本文源自：市场资讯 国家知识产权局信息显示，北京三快在线科技有限公司取得一项名为"出入口标注和路线规划方法、装 置、介质及电子设备"的专利，授权公告号CN113360787B，申请日期为2020年3月。 天眼查资料显示，北京三快在线科技有限公司，成立于2011年，位于北京市，是一家以从事互联网和相 关服务为主的企业。企业注册资本504577万美元。通过天眼查大数据分析，北京三快在线科技有限公司 共对外投资了10家企业，参与招投标项目303次，财产线索方面有商标信息12条，专利信息5000条，此 外企业还拥有行政许可35个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 作者：情报员 ...

华润啤酒-R(80291)、安踏体育-R(82020)、李宁-R(82331)上一交易日沽空比率位于前三位，分别为 100.00%、100.00%、100.00%。泡泡玛特(09992)、小米集团-W(01810)、阿里巴巴-W(09988)的沽空金额 位居前三，分别为12.09 亿元、10.75 亿元、9.74 亿元。中国中车(01766)、李宁-R(82331)、中国平安- R(82318)的偏离值位居前三，分别为42.51%、38.82%、30.07%。 前十大沽空比率排行 | 股票名称 | 沽空金额 | 沽空比率↓ | 偏离值 | | --- | --- | --- | --- | | 华润啤酒-R(80291) | 19.28 万元 | 100.00% | 25.37% | | 安踏体育-R(82020) | 9.50 万元 | 100.00% | 12.50% | | 李宁-R(82331) | 10.09 万元 | 100.00% | 38.82% | | 联想集团-R(80992) | 456.22 万元 | 82.43% | 2.97% | | 中国平安-R(82318) | 397.47 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,752.51, down by 13.01 points or 0.05% as of January 26, 16:00 Eastern Time [1] - The index reached a high of 26,826.45 and a low of 26,622.25 during the trading session, with a trading volume of 35.7947 million [1] - The 52-week high for the index is 27,275.90, while the 52-week low is 19,335.70, indicating a trading range of 0.76% [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 132.695, up by 1.29% compared to the Hong Kong market close [2] - Tencent Holdings closed at HKD 600.708, reflecting a slight increase of 0.2% from the Hong Kong market close [2] - Alibaba Group (BABA) saw a decline of 1.96%, closing at HKD 165.200 [3] - Xiaomi Group (01810) decreased by 2.81%, closing at HKD 35.220 [3] - AIA Group (01299) remained unchanged at HKD 83.050 [3] Notable Stock Movements - New World Development (00016) experienced a significant increase of 3.93%, closing at HKD 119.000 [3] - Kuaishou Technology (01024) fell by 3.26%, closing at HKD 78.600 [3] - JD.com (09618) rose by 1.05%, closing at HKD 116.000 [3] - Ctrip Group (09961) increased by 1.40%, closing at HKD 492.200 [3]

好福利App界面 近日，平安健康深化与美团、叮当快药等平台合作，"闪电送药 服务"已陆续上线中国平安旗下平安健 康App、好福利App、平安乐健康App。据悉，本次平安健康药品服务网络焕新升级，是以供应链整合 与数据互通为抓手，旨在优化购药体验与服务时效，推动"健康+保险+医药"一体化服务闭环建设，为公 司"到线、到院、到家、到企"的四到服务网络筑牢根基。 强强联合 打造极速响应的药品服务体系 作为平安集团医疗养老生态圈旗舰，平安健康依托集团综合金融与科技生态优势，持续深耕优质、便捷 的医疗健康养老服务建设。此次与美团、叮当快药的深度协同，在供给端可覆盖全国海量线下药店及智 能化仓储 资源，实现平台可供应药品的大幅扩充，强化覆盖常见病药及慢性病用药供给能力，实现核 心药品品类"应有尽有"。在时效端，借力第三方即时配送与全域物流能力，可构建多层级配送网络，围 绕精准匹配急用药、慢病续方等场景，让购药服务更便捷。 在服务体验端，平安健康更依托自有专业医生团队，整合多个合作伙伴优势互补，可为用户提供7×24 小时在线咨询与用药建议，并打通从药品搜索、在线问诊、智能用药指导、商保支付到高效配送的全流 程服务链路，构建 ...

Group 1: Hang Seng Index (HSI) - The Hang Seng Index (HSI) showed a slight upward movement on January 23, closing with an increase of approximately 100 points, indicating a neutral short-term trend with mixed market sentiment [1] - Current technical signals for HSI are neutral, with the index fluctuating around 26,700 points and a resistance level at approximately 27,100 points, while support levels are at 26,200 points and 25,800 points [1] - Investors are divided, with bullish investors holding call warrants with recovery prices of 25,788 and 26,428, while bearish investors are planning to buy put warrants with a recovery price of 26,900 [1] Group 2: Meituan-W (03690.HK) - Meituan-W's stock price has been weak, with a slight increase on January 23, closing at 97.5 HKD, while trading volume increased compared to the previous day [7] - Current technical signals show a predominance of buy signals, totaling 10, with resistance levels at 101.8 HKD and 105 HKD [7] - Investors are advised to avoid out-of-the-money products and consider near-the-money call warrants with exercise prices around 99-100 HKD, expiring in April 2025 [7] Group 3: Trip.com Group (09961.HK) - Trip.com Group's stock price has gradually recovered from a low of 446 HKD, closing at 485.4 HKD on January 23, although trading volume has decreased during this upward movement [13] - The current technical signals indicate a majority of buy signals, with 9 buy signals and 5 sell signals [13] - Investors are recommended to choose bull warrants with recovery prices between 382 and 457 HKD to mitigate risks [13] Group 4: Ganfeng Lithium (01772.HK) - Ganfeng Lithium's stock price reached 70 HKD on January 23, breaking through the upper band of the Bollinger Bands, with increased trading volume [19] - The technical signals currently show a predominance of sell signals, with 10 sell signals and 4 buy signals, suggesting caution for bullish investors [19] - Investors interested in put warrants are advised to wait for more suitable products to be issued due to limited options currently available [19] Group 5: Zhaojin Mining (01818.HK) - Zhaojin Mining's stock price slightly increased to 38.6 HKD on January 23, influenced by rising gold prices, but the market sentiment remains cautious [25] - Current support is around 35.5 HKD, with a resistance level at 41.4 HKD, which needs to be broken for further upward movement [25] - Investors should wait for confirmation of a breakout above the resistance level before making further investment decisions [25] Group 6: Xiaomi Group-W (01810.HK) - Xiaomi Group-W's stock price has been on a downward trend, with a slight increase to 36.2 HKD on January 23, accompanied by increased trading volume [30] - Current technical signals show a slight majority of buy signals, but the stock lacks momentum to surpass 50 HKD in the short term [30] - Investors are advised to avoid out-of-the-money products and consider near-the-money call warrants with leverage around 3 times, which are more suitable for current market conditions [30]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report indicates a decrease in the heavy allocation ratio of A-share media stocks by public funds, with a concentration decline [4] - The report highlights a shift in fund allocation towards the news publishing sector, while gaming and advertising sectors saw reductions [4] - The report suggests continued focus on segments with favorable market conditions and AI industry logic, particularly in gaming and IP derivatives [4] Summary by Sections A-share Media Fund Heavy Allocation Ratio Decline - In Q4 2025, the heavy allocation ratio for A-share media stocks was 1.32%, down from 2.56% in Q3 2025, a decrease of 1.24 percentage points [13] - For A+H shares, the allocation ratio was 4.41%, down from 5.99%, a decrease of 1.58 percentage points [13] Changes in Fund Allocation by Sector - The gaming sector's allocation decreased from 67.34% in Q3 2025 to 65.20% in Q4 2025, a drop of 2.14 percentage points [27] - The advertising sector's allocation fell from 24.35% to 22.41%, a decrease of 1.94 percentage points [27] - The news publishing sector saw an increase in allocation from 1.93% to 6.29%, an increase of 4.35 percentage points [27] Concentration of A-share Media Heavy Holdings - The top five heavy holdings in the A-share media sector accounted for 78.48% of the total heavy holdings value, down 6.57 percentage points [42] - The top ten heavy holdings accounted for 88.04%, down 4.93 percentage points [42] Hong Kong Internet Sector Fund Holdings - In Q4 2025, companies like DaMai Entertainment and Meituan-W saw increased holdings, while Kuaishou-W and Pop Mart experienced reductions [4] Investment Recommendations - The report recommends focusing on segments with favorable market conditions and AI applications, particularly in gaming and long video sectors [4]

| 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 98.43亿股 | 70.92% | | 绿色动力环保(01330) | 2.80亿股 | 69.34% | | 凯盛新能(01108) | 1.69亿股 | 67.61% | | 天津创业环保股份(01065) | 2.30亿股 | 67.53% | | 中国神华(01088) | 22.34亿股 | 66.14% | | 大眾公用(01635) | 3.51亿股 | 65.81% | | 南方恆生科技(03033) | 93.69亿股 | 65.62% | | 昊天国际建投(01341) | 72.52亿股 | 65.35% | | 广汽集团(02238) | 17.71亿股 | 62.95% | | 昭衍新药(06127) | 0.75亿股 | 62.72% | | 中远海能(01138) | 8.00亿股 | 61.70% | | 吉宏股份(02603) | 0.41亿股 | 60.42% | | 弘业期货(03678) | 1.49亿股 | 59.57% | | 中州证券(013 ...

骏马迎春，年味十足！1月23日，2026"苏品e齐购 欢聚年货节"暨南京市"四季有约·数享新春"消费季启动仪式在南京金陵天地举行。活动现场，省商务厅 发布2026全省年货节重点活动，围绕即时零售、平台促销、"丝路云品"、消费帮扶、省市联动等五个方面，联动地方、平台企业推出一系列消费者喜闻乐 见的特色活动，南京市商务局发布全市"四季有约·数享新春"消费季活动内容。在春节前后，全市聚力打造"1+5+N"活动体系，聚焦五大重点消费主题，联 动全市各板块、各行业，推出超400场特色促消费活动，进一步浓厚全城促消费氛围。 启动仪式现场。 线下年货节打造五大消费主题 一是"焕新金陵"，加码大宗消费福利；二是"品味金陵"，解锁地道年味；三是"云购金陵"，升级数字消费体验；四是"潮玩金陵"，点燃全城过节热情，组 织全市各板块商场商圈推出一系列精彩纷呈的促消费活动，营造浓厚节日氛围，激发消费市场活力，让无论是本地市民还是外地游客，都能在南京找到属 于自己的新春乐趣。启动仪式现场，金陵天地总经理牟志寰介绍，这次金陵天地年货节现场搭建30余个产品展位，包括苏品苏货、丝路云品、即时零售、 直播电商、AI应用等主题，打造"苏品苏货焕新 ...

Investment Ratings - The report provides a positive outlook on the new tobacco industry, indicating a steady upward trend, while the home furnishing and packaging sectors are stabilizing at the bottom [6][11][15]. Core Insights - The report highlights the marketing strategies around the Spring Festival and Valentine's Day for trendy toys, with companies like Pop Mart and Blok launching limited series to enhance IP value and collectability [7][8]. - In the new tobacco sector, the necessity for domestic development is emphasized, with major players increasing investments in heated tobacco products (HNB) and innovative marketing strategies [11][12]. - The home furnishing market is experiencing a contraction in sales, with significant declines in both new and second-hand property transactions, but there are signs of potential recovery driven by policy support [13][14]. - The packaging industry is expected to benefit from a steady recovery in downstream demand, supported by growth in consumer goods sectors [15][16]. - The pet food industry is facing increased competition, leading to higher sales expense ratios, but listed companies are leveraging their financial advantages for mergers and acquisitions [21]. Summary by Sections Trendy Toys - Focus on marketing strategies for key holidays, with companies like Pop Mart and Blok launching special editions to enhance brand value [7]. - The integration of AI in toys is gaining traction, with companies like Kid King and JD.com developing AI products to meet family needs [8][9]. New Tobacco - The report notes a projected decline in electronic cigarette exports, with a focus on the need for innovation in the domestic market [11]. - Major tobacco companies are increasing their investments in HNB products, indicating a significant growth potential in this segment [12]. Home Furnishing - The report indicates a significant drop in property transactions, with new home sales down 29.23% year-on-year and second-hand home sales down 8.94% [13]. - Despite current challenges, there is optimism for recovery in the home furnishing sector due to supportive policies [14]. Packaging - The packaging sector is expected to see a recovery in demand, with growth in consumer goods contributing positively to the industry [15][16]. - The report highlights price fluctuations in raw materials, particularly in the paper and aluminum sectors, which could impact packaging costs [15]. Pet Food - Increased competition in the pet food industry is leading to higher sales expenses, but established companies are positioned to benefit from consolidation opportunities [21]. - The report suggests focusing on companies with strong brand recognition and those actively pursuing mergers and acquisitions [21].

内容概要：当前，先买后付（BNPL）服务正步入"2.0"新阶段，特别是在中国，先买后付市场呈现出强 劲的增长势头，越来越多的消费者选择这种服务。据有关数据统计，先买后付占电子商务交易额的比重 达到2%，据此，2024年中国先买后付行业市场规模达到9282亿元，同比上涨2%。这一增长主要得益于 中国先买后付服务多由本地头部超级应用或知名电商平台直接提供，如蚂蚁花呗、京东白条、微信分付 等，这些头部应用和电商平台的推动，极大地促进了先买后付在中国市场的普及和业务增长。 相关上市企业：京东集团-SW（09618）、拼多多（PDD）、腾讯控股（00700）、美团-W（03690）、 乐信（LX）等。 相关企业：蚂蚁科技集团股份有限公司、财付通支付科技有限公司、北京京东叁佰陆拾度电子商务有限 公司、深圳市欧信国际控股有限公司、海南仙麦厚福电子商务有限责任公司等。 关键词：先买后付(BNPL)行业发展历程、先买后付(BNPL)行业市场规模、先买后付(BNPL)行业竞争格 局、先买后付(BNPL)行业发展趋势 一、先买后付(BNPL)行业相关概述 先买后付(BNPL)也叫"先享后付"或"先用后付"，即购物时先收到商品再付款 ...