公告称，本次交易有利于公司聚焦主营业务、盘活存量资产、加快资金回笼，系正常经营行为，符合公 司和全体股东的利益。 豫园股份主营业务涉及珠宝时尚等消费升级行业、商业零售行业、房地产行业。前三季度公司实现营业 总收入284亿元。 核校：孙萍 中证智能财讯 豫园股份（600655）12月17日公告，公司及其下属公司拟向宁波塑料有限公司转让其持 有的宁波星健资产管理有限公司100%股权及相关债权，交易对价共计1.50亿元。交易完成后，宁波星 健将不再纳入公司合并报表范围。 根据公告，交易对价中股权转让对价为9178.81万元，债权转让价款为5821.19万元。标的公司宁波星健 持有位于宁波市江北区用于经营星健兰庭康养项目，该项目由养老公寓部分、商业部分及养老社区配套 部分组成。宗地面积为2.87万平方米。 交易对方宁波塑料是一家具有40多年历史的塑料粒子贸易及薄膜生产企业。其为中石化、浙石化、沙特 石化等在华东地区的经销商，年经销高压、低压、线性聚乙烯约5万吨，销售额超过 4 亿。 ...

Market Overview - On December 17, A-shares showed mixed performance with the Shanghai Composite Index down 0.06% at 3822.51 points, while the Shenzhen Component Index rose 0.1% to 12927.39 points, and the ChiNext Index increased by 0.03% to 3072.62 points [1] - Key sectors such as aquaculture, lithium mining, and precious metals opened higher, while the film and commercial aerospace sectors experienced adjustments [1] Company News - Shengyang Technology's subsidiary FTA signed a cooperation agreement for a South American project with a leading satellite company based in Europe, which has capabilities in satellite network layout [2] - Aerospace Information's main business does not involve commercial aerospace, focusing instead on digital tax and smart business products [2] - China Energy Construction's global largest green hydrogen ammonia integrated project, the Songyuan Hydrogen Energy Industrial Park, commenced production, with an annual capacity of 45,000 tons of green hydrogen and 200,000 tons of green ammonia and methanol [3] - Silan Microelectronics' 12-inch high-end analog integrated circuit chip manufacturing project has received investment approval, with a total investment of 10 billion yuan [3] - China General Nuclear Power's joint venture has begun construction on the Ningde No. 6 nuclear power unit, utilizing the Hualong One technology with a capacity of 1210 MW [3] Industry Insights - The National Development and Reform Commission emphasized the need to implement a strategy to expand domestic demand, focusing on enhancing consumer willingness and capacity [6] - The AI health application sector is experiencing explosive growth, with Ant Group's "Antifortune" app reaching over 15 million monthly active users [11] - The storage chip market is facing a severe supply-demand imbalance, with SK Hynix warning of a continued DRAM shortage until 2028, which is more severe than previous forecasts [8] - The commercial real estate market is under pressure, with a 17.3% year-on-year decline in sales area in November, although the decline rate has narrowed compared to October [15]

财信证券认为，周二，A股大盘缩量调整。盘面上，零售板块逆势走强，无人驾驶板块活跃，数字货币 板块反弹；而科创方向继续调整，贵金属板块表现靠后。近期，海外两大利空反复冲击市场：一是市场 对AI产业链泡沫担忧加剧，导致全球科技线普遍调整；二是日本央行利率决议事件尚未落地，加息预 期升温持续扰动市场。这两大事件使得市场风险偏好受到压制，隔夜美股再度调整，当日包括日本、韩 国在内的亚太主要市场也延续调整。从技术面上看，沪指已经调整至前期低点，若无法及时企稳，指数 层面可能仍有小幅下探风险。因此短期内，适当控制仓位，等待大盘放量上涨信号出现，在此之前可围 绕近期强势方向轮动的思路适当参与市场。中长期而言，在"反内卷"改善上市公司业绩、居民储蓄资产 入市、全球流动性缓和、科技产业趋势加持下，2026年A股"慢牛"行情大概率延续。 中原证券认为，周二，A股市场低开低走，震荡整理，盘中消费、多元金融、汽车以及房地产等行业表 现较好；贵金属、船舶制造、电源设备以及风电设备等行业表现较弱。上周A股市场在国内外诸多事件 相继落地后呈现显著分化与震荡格局。中长期支撑本轮A股上涨的基础并未发生转变。预计上证指数围 绕4000点附近蓄势 ...

Group 1 - The core viewpoint of the report emphasizes the importance of adhering to a stable yet progressive economic strategy, focusing on quality and efficiency, while implementing more proactive fiscal policies and moderately loose monetary policies to enhance macroeconomic governance effectiveness [1][13][19] - The report highlights the significance of "performance view" and "local adaptation" as focal points of the recent economic work conference, indicating that local governments should avoid blind pursuit of trends and instead develop industries based on regional characteristics and advantages [2][12][17] - The report suggests a short-duration investment strategy for local governments that effectively address hidden debts, particularly those that can resolve these issues promptly and are expected to issue special bonds for project construction [3][27][37] Group 2 - The report outlines key tasks for local governments in 2026, including maintaining domestic demand as the primary driver, enhancing infrastructure investment, and optimizing the use of special bonds and new policy financial tools to stimulate private investment [19][25][26] - It discusses the need for a unified national market construction regulation to address "involution" competition and promote fair competition among local governments and enterprises, which is expected to be implemented in 2026 [9][24][21] - The report emphasizes the importance of addressing local government debt risks through proactive measures, including debt restructuring and optimizing financing platforms, to ensure sustainable economic development [27][29][30]

市场昨日震荡调整，三大指数集体低开低走。沪深两市成交额1.72万亿，较上一个交易日缩量493亿。 板块方面，零售、教育、乳业、多元金融等板块涨幅居前，贵金属、影视院线等板块跌幅居前。截至昨 日收盘，沪指跌1.11%，深成指跌1.51%，创业板指跌2.1%。 在今天的券商晨会上，华泰证券表示，消费领域建议关注国货崛起、AI+消费、情绪消费、低估值高股 息白马龙头等结构性机会；中信建投指出，中央经济工作会议提出"着力稳定房地产市场"，稳楼市态度 明确；中金公司发布2026年展望：继续看好银行股的绝对收益与相对收益表现。 中信建投：中央经济工作会议提出"着力稳定房地产市场"，稳楼市态度明确 中信建投认为，11月单月全国商品房销售面积同比下降17.3%，降幅较10月收窄1.5个百分点，销售有较 大降幅。房价下行压力持续，9-11月连续三个月份70个大中城市的二手住宅价格均出现环比下跌；新建 住宅价格环比上涨的城市数量偏少。中央经济工作会议提出"着力稳定房地产市场"，延续了前期的政策 定调，稳楼市态度明确；更加积极的财政政策、适度宽松的货币政策，也有望推动经济增长与房地产市 场稳定。11月单月投资及开竣工面临较大的下行 ...

在"十四五"即将收官、"十五五"新程待启的关键时点，2025年12月10日至11日召开的中央经济工作会议 备受瞩目。 当前经济形势怎么看？"十五五"新开局重点任务如何推进？聚焦舆论关注的热点问题，中央财办有关负 责同志会后第一时间接受中央主要媒体采访，深入解读中央经济工作会议精神。 加力支持扩大内需、科技创新等重点领域 问：明年继续实施更加积极有为的宏观政策，财政政策和货币政策如何发力？ 今年经济总量有望达到140万亿元左右 问：2025年我国交出怎样的经济"成绩单"？明年经济形势如何？ 答：中央经济工作会议对今年经济工作进行全面总结，指出2025年是很不平凡的一年，我国经济顶压前 行、向新向优发展，展现强大韧性和活力。 一是运行总体平稳、稳中有进。主要经济指标符合预期，预计全年经济增长5%左右、继续位居世界主 要经济体前列，经济总量有望达到140万亿元左右。就业总体稳定，外贸较快增长、出口多元化成效明 显。 二是现代化产业体系建设持续推进。新质生产力稳步发展，科技创新成果丰硕，人工智能、生物医药、 机器人等研发应用走在全球前列。 三是改革开放迈出新步伐。全国统一大市场建设向纵深推进，综合整治"内卷式"竞争成 ...

Group 1 - The core market sentiment is characterized by a loss of calculability regarding the future rather than a loss of confidence [2] - The market reactions to the non-farm payroll data were mixed, with the dollar index initially falling before recovering, gold prices spiking then declining, and S&P 500 futures showing volatility before closing lower [2][3] - The U.S. Treasury bonds experienced a comprehensive rise, with yields dropping by 2 to 3.5 basis points, indicating a preference for assets that do not require narrative justification [2] Group 2 - The overall market response was moderate, suggesting that it was not a significant trading day, with expectations of increased volatility compared to the previous day [3] - The market is currently in a state of risk avoidance, with defensive sectors like healthcare, utilities, and real estate performing poorly, while technology stocks managed to show slight gains [4] - The implications of the non-farm data are troubling for the Federal Reserve, as it disrupts the sense of direction in the market, creating uncertainty in pricing models [4]

1 隔夜市场 美股三大指数收盘涨跌不一，道指跌0.63%，纳指涨0.23%，标普500指数跌0.24%，特斯拉涨超3%创上市以来新高，Meta涨超1%；加密货币概念、计算 机硬件板块涨幅居前，Hut 8涨近4%，Strategy、SanDisk涨超3%，昆腾涨近3%，戴尔科技涨超2%，西部数据、惠普涨超1%；油气、能源板块跌幅居前， 英国石油跌超4%，壳牌、埃克森美孚、雪佛龙跌超2%。纳斯达克中国金龙指数跌0.34%，中概股涨跌不一，知乎涨超3%，金山云涨超2%，爱奇艺、网 易、世纪互联、拼多多跌超1%。 每经记者｜范芊芊 每经编辑｜陈柯名 陈鹏程 王晓波 标题点睛： 美股三大指数收盘涨跌不一，道指跌0.63%，纳指涨0.23%，标普500指数跌0.24%，特斯拉涨超3%创上市以来新高。 国际油价大幅下挫，截至发稿时，美油主力合约跌2.99%，报55.12美元/桶；布伦特原油主力合约跌2.86%，报58.83美元/桶。 12月16日新华社消息，针对内需发展现状如何？提振消费、扩大投资的空间和动力在哪里？中央财办有关负责同志表示，扩大内需是明年排在首位的重点 任务。今年我国内需总体保持稳健，前三季度内需对经济增 ...

Core Viewpoint - The Hang Seng Index (HSI) showed a slight increase, closing at 25,318.08, up by 82.67 points or 0.33% from the previous day [1]. Group 1: Market Performance - The HSI closed at 25,318.08 with a trading volume of 32.39 million, reaching a high of 25,355.41 and a low of 25,238.64 during the session [1]. - The index has a 52-week high of 27,275.90 and a low of 18,856.77, indicating a volatility of 0.46% [1]. - Major blue-chip stocks mostly rose, with HSBC Holdings closing at 116.167 HKD, down 0.03% from the Hong Kong close, while Tencent Holdings rose by 0.4% to 598.882 HKD [2]. Group 2: Individual Stock Performance - Tencent Holdings (00700) saw a decrease of 6.500 HKD, or 1.08%, with an ADR price of 598.882 HKD, which is an increase of 2.382 HKD compared to its Hong Kong stock price [3]. - Alibaba Group (09988) dropped by 4.400 HKD, or 2.96%, with an ADR price of 145.179 HKD, up by 0.979 HKD from its Hong Kong price [3]. - HSBC Holdings (00005) remained unchanged at 116.200 HKD, with an ADR price of 116.167 HKD, down by 0.033 HKD [3]. - Other notable declines included China Construction Bank (00939) down 2.12%, Xiaomi Group (01810) down 2.25%, and AIA Group (01299) down 1.05% [3].

Core Points - The core issue revolves around the financial crisis faced by Xiangyuan Group, led by Yu Faxiang, resulting in the freezing of shares of its listed companies, Xiangyuan Cultural Tourism and Jiaojian Co., due to significant debt risks associated with financial products [1][10][12] Group 1: Financial Crisis and Share Freezing - Yu Faxiang's companies, Xiangyuan Cultural Tourism and Jiaojian Co., have seen their stock prices plummet over 20% and 30% respectively following the freezing of shares [1][3] - As of the announcement date, Yu Faxiang and his associated entities have had a total of 612,433,915 shares frozen, representing 58.08% of the total share capital of Xiangyuan Cultural Tourism [4][5] - The freezing of shares is linked to multiple financial disputes, including a pre-trial preservation procedure related to loan guarantee contracts with financial institutions [6][8] Group 2: Government Response and Investigation - The local government has established a working group to assist Xiangyuan Group in addressing its debt crisis and ensuring normal operations [14][15] - The working group began its investigation on December 12, 2025, focusing on the assets and liabilities of Xiangyuan Group to facilitate debt resolution [15][16] - The government aims to protect investors' rights and maintain social stability amid the ongoing financial turmoil [14][15] Group 3: Impact on Investors - Investors have reported significant losses, with many having invested substantial amounts in financial products linked to Xiangyuan Group, which are now facing default [10][12] - The total scale of the financial products at risk exceeds 100 billion yuan, with over 200 products involved, leading to widespread investor concern [10][12] - The Zhejiang provincial government has set up channels for investors to voice their complaints and seek information regarding the situation [20][21]