Group 1 - The manufacturing PMI for December 2025 is reported at 60.9, indicating continued expansion in manufacturing activities despite adverse weather conditions from Cyclone Dithwa [1] - All sub-indices contributed positively to the growth, with new orders and production indices increasing due to the food and beverage manufacturing sector [1] - Employment and purchasing inventory indices also rose, aligning with the trends of increased new orders and production activities [1] Group 2 - The services PMI for December 2025 recorded at 67.9, showing significant expansion in service activities compared to the previous month [1] - Wholesale and retail trade were the main drivers of this expansion, supported by increased business activities in personal services and accommodation, as well as food and beverage services [1] - The number of new businesses increased in December 2025, driven by improvements in wholesale and retail trade activities and enhanced financial services [2] Group 3 - Employment continued to grow in December 2025, reflecting companies' efforts to expand their workforce to meet year-end operational demands [2] - Backlogged orders increased for the second consecutive month, indicating a positive trend in business activity [2] - Future business activity expectations have turned optimistic, driven by favorable macroeconomic conditions, seasonal tourism factors, and a gradual return to normalcy following recent weather disruptions [2]

Core Viewpoint - Ghana's economy continues to show strong growth momentum, with a projected year-on-year growth of 3.8% in October 2025, primarily driven by the services sector [1] Economic Growth Indicators - The monthly economic growth indicators reveal that agriculture grew by 0.9%, industry by 3%, and services by 5.5% [1] - The composite economic activity growth index for the three sectors stands at 112.7, up from 108.6 in the same period last year [1] Sector Contributions - The growth in the services sector is mainly driven by telecommunications, wholesale, and retail trade [1] - Industrial growth is primarily supported by the manufacturing sector [1] - Agricultural growth is largely attributed to the fisheries sector [1] Future Outlook and Recommendations - The sustained upward trend indicates that Ghana's economy is likely to maintain positive growth, especially in the services and industrial sectors [1] - The statistical office encourages the government to continue enhancing industrial productivity and value addition while addressing structural challenges in the agricultural sector to improve its resilience [1]

Investment Rating - The industry investment rating is "Buy" (maintained) [1] Core Insights - AI is identified as a core driver for activating new consumption growth points, aligning with policy directions and deeply penetrating consumer applications. It is seen as a key engine for expanding domestic demand under the dual drive of policy and market forces [2][12] - The State Council's meeting on January 16 emphasized the need to continue deepening consumption-boosting actions, highlighting the importance of integrating various policies to enhance residents' consumption motivation and support the development of new service consumption growth points [2][13] Industry Data Tracking - Online platforms: According to Guojin Digital Future Lab, the overall GMV of Tmall and JD.com in the fourth week of December increased by 49% year-on-year. The top five categories in terms of growth were books and audio-visual products, automobiles and bicycles, watches, toys, and shoes and bags [3][14] - Duty-free shopping: Data from the General Administration of Customs on January 14 indicated that from December 18 to January 10, the number of duty-free shoppers reached 585,000, with a total spending of 3.89 billion yuan, representing year-on-year growth of 32.4% and 49.6% respectively [3][14] Market Review - In the week from January 12 to January 16, the Shanghai Composite Index, Shenzhen Component Index, CSI 300, Hang Seng Index, and Hang Seng Tech Index changed by -0.45%, +1.14%, -0.57%, +2.34%, and +2.37% respectively. The retail trade sector (Shenwan) saw a decline of 1.47%, ranking fourth among nine major consumption sectors [4][18] - Notable stock performances included Xinhua Department Store, Yiwang Yichuang, Sanjiang Shopping, Wukuang Development, and Jihong Co., which saw significant gains, while Dongbai Group, Baida Group, Central Mall, Cuiwei Co., and Yonghui Supermarket experienced declines [4][18] Investment Recommendations - For offline retail, it is suggested to focus on Yonghui Supermarket, which is adopting a model similar to that of Pang Donglai, emphasizing a selective retail approach that has the potential for long-term growth in the post-consumption era [6][26] - In the cross-border e-commerce sector, it is recommended to pay attention to leading brands with strong brand influence and product differentiation, as they are expected to show resilience in performance [6][27] - In the gold and jewelry sector, companies like Laoputang and Chaohongji are highlighted for their potential growth driven by high gold prices and product optimization strategies [6][27] - For online retail, Meituan is viewed positively due to its established user base and competitive advantages in delivery logistics [6][27] - China Duty Free Group is recommended as a key focus due to its leading position in the duty-free industry and the expected recovery in high-end consumption [6][27]

Core Viewpoint - Ghana's economy is projected to grow by 3.8% in October 2025, an increase from 3.0% in the same period last year, driven primarily by the service and industrial sectors [1] Group 1: Economic Growth - The economic growth rate for October 2025 is 3.8%, up from 3.0% in the previous year [1] - The service sector remains the main growth driver, with a growth rate of 5.5% in October 2025, slightly down from 5.6% in the previous year [1] - The industrial sector shows significant improvement, with a growth rate of 3.0%, a substantial increase from 0.4% in October 2024 [1] Group 2: Sector Contributions - The service sector accounts for 74.7% of the total economic growth, supported by strong performances in telecommunications, wholesale, and retail trade [1] - The agricultural sector's growth has slowed to 0.9%, down from 2.1% in the previous year, contributing only 1.3% to overall economic growth [1]

Core Insights - The service sector in Sri Lanka experienced growth in October 2025, with the Purchasing Managers' Index (PMI) rising to 66.0 from 58.7 in September [1] Group 1: Economic Performance - The Central Bank reported that business activity accelerated due to strong performance in wholesale and retail trade [1] - Various service industries showed stronger momentum, with personal services and transportation-related activities contributing positively to overall expansion [1] Group 2: New Enterprises and Employment - The growth of new enterprises slowed down, decreasing from 65.2 in September to 61.5 in October, attributed to increased demand in wholesale and retail trade and improvements in financial services [1] - Employment growth also decelerated, dropping from 53.1 in September to 52.5 in October, as companies adjusted hiring to meet operational needs [1]

Economic Growth - Colombia's GDP grew by 3.6% year-on-year in Q3 2025, marking the highest growth rate since Q3 2022 [1] - The expansion was primarily driven by the public administration sector, which grew by 8%, contributing 1.3 percentage points to overall growth [1] Sector Contributions - The commercial, repair, transportation, storage, accommodation, and food service sectors experienced a growth rate of 5.6%, contributing 1.2 percentage points to GDP growth [1] - Notably, wholesale and retail trade surged by 8.6%, with strong performances in electronics sales, food services, and vehicle imports, particularly hybrid electric vehicles [1] Public Spending Impact - Economic growth was largely fueled by increased public spending, with consumption growing at over 4% [1] - The rise in social security expenditures also contributed to the growth, as the government continued efforts to settle outstanding medical system debts [1] Declining Sectors - The mining sector contracted by 5.7%, and the construction sector declined by 1.5%, marking the only shrinking industries in the quarter [1] - Metal mining saw a significant drop of 18.2%, while oil and gas extraction fell by 3.7%, and coal mining decreased by 5.6% [1]

Group 1 - The company Bubu Gao (SZ 002251) announced on November 19 that its seventh board meeting was held on November 18, 2025, to review the proposal for amending the company's articles of association and related documents [1] - For the first half of 2025, Bubu Gao's revenue composition was 72.42% from wholesale and retail trade, and 27.58% from other businesses [1] - As of the report date, Bubu Gao's market capitalization was 15.2 billion yuan [1]

Economic Overview - Singapore's economy grew by 2.9% year-on-year in Q3 2025, a decrease from the revised 4.4% growth in Q2, but still above market expectations of 2% [1] - The quarterly seasonally adjusted growth was 1.3%, slightly lower than Q2's 1.5%, indicating a continued recovery trend [1] Sector Performance - Manufacturing sector growth was nearly stagnant in Q3, significantly down from 5.5% in Q2, primarily due to declines in biomedical manufacturing and general manufacturing output [1] - However, the manufacturing sector showed a positive change with a 6.1% quarter-on-quarter growth in Q3, indicating adaptation to market changes [1] Construction Industry - The construction industry experienced a 3.1% year-on-year growth in Q3, a significant slowdown compared to Q2 [2] - Despite growth from public and private sector construction, the industry faced short-term pressure with a 1.2% quarter-on-quarter contraction in Q3 [2] Services Sector - The services sector showed mixed performance, with wholesale and retail trade, and transportation and warehousing growing by 2.5% year-on-year, down from 4.9% in Q2 [2] - Core service sectors such as information and communication, finance and insurance, and professional services maintained robust growth at 4.4%, consistent with Q2's performance [2] Other Services - Other service sectors, including accommodation and food services, real estate, and administrative support, grew by 4.1% year-on-year, stable compared to Q2 [3] - The recovery of international tourist numbers significantly boosted the accommodation sector, supported by stable domestic consumption [3] Economic Outlook - Despite the resilience shown in Q3, global economic uncertainties remain a significant risk factor [3] - The Monetary Authority of Singapore decided to maintain the nominal effective exchange rate policy to balance potential inflation risks with economic growth uncertainties [3] - Long-term economic growth in Singapore will continue to be influenced by global economic conditions, trade tensions, and policy adjustments in major economies [3]

Economic Growth - Kyrgyzstan's GDP for January to August is estimated at 1.0421 trillion som (approximately 11.9 billion USD), reflecting a year-on-year growth of 11% [1] - The service sector accounts for 50.8% of the economy, while goods production industries represent 33.4%, and product taxes make up 15.8% [1] Sector Performance - Industrial output increased by 11.5% year-on-year, with mining growing by 15.5% and manufacturing by 10.8% [1] - The construction sector showed significant growth with a 34.8% increase in output [1] - Wholesale and retail trade grew by 11.6%, while the hotel and restaurant services sector saw a 25.4% increase [1] - Agricultural, forestry, and fishing sectors grew by 2.4%, and freight volume increased by 9.8% [1] - The telecommunications services sector experienced a growth of 6.6% compared to the same period last year [1] Consumer Prices and Trade - The consumer price index in Kyrgyzstan rose by 5.1% from December of the previous year [1] - The foreign trade volume from January to July was 8.6644 billion USD, showing a year-on-year decline of 6.4% [1] - Exports amounted to 1.4931 billion USD, down 13.3% year-on-year, while imports totaled 7.1713 billion USD, a decrease of 4.8% [1]

Group 1 - The company Bubu Gao announced that 16.4 million restricted shares will be unlocked and listed for trading on September 15, 2025, accounting for 0.61% of the total share capital [1] - For the first half of 2025, Bubu Gao's revenue composition is as follows: wholesale and retail trade accounts for 72.42%, while other businesses account for 27.58% [1] - As of the report date, Bubu Gao's market capitalization is 19.1 billion yuan [1]