Market Overview - Major European markets closed lower due to geopolitical tensions and uncertainty surrounding French budget negotiations, with investors taking profits from recent gains [1][2] - The pan-European Stoxx 600 edged down 0.03%, with the U.K.'s FTSE 100 down 0.04%, Germany's DAX down 0.22%, and France's CAC 40 down 0.65% [3] Company Performance - In the UK market, BAE Systems, Natwest Group, Smiths Group, Schroders, National Grid, Standard Chartered, British Land Company, and The Sage Group gained between 1.4% to 2.3% [4] - Conversely, Pearson, Metlen Energy & Metals, Entain, Antofagasta, Endeavour Mining, Glencore, Anglo American Plc., and Pershing Square Holdings lost between 2% to 4% [4] - Daimler Truck Holding reported a decline in 2025 sales, contributing to its stock decline [5] - Siemens Energy saw a significant increase of over 5%, while Zalando, RWE, and Fresenius Medical Care gained between 1.5% to 1.7% [6] Notable Transactions - Kloeckner & Co shares soared over 28% following Worthington Steel's announcement of a $2.4 billion acquisition of the German steel processor [6] French Market Insights - In the French market, Kering and Essilor closed down by 4.7% and 4%, respectively, while LVMH, Stellantis, TP, and Renault lost between 2.7% to 3.1% [6][7]

1月15日，合肥海关发布2025年安徽全省外贸数据：安徽省货物贸易进出口总值达10135.6亿元，同比增 长17.3%，成为全国第9个、中部第1个外贸破万亿元的省份（直辖市），与广东、江苏、浙江、上海、 北京、山东、福建、四川共同跻身外贸 "万亿俱乐部"。 回溯 "十四五" 时期，安徽外贸实现 "阶梯式递进" 的跨越发展：规模从 "十三五" 末的5451.5亿元起步， 连续跨越5个千亿级台阶，2021年达6920.2亿元、2022年达7530.6亿元、2023年达8052.2亿元、2024年达 8648.5亿元，最终在2025年突破万亿大关，达10135.6亿元；安徽外贸的全国排名也从第13位攀升至第9 位，进出口、出口、进口增速分别位居全国第五、第七、第五，分别高出全国13.5、11.7、15.7个百分 点。2025年12月，安徽还实现了单月进出口1118.4亿元，同比增长35.9%，刷新月度规模最高纪录。 在国际市场布局上，安徽坚持"不把鸡蛋放在同一个篮子里"，实现多元化拓展。2025年，安徽与全球 189个国家和地区的贸易实现正增长，东盟为第一大贸易伙伴，贸易总值 达1415亿元，同比增长 38.3%， ...

据数据分析，消费投诉呈现三大特点：商品类投诉占比超五成，食品与家电售后问题突出。主要涉及食 品质量与安全、家用电器维修周期长且收费不透明、日用商品存在瑕疵或不具备使用功能等问题。服务 类投诉增速迅猛，预付消费与生活服务纠纷高发，主要涉及健身、教培、美容美发等行业套路办卡预付 消费；装修公司违约更换建材、偷工减料、拖延工期；物业推卸责任，收费项目公示不主动、不及时； 旅行社强制购物、擅自变更行程、预订住宿酒店旺季随意涨价等问题。质量安全问题成核心诉求，经营 不规范问题值得关注，主要涉及家用汽车售后服务、零部件反复维修、二手车交易隐瞒车况，经营者针 对老年消费群体虚假宣传食品、保健品具有药物疗效，服装鞋帽类材质以次充好、大小不符、宣传与实 物不符等问题。 针对报告中的消费投诉热点，省消协提出了联合行政主管部门开展专项整治，不断完善全国消协智慧 315平台功能，提升消费者风险识别能力和依法维权意识等相关建议。省消协将立足投诉数据反映的民 生关切，持续推动形成企业自律、消费者监督、社会协同的消费维权合力，切实把投诉数据转化为消费 环境治理实效，着力营造安全放心的消费环境，为青海"十五五"时期消费提质扩容、经济高质量发 ...

Economic Indicators - The number of Americans filing for initial jobless claims rose by 8,000 to 208,000, compared to the expected 213,000 [1] - U.S. Q3 nonfarm productivity increased by 4.9% quarter-over-quarter, aligning with expectations, while unit labor costs fell by 1.9% quarter-over-quarter, which was weaker than the expected no change [1] - The U.S. trade deficit for October unexpectedly narrowed to $29.4 billion, significantly better than the expected $58.1 billion, marking the lowest monthly level since 2009 [1] - U.S. consumer credit rose by $4.23 billion in November, falling short of the expected $10.1 billion [1] Stock Market Performance - Wall Street's major indices closed mixed, with data storage companies like Seagate Technology and Western Digital experiencing declines of over 7% and 6% respectively [2] - Software stocks also retreated, with Datadog dropping over 7% and Autodesk slipping more than 5% [2] - Defense stocks saw gains after President Trump proposed increasing U.S. military spending to $1.5 trillion by 2027, with AeroVironment rising over 8% and Huntington Ingalls Industries gaining over 6% [2] Corporate News - Asml Holding rose more than 4% after HSBC raised its price target on the stock [10] - Rocket Companies and UWM Holdings advanced over 7% and 5% respectively in pre-market trading due to President Trump's plan to buy $200 billion in mortgage bonds [17] - Revolution Medicines surged over 15% in pre-market trading following reports of Merck's interest in acquiring the company [17] International Market Developments - The Euro Stoxx 50 Index increased by 0.93%, reaching a new record high, driven by strong fourth-quarter revenue from TSMC [9] - German exports unexpectedly fell by 2.5% month-over-month, while imports rose by 0.8% month-over-month [11] - Japan's Nikkei 225 Stock Index closed sharply higher, boosted by strong earnings from Fast Retailing and a weaker yen [13]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **Chinese economy**, focusing on various economic indicators and trends, particularly in the **retail, property, and investment sectors**. Core Insights and Arguments 1. **Retail Sales Performance**: - Retail sales growth slowed to **1.3% YoY** in November, down from **2.9% YoY** in October, which was weaker than market expectations of **2.9%** [110] - Sales of household appliances and automobiles contracted significantly, with household appliances down **19% YoY** and autos down **8% YoY** [110] - The overall consumption growth is expected to remain soft in 2026 due to high base effects and ongoing property downturn [110] 2. **Fixed Asset Investment (FAI)**: - FAI growth remained weak, with a **YoY decline of -11.1%** in November, slightly better than the previous month [85] - Manufacturing FAI saw a modest improvement, narrowing its decline to **-4.5% YoY** [85] - Infrastructure FAI continued to contract sharply at **-11.9% YoY** [85] - The deployment of special financing tools from policy banks may provide some support for FAI components in the future [85] 3. **Property Market Dynamics**: - The property market continues to face challenges, with property sales growth falling by **17.3% YoY** in November and new starts down **27.6% YoY** [70] - The average new home sales price in 70 cities declined by **0.4% MoM** in November, indicating ongoing price pressures [70] - The government has implemented various measures to support the property sector, but the recovery is expected to take time [70] 4. **Economic Growth Projections**: - Q4 GDP growth is anticipated to decelerate to around **4.2% YoY**, with full-year 2025 GDP growth averaging **4.9%**, aligning with the target of "around 5%" [4] - The Central Economic Work Conference (CEWC) is expected to set a GDP growth target of **4.5-5%** for 2026, although achieving this may be challenging due to anticipated slowdowns in exports and the property market [6] 5. **Monetary and Fiscal Policy**: - Modest policy easing is ongoing, with expectations of a **20bps cut in policy rates** by the end of 2026 [5] - The government plans to increase consumption subsidies to **RMB 400 billion** in 2026 from **RMB 300 billion** in 2025, aiming to support consumer spending [110] Other Important Insights - **Inflation Trends**: - November CPI inflation increased to **0.7% YoY**, driven by a rebound in food prices, while PPI recorded a slight decline of **-2.2% YoY** [125] - The inflation outlook suggests a potential rebound in CPI to **0.4%** in 2026, while PPI may only turn positive by late 2026 or early 2027 [125] - **Credit and Liquidity Conditions**: - Total social financing (TSF) growth stabilized at **8.5% YoY** in November, with new RMB loans totaling **RMB 390 billion** [140] - The PBC is expected to continue accommodative monetary policy, with further RRR cuts anticipated [150] This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the Chinese economy, particularly in retail, property, and investment sectors.

Both SoundHound and GitLab look poised to rebound in 2026.The stocks of SoundHound AI (SOUN 2.44%) and GitLab (GTLB 2.07%) have both had a rough go in 2025. The former trades down more than 40% on the year, as of this writing, while the latter has lost more than 30% of its value.However, both stocks could be poised to rebound in 2026. Let's take a close look to see which one has the better opportunity to outperform next year. The case for SoundHoundAISoundHound's underperformance in 2025 has more to do with ...

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Leadership - Toyota CEO Koji Sato 将领导日本汽车制造商协会 [1] - 佐藤社长将在关键时刻掌舵该协会 [1]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the economic activity data from China for November, highlighting significant misses in market expectations across various sectors, particularly retail sales and industrial production [1][2][3]. Core Insights and Arguments 1. **Industrial Production (IP)** - IP growth decreased to **4.8% year-on-year** in November from **4.9%** in October, falling short of forecasts (GS: **5.1%**, Bloomberg consensus: **5.0%**) [2][8]. - Sequentially, IP showed a **0.5% month-on-month** increase after seasonal adjustment, contrasting with a **-0.4%** decline in October [8]. - The slowdown in IP was primarily driven by reduced output in the automobile and utilities sectors, which outweighed gains in special equipment and pharmaceuticals [8]. 2. **Fixed Asset Investment (FAI)** - FAI contracted by **-2.6% year-to-date** year-on-year in November, worsening from **-1.7%** in October [3][9]. - On a single-month basis, FAI fell by **-10.7% year-on-year** in November, slightly improving from **-11.4%** in October [9]. - The decline in FAI is attributed to statistical corrections by the NBS and ongoing issues in the property sector [9]. 3. **Retail Sales** - Retail sales growth significantly slowed to **1.3% year-on-year** in November, down from **2.9%** in October, missing expectations (GS: **2.3%**, consensus: **2.9%**) [6][11]. - The decline was broad-based, with notable drops in auto sales (-8.3%) and home appliances (-19.4%) [11]. - The earlier start of the "Double 11" Online Shopping Festival distorted demand, pulling some sales from November into October [11]. 4. **Services Industry Output** - The Services Industry Output Index growth moderated to **4.2% year-on-year** in November from **4.6%** in October, indicating a slowdown in the services sector [12]. 5. **Property Market** - The property market continued to show weakness, with new home starts and completions contracting by **-27.6%** and **-25.3%** year-on-year, respectively [13]. - Property sales volume fell by **-17.0%** and value by **-24.6%** in November, reflecting ongoing challenges in the sector [13]. 6. **Labor Market** - The nationwide unemployment rate remained stable at **5.1%** in November, with the youth unemployment rate for ages 16-24 declining slightly to **17.3%** [14]. 7. **GDP Growth Forecast** - Incorporating October-November data, there is a small downside risk to the Q4 real GDP growth forecast of **4.5% year-on-year**, with a sequential improvement in December activity needed to achieve a **5%** full-year growth [15]. Additional Important Insights - The report emphasizes that the recent slump in economic indicators should not be over-interpreted, as statistical corrections have played a significant role alongside fundamental economic challenges [1][9]. - The data reflects broader economic trends in China, including the impact of "anti-involution" policies and a prolonged downturn in the property market, which are critical for investors to consider [1][9].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Chinese economy, specifically the activity data for November, including industrial production (IP), fixed asset investment (FAI), and retail sales [1][2]. Core Insights and Arguments 1. **Industrial Production (IP) Growth**: - Expected to increase to 5.1% year-on-year (yoy) in November from 4.9% yoy in October, driven by improved export growth, which is projected to rise to +5.9% yoy in November from -1.1% yoy in October [4][5]. - Notable decline in auto output growth, dropping to 3.0% yoy in November from 11.3% yoy in October [4]. - Steel production continues to contract, with estimates showing a year-on-year decline of -1.8% in November [4]. 2. **Fixed Asset Investment (FAI)**: - Anticipated to remain depressed at -9.5% yoy in November, an improvement from -11.4% yoy in October [5]. - Approximately 60% of the FAI contraction in October was attributed to statistical corrections rather than a genuine slowdown [5]. - Ongoing "anti-involution" policies and a prolonged property downturn are expected to continue affecting manufacturing and property investments [5]. 3. **Retail Sales Growth**: - Forecasted to slow to 2.3% yoy in November from 2.9% yoy in October, primarily due to declining auto sales and the earlier start of the "Singles' Day" Online Shopping Festival, which shifted some demand from November to October [5]. - Auto retail sales volume growth is expected to drop significantly to -8.1% yoy in November from -0.5% yoy in October [5]. 4. **Comparison with Market Consensus**: - The forecasts for retail sales and FAI are below market consensus, while the IP forecast aligns closely with consensus estimates [5]. Additional Important Insights - The report indicates that the recent slump in FAI is unlikely to significantly impact the official Q4 GDP figures due to the statistical corrections by the National Bureau of Statistics (NBS) [5]. - The services industry output index growth is expected to remain stable and above retail sales growth in November, indicating a potential divergence in sector performance [5]. This summary encapsulates the key points regarding the Chinese economic activity data for November, highlighting the trends in industrial production, fixed asset investment, and retail sales, along with their implications for the broader economic outlook.