新华社北京12月8日电 题：坚持在开放合作中育新机拓新局——中国与世界共享机遇共同发展 新华社记者邹多为、戴锦镕、丁乐 中国越发展就越开放，开放是国家繁荣发展的必由之路。 纵观2025年，面对外部冲击影响加大，中国积极识变应变求变，以开放促改革促发展，在加快构建 新发展格局中携手各国共享新机遇、共拓新空间。 外贸"韧实力"展现新气象 "箱"当给力！12月2日，世界第一大港迎来历史性时刻—— 随着一个身披"红妆"的集装箱被稳稳吊至装箱轮，宁波舟山港年集装箱吞吐量首次突破4000万标准 箱，成为全球第三个达成这一里程碑的港口。 川流不息的货车船只、强大的吞吐能力、高效运转的作业系统……港口作为观察我国外贸活力 的"晴雨表"，清晰展现出货物贸易第一大国的强劲韧性。 海关总署12月8日发布的最新数据显示，今年前11个月，中国货物贸易进出口总值达到41.21万亿 元，同比增长3.6%；11月当月，进出口同比增速回升至4.1%，从2月起连续10个月保持增长。 海关总署副署长王军分析认为，中国外贸之所以稳中有进、量质齐升，主要源于完备产业体系支撑 的底气，新质生产力带来的朝气，以及广大外贸企业迎难而上、开拓进取的锐气。 习 ...

证券日报网讯 12月8日，南极电商在互动平台回答投资者提问时表示，公司将持续关注市值管理相关情 况。公司始终坚持把提升经营业绩作为公司市值管理的根本，始终坚持规范运作，有序开展各项业务， 切实加强经营管理，持续提升信息披露质量。同时，公司重视投资者关系管理，通过业绩说明会、机构 交流、互动易平台等多种方式，及时向市场传递公司战略规划与经营进展，增强投资者对公司的理解与 信心。未来公司将按照政策引导，持续规范运作，持续提升经营质量，秉持稳健经营、持续发展的理 念，希望通过持续、健康稳定的发展及可持续的回报机制，带动公司整体市值的提升，回馈股东。 （文章来源：证券日报） ...

Report Industry Investment Rating - Not provided in the content Report's Core View - Last week, the primary market issuance of Chinese offshore bonds significantly declined, with 6 new bonds issued, totaling approximately $980 million. The secondary market of Chinese dollar bonds fell, with multiple US Treasury yields rising [1][3][4]. - Various macro - events, including expected US interest rate cuts, the US Treasury debt hitting a record high, and significant changes in economic data in the US, EU, and other regions, have an impact on the bond market [5][30][31]. Summary by Relevant Catalogs 1. Primary Market - Last week, the primary market issuance of Chinese offshore bonds significantly declined, with 6 new bonds issued, totaling approximately $980 million (converted to US dollars at the exchange rate on the pricing start date). The Agricultural Bank of China Tokyo Branch and the Bank of China Hong Kong Branch both issued $300 million bonds, the largest in scale last week. Chengdu Dongjin Huaizhou New City Investment Group Co., Ltd. issued a RMB 305 million senior unsecured guaranteed bond with a coupon rate of 5.9%, the highest - priced new bond last week [1][6][10]. 2. Secondary Market 2.1 Chinese Dollar Bond Index Performance - The Chinese dollar bond index (Bloomberg Barclays) fell 0.40% week - on - week, and the emerging market dollar bond index fell 0.04%. The investment - grade index of Chinese dollar bonds closed at 202.1549, down 0.43% for the week; the high - yield index closed at 159.0776, down 0.24% for the week [4][9]. - The Chinese dollar bond return index (Markit iBoxx) fell 0.27% week - on - week, closing at 250.5431. The investment - grade return index of Chinese dollar bonds closed at 243.714, down 0.29% for the week; the high - yield return index closed at 240.107, down 0.13% for the week [15]. 2.2 Chinese Dollar Bond Industry Performance - In terms of industries, the materials and non - essential consumption sectors led the rise, while the real estate and essential consumption sectors led the decline. The materials sector's yield decreased by 192.3bps, and the non - essential consumption sector's yield decreased by 6.9bps. The real estate sector's yield increased by 17.9Mbps, and the essential consumption sector's yield increased by 17.6bps [17][20]. 2.3 Chinese Dollar Bond Different Rating Performance - According to Bloomberg's comprehensive rating, investment - grade names all declined. The weekly yield of A - rated bonds increased by 7.7bps, and that of BBB - rated bonds increased by 8.2bps; high - yield names all declined. The yield of BB - rated bonds increased by 13.1bps, the yield of DD + to NR - rated bonds increased by about 6.8bps, and the yield of non - rated names increased by 5.6Mbps [21][22]. 2.4 Last Week's Bond Market Hot Events - Aoyuan Group failed to pay the principal and interest of 267 million yuan for "H20 Aoyuan 2" on schedule. As of November 30, 2025, the cumulative unpaid principal and interest of "H20 Aoyuan 2" was approximately 644 million yuan [22]. - Shanghai Shimao Construction Co., Ltd. had new pending lawsuits of 391 million yuan and multiple enforcement cases. As of November 30, the company had failed to pay the principal and interest of corporate bonds of approximately 2 billion yuan, and there was a new single - overdue interest - bearing debt of over 10 million yuan of about 120 million yuan in November [23]. 2.5 Last Week's Subject Rating Adjustments - The ratings of Shandong Yihe Industrial Investment Group, Xiaomi Group, AIA Group, Zhengzhou Urban Construction, and other companies were adjusted, mainly due to factors such as the support of local governments, the improvement of profitability, and the enhancement of strategic importance [25][26]. 3. US Treasury Bond Quotes - The report provides quotes and related information for 30 US Treasury bonds with maturities over 6 months, sorted by descending order of yield to maturity [27]. 4. Macro Data Tracking - As of December 5, the yields of 1 - year, 2 - year, 5 - year, and 10 - year US Treasury bonds were 3.5895% (down 0.19bps from last week), 3.5603% (up 7.1bps from last week), 3.7113% (up 11.49bps from last week), and 4.1351% (up 12.19bps from last week), respectively [28][32]. 5. Macro News - Hassett expects a 25 - basis - point interest rate cut. The US Treasury debt has exceeded $30 trillion, doubling since 2018. The US November "small non - farm" had the largest decline in two and a half years. The US November ISM services PMI rose to 52.6, and the manufacturing PMI fell to 48.2. The US initial jobless claims last week reached a three - year low [30][31][33]. - The EU will ban the import of Russian natural gas starting from the autumn of 2027. The eurozone's November composite PMI reached a 30 - month high, and the CPI rose 2.2% year - on - year. The Japanese central bank is likely to raise the policy rate from 0.5% to 0.75% in December [37][38][40]. - The 2025 global economic growth is expected to slow to 2.6%. In November, the average price of new homes in 100 Chinese cities increased by 0.37% month - on - month and 2.68% year - on - year, while the average price of second - hand homes decreased. The retail sales of the national passenger car market in November decreased by 7% year - on - year [41][42][43]. - The new national standard for takeaways was introduced, and the wholesale volume of new - energy vehicles by national passenger car manufacturers in November increased by 20% year - on - year and 7% month - on - month [44][45].

证券日报网讯12月8日，南极电商（002127）在互动平台回答投资者提问时表示，公司近年来业务持续 转型，在供应链端，公司通过引入专业团队、与优质面料供应商合作及合作工厂优化等方式，并基于持 续性负面清单管理的方式有效提升了品牌产品质量，受到消费者普遍好评。销售端来看，公司针对内卷 型客户进行优化并积极与优质客户进行合作，形成了多渠道均衡发展趋势及良好的产品价格机制。同 时，公司新增的线下门店渠道有效增强了品牌与消费者之间互动并输出品牌形象。后续，公司将持续努 力为消费者提供具有高质价比的产品。 ...

淘宝闪购推出的第219天，饿了么也变作了"橙色"。 淘宝闪购推出的第219天，饿了么也变作了"橙色"。 12月5日，饿了么官方正式宣布：即日起"饿了么"App更新至最新版本后将全面焕新为 "淘宝闪购"。 一个夏天的即时零售大战过后，为何迎来了这样的变动？对此，淘宝闪购的表态是："更新是为了更 好，更好也激励我们常新。" 一场面向未来的新战役开启了。饿了么焕新的背后，淘宝闪购将更多承担起阿里推进"远近中场"结合的 全新故事与想象力，同时，这也标志着阿里对大消费平台战略有了更清晰的谋划、更坚定的投入决心。 随着饿了么的焕新，即时零售的故事正式翻开了下一页：阿里的大消费战舰正全速驶向广阔的蓝海。 "焕新"之际 今年4月，淘宝天猫旗下即时零售业务"小时达"正式升级为"淘宝闪购"，并在淘宝App首页以一级流量入 口展示。淘宝闪购的推出被业界视作一支推动大批品类及品牌投入即时零售的有生力量，依托饿了么成 熟的仓配、算法、地图等基础能力，兵分两路，在拿下餐饮订单增长的同时，打开即时零售战场的想象 空间。 阿里最新财报数据显示，第三季度，阿里即时零售业务收入同比增长60%。今年8月，淘宝闪购的日订 单峰值便达到1.2亿单，周 ...

国补高基数带电承压，开拓新业务亏损加 大 京东集团-SW 公司研究 | 动态跟踪 核心观点 盈利预测与投资建议 ⚫ 我们调整盈利预测，预测公司 2025-2027 年收入为 13040/13479/14230 亿元（原 2025-2027 年预测为 13382/14151/14981 亿元），经调整归母净利润为 263/225/442 亿元（原 2025-2027 年预测为 271/438/525 亿元）。参考可比公司给 予 2026 年 11X PE 估值，加上公司股权投资价值计算得公司目标市值为 5023 亿 元，对应每股股价 173.32 港元（人民币兑港币汇率 1.100），维持"买入"评级。 风险提示：外卖亏损收缩不及预期，以旧换新政策效果不及预期，行业竞争加剧。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,084,662 | 1,158,819 | 1,303,975 | 1,347,877 | 1,423,025 | | 同比增 ...

Key Points - 36Kr will cover the global stories of Chinese brands at CES 2026, following its previous coverage at IFA and GITEX GLOBAL in 2025 [2] - WeChat Pay has officially launched in Qatar through QNB, marking the first bank in the GCC to support this payment method, enhancing digital payment options for retailers [3] - Meituan Keeta has officially launched in eight cities in São Paulo, Brazil, as part of a five-year investment plan of 5.6 billion Brazilian Reais [3] - Shopee and Shein are the top overseas shopping platforms for Brazilian consumers, with 96% of them engaging in international shopping in the past year [4] - dLocal has introduced a new payment method combining biometrics with Pix payments in Brazil, allowing users to confirm payments via facial recognition or fingerprint scanning [4] - JD.com has acquired 85.2% of German retail group CECONOMY, aiming to accelerate localization in the European market [5] - Cainiao's eHub in Hong Kong has achieved 80% automation in its operations, becoming the most digitized air cargo hub in the region [5] - MAISEAT has launched a global app to enhance the cross-border ticket purchasing experience for users, supporting multiple languages and payment methods [6] - WuXi Biologics has signed a strategic cooperation memorandum to establish the first integrated CRDMO center in the Middle East [7] - Changan Automobile plans to launch its electric vehicle brands Avatr and Nevo in Europe within the next two years [7] - China Power Construction has signed multiple overseas projects in renewable energy and infrastructure across various countries [7] - UniXAI has completed a total of 300 million yuan in financing, achieving significant growth in robot deliveries [8] - Daimeng Robotics has secured new strategic financing to enhance its product development and global market expansion [8] - Suisheng Technology has raised millions in seed funding to develop AI recording hardware, with plans to launch its first product in 2026 [9] - The AI glasses market is seeing new entrants, with major players like Li Auto and Alibaba launching their products [10] - Over one-third of mobile marketers are currently investing in short drama advertisements, indicating a shift in global strategy among Chinese app developers [10]

Core Insights - The 2025 Sports Bag and Accessories Merchant Conference hosted by DreamX Technology in Shanghai gathered nearly a hundred brand representatives to discuss industry trends for 2026 and promote high-quality development in the industry [1] Group 1: Market Performance in 2025 - The sports and outdoor sector maintained stable growth, with outdoor apparel experiencing a significant increase of 25%, while sports apparel and yoga fitness categories also achieved double-digit growth [2] - The bag category saw steady growth in 2025, with a notable shift in consumer trends towards "long-termism" rather than blind consumption, leading to strong sales in women's bags, men's bags, functional bags, and luxury items [2] - DreamX Technology continued to lead the private domain e-commerce sector in accessories, with a rising proportion of new and popular products, showcasing strong market competitiveness [2] Group 2: Trends and Projections for 2026 - Fashion will become a core decision factor for consumers in 2026, with the footwear market expected to adopt a dual-drive model of functionality and fashion, highlighting "technology + fashion" [3] - The global market for sports equipment is projected to reach $15.88 billion, with significant potential in the Chinese market, driven by trends in quality-price ratio and the "her economy" [3] - The trend of de-branding in the bag category will continue, with consumers focusing more on material quality, craftsmanship, and unique design, favoring local brands and traditional cultural elements [3] Group 3: Strategic Planning for 2026 - DreamX Technology has outlined a comprehensive annual activity plan for the bag, sports, and accessories categories, focusing on seasonal marketing themes to optimize inventory and achieve sales peaks [4] - The company introduced attractive collaboration models, including high commission and exclusive private domain options, to enhance sales through targeted marketing strategies [4] - The emphasis on private domain e-commerce is reshaping the competitive landscape, encouraging a long-term approach to user value to seize market opportunities [4] Group 4: Future Development and Ecosystem - DreamX Technology aims to leverage its strong supply chain resources and active store owner community to focus on quality supply, content upgrades, traffic expansion, and AI technology empowerment [5] - The year 2026 is anticipated to be a golden growth year for the sports bag and accessories industry, with a commitment to user-centric approaches and innovative collaboration models to create efficient growth platforms [5]

Core Insights - The article discusses the evolution of the food delivery and group buying market in China, highlighting the competitive dynamics between major players like Meituan, Alibaba, and Tencent, and the strategic decisions that shaped the industry landscape. Group 1: Historical Context - In 2010, Wang Xing discovered the group buying model in the U.S. and decided to launch Meituan after several failed entrepreneurial attempts [1] - The group buying market in China quickly became competitive, leading to a "thousand group buying sites" battle, with competitors like Lashou and Wowo having more funding and city presence [3] Group 2: Investment Dynamics - Alibaba invested $50 million in Meituan in 2011, acquiring a 12% stake, while Tencent partnered with Groupon to create Gaopeng [5] - In 2014, Alibaba raised over $20 billion in its IPO and invested $300 million in Meituan, increasing its stake to 15% [5] Group 3: Strategic Divergence - Wang Xing refused to be acquired by Alibaba, aiming to build his own ecosystem similar to Alibaba's, leading to a strategic split between him and Jack Ma [7] - In 2015, Meituan merged with Tencent's investment in Dazhong Dianping, allowing Wang Xing to end the group buying war and emerge as the market leader [7] Group 4: Market Positioning - After the merger, Alibaba's stake in Meituan decreased to 7%, and they later sold 7% of their shares for $900 million, marking a significant exit from the company [9] - Following this, Alibaba launched a counter-offensive by reviving Koubei and acquiring Ele.me for $12.5 billion, intensifying the O2O battle against Meituan [9] Group 5: Future Outlook - The ongoing competition between Meituan and Alibaba in the food delivery sector is expected to continue, with the outcome still uncertain [9]

这个周末，由传奇单板滑雪运动员肖恩·怀特（Shaun White）创办的全新滑雪联赛The Snow League雪盟在崇礼云顶拉开序幕，谷爱凌以赛事全球大使身份 加盟参赛，并收获冠军。此前，她还陆续参与到微博、蒙牛等品牌的营销活动中。 此外，懒熊体育还观察到，这场赛事的现场营销物料中同样还有运动品牌YONEX以及SALOMON的曝光身影。 今年9月，户外品牌伯希和也陆续在冰雪赛道拿下多个标的：成为ISU国际滑冰联盟官方合作伙伴至2030年，ISMF国际滑雪登山联合会官方合作伙伴及独 家服装供应商，以及FIS国际滑雪联合会自由式滑雪大跳台世界杯赛事独家服装供应商。 同样现身崇礼的还有苏翊鸣，本周他继续参加了国际雪联单板及自由式滑雪大跳台世界杯移师北京首钢大跳台进行的下一场分站赛。更早之前的11月29 日，他在崇礼举办的2025-2026赛季国际雪联单板及自由式滑雪大跳台世界杯云顶站的比赛中位列首位。 伴随2026年米兰·科尔蒂纳丹佩佐冬奥会的临近，以及多项赛事的举办，中国的冰雪顶流正重新回归大众视野。 赛事当然是运动员寻求曝光，企业参与体育营销的首要场景。新的雪季开板后，中国继续成为国际冰雪赛事的热门办赛地。 ...