利好共振推动板块配置价值升温 临近元旦及春节传统消费旺季，居民消费预期升温带动市场资金加大对A股大消费板块的关注度，叠加 顶层设计对新一年提振内需消费的高度重视以及海南自由贸易港日前封关，共同推动A股大消费板块近 期投资价值的提升。 日前召开的中央经济工作会议以"八个坚持"部署2026年经济工作重点任务，其中"坚持内需主导，建设 强大国内市场"摆在首位，具体举措包括深入实施提振消费专项行动、扩大优质商品和服务供给、优 化"两新"政策实施、清理消费领域不合理限制措施等，进一步强化了市场对2026年增加促消费政策供给 的预期，被视为是提振消费板块后市行情的重要支撑。 此外，海南自由贸易港于日前启动全岛封关运作，在持续吸引投资者关注的同时，也推动了A股相关概 念板块持续走热，万得海南自贸港概念板块表现一度位居A股所有概念板块前列。 ● 本报记者 胡雨 在开源证券商贸零售研究团队负责人、首席研究员黄泽鹏看来，海南自贸港通过在制度层面上的降本增 效，将持续改善经营主体成本结构，提升货物贸易自由化与便利化水平，并增强市场活力；从消费端 看，政策红利将进一步放大海南在旅游与消费领域的吸引力，有利于带动旅游消费及相关零售业态 ...

中金研究 中国商品贸易顺差继续上升，但服务贸易持续逆差，截至今年9月，滚动12个月的经常账户与GDP之比低于3.5%，外部失衡不算非常显著。金融周期下 行推升贸易顺差，这是因为，社会资源配置往高效率的高端制造业领域倾斜，技术进步提速，叠加房地产调整导致非贸易品价格下降，降低贸易品的 中间投入成本，促进了出口。另一方面，私人部门去杠杆抑制了需求，从而使得进口放缓，而制造业升级也使得部分行业国产化程度上升，带动进口 下降。具体分行业情况见下。 点击小程序查看报告原文 出口上升、进口下降，推动商品贸易顺差上升。 2025年1-11月中国海关口径商品贸易顺差为10758亿美元，创历史新高，同比增速为21%。出口方面， 2025年1-11月金额为34147亿美元，同比上升1746亿美元，同比增速为5.4%；进口方面，2025年1-11月金额为23388亿美元，同比下降130亿美元，同比增 速为-0.6%。两者共同作用下，推动商品贸易顺差上升。而从截至2025年9月的滚动12个月的贸易顺差、出口和进口占GDP比重来看，2025年9月为6.0%， 同比上升1.3个百分点，其中出口上升贡献0.6个百分点，进口下降贡献0.7个 ...

Core Insights - The report maintains a strong market rating for the home appliance sector, emphasizing the shift in consumer behavior towards a more present-focused consumption mindset, driven by the new generation of consumers [1] - The report highlights the expected leadership of the new consumption sector in 2025, while traditional consumption sectors are anticipated to show lackluster performance [4] Macro Consumption Trends - The report notes a significant transformation in consumer attitudes, moving from a culture of saving to one of cautious spending and living in the moment, which is expected to create new investment opportunities [4][11] - It identifies a structural opportunity in consumption, with the main drivers shifting from broad-based recovery to specific demographic groups, particularly the elderly and single-person households [32] Global Economic Landscape - The report emphasizes the importance of global emerging markets, suggesting that Chinese companies are well-positioned to lead in new product categories with significant growth potential [4] - It points out that the export structure is evolving towards innovation-driven categories, enhancing resilience against geopolitical risks [4] Domestic Consumption Dynamics - The report indicates that domestic consumption is entering a phase of refinement, with strong companies benefiting from the changing consumption landscape [4] - It highlights the ongoing growth in the pet economy and health supplements, suggesting that companies with e-commerce capabilities will be favored [4] Export Opportunities - The report discusses the resilience of exports, noting a shift from reliance on developed markets to emerging markets, with significant growth in exports to countries like India and Indonesia [49] - It highlights the importance of diversifying export markets and supporting new business models such as cross-border e-commerce [49] Sector-Specific Insights - The report identifies specific sectors poised for growth, including cleaning appliances, which are expected to benefit from government subsidies and increasing consumer demand [53] - It suggests that the pet economy and health products will continue to thrive, driven by changing consumer preferences and increased awareness [4] Consumer Income and Spending - The report notes that while income growth is stabilizing across different income groups, the spending power of high-income households is expected to drive consumption growth [35] - It emphasizes the importance of asset conditions, particularly housing, in influencing consumer behavior and spending patterns [35] Rural Consumption Potential - The report highlights the growing consumption potential in rural areas, where income growth is outpacing urban areas, suggesting a shift in focus towards rural markets [39] - It notes that rural high-income groups are likely to lead in spending on services, healthcare, and entertainment [39]

日前，有消息称，小米向汽车经销商发放补贴，全国门店发放金额累计超过1亿元。"确实有这样的政 策，仅针对'车融合店'。"12月22日，小米集团相关工作人员对《每日经济新闻》记者表示，车融合店 是指既销售汽车，同时售卖手机以及大家电的小米门店。 近期，记者实地走访车市时了解到，汽车"以旧换新"补贴按下暂停键对小米汽车来说影响不大。"12月 初，我们开始全新现车、官方展车、准新车的选购，消费者选车热情很高。"一位北京某小米汽车线下 门店销售人员告诉记者。 12月3日10点，小米汽车App现车选购功能开启，12月26日24点前锁单用户，预计年底前可提车。现车 包括全新现车、官方展车、准新车。12月22日，记者查阅小米汽车App发现，"官方展车"已销售完毕。 App显示，不同车型锁定订单后，最短交付周期为12周至15周，最长为35周至38周。 此前，小米汽车副总裁李肖爽在接受记者采访时也强调，目前，对小米来讲，最重要的是把订单尽快转 化成用户交付，不要让大家等太久。 12月2日，小米汽车宣布11月的交付量突破4万辆，2025年的交付量已超年初设定的35万辆全年交付目 标。"2025年，小米汽车预计将交付超40万辆新车。 ...

Group 1: Market Overview - Northbound trading recorded a net purchase of HKD 0.82 billion, with a net sell of HKD 11.06 billion on the Shanghai Stock Connect and a net buy of HKD 11.88 billion on the Shenzhen Stock Connect [1] - The most net bought stocks included Xiaomi Group-W (01810), Xpeng Motors-W (09868), and Tencent (00700), while the most net sold stocks were Alibaba-W (09988), China Mobile (00941), and SMIC (00981) [1] Group 2: Company-Specific Developments - Xiaomi Group-W (01810) saw a net buy of HKD 6.33 billion following the completion of its first major home appliance factory in Wuhan, marking a significant milestone in its smart home strategy [3] - Xpeng Motors-W (09868) received a net buy of HKD 3.45 million after obtaining an L3 autonomous driving road test license in Guangzhou, initiating regular L3 road tests [3] - Tencent (00700) and Meituan-W (03690) had net buys of HKD 1.95 billion and HKD 1.77 billion, respectively, while Alibaba-W (09988) faced a net sell of HKD 6.31 billion amid market speculation regarding tax recognition for high-tech companies [3] Group 3: Sector Performance - Longi Green Energy (06869) experienced a net sell of HKD 1.02 billion, influenced by market sentiment regarding Oracle's delayed OpenAI data center project, despite Oracle's clarification that the project will proceed as planned [4] - Oil stocks faced significant selling pressure, with CNOOC (00883) and PetroChina (00857) seeing net sells of HKD 3.32 billion and HKD 3.3 billion, respectively, as market speculation arose about potential changes in oil supply following discussions on the Russia-Ukraine conflict [4] - SMIC (00981) recorded a net sell of HKD 4.59 billion, with implications from the U.S. allowing NVIDIA to export AI chips to approved customers, potentially impacting domestic AI chip manufacturers [4]

Core Viewpoint - Xiaomi is undergoing significant personnel adjustments in response to performance pressures, focusing on optimizing its retail operations and closing underperforming stores while reallocating resources to growth areas like automotive and home appliances [1] Group 1: Personnel Adjustments - Xiaomi has initiated a series of personnel changes in its China operations, affecting key roles in mobile, automotive, and home appliance sectors [1] - Wang Xiaoyan, the President of Xiaomi China, will also take on the role of General Manager of Sales Operations Division 1, indicating a hands-on approach to improving performance [1] - Other notable appointments include Guo Jinbao as General Manager of Sales Operations Division 2 and Zhang Jian as General Manager of the New Retail Division [1] Group 2: Store Operations - Xiaomi plans to close some low-efficiency and loss-making stores to concentrate resources on high-potential locations [1] - The company aims to enhance synergy among its product lines, integrating mobile, home appliances, and automotive sales through shared retail channels [1] - The adjustments are seen as a strategic move to address the performance challenges faced by Xiaomi in the Chinese market [1]

【#小米中国区多人员职务调整#，涉及手机、汽车、大家电业务】12月9日，智通财经独家获悉，小米 中国区近期开启一系列人事调整，涉及手机、汽车、大家电等核心运营类岗位。原销售运营一部总经理 一职由小米集团高级副总裁，中国区总裁王晓雁兼任；任命江苏分公司总经理郭金保担任销售运营二部 总经理，向王晓雁汇报，同时郭金保继续兼任江苏分公司总经理。 原小米汽车部销交服部总经理张健任新零售部总经理，向王晓雁汇报，汽车销交服部总经理由夏志国担 任，同时夏志国继续兼任汽车销交服部销售运营部总经理；任命何俊伶担任甘青宁分公司总经理，向王 晓雁汇报。 对此消息，截至发稿小米暂未回应智通财经。 多位知情人士跟智通财经确认，小米集团原销售运营二部总经理刘耀平，销售运营一部总经理孙昊已从 原岗位调任。部分知情人士对智通财经表示，此次的调整跟小米近期中国区业绩"承压"有关，可以理解 为王晓雁亲自下场抓业绩。（界面） 部总经理孙昊已从原岗位调任。部分知情人士对界面新闻表示,此次的调整跟小米近 期中国区业绩"承压"有关，可以理解为王晓雁亲自下场抓业绩。 界面新闻了解到,江苏分公司总经理郭金保此前就曾在运营二部担任副总经理一职, 负责过大家电业 ...

小米中国区多人员职务调整，涉及手机、汽车、大 家电业务 资料图。本文来源 ：界面新闻、DoNews 原销售运营一部总经理一职由小米集团高级副总裁，中国区总裁王晓雁兼任；任命江苏分公司 总经理郭金保担任销售运营二部总经理，向王晓雁汇报，同时郭金保继续兼任江苏分公司总经 理。 原小米汽车部销交服部总经理张健任新零售部总经理，向王晓雁汇报，汽车销交服部总经理由 夏志国担任，同时夏志国继续兼任汽车销交服部销售运营部总经理；任命何俊伶担任甘青宁分 公司总经理，向王晓雁汇报。 界面新闻了解到，江苏分公司总经理郭金保此前就曾在运营二部担任副总经理一职，负责过大 家电业务的运营。 张健于2024年9月被任命小米汽车部销交服部总经理，距今任职已满一年，今年9月汽车销交服 体系就曾有过新任命，原小米人车家与智能产品负责人樊家麟已接任小米汽车销售运营部副总 经理一职，直接向夏志国汇报。 ■ 12月9日消息，据界面新闻报道，小米中国区近期开启一系列人事调整，涉及手机、汽车、大家 电等核心运营类岗位。 对此消息，截至发稿小米暂未回应界面新闻。 多位知情人士跟界面新闻确认，小米集团原销售运营二部总经理刘耀平，销售运营一部总经理 孙昊已从 ...

小米中国区近期开启一系列人事调整，涉及手机、汽车、大家电等核心运营类岗位。原销售运营一部总 经理一职由小米集团高级副总裁，中国区总裁王晓雁兼任；任命江苏分公司总经理郭金保担任销售运营 二部总经理，向王晓雁汇报，同时郭金保继续兼任江苏分公司总经理。原小米汽车部销交服部总经理张 健任新零售部总经理，向王晓雁汇报，汽车销交服部总经理由夏志国担任，同时夏志国继续兼任汽车销 交服部销售运营部总经理；任命何俊伶担任甘青宁分公司总经理，向王晓雁汇报。（智通财经） 来源：滚动播报 ...

Core Viewpoint - The article discusses the ongoing crisis of Suning, highlighting the company's bankruptcy restructuring and the potential shift towards live streaming as a means of recovery for its founder, Zhang Jindong, and his family [4][8][10]. Group 1: Suning's Current Situation - Suning's bankruptcy restructuring crisis is escalating, with the voting period for the restructuring plan postponed to December 14 [4]. - The restructuring plan requires Zhang Jindong and his wife to inject all personal assets into a trust within three months to suspend creditor claims against their personal guarantees [4]. - Suning's debt crisis began with uncontrolled diversification, leading to over 78 billion yuan spent on cross-industry acquisitions since 2012, culminating in a debt of over 238.7 billion yuan against an asset valuation of only 63.69 billion yuan [8][10]. Group 2: Live Streaming as a Solution - Live streaming has emerged as a potential solution for debt-laden entrepreneurs, with examples of successful transitions in the industry, such as Luo Yonghao and Chen Nian [4][10]. - Zhang Jindong missed the initial wave of live streaming but is encouraged to start now, as it is better late than never [6][10]. - Douyin (TikTok) is positioning itself as a competitor in the home appliance market, providing an opportunity for Suning to leverage its established supply chain and logistics to complement Douyin's content and traffic advantages [10][11]. Group 3: Zhang Kangyang's Role - Zhang Kangyang, as the heir to Suning, has the potential to capitalize on his existing popularity and transform it into a business opportunity through live streaming [12][14]. - The article draws parallels between Zhang Kangyang and other second-generation entrepreneurs who have successfully utilized live streaming to revitalize their family businesses [17][21]. - The success of other second-generation figures in live streaming demonstrates that Zhang Kangyang's entry into this space could be a critical step for Suning's recovery [20][21].