原糖：本周原糖期价小幅反弹。消息方面，2025/26榨季截至12月24日，泰国累计甘蔗入榨量为1153.21 万 吨，较去年同期的1349.54万吨减少196.33万吨，降幅14.54%；甘蔗含糖分11.40%，较去年同期的 11.48%减少 0.08%；产糖率为8.676%，较去年同期的8.649%增加0.027%；产糖量为100.05万吨，较去年 同期的116.72万吨减 少16.67万吨，降幅14.28%。 国内现货：广西制糖集团新糖报价5320~5410元/吨；云南制糖集团新糖报价5140~5260元/吨；加工糖厂 主流报价区间为5780~5900元/吨。配额内进口估算价4140~4160元/吨；配额外进口估算价5250~5270元/ 吨。 白糖：现货成交回暖期价修复超跌 糖浆及预混粉进口：2025年11月份我国进口糖浆及预混粉合计11.44万吨，同比减少10.82万吨。2025年1 11月我国进口糖浆、预混粉合计111.91万吨，同比减少106.71万吨。25/26榨季截至11月底我国进口糖 浆、预混粉合计22.99万吨，同比减少21.87万吨。 原糖小结：目前市场并无新的驱动，巴西方面已经趋于收榨 ...

Core Viewpoint - The report from China Galaxy Securities emphasizes the importance of the medium- to long-term consumption goals outlined in the "14th Five-Year Plan" and highlights the need for specific consumption policies to be implemented by 2026 [1] Group 1: Consumption Industry Outlook - The global consumption recovery is slow, with high tariffs pushing up prices and high interest rates suppressing credit demand, leading to weakened consumer confidence in Europe and the US [1] - The Central Economic Work Conference has proposed a focus on domestic demand, aiming to build a strong domestic market and implement actions to boost consumption, including plans to increase urban and rural residents' income [1] - The report expresses a more optimistic view on service consumption compared to goods consumption, noting recent policies that enhance the focus on service consumption and the removal of unreasonable restrictions in the consumption sector [1] Group 2: Domestic Demand and Retail Performance - In November, the retail sales growth rate was +1.3% year-on-year, with a month-on-month decline of 1.6 percentage points, marking a continuous decrease since May [2] - The reduction in national subsidies is reflected in the retail sales of household appliances and audio-visual equipment, which saw declines of -14.6% and -19.4% year-on-year in October and November, respectively [2] - Retail sales in the furniture category showed a year-on-year increase of +9.6% in October, while daily necessities experienced a growth of +7.4%, indicating a weakening trend [2] Group 3: Category-Specific Insights - The gold and jewelry category saw significant growth of +37.6% and +8.5% year-on-year in October and November, influenced by new tax policies affecting gold jewelry [3] - The clothing, footwear, and textile categories maintained stable growth rates of +6.3% and +3.5% year-on-year, supported by seasonal changes [3] - The cosmetics sector also showed improvement, with year-on-year growth rates of +9.6% and +6.1% in October and November, aided by promotional activities [3] Group 4: Global Consumer Sentiment - Consumer confidence in Europe and the US remains weak, with the US consumer confidence index at 53.3, close to historical lows, and the EU consumer confidence index at -13.6, indicating a relatively low level of optimism [4] - Overall retail performance in the US has been subdued, with a year-on-year increase of +3.9% in September, reflecting a decline from August [4] - Online sales during the holiday shopping week showed modest growth, with Black Friday and Cyber Monday experiencing increases of +9.3% and +7.1% year-on-year, respectively, amidst intense competition [4]

Core Viewpoint - The consumption industry needs to focus on the medium- and long-term goals outlined in the "14th Five-Year Plan," with short-term attention on specific policies related to consumption expected to be implemented by 2026 [1] Group 1: Consumption Trends - Global consumption recovery is slow, with high tariffs pushing up prices and high interest rates suppressing credit demand, leading to weak consumer confidence in Europe and the U.S. [2] - The central economic work conference emphasized the importance of domestic demand and the construction of a strong domestic market, implementing actions to boost consumption and plans to increase income for urban and rural residents [2] - The report is more optimistic about the improvement of service consumption compared to goods consumption, highlighting recent policies aimed at enhancing service consumption [2] Group 2: Domestic Demand and Retail Performance - In November, the retail sales growth rate was 1.3% year-on-year, with a month-on-month decline of 1.6 percentage points, marking a continuous decrease since May [3] - The decline in retail sales for household appliances and audio-visual equipment was significant, with year-on-year drops of 14.6% and 19.4% in October and November, respectively [3] - Retail sales in the furniture category showed mixed results, with a year-on-year increase of 9.6% in October but a decline of 3.8% in November [3] Group 3: Category-Specific Insights - Jewelry retail sales saw substantial growth of 37.6% and 8.5% in October and November, influenced by new tax policies on gold jewelry [4] - The clothing and textile categories experienced stable growth, with year-on-year increases of 6.3% and 3.5% in October and November, respectively [4] - The restaurant sector's retail sales grew by 3.8% and 3.2% year-on-year in October and November, indicating stability despite slow growth [4] Group 4: Global Consumer Sentiment - Consumer confidence in Europe and the U.S. remains weak, with the U.S. consumer confidence index at 53.3, close to historical lows [5] - Retail performance in the U.S. was lackluster, with a year-on-year increase of 3.9% in adjusted retail sales for September, showing a decline from August [5] - Online sales during the holiday shopping period showed modest growth, with a year-on-year increase of 7.7%, indicating a competitive environment for promotions [5]

天眼查App显示，近日，深圳市恒护家居用品有限公司成立，法定代表人为肖莎，注册资本10万人民 币，经营范围为一般经营项目是：针纺织品及原料销售；电子产品销售；橡胶制品销售；橡胶制品制 造；五金产品零售；五金产品批发；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推 广；国内贸易代理；货物进出口。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）， 许可经营项目是：无。 ...

天眼查App显示，近日，临沂韩素微生物科技有限公司成立，法定代表人为骆施彤，注册资本1万人民 币，经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；互联网 销售（除销售需要许可的商品）；化妆品零售；日用百货销售；针纺织品及原料销售；服装服饰零售； 家用电器销售；信息咨询服务（不含许可类信息咨询服务）；化妆品批发。（除依法须经批准的项目 外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，莲花县小江梅子农产品工作室（个体工商户）成立，法定代表人为汪香花，注 册资本20万人民币，经营范围为许可项目：食品小作坊经营，食品互联网销售（依法须经批准的项目， 经相关部门批准后在许可有效期内方可开展经营活动，具体经营项目和许可期限以相关部门批准文件或 许可证件为准）一般项目：农副产品销售，互联网销售（除销售需要许可的商品），日用百货销售，销 售代理，农产品的生产、销售、加工、运输、贮藏及其他相关服务，新鲜蔬菜零售，新鲜水果零售，食 用农产品初加工，食用农产品零售，箱包销售，日用木制品制造，针纺织品销售，日用家电零售，家用 电器销售，蔬菜种植，初级农产品收购（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...

天眼查App显示，近日，滁州浩烨跨境电子商务有限责任公司成立，法定代表人为王伟，注册资本5万 人民币，经营范围为一般项目：互联网销售（除销售需要许可的商品）；日用玻璃制品销售；未封口玻 璃外壳及其他玻璃制品制造；玻璃仪器制造；针纺织品销售；服装服饰零售；工艺美术品及礼仪用品销 售（象牙及其制品除外）；信息技术咨询服务（除许可业务外，可自主依法经营法律法规非禁止或限制 的项目）。 ...

天眼查App显示，近日，扬州兴辰客品酒店用品有限公司成立，法定代表人为陈芬琴，注册资本10万人 民币，经营范围为一般项目：个人卫生用品销售；针纺织品及原料销售；制鞋原辅材料销售；针纺织品 销售；日用化学产品销售；塑料制品销售；日用品销售；日用百货销售；日用杂品销售；日用木制品销 售；日用陶瓷制品销售；家用电器销售；纸制品销售；办公用品销售；日用玻璃制品销售；鞋帽零售； 服装服饰零售；化妆品零售；厨具卫具及日用杂品零售；消防器材销售；卫生用品和一次性使用医疗用 品销售；互联网销售（除销售需要许可的商品）；装卸搬运；包装服务；运输货物打包服务；市场营销 策划；组织文化艺术交流活动；销售代理（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...

天眼查App显示，近日，晋州市星熠针织品店（个体工商户）成立，法定代表人为田荣艳，注册资本7 万人民币，经营范围为一般项目：针纺织品销售；服装服饰批发；服装辅料销售；日用品销售；日用品 批发；日用化学产品销售；文具用品批发；办公用品销售；纸制品销售；文具用品零售（除依法须经批 准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，鹤庆县兴隆银器工艺品坊（个体工商户）成立，法定代表人为杨志刚，注册资 本1万人民币，经营范围为一般项目：工艺美术品及收藏品零售（象牙及其制品除外）；工艺美术品及 礼仪用品销售（象牙及其制品除外）；工艺美术品及收藏品批发（象牙及其制品除外）；传统香料制品 经营；化妆品零售；针纺织品销售；珠宝首饰批发；珠宝首饰零售；摄像及视频制作服务；茶具销售； 食品互联网销售（仅销售预包装食品）；食品销售（仅销售预包装食品）；农副产品销售；咨询策划服 务；信息咨询服务（不含许可类信息咨询服务）；文化娱乐经纪人服务；办公服务；个人互联网直播服 务；组织文化艺术交流活动；互联网销售（除销售需要许可的商品）(除依法须经批准的项目外，凭营 业执照依法自主开展经营活动)。 ...