北交所策略专题报告 2025 年 11 月 23 日 北交所打新策略：资产端提质打开打新空间，掘金 2026 年新股机遇 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025 年新股首日涨幅均值 364%，排队企业高质量关注 2026 年打新机会 从发审会节奏上来看，从发审会节奏上来看，截至 2025 年 11 月 21 日，2025 年 北交所合计过会 35 家企业，合计上市 22 家企业，预计 2026 年新股上市数量或 有提高。从 2025 年三季度末开始，北交所网上发行有效申购户数+冻结资金中 枢整体稳定在 2025 年 7-11 月均值 59.89 万户和 6927.10 亿元左右，2025 年 1-11 月北交所网上发行有效申购户数均值达 56.36 万户，网上冻结资金均值达 6369.05 亿元。从 2025 年北交所新股申购中签率来看，2025 年上市企业中签率整体处于 0.03%左右，三季度后中签率并未进一步下滑。从北交所 100 股资金申购门槛来 看，2025 年 3 季度开始门槛中枢提高。2025 ...

新华财经北京11月21日电在下周英国政府公布预算之前，一项受到密切关注的英国消费者信心指数的各 项指标均出现下跌。预计工党政府将根据预算提高税收。 （文章来源：新华财经） 研究公司GfK表示，11月整体信心指数下降2点至-19。GfK的五个分类指数记录了公众对个人财务状 况、大宗采购倾向和英国总体经济状况的看法，与10月份相比，这些指数都有所下降。 GfK消费者洞察主管Neil Bellamy表示："在我们即将于下周公布预算之际，这是一组黯淡的数据。公众 正准备迎接艰难的消息，在目前的环境下，几乎没有什么能提高预期的因素。" ...

在日常生活中，消费纠纷 【下载黑猫投诉客户端】时有发生。当遇到商家侵权、服务质量差、产品质 量不合格等问题时，许多消费者常常感到迷茫：究竟该去哪里投诉？哪些渠道最有效？本文将系统梳理 当前主流的消费维权渠道，帮助您在需要时能够快速找到正确的投诉途径。 该平台支持官网、手机APP、微信/支付宝/抖音小程序等多端接入，消费者可随时随地通过微博账号、 手机号、微信等便捷登录方式提交投诉。操作流程简单明了，只需填写投诉对象、问题描述、诉求并上 传相关证据，全程耗时不超过5分钟。这种全场景覆盖的投诉模式，有效避免了传统渠道"线下跑腿""电 话占线"的不便。 在投诉处理方面，黑猫投诉依托智能工单系统建立了快速受理机制。系统会自动推送受理通知，并通 过"我的投诉"页面实时更新处理进展，核心节点均有系统通知。这种"全流程可视化"设计，彻底解决了 传统维权中"不知道进展、找不到对接人"的痛点。同时，平台坚持中立第三方定位，既不偏袒消费者也 不偏向企业，通过将投诉信息传达给相关企业并督促解决问题，确保处理过程的公正性。 三、行业针对性投诉渠道建议 不同行业的消费纠纷，适合的投诉渠道也有所差异： 一、官方投诉渠道：权威可靠的维权选 ...

如何看待宏观不确定与市场波动？20251118 摘要 国内经济主逻辑为科技自立自强，面对全球不确定性，坚持做好自身事 务带来整体预期稳定溢价，权益市场表现良好，机构或进行阶段性止盈 切换。 预计未来利率将创新低，国债震荡偏强，为年底跨年配置蓄力。金融机 构负债与资产端短期错位将导致跨年配置行情，坚定看多利率创新低， 银行存单利率或降至 1.5%左右。 10 月经济数据"经济冷、物价暖"，受统计基数效应、去产能和反内卷 行动影响。出口和消费受去年高基数拖累，低基数效应贡献 CPI 涨幅， PPI 降幅收窄。 房地产市场自 2025 年 7 月进入下行周期，10 月房企拿地减少，土地出 让收入同比下降 27%，冲击地方财政收入，增量政策效果尚未显现，投 资数据改善或待明年。 2025 年 10 月个税环比增长 25%，归因于税收征管加强，互联网平台 涉税信息报送新规规范短视频平台带货主播等群体漏税问题，预计该趋 势将持续。 Q&A 近期市场波动的主要原因是什么？ 近期市场波动主要有几个方面的原因。首先是美国政府前段时间的停摆，导致 宏观数据中断，这加剧了市场对美联储相对鹰派降息预期的担忧，调低了降息 预期。其次， ...

一、线下消费投诉平台 1. 12315全国消费者投诉举报平台 在消费过程中，无论是线上购物还是线下消费，我们难免会遇到各种问题，如商品质量不达标、服务态 度恶劣、虚假宣传等。面对这些问题，选择合适的投诉平台 【下载黑猫投诉客户端】至关重要。以下 是一些好用的投诉平台推荐，涵盖线上与线下多种场景，助你高效维权。 国家邮政局申诉网站是专门针对快递物流纠纷设立的投诉平台。如果消费者在网购过程中遇到快递丢 件、破损、理赔推诿等问题，且向快递公司投诉无果后，可以通过该网站进行申诉。快递公司在这个平 台的申诉率和满意度直接关系到它们的考核、评分，甚至业务许可，因此它们非常重视在该平台上的投 诉反馈，会积极与消费者沟通解决问题。例如，有消费者的快递包裹被签收却未收到，与快递公司沟通 无果后，在国家邮政局申诉网站进行投诉，很快便得到了快递公司的联系和赔偿。 2. 工信部电信用户申诉受理中心 工信部电信用户申诉受理中心是工业和信息化部设立的通信行业内的用户调解机构。如果消费者在使用 电信服务过程中遇到网络质量差、垃圾短信骚扰、乱收费扣费等问题，且向运营商投诉无果后，可以通 过该平台进行申诉。平台会督促电信业务经营者与消费者进行 ...

在日常生活中，消费纠纷 【下载黑猫投诉客户端】时有发生。小到商品质量问题，大到服务合同纠 纷，每个消费者都可能遇到需要维权的情况。然而，很多人在权益受损时，往往因为不了解投诉渠道而 选择放弃。实际上，我国已经建立了完善的消费维权体系，只要找对渠道，问题往往能迎刃而解。今天 就为大家详细介绍各类消费维权渠道，帮助您在需要时能快速找到最适合的解决方案。 一、政府职能部门投诉渠道 适用情形： 商品质量不合格、虚假宣传、价格欺诈、食品安全等问题。 2． 12345政府服务热线 这个"一站式"政务服务平台，在消费维权方面也发挥着重要作用： 服务特色： 二、行业监管部门投诉渠道 1． 专业领域投诉热线 针对特定行业问题，选择专业监管渠道往往更直接有效： 1． 市场监督管理部门：12315平台 作为消费维权的主力军，12315平台具有以下特点： 平台优势： 2． 特殊商品监管渠道 某些特殊商品有专门的监管渠道： 三、社会组织维权渠道 1． 消费者协会 全国统一的投诉举报系统 24小时接受投诉举报 支持网站、APP、微信小程序等多渠道接入 处理结果具有法律约束力 整合各类政务服务资源 对承办单位有明确的办理时限 办理过程全程 ...

Group 1 - The core concept of "emotional consumption" is emerging as a new consumer behavior, particularly among the youth, with over 90% recognizing emotional value and nearly 60% willing to pay for it [1] - Traditional consumption focused on practical value, but as material needs are met, there is a growing desire for spiritual fulfillment, leading to a shift towards emotional consumption [1] - Emotional consumption allows young people to find moments of peace and satisfaction in their busy lives, reflecting their aspirations for a better life and injecting new vitality into the consumer market [1] Group 2 - The emotional consumption sector is still in its early stages, facing issues such as a lack of industry standards and the production of low-quality products by some businesses [2] - There is a risk of consumers making impulsive purchases driven by emotions, potentially leading to overconsumption and waste [2] - Companies are urged to innovate and develop creative emotional consumption products that resonate with the emotional needs and psychological characteristics of the youth [2] Group 3 - It is crucial to cultivate a rational consumption mindset and maintain market order, ensuring consumers understand that emotional consumption should not dominate their lives [3] - Strengthening market regulation and establishing mechanisms for market entry and exit are essential to combat false advertising and protect consumer rights [3] - The rise of emotional consumption is a product of societal development and market upgrades, presenting both new experiences and challenges that require long-term service and guidance for sustainable growth [3]

在日常生活中，消费纠纷 【下载黑猫投诉客户端】时有发生。无论是线上购物遇到质量问题，还是线 下消费遭遇服务陷阱，选择正确的维权渠道至关重要。很多消费者在权益受损时，往往因为不了解投诉 渠道而放弃维权。今天，我们就来系统梳理消费维权的正规渠道，帮助大家在需要时能够快速找到合适 的解决方案。 一、官方维权渠道 1． 全国12315平台 作为市场监管总局主办的官方投诉平台，12315是消费者最常用的维权渠道之一： 平台特点： 适用情况： 商品质量不合格、价格欺诈、虚假宣传、食品安全等问题。 2． 12345政府服务热线 各地政府设立的便民服务热线，也被称为"市长热线"： 12333：人力资源和社会保障服务 12318：文化市场违法行为举报 12328：交通运输服务监督 12378：银行保险消费者投诉 12381：工业和信息化领域投诉 二、社会组织维权渠道 1． 消费者协会 提供消费咨询和投诉调解 发布消费警示和比较试验结果 支持消费者提起诉讼 完全不收取任何费用 2． 行业协会 相关行业协会也设有投诉受理机制： 三、第三方投诉平台 黑猫投诉：便捷高效的数字化平台 服务优势： 针对特定行业问题，选择专业监管渠道效果更 ...

Core Insights - The report highlights that interest-driven consumption has become the core engine for growth in the "11.11" market, shifting from a demand-driven logic to an interest-driven one [1][2] - It introduces the "TSTE" consumption experience model, detailing the consumer journey from interest generation to brand loyalty [1] User Research Findings - The current consumption market is undergoing a profound "value return," where consumers are willing to pay for emotional resonance, community recognition, and self-actualization rather than just product functionality [2] - Five distinct interest circles have emerged, shaping the future consumption ecosystem: - Hardcore Tech Enthusiasts focus on intelligent collaboration - Quality Homebodies transform their homes into emotional healing spaces - Entertainment Experience Seekers shift from passive viewing to emotional co-creation - Mind and Body Growth Advocates view consumption as a long-term investment in self - Fashion Lifestyle Enthusiasts evolve from following trends to defining personal style [2] Interest-Driven Value Cycle - The report illustrates how interest drives a cycle of "browsing value - consumption value - sharing value," emphasizing that consumer behavior is not merely shopping but a revolution in identity construction and lifestyle practice [4] - It proposes the "interest value" model, outlining the complete loop from "interest spark" to "consumption action" and finally to "value recognition" [4] Hardcore Tech Enthusiasts - This group is experiencing a leap from "functional satisfaction" to "ecological co-construction," with 91.5% of personal digital consumption during "11.11" focused on tech products [5] - Key trends include the integration of digital devices, the advancement of smart hardware, and the evolution of AI appliances from passive to proactive services [5] Quality Homebodies - This segment is upgrading their living spaces into "emotional healing zones," with 70.5% of consumption focused on cooking and 60.6% on home environment enhancements [6] - Consumers are creating spaces that blend social interaction and solitude, emphasizing the importance of emotional experiences over mere functionality [6] Entertainment Experience Seekers - This group is moving from passive consumption to deep participation, with 44.7% of their spending on gaming and 39.4% on live experiences during "11.11" [7] - They actively seek out experiences that foster emotional connections and cultural identity, transforming entertainment into a process of meaningful co-creation [7] Mind and Body Growth Advocates - This category shows a trend towards "multi-dimensional integration and systematic planning," with 73.5% of spending on outdoor activities and significant investments in knowledge and health [8] - Their approach to personal growth combines traditional wisdom with modern health concepts, emphasizing a holistic life system [8] Fashion Lifestyle Enthusiasts - This group extends aesthetic expression to all aspects of life, with 75.4% of spending focused on fashion and 63.9% on skincare during "11.11" [9] - Their consumption behaviors reflect a shift towards personal style definition and identity construction through image management and lifestyle aesthetics [10]

Group 1 - The article discusses the impact of weak consumer confidence data, which is at its lowest since 2022 at 50.3, and the uncertainty surrounding the potential returns from AI investments [1][3] - The stock market experienced a narrowing of losses after Democrats proposed conditions to end the government shutdown, but this proposal was subsequently rejected by Republicans [2] - There is a notable increase in layoffs, with October's figures indicating the highest number in over 20 years, suggesting that 2023 may become the worst year for layoffs since 2009 [3] Group 2 - The AI industry trend remains upward, with leading companies shifting from traditional GPU manufacturers to previously less mainstream firms like Micron, SanDisk, and First Solar [3] - There was significant buying activity from investors looking to capitalize on lower prices, with hopes for an end to the government shutdown [4]