长江商报消息 ●长江商报记者 刘倩雯 此外，食品价格上涨0.3%，影响CPI环比上涨约0.05个百分点。其中，节前消费需求增加，鲜果和虾蟹类价格分别 上涨2.6%和2.5%，天气条件相对较好，鲜菜价格上涨0.8%，涨幅低于季节性水平3.3个百分点，生猪产能较为充 足，猪肉价格下降1.7%。 同比维度上，CPI同比上涨0.8%，涨幅比上月扩大0.1个百分点，回升至2023年3月份以来最高，同比涨幅扩大主要 是食品价格涨幅扩大拉动。食品价格是主要拉动因素，当月食品价格同比上涨1.1%，涨幅较上月扩大0.9个百分 点，对CPI同比的上拉影响比上月增加约0.17个百分点。其中鲜菜和鲜果价格涨幅分别扩大至18.2%和4.4%，合计 贡献0.16个百分点的同比涨幅；牛肉、羊肉和水产品价格涨幅同步扩大，进一步巩固了食品价格的上涨态势。尽 管猪肉价格仍同比下降14.6%，但降幅已略有收窄，市场供需趋于平衡。 能源价格下降3.8%，降幅比上月扩大0.4个百分点，其中汽油价格降幅扩大至8.4%。扣除食品和能源价格的核心 CPI同比上涨1.2%，涨幅连续4个月保持在1%以上。服务价格上涨0.6%，影响CPI同比上涨约0.25个百分 ...

人民日报海外版记者 李嘉宝 进入2026年，中国消费市场热力十足：元旦假期，中国国内出游1.42亿人次，总花费847.89亿 元；"国补"新政落地增强消费信心，推动绿色家电、科技产品、新能源汽车等交易火热；免签红利持续 释放、免税购物政策不断优化，"中国游"带火"中国购"……近期，在多家外媒的报道中，"冰雪游""以 旧换新""中国购""国潮文化"等成为高频词。海外舆论认为，中国消费市场正实现从"量"到"质"的变革， 将为世界各国提供巨大机遇。 消费活力—— "中国产品的多样性、创造力与高质量正吸引全球消费者" "中国'十五五'规划建议的一大亮点是促进消费" 多家外媒指出，中国消费市场热力足、新意浓，离不开一系列政策"组合拳"发力。 路透社的报道称，2025年12月举行的中央经济工作会议指出，中国2026年将继续实施更加积极的财 政政策，刺激消费和投资，以保持高速增长。报道称，此次会议提出深入实施提振消费专项行动，制定 实施城乡居民增收计划，释放服务消费潜力等，"中国在提振消费方面的政策更加具体了"。 巴西财经媒体"Money Times"关注，2025年12月，中国商务部、中国人民银行、国家金融监管总局 联合 ...

转自：贵州日报 在吸引外资方面，着力塑造新优势，擦亮"投资中国"品牌。会议提出，有序扩大服务领域自主开放，提 升投资促进水平，健全外资服务保障体系。 会议要求，对接国际高标准经贸规则，更大力度推进开放高地建设。全面深入实施自贸试验区提升战 略，进一步提高海南自由贸易港贸易投资自由化便利化水平，提升开放平台质效，办好重点展会。 新华社北京1月11日电 打造"购在中国"品牌、打响"出口中国"品牌、擦亮"投资中国"品牌……2026年 是"十五五"开局之年，记者从1月10日至11日在京召开的全国商务工作会议上了解到，全国商务系统 2026年将重点做好深入实施提振消费专项行动等八个方面工作。 随着中国企业"走出去"步伐加快，会议提出，有效实施对外投资管理，引导产供链合理有序跨境布局。 健全海外综合服务体系，深化"一带一路"经贸合作，发展丝路电商，加强境外项目监管和风险防范。 这八个方面工作涉及消费、流通、贸易、外资、对接国际规则、对外投资、多双边经贸合作、防范化解 风险等领域。 具体来看，"深入实施提振消费专项行动"是重点工作之首，将着力打造"购在中国"品牌。全国商务系统 将加快培育服务消费新增长点，释放服务消费潜力； ...

丨证券研究报告丨 分析师及联系人 [Table_Author] SAC：S0490524080003 SFC：BVN394 赵增辉 马玮健 固定收益丨点评报告 [Table_Title] 工业消费品带动物价温和修复 ——2025 年 12 月 CPI 和 PPI 点评 报告要点 请阅读最后评级说明和重要声明 [Table_Summary] 2025 年 12 月，国内物价在输入性因素及节前消费的支撑下超预期改善，核心 CPI 同比涨幅持 平在 1.2%，PPI 同比降幅收窄。展望 2026 年，上半年食品 CPI 或仍将受猪价拖累，但服务项 有韧性，以及工业消费品项有"反内卷"与国际金属涨价周期的支撑，低基数效应下物价或延 续温和回升，中性预计 PPI 同比增速将在四季度回正。今年债市或在物价温和修复的环境下运 行，我们维持长债震荡偏弱的观点，10Y 国债收益率预计在 1.8%-1.9%区间震荡，债市的阶段 性修复机会或需等到一季度偏后半段。 %% %% %% %% research.95579.com 1 [Table_Title 工业消费品带动物价温和修复 2] ——2025 年 12 月 CPI 和 P ...

分行业来看，信息技术与电子商务行业成为企业注册的主力军，上半年新增4277家企业，其次为贸易行 业，新增2997家企业；服务行业与房地产开发及建筑行业分别新增2686家和2031家企业。显示出巴基斯 坦在科技、服务及贸易相关领域保持着较高的市场活跃度。 在吸引外资方面，共有524家新增企业获得外资注入，注资总额达12.6亿巴基斯坦卢比。其中，中国为 巴基斯坦新增企业海外投资的最大来源国，占总额的71％，阿富汗与美国以8％和2％的占比分列第二、 三位；英国、德国、南非、韩国、挪威、越南、尼日利亚、孟加拉国等国家各贡献1％。（巴基斯坦财 富网供稿） 据巴基斯坦证券交易委员会（SECP）近日发布的数据显示，在2025－2026财年上半年（即2025年7月至 12月），该国新增注册企业达21668家，较上一财年同期增长约29％，截至目前，巴基斯坦证券交易委 员会登记在册的企业总数约28万家。 从企业注册资本来看，新增注册企业贡献的实缴资本约307亿巴基斯坦卢比（约合人民币7.7亿元），同 比增长近三成，反映出巴基斯坦企业界投资信心回升，市场活力增强。 ...

Apogee Enterprises (NasdaqGS:APOG) Q3 2026 Earnings Call January 07, 2026 09:00 AM ET Company ParticipantsJeremy Steffan - VP of Investor Relations and Corporate CommunicationsMark Augdahl - Interim CFODon Nolan - CEOConference Call ParticipantsGowshihan Sriharan - Senior Research AnalystJulio Romero - Equity Research AnalystBrent Thielman - Managing Director and Senior Research AnalystJon Braatz - Senior Equity AnalystOperatorGood day, and thank you for standing by. Welcome to Apogee Enterprises' third qua ...

Financial Data and Key Metrics Changes - Net sales increased by 2.1% to $348.6 million, driven by $18.4 million in inorganic sales from the acquisition of UW Solutions and favorable product mix, partially offset by lower volume primarily in metals [10] - Adjusted EBITDA margin decreased slightly to 13.2%, impacted by lower volume and price, as well as higher aluminum and health insurance costs [10] - Adjusted diluted EPS was $1.02, down year-over-year due to higher amortization and interest expense from the UW Solutions acquisition [11] Business Line Data and Key Metrics Changes - Metals segment net sales declined due to lower volume, but adjusted EBITDA margin improved to 13.5% driven by increased productivity and cost savings from Fortify Phase Two [11] - Services segment achieved its seventh consecutive quarter of year-over-year net sales growth, with adjusted EBITDA margin increasing to 9.7% due to lower incentive compensation expense [11] - Glass segment net sales increased slightly to approximately $71 million, driven by increased volume and favorable mix, though adjusted EBITDA margin moderated due to lower price and higher material costs [12] Market Data and Key Metrics Changes - Average aluminum prices rose approximately 13% from Q2 to Q3 and are up over 50% compared to the same quarter last year, impacting volume and margin [14] - Backlog for services ended the quarter at $775 million, down slightly from Q2 but up over 4% compared to Q3 of last year [11] Company Strategy and Development Direction - The company aims to become the economic leader in target markets with differentiated offerings and competitive cost structures, while also managing its portfolio through creative M&A opportunities [8] - The acquisition of UW Solutions is expected to contribute to market and geographical expansion, with fiscal 2026 expectations of $100 million in net sales and approximately 20% adjusted EBITDA margin [6] - The company is focused on operational excellence through the Apogee Management System (AMS) to drive productivity improvements and cost savings [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledges challenging macroeconomic factors but believes the company is well-positioned due to operational excellence, cost-out execution, and a strong balance sheet [7] - The outlook for fiscal 2026 has been updated to expect net sales of approximately $1.39 billion and adjusted diluted EPS in the range of $3.40-$3.50, factoring in tariff impacts and cost headwinds [13] - Management anticipates continued margin pressure in the Metals and Glass segments due to competitive market dynamics and rising aluminum prices [14] Other Important Information - The company is expanding the scope of Project Fortify Phase Two to include further restructuring actions, primarily in Metals and corporate, to manage near-term headwinds [15] - The balance sheet remains strong with a consolidated leverage ratio of 1.4 times and no near-term debt maturities [13] Q&A Session Summary Question: What is the board looking for in new leadership? - The company is seeking someone with deep growth and operational excellence experience, particularly in M&A integration, with no change in strategic direction [18][19] Question: How is the updated outlook impacted by aluminum prices? - The primary issue is the continued increase in aluminum prices, which has led to margin pressures in both Metals and Glass segments [20][25] Question: What is the company's stance on M&A activity? - The M&A pipeline is robust, with successful integration of UW Solutions and ongoing efforts to identify new opportunities for growth [32][34] Question: How does the company view pricing discipline in the current market? - The company is focused on maximizing EBITDA dollar contribution while managing costs and maintaining pricing discipline in a competitive environment [40][41] Question: What are the near-term priorities for the company? - Key priorities include delivering results for the current year, expanding Project Fortify, and leveraging AMS for cost structure improvements [59][60]

期货研究报告|中观数据 2026-01-05 去库延续，需求仍待改善 ——行业景气度系列十 研究院 徐闻宇 xuwenyu@htfc.com 从业资格号：F0299877 投资咨询号：Z0011454 投资咨询业务资格： 证监许可【2011】1289 号 中观事件 12 月中国制造业 PMI 为 50.1（0.9 pct MoM），处于扩张区间的行业环比减少 4 个，处于 收缩区间的行业环比增加 4 个；非制造业 PMI 为 50.2（0.7 pct MoM），处于扩张区间的 行业环比增加 5 个，处于收缩区间的行业环比减少 5 个。 核心观点 ■ 制造业 总体：12 月制造业 PMI 近五年分位数位于 57.6%，变动 37.3%。其中，4 个行业制造业 PMI 处于扩张区间，环比减少 4 个，同比减少 3 个。 供给：小幅回落。3 个月均值来看，12 月制造业 PMI 生产指数为 50.5 ，环比减少 0.1 个 百分点；其中，5 个行业出现环比改善，10 个行业出现环比回落。 需求：仍待改善。3 个月均值来看，12 月制造业 PMI 新订单为 49.6 ，环比增加 0.4 个百 分点。其中，3 个行业出 ...

2025年，A股大消费板块面临多重挑战，部分企业陷入"增收不增利"的困境，与此同时，消费者对商品 质量、服务体验和透明度的要求日益提高，使得企业必须从粗放式竞争转向精细化运营。 宏观层面，国家发展改革委、财政部印发的《关于2026年实施大规模设备更新和消费品以旧换新政策的 通知》12月30日对外发布，明确2026年"两新"政策的支持范围、补贴标准和工作要求。与此同时，为优 化实施"两新"政策，做好政策平稳有序衔接，满足元旦、春节等旺季消费需求，近日，国家发展改革委 会同财政部，已向地方提前下达2026年第一批625亿元超长期特别国债支持消费品以旧换新资金计划。 12月14日，商务部、中国人民银行、金融监管总局联合印发《关于加强商务和金融协同 更大力度提振 消费的通知》，指导地方相关部门和金融机构加强协同，精准施策推动惠民生和促消费紧密结合。通知 围绕商品消费、服务消费、新型消费、消费场景、消费帮扶等重点领域和强机制、抓落实、促合力等关 键环节提出3方面11条政策措施。 此前于11月14日召开的国务院常务会议，部署增强消费品供需适配性进一步促进消费政策措施。11月26 日，工业和信息化部等六部门联合印发《关于增 ...

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report focuses on the continuous price differentiation in the upstream industry and provides an overview of mid - level events, industry status in the upstream, mid - stream, and downstream sectors. Upstream prices show a trend of divergence, with some rising and some falling, while the mid - stream and downstream industries have their own development characteristics such as low - level operation in some mid - stream industries and recovery in some downstream industries. 3. Summary by Related Catalogs Mid - level Event Overview - **Production Industry**: The State Administration for Market Regulation has deployed key tasks for 2026, including deepening fair competition governance, breaking administrative monopolies, strengthening anti - monopoly and anti - unfair competition law enforcement, promoting the development quality of business entities, and strengthening the regular supervision of the platform economy [1] - **Service Industry**: The 2026 Tariff Adjustment Plan will be implemented from January 1, 2026, with 935 items of goods subject to import provisional tax rates lower than the most - favored - nation tax rates, and new national sub - items added. Also, regulations on the deduction of advertising and business promotion expenses for certain industries have been announced [2] Industry Overview - **Upstream**: In the chemical industry, PTA prices are rising; in the non - ferrous metals sector, copper prices are rising; in the energy industry, LNG prices are falling [3] - **Mid - stream**: Chemical product start - up rates are at a low level, power plant coal consumption is increasing, and asphalt start - up is in the off - season [4] - **Downstream**: The sales of commercial housing in first, second, and third - tier cities are continuously warming up, and the number of domestic flights is increasing [4] Key Industry Price Index Tracking - **Agriculture**: On December 29, the spot prices of corn, palm oil, cotton, and the average wholesale price of pork increased year - on - year, while the spot price of eggs decreased [37] - **Non - ferrous Metals**: On December 29, the spot prices of copper, zinc, aluminum, and nickel increased year - on - year [37] - **Ferrous Metals**: On December 29, the spot price of线材 increased year - on - year, while the spot prices of rebar and iron ore decreased slightly [37] - **Non - metals**: On December 29, the spot price of natural rubber increased year - on - year, while the spot price of glass and the China Plastic City price index decreased [37] - **Energy**: On December 29, the spot prices of WTI crude oil and Brent crude oil increased slightly year - on - year, while the spot price of liquefied natural gas and coal price decreased [37] - **Chemical Industry**: On December 29, the spot price of PTA increased year - on - year, while the spot price of polyethylene decreased [37] - **Real Estate**: On December 29, the cement price index and the building materials composite index decreased slightly year - on - year, and the concrete price index remained unchanged [37]