Group 1: Economic and Development Strategy - The Nanjing Municipal Party Committee has approved the proposal for the 15th Five-Year Plan, focusing on systematic planning and strategic deployment for the city's development [1] - The plan emphasizes the importance of technological innovation as a leading force and aims to strengthen the city's industrial capabilities [3] Group 2: Industry and Innovation - The Nanjing Municipal Science and Technology Association aims to promote the integration of technological and industrial innovation, enhancing collaboration between various sectors and establishing a mechanism for the transformation of scientific achievements [3] - Companies like Guojin Digital Technology and Huatiansheng Technology are focusing on artificial intelligence and digital transformation to support small and medium enterprises, contributing to the development of a competitive AI industry cluster in Nanjing [5][6] Group 3: Cultural and Social Development - The proposal outlines tasks to enhance cultural missions and explores the practice of humanistic economics, with a focus on the film industry, which has seen significant growth in production and revenue [10] - The Nanjing Film Association plans to expand resources for film crews and promote innovative cultural consumption experiences, aiming to strengthen the city's cultural influence [10]

在日常生活中，消费几乎无处不在。无论是线上购物、外出就餐，还是购买服务，我们都可能遇到商品 质量不符、服务承诺未兑现、甚至商家跑路等糟心问题。当沟通协商无果时，许多消费者面临的第一个 困惑就是："我该去哪里投诉？" 这并非一个简单的问题，因为针对不同的消费领域、不同的诉求目 标，有效的投诉途径也各不相同。本文将为您系统梳理主流的消费投诉 【下载黑猫投诉客户端】渠 道，帮助您在需要时，能快速、准确地找到最适合的维权路径。 一、明确投诉对象与性质：选择渠道的第一步 在寻找投诉渠道前，首先要厘清两个关键点：投诉对象是谁（是平台内的商家、品牌方，还是独立的线 下门店？）以及问题性质是什么（是普通的消费纠纷，还是涉嫌违法经营？）。这直接决定了你该优先 使用哪种渠道。 例如，在电商平台购买到假货，投诉对象既是销售商家，也涉及提供交易场所的平台方。如果是在线下 健身房遇到预付卡退款难，投诉对象则是该健身房的经营企业。 二、核心官方投诉渠道：具备法律强制力的后盾 对于任何消费纠纷，最权威、最具法律强制力的途径始终是政府主管部门设立的渠道。 对于特定行业的问题，直接向其主管部委设立的投诉渠道反映，有时更具针对性。 三、第三方公 ...

Macro and Strategy Research - CPI in November 2025 shows a significant increase in vegetable and gold prices, while travel chain prices decline due to seasonal demand drop and OPEC+ production increases affecting energy prices [2] - The forecast for December indicates CPI growth around 0.5% year-on-year, with an expected annual CPI growth of approximately 0% for 2025 [3] - PPI in November 2025 shows an expanded year-on-year decline, with a stable month-on-month increase, driven by seasonal demand in coal and gas, and a narrowing decline in prices for solar equipment and lithium-ion battery manufacturing [3] A-Share Market Investment Strategy - The A-share market continues to exhibit a volatile characteristic, with the Shanghai Composite Index slightly down by 0.06% and the ChiNext Index up by 3.14% over the past five trading days [4] - November exports increased by 5.9% year-on-year, with a notable recovery in exports to Japan, South Korea, and the EU, indicating an ongoing optimization of export structure [5] - The Central Political Bureau emphasizes a proactive macro policy for 2026, focusing on building a strong domestic market and fostering new growth drivers [5] Industry Research - The approval for NVIDIA to sell H200 AI chips to China is expected to alleviate supply issues for domestic cloud computing firms, while domestic chip companies are likely to accelerate product development through financing [7][8] - Alibaba's establishment of the Qianwen C-end business group aims to create a "super app," indicating a strategic push towards AI applications in consumer-facing products [7] - The investment opportunities in the TMT sector and robotics are highlighted due to ongoing capital expansion by domestic and international cloud vendors and the anticipated growth in AI application demand [6]

Group 1 - The core focus of the Central Economic Work Conference is to prioritize domestic demand and build a strong domestic market through various initiatives aimed at boosting consumption and investment [1][2] - Emphasis on innovation-driven growth by fostering new momentum, enhancing education and technology development, and strengthening intellectual property protection in emerging sectors [1][2] - Reform efforts are aimed at enhancing high-quality development, including the establishment of a unified national market and deepening state-owned enterprise reforms [2][3] Group 2 - The strategy includes promoting coordinated development to enhance urban-rural integration and regional collaboration, with a focus on high-quality county-level economic development [3][4] - A commitment to green transformation is highlighted, with initiatives for energy efficiency, carbon reduction, and the establishment of a national carbon trading market [3][4] - The plan emphasizes improving people's livelihoods through job stability, education resource allocation, and healthcare reforms [4][5] Group 3 - The approach to risk management includes stabilizing the real estate market and addressing local government debt risks through various measures [4][5] - The government aims to encourage the acquisition of existing housing for affordable housing purposes and reform the housing provident fund system [4][5]

Core Viewpoint - The article highlights that the 30-year mortgage rates in the U.S. have increased to 6.22% as reported by Freddie Mac [1] Group 1 - The 30-year mortgage rate has risen to 6.22% [1]

this record- setting rally and how far stocks can go. Let's ask Tom Lee. He is Funstrat's head of research, a CNBC contributor.He's with me at Post 9 because he is out with his 2026 outlook for stocks. Thanks for sharing it with us first. We appreciate you for that.So, let's get right to it. So, we're going to 7700. That's the headline. So, that's pretty decent year in in the year ahead.Not quite as robust as we had this year. Why that target. >> Uh well, we're three years of 20% gains because the S&P proba ...

Core Viewpoint - The Central Economic Work Conference held on December 10-11, 2025, affirmed the economic performance and policy effectiveness during the "14th Five-Year Plan" period, emphasizing a stable yet progressive approach for 2026 to achieve qualitative improvements and reasonable quantitative growth in the economy [1][3]. Economic Performance and Policy Effectiveness - The conference recognized the resilience of China's economy amid multiple pressures, with GDP growth of 5.2% year-on-year in the first three quarters, surpassing the annual target of around 5.0% [3]. - The meeting highlighted the importance of internal capacity building to address external challenges, reflecting a confident stance on China's economic trajectory [3]. Macroeconomic Policy Direction - The macroeconomic policy for 2026 will maintain three key orientations: more proactive fiscal policy, moderately loose monetary policy, and a consistent macro policy framework [5][6]. - The fiscal deficit rate is expected to remain stable, while the scale of special bonds and long-term special treasury bonds will increase to support infrastructure and innovation projects [5][6]. Focus on Domestic Demand - The conference emphasized the need to strengthen domestic demand as a primary task for 2026, with policies aimed at boosting consumer spending and increasing residents' income [9]. - Specific measures include implementing consumption promotion actions and enhancing policies to improve consumer capacity and willingness [9]. Technological Innovation - The meeting underscored the importance of technological innovation as a key focus, aiming to cultivate new growth drivers and enhance development advantages [11]. - Future initiatives will include developing a comprehensive plan for education and talent in technology, establishing international innovation centers, and optimizing the industrial structure [11]. Real Estate Market Stability - The conference addressed the need to stabilize the real estate market and manage local government debt risks, with a focus on promoting high-quality development in the real estate sector [12][14]. - Key strategies include reforming the housing provident fund system and implementing policies to support the market's recovery [12][14]. Foreign Trade and Investment - The meeting shifted the focus from merely stabilizing foreign trade and investment to promoting win-win cooperation across multiple fields [16]. - Future efforts will include expanding service sector openness, fostering new trade dynamics, and enhancing bilateral and regional cooperation [16][17].

Group 1 - The core viewpoint of the report emphasizes the need for a balanced approach to economic policy, focusing on both existing and new growth drivers rather than solely pursuing rapid growth through expansive measures [1][6] - The report highlights the importance of addressing risks in key areas such as real estate, local government debt, and finance, indicating that progress has been made in mitigating these risks [1][6] - The capital market's focus has shifted from stabilizing the real estate and stock markets to deepening comprehensive reforms in capital market investment and financing [1][6] Group 2 - Fiscal policy is transitioning from increasing deficits and spending to maintaining necessary deficits and focusing on effective implementation, with an emphasis on optimizing fiscal expenditure structure [7][8] - Monetary policy will continue to be moderately accommodative, with a focus on promoting stable economic growth and reasonable price recovery as core KPIs [9][10] - The report stresses the need to enhance domestic demand by optimizing consumption and stabilizing investment, with specific actions to boost consumer spending and improve investment conditions [10][11] Group 3 - The technology sector remains a priority, with a focus on fostering innovation and emphasizing the "Artificial Intelligence +" initiative as a key area for development [12][13] - The report identifies the need to address "involution" competition through reforms, indicating that tackling this issue will be a policy focus in 2026 [13][14] - Risk mitigation strategies are shifting from prevention to active resolution, particularly in the real estate and local government debt sectors, indicating a more proactive approach to managing these risks [16][17]

Core Viewpoint - The Beijing government has made significant progress in the construction of the "Two Zones" over the past five years, focusing on high-level opening-up and reform to drive development [3][4]. Group 1: Achievements in "Two Zones" Construction - The establishment of the National Service Industry Expansion Comprehensive Pilot Zone and the China (Beijing) Free Trade Pilot Zone has been a major policy supported by President Xi Jinping [3]. - Over the past five years, Beijing has implemented more than 400 reform and opening-up tasks approved by the State Council, with over 70 national breakthrough policies and 80 innovative achievements replicated nationwide [4]. - Beijing has created an international first-class technology innovation ecosystem, with over 270 foreign-funded R&D centers established [4]. Group 2: Market Environment and Economic Growth - More than 9,000 foreign-funded enterprises were established in Beijing in the past five years, with an average annual growth rate of 11.5% in goods trade, reaching a total of 3 trillion yuan [5]. - The city has implemented a full online process for foreign investment enterprise establishment, achieving completion in as little as one day [5]. - Beijing has become the fourth most popular arbitration location globally by 2025, supported by improved legal protections and regulations [5][6]. Group 3: Platform Development and Economic Empowerment - The "Two Zones" have created a diverse open pattern, with key parks accounting for less than 2% of the city's area but gathering nearly 10% of business entities and generating over 20% of revenue from large-scale enterprises [6]. - The actual use of foreign capital in the Beijing Free Trade Zone has increased from less than 10% at its inception to over 40% [6].

Group 1: Federal Reserve Actions - The Federal Reserve announced a third rate cut of 25 basis points, locking the federal funds rate in the 3.50%-3.75% range, alongside a liquidity injection plan of $40 billion in Treasury purchases over 30 days and the removal of the cap on repurchase operations [2][3] - This marks a shift from simple interest rate adjustments to comprehensive liquidity injections, indicating a deeper continuation of the easing cycle [3] Group 2: Market Reactions - Following the Fed's announcement, the Dow Jones surged by 497.46 points, and the S&P 500 approached historical peaks, reflecting market enthusiasm for the "invisible QE" [2] - Historical data suggests that similar liquidity injections in 2019 led to a 12% increase in the S&P 500 within three months, indicating potential for significant market gains in the current scenario [5] Group 3: Sector Impacts - The low interest rate environment is expected to boost growth stock valuations, particularly in sectors like AI computing and semiconductors, while traditional sectors like finance and energy may face limitations due to inflation pressures [5] - Precious metals, especially gold, are anticipated to benefit significantly from the easing cycle, with predictions of gold prices reaching $4,500-$5,000 per ounce [5] Group 4: Currency and Emerging Markets - The dollar index is projected to enter a mild depreciation phase, while emerging market currencies, particularly the Chinese yuan, are expected to appreciate, attracting foreign investment [6] - The yuan is forecasted to return to the 6.8-7.0 range against the dollar, influencing asset allocation strategies in emerging markets [6] Group 5: Investment Strategies - Differentiated asset allocation strategies are recommended for various investor types, focusing on sectors that benefit from liquidity and growth, while maintaining defensive positions in uncertain markets [7] - For ordinary investors, a diversified approach is suggested, balancing between low-risk products and higher-risk equities, with a focus on technology and precious metals [8]