Group 1 - The "Export China" series of events is part of China's proactive approach to expand its autonomous opening-up and increase imports, aiming to create new opportunities for countries worldwide [1] - The event aims to strengthen supply-demand matching and attract high-quality products and services to China, facilitating their entry into e-commerce platforms, supermarkets, and shopping districts [1] - Beijing is positioned as a significant window for foreign trade and import expansion, with the Ministry of Commerce supporting the city in enhancing its role as a new highland for opening up [1] Group 2 - Beijing is committed to deepening its construction as an international consumption center, leveraging its vast market space, efficient circulation system, and open institutional environment to attract international quality goods and services [2] - The city plans to integrate imports with consumption, aiming to become the preferred destination for global quality goods and services entering the Chinese market [2] - Efforts will be made to improve the cross-border logistics system and create a first-class business environment, while also addressing entry barriers and reducing operational costs for businesses [2]

Core Insights - The core viewpoint of the article is the release of the "Value White Paper on Industry-Purchase Integration," which aims to provide authoritative guidance for the digital transformation of procurement in government and enterprises, enhancing supply chain resilience and promoting high-quality economic development [1][3]. Group 1: Industry and Company Research - The white paper introduces the "Dual Triangle Coupling Value System," which deepens the role of "Four Flows Integration" in cost management and multi-dimensional value creation throughout the enterprise lifecycle [3][4]. - It emphasizes the transition of procurement departments from "cost centers" to "strategic value centers," which is crucial for overcoming development bottlenecks in government and enterprises [3][4]. - The white paper integrates insights from JD, the Chinese Academy of Social Sciences, and Capital University of Economics and Business, focusing on the core issue of value creation in digital procurement supply chains [4][6]. Group 2: Models and Frameworks - The white paper constructs a "Cost Reduction and Efficiency Improvement Index" and a "Maturity Model for Industry-Purchase Integration" to quantify and assess the value of digital procurement supply chains [8]. - The "Cost Reduction and Efficiency Improvement Index" evaluates value creation capabilities based on four dimensions: price, performance, operations, and management [8]. - The "Maturity Model" assesses the maturity level of enterprises based on the index score and introduces an industry benchmarking mechanism for objective evaluation [8]. Group 3: Future Directions and Industry Impact - The release of the white paper is seen as a significant exploration of collaborative innovation in the industry, aiming to solidify the foundation for innovative development [6][8]. - Experts in the industry believe that the white paper fills a gap in the systematic theory and practice of industry-purchase integration, providing replicable solutions for the digital transformation of procurement [8]. - The ongoing deepening of industry-purchase integration practices is expected to foster a transparent, efficient, and low-cost digital procurement ecosystem, contributing to sustainable economic growth in China [8].

随着春节临近，年味越来越浓，这段时间，"年货已经进化成这样了吗"、"年轻人接管年货审美"等话题 在社交平台上持续发酵，折射出国人年货消费观念的变迁。从注重囤积、实在的"硬通货"，到追求健 康、新鲜与新奇特，年货清单的迭代，正是中国家庭生活品质不断升级的生动写照。 为满足消费者对年货赠礼的需求，2月4日，京东生鲜推出送礼惊喜日活动，围绕"心意年礼、鲜到万 家"的主题，带来多重惊喜优惠。活动期间，消费者可享"满99打8折，满199打6.5折"福利，爆款生鲜低 至6.5折；2月5日晚八点至2月6日，优惠力度持续加码，满199直接打5.5折，爆款生鲜同步低至5.5折。 不仅如此，还有千元生鲜年货大礼包抽奖活动，以及1元拍巨型帝王蟹、5J车厘子、伊比利亚5J黑标火 腿等超大生鲜，一站式满足消费者春节送礼场景，让高品质生鲜直达千家万户。 年货进化论：从"面子"到"里子"，京东生鲜重塑新年"礼"念 过去，年货是看得见、耐储存的"实体财富"，腊味香肠挂满阳台，是充满烟火气的富足宣言。而如今， 年轻一代主导的年货消费更注重"里子"——食材的健康属性、源头故事、独特体验，以及背后传递的情 感价值。人们追求的不再只是丰盛，更是品质 ...

Key Points - As of February 5, 67 stocks reached their 52-week highs, with Rongda Technology (09881), Jiurong Holdings (02358), and Haojiang Electromechanical (01408) leading the increase rates at 162.10%, 91.30%, and 24.59% respectively [1] - The highest closing price for Rongda Technology was 20.620, with a peak of 65.000, indicating significant growth [1] - Jiurong Holdings closed at 0.016, reaching a high of 0.044, reflecting a strong performance [1] - Haojiang Electromechanical had a closing price of 0.330 and a peak of 0.380, showing a notable increase [1] 52-Week High Rankings - The top three stocks with the highest growth rates are: - Rongda Technology (162.10%) - Jiurong Holdings (91.30%) - Haojiang Electromechanical (24.59%) [1] - Other notable mentions include: - Honghai Holdings Group (08020) at 24.14% - Shangyu Group (01633) at 20.60% [1] 52-Week Low Rankings - The stocks that reached their 52-week lows include: - LeMo Technology (02539) with a decline of -42.01% - Weihai Bank (09677) at -20.42% - XL Ernan CO (07711) at -17.57% [2] - Additional stocks with significant declines are: - Songdu Service (09608) at -16.00% - XL Ernan Strategy (07799) at -13.86% [2]

银河证券认为，港股科技板块仍是中长期投资主线，在产业链涨价、国产化替代、AI应用加速推 进等多重利好共振下，有望震荡上行。 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 恒生科技ETF南方(520570)及场外联接(A类：020988；C类：020989)跟涨恒生科技指数，该指数覆 盖了中国科技产业中最核心的方向：互联网平台、AI与算力、半导体、新能源汽车、智能硬件、生物 医药等，囊括了当前全球最具成长性的科技赛道。其成份股既包括腾讯、阿里、京东、快手等平台型公 司，也涵盖中芯国际、小米、小鹏等硬科技与制造端代表，形成了较为完整的科技产业链结构。 从最新市盈率看，截至2月4日，恒生科技指数的市盈率（PE-TTM）为22.38倍，位于指数成立以来 的25.69%历史分位数，处于历史估值相对低位。 港股主要指数调整，截至发稿，恒生科技ETF南方(520570)成交额超1.1亿元，交投活 ...

Core Viewpoint - The report from Citi indicates that the Chinese internet industry is expected to perform strongly by 2025, driven by AI trends led by DeepSeek, with growth anticipated to continue into 2026, particularly in the competitive landscape of AI and generative video applications [1] Industry Summary - The competition between China and the United States in AI models, applications, cloud services, and autonomous driving (Robotaxi) is expected to intensify [1] - Despite geopolitical challenges, the Chinese gaming and e-commerce sectors are experiencing rapid growth in overseas markets, although there is a cautious outlook for the domestic e-commerce sector [1] Investment Strategy - Citi favors sectors such as AI, gaming, and health, predicting a year-on-year revenue growth of 12% and an adjusted EBIT growth of 29% for the industry [1] - The report suggests that China is likely to lead in the global application of AI [1] Valuation Insights - The report highlights that the current forecasted adjusted P/E ratio for the sector in 2026 is 16.1 times (13.7 times for 2027), which represents a discount of approximately 40% compared to U.S. peers, indicating attractive valuation [1] Preferred Stocks - Citi lists six preferred stocks for 2026, including Tencent Holdings (00700), Xiaomi Group-W (01810), Alibaba-W (09988), NetEase-S (09899), Kuaishou-W (01024), and JD Health (09618) [1] - The report specifically notes optimism regarding Alibaba's cloud business, Tencent's AI applications, and Xiaomi's consumer-grade AI devices [1]

Core Insights - The ultimate goal of instant retail is not merely "faster" delivery but rather "better service" that effectively addresses consumer needs [1][3][16] - The industry is transitioning from "instant fulfillment" to "instant service," with over 70% of orders now catering to regular, scenario-based demands rather than emergency needs [3][5] Industry Evolution - Instant retail has evolved from focusing solely on speed to encompassing a broader range of services that meet diverse consumer needs [4][11] - The market size for instant retail in China is projected to exceed 1 trillion yuan by 2026 and reach 2 trillion yuan by 2030, indicating significant growth potential beyond being a mere supplementary service [5][10] Service-Centric Approach - The competition in the instant retail sector is shifting from "category competition" and "speed competition" to "service competition" and "scenario competition," emphasizing the importance of integrating services with products [7][9] - Successful instant retail models will focus on providing solutions rather than just selling products, thereby enhancing consumer experience and satisfaction [12][13] Consumer-Centric Strategies - Understanding consumer needs and preferences is crucial for instant retail businesses to develop personalized and differentiated service offerings [13][15] - Platforms must act as enablers, providing support and resources to help retailers enhance service quality and meet evolving consumer demands [15][17] Future Outlook - The future of instant retail lies in its ability to become an integral part of consumers' daily lives, addressing various needs and challenges through tailored services [16][17] - Companies that prioritize service quality and consumer understanding will lead the industry, while those that remain focused on speed and product variety may face obsolescence [17][18]

Core Viewpoint - JD Insurance has launched its "New Year Festival" campaign, focusing on providing a wide range of insurance products to meet diverse risk management needs for users during the year-end and New Year period [1][2]. Group 1: Campaign Details - The campaign is themed "Choose Protection Freely, Add Flavor to the New Year" and includes various insurance types such as auto insurance, pet insurance, medical insurance, accident insurance, home insurance, travel insurance, and multiple savings products [1][2]. - Users can participate in a knowledge learning section on the JD app, and upon completion, they will have the opportunity to enter a lottery [1][2]. Group 2: Financial Products - In response to year-end financial planning needs, JD Insurance is offering exclusive benefits for savings-type insurance products [1][2]. - Users can earn rewards (JD Beans) by participating in the financial knowledge learning section on JD Finance before February 28 [1][2]. Group 3: Company Strategy - A representative from JD Insurance stated that the platform is a crucial part of the JD ecosystem, adhering to a full-chain service philosophy and collaborating with well-known insurance companies to provide a reliable and convenient insurance experience [1][2]. - JD Insurance plans to leverage JD Group's technology, supply chain, and service capabilities to continuously innovate its products and service models in the future [1][2].

Group 1 - The core theme of consumer spending during the upcoming Spring Festival focuses on purchasing new year goods and gifts, with a notable increase in demand for smart and personalized products [1][2] - E-commerce platforms are leveraging technology and promotional activities to enhance consumer engagement and stimulate spending, indicating a robust consumer demand this year compared to previous years [1][3] Group 2 - Smart technology products are emerging as popular choices for new year gifts, with significant sales increases reported in home appliances, such as a 121% rise in sales of robotic vacuum cleaners and a 114% increase in embedded micro-steaming ovens [2] - The trend of "instant purchasing" for new year goods is gaining traction, with platforms like Meituan reporting substantial year-on-year sales growth in various categories, including a 572% increase in foot massage machines and a 503% increase in action cameras [2] Group 3 - The gifting of new year presents for elders and family members is a significant aspect of consumer behavior, with 45.6% of surveyed consumers prioritizing gifts for parents and elders, emphasizing health and safety as key considerations [3] - The e-commerce landscape is characterized by trends such as smart, personalized, and immediate consumption, driven by factors like consumption upgrades and improved infrastructure [3] Group 4 - Service consumption related to traditional activities, such as haircuts and cleaning, is experiencing a surge, with beauty services like hair dyeing seeing a 78% increase in search volume on Meituan [4] - The home cleaning service sector is also witnessing a peak in demand, particularly in major cities, with a doubling of orders for daily cleaning services [4] Group 5 - E-commerce platforms are actively developing AI applications to streamline the shopping experience, with initiatives like Meituan's AI search tool and JD's AI New Year Goods Map system aimed at enhancing consumer convenience and operational efficiency [5][6] - AI is expected to play a significant role in personalized recommendations and inventory management, potentially transforming the consumer market [6] Group 6 - New trends in gifting include creative products like blind boxes and culturally themed items, with 65.6% of consumers indicating plans to purchase themed gift boxes for the Year of the Horse [7] - The popularity of traditional clothing, such as Ming-style Hanfu, is on the rise, with sales in this category increasing by over 100% in the past month [7] Group 7 - E-commerce platforms are implementing various promotional strategies, including discount coupons and interactive live-streaming events, to further stimulate consumer spending during the New Year shopping season [7][8] - Future e-commerce operations should focus on enhancing value and building ecosystems that meet quality and cultural demands while expanding fulfillment networks in lower-tier markets [8]

Core Viewpoint - Apple products are being heavily promoted ahead of the Spring Festival, with significant discounts and subsidies available through JD.com, making it an attractive time for consumers to purchase Apple devices [1][10]. Group 1: iPhone Promotions - The iPhone 17 series offers a government subsidy of 500 yuan, with an additional trade-in discount of up to 800 yuan, bringing the price of the 256GB version down to 4699 yuan [3]. - The iPhone 17 Pro series includes a 300 yuan surprise coupon and a trade-in discount of up to 1100 yuan, with a total discount of 1500 yuan available, making the 256GB version available from 7699 yuan [3]. - Classic models like the iPhone 15 and iPhone 16 also have substantial discounts, with the 256GB iPhone 15 priced at 4099 yuan after subsidies, and the 256GB iPhone 16 starting at 5499 yuan [5]. Group 2: Mac Promotions - The MacBook Air M4 13-inch model is discounted by 1600 yuan, with a 15% government subsidy and a trade-in discount of up to 1100 yuan, resulting in a final price below 5269.2 yuan [7]. - The MacBook Pro M5 14-inch model has a price reduction of 800 yuan, with a government subsidy of 1500 yuan and a trade-in discount of up to 1000 yuan, leading to a starting price of 11138 yuan [7]. Group 3: Other Apple Products - The 11-inch iPad with A16 chip has a maximum discount of 1464 yuan, with a final price of 2416 yuan after applying a 15% government subsidy [9]. - The iPad Air 11-inch M3 version can be purchased for as low as 3699 yuan after discounts, and the Apple Watch Series 11 GPS 42mm version can be obtained for 1954 yuan after applying various subsidies [9]. - AirPods Pro 3 are available for 1599 yuan after a 5% government subsidy and a trade-in discount [9].