Investment Rating - The report suggests a "barbell" investment strategy focusing on companies with stable cash flows supporting AI-related investments and those with strong operational capabilities for overseas expansion [1][3]. Core Insights - 2026 is viewed as a pivotal year for capturing user attention in the AI era, emphasizing the importance of lowering usage barriers, enhancing decision-making efficiency, and creating real value [1]. - Companies like Tencent, Alibaba, and Kuaishou are highlighted for their potential to benefit from AI-driven growth in advertising and cloud services, while firms like NetEase and Trip.com are noted for their stable earnings growth and reasonable valuations [1][3]. Summary by Sections AI Theme - Companies to watch include Tencent, which is expected to benefit from AI-driven advertising and cloud growth, Alibaba, which has a lower valuation compared to peers, and Kuaishou, which is making progress in monetizing AI applications [1][3]. Profit Growth Certainty - Focus on companies with reasonable valuations and strong performance, such as NetEase and Trip.com, which are expected to maintain stable profit growth [1][3]. E-commerce and Online Retail - The online retail sector is anticipated to see growth in experiential consumption, while competition in physical goods retail may normalize due to reduced government subsidies [3][15]. - Instant retail is expected to maintain high GMV growth, but the overall e-commerce sector may face challenges in revenue and profit growth due to competitive pressures [3][15]. Online Gaming and Music - The online gaming industry is projected to grow by around 10% in revenue, with profit growth expected to be between 10-15% [15]. - The online music sector is expected to see revenue and profit growth of 10-15%, although competition from ByteDance's music platform poses challenges [15][18]. Cloud and Advertising - Cloud and advertising are expected to remain the main growth drivers for companies leveraging AI, with a focus on investment returns [3][39]. Overseas Expansion - The report highlights the potential for overseas expansion in cloud services and OTA, with companies that have strong cash flow and profit margins likely to perform better in the long term [3][15]. Investment Recommendations - Specific companies recommended for investment include Tencent, Alibaba, Kuaishou, Trip.com, and NetEase, each with unique strengths and growth prospects in the AI and digital landscape [37][38].

Group 1: Market Overview - The three major US stock indices closed lower on Monday, with the Dow Jones down 0.45%, the Nasdaq down 0.14%, and the S&P 500 down 0.35% [1][7] - Large tech stocks showed mixed performance, with Broadcom rising over 2%, while Tesla and Netflix fell over 3% [1][7] Group 2: Commodity and Currency Dynamics - WTI crude oil fell below $59 per barrel, down 1.84% [3][9] - Gold futures briefly surpassed $4220 per ounce before retreating, closing down 0.79% [4][9] - Spot gold fell below $4180 per ounce, down 0.39% [5][9] - US natural gas futures dropped over 9% due to narrowing temperature drop forecasts and high production levels, currently at $3.849 per million British thermal units [5][9] - A 7.5 magnitude earthquake near eastern Honshu, Japan, caused short-term fluctuations in the USD/JPY exchange rate, which rose by 0.5% to 155.81 yen [5][9] Group 3: International Market Developments - Paramount launched a hostile takeover bid for Warner Bros. Discovery, offering $30 per share in cash, an 8% premium over Netflix's previous $720 billion acquisition offer of $27.75 per share, potentially providing shareholders with an additional $18 billion in cash benefits [10] - Warner Bros. owns several major networks including CNN, TBS, HGTV, and the HBO Max streaming platform, with Paramount claiming the proposal is more likely to pass regulatory scrutiny [10] - Former President Trump plans to sign an executive order this week to simplify AI industry regulatory approval processes, aiming to prevent individual states from creating conflicting regulations that could undermine the US's competitive edge in AI [10]

Core Viewpoint - The Nasdaq China Golden Dragon Index experienced a slight increase of 0.08%, indicating mixed performance among popular Chinese concept stocks [1] Group 1: Stock Performance - Baidu saw a significant rise of over 3% [1] - Xpeng Motors and New Oriental both increased by more than 2% [1] - NIO and GDS Holdings rose by over 1% [1] - Li Auto, Bilibili, and Kingsoft experienced slight gains [1] - ZTO Express, Ctrip, and NetEase all declined by more than 2% [1]

座谈会中，十位外部监督专家认真聆听了携程2025年度在个人信息保护方面取得的各项进展和面临的行业挑战，并基于汇报内容展开了专业指导和热烈讨 论。本次专家会的议题主要包括《大型网络平台设立个人信息保护监督委员会规定（征求意见稿）》等新法新规的适用解读、典型案件分享、携程集团个 保管理机制的落地执行、个人信息处理工作的进一步优化等方面。此次座谈会达成了多项具有建设性和前瞻性的共识，为携程接下来的个人信息保护工作 指明了方向。 2025年12月4日，携程集团第五届个人信息保护外部监督专家团座谈会在上海顺利召开。 据了解，携程个人信息保护外部监督专家团是携程集团设立的个人信息保护监督机构，依据法律法规及专家团章程履行监督职责，是携程提升个人信息保 护工作水平和透明度的重要机制。专家团成立于2021年，成员通过社会公开招募或定向邀请产生，主要包括法学专家、律师、行业专家、媒体代表及用户 代表。最新当选并履行监督职责的是第五届专家团。 据了解，携程个人信息保护外部监督专家团是携程集团设立的个人信息保护监督机构，依据法律法规及专家团章程履行监督职责，是携程提升个人信息保 护工作水平和透明度的重要机制。专家团成立于2021年 ...

Core Viewpoint - The article discusses the market outlook for 2026, emphasizing a potential for lower interest rates due to a softer labor market, which could positively impact stock market performance [2][3][4]. Market Outlook - Michael Kantrowitz, Chief Investment Strategist at Piper Sandler, believes the stock market is set for a strong performance heading into 2026, with a focus on historical context to understand current market dynamics [2]. - The current labor market conditions are seen as a new concern, but they may lead to lower interest rates, which historically correlate with improved stock market performance [3]. Interest Rates and Market Dynamics - Higher interest rates have been a barrier to market broadening, but a shift to lower rates could benefit underperforming sectors such as manufacturing, transportation, and housing in 2026 [4]. Investment Opportunities - The article lists 12 cheap NASDAQ stocks to consider for investment, identified through a methodology that includes screening for stocks with a forward price-to-earnings ratio below 15 and cross-referencing hedge fund interest [7][8]. Company Highlights - **Sanofi (NASDAQ:SNY)**: - Forward P/E Ratio: 10.7, with 32 hedge fund holders. Recently completed the acquisition of Vicebio, enhancing its vaccine development capabilities [9][10][11]. - Received EU approval for Dupilumab, a treatment for chronic spontaneous urticaria, expanding its market potential significantly [12][13]. - **Trip.com Group Limited (NASDAQ:TCOM)**: - Forward P/E Ratio: 11.01, with 37 hedge fund holders. Reported a 17.64% year-over-year revenue growth to $2.58 billion in fiscal Q3 2025, exceeding estimates [14][16]. - Strong performance driven by cross-border travel, with international bookings increasing by 60% year-over-year and inbound travel bookings more than doubling [16][17].

《指南》显示，2025年上半年，东南亚游客赴华旅游需求呈现多元化趋势。上海、重庆、广州、北京、 成都位列东南亚游客首选目的地前五，其中重庆年浏览量增长率359%，增长最快。东南亚游客对自然 风光与文化体验的需求最为显著，张家界、黄山等自然景区搜索量同比增长110%，故宫、苏州园林等 文化地标热度增幅超80%。 携程榜单负责人表示，东南亚游客来华不再满足于传统景点打卡，而是追求融合都市休闲、自然疗愈与 文化沉浸的复合型体验。(完) 中新网12月5日电(黄蕾)在中国与新加坡、马来西亚、泰国等东南亚国家的签证互免政策的推动下，不 少海外游客开启首次来华旅行。 携程榜单(Trip.Best)近日于新加坡圣淘沙名胜世界发布的《2025东南亚出入境旅游趋势指南》显示，今 年以来，该平台上东南亚游客赴华订单量同比增幅显著，其中新加坡游客赴华旅游订单用户数同比增长 达138%，在全球KOL对于来华旅游持续好评影响下，沉浸式体验中国已被更多东南亚游客列入行程规 划。 （文章来源：中国新闻网） ...

Core Viewpoint - Trip.com (TCOM) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in stock price movements [4]. Company Performance and Analyst Sentiment - Rising earnings estimates for Trip.com suggest an improvement in the company's underlying business, which could lead to higher stock prices as investors respond positively [5]. - Over the past three months, the Zacks Consensus Estimate for Trip.com has increased by 27.3%, indicating a favorable revision trend [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Trip.com's upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting strong potential for market-beating returns in the near term [10].

Core Insights - The ice and snow tourism sector in China is transforming from a seasonal niche to a year-round economic driver, supported by policy guidance and market innovation [1] - The industry is entering a new phase characterized by structural optimization, model innovation, and internal-external circulation [1] Market Expansion - The market scale of ice and snow tourism is experiencing a qualitative leap, with the number of ski resorts reaching 748 and winter ski visits exceeding 26.05 million, a year-on-year increase of 12.9% [2] - Booking data from Ctrip shows a 70% year-on-year increase in domestic ski and ice attraction ticket reservations, with overseas bookings rising by 50% [2] - Ski resort ticket bookings have surged nearly 2.2 times since November, indicating a growing demand for comprehensive experiences [2] Changing Consumer Behavior - There is a shift from one-day visits to longer stays, with hotel bookings for two nights increasing by 5% and three to four nights by 3% in key ice and snow regions [3] - Tourists are seeking integrated vacation experiences that combine leisure, entertainment, and wellness, leading to the introduction of new offerings such as children's camps and themed activities [3] - The demand for diverse skiing experiences has led to the launch of specialized products, including private lessons from retired national team athletes and cultural experiences [3] Emerging Trends - The learning barrier for skiing is being lowered through cost-effective strategies, with bookings for mid-sized ski resorts increasing by 2.6 times [4] - Smaller cities like Heihe and Yichun are leveraging unique geographical advantages to develop international winter tourism destinations [4] - The integration of ice and snow tourism with local culture and wellness services is enhancing customer value and experience [5] Marketing and Technology Integration - Ctrip's marketing initiatives, such as the "day ski, night soak" campaign, are gaining popularity, effectively attracting customers [5][7] - The platform's technological enhancements, including real-time information on snow conditions, are improving decision-making for travelers [7] - Ctrip's promotional activities have significantly increased inbound tourist numbers, showcasing its role as a connector in the industry [7] International and Domestic Circulation - Inbound ice and snow tourism is experiencing explosive growth, with orders nearly doubling year-on-year, particularly from regions like Hebei and Xinjiang [10] - The trend of outbound ice and snow tourism is also emerging, with a notable increase in bookings for Russian ski resorts due to favorable visa policies [10] - The ice and snow tourism wave is becoming a long-term trend driven by substantial market demand, ongoing policy support, and innovation across the industry [10]

Core Viewpoint - The Cambodian government announced a visa-free policy for Chinese citizens from June 15 to October 15, 2026, allowing a 14-day stay without visa application or fees, which is expected to boost tourism [1][3]. Group 1: Company Performance - Ctrip's stock price increased by 3.46%, reaching HKD 553.5, with a trading volume of HKD 923 million [1][3]. Group 2: Industry Impact - Following the announcement of the visa-free policy, Ctrip reported a 20% increase in search volume for "Cambodia" related travel keywords on its platform [2][4].

Core Insights - The ice and snow tourism sector in China is experiencing unprecedented growth, transforming from a seasonal "cold resource" to a "hot economy" that links domestic and international markets [2] - Driven by policy guidance and market innovation, ice and snow tourism is breaking seasonal barriers and becoming a key force in promoting consumption upgrades and industrial integration [2] Group 1: Market Trends - The introduction of the "snow holiday" in Jilin Province has significantly boosted local tourism, with a reported increase in bookings for local day trips and hotel stays during this period [3] - The overall market size for ice and snow tourism is expanding, with the number of ski resorts reaching 748 and winter ski visits exceeding 26.05 million, marking a 12.9% year-on-year increase [5] - Popular destinations for ice and snow tourism include Harbin, Beijing, and other northern cities, with a notable increase in bookings from southern users, who make up nearly 70% of the market [6] Group 2: Consumer Behavior - There is a shift in consumer preferences, with longer stays becoming more common; the proportion of two-night hotel stays has increased by 5% and three to four-night stays by 3% in key ice and snow regions [7] - Tourists are seeking more comprehensive experiences beyond skiing, with a trend towards integrated leisure, entertainment, and family-oriented activities [7] Group 3: Industry Innovation - The ice and snow industry is evolving towards more inclusive and innovative models, with a significant increase in bookings for mid-sized ski resorts, which have seen a 2.6-fold increase since November [8] - Smaller cities are leveraging partnerships with travel platforms to develop unique winter tourism destinations, showcasing the potential for differentiated market growth [8] Group 4: International Dynamics - The inbound ice and snow tourism market is experiencing explosive growth, with orders for inbound travel nearly doubling, particularly from Southeast Asian markets [8][9] - Outbound ice and snow tourism is also on the rise, with a notable increase in bookings for Russian ski resorts, driven by visa-free policies and rich ice and snow resources [9]