6 证券研究报告 点评报告 2025 年 12 月 19 日 晨会纪要 第一创业证券研究所 核[心Ta观bl点e_：Summary] 一、宏观经济组： 事件： 分析师：刘笑瑜 12 月 18 日（星期四）晚 9 点半，美国劳工部统计局公布 11 月 CPI 数据。 证书编号：S1080525070001 对上述事件发展趋势的点评，存在由于经济增长、行业竞争、销售不及预期等变 化，而不如预期的可能。 电话：0755-23838239 邮箱：liuxiaoyu@fcsc.com 请务必阅读正文后免责条款部分 第 1 页 共 3 页 晨会纪要 评论： 11 月美国未季调 CPI 同比为 2.7%，预期 3.1%,从 11 月核心 CPI 来看，未季调同比 为 2.6%，预期为 3.0%。 美国劳工部并未公布 11 月环比及分项数据，以及 10 月通胀数据。但仅从上述两 个数据上看，11 月美国 CPI 数据低于预期，创 2021 年初以来的新低，显示美国通 胀压力减轻。据 CME"美联储观察"：美联储明年 1 月维持利率不变的概率下降为 73.4%，降息 25 个基点的概率上升至为 26.6%。 市场表现积极：美股 ...

Core Viewpoint - The article highlights the successful ecological transformation of Xiushan County in Chongqing, transitioning from a manganese-dominated economy to a focus on ecological agriculture and sustainable practices, resulting in improved environmental conditions and economic diversification [3][9][12]. Group 1: Agricultural Development - The Hongguang community in Xiushan has developed over 250 acres of chili pepper cultivation and 150 acres of morel mushroom farming, generating an annual comprehensive output value of over 3.4 million yuan [1]. - The local government is also investing in ecological farming, with a quail farm project underway that aims to raise 1 million quails and an additional 300 acres dedicated to ecological tea oil cultivation [5][9]. Group 2: Industrial Transition - Xiushan County previously relied heavily on manganese mining, which caused significant ecological damage. In 2021, a three-step plan was implemented to phase out manganese mining, leading to the closure of 29 manganese mining companies and 19 electrolytic manganese enterprises [3][5]. - The local government has adopted tailored strategies for the remediation of 23 manganese slag sites, with 18 undergoing in-situ treatment and 5 undergoing relocation treatment, alongside comprehensive ecological restoration of all manganese mines [5][12]. Group 3: Environmental Restoration - The ecological restoration efforts in Xiushan are part of a broader initiative in Chongqing, which has successfully rehabilitated 7,025 hectares of historical and closed mining sites, demonstrating significant progress in ecological protection and restoration [12]. - The transformation from a "black economy" to green industries in Xiushan serves as a model for other regions, showcasing the potential for ecological restoration to enhance productivity and economic development [9][12].