新能源小客车指标等，这些举措都有效激活了相关领域消 费潜力。此外，要完善消费维权机制，优化消费环境，让有消费能力的群体"能消费、敢消费、愿消 费"，推动形成全社会消费升级的良好氛围。 长期以来，全球经济发达体在经济承压时，无不通过引导消费稳增长。如公职人员带薪休假，以及各地 创新假期制度的推行，就展现了显著的带动效果：如今年黄山等地针对"秋假"推出免门票活动，成功将 传统旅游淡季转化为消费旺季；北方地区同步探索"雪假"模式，吉林的"雪假"首日，重点冰雪场所接待 游客超5万人次，部分景区客流量同比翻倍。这些数据生动 ...

本报讯 （记者毛艺融）高盛日前发布中国股市策略报告，总结了从2025年股市中汲取的10条关键经验。 该报告对中国股市前景持乐观态度，高盛认为，积极的政策支持和结构性转变，如AI、全球化、消费升级、"反内卷"政策 为股市提供了上行潜力，缓慢的牛市有望延续，投资机会存在于特定的主题和板块之中。 中国股市已连续两年实现正回报，慢牛行情正在酝酿中。中国A股和H股在2025年分别上涨16%和29%，连续两年实现正回 报。上涨主要由估值修复驱动，预计到2027年底，中国股市还有38%的上涨空间，驱动因素将转向盈利增长。 良好的出口贸易表现展现了出海企业的韧性。今年中国出口增长和GDP表现好于预期，为股市提供支撑，同时，出海类股 票的表现优于消费类股票。 AI改写了中国科技股的格局。DeepSeek的发布推动了中国AI相关科技股如数据云、半导体的大涨，AI的广泛采用有望在未 来十年推动企业每年盈利增长3%。 中国仍在稳步推进出海征程。中国出口结构升级，向新兴市场、高端制造和服务出口转变。上市公司海外收入占比提升， 预计到2030年有望达到20%，利好盈利。 消费结构转变，新消费领域崛起。服务消费和新消费领域，如娱乐、特色零 ...