为创新激活冬日经济，推动消费市场提质扩容，12月17日，以"惠民生、促消费、兴市场"为主题的盘锦市"九九消费季"启动仪式在万达广场举行。通过政 府搭台、企业唱戏，同心发力，进一步释放政策红利，推出更多优质的商品和服务，共同点燃冬季消费热潮，以消费之暖激活盘锦的城市活力。 来源：福尚兴隆台 本次"九九消费季"活动根植于"数九"传统民俗，突出冬季消费特色，打造冬季消费热点。活动持续至明年3月，多元业态融合叠加消费优惠，将为全市人 民奉上一场集文旅、购物、餐饮、娱乐于一体的消费盛宴。 启动仪式现场，市商务局从"一九"的博物探秘到"九九"的春日市集，从温泉特惠到年货采集，从9.9元限时秒杀到汽车下乡补贴，详细介绍了"九九消费 季"系列活动的惠民举措。广厦艺术街、双台城、辽河石油、盘锦特产博物园、1955国营农场、中国移动等企业集中发布了打卡优惠政策。市民群众通过 扫描二维码，积极参与互动抽奖活动，现场氛围火爆热烈。 接下来，市商务局将深入实施消费提振行动，以推动文旅体商融合发展为抓手，持续促进商品消费扩容、服务消费提质，进一步优化消费环境、挖掘消费 潜力，力争为助推全市经济社会高质量发展作出新的更大贡献。 ...

【导读】祥源文旅、交建股份同步公告，公司实控人俞发祥涉嫌犯罪，被绍兴市公安局采取刑事强制措施；美股小幅上涨 中国基金报记者 泰勒 大家好，今晚继续关注海内外市场的消息。 暴雷！三家公司同时发布公告 实控人被采取刑事强制措施 12月22日晚间，A股两家上市公司——交建股份、祥源文旅，港股公司海昌海洋公园，同步发布公告，公司实控人俞发祥因涉嫌犯罪，被绍兴市公安局采 取刑事强制措施，案件正在调查过程中。 自11月28日起，浙江浙金资产运营股份有限公司（原名浙江金融资产交易中心股份有限公司，以下简称浙金中心）平台上，由祥源控股及其实控人俞发祥 提供连带责任担保的多款金融资产收益权产品陆续出现到期无法兑付或无法兑付收益的情况。 据多家媒体报道，这些待兑付资金规模达百亿元以上。涉及产品数量超过200款，总交易规模超过百亿元，产品到期日为今年12月至明年4月不等。 12月16日，祥源文旅和交建股份公告称，前者超6亿股、后者2.74亿股股份被司法冻结、轮候冻结及司法标记，均因祥源控股债务纠纷。绍兴市已组建工 作组进驻祥源控股帮扶。两公司均表示实控人及控股股东与公司保持独立，但股份高比例冻结可能影响公司控制权稳定性。 美股上涨 ...

据悉，本次消费季将从12月持续至明年3月，以"1+4+15+N"为框架，包括一场启动仪式、四大主题篇章、十五场县城重点活动及 多项乡镇特色活动，涵盖音乐会、非遗集市、年货展销、民俗表演、全民健身等多种形式，同时配套发放百万消费券，全域联 动打造兼具烟火气与文化味的消费盛宴。 作为本次消费季活动核心承载地，江安县全新商业地标——成悦广场于同日开业。成悦广场总建筑面积约7万平方米，是当地目 前规模最大、业态最全的一站式商业综合体。该广场成功引进130余个品牌，其中超100个品牌为首次进入当地市场，涉及精品 零售、亲子娱乐、特色餐饮、院线影城等多元业态。 12月19日，宜宾市江安县2025年"悦享江安·暖冬迎新"文商旅融合消费季启幕。 江安成悦广场（江安县委宣传部供图） 今年以来，江安县已累计开展各类促销活动150余场，发放消费品以旧换新补贴及惠民消费券超1800万元，直接带动消费2.5亿 元。 江安县相关负责人表示，此次消费季活动，既是贯彻落实促消费部署的"江安行动"，也是服务市民、惠及企业、推动发展的务 实之举。下一步，该县将通过一系列内容多样、形式丰富的促销及文旅体验活动，实现政府、企业、市民与社会各界的"大 ...

Group 1 - The core viewpoint emphasizes a "growth and dividend" strategy in industry allocation, favoring high-quality large internet companies, particularly in e-commerce, media, and entertainment sectors, with a focus on leading AI enterprises [1] - There is a strong demand in technology hardware supply sectors driven by global AI infrastructure capital expenditure growth, particularly in areas like optical modules, PCBs, and AI data center cooling [1] - The "anti-involution" policy is expected to optimize industry supply and demand, leading to potential profit margin recovery in sectors such as photovoltaics, batteries, and chemicals [1] Group 2 - The Hong Kong Stock Connect 50 ETF (159712) tracks the Hong Kong Stock Connect 50 Index (930931), which selects the 50 largest listed companies within the Stock Connect range, covering 18 industries and primarily focusing on large-cap leading stocks [1] - The index exhibits a balanced industry distribution, incorporating characteristics of both new and traditional economies, including finance, discretionary consumption, and communication services, reflecting the overall performance of large-cap leading enterprises in the Hong Kong Stock Connect [1]

Group 1 - TikTok CEO Zhou Shuzi announced the establishment of a new joint venture, TikTok USDS Joint Venture LLC, to handle data protection and algorithm security in the U.S. while ByteDance retains control over e-commerce and advertising [1] - The new joint venture is expected to be finalized by January 22, 2026, and will focus on content review and software security [1] Group 2 - Hainan Free Trade Port officially launched its full island closure operation, leading to significant discounts on iPhone products, with prices reduced by over 2,000 yuan for certain models [3] - The iPhone 17 Pro Max 256GB version is priced at 9,299 yuan, which is 700 yuan cheaper than e-commerce platforms [3] Group 3 - OpenAI is in preliminary talks for a new funding round, aiming for a valuation of approximately $750 billion, with potential funding reaching hundreds of billions [3] - This valuation represents a 50% increase from the previous funding round in October 2022 [3] Group 4 - Elliott Investment Management has accumulated over $1 billion in shares of Lululemon and is advocating for a former Ralph Lauren executive to become the new CEO [12] - Lululemon's current market capitalization is around $25 billion [12] Group 5 - Apple announced adjustments to its iOS rules in Japan, allowing developers to use third-party app stores and payment methods, in compliance with new regulations [12] - This change enables developers to add alternative payment options within their apps [12] Group 6 - Honda confirmed a temporary suspension of production at its joint venture factory in China due to supply chain issues, specifically related to semiconductor shortages [16] - The suspension will last for three days starting December 29, 2023 [16] Group 7 - Xiaomi's founder announced the official release of the Xiaomi 17 Ultra next week, following leaked images of the device [7] - The new model is expected to generate significant consumer interest [7] Group 8 - Amazon is restructuring its AI team, integrating chip and model development under a new business unit led by a veteran from its cloud computing division [18] - This move aims to enhance Amazon's capabilities in artificial intelligence and maintain competitiveness in the market [18]

摘要：长沙好店2.0承包你的夜间吃喝玩乐 当夜幕随着微凉的晚风降临湘江，长沙街巷间飘起的不止烟火气，还有属于秋冬的暖意。在这座 以"夜"闻名的城市，灯火可亲的季节才刚刚开始。抖音生活长沙嘉年华以"越夜越长沙"为名，推出"湘"当 出彩长沙好店榜单，为市民与游客打造一份秋冬必打卡的长沙好店清单，让这座城市的夜间魅力愈发璀 璨。 三阶段冲榜，甄选长沙优质好店 "湘"当出彩——长沙好店出道计划2.0 以42天三阶段冲榜赛事为核心，用公平公正的评选机制挖掘城市 优质商户。活动自10月21日启动，至12月1日收官，覆盖餐饮、娱乐、购物三大核心消费场景，层层筛 选出实力与口碑兼具的佼佼者。 阶段一面向长沙全量商户，通过上线专属产品、布置入店扫码物料等方式开放冲榜通道，让各类商户都 能参与竞争、展示特色。阶段二则进入40天集中打榜期，商户通过直播、短视频、到店扫码等多元形 式提升消费增量与排名，排名靠前的商户可解锁明星探店、流量补贴等阶段性资源。最终阶段聚焦榜单 宣发与颁奖，以"长沙C位出道"为核心概念，发布"湘"当好吃、"湘"当好玩、"湘"当好逛三大维度C位出 道榜，并联合政府部门举办颁奖典礼，为优质商户与合作达人授奖。 ...

Group 1: Company Performance - Huayi Brothers has reported a cumulative loss of 8.2 billion yuan over the past seven years, with its current market value being less than one-tenth of its peak [3] - In Q3, Huayi Brothers achieved a revenue of 62.6 million yuan, a year-on-year decline of 31.61%, and a net loss attributable to shareholders of 39.5 million yuan [3] - Lululemon's stock price has dropped by 46.40% this year, resulting in a market value loss of approximately 25 billion USD, leading to the resignation of CEO Calvin McDonald [8] Group 2: Industry Developments - The average age of the labor force in China has reached 39.66 years, indicating a gradual maturity in the aging process of the population [2] - The global largest automotive safety testing center has been put into operation in Ningbo, Zhejiang, featuring multiple Guinness World Records [6] - The National Market Supervision Administration has issued guidelines prohibiting car manufacturers from selling vehicles at a loss, aiming to enhance price compliance in the automotive industry [4] Group 3: Strategic Moves - Kweichow Moutai has introduced a volume control policy to alleviate financial pressure on distributors, halting product distribution until January 1, 2026 [4] - SpaceX is reportedly seeking to go public with a target valuation of approximately 1.5 trillion USD, which could make Elon Musk the world's first trillionaire [2] - OpenAI has adjusted its compensation policy to prevent talent outflow by removing the "vesting cliff" for stock options [11]

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The report highlights the rapid growth of the emotional economy market, with China's market expected to reach RMB 24.253 trillion in 2024 and grow at a CAGR of 22.2% until 2030, while the global market is projected to reach RMB 14.7 trillion in 2024, with a CAGR of 20.9% [38][43] - The report emphasizes the strong performance of the leading companies in the African hygiene products market, particularly LeShuShi, which has seen significant revenue and profit growth due to cost optimization and market expansion [45][46] - The report discusses the emergence of AI-driven social platforms, such as Soul and MiLian Technology, which are capitalizing on the emotional economy by offering unique user experiences and demonstrating strong financial performance [21][27] Summary by Sections Emotional Economy - The emotional economy is shifting consumer demand from material goods to experiences and emotional fulfillment, with consumers willing to pay for platforms and products that provide joy and stress relief [38] - The emotional economy market in China is expected to grow significantly, with a projected market size of RMB 24.253 trillion by 2024 and a CAGR of 22.2% from 2024 to 2030 [38][41] AI-Driven Social Platforms - Soul, a leading social app targeting Gen Z, reported a revenue of RMB 16.83 billion in the first eight months of 2025, a 17.8% increase year-on-year, with an adjusted net profit of RMB 2.86 billion, reflecting a 73.1% growth [21][23] - MiLian Technology, focusing on a more mature demographic, achieved a revenue of RMB 19.2 billion in the first half of 2025, marking an 85.9% year-on-year increase, with an adjusted net profit of RMB 2.97 billion, up 285% [27][33] African Hygiene Products Market - LeShuShi is the market leader in Africa's hygiene products sector, holding a 20.3% market share in baby diapers and a 15.6% share in sanitary napkins by volume [45] - The company's revenue grew from USD 320 million in 2022 to USD 454 million in 2024, with a CAGR of 19.2%, and its adjusted net profit increased from USD 1.839 million to USD 9.767 million during the same period, achieving a CAGR of 130.5% [45][46] - LeShuShi's product range includes over 340 SKUs, with a focus on multi-brand strategies to cater to various consumer segments [51]

Core Viewpoint - The "Baoyuefang" project, a transformation of the popular "Xiaoye Street" on Baoye Road, officially opened on December 12, with a focus on late-night dining and a high occupancy rate of 90.5% for tenants [1][10]. Group 1: Opening Details - The opening event attracted many locals, leading to long queues at some stores [3]. - The current occupancy rate of Baoyuefang stands at 90.5%, with an opening rate of 62.5% [1]. - Notable brands include traditional restaurants and popular dining spots, such as "Yue·Xiangqun Restaurant" and "Hong Kong Xi Ji Abalone Crab" [1]. Group 2: Operational Philosophy - The operational philosophy emphasizes "night economy" and "all-day service," with many stores open until 4 or 5 AM [7]. - The design includes a three-story building with ample outdoor space, which is considered important by local diners [8]. Group 3: Community Engagement - The first floor has space for events and stalls, featuring local delicacies and cultural displays during the opening ceremony [8]. - A local vendor, known for his unique performances, attracted attention and engagement from the community [10]. Group 4: Future Plans - Baoyuefang is part of a larger urban renewal initiative in the Haizhu District, with plans for further phases that will introduce high-end brands and diverse experiences [10]. - The second phase aims to create a "city-level lifestyle experience," while the third phase will focus on family entertainment and trendy activities [10].

Group 1 - The core announcement is that OKURA HOLDINGS has completed a placement of 35,019,580 shares at an adjusted price of HKD 0.196 per share, with the transaction finalized on December 12, 2025 [1] - The net proceeds from the placement amount to approximately HKD 6.1 million [1] - The company plans to allocate about 50% of the net proceeds for purchasing Japanese pachinko machines and Japanese slot machines, 30% for renovating or upgrading existing Japanese pachinko game halls and marketing expenses, and the remaining 20% for general operational funds [1]