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 ...

The Labor Department’s report on Thursday showed that the number of Americans filing for initial jobless claims in the past week rose by +8K to 208K, compared with the 213K expected. Also, U.S. Q3 nonfarm productivity rose +4.9% q/q, in line with expectations, while unit labor costs fell -1.9% q/q, weaker than expectations of no change q/q. In addition, the U.S. October trade deficit unexpectedly narrowed to -$29.4 billion, stronger than expectations of -$58.1 billion and the lowest monthly level since 2009 ...

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]

15 December 2025 | 1:14PM HKT Economics Research China: November activity data broadly missed market expectations November activity data broadly missed market expectations, especially for retail sales. Industrial production (IP) growth edged down in year-on-year terms despite the notable improvement in export growth, with slower output growth in automobile and utilities industries more than offsetting faster output growth in the special equipment and pharmaceuticals industries. Fixed asset investment (FAI) ...

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.

Core Insights - The transition from informational AI to actionable AI is evident as India approaches 2026, with agentic models leading this shift [1][28] - The BFSI sector has emerged as the primary beneficiary of agentic AI, with significant applications in collections, underwriting, fraud detection, and customer automation [1][17] Group 1: Adoption and Impact of Agentic AI - Enterprises are increasingly adopting multi-purpose AI agents to enhance customer interactions and streamline operational workflows [2] - The focus has shifted from experimentation to measurable ROI and outcomes in the deployment of agentic AI [3][28] - Companies like Gnani.ai are entering the agentic AI space, recognizing the potential for multi-purpose AI automation [4] Group 2: Transformation of Customer Interactions - Agentic AI has significantly improved customer-facing processes, enabling systems to understand context and solve complex problems [7] - Voice-based agents have seen a surge in adoption due to their improved latency and accuracy, particularly among large enterprises [8] - Notable implementations include Air India's partnership with Salesforce and State Bank of India's integration of autonomous workflows [9] Group 3: Enhancing Employee Productivity - The deployment of internal AI co-pilots is transforming how employees access information and perform tasks across various sectors [11] - Axis Bank reported a 30% increase in product conversions and a 10-point rise in net promoter score due to its GenAI-powered assistant [12] - Tata Steel's use of GenAI for predictive maintenance has led to reduced equipment downtime and cost savings [13] Group 4: BFSI Sector Dynamics - The BFSI sector is experiencing nuanced impacts from agentic AI, particularly in debt collection and fraud detection [17][19] - Companies are deploying specialized agents for various functions, enhancing operational efficiency [18] Group 5: Build vs Buy Strategy - Many companies prefer adopting SaaS-based agentic solutions from AI startups rather than developing in-house capabilities [20][21] - When proprietary business intelligence is crucial, large enterprises are more inclined to build in-house solutions [25] Group 6: Future Outlook - The shift towards actionable AI is expected to continue, with AI agents becoming capable of independent reasoning and task execution [28] - Industries such as logistics and automotive are poised for significant advancements with the integration of AI agents [30] - While automation may lead to job displacement, new roles are anticipated to emerge, alongside challenges in data security and workforce adaptation [31]

Summary of the 2026 China Economics Outlook Industry Overview - **Industry**: Chinese Economy - **Focus**: Economic growth, inflation trends, fiscal policy, and investment dynamics Key Points Economic Growth Projections - **Nominal GDP Growth**: Expected to be subdued at **4.1%** in 2026, with a rebound to **4.8%** in 2027 [3][10][11] - **Real GDP Growth**: Projected at **4.8%** in 2026 and **4.6%** in 2027, down from approximately **5%** in 2025 [10][11] - **CPI and Deflation**: CPI is expected to remain low due to property market drag and weak wage growth, with a gradual shift from deflation to lowflation anticipated by 2027 [4][80] Inflation Dynamics - **GDP Deflator**: Expected to be **-0.7%** in 2026, turning slightly positive at **0.2%** in 2027 [80] - **CPI Trends**: Core CPI is projected to remain subdued until **2H26-2027**, with gradual improvements expected as property market pressures ease [80][82] Policy and Fiscal Measures - **Fiscal Policy**: Modestly expansionary with an augmented fiscal deficit expected to widen by **0.5ppt** of GDP, focusing on technology localization and infrastructure [5][55] - **Monetary Policy**: Anticipated policy rate cuts of **10-20bps** and RRR reductions of **25-50bps** in 2026 to support fiscal measures [59] - **Public Spending**: Shift towards public services with growth in public consumption expected to reach **5.3%** in 2026 and **5.5%** in 2027 [25][26] Investment Trends - **Investment Growth**: Real gross fixed capital formation growth projected to remain soft at **2.4%** in 2026 and **2.2%** in 2027, influenced by anti-involution policies and local government financing constraints [31][32] - **Manufacturing Investment**: Expected to grow at low single digits due to overcapacity and deflationary pressures [33][36] - **Property Sector**: Continues to face significant challenges with high inventory levels and weak demand, leading to a contraction in property investment [35][41] Consumption Patterns - **Household Consumption**: Expected to slow to **4.2%** in 2026, with a rebound to **4.4%** in 2027 as labor market conditions improve [15][19] - **Social Welfare Spending**: Gradual increases in social welfare spending anticipated, focusing on education, healthcare, and elder care [18][25] Risks and Challenges - **Economic Risks**: Potential for renewed trade tensions and a US recession could exacerbate supply-demand imbalances and deflationary pressures [6] - **Implementation Challenges**: Central government support for housing may face practical challenges in execution [5][56] Global Context - **Export Dynamics**: Net exports expected to contribute **1.3ppt** to growth in both 2026 and 2027, despite a slight moderation in export growth due to earlier front-loading effects [41][42] - **Global Demand**: Stable global growth projected at **3.1%** in 2026 and **3.3%** in 2027, supporting China's export resilience [43] AI and Technology Investment - **AI-Driven Growth**: Anticipated capex boom in AI-related sectors expected to offset property market drag by **0.2-0.3ppt** of real GDP in 2026-27 [47][48] Conclusion - The outlook for the Chinese economy in 2026 reflects a cautious approach to growth, with a focus on gradual rebalancing and addressing deflationary pressures while navigating global uncertainties and domestic challenges [68][79]