新华社伦敦12月11日电 题：从"不上桌"到"不同行"，美欧关系有点冷 新华社记者吴黎明 华盛顿的初冬寒意渐浓，而跨大西洋关系的温度似乎降得更快。当美国总统特朗普在最新国家安全 战略报告中警告欧洲面临"文明消亡"，德国总理默茨直言要做好"欧美不同行"的准备时，人们不禁意识 到：双方之间的裂痕，正在从战术分歧演变为战略疏离，美欧关系冷得有些彻骨。 还记得，先前美国绕过欧洲直接与俄罗斯就乌克兰危机进行会谈，让欧洲媒体惊呼被安排"坐小孩 那桌"。而今，特朗普政府的国家安全战略报告给欧洲贴上了多重负面标签——经济停滞、监管过度， 甚至整个文明都岌岌可危。曾经亲密的盟友关系，如今却要在"不同行"的警告中重新定位。 特朗普对欧洲的批评从来"不客气"。早在首个任期，他就将欧盟称为"德国的工具"，威胁退出北 约，并与欧洲领导人屡生龃龉。如今重返白宫，特朗普的批评来势更猛。他近期接受美国《政治报》采 访时说：欧洲领导人"软弱"，沉迷于"政治正确"；移民政策正在"摧毁"欧洲；"伦敦已经面目全非""我曾 经热爱巴黎，它现在和以前大不相同了"……这些言论与其国家安全战略报告一脉相承，将欧洲批得体 无完肤。 默茨所说的"不同行"，绝非 ...

Economic News - The Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 3.5%-3.75%, marking the third rate cut since 2025 [1] - Vietnam's National Assembly amended the mineral law to prohibit the export of rare earth ores starting January 1, 2026, emphasizing strict control over exploration and processing [1] - The Ministry of Human Resources and Social Security held a seminar in collaboration with the International Labour Organization [1] - The Ministry of Industry and Information Technology emphasized the importance of pilot innovation in manufacturing as a key link connecting innovation, technology, and industry [1] - The Ministry of Commerce plans to enhance policy support for the retail industry's innovation and transformation during the 15th Five-Year Plan period [1] - The Ministry of Commerce will work with local governments to implement policies to stabilize foreign trade and promote market diversification [1] - The China Textile Import and Export Chamber reported that yarn and fabric exports reached $69.18 billion from January to October 2025, a 2.1% year-on-year increase [1] - The Ministry of Finance plans to issue special government bonds due in 2025, with a total face value of CNY 400 billion for the first phase and CNY 350 billion for the second phase [1] - The National Internet Information Office is conducting a special campaign to rectify online chaos in the automotive industry [1] - The Ministry of Education reported an increase in the number of students returning from studying abroad, with 495,000 expected to return in 2024, a 19.1% increase from 2023 [1] Company News - Pop Mart announced changes in its board of directors, with new appointments effective December 10, 2025 [4] - Kweichow Moutai announced a cash dividend of CNY 23.957 per share, totaling CNY 30 billion, with the ex-dividend date on December 19 [4] - Nanjing Highway plans to invest up to CNY 9.033 billion in the construction of the Nanyang Yangtze River Bridge southern connection project [4] - ZTE Corporation is in communication with the U.S. Department of Justice regarding compliance investigations related to the Foreign Corrupt Practices Act [4] - Oracle reported Q2 FY2026 revenue of $16.1 billion, a 14% year-on-year increase, with cloud revenue of $8 billion, a 34% increase, but below market expectations [4] Transportation Industry - The transportation sector has shown signs of recovery, with the strong cycle sectors benefiting from anti-involution policies [5] - The focus for 2026 will remain on sectors benefiting from anti-involution and high certainty stocks, with a long-term impact expected from these policies [6] - The express delivery industry has seen a recovery in profitability, with rising prices and a reduction in low-price competition [7] - The airline sector has improved performance due to lower oil prices and better management of ticket pricing, with a cautious approach to aircraft procurement expected to continue [8] - The highway sector has experienced significant stock price adjustments, with a focus on high dividend yield and low debt ratio companies expected to gain more attention [9]

紧扣"双碳"目标，推动交通运输向绿色高效转型。在全省率先出台交通运输绿色转型发展三年行动方 案，实施绿色转型"六大工程"，建成全国首个高速公路"零碳场站"，完成全省交通运输领域首笔碳普惠 交易，阳谷县充换电设施补短板项目入选国家级试点，多项创新实践走在全省前列。同时，加快信发、 冠州等铁路专用线建设，进一步织密货运铁路网络；通过市县联动、部门协同，破解新能源货车推广、 充电桩建设难题，推动交通运输从"规模增长"向"质量提升"转变。 "十四五"时期，是聊城发展进程中极不平凡、极不寻常的五年。五年来，聊城市坚定扛牢"走在前、挑 大梁"的使命担当，深入践行"6293"工作思路，坚持发展为要、项目为王、生态为先、民生为本、稳定 为基，推动"十四五"规划主要目标任务顺利完成，高质量发展迈出坚实步伐。当下，"十四五"即将圆满 收官。12月10日，聊城市政府新闻办公室举行新闻发布会，介绍了全市高质量完成"十四五"规划的有关 情况。 市交通运输局党组书记、局长闫友亮介绍，这五年，市交通运输局坚定落实市委、市政府部署要求，锚 定建设交通强国山东示范区聊城样板目标，全力推进综合立体交通体系建设，各项工作取得突破性进 展。 立体交 ...

人民财讯12月11日电，12月10日，空客集团(AirBus)高层访华团到达苏州工业园区，与协会会员单位智 达诚远、思必驰、九识智能、星逻智能等本土AI企业展开深度对接。此次访苏，空客带着对AI技术赋 能航空产业的迫切需求，聚焦智能交互、智能座舱、低空经济、数字化服务等核心赛道，寻求与中国 AI创新企业的战略协同。交流对接环节中，协会会员单位思必驰、九识智能、星逻智能、智达诚远围 绕自身核心优势与海外业务布局展开分享：思必驰在车载智能交互领域的技术积淀、九识智能的无人物 流车在海外市场的业务深耕、星逻智能在低空经济的场景突破、智达诚远在智能座舱的产品创新，共同 构成了园区AI企业"技术过硬、出海能战"的实力矩阵。 ...

Core Insights - The report emphasizes that domestic demand is recovering ahead of external demand, with a focus on low base effects in 2026, making bottomed-out sectors worth attention [3] - It highlights that upstream sectors are recovering before downstream sectors, with significant demand elasticity expected in early 2026, particularly in bulk supply chains and dry bulk shipping [3] - The report notes that price increases are anticipated before volume growth, with a focus on dry bulk shipping, e-commerce logistics, and airlines benefiting from supply constraints and favorable oil exchange rates [3] Industry Overview - The transportation sector ranked 29th in the market as of December 10, 2025, reflecting significant pressure on fundamentals, with a -1% performance in the Shenwan primary transportation index [18][19] - The report identifies structural opportunities in logistics and shipping, despite the overall economic cycle affecting the sector [20] - It indicates that the transportation sector's performance is closely tied to economic fundamentals, with a notable correlation between ROE and economic cycles [23] Sub-industry Analysis - In logistics, domestic demand is stabilizing while external trade remains robust, with expectations of price increases due to anti-involution policies [11][20] - The airline sector is experiencing improvements in supply and demand, with a focus on capturing opportunities in private airlines and airport duty-free consumption recovery [11][20] - The shipping sector, particularly dry bulk shipping, is highlighted as a cost-effective opportunity for 2026, driven by supply and demand dynamics [11][20] Investment Strategy - The report suggests a strategy of seeking alpha within beta, focusing on sectors with low beta characteristics that are expected to turn around in 2026 [11][20] - It emphasizes the importance of identifying individual stocks within the transportation sector that can outperform the broader market, given the anticipated recovery in demand [11][20] - The report outlines a cautious but optimistic outlook for 2026, with a focus on sectors that have shown resilience and potential for recovery [11][20]

受美国降息影响，港股早盘高开，三大指数盘中持续走低转跌。截止午盘，恒指微幅上涨0.09%，国企 指数跌0.13%，恒生科技指数跌0.65%。大型科技股多数由涨转跌拖累市场情绪，海上风电近期密集开 标，Q4装机旺季高速增长，风电股强势；抢占春节市场，航司集体开通国际新航线，航空股集体回 暖。另外，黄金、铜等有色金属股高开低走迎来回调行情，半导体股集体弱势。(格隆汇) ...

消息上，进入12月，国际航线市场竞争悄然升温。截至12月10日，有媒体观察到，东航、南航、海航、 吉祥航空等多家航司新开、加密、复航国际航线，瞄准元旦、寒假及春节出行高峰期，拉开了抢占客流 的序幕。 航旅纵横行业发展部总经理赵楠表示，12月底开始，元旦、寒假、春节叠加形成全年出行高峰，探亲 流、学生流、旅游流高度重合，旅客出行需求预计会集中释放。航司也会根据市场需求增投运力，为旅 客出行提供充足的运力保障。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01055 | 中国南方航空股 | 5.240 | 1.95% | | 00670 | 中国东方航空股 | 4.640 | 1.53% | | 00293 | 国泰航空 | 11.950 | 1.53% | | 00753 | 中国国航 | 6.350 | 1.28% | | 01848 | 中国飞机租赁 | 4.670 | 1.08% | | 02588 | 中银航空租赁 | 72.850 | 0.07% | 连续回调的航空股以来反弹行情，其中，中国南方航空涨2%，中国东方航空、国泰航空涨1.5% ...

航线开通：填补空白，协同发展 2025年12月10日澳门航空济南 澳门航线开航新闻发布会在济南隆重举行。该航线在12月11日迎来首航，是澳门航空继青岛航线后在山东开通的第二条直 飞航线，标志着鲁澳两地经贸、文旅交流迈入新阶段。山东省、济南市各级政府代表，澳门航空管理层及合作伙伴共同见证这一重要时刻。 | 航段 | 航班号 | 起降时间 | 班期 | | --- | --- | --- | --- | | 澳门-济南 | NX260 | 12:15-14:55 | 母周 | | 济南-澳门 | NX259 | 15:55-19:30 | 二/四/六 | 济南的先进制造、数字经济与中国澳门的现代金融、专业服务具有高度互补性。新航线将为两地企业搭建高效商务通道，助力山东特产通过中国澳门拓展 葡语国家市场，同时推动粤港澳大湾区的创新资源赋能山东产业升级。 在文旅方面，航线将串联济南与中国澳门，为两地游客提供"一程机票，双城风情"的便捷体验。澳门航空还推出凭登机牌享受中国澳门专属消费礼遇的活 动，进一步激发旅游活力。 展望未来：深化合作，共谋发展 澳门航空将持续优化航线服务，深化与山东地区的合作，将济南航线打造为两地人 ...

东兴证券主要观点如下： 智通财经APP获悉，东兴证券发布研报称，回顾本年交通运输行业的走势，截至2025年12月8日,交通运 输行业板块涨幅在申万一级行业中排名靠后，走势明显弱于大盘。细分到子板块，公路、铁路、港口等 重资产+弱周期板块年初至今走势相对较弱，而航运航空等周期类板块走势相对较强，下半年反内卷的 政策执行对交通运输行业强周期板块的股价产生了较为积极的影响。 2026年展望：重视反内卷受益板块及高确定性个股 今年二季度以来，航空板块业绩有明显好转，一方面是因为今年油价的相对较低，另一方面则是得益于 航司供给端的管控和航司对票价的维护。2025年航司对于飞机采购的态度依旧谨慎，且这种谨慎的态度 大概率会延续到2026年。进入2025年后，航司客座率与扣油座公里收益较2024年都有同比抬升，这说明 供给端长期的低增长对行业供需关系的影响在逐步放大，正从单纯的推升客座率，到高客座率向高票价 进行转化，行业的盈利弹性有望逐步释放。该行认为当行业经营指标整体性抬升时，三大航收入及盈利 弹性明显高于中型航司，边际改善会更加显著。因此建议重点关注三大航的盈利弹性。 高速公路板块：关注"高分红比例+低负债率"标的 ...

以政策为牵引，湾沚区将数字场景创新与产业发展需求紧密结合，让数字技术 成为产业升级的"加速器"。湾沚区数据资源管理局牵头搭建城市运行管理平台，整 合12个类别1万余路视频资源，开发航空零部件协同制造、汽车产业供需对接等特 色应用，实现"数据多跑路、企业少跑腿"。 在低空经济领域，依托数字底座构建低空飞行管理服务平台，实现飞行申请、 航线规划、安全监管全流程数字化，助力湾沚低空经济产业集群化发展；在政务服 务领域，6216项政务服务事项实现"一网通办"，365个事项"秒办秒批"，为企业提 供高效便捷的政务环境，让政策支持与数字服务形成合力。 产业生态共荣：聚焦"211"体系培育优质主体 紧扣"211"现代化产业体系（2个千亿级产业集群、1个五百亿级产业集群、1个 百亿级未来产业），湾沚区以政策为纽带，推动数字企业与优势产业深度绑定、协 同发展。新芜经济开发区作为省级数字化转型示范园区，依托政策红利吸引一批数 近年来，芜湖市湾沚区锚定"一城两区"发展目标，紧扣"211"现代化产业体系 建设，以数据资源为核心抓手，将数字经济作为垂直崛起的核心引擎，通过靶向政 策供给、场景深度赋能、产业生态培育，推动数字技术与航空航 ...