Group 1 - The core announcement is that CIMC Vehicles' subsidiary, Vanguard Global Trailer Holding, along with three other companies, is participating in a countervailing and anti-dumping investigation initiated by the U.S. Department of Commerce regarding box semi-trailers and their components produced in Mexico, Canada, and China [2] - The investigation was officially launched on January 21, 2026, following a request from the U.S. Trailer Manufacturers Association, which claims that the high export levels of box semi-trailers from Mexico are putting pressure on the domestic industry [2] - The announcement indicates potential market adjustment opportunities for component suppliers from other regions that have advantages in product quality, technical compatibility, and supply chain resilience, due to the potential demand for alternative suppliers in the U.S. [2] Group 2 - The U.S. International Trade Commission is expected to make a preliminary ruling on industry damage by February 17, 2026, with the Department of Commerce planning to release preliminary rulings on countervailing and anti-dumping investigations on March 27 and June 10, 2026, respectively [3] - CIMC Vehicles has established a dedicated project coordination team at its headquarters to ensure the orderly delivery of necessary documents and materials for the investigation, given the supply chain relationship between Vanguard Global and CIMC's subsidiary in Qingdao [3] - Vanguard Global has set up a specialized project organization in the U.S. and hired a professional legal team to actively respond to the investigation, aiming to maintain a stable supply chain and accelerate the expansion of its component production capacity in the U.S. [3] - The investigation is currently in the investigation phase, with a final result expected to be announced in approximately 12 to 18 months [3]

中集车辆方面称，鉴于Vanguard Global长期与中集车辆在青岛的子公司青岛中集冷藏车运输设备有限公 司存在着"Van-type trailers subassemblies"的供应链关系，中集车辆在总部成立了专门的项目协调小组， 以保障参与调查所需的文件和资料能有序地送达VanguardGlobal；同时Vanguard Global在美国构建了专 门的项目组织，聘请了专业律师团队，积极应对本次"反补贴、反倾销"调查。他们将采用合适的举措， 一方面保障现有Van-type trailers subassemblies供应链平稳运行；同时加快扩大在美国两个地点的Van- type trailers subassemblies的产能。 根据公告，鉴于此次申请"反补贴、反倾销"调查的企业是美国企业，参与调查既有墨西哥企业、加拿大 企业，也有工厂在美国本土而供应链在墨西哥、加拿大和中国的美国企业，参与调查的企业不少既涉及 Van-Type Trailers整车，又涉及供应链，此次调查需要一个较长的过程，预计所有程序完成并公布最终 结果需要12—18个月。 （编辑 张昕） 公告显示，根据目前可获得的公开信息及行 ...

路透社1月15日公布的一项调查显示，超过三分之二的日本企业预计，日中关系紧张将对日本经济造成冲击，近一半企业已经感受到或预计将 面临直接的经营冲击。 一名铁路运营企业的管理人员在调查中表示，赴日中国游客数量下降已经开始拖累旗下酒店业务的入住率和客房平均单价收入。 一家电子制造企业的负责人则表示，中国在关键矿产政策方面的动向对公司而言是"生死攸关"的问题。 调查还显示，约43%的受访企业认为，如果日中关系长期处于紧张状态，企业将不得不重新评估其涉华业务安排。 一名运输设备制造企业的管理人员指出，如果日本汽车制造商在中国市场的销量受到冲击，其公司销售也将随之下滑，甚至可能被迫退出中 国市场。 来源：环球资讯广播 △路透社报道截图 调查显示，约9%的受访企业表示其业务已经受到相关影响，另有35%的企业预计将面临不同程度的冲击。 ...

人民财讯1月7日电，中集集团（000039）1月7日公告，近期，为进一步加快现金回笼、保障流动性安 全，本集团联营公司中集产城主动调整价格策略，对外整售旗下物业前海中集国际商务中心东塔项目， 合同金额约25.34亿元。根据初步测算，由于中集产城该项目出售价格和账面成本存在差异，该项交易 预计间接减少本集团归母净利润约10.80亿元(未经审计)，对本集团2025年年度净利润造成重大不利影 响。 ...

Economic Overview - The national economy in November 2025 showed characteristics of "stable production, differentiated consumption, and pressured investment" with industrial production recovering to normal levels after holiday disruptions[2] - Emerging industries continue to be the main support for production and investment, although industrial growth has slightly slowed down, indicating significant industry differentiation[6] Production Insights - The industrial added value in November increased by 4.8% year-on-year, a slight decrease of 0.1 percentage points from the previous month, while month-on-month growth improved by 0.44 percentage points[8] - The production-sales rate for industrial enterprises was 96.5%, showing a month-on-month increase of 0.1 percentage points, with the export delivery value decline narrowing from 2.1% to 0.1%[8] Consumption Trends - Retail sales growth in November was 1.3% year-on-year, marking a continuous decline for six months, with large-scale retail sales dropping by 2.0%[20] - The promotional season had limited impact on consumer spending, with online retail growth decreasing from 8.1% to 5.4%[22] Investment Analysis - Fixed asset investment from January to November decreased by 2.6% year-on-year, with November showing a month-on-month decline of 12.0%[26] - Manufacturing, broad infrastructure, and real estate investments saw declines of -4.5%, -11.9%, and -30.3% respectively, indicating a challenging investment environment[26] Risk Factors - There is an increasing uncertainty in external trade and a potential unexpected decline in domestic demand, which could further pressure economic growth[37]

中集集团再次大手笔买房。12月18日晚间，中集集团发布公告称，为吸引并保留公司在东莞核心人才， 公司全资子公司中集创新拟以2.93亿元购买188套住宅，主要用于员工居住。 公告显示，交易标的位于广东省东莞市松山湖高新技术产业开发区青田路8号中集智荟园项目，交易标 的合计建筑面积1.63万平方米，单价为1.8万元/平方米。截至评估基准日2025年5月31日，上述房产市场 价值为3.72亿元。中集集团表示，经双方协商一致，本次交易的交易价格以上述评估价值为基准，并充 分考量大宗交易的特性，参考市场同类大宗交易的折扣惯例给予20%左右的折让。 来源：@南方+ 这不是中集集团今年第一次从关联公司处买房给员工居住。今年6月，中集集团就公告，中集创新在东 莞中集智荟园买了188套住宅，同样是为满足在东莞员工居住需求。交易标的合计建筑面积9100.75平方 米，转让价款1.64亿元，单价为1.8万元/平方米。2025年前三季度，中集集团实现收入1170.61亿元，归 母净利润15.66亿元。（湾区财经传媒） ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In November, the growth rates of fixed - asset investment and social consumer goods retail总额 were lower than market expectations, while the export growth rate exceeded expectations [4][23]. - The year - on - year decline of real estate sales volume and price continued in November, and the data in early December also showed the same trend [4][23]. - As of the end of October, 5000 billion yuan of new policy - based financial instruments had been fully invested, but the investment data in October and November did not show obvious improvement [4][23]. - The relatively stable international environment after the China - US summit at the end of October is beneficial to China's exports, and stable export confidence is conducive to the growth of private investment [4][23]. - The Central Economic Work Conference in December proposed to implement a more proactive fiscal policy and a moderately loose monetary policy next year to promote investment to stop falling and rebound and boost consumption [23]. 3. Summary by Relevant Catalogs 3.1 Fixed - Asset Investment - From January to November, the national fixed - asset investment decreased by 2.6% year - on - year, worse than the market expectation of a 2.2% decline [1][5]. - From January to November, the broad infrastructure investment (including electricity) increased by 0.1% year - on - year, lower than the market expectation of 1.5% [1][5]. - From January to November, the manufacturing investment increased by 1.9% year - on - year, higher than the market expectation of 0.6% [1][5]. - From January to November, the national real estate development investment decreased by 15.9% year - on - year, worse than the market expectation of a 15.4% decline [1][5]. - From January to November, private fixed - asset investment decreased by 5.3% year - on - year [5]. - In November, manufacturing investment decreased by 4.5% year - on - year, and narrow - sense infrastructure investment (excluding electricity) decreased by 9.7% year - on - year [5]. - In November, the national fixed - asset investment decreased by 1.03% month - on - month, showing a continuous decline for ten consecutive months [5]. 3.2 Real Estate - From January to November, the sales area of new commercial housing decreased by 7.8% year - on - year, and the sales volume decreased by 11.1% year - on - year [2][9]. - In the fourth quarter, the daily average transaction area of commercial housing in 30 large and medium - sized cities decreased significantly year - on - year, and the national real estate sales were still at the bottom [10]. - In November, the second - hand housing prices in first - tier cities decreased by 1.1% month - on - month, with the decline expanding [2][10]. - In November, the real estate development enterprise's available funds decreased by 32.6% year - on - year [11]. - In November, the new housing start - up area decreased by 28% year - on - year, and the housing completion area decreased by 25% year - on - year [11]. 3.3 Industrial Added Value - In November, the value - added of industrial enterprises above designated size increased by 4.8% year - on - year, lower than the market expectation of 5.0% [2][12]. - In November, the value - added of high - tech manufacturing increased by 8.4% year - on - year, maintaining rapid growth [2][12]. 3.4 Foreign Trade - In November, China's exports denominated in US dollars increased by 5.9% year - on - year, exceeding expectations, and imports increased by 1.9% year - on - year [2][14]. - From January to November, China's cumulative export amount increased by 5.4% year - on - year, and the cumulative import amount decreased by 0.6% year - on - year [14]. 3.5 Consumption - In November, the total retail sales of social consumer goods increased by 1.3% year - on - year, lower than the market expectation of 2.9% [3][18]. - In November, among the retail sales of consumer goods by units above the quota, categories with relatively fast year - on - year growth included communication equipment, cultural and office supplies, etc. Categories with relatively fast year - on - year decline included household appliances and audio - visual equipment, building and decoration materials, etc. [19]. 3.6 Service Industry and Employment - In November, the national service industry production index increased by 4.2% year - on - year, hitting a new low for the year [3][21]. - In November, the national urban surveyed unemployment rate was 5.1%, remaining the same as the previous month and 0.1 percentage point higher than the same month of the previous year [3][21].

Group 1 - The core viewpoint of the article highlights a significant increase in German factory orders in October, suggesting a potential for growth in the last quarter of the year for Europe's largest economy [1][3]. - The Federal Statistical Office reported a month-on-month demand increase of 1.5%, with September's data revised upward to a growth of 2%, significantly surpassing the median forecast of 0.3% [1][3]. - The improvement in orders is primarily driven by large orders, particularly in the transportation sector, which saw an increase of 87% in orders for aircraft, ships, trains, and military vehicles [1][3]. Group 2 - The recovery of the industrial sector is viewed as crucial for overcoming economic weakness, with GDP expected to contract in both 2023 and 2024 [5]. - Germany faces challenges stemming from deeper issues such as increased tariffs from the U.S., intensified competition, and long-standing bureaucratic obstacles [5].

以供应管理协会（ISM）11月发布的工厂状况调查为例，受访者普遍表达了深切忧虑。一位来自运输设 备制造行业的高管在报告中指出："受关税环境影响，我们正着手实施更为持久的变革，包括削减员工 规模、向股东更新业绩指引，以及拓展海外制造业务。" 今日周三（12月3日）亚盘时段，黄金期货目前交投于950附近，截至发稿，黄金期货暂960.76元/克， 涨幅0.13%，最高触及962.18元/克，最低下探948.18元/克。目前来看，黄金期货短线偏向震荡走势。 打开APP，查看更多高清行情>> 【要闻速递】 根据企业高管与经济预测专家的最新表态，特朗普政府推行的关税政策，旨在促使海外制造业岗位回流 美国，然而这一举措最终或适得其反，导致国内就业岗位减少。 当前，美国劳动力市场已显露疲态，呈现出"不裁员、不增聘"的僵持状态。社会各界日益担忧，针对进 口商品征收的关税将推高企业经营成本，进而迫使企业采取裁员措施以应对压力。 此外，多项迹象表明，至2026年，美国劳动力市场的前景或将更加严峻。经济合作与发展组织 （OECD），拥有38个成员国，于周二发布报告称，尽管关税尚未对全球经济造成剧烈冲击，但全面影 响或许尚未完全显现。 ...

Core Viewpoint - The company, CIMC Group, announced a share buyback plan involving significant financial commitments for both its Hong Kong and A-share listings [1] Group 1: Share Buyback Details - On November 28, 2025, the company will spend HKD 16.0263 million to repurchase 1.9847 million shares at a price range of HKD 7.99 to 8.11 per share [1] - On the same date, the company will also invest CNY 25.9999 million to buy back 2.8727 million A-shares at a price range of CNY 9.00 to 9.09 per share [1]