Market Overview - The Hang Seng Index (HSI) closed at 25,577.23, down by 51.65 points or 0.20% from the previous close [1] - The index reached a high of 25,757.83 and a low of 25,577.23 during the trading session, with a trading volume of 35.27 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 117.167, up by 0.83% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 600.386, down by 0.43% compared to the Hong Kong close [2] Stock Price Movements - Tencent Holdings (00700) latest price is HKD 603.000, down by HKD 13.000 or 2.11% [3] - Alibaba Group (09988) latest price is HKD 148.600, down by HKD 5.500 or 3.57% [3] - HSBC Holdings (00005) latest price is HKD 116.200, down by HKD 1.100 or 0.94% [3] - AIA Group (01299) latest price is HKD 80.650, up by HKD 1.650 or 2.09% [3] - BYD Company (01211) latest price is HKD 96.000, down by HKD 2.500 or 2.54% [3] - Baidu Group (09888) latest price is HKD 118.700, down by HKD 7.300 or 5.79% [3] - JD.com (09618) latest price is HKD 113.500, down by HKD 2.100 or 1.82% [3]

Group 1 - The core viewpoint of the report emphasizes that emerging demand is leading the way, while traditional consumption is breaking through. The year 2026, as the start of the 14th Five-Year Plan, is expected to see continued implementation of consumption stimulus policies, effectively releasing residents' consumption willingness and promoting a steady recovery in consumption demand [4][11] - The report suggests that the traditional consumption industry is likely to experience a rebound, while new demands such as "new products, new channels, and new business formats" will continue to drive the rapid development of new consumption [4][11] - The report highlights the importance of the 14th Five-Year Plan, which emphasizes the need to stimulate consumption and enhance domestic demand as a key driver of economic growth [11][12] Group 2 - In the textile and media sectors, new demand is leading to new supply, and new supply is creating new demand. The report recommends focusing on investment opportunities in three segments: outdoor sports, gold jewelry, and cultural and trendy IP in 2026 [4][30] - The outdoor sports segment is identified as a growing trend, with social aspects becoming increasingly important for young consumers. The report notes that outdoor activities such as cycling, hiking, and climbing are gaining popularity [32][33] - The gold jewelry market is expected to see continued growth in consumer spending, with a positive outlook for retail sales in 2026. The report suggests focusing on leading gold jewelry brands [32][33] Group 3 - The social services sector is evolving, with a focus on leading companies that actively respond to changes in consumer demand. The report indicates that tourism and beauty industries are experiencing changes, with a shift towards rational consumption and a focus on value for money [4][30] - The food and beverage sector is expected to stabilize, with signs of recovery emerging. The report notes that the industry is closely tied to macroeconomic conditions and consumer income expectations [4][30] - The agricultural, forestry, animal husbandry, and fishery sectors are experiencing a cyclical upturn, particularly in the pig farming segment, which is expected to stabilize due to policy-driven transformations [4][5] Group 4 - The home appliance industry is characterized by resilience in demand, with policies such as "trade-in for new" supporting consumption. The report suggests looking for structural highlights within the home appliance sector, particularly in high-dividend white goods and rapidly growing new consumption categories [4][5] - The report emphasizes the importance of exploring new consumption trends and adapting to changing consumer preferences, particularly in the context of the ongoing economic recovery [4][5]

他还表示，其实佣金在8%到15%之间，很多民宿都没有意见。但真正的问题在于，除却这些显 性成本，行业内还存在着更为隐蔽的平台费用。"有些OTA（在线旅游平台）的综合抽成比例高 达30%到40%。我们不禁要问，在如此高的费率挤压下，民宿真正的市场空间和利润空间在哪 里？"他直言不讳地指出，"我的营业收入在很大程度上被视作平台的收益来源，这导致利润的大 头被分走。很多时候，平台挣得比我们这些实际提供服务的经营者还要多，这确实是在挣'血汗 钱'。" 今日晚间，云南省旅游民宿行业协会会长贺双全通过官方账号直播回应表示，"我们欢迎OTA平 台合理的竞争行为，你可以让你的软件更优化、广告更少、界面更简单、用起来更方便，但凭什 么我喜欢用什么App要由你来决定？必须让我去你的平台买东西？必须让我们民宿来站队？这其 实是我们特别反对的地方，是不是已经牵扯到了垄断？我们其实希望平台越来越规范，也就是说 百花齐放。" 贺双全还表示，"云南省旅游民宿行业协会的第一步动作是收集证据，如果哪家云南民宿受到了 这样的欺压，受到了这样的压迫，受到了这样的霸凌，你把资料提供给我们，我们用隐性埋名的 方式，用集体诉讼的方式，向市场监督管理局去 ...

Core Viewpoint - The Yunnan Provincial Tourism Homestay Industry Association has initiated collective legal action against online travel platforms (OTAs) like Ctrip for alleged abuse of market dominance, raising concerns about unfair competition practices in the homestay industry [1][4]. Group 1: Allegations Against OTAs - The association has received multiple complaints from its members regarding OTAs using their market power to impose unfair practices, including "choose one from two" clauses, arbitrary commission increases, unfair trading conditions, and traffic blocking [1][4]. - These practices are said to severely infringe on the legitimate rights of homestay operators, disrupt fair market competition, and hinder the healthy development of the industry [1][4]. Group 2: Association's Response and Actions - The association's president, He Shuangquan, emphasized the need for fair competition and criticized the notion that platforms should dictate which apps users must use or force homestays to align with specific platforms [1][4]. - The first step in their action plan involves collecting evidence from affected homestays to support a collective lawsuit to be submitted to the market supervision administration [1][4]. Group 3: Commission and Fee Concerns - He Shuangquan noted that while commissions typically range from 8% to 15%, hidden platform fees can lead to total commission rates as high as 30% to 40%, raising questions about the market and profit space for homestays [1][4]. - The president pointed out that the revenue generated by homestays is often viewed as a source of income for the platforms, resulting in platforms earning more than the service providers themselves, which he described as "blood money" [1][4].

她以数据与案例进一步阐释了"沉浸式"消费的趋势。在目的地层面，"下沉"与"去景区化"并行。今 年"五一"，携程平台上四线及以下城市旅游热度同比增长25%。在消费层面，用户更加"价值敏感"，理 性分层显著。玩法上，趋势则明确指向"慢沉浸"：今年上半年连住2日及以上用户占比提升7.2%，深度 沉浸类玩乐项目搜索量同比激增300%。"这证明了市场为'沉浸感'付费的强烈意愿。"她总结道。 秦静强调，Z世代与"新银发族"正成为驱动市场创新的双引擎。Z世代是"为一场演出赴一座城"的主力， 青睐社交化与沉浸式体验；而"新银发族"消费力强劲，追求品质深度游，其错峰长周期出行有助于平衡 行业淡旺季。"这两大人群，一个引领潮流玩法，一个定义品质深度，共同驱动市场创新。" 秦静提到，当前文旅消费市场正在发生多维度的深刻演变，主要体现在目的地、消费理念、客群与玩法 四大层面。"目的地的内涵正在被重新定义，它不再是单一的景点，而是一个可体验的'场域'。" 她指 出，文旅与生活场景正在深度融合，为游客提供了更丰富、更有层次的选择。 12月12日，在每日经济新闻联合海南国际经济发展局于海口举办的"2025第十四届上市公司发展年会·国 际消 ...

Core Viewpoint - The Yunnan Provincial Tourism Homestay Industry Association has initiated collective legal action against online travel agencies (OTAs) like Ctrip for alleged abuse of market dominance, including unfair competition practices that harm the rights of homestay operators [1][3]. Group 1: Allegations Against OTAs - The association has received multiple complaints from its members regarding OTAs using their market power to impose "choose one from two" clauses, arbitrary commission increases, unfair trading conditions, and traffic blocking, which severely infringe on the rights of homestay operators [1][3]. - The association has engaged a law firm to collect evidence and analyze the situation, calling for members to provide relevant documentation such as contract terms and communication records [1][3]. Group 2: Investigation and Legal Actions - The association's president emphasized that the investigation is not solely targeting a specific OTA but addressing a broader issue that may involve misunderstandings or mismanagement by regional OTA staff [3][4]. - The law firm confirmed the engagement and highlighted the importance of collective action, stating that if widespread issues are confirmed, it could lead to fundamental changes in regulations [4]. Group 3: Previous Regulatory Actions - In August, the Guizhou Provincial Market Supervision Administration held discussions with Ctrip and other travel platforms regarding potential violations, including "choose one from two" practices and price manipulation [4]. - In September, the Zhengzhou Market Supervision Bureau issued a corrective notice to Ctrip for violating e-commerce laws and engaging in unreasonable restrictions on platform operators [4].

近日，云南省旅游民宿行业协会（以下简称"云南民宿协会"）通过官方公众号发布《关于启动OTA不正当竞争反垄断维权工作 的决定》，宣布将针对携程等在线旅游平台（OTA）涉嫌滥用市场支配地位的行为发起集体维权，引发市场广泛关注。 云南民宿协会在公告中披露，近年来，协会接到多起会员单位投诉，反映携程等个别在线旅游平台利用其市场支配地位，对云 南民宿行业实施了包括但不限于"二选一"霸王条款、单方面随意涨佣、设置不公平交易条件、屏蔽流量等不正当竞争行为。上 述行为严重侵害了广大民宿经营者的合法权益，破坏了公平竞争的市场秩序，阻碍了行业的健康发展。 为维护会员合法权益，协会已委托上海锦天城（昆明）律师事务所作为专项法律顾问，正式启动证据收集与法律分析工作。协 会呼吁会员提供合同条款、后台操作截图、沟通记录等证据，并表示，待证据确凿后，协会将代表受害会员向国家及云南省市 场监督管理部门提起集体投诉，并保留反垄断诉讼权利。 针对此次维权情况，云南省旅游民宿行业协会会长贺双全向21财经·南财快讯记者介绍，今年8月、9月旅游旺季期间，会员单位 投诉OTA平台"二选一"、霸王条款等情况较为明显，其中针对携程的反馈较为集中，11月底召 ...

Core Points - The event "Face-to-Face: Promoting Platform Economy" in Chengdu aimed to facilitate direct communication between local businesses and government departments, addressing challenges faced by platform economy enterprises [1][2] - The initiative reflects Chengdu's commitment to improving the business environment by implementing a responsive mechanism for addressing enterprise needs [2][12] Group 1: Business Challenges and Requests - Companies raised specific issues such as the inclusion of new retail in government consumption voucher programs, with potential sales conversion estimated at 50 million yuan for 2024 [4] - There were calls for government collaboration in promoting consumption activities and support for specific enterprises in promotional events [4] - Requests also included the establishment of unified regulations for low-speed unmanned vehicle operations and addressing malicious complaint behaviors [4][9] Group 2: Government Responses and Initiatives - Government representatives actively responded to business concerns, promising to explore solutions and implement new policies to enhance consumer engagement and operational efficiency [8][9] - The city plans to implement a closed-loop mechanism for collecting, solving, and providing feedback on enterprise issues, demonstrating a proactive approach to governance [9][11] - Chengdu's government is focusing on creating a supportive ecosystem for businesses, with initiatives aimed at improving financing options and addressing workforce shortages [11][12] Group 3: Economic Performance and Growth - Chengdu's online retail sales reached 591.9 billion yuan from January to October 2025, accounting for 68.6% of the province's total, with a year-on-year growth of 10.8% [7] - The city has over 960,000 online businesses, contributing to the employment of over 2.5 million people, indicating a robust platform economy [7] - The local government has established several centers to foster a vibrant and resilient industrial ecosystem, with the private economy's value added reaching 920.97 billion yuan in the first three quarters of 2025, growing by 6.4% year-on-year [14]

Core Insights - The 2026 "National Subsidy" policy will continue the "old-for-new" consumption initiative with an increased budget of 500 billion yuan, aimed at stimulating consumption and stabilizing economic growth [1][3][16] Group 1: Policy Overview - The "National Subsidy" policy has shown significant results since its launch in 2024, generating over 2.5 trillion yuan in sales and benefiting 360 million people [3] - The policy will focus on three main upgrades: increasing the subsidy amount, expanding coverage to new sectors, and optimizing the distribution process [4][10] Group 2: Sectoral Impacts - Traditional consumption sectors like home appliances and automobiles are expected to see a second wave of growth, with home appliance subsidies potentially increasing from 12.84 million units to 15 million units [6][8] - The service consumption sector, particularly in tourism and health, is anticipated to become a new focal point, with over 100 billion yuan in tourism vouchers expected to be issued [6][10] - Digital and green consumption will be enhanced, with subsidies for smartphones and energy-efficient appliances, benefiting companies like Apple and Huawei [8][10] Group 3: Economic Implications - The policy aims to boost domestic demand and counter economic pressures, with expectations for retail sales growth to rebound to 5%-6% in 2026 [10] - It promotes industrial upgrades by leading consumption upgrades, encouraging innovation in sectors like electric vehicles and smart home appliances [10][14] Group 4: Investment Opportunities - Key investment targets include essential consumer goods like dairy products and condiments, as well as discretionary items like home appliances and new energy vehicles [15] - The policy is seen as a long-term opportunity for investors, with potential for valuation recovery and growth in the consumer sector [16]

云南省旅游民宿行业协会发布《关于启动OTA不正当竞争反垄断维权工作的决定》称，近年来，协会接 到多起会员单位投诉，反映携程等个别OTA（在线旅游）平台利用其市场支配地位，对云南民宿行业实 施了包括但不限于"二选一"霸王条款、单方面随意涨佣、设置不公平交易条件、屏蔽流量等不正当竞争 行为。在证据确凿的基础上，协会将代表全体受害会员，向国家市场监督管理总局、云南省市场监督管 理局等相关部门提起集体投诉，并保留提起反垄断诉讼的权利。 请各会员单位积极配合,如实提供相关线索与证据。协会将坚 定站在会员身后,坚决捍卫行业尊严与合法权益。 (包括合同条款、后台截图、沟通录音、处罚通知等)。 的一个人类在法律服务： 授权协会正式聘请 上海锦天城（昆明）律师 新闻： 本条所 提出手位 参考文献 事务所 作为本次维权行动的专项法律顾问,负责对收集的证据进行 法律梳理、公证与分析。 提起集体投诉:在证据确凿的基础上,协会将代表全体受害会 员,向国家市场监督管理总局、云南省市场监督管理局等相关部门 提起集体投诉,并保留提起反垄断诉讼的权利。 线索征集联系人:熊黎 联系电话/邮箱: 18608881205 - 云南省旅游 2025 ...