责任编辑：刘明亮 据职业介绍公司Challenger， Gray & Christmas的数据，美国企业宣布的裁员数量在10月激增后于上月有 所回落，但仍为过去三年来同期最高水平。 该机构周四表示，企业在11月宣布裁员71321人。这个数字约为前月的一半，美国企业10月宣布的裁员 规模是二十多年来同期最高水平。 裁员计划在上个月减少，当然是一个积极信号，"该公司首席营收官Andy Challenger表示。但他表示， 这一数字较上年同期增长24%，并且标志着自2008年以来第三次出现11月裁员计划超过7万人的情况。 推荐阅读：裁员潮蔓延至老牌企业 美国就业市场朔风凛冽 这是美联储下周召开年内最后一次议息会议前看到的最后几份劳动力市场报告之一。投资者普遍押注决 策者将再次降息。然而，官员们对未来政策路径罕见地存在明显分歧，许多官员仍倾向于维持高利率以 抑制通胀。 除了裁员公告，该公司还表示，今年的招聘计划较2024年同期下降35%。年迄今的招聘计划为2010年以 来最低。这包括季节性招聘，Challenger指出，上月没有宣布新的假日招聘计划。 电信业11月的计划裁员数量居前，主要由Verizon推动。科技、食 ...

Core Viewpoint - The article discusses the strategic development of Wuhan through its five-year plans, highlighting the city's evolution from a regional leader to a national benchmark, with a focus on modernization and urbanization [2][3]. Group 1: Urban Development and Planning - Wuhan's five-year plans have been a crucial experience in governance, marking the city's continuous growth and modernization since the reform and opening up [2]. - The city has transitioned from being an advanced city among peers to becoming a national center, integrating into the national strategy as a core city in the Yangtze Economic Belt and an international metropolis [4][6]. - The development goals have evolved from foundational economic strengthening to enhancing urban functions and establishing a modern governance system, aiming for a "modernized Wuhan" [7]. Group 2: Economic and Industrial Growth - The plans emphasize the importance of economic development, with each phase focusing on different aspects such as transportation, trade, and industrial bases, ultimately aiming for a comprehensive economic center in Central China [5][11]. - The city aims to create a sustainable economic, social, and ecological system, with significant improvements in economic quality and urban functionality [9][10]. Group 3: Technological Innovation - Wuhan prioritizes technology and innovation as core strategies, transitioning from factor-driven to innovation-driven development, with a focus on high-quality growth [12]. - The city has made substantial investments in science, education, and cultural sectors, aiming to enhance its technological capabilities and foster high-tech industries [13][15]. Group 4: Social Welfare and Quality of Life - The plans reflect a commitment to improving the quality of life for residents, progressing from basic guarantees to a focus on affluent living standards and enhanced public services [16]. - The emphasis is on ensuring that economic growth translates into better living conditions, cultural enrichment, and overall social progress for the population [18].

继高盛、德意志银行、摩根士丹利之后，又一家华尔街顶级投行—美国银行，发布了2026年美股市场展望，不过美银的观 点与其它主要投行有点格格不入。 与其它主要投行显著"抱团"的观点不同，美银这次并没有"非常看好"美股。 标普500指数过去两年都录得超过20%的涨幅，从2019年算起，仅2022年回调，其它5个年份，涨幅都超过16%，今年大概 率还会保持这样的涨幅。 但美银这次却非常谨慎地认为，2026年标普500指数较现在的点位还有4%的上涨空间，到2026年底，标普500指数的目标 点位设在7100点。 另一方面，股票回购减少、资本支出增加以及降息幅度降低都是潜在的不利因素。 当然最主要的一点，是美银对于大型科技企业的人工智能基建热潮并不那么认可。它认为，超大规模数据中心运营商已经 转向资产密集型模式，并且出现了大量的AI债务发行，却没有明确的货币化计划。 美银对美股的这波人工智能热潮能否货币化提出质疑，虽然没有直接提到"人工智能泡沫"，但它用了"AI air pocket"（AI气 穴）这样的表达方式。 看一些其它的主要投行基本上都是两位数增长目标的预测，可以发现美银这次是属于非常另类，甚至说是有点敷衍，毕竟 ...

另一方面，黄金、铜、铝等有色金属股多数出现高开低走行情，中国有色矿业跌超4%，山东黄金跌超 3%，餐饮股集体低迷，九毛九、百胜中国、海底捞皆有跌幅，濠赌股、纸业股、军工股集体下跌。(格 隆汇) 午后市场情绪回升，港股三大指数再度冲高，恒生科技指数一度涨至2%，最终收涨1.45%重回5600点上 方，恒生指数涨0.68%报25935点，国企指数涨0.86%报9106点。 盘面上，午后大型科技股集体转涨带动大市冲高，尤其是小米涨超4%，美团涨超2%，腾讯、阿里巴 巴、百度均上涨；甲乙流特效药订单量暴增近9倍，药品类股集体强势，药明系个股涨幅靠前，药明合 联、药明生物均涨超7%；寒武纪据悉计划将芯片产量提高3倍，半导体芯片股走势活跃，权重股中芯国 际涨近4%；连续走低的新能源汽车股反弹，影视娱乐股、重型机械股、内银股、苹果概念股、内房股 多数上涨。 ...

Core Insights - The WISE 2025 Business King Conference aims to anchor the future of Chinese business amidst uncertainty, focusing on the theme "The Scenery Here is Unique" [1][2] Consumer Behavior - Global consumer confidence is declining, but Chinese consumer confidence is improving, although their continuous consumption ability is hindered [4][8] - Chinese consumers are less focused on promotions and pricing, with experience becoming a key driver for consumption [4][10] - Different generations exhibit varying consumption behaviors, with Baby Boomers and Generation Y being the most willing to spend, while Generation Z and affluent Generation X are more cautious [4][12] Generational Insights - Baby Boomers (60+) are redefining aging, showing a willingness to try new products and use AI for shopping, with 83% open to AI assistance [13][14] - Generation X (45-59) is pragmatic and financially savvy, with 37% being budget-conscious and preferring local brands [16][19] - Generation Y (29-44) prioritizes experience over products, with 70% willing to pay for better experiences and 81% favoring quick delivery services [20][21] - Generation Z (18-28) is divided, with 31% eager to spend while 34% are financially constrained, focusing on products that resonate with their social circles [22][23] Market Opportunities - The aging population presents new business opportunities, as older consumers seek to enhance their quality of life and are open to innovative products [14][15] - Companies need to adapt their strategies to cater to the unique needs of different generations, emphasizing product quality, experience, and effective communication [23]

钛媒体App 12月4日消息，据报道，英国多个养老基金正在缩小对美国股票的风险敞口，原因是担忧美 国人工智能领域泡沫已经过大。据英国《金融时报》报道，近几个月来，英国多个养老金项目一直在把 投资转向美国以外的市场，或针对美股可能下跌而增强保护措施。这些养老金项目为数百万英国储户管 理着总计超过2000亿英镑（约合1.9万亿元人民币）的资产。《金融时报》的报道指出，美国纳斯达克 综合指数今年以来上涨超20%，自2023年初以来已上涨一倍以上。纳斯达克综合指数主要由英伟达、谷 歌母公司字母表和Meta等大型科技企业的股价推动。英国央行行长贝利日前警告，这些美国科技股估 值过高。（央视财经） ...

经济观察网 据央视财经，英国媒体2日报道，英国多个养老基金正在缩小对美国股票的风险敞口，原因 是担忧美国人工智能领域泡沫已经过大。据英国《金融时报》报道，近几个月来，英国多个养老金项目 一直在把投资转向美国以外的市场，或针对美股可能下跌而增强保护措施。这些养老金项目为数百万英 国储户管理着总计超过2000亿英镑（约合1.9万亿元人民币）的资产。《金融时报》的报道指出，美国 纳斯达克综合指数今年以来上涨超20%，自2023年初以来已上涨一倍以上。纳斯达克综合指数主要由英 伟达、谷歌母公司字母表和Meta等大型科技企业的股价推动。英国央行行长贝利日前警告，这些美国 科技股估值过高。 ...

Group 1: Market Overview - Global markets showed mixed performance, with the Hang Seng Index closing at 25,761, down 1.28% for the day but up 28.42% year-to-date [1] - The US markets saw gains, with the Dow Jones up 0.86% and the S&P 500 up 0.30%, while the Nasdaq increased by 0.17% [1] - The Chinese stock market experienced declines, particularly in healthcare, consumer discretionary, and financial sectors, while materials and utilities outperformed [3] Group 2: Economic Outlook - The global economic outlook for 2026 suggests resilience due to inventory demand, AI trends, and fiscal expansion, despite challenges from tariffs [5] - The US GDP growth is projected to decrease from 1.9% in 2025 to 1.8% in 2026, with a cooling job market and rising unemployment rates [6] - The Eurozone GDP growth is expected to decline from 1.4% in 2025 to 1.2% in 2026, influenced by tightening financial conditions and slowing global trade [6] Group 3: Company Analysis - The report highlights that 巨子生物 (Giant Bio) is facing short-term sales pressure due to underperformance in its sales channels, but management remains focused on strategic adjustments [9] - The company plans to enhance its self-operated channels and reduce reliance on top influencers, aiming for long-term growth despite current competitive pressures [9] - The company has been approved to repurchase up to 10% of its shares, reflecting confidence in its long-term prospects [10]

每日晨报│2025 年 12 月 4 日 主要市场指数表现 | | 收市价 | 上个交易日升 | YTD 升跌 | | --- | --- | --- | --- | | 恒生指数 | 25,760 | -1.28% | +28.42% | | 恒生科技指数 | 5,534 | -1.58% | +23.88% | | 国企指数 | 9,028 | -1.68% | +23.85% | | 沪深 300 | 4,531 | -0.51% | +15.15% | | 上证综合指数 | 3,878 | -0.51% | +15.70% | | 深证成份指数 | 12,955 | -0.78% | +24.40% | | 中小板指 | 7,883 | -0.77% | +23.53% | | 道琼斯指数 | 47,882 | +0.86% | +12.55% | | 标普 500 指数 | 6,849 | +0.30% | +16.46% | | 纳斯达克指数 | 23,454 | +0.17% | +21.46% | | 伦敦富时指数 | 9,692 | -0.10% | +18.59% | | CAC40 指数 ...

美"小非农"数据不及预期降息理由增强，隔夜美股收涨，中概指数跌1.38%。昨日下跌的港股三大指数 高开，恒指涨0.17%，国指涨0.26%，恒生科技指数涨0.21%。大型科技股多数出现反弹行情，美联储降 息预期持续增强，铜、铝、黄金等有色金属股继续活跃，其中中铝国际大涨超7%。另外，新能源汽车 股"蔚小理"继续跌势。(格隆汇) ...