在茶园见证一片叶子的神奇之旅，走进古镇感受水乡风情；白天在西子湖畔赏湖光山色，夜晚漫步钱江 世纪城感受时尚脉动……一年四季，之江大地处处涌动着入境游的热潮。 热潮背后，是浙江抢抓"免签朋友圈"扩大的机遇，积极推进入境游便利化服务举措。2025年，我省制定 并实施《浙江省入境旅游"125"跃升计划》，提出大力推进入境旅游全链条便利化"一件事"改革项目 （下称"'一件事'改革"），针对入境游中呼声最集中、制约最突出的问题推进改革，覆盖入境审核、支 付服务等八个事项。 从退税到通信，更畅通 空箱而来，满载而归。入境游的火爆带动了"中国购"的火热。 据初步统计，在"一件事"改革加持下，2025年全省接待入境过夜游客417.1万人次，比上年增长24.6%。 外国游客入浙游更便捷、更高效、更智慧、更有感。 从入关到入住，更快捷 出示护照、机票以及提前在线上填好的入境信息……在杭州萧山国际机场T4航站楼出入境大厅，意大 利游客Menail Ilyes很快完成入境通关。"我在排队的时候就扫好了二维码，在线上填写入境信息，这样 入境真的快很多。"Menail Ilyes说。 如此快速的操作，得益于"一件事"改革入境通关"一站办 ...

Group 1 - The importance of studying and implementing the spirit of the 20th Central Committee's Fourth Plenary Session is emphasized, aiming to unify thoughts and efforts under the strong leadership of the Party Central Committee to achieve a good start for the "14th Five-Year Plan" [1] - Achievements during the "14th Five-Year Plan" period are attributed to the leadership of General Secretary Xi Jinping and the scientific guidance of Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era [2][3] - The "14th Five-Year Plan" has led to significant advancements in technology, including the establishment of the world's largest and most advanced information and communication network, showcasing the superiority of the socialist system with Chinese characteristics [2] Group 2 - The "15th Five-Year Plan" period is seen as a critical time for achieving socialist modernization, requiring a focus on practical actions and unity in thought and action based on Xi Jinping's important speech [3][4] - The need for a correct view of political achievements is highlighted, with an emphasis on serving and integrating into the domestic cycle, expanding domestic demand, and promoting consumption [4] - The energy sector is tasked with developing a new energy system and ensuring energy supply, with a commitment to high-quality development and green transformation [6]

Group 1 - The State Intellectual Property Office of China has granted a patent to China Mobile (Suzhou) Software Technology Co., Ltd. and China Mobile Communications Group Co., Ltd. for a method and device related to "zero watermark generation and detection" with the announcement number CN120823085B, applied for on September 2025 [1] - China Mobile (Suzhou) Software Technology Co., Ltd. was established in 2014, located in Suzhou, primarily engaged in software and information technology services, with a registered capital of 317.2 million RMB [1] - The company has participated in 5,000 bidding projects, holds 112 trademark records, and has 2,687 patent records, along with 28 administrative licenses [1] Group 2 - China Mobile Communications Group Co., Ltd. was founded in 1999, based in Beijing, and primarily involved in telecommunications, broadcasting, and satellite transmission services, with a registered capital of 30 billion RMB [1] - The company has invested in 54 enterprises, participated in 5,000 bidding projects, holds 2,216 trademark records, and has 5,000 patent records, along with 50 administrative licenses [1]

Core Insights - The report indicates a slight growth in mobile internet traffic in Q3 2025, with user behavior shifting towards low-frequency deep usage. Monthly active devices reached 1.452 billion, a 0.83% increase from Q2, while daily usage frequency decreased by 2.9% to 59.8 times, and usage duration increased by 2.3% to 282.9 minutes, reflecting deeper user engagement [1][2][6]. User Changes - The proportion of unmarried users increased to 32.7%, up 1.39% year-on-year, with growth driven by the unmarried demographic in mid-to-high tier cities [2][8]. - User preferences vary significantly by age, with younger users (post-2000) favoring gaming and entertainment, while those aged 25-30 lean towards parenting and family content [2][16]. Industry Changes - The food delivery sector saw a temporary surge in traffic due to intense competition, but growth momentum has weakened post-surge, with a decline in traffic observed in August and September [3][61]. - The travel and transportation sector is experiencing steady growth, with a 15% year-on-year increase in usage duration, and monthly active users reaching 1.13 billion [3][65]. - Artificial intelligence applications are rapidly expanding, with monthly active users reaching 470 million and a year-on-year growth of 321% in language model users [3][37][44]. - The gaming service sector is facing overall decline, with intensified competition among existing players [4][76]. APP Changes - The top three apps with over 100 million monthly active users in September 2025 were Railway 12306, Doubao, and Quanmin K Ge, while the top three apps with over 50 million monthly active users were Tencent Yuanbao, Qishui Music, and Zhuanzhuan [5][81][82].

保持定力坚定信心 奋力开创中国式 现代化建设新局面 省部级主要领导干部学习贯彻 党的二十届四中全会精神专题研讨班学员 谈认识 省部级主要领导干部学习贯彻党的二十届四中全会精神专题研讨班1月20日至23日在京举行。习近平总 书记在开班式上发表重要讲话，围绕把学习贯彻党的二十届四中全会精神不断引向深入进行再动员、再 部署，对在党中央坚强领导下扎实做好各项工作，努力实现"十五五"良好开局作出科学指引。 研讨班期间，学员们接受新华社记者采访，结合学习思考谈认识体会和工作打算。大家表示，习近平总 书记的重要讲话对于全面深刻准确领会和把握"十五五"时期经济社会发展的指导方针、主要目标、重点 任务具有重大意义，必将引领全党全国人民更好统一思想、坚定信心，汇聚起以实际行动贯彻落实好党 中央重大决策部署、奋力开创中国式现代化建设新局面的强大力量。 制定和实施五年规划是我们党治国理政一条重要经验，是中国特色社会主义制度一个重要政治优势。 习近平总书记以"四个有利于"深刻总结了制定和实施五年规划体现的政治优势：有利于实现党的领导， 有利于集中力量办大事，有利于前瞻性把握战略问题，有利于保持事业连续性；概括了在长期实践中创 造积累的 ...

【窩輪透視】「強力買入」信號亮起，如何把握聯通的短線反彈？ 1月22日，三大中資電信股走勢略有分化，中國電信 (00728)表現相對強勢，單日上漲0.78%至5.17元；中國聯通 (00762.)小幅回升0.40%，收於7.62元；中國 移動 (00941)則微跌0.25%，收報79.00元。 溫馨提示：本文章不構成任何投資建議。 截至今日（23日）阻力位先看7.9元，突破後或測試8.25元。支撐位方面，首要關注7.42元，若跌破則可能進一步下探7.21元。需注意的是，目前仍處長期下 跌趨勢中，逆向博弈反彈需謹慎評估風險，控制倉位與止損至關重要。 結合聯通的技術走勢，精選一隻認購證產品供投資者參考： 中聯信證六七購A.C (24226)，槓桿比例8倍，行使價8.88元。該產品核心特點為引伸波幅最低，在股價出現短期反彈時，引伸波幅波動對產品價格的負面影 響相對較小，適合對聯通短線反彈有預期的投資者關注，需留意行使價距離當前股價的差距及到期時間。 | 相關資產 | 名稱 | 座前 | 複年 | 行使 | | --- | --- | --- | --- | --- | | 中國聯通(00762) | 信證認購證 | ...

Group 1 - The core focus of several prominent fund managers, including Xie Zhiyu and Fu Pengbo, has shifted towards the technology sector, with increased allocations in semiconductor and AI-related companies [1][2] - Xie Zhiyu's fund, Xingquan Helun Mixed Fund, significantly increased its holdings in technology stocks, particularly in the semiconductor industry, with companies like Zhongji Xuchuang and Ningde Times among the top ten holdings [1] - Fu Pengbo's Ruiyuan Growth Value Mixed Fund raised its stock position and concentrated its top ten holdings, increasing the proportion of assets from 66.04% at the end of Q3 2025 to 70.38% at the end of Q4 2025 [2] Group 2 - The Ruiyuan Growth Value Mixed Fund has prepared for 2026 by reducing positions in companies with weak fundamentals and increasing investments in data center cooling and computing power-related firms [2] - The top ten holdings of the E Fund Blue Chip Selected Mixed Fund remained consistent with Q3 2025, with notable adjustments in share quantities, including increased holdings in Alibaba and reduced positions in JD Health and Focus Media [2] - Morgan Stanley's Digital Economy Mixed Fund, managed by Lei Zhiyong, focused on the digital economy sector, particularly the AI computing power industry, with new additions to its top ten holdings including Xunwei Communication and Dongshan Precision [3] Group 3 - Lei Zhiyong expressed optimism about the ongoing A-share bull market, citing sustained investor confidence and a favorable market environment [3] - The fund manager highlighted continued interest in AI, military industry, nuclear power, wind power, and energy storage sectors, as well as traditional industry leaders leveraging AI for transformation [3]

Core Viewpoint - The market is experiencing significant volatility due to the production team's systematic selling of broad-based ETFs, which is closely tied to the movements of the Shanghai Composite Index. This has created a pattern resembling an electrocardiogram, with repeated sell-offs and recoveries as the index fluctuates around a 0.45% threshold [1][3]. Group 1: Market Dynamics - The production team's selling strategy is causing some investors to react with caution, akin to conditioned reflexes, leading to a reluctance to buy when the index rises [3]. - Conversely, some investors are capitalizing on the situation by purchasing at lower prices after the production team's sell-offs, particularly in a strong market environment [3]. - The market has shown strong performance with a trading volume of 4 trillion, and the median index has risen by 0.90%, indicating robust activity despite the production team's interventions [3]. Group 2: Index Performance - Small-cap indices have performed well, while large-cap indices like the Shanghai 50 and CSI 300 have suffered, with the Shanghai 50 experiencing a nine-day decline [4]. - Notable stocks such as Moutai, China Yangtze Power, and China Mobile have been adversely affected, reflecting the broader struggles of the large-cap indices [4]. Group 3: Future Outlook - The production team has reportedly sold off about half of their ETF holdings, raising questions about the sustainability of their selling pressure in the coming weeks [5]. - Potential buyers of the sold ETFs include market makers and insurance companies, who may find value in the higher dividend yields of the depressed large-cap stocks [5]. - Three possible market scenarios are anticipated: continued index growth driven by small-cap stocks, a sideways consolidation leading up to the Lunar New Year, or a downward trend [6][7].

Core Viewpoint - The report highlights the performance and outlook of the Jiashi Dividend Select Mixed Fund A (022495) for the fourth quarter of 2025, indicating a profit of 1.0587 million yuan and a net asset value growth rate of 2.84% [3]. Fund Performance - The fund's profit for the fourth quarter was 1.0587 million yuan, with a weighted average profit per share of 0.0327 yuan [3]. - As of January 22, the fund's unit net value was 1.205 yuan [3]. - The fund's net asset value growth rates over different periods are as follows: 8.93% over the last three months, 10.96% over the last six months, and 24.68% over the last year [3]. Fund Management Insights - The fund management anticipates better performance in dividend sectors with growth potential, particularly in insurance, overseas chains, and certain cyclical sectors, with expectations extending into 2026 [3]. - There is an increased focus on bottom dividend sectors, and the potential recovery of consumer sentiment in 2026 is highlighted, especially among leading consumer stocks with attractive dividend yields [3]. Fund Metrics - The fund's Sharpe ratio since inception is 1.7625 [4]. - The maximum drawdown since inception is 4.95%, occurring in the fourth quarter of 2025 [7]. - The average stock position since inception is 71.47%, with a peak of 91.94% at the end of 2025 and a low of 13.94% at the end of the first quarter of 2025 [10]. Fund Size and Holdings - As of the end of the fourth quarter of 2025, the fund's size was 35.6012 million yuan [11]. - The top ten holdings of the fund include major companies such as China Construction Bank, China Merchants Bank, and China National Offshore Oil Corporation [14].

Group 1 - The "14th Five-Year Plan" period is crucial for achieving basic socialist modernization and seizing opportunities from the new round of technological revolution and industrial transformation [6][7] - The importance of establishing a modern industrial system and achieving an overall leap in the industrial structure is emphasized as a key strategic task during the "14th Five-Year Plan" [5][6] - The need for the telecommunications industry to enhance competitiveness, innovation, and risk management while supporting the digital transformation of various sectors is highlighted [5][6] Group 2 - The energy sector is tasked with ensuring a stable energy supply through technological innovation and green transformation, aligning with the goal of building an energy powerhouse [7] - The construction of the Hainan Free Trade Port is seen as a critical phase for development, requiring effective implementation of central strategies and policies [8] - The healthcare sector is urged to align its planning with national strategies, ensuring the efficient operation of medical insurance funds to enhance public health [3][6]