Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - In November, the online apparel and accessories sector experienced a year-on-year growth of 9.1%, with an increase in growth rate compared to October. The average temperature in November was 4.2°C, which is 0.9°C higher than the historical average but 0.9°C lower than last year, indicating robust sales despite lower temperatures [2][11] - The outdoor segment continues to lead the industry with brands like Descente, Kelong, and Aon running year-on-year growth rates of 32.8%, 32.4%, and 21.4% respectively. In the home textile and menswear sectors, brands like Luolai Life and Bosideng saw year-on-year growth of 16.0% and 8.8% respectively [2][11] - The report highlights the approval of two animal collagen products by the National Medical Products Administration, marking significant advancements in concentration, implant materials, and indications [3][13] Industry Data Tracking - In October, apparel retail sales grew by 6.3% year-on-year, with the growth rate improving from September. This was attributed to seasonal promotions and a recovery in offline store traffic due to reduced extreme weather [4][19] - The cosmetics sector also showed resilience, with retail sales increasing by 9.6% year-on-year, reflecting a 11.6 percentage point increase from September [4][29] - The jewelry retail sector continued to recover, with a year-on-year growth of 9.6% in October, supported by rising gold prices and increased regional consumer enthusiasm [4][19] Investment Recommendations - For the apparel sector, Hai Lan Home is recommended for its innovative urban outlet expansion and strong profitability, while Li Ning is expected to see a turning point in 2025 [5][27] - In the beauty and personal care segment, recommendations include Juzi Biological for its strong data resilience and Jinbo Biological for its anticipated new product launches [5][31] - The gold and jewelry sector is recommended for brands with strong market presence, such as Laopu Gold, due to the favorable gold price trends [5][31]

转自：新华财经 •中央经济工作会议在北京举行 会议指出推动投资止跌回稳 适当增加中央预算内投资规模 •前11月我国汽车产销量双超3100万辆同比增逾10% 11月产量首超350万辆创历史新高 •商务部：推动安世荷兰尽快派员来华 就企业控制权和恢复供应链稳定与畅通开展协商 •中央经济工作会议12月10日至11日在北京举行。会议提出，坚持内需主导，建设强大国内市场。深入实施提振消费专项行动，制定实施城乡居民增收计 划。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，释放服务消费潜力。推动投资止跌回稳，适当增加中央预算内投资规 模，优化实施"两重"项目，优化地方政府专项债券用途管理，继续发挥新型政策性金融工具作用，有效激发民间投资活力。高质量推进城市更新。（新华 社） •最新数据显示，11月份，我国汽车月度产量首次超过350万辆，创历史新高。不仅如此，今年前11个月，汽车产销量均超过3100万辆，同比增长均超过 10%。中国汽车工业协会的最新数据同时显示，今年1至11月，我国新能源汽车产销量均接近1500万辆，同比增长均超过30%。在出口方面，新能源汽车出 口231.5万辆，同比增长1倍。 ...

盘前要闻 1、中央经济工作会议重磅定调!涉及消费、地产等，专家权威解读 类型：宏观 情绪影响：正面 中央经济工作会议12月10日至11日在北京举行。会议指出，要继续实施更加积极的财政政策。提及坚持 内需主导建设强大国内市场、着力稳定房地产市场等多个要点。专家表示，明年财政支持促消费的资金 规模有望上调，通过实施积极的财政政策、适时降准降息、稳定房地产市场等组合措施，推动供需在更 高水平上实现动态平衡。 2、OpenAI正式发布GPT-5.2，号称"最强专业知识工作大模型" 情绪影响：正面 在周四的商务部新闻发布会上，发言人何亚东表示，商务部将谋划"十五五"时期零售业创新转型和高质 量发展，加大政策支持力度。特别提到，商务部将出台加快零售业创新发展的意见，提升商品和服务质 量，协同优化存量和增量，推动线上线下公平竞争等，实现新供给、新需求的良性互动。 类型：行业 情绪影响：正面 OpenAI周四正式发布GPT-5.2系列模型，推理、专业知识工作、金融建模、PPT/Excel产出等能力全面超 越前代，并在多项推理基准测试中领先谷歌Gemini 3；奥尔特曼暗示更多新品即将到来。分析表示，此 次推出GPT-5.2， ...

Group 1: Company Announcements - 蓝盾光电 announced the termination of the equity transfer agreement with Shanghai Xingsi Semiconductor, with no payment made for the equity transfer [1] - 兆新股份 plans to acquire 70% of Youde New Energy for a maximum price of 220 million yuan, enhancing its capabilities in the renewable energy operation sector [2] - 南都电源 is in the process of planning a change in control and has suspended its stock trading, with the suspension expected to last no more than two trading days [3] - 万科A reported a guarantee balance of 84.476 billion yuan as of October 31, with no overdue guarantee matters [4] - 国晟科技's stock price has increased significantly, with a cumulative rise of 206.62%, indicating potential irrational speculation and risks of a rapid price drop [5] - 中威电子 announced a change in its actual controller to Fu Yingbo, with stock trading set to resume [6] Group 2: Mergers and Acquisitions - 新兴铸管's subsidiary plans to acquire 100% of China Resources Steel for 1.244 billion yuan [7] Group 3: Share Transfers and Investments - 太龙药业's shareholder plans to transfer 50.1 million shares to Jiangyao Holdings [8] - 医药 approvals include 常山药业 receiving a drug registration certificate for heparin sodium injection in Turkmenistan [9] - 真兰仪表's shareholder intends to increase holdings by 10 to 20 million yuan [9] - 海南瑞泽's vice president plans to reduce holdings by 231,000 shares [9] - 金陵体育's director has reduced holdings by 0.0276% [9] - 佰仁医疗's subsidiary has received approval for a collagen implant product [9]

今日聚焦 4、中汽股份：可转债申请获深交所受理 12月11日晚，中汽股份发布公告称，公司向不特定对象发行可转换公司债券的申请已于12月10日获得深 圳证券交易所正式受理。本次发行尚需通过深交所审核，并取得中国证监会同意注册的批复。 5、佰仁医疗：控股子公司胶原蛋白植入剂产品获批注册 12月11日晚，佰仁医疗发布公告称，近日，经国家药品监督管理局审评，公司控股子公司北京艾佰瑞生 物技术有限公司胶原蛋白植入剂产品(即胶原纤维填充剂-I)注册申请获得批准，这是国内首款用于面颊 部真皮层注射以改善面颊部平滑度的胶原蛋白产品。 1、摩尔线程：公司目前新产品和新架构均处于在研阶段 量产及产生收入仍需一定时间 摩尔线程(688795.SH)公告称，公司股票价格涨幅较大，显著高于相关指数涨幅，可能存在短期上涨过 快出现的下跌风险。公司将于近期召开首届MUSA开发者大会，预计短期内对公司经营业绩不会产生重 大影响。公司新产品尚未产生收入，产品实现销售尚需要经过产品认证、客户导入、量产供货等环节， 均存在不确定性。新产品在市场竞争中未能取得优势，或遭遇技术迭代滞后、市场需求不及预期、关键 客户导入失败或流失、量产供货困难等不利情 ...