今日（12.18），大消费板块回调，消费ETF（159928）收跌0.5%，全天成交额2.4亿元！资金再度逆市涌入，全天获1400万份净申购，近5日累计"吸金"超3 亿元！ 聚焦大消费板块，估值性价比仍极具吸引力。截至12月17日，消费ETF（159928）标的指数市盈率TTM为19.4，处于近10年3.17%分位点，比近10年历史上 近97%的时间便宜，估值性价比更高！ 年底将近，市场风格将如何演绎？信达证券指出，每年Q4存在基于投资者配置思路变化的季节性规律，容易成为风格变化的高发期，特别是12月市场风格 更容易偏向低估值。（来源：信达证券20251109《年底容易成为风格变化的高发期》） 【2026年新消费如何看？】 犒赏经济概念今日上涨。消息面上，12月17日，高层发表文章《何为"犒赏经济"》，所谓"犒赏经济"，是指消费者在面对工作生活压力或特定的心理需求 时，通过购买价格在承受范围内的非必需品或体验服务，以获取即时性愉悦感、自我确认感和心理疗愈的一种经济活动。例如，上班族在回家路上购买一份 精致的甜点、大学生考试结束后抢购一张演唱会门票，这种消费行为越来越成为时下年轻人的选择，也是观察当前我国消费市 ...

Group 1: Supply and Demand Analysis - The supply-demand gap for the midstream sector improved, with the demand-investment growth rate difference rising to 7.6% in November from 6.4% in October[1] - Midstream demand growth was 8.9% in November, down from 9.3% in October, while midstream investment growth fell to 1.3%[3] - The demand-investment growth rate difference for midstream has been increasing since May 2024 and turned positive in March 2025[3] Group 2: Future Projections - Historical data suggests that the midstream demand-investment growth rate difference is likely to remain positive, indicating potential price stabilization in the next two years[2] - The midstream PPI (Producer Price Index) is expected to stop declining and start rising, with a notable month-on-month increase of 0.04% in November, the first positive change since June 2024[4] - If the midstream PPI stabilizes, the year-on-year PPI is likely to continue rising, positively impacting midstream ROE (Return on Equity)[4] Group 3: Economic Data Overview - November's industrial value-added growth rate was 4.8%, with a slight month-on-month increase of 0.44%[20] - Retail sales growth in November was 1.3%, down from 2.9% in October, indicating weak consumer demand[22] - Real estate sales area decreased by 17.3% year-on-year in November, showing ongoing challenges in the property market[27]

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 1 、分析方法：以需求增速与投资增速的差值衡量供需矛盾，核心逻辑是若需求增速持续超过投资增速，随 着产能逐渐折旧退出，供需之间的相对关系，有望从"供强需弱"转为"供弱需强"。 2 、指标构建：关键在于需求。将社零、出口、固投与行业层面的上游、中游、下游进行匹配，得到上、 中、下游的需求与投资增速差。 3 、当前现象： 11 月，对于中游，需求与投资增速差进一步上行至 7.6% ，前值为 6.4% ，这一差值自 2024 年 5 月开始持续上行，自 2025 年 3 月开始增速差转正。而上游与下游，观察到截至 10 月的情况， 增速差均尚未超过 0 。 4 、未来推演：从历史数据来看，中游需求与投资增速差持续回升，且增速差能回升至 0 以上，有希望看 到在未来 2 年的时间段内的某个时点，中游 PPI 定基指数止跌回升（即，价格止跌）。我们预计， 2026 年很有可能看到中游 PPI 定基指数持续止跌上行。 事实上，从 2025 年 11 月的数据来看，中游 PPI 环比 出现了久违的环比转正（ 2024 年 6 月 ...

Core Viewpoint - A new company, Hebei Xiong'an Qupan Plastic Products Co., Ltd., has been established with a registered capital of 10,000 RMB, indicating a focus on various retail and sales activities in the plastic and general merchandise sectors [1] Group 1: Company Overview - The legal representative of the newly established company is Mu Jiao Jiao [1] - The registered capital of the company is 10,000 RMB [1] Group 2: Business Scope - The company’s business scope includes sales of plastic products, paper products, office supplies, stationery, footwear, clothing, cosmetics, fresh fruits, nuts, rubber products, grains, sanitary products, and disposable medical supplies [1] - Additional sales activities encompass textiles, electronic devices, toys, hair accessories, building materials, and various consumer goods [1] - The company is also involved in technical services, development, consulting, and the sale of various metals and machinery [1]

当前，我国消费品品种总量达2.3亿种，家电、家具、文体用品、服装家纺等100多个品类产量全球第 一，消费品供给已进入优质优价新发展阶段。国务院近期印发的《关于增强消费品供需适配性进一步促 进消费的实施方案》提出，到2027年形成3个万亿级消费领域和10个千亿级消费热点，系统培育中国消 费名品方阵，遴选并推广千个以上知名企业品牌和区域品牌、万件以上优质消费品。 作为京东集团服务政企客户的核心平台，京东政企业务深耕政企采购行业超过10年，持续以多元化优商 优品供给、数智化平台技术支撑、全场景服务覆盖能力、全国性物流履约网络、全链路合规治理体系等 构建"超级供应链"，构筑起"商+品+客"三位一体的数智化采购供应链生态，打通"需求洞察－研发生产 －市场销售"闭环链路，帮助众多品牌伙伴实现业绩快速稳健增长的同时，为扩大内需、提振消费持续 贡献力量。 得力是中国办公用品行业领导品牌，同时也是京东政企业务最早合作的办公品牌之一。依托京东的大数 据支持，得力不断拓展和丰富产品线，目前已拥有超过1.2万种产品；针对政企客户的特殊需求，得力 推出了168款企业专属文具和超过200款设备、耗材产品，有效满足了政企客户的个性化需求。 ...

Core Viewpoint - Huizhou Yingsheng Packaging Materials Co., Ltd. has been established with a registered capital of 50,000 RMB, indicating a new player in the packaging materials industry [1] Company Summary - The legal representative of the company is Yang Yansheng, which may suggest a centralized management structure [1] - The company’s business scope includes the sale of packaging materials and products, labor protection supplies, electrical accessories, electronic products, and computer hardware and software [1] - Additional activities include the retail and wholesale of rubber products, office supplies, electrical equipment manufacturing, and hardware products [1]

天眼查App显示，近日，武汉东湖新技术开发区胜华纸张经营部（个体工商户）成立，法定代表人为鄢 成成，注册资本2万人民币，经营范围为一般项目 ： 纸制品制造；纸制品销售；油墨销售（不含危险化 学品）；办公设备销售；计算机软硬件及辅助设备批发；办公用品销售；图文设计制作；办公设备耗材 销售；复印和胶印设备销售；文具用品批发。（除许可业务外，可自主依法经营法律法规非禁止或限制 的项目）。 ...

证券日报网讯12月9日，齐心集团（002301）在互动平台回答投资者提问时表示，公司持续聚焦集采业 务，聚焦优质大客户。为顺应社会化、社交化、电商化的发展趋势，公司在自有品牌方面积极拓展多元 化销售渠道，包括直播电商等新型销售模式，强化场景式营销及传播，加强品牌传播与客户社交及视觉 体验，拉近品牌与消费者的距离。 ...

Group 1 - The company Suzhou Xuechuang Bangu Materials Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Qu Xueyi [1] - The business scope includes sales of metal materials, packaging materials, pulp and paper specialized equipment, environmental protection specialized equipment, and various other products and services [1] Group 2 - The company is involved in the sales of electrical electronic components, office supplies, ecological environment materials, and mechanical equipment [1] - It also provides labor services (excluding labor dispatch), personal hygiene products, daily necessities, and conference and exhibition services [1] - The company operates under the principle of conducting business activities independently with its business license, except for projects that require legal approval [1]

天眼查App显示，近日，成都每日尝科技有限公司成立，法定代表人为韩静，注册资本10万人民币，经 营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；食品销售（仅 销售预包装食品）；食品互联网销售（仅销售预包装食品）；包装服务；食品用塑料包装容器工具制品 销售；包装材料及制品销售；新鲜水果批发；新鲜水果零售；食用农产品批发；食用农产品零售；新鲜 蔬菜零售；新鲜蔬菜批发；办公用品销售；文具用品批发；文具用品零售；摄像及视频制作服务；摄影 扩印服务；数字内容制作服务（不含出版发行）；互联网销售（除销售需要许可的商品）；销售代理； 贸易经纪。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...