Flash | China Equity Strategy Twelves Goals of 15th Five-Year Plan Unveiled; Targeting More Opening Up amid More Trade Barriers Overseas CITI'S TAKE Summary – The Proposal of the CPC Central Committee on Formulating the 15th Five-Year Plan (FYP) was approved (link, Xinhua, 23 Oct). The top 3 goals are (1) Building a modern system to consolidate economy; (2) Accelerate scientific and technological self-reliance; and (3) Build a strong domestic market; they were similar to the top 3 goals in 14th FYP. The goa ...

Flash | 23 Oct 2025 13:30:01 ET │ 12 pages China Equity Strategy Twelves Goals of 15th Five-Year Plan Unveiled; Targeting More Opening Up amid More Trade Barriers Overseas CITI'S TAKE Summary – The Proposal of the CPC Central Committee on Formulating the 15th Five-Year Plan (FYP) was approved (link, Xinhua, 23 Oct). The top 3 goals are (1) Building a modern system to consolidate economy; (2) Accelerate scientific and technological self-reliance; and (3) Build a strong domestic market; they were similar to t ...

"另外，在餐饮服务方面，不同地区游客存在显著差异化需求。"据秦静观察，部分国家的游客对食物成 分标注要求较高，尤其关注含糖、坚果等过敏源信息以及菜品卡路里含量等，而国内多数餐厅尚未建立 此类明细标识体系，这些细节都对中国旅游服务的国际化与精细化提出了更高要求。携程目前已在入境 游产品设计中强化了对服务细节的考量，并将重点评估合作旅行社是否具备为不同客源国游客提供针对 性服务的能力，以系统性提升入境游客的旅行体验。 北京商报讯（记者 吴其芸）10月22日，北京商报社举办以"240小时免签政策下的入境游"为主题的2025 深蓝智库年度沙龙。在圆桌对话环节中，携程集团副总裁秦静介绍，近期，"免费北京半日游"项目已进 行重要升级，在产品形态上，从单一的游览产品扩展至涵盖景点门票、交通接驳、电话卡办理与小额换 汇等一站式服务；在内容方面，携程正与北京语言大学等高校合作，在景点观光基础上融入汉语课程、 茶艺、插花等中国文化体验，推动产品从单纯观光向深度文化解读转型。 秦静指出，入境游不仅关乎旅游行业本身的高质量发展，更对国民经济与社会民生具有广泛带动作用。 外国游客在华期间的"吃住行游购娱"消费全面落地于国内产业链，其经 ...

Core Insights - The event "Discover Exciting Guangdong" aims to enhance the global influence of Guangdong's inbound tourism and promote the Greater Bay Area as a world-class tourist destination [3][5] - Guangdong has been leading China's inbound tourism market since 2023, with over 39.31 million inbound visitors and a tourism foreign exchange income of 98.8 billion yuan in the first half of 2025, both showing over 30% year-on-year growth [6] Group 1: Event Highlights - The event featured cultural performances and interactive experiences showcasing Guangdong's rich heritage, including traditional lion dances and various intangible cultural heritage crafts [4] - A promotional video highlighting Guangdong's cultural symbols was launched, emphasizing the region's warmth and vitality [4] - The Guangdong Inbound Tourism Guide was released, along with Tripadvisor's list of "Top 10 Food Cities in China for Inbound Tourism 2025," featuring cities like Guangzhou and Chaozhou [4] Group 2: Market Performance - Guangdong's inbound tourism market has shown significant growth, with notable increases in visitors from markets such as Singapore, Malaysia, and Thailand [6] - The provincial government has introduced 23 innovative policies to enhance the quality of inbound tourism, focusing on visa facilitation, product innovation, and global marketing [6][7] Group 3: Future Plans - Guangdong plans to continue promoting inbound tourism through various global initiatives, including diverse travel products and promotional activities during key events [7] - The "Guangdong New Year Flavor World Sharing Plan" will be launched in early 2026 to showcase Guangdong's unique cultural charm [7] - Collaborative efforts with logistics companies aim to improve the overall travel experience for inbound tourists [7]

（原标题：3931万外宾"种草"广东的背后：藏着"新三样"吸引力法则） 南方财经记者吴佳霖 广州报道 "Business center, historical culture, Cantonese food. （商贸中心，历史文化，广东美食）"当南方财经记者 让摩洛哥小哥Ahddoune Youness用3个词去形容广州——他生活了一年、并开启了自己事业的城市，他 说出了这三个词，并且强调了一句，"No one can reject Cantonese food.（每人能拒绝广东美食）" 白切鸡、烧鹅、蜜汁叉烧——最挑剔的食客也会为广府美食流连忘返，千年商都、美食名城，广东总是 有着如此多的标签，古往今来让全球旅客趋之若鹜。10月22日晚，广东向全世界发出文旅邀约，由广东 省文化和旅游厅主办、携程集团与Tripadvisor猫途鹰联合承办的"发现精彩广东"广东入境游全球宣推启 动仪式在广州塔启幕。 Ahddoune Youness说："我所有的顾客都爱上了广东省。现在正值第138届广交会在广州召开，我们的顾 客以前首次来可能只是为了商务，但从此以后，他们每年都会来，每次他们都会去探索广东的一个新城 市。" 作 ...

10月22日，港股再度陷入调整，恒生科技指数低开低走，午后一度跌超1.5%。主流ETF方面，A股同赛 道规模最大的恒生科技指数ETF（513180）跟随指数跌超2%，持仓股中，网易、比亚迪（002594）电 子、京东健康、金山软件、百度集团、联想集团等领跌。 消息面上，近日高盛发布报告称，中国股票的慢牛行情正在形成，预计关键指数MSCI中国指数未来两 年还有30%的上涨空间。在报告中，高盛认为，尽管中国股票可能出现回调，但随着牛市的展开，投资 者的惯常思维应从"逢高减仓"转变为"逢低买入"。该机构还认为，在中国慢牛市场的前景下，主张采用 以阿尔法收益为核心的策略，重点投资"中国十巨头（腾讯、阿里巴巴、小米、比亚迪、美团、网易、 美的、恒瑞医药（600276）、携程和安踏）"、"中国人工智能主题"、"全球化领军企业"、"逆周期受益 者"以及"成长板块的A股小盘股"。 公开信息显示，恒生科技指数ETF（513180）标的指数囊括30家港股科技龙头，软硬科技兼备，成分股 深度聚焦AI产业链的上中下游，其中阿里、腾讯、小米、美团、中芯国际、比亚迪等有望成为中国科 技股"七巨头"。没有港股通账户的投资者或可通过恒生科技 ...

Core Viewpoint - The article emphasizes that in the internet industry, job levels often reflect personal value more than job titles, with significant salary differences across companies for similar positions [1]. Salary and Job Level Summary - Alibaba (阿里巴巴) offers salaries for various levels: - P5 Engineer: ¥41-48 million - P6 Senior Engineer: ¥48-64 million - P7 Expert/Manager: ¥91-118 million - P8 Senior Expert/Senior Manager: ¥170-240 million - P9 Senior Expert/Director: ¥290-380 million - P10 Researcher/Senior Director: ¥480-496 million [6][3]. - Meituan (美团) salary ranges: - L6: ¥40-53 million - L7: ¥54-71 million - L8: ¥74-136 million - L9: ¥264-334 million - L10: ¥480-496 million [2][4]. - Huawei (华为) salary structure: - P5 Engineer: ¥41-48 million - P6 Senior Engineer: ¥48-64 million - P7 Expert/Manager: ¥91-118 million - P8 Senior Expert/Senior Manager: ¥170-240 million - P9 Senior Expert/Director: ¥290-380 million - P10 Researcher/Senior Director: ¥480-496 million [5][6]. - Pinduoduo (拼多多) is known for high salaries, with ordinary employees earning over ¥1 million [8]. - ByteDance (字节跳动) salary details: - T4: ¥32-45 million - T5: ¥40-56 million - T6: ¥56-71 million - T7: ¥79-92 million - T8: ¥78-146 million - T9: ¥75-164 million - T10: ¥148-185 million [9][10]. - Ant Group (蚂蚁金服) salary levels: - 15th level: ¥40-47 million - 16th level: ¥51-70 million - 17th level: ¥73-97 million - 18th level: ¥107-155 million - Employee: ¥64-113 million - Group Leader: ¥136-212 million - First-level Supervisor: around ¥300 million [12]. - JD (京东) salary structure: - P6 Senior Engineer: ¥60-78 million - P7 Technical Expert: ¥77-103 million - P8 Senior Technical Expert: ¥116-152 million - P9 Senior Technical Expert: over ¥160 million [13][17]. - Didi (滴滴) salary ranges: - D5 Engineer: ¥36-49 million - D6 Senior Engineer: ¥40-50 million - D7 Senior Engineer: ¥48-72 million - D8 Expert: ¥103-148 million - D9 Senior Expert: ¥148-205 million - D10 Chief Engineer: ¥210-393 million [19][23]. Overall Insights - Job levels not only represent technical skills but also reflect the company's recognition of individual capabilities. Advancing in levels requires stronger communication, collaboration, and strategic awareness [26][27]. - Entry-level positions (P5/T4/2-1) typically offer annual salaries around ¥40 million, while mid-level positions (P7/T6/2-2) often exceed ¥100 million. Expert-level positions (P8/T7/3-1) average around ¥150 million, and top experts (P9/T8/4-1) can earn ¥300 million or more [28].

Core Viewpoint - UBS has upgraded the rating of Chinese stocks to "attractive" and technology stocks to "most attractive," citing them as the most confident investment targets globally [1][2]. Group 1: Technology Sector Insights - Chinese technology stocks are seen as the most confident investment targets globally, supported by two main factors: clear AI commercialization trends and strong growth prospects from leading tech companies, along with significant progress in domestic chip production [2][3]. - Major Chinese tech companies are expected to increase capital expenditures by 55% by 2025 to meet the surging demand for AI, with AI user penetration in China showing significant growth, reaching 645 million users as of August, a year-on-year increase of over 60% [3][4]. Group 2: Market Dynamics - The technology sector is entering a multi-year growth cycle driven by technological breakthroughs, strong policy support, and domestic production, with projected earnings growth of 37% by 2026, making it the fastest-growing stock sector globally [4][5]. - Historical analysis indicates that Chinese bull markets are typically driven by liquidity and valuation expansion, with the current market trend following a similar pattern, suggesting a more sustainable and robust upward movement [5][6]. Group 3: Liquidity and Investment Trends - Domestic investors have net bought $50 billion in Hong Kong stocks through the Stock Connect this year, the highest level since the mechanism's launch, indicating strong liquidity in the market [6][7]. - Local institutional investors are likely to shift funds from bonds to stocks due to declining yields on 10-year government bonds, which could support continued market growth [6][7]. Group 4: Policy Support - The macroeconomic environment remains stable, with expectations for targeted policy support rather than large-scale fiscal stimulus, focusing on technology and advanced manufacturing sectors [8][9]. - Upcoming policies are expected to prioritize innovation and high-quality growth, with specific measures aimed at supporting AI commercialization and chip production, reflecting the government's commitment to these sectors [8][9].

Core Insights - The online travel industry is gearing up for a highly competitive Double Eleven shopping festival, with platforms like Fliggy and Ctrip leading the charge [1][4][5] - Fliggy has shown significant growth, with a 48% increase in GMV during the recent National Day holiday, raising expectations for its performance during Double Eleven [4][11] - The competition is intensifying, with various players including Meituan, Tongcheng, Douyin Life Services, and JD Travel also vying for market share [5][11] Group 1: Market Dynamics - The current market environment has led to a heightened sense of urgency among travel merchants, who view Double Eleven as a critical opportunity to boost sales after a lackluster summer season [8][10] - Many brands are adopting aggressive pricing strategies, with some referring to their prices as "lifesaving prices" rather than promotional prices [9][10] - The competition between Fliggy and Ctrip is particularly fierce, as both platforms aim to secure exclusive deals and attract high-value customers [5][11] Group 2: Consumer Behavior - Consumers are becoming more strategic in their purchasing decisions, often waiting for the best deals during major sales events like Double Eleven [14][22] - There is a notable trend of consumers being patient and waiting for discounts, indicating a shift in purchasing behavior towards more calculated spending [21][24] - The demand for travel products remains strong, with many consumers actively looking for deals, even if they do not have specific travel plans in mind [18][24] Group 3: Strategic Implications - The success of platforms during Double Eleven will depend on their ability to effectively manage supply chains and collaborate with merchants [5][12] - Companies are increasingly planning their product offerings well in advance of the sales event, indicating a shift towards more strategic marketing approaches [11][23] - The interplay between platforms and merchants is crucial, as both parties must align their strategies to maximize sales during the promotional period [22][24]

Core Insights - The article discusses the competitive landscape of local life services among major internet companies, highlighting the shift from direct competition to ecosystem collaboration [1][4][20] Group 1: Competitive Landscape - On September 10, Gaode launched the "Street Scanning List," marking the beginning of Alibaba's strategy to penetrate local life services through real user travel data [2] - Baidu responded with its "AI Go·List in List," integrating data from its previous partnerships with Dazhong Dianping and Ctrip, creating a comprehensive service platform [2][5] - The competition is characterized by a transition from single-app competition to "ecological collaboration," where AI algorithms, organizational synergy, and user reputation will play crucial roles [4][20] Group 2: Strategic Moves by Companies - Alibaba aims to leverage Gaode's high user engagement to create a seamless online-offline experience, enhancing its local life service offerings [6][14] - Baidu's strategy involves forming alliances rather than competing alone, as seen in its collaboration with Meituan and Ctrip to enhance its service capabilities [10][24] - The article notes that the local life service market is projected to grow significantly, with an expected market size of 35.3 trillion yuan by 2025, indicating substantial growth potential [19] Group 3: Role of Gaode and Ecosystem Integration - Gaode's transformation from a navigation tool to a critical entry point for Alibaba's local services is emphasized, as it connects various consumer decision-making processes [16][18] - The integration of services allows for a more efficient user experience, where consumers can easily navigate to restaurants, attractions, and hotels through Gaode [17] - The article highlights the importance of a unified membership system within Alibaba's ecosystem, enhancing user engagement and loyalty [17][18]