Group 1 - Wang Teng's new company will not hire fresh graduates initially, focusing on building a product development team with experienced professionals [2] - The company plans to establish branches in Shenzhen and Hangzhou after a year of operation in Beijing, with salaries and benefits comparable to major tech firms, emphasizing stock incentives [2] - Employees are encouraged to take breaks as needed, promoting a non-competitive work environment [2] Group 2 - Apple's CEO Tim Cook's total compensation for 2025 is reported to be $74.29 million, with significant portions coming from stock awards and non-equity incentives [3] - The company is set to hold its annual shareholder meeting online on February 24, 2026 [3] Group 3 - Bosideng faced criticism for a down jacket priced at 2099 yuan with only 86 grams of down filling, raising questions about brand premium [4][7] - The company stated that the down filling meets national standards and that pricing is influenced by various factors beyond just filling weight [4] Group 4 - Alibaba's Qianwen model has achieved a cumulative download of 700 million, marking a significant growth in the AI model sector [8] - The model's download rate surpassed that of other major AI models, indicating its rapid adoption [8] Group 5 - General Motors announced an additional charge of approximately $6 billion due to adjustments in its electric vehicle business, reflecting ongoing evaluations of production capacity and investment [15] - The company previously reported a $1.6 billion charge related to its electric vehicle strategy [15] Group 6 - The global humanoid robot market is projected to ship nearly 13,000 units by 2025, with ZhiYuan holding a 39% market share [21] - The semiconductor industry is expected to reach a record sales figure of $75.3 billion in November 2025, a 29.8% increase from the previous year [21] Group 7 - The Chinese large language model market is anticipated to exceed 100 billion yuan by 2030, with a compound annual growth rate of 63.5% from 2024 to 2030 [22] - Recent IPOs of domestic AI model companies signify a shift towards clearer business models and commercialization in the industry [22]

记者昨天从市税务局获悉，今年1至11月，上海办理离境退税的境外旅客数量同比增长156.3%，退税商品销售额和退税额同比增长约80%。截至11月底， 上海新增离境退税商店超1000户，累计备案退税商店突破1700户，较去年底累计数翻番，退税服务网络覆盖广度与密度持续提升。 位于淮海路上的环贸iapm商场今年9月末开设"即买即退"集中退付点，为外籍游客提供一站式退税服务。"境外旅客购物后可直接前往1层退税柜台办理手 续，现场选择现金退税或兑付至本人信用卡，无需额外奔波。"上海环贸广场房地产有限公司有关负责人表示。 10月25日，波司登登峰旗舰店在南京东路启幕，开业即完成离境退税商店备案。波司登上海公司总经理高健庭介绍，冬季消费旺季带动门店客流持续走 高，较开业初期增幅明显。据统计，截至目前，店内境外顾客消费占比达13%，累计开具退税申请单684份，退税商品开票金额238万余元。 据了解，上海税务部门持续创新离境退税"即买即退"服务，目前已构建"9个全市退付点+17个集中退付点+N个单店退付点"组成的服务网络，实现"即买即 退"全域覆盖。 来源：文汇报 ...

专题：为中国经济点赞——企业家之夜2025 "为中国经济点赞——企业家之夜"已于12月17日正式启动，目前点赞活动正在火热进行中。 专题：为中国经济点赞——企业家之夜2025 "为中国经济点赞——企业家之夜"已于12月17日正式启动，目前点赞活动正在火热进行中。 在全球时尚产业的版图中，中国服装行业正以独特的姿态崛起，成为推动世界时尚变革的重要力量。海 澜集团董事长周立宸，七匹狼董事长，波司登集团董事局主席兼总裁高德康，鄂尔多斯投资控股集团总 裁王臻，谁能乘着国潮复兴、文化出海的东风，带领中国服饰走向世界？点击链接为TA点赞！ 周立宸凭借对市场的敏锐洞察力和创新的管理理念，带领海澜之家不断拓展市场版图，将品牌推向全国 乃至全球消费者。2025年三季度，海澜之家营收156亿创新高，以创造有生命力的服饰为核心，通过国 潮大秀、火箭冠名等跨界布局，实现品牌力与业绩双增长。全品类战略覆盖多元场景，线上销售占比突 破20%，展现强劲增长动能。 周少雄以独特的品牌文化和设计风格，让七匹狼成为中国男装品牌的佼佼者，在国际市场上崭露头角。 同时，他带领七匹狼以 "非遗文化 + 商务男装" 破圈，2025 年推出的 "狼图腾 ...

格隆汇12月24日｜格隆汇近日线上举办"科技赋能·资本破局"分享会。备受瞩目的卓越公司评选榜单隆 重揭晓。其中，格隆汇"金格奖"年度卓越公司评选中，波司登(3998.HK)荣获"年度ESG先锋"奖项。 "年度ESG先锋"奖项旨在寻找经济效能与社会责任并重的绿色企业与先进企业。该奖项是对公司在环境 （Environmental）、社会（Social）、公司治理（Governance）三方面工作的高度认可，获奖公司在其 推广ESG理念、追求高质量可持续发展上均做出了突出贡献。 ...

随着新一轮影响全国大部分地区的寒潮来袭，羽绒服市场热度骤升。特卖电商唯品会在12月21日推出波 司登超级大牌日促销活动，热销款式至高立减1000元，同时，平台还结合面向全国的8折政府消费券， 进一步加大商品优惠力度。 12月21日上午10时起，消费者登录唯品会App或小程序，搜索"西安消费券"或"我爱西安"等关键词，即 可进入专属活动页面，领取一张8折政府消费券，消费券适用于购买波司登羽绒服商品。该券单次消费 最高可直接抵扣200元，且可以在单笔订单中叠加多件商品使用。 "平台深度折扣叠加政府消费券，商品优惠力度创新高。"唯品会相关负责人表示。如果是家庭消费者， 可趁此机会一次性购置多件羽绒服，为家庭成员备齐过冬装备。对于个人消费者，即便有多款心仪羽绒 服，也能轻松实现"既要又要"。让优质品牌羽绒服先于降温抵达消费者手中。 （CIS） 唯品会数据显示，在当前这场保暖装备的购物潮中，南北消费者的选择呈现出多元化特点。 从具体选择来看，"轻薄短靓"羽绒服凭借其多场景适配性和易携带特点，成为南方消费者日常休闲与通 勤的"刚需"，可灵活应对早晚温差变化。与此形成对比的是，北方消费者则更青睐长款功能性羽绒服。 这类产品 ...

2025 年 12 月 05 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 207 期 观点精粹: 最新报告摘要 一级市场项目进展顺利，产业园区板块承压--资产配置报告 FY2026H1 营收稳健增长，看好旺季销售表现--波司登/服装家纺(03998/213502) 点评报告（港股美股） 证券研究报告 1、最新报告摘要 1.1、一级市场项目进展顺利，产业园区板块承压--资产配置报告 分析师：林加力 S0350524100005 分析师：许潇琦 S0350525080004 联系人：刘子路 S0350125080017 投资要点： 一级市场六单项目状态更新：截至 2025 年 11 月 30 日，年内公募 REITs 市场已成功发行 19 单产品，较去年 同期（截至 2024 年 11 月 30 日）减少 5 单，其中 11 月新成立 1 单。根据交易所最新披露信息，近三个月处 于已申报状态的 REITs 产品有 2 单、已受理状态 2 单、交易所已反馈意见 5 单、已通过审核 4 单。本月 ...

Core Viewpoint - The report from Credit Lyonnais indicates an upward adjustment of the target price for Bosideng (03998) from HKD 5.2 to HKD 5.8, driven by an increase in the forecasted price-to-earnings ratio to 13 times from the previous 12 times, highlighting an attractive risk-return profile with a projected dividend yield of 6.5% over the next 12 months [1] Group 1 - Bosideng's sales and net profit for the first half of the fiscal year increased by 1.4% and 5.3% year-on-year, respectively, aligning with expectations [1] - The management reiterated its guidance for fiscal year 2026, anticipating a 10% year-on-year sales growth, with net profit growth expected to exceed sales growth [1] - Since October, Bosideng's offline sales have recorded double-digit year-on-year growth, with a reduction in discount rates, while online sales maintained strong momentum during the Double Eleven shopping festival [1] Group 2 - The firm has revised its net profit forecasts for fiscal years 2026 to 2028 upwards by 1% to 2%, reflecting a more favorable business mix and stringent cost control, while sales forecasts remain largely unchanged [1]

Core Viewpoint - Citi has raised the target price for Bosideng (03998) from HKD 5.2 to HKD 5.8, citing an increase in the forecasted price-to-earnings ratio to 13 times from 12 times, and a projected dividend yield of 6.5% over the next 12 months, making the risk-return profile attractive [1] Financial Performance - Bosideng's sales and net profit for the first half of the fiscal year increased by 1.4% and 5.3% year-on-year, respectively, aligning with expectations [1] - The management has reiterated its guidance for fiscal year 2026, anticipating a 10% year-on-year sales growth, with net profit growth expected to exceed sales growth [1] Sales Trends - Since October, Bosideng's offline sales have recorded double-digit year-on-year growth, with a reduction in discount rates [1] - The online business has also maintained strong momentum during the Double Eleven shopping festival [1] Profit Forecast Adjustments - The forecast for net profit for fiscal years 2026 to 2028 has been increased by 1% to 2% to reflect a more favorable business mix and strict cost control, while sales forecasts remain largely unchanged [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Bosideng's sales and net profit for the first half of the fiscal year increased by 1.4% and 5.3% year-on-year, respectively, meeting expectations [1] Group 1: Financial Performance - Bosideng's management reiterated its guidance for fiscal year 2026, expecting a 10% year-on-year increase in sales, with net profit growth expected to exceed sales growth [1] - For the period from October to date, Bosideng's offline sales recorded double-digit year-on-year growth, with a reduction in discount rates [1] - Online business maintained strong momentum during the Double Eleven shopping festival [1] Group 2: Forecast Adjustments - Credit Lyonnais raised its net profit forecast for fiscal years 2026 to 2028 by 1% to 2%, reflecting a more favorable business mix and strict cost control [1] - Sales forecasts were largely maintained, with the target price increased from HKD 5.2 to HKD 5.8 due to an anticipated increase in price-to-earnings ratio to 13 times [1] Group 3: Investment Appeal - The forecasted dividend yield for the next 12 months is 6.5%, presenting an attractive risk-reward profile [1] - Given the lower base from previous periods, the "outperform" rating is maintained [1]

Fixed Income - The manufacturing PMI showed a slight rebound in November, but corporate profits remain under pressure, indicating potential economic downturn in Q4 [2][7] - Industrial profits fell significantly in October, with a year-on-year decline of 5.5%, reflecting a slowdown in economic growth compared to Q1 and Q2 [2][8] - The bond market is expected to perform well, with a forecasted decline in bond yields, driven by the necessity for policy interest rate cuts [10] Real Estate - Vanke's bond extension has negatively impacted the secondary market valuations of other real estate companies, although the overall effect is limited [13][18] - Vanke's financial situation remains precarious, with reliance on external financing for debt repayment, raising concerns about potential defaults [12][18] Transportation - The shipping industry is experiencing record high earnings, with VLCC daily earnings reaching $120,248 in November, the best performance since 2004 [20][23] - The logistics sector is seeing advancements in automation, with companies like Yunda and Jitu implementing automated sorting systems and unmanned delivery vehicles [20][21] Energy - The energy sector is focusing on the development of new storage capacity and pricing mechanisms, with provinces like Hubei and Heilongjiang advancing their storage system plans [4][10] Media - The film industry is witnessing a resurgence, with "Zootopia 2" grossing over 1.3 billion yuan, indicating strong market demand for quality films [4][6] Healthcare - Microelectrophysiology company has received approval for its self-developed PFA catheter, expanding its product matrix in the electrophysiology market [5][6] Consumer Goods - Bosideng reported a revenue increase of 1.4% in the first half of FY2025/26, driven by strong performance in its core down jacket business [5][6]