证券之星消息，12月29日贸易板块较上一交易日上涨0.49%，五矿发展领涨。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。贸易板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600058 | 五矿发展 | 11.52 | 10.03% | 64.08万 | | 7.25 Z | | 002072 | 凯瑞德 | 7.72 | 9.97% | 10.90万 | 8276.06万 | | | 600128 | 办家5小 | 11.13 | 1.46% | 7.12万 | 7893.46万 | | | 600710 | 苏美达 | 10.91 | 1.11% | - 13.14万 | | 1.447 | | 601061 | 中信金属 | 14.64 | 0.14% | 37.47万 | | 5.51亿 | | 600250 | 南京商旅 | 11.73 | -1.01% | 19.49万 | | 2.29亿 | ...

Group 1: Currency and Trade Impact - The company primarily conducts import and export trade in USD, with an increasing proportion of USD settlements as business scales up, leading to greater exposure to exchange rate fluctuations [2][3] - The company has implemented forward foreign exchange contracts and adjusts its operational strategies in response to currency fluctuations to mitigate risks [3] Group 2: Supply Chain and Production - The company focuses on building production bases in key "Belt and Road" regions, including Southeast Asia and Africa, to enhance its global supply chain integration [3] - The company has a stable order volume from overseas factories, with steady growth in exports from these production bases [3] Group 3: Dividend Policy and Shareholder Returns - Since its listing in December 2006, the company has maintained a consistent cash dividend policy, distributing a total of approximately CNY 4.811 billion over 19 years [4] - The company plans to distribute cash dividends of no less than 40% of the distributable profits annually from 2025 to 2027, with two to three distributions each year [4] Group 4: Capital Expenditure and Strategic Focus - Future capital expenditures will primarily target the expansion and construction of overseas production bases to support global supply chain strategies [4] - The company aims to strengthen its core business while enhancing its supply chain services through integrated trade, manufacturing, and technology [5] Group 5: Customer Relationships and Market Position - The company has established long-term stable partnerships with major clients, supported by a comprehensive supply chain service model that enhances customer loyalty [4] - The company has built a mature business system with high barriers to entry, ensuring stability in supplier relationships within the industry [4]

Core Viewpoint - The company, JG Development, has received a debt waiver from its controlling shareholder and related parties amounting to nearly 378 million yuan, aimed at supporting the company's development and alleviating its debt pressure [1][2]. Debt Waiver Details - The debt waiver involves a total of 378 million yuan, with 280 million yuan and 97.47 million yuan waived by the controlling shareholder, Gaoxin Construction, and its related party, Shunzheng Investment, respectively [1]. - The waived loans are due on December 31, 2024, and May 31, 2025, with the principal amount of 263 million yuan having an interest rate of 5.9% per annum and a term of 12 months [1]. Impact on Financials - The debt waiver is expected to increase the company's capital reserve, thereby enhancing the net assets attributable to the shareholders of the listed company [2]. - As of the end of Q3 2025, the company's equity attributable to shareholders was 43.87 million yuan, showing a decline compared to the end of 2024 [2]. Business Overview - JG Development operates in diversified sectors, including in vitro diagnostics, trade, real estate, and property services, with only the Dongying Blue Jiayuan project currently under construction in real estate [2]. - The company acknowledges its weak profitability and low net asset scale, indicating a need to explore new business areas and regions while maintaining existing business operations [2]. Shareholder Support - The company emphasizes the advantages of its controlling shareholder's support as a core competitive strength, with JG Holdings being a state-owned enterprise with a registered capital of 4 billion yuan and high credit ratings [2].

Group 1 - The core viewpoint of the article is that the U.S. economy is experiencing structural divergence, with a strong GDP growth rate of 4.3% in Q3 2025, but this growth is not translating into widespread economic benefits for the majority of the population [1][6][7] - The GDP growth is primarily driven by consumer spending, export rebound, and government spending, with personal consumption expenditures (PCE) growing at an annualized rate of 3.5%, significantly contributed by healthcare services [2][3] - Trade factors have positively impacted GDP, with exports rebounding at an annualized rate of 8.8% and a reduction in imports, leading to a trade deficit shrinkage contributing approximately 1.59 percentage points to GDP [2][3] Group 2 - Fixed investment remains weak, with private fixed investment dragging down growth, particularly in non-AI sectors and residential investment continuing to decline [3][6] - Consumer confidence has decreased, with the index falling to 89.1 in December, indicating a negative outlook on household financial conditions for the first time in four years, contrasting sharply with the strong GDP growth [3][4] - The labor market shows signs of divergence, with the unemployment rate rising to 4.6%, and job growth slowing, particularly affecting younger and lower-skilled workers [3][4] Group 3 - The "K-shaped economy" is evident, where high-income households benefit significantly, while middle and low-income groups face rising living costs and stagnant wage growth [4][6] - The bond market reflects skepticism about the sustainability of economic growth, with 10-year Treasury yields remaining stable despite strong GDP growth, indicating a pricing in of prolonged low growth or risks [4][5] - Precious metals markets have reacted negatively to the GDP data, with gold prices surging over 70% in 2025, indicating increased market uncertainty rather than confidence in a sustainable economic recovery [5][6] Group 4 - Analysts suggest that the GDP figures may be distorted by one-time factors such as trade fluctuations and government spending, which do not support a broad-based economic recovery [6][7] - The consensus among economic indicators leans towards caution rather than optimism, with predictions of potential growth slowing to below 2% if labor market cooling continues and tariff uncertainties persist [7]

从《维护国家安全条例》两部附属法例刊宪生效，到携手广东、澳门成功举办十五运会和残特奥会，再 到成功举行香港特区第八届立法会选举……一年来，香港特区政府勇于担当、积极进取，坚定维护国家 主权、安全、发展利益，实现经济稳步增长，香港由治及兴迈出新步伐。 "2026年是国家'十五五'规划的开局之年，亦会是特区政府持续全力拼经济、谋发展、搞建设、惠民生 的一年，是主动对接国家'十五五'规划、实现进一步发展的一年。"香港特区行政长官李家超表示，会 继续带领团队，统筹发展和安全，深化改革，发挥香港"背靠祖国、联通世界"的独特优势，深化国际交 往合作，发展经济，改善民生，确保香港长期繁荣稳定。 全面复苏 经济展现韧性、成绩亮眼 12月11日，香港交易所金融大会堂内，随着内地工业供应链服务商京东工业股份有限公司负责人敲响上 市锣，港股市场迎来了今年第100只新股。 2025年，港股IPO（首次公开募股）市场增长强劲，领跑全球。国际知名会计师事务所毕马威在报告中 指出，预计2025年香港IPO市场集资规模达2721亿港元，位居全球第一。"全球主要IPO市场于2025年呈 上升趋势，其中香港的募资额为去年的3倍，成为推动全球IP ...

从《维护国家安全条例》两部附属法例刊宪生效，到携手广东、澳门成功举办十五运会和残特奥会，再 到成功举行香港特区第八届立法会选举……一年来，香港特区政府勇于担当、积极进取，坚定维护国家 主权、安全、发展利益，实现经济稳步增长，香港由治及兴迈出新步伐。 "2026年是国家'十五五'规划的开局之年，亦会是特区政府持续全力拼经济、谋发展、搞建设、惠民生 的一年，是主动对接国家'十五五'规划、实现进一步发展的一年。"香港特区行政长官李家超表示，会 继续带领团队，统筹发展和安全，深化改革，发挥香港"背靠祖国、联通世界"的独特优势，深化国际交 往合作，发展经济，改善民生，确保香港长期繁荣稳定。 全面复苏 经济展现韧性、成绩亮眼 12月11日，香港交易所金融大会堂内，随着内地工业供应链服务商京东工业股份有限公司负责人敲响上 市锣，港股市场迎来了今年第100只新股。 2025年，港股IPO（首次公开募股）市场增长强劲，领跑全球。国际知名会计师事务所毕马威在报告中 指出，预计2025年香港IPO市场集资规模达2721亿港元，位居全球第一。"全球主要IPO市场于2025年呈 上升趋势，其中香港的募资额为去年的3倍，成为推动全球IP ...

上海宽频科技股份有限公司于2025年12月12日收到中国证监会《立案告知书》，因涉嫌信息披露违法违 规被立案调查。公司2024年财务指标已触发退市风险警示，2025年前三季度营收544.03万元，扣非净利 润为负，若2025年度净利润或扣非净利润孰低者为负且营收低于3亿元，公司股票将被终止上市。预付 香港石化货款已计提89.9%坏账准备，仅收回部分偿付款，存在进一步减值风险。原控股股东资金占用 问题尚未解决，公司股票存在其他风险警示情形。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总：*ST沪科因涉嫌信息披露违法违规被证监会立案调查。 公司公告汇总：*ST沪科2025年前三季度营收544.03万元，若年度净利润为负且营收低于3亿元， 公司将被终止上市。 公司公告汇总：*ST沪科对预付香港石化货款计提89.9%坏账准备，存在进一步减值风险。 公司公告汇总：*ST沪科原控股股东资金占用问题尚未解决，股票存在其他风险警示情形。 截至2025年12月26日收盘，*ST沪科（600608）报收于3.54元，较上周的3.39元上 ...

由三亚市人民政府主办，《财经》杂志、财经网、《财经智库》、三亚中央商务区管理局、三亚经济研 究院承办的"三亚·财经国际论坛暨第五届三亚财富管理大会"12月27日在海南三亚举行，主题为"海南自 贸港未来定位及三亚新机遇"。 海南大谷国际园区董事长张焱在论坛上表示，金融业是 高强度、高资本、高税收、高人才 的行业，政 策哪里有"洼地"，企业就会流向哪里。 海南大谷国际园区董事长 张焱 张焱在论坛发言中围绕海南自贸港发展背景，重点分享了金融聚集区建设、实体产业机遇及财富管理三 大主题。他回顾了亚太金融小镇自2017年以来的发展历程，指出2020年6月《海南自贸港总体方案》发 布后，双15%税收等政策红利迅速吸引企业涌入，推动三亚中央商务区等园区形成金融聚集效应。 金融创新方面，海南在QDLP（合格境内有限合伙人）、QFLP（合格境外有限合伙人）及ODI（境外直 接投资）等领域已实现开放突破，未来或可探索与香港在稳定币等前沿领域的合作。此外，人才配套措 施如安居房、医疗与教育资源完善，为金融人才落地提供了支撑。 主持并发言：肖 耿，香港中文大学（深圳）公共政策学院副院长、香港国际金融学会主席 主持人：我们有三位重量级 ...

新华社杭州12月27日电（记者张璇、魏董华、夏亮）回望2025年，浙江消费市场不断涌现新动态，共同勾勒出一幅充满生机与创新的消费新 图景。在文化IP引领的"情绪消费""故事消费"、数字技术赋能的市场新形态、以及"赛事+文旅"融合发展的活力场景之中，市场正展现出消费领域 的巨大潜力。 黑神话BLACKMYTH全国首家线下零售店 义乌第六代市场 2025年10月14日，浙江义乌第六代市场全球数贸中心开业运营，标志着义乌开启了从传统贸易模式向数字贸易生态跃升的新进程。 2025年9月底，黑神话BLACKMYTH全国首家线下零售店在杭州市西湖区转塘街道艺创小镇内开始对外营业。2024年8月，备受瞩目的国产 3A游戏《黑神话：悟空》发布后在全球范围内爆火，一年多来，热度持续不减。 11月1日，位于杭州市西湖区转塘街道艺创小镇里的"黑神话BLACKMYTH"全国首家线下零售店，不少消费者正在店内选购。新华社记者 刘力航 摄 记者前去探访看到，除了琳琅满目的周边产品外，店内还有各种展出性质的雕塑、模型，"展"与"售"相得益彰。 IP消费经济时代来了。这里不仅仅是一家周边产品零售店，更像是一个综合性文化空间。 从今年大火的" ...

Core Viewpoint - The global geopolitical landscape is increasingly complex, with ongoing international conflicts, intensified strategic competition among major powers, and a surge in sanctions and export control measures, significantly raising compliance thresholds for cross-border transactions and complicating corporate compliance management [1][2]. Group 1: Overview of Global Sanctions and Trade Control Policies - The number of global sanctions and sanctioned entities is at a historically high level, indicating a trend towards institutionalization of international sanctions activities [1]. - The article outlines the core policy dynamics in the field of global economic sanctions and trade controls for 2025, focusing on major economies like the US, EU, and China [2]. Group 2: US Economic Sanctions and Export Control Policies - In 2025, the US continues to tighten economic sanctions and export controls, enhancing oversight of sensitive technologies and strategic industries while allowing for some flexibility in implementation timelines to ease short-term compliance burdens [3]. - A new "Interim Final Rule" was introduced, requiring higher standards of due diligence for the export of advanced computing integrated circuits, expanding the scope of controlled items [4]. - The introduction of the "50% ownership rule" in export controls signifies a shift from a targeted approach to a more comprehensive one, impacting multinational companies with complex ownership structures [5][6]. - The integration of economic sanctions and export controls is becoming more pronounced, with both areas increasingly serving similar strategic objectives [7]. Group 3: EU Economic Sanctions and Trade Control Policies - The EU has intensified sanctions against Russia, expanding the scope to include third-party entities that assist in evading sanctions, reflecting a more systemic approach to sanctions [8][9]. - The EU's export control policies are increasingly aligned with international multilateral frameworks, emphasizing compliance with international obligations and enhancing cooperation among member states [10][11]. - Recent updates to the EU's dual-use item control list include new technologies and materials, indicating a proactive stance in regulating sensitive technologies [12]. Group 4: UK Economic Sanctions and Trade Control Policies - The UK has strengthened its sanctions against Russia, particularly in traditional energy and emerging technology sectors, while enhancing oversight of evasion behaviors [13][14]. - The UK has revised its Export Control Order to align more closely with international export control mechanisms, reflecting a commitment to maintaining consistency with major partners [16]. Group 5: China's Economic Sanctions and Trade Control Policies - China has introduced significant policies in economic sanctions and export controls, transitioning from a defensive posture to a more proactive and strategic approach [17]. - The implementation of the "Counter-Sanctions Implementation Regulations" marks a key step in operationalizing China's counter-sanctions law [18][19]. - China has actively utilized unreliable entity lists and export control lists, indicating a more frequent and systematic use of these tools in response to foreign sanctions [21]. - Recent announcements regarding export controls on critical materials and technologies reflect a substantial upgrade in China's export control framework [22][23]. Group 6: Future Outlook on Compliance with Economic Sanctions and Export Controls - The compliance environment for businesses is expected to become more complex and multifaceted, with rising costs associated with adapting to frequently changing regulations [25]. - Companies will need to integrate compliance into their internal controls and develop robust governance frameworks to navigate the evolving landscape of international sanctions and export controls [28][29]. - The demand for legal services related to cross-border disputes and compliance strategies is anticipated to increase as businesses face heightened risks from sanctions and export controls [26][27].