Core Viewpoint - The continuous development of technology is leading to the emergence of new jobs and professions, with 17 new occupations and 42 new job types announced for 2025, marking the highest number of new job types in history [1][27]. Group 1: New Job Creation - The introduction of new professions is revitalizing the market and expanding the occupational landscape [1]. - The demand for roles such as robot product testers and human-machine coordination dispatchers is increasing as the application of robots becomes more widespread across various industries [11][13]. - Emerging roles like low-altitude economy engineers, large model application engineers, and cross-border e-commerce operation managers are seeing a surge in demand [18]. Group 2: Industry-Specific Developments - In the robotics sector, roles such as robot product testers are crucial for quality assurance and route planning, ensuring smooth operation in production environments [5][7][9]. - The cultural and creative industry is also witnessing growth, with professionals like cultural product planning and operation specialists developing unique products that enhance local tourism [20][24]. - The training programs for new professions are expanding, with over 11 million subsidized training sessions conducted by the end of 2025, indicating a strong focus on skill development [27]. Group 3: Future Trends - The growth of emerging industries such as commercial aerospace, low-altitude economy, and deep-sea technology is expected to further diversify the types of new jobs available [31]. - The development of future industries like biomanufacturing, quantum technology, and 6G will continue to enrich the job market and stimulate employment opportunities [31].

Group 1: Strategy Observation - The report highlights the strengthening of AI hardware demand and the continuation of technology manufacturing overseas, with the semiconductor industry experiencing further improvement due to increased AI penetration and export growth in power equipment [4] - Prices of lithium carbonate have surged significantly due to supply constraints and improved downstream demand expectations, while pork prices have also seen improvements supported by consumption policies [4] - Traditional real estate and durable goods sectors continue to face pressure, with a notable decline in retail sales of passenger vehicles [5] Group 2: Industry Tracking - Consumer Electronics - Domestic companies are making breakthroughs in powder metallurgy processes, particularly in nuclear fusion materials, which are expected to benefit from a surge in downstream demand [8] - Tian Gong International, a leader in powder metallurgy, has set ambitious performance targets, indicating strong growth confidence [8] - The company is focusing on high-boron steel and advanced low-activation steel for nuclear fusion applications, leveraging its powder metallurgy technology for cost advantages [9] Group 3: Industry Research - Cement Manufacturing - Uganda is identified as a key market for cement exports, with a rapidly growing economy and increasing cement demand driven by urbanization [12] - The country has a favorable supply structure with only three clinker production lines, leading to a competitive market landscape [13] - Despite high cement prices, profitability remains challenging due to high production costs and logistical issues [14] Group 4: Industry Research - Consumer Discretionary - The smart glasses industry is entering a growth phase, with companies like Mingyue Lens expected to benefit from collaborations with leading brands [16] - The introduction of new smart glasses models, such as Ray-Ban Meta, is anticipated to enhance user experience and expand market applications [17] - The supply chain for AI glasses is broadening, with various players from different sectors entering the market, indicating a significant expansion of the industry [18] Group 5: Company Coverage - BAIC Blue Valley - The company is positioned as a pioneer in China's new energy vehicle sector, with a dual-brand strategy driving revenue growth [21] - Projected revenues for 2025, 2026, and 2027 are estimated at 290 billion, 582 billion, and 889 billion CNY respectively, with a focus on autonomous driving technology [21][22] - The company has seen a significant increase in sales volume, with expectations for continued growth through new model launches [23] Group 6: Company Tracking - Hikvision - The company is expected to achieve a net profit of 141.88 billion CNY in 2025, reflecting a year-on-year growth of 18.46% [40] - Hikvision's strategic shift towards high-quality, sustainable profit growth has led to improved operational efficiency and profitability [41] - The integration of AI into its product offerings is anticipated to drive long-term growth [42] Group 7: Company Tracking - Anfu Technology - The company is focusing on expanding its market presence in the semiconductor sector while maintaining strong performance in its core battery business [45] - Projected earnings per share for 2025 to 2027 are expected to show significant growth, driven by strategic acquisitions and market expansion [45] - The company is leveraging its established brand to enhance its competitive position in the charging market [46] Group 8: Overseas Report - Netflix - The company is projected to achieve revenues of 51.1 billion, 57.6 billion, and 64.6 billion USD from 2026 to 2028, with a focus on expanding its content offerings [48] - Netflix's advertising revenue is expected to double, contributing significantly to its overall financial performance [51] - The acquisition of Warner Bros. is anticipated to enhance content diversity and production capabilities [51]

Core Viewpoint - Songhe Liquor's "Songhe Home Delivery" store opened in Zhengzhou, marking a significant step in the company's transformation post-bankruptcy restructuring, with plans to open over 2000 stores by 2026 [1][2][3] Group 1: Company Transformation - The opening of the first "Songhe Home Delivery" store is part of a series of changes driven by the new controlling entity, Guoquan Industrial, following Songhe's bankruptcy restructuring [3] - Guoquan Industrial has injected over 180 million yuan into Songhe Liquor since taking over operations in January 2024, aiming to stabilize and revitalize the company [3][4] - A significant management overhaul occurred, with the replacement of the previous leadership and a restructuring of the product line, reducing the number of products from over 438 to three main series [4][6] Group 2: Market Strategy - The "Songhe Home Delivery" model aims to create a community-focused service platform, integrating daily necessities like breakfast and baked goods to attract consumer traffic [7][8] - The company plans to leverage digitalization and instant delivery to transform traditional liquor consumption patterns, targeting younger consumers' demand for convenience [7][10] - Songhe's strategy includes launching a new 9.9 yuan pure grain liquor to capture the growing low-end market, while also developing a high-end product line to enhance brand value [9][10] Group 3: Competitive Landscape - The liquor market in Henan is highly competitive, with approximately 4000 brands and a total market size of about 66.8 billion yuan, making it challenging for Songhe to establish a foothold [10] - The company faces competition not only from local brands but also from national liquor brands that are increasingly penetrating the Henan market [10] - The success of the "Songhe Home Delivery" model will depend on its ability to replicate its business model across the planned 2000 stores and navigate the competitive dynamics of the market [10]

标题：海南离岛免税新政：解锁消费升级新体验，打造购物天堂新篇章 正文： 海南离岛免税政策的实施，为国内外消费者带来了前所未有的购物便利与优惠。自新政推行以来，免税购物金额呈现显著增 长，不仅彰显了海南作为国际旅游消费中心的吸引力，也反映了消费者对高品质生活的追求。这一政策究竟有哪些亮点？它如 何改变人们的购物习惯？本文将从第三方视角为您解读海南离岛免税新政的科普分享。 新政推行后，海南免税购物渠道更加多元化。消费者既可以在实体店体验商品，也可以通过线上平台提前下单，离岛时便捷提 货。此外，海南还推出了"邮寄送达"服务，进一步提升购物体验。这种线上线下融合的模式，不仅节省了时间，还让购物过程 更加灵活高效。 三、价格优势：正品保障与全球竞争力 海南免税商品的价格优势是其吸引消费者的关键之一。由于免去了关税、进口环节增值税和消费税，免税商品的价格往往低于 国内市场零售价，部分商品甚至比海外专柜更具竞争力。同时，海南免税店均由权威机构监管，确保商品来源可靠，品质有保 障，让消费者买得放心。 四、消费升级：政策助力经济循环 海南离岛免税政策的实施，不仅为消费者带来了实惠，也为海南自贸港建设注入了活力。免税购物的繁荣带 ...

鸡蛋的安全问题始终是消费者的隐忧。普通鸡蛋若未充分加热，可能存在沙门氏菌感染风险，尤其是对 婴幼儿、孕妇及免疫力较弱人群危害更大。而高品质可生食鸡蛋通过严格的生产流程，将这一风险降至 最低。 以黄天鹅的生产体系为例，其从种源筛选开始，对每一枚种蛋进行多轮沙门氏菌检测与净化；鸡苗需通 过两道严格体检后，进入无沙门氏菌的专用鸡舍饲养；饲养过程中，环境温度、空气质量、饲料与饮水 均通过智能化设备精准控制，避免外源微生物污染；最终，每枚鸡蛋还需经过抽检与破碎检测，确 保"零沙门氏菌"。这一系列技术壁垒，构建了可生食鸡蛋的安全"护城河"。 市场乱象中的理性选择：标准与品牌的双重保障 鸡蛋，作为日常饮食中不可或缺的基础食材，其价值正在被重新定义。过去，消费者选购鸡蛋时多关注 价格与新鲜度；而今，随着健康意识的提升与消费需求的升级，高品质可生食鸡蛋正成为越来越多人的 首选。这一转变背后，既是食品安全认知的深化，也是对营养与品质生活的追求。 从"吃饱"到"吃好"：健康需求驱动消费升级 传统观念中，鸡蛋的"好"往往局限于"新鲜"与"便宜"。然而，近年来的多项研究表明，鸡蛋中的胆固醇 对血液胆固醇水平的影响远小于人体自身合成的内 ...

分析报告·内参 中采内参20260122： 资本市场与消费增长联动 2026 年 1 月 22 日 中采内参 我司于2019年的内参报告《中采内参190307：资本市场将带动创 新与消费》中曾提及："发达国家的经验表明，资本市场越成熟，居 民的消费能力越强。"我们认为，无论是市场化程度较高的美国，还 是正深化资本市场改革的中国，均呈现"股市先行、消费跟进"的联 动。股市波动通过财富效应、供给创新和预期传导，领先消费支出变 动，中美两国的数据均支撑这一规律。 未来，随着股市持续稳健上扬，居民的投资收入将逐步增加，消 费需求会从以往以实物消费为主，更多地转向服务消费，促使消费结 构朝着高品质、多样化、优体验的方向转变，最终构建出一个与资本 市场成熟度相匹配、满足居民美好生活需求的消费新生态。 一、美国股市与消费的关系 消费支出的变动往往滞后于股指波动，这一特征在股市震荡期间 极为显著。 1960-1980年，美国股市经历了长达20年的震荡期。在此期间， 个人消费支出增速波动明显滞后于股指波动（图1），股市的财富效 应影响了居民的消费意愿和消费决策。 数据分析有关国家经济决策，未经允许，请勿外传。1 2026 年 ...

记 者丨 周 亦 洋 编 辑丨张 星 2025年我国经济总量突破140万亿元，经济发展实现新跨 越。这不仅是五年连跨四个10万亿级台阶的稳健轨迹,更是"十 四五"规划收官之年交出的硬核答卷。 回望"十四五"时期,我国发展成色更足、动能更劲,在多 个领域取得重大进展，创新发展取得新突破,全球百强科技创新 集群数量,我国已经连续3年位居世界第一;改革开放迈出新步 伐,全国统一大市场建设纵深推进,营商环境持续优化,制度型 开放"含金量"持续提升;绿色转型展现新面貌,我国构建起了 全球最大、发展最快的可再生能源体系,建成了全球最大最完整 的新能源产业链;民生改善取得新成效,全球规模最大的教育、 医疗和社会保障体系持续巩固。 1 >> 140万亿GDP背后的中国经济底气 2025年，中国国内生产总值首次跃上140万亿元新台阶，五 年间连续迈过110万亿、120万亿、130万亿、140万亿元四个关 键关口,以年均5.4%的增速在全球主要经济体中持续领跑,对世 界经济增长的贡献率预计达到30%左右,成为世界经济增长的主 要动力源。 从需求方面来看,社会消费品零售总额突破50万亿元,进出 口总额连续四年超过40万亿元，反映出 ...

从"将就"到"讲 究"！广货行天 下，带您洞见宠 粮行业新趋势_ 南方+_南方plus 宠物食品"三段 式"进化 早年间，宠物饲 养多以看家护院 等功能性需求为 核心，"宠物专 用食品"的概念 尚未成型。彼 时，宠物的食物 多是人类的剩饭 菜，仅能满足最 基础的饱腹需 求，宠物食品行 业尚处于空白阶 从昔日剩饭菜果 腹，到如今定制 化科学喂养；从 普通日常口粮， 到春节专属千 元"年夜饭"礼 盒，中国宠物食 品的迭代之路， 不仅是养宠观念 从"将就"到"讲 究"的蜕变缩 影，更是消费升 级与宠物经济爆 发的鲜活注脚。 想要把握宠物食 品赛道最新趋 势？这场盛典给 您答案！1月22 日至25日，"媒 体+"广货行天下 ·首届大湾区宠 物行业年度盛典 暨宠物年货节将 在广州塔盛大举 办，集结全产业 链力量，共绘宠 物食品行业发展 新蓝图。 曾经"剩饭菜"如 今"压岁粮" 段，既无成熟品 牌，更无统一标 准。 随着城市化进程 加快，宠物逐渐 成为人们的情感 寄托，"情感型 养宠"成为主 流。养宠人开始 关注宠物健康， 逐渐意识到剩饭 菜无法满足宠物 的专属营养需 求，宠物食品行 业由此应运而 生。这一时期， 外资品 ...

走进双浦的蝴蝶兰基地，眼前的盛况用"花海"形容毫不为过。红的、紫的、白的、黄的、粉的，争 奇斗艳的蝴蝶兰令人目不暇接。 "红中带紫、色彩艳丽的传统喜庆色仍是年宵花主流。"百盛基地负责人莫晓东指着"藏宝图""红蝴 蝶"等款式介绍，这些蝴蝶兰契合中国人过年的喜庆氛围，每年都是热销款；"黄金满堂" 则因命名吉 祥，成为年节送礼、居家装饰的热门选择。 近两年，年宵花市场也涌现出一批新晋网红款。"年轻人对素雅、低饱和度的款式需求持续上 升，'马卡龙'系列凭借淡紫、浅黄等柔和色调脱颖而出。"莫晓东透露，所谓的"马卡龙"，是对用白色或 红色品种为基底，采用无毒生物颜料吸色处理的蝴蝶兰的统称，适配北欧极简、现代简约等装修风格， 避免了颜色突兀，备受年轻人追捧。 "今年蝴蝶兰价格和往常差不多，普通自然选育类单株售价在30至35元，传统喜庆色都是这个价位 段，'马卡龙'系列需使用生物颜料吸色，成本较高，单株价格在80元左右，高端的龙兰系列价格在几百 元到上千元不等。"莫晓东表示，从去年12月中旬开始，前来基地选购的客流量逐步上升，按照往年的 经验，今年年宵花的销售顶峰预计从1月底开始，持续至除夕前一周，"有条件的顾客可以选择工作 ...

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Today's domestic commodity futures market shows a general upward trend, with precious metals and non - ferrous metals rising strongly. Lithium carbonate rises over 7%, Shanghai tin over 5%, Shanghai gold over 3%, and synthetic rubber over 3%. Most black building materials decline, with glass and caustic soda falling over 2% [13]. - The US economy maintains a "light to moderate" expansion, inflation continues to cool, and the Fed maintains a cautious wait - and - see attitude, with the interest - rate cut expectation postponed to June. In China, the consumer market in 2025 exceeded 50 trillion yuan, growing by 3.7%, and consumption in 2026 is expected to grow steadily [13]. - The scenario of no interest - rate cut in January is basically confirmed, and the first interest - rate cut by the Fed within the year is expected to be postponed to June. Short - term risk assets may continue to adjust, while in the medium - term, long positions in stock indices, non - ferrous metals (copper, aluminum, tin), gold, and silver are still recommended [13]. 3. Summary by Relevant Catalogs 3.1 Financial Market Fluctuations - **Stock Index Futures**: On January 21, 2026, the CSI 300 futures price is 4722.8, with a daily increase of 0.54; the SSE 50 futures price is 3073.6, with a daily increase of 0.09; the CSI 500 futures price is 8371, with a daily increase of 1.71; the CSI 1000 futures price is 8231, with a daily increase of 1.57 [2]. - **Treasury Bond Futures**: The 2 - year Treasury bond futures price is 102.43, with a daily decrease of 0.01; the 5 - year Treasury bond futures price is 105.88, with a daily increase of 0.01; the 10 - year Treasury bond futures price is 108.2, with a daily increase of 0.04; the 30 - year Treasury bond futures price is 112.25, with a daily increase of 0.75 [2]. - **Foreign Exchange**: The US dollar index is 98.5413, with a daily decrease of 0.51; the US dollar central parity rate is 6.9602, with a daily decrease of 38 [2]. - **Interest Rates**: The 7 - day inter - bank pledged repo rate is 1.4948, with a daily increase of 1.76; the 10 - year Chinese Treasury bond yield is 1.8326, with a daily decrease of 0.67; the 10 - year US Treasury bond yield is 4.3, with an increase of 12 (no daily data provided) [2]. 3.2 Popular Industry Fluctuations - On January 21, 2026, among various industries, non - ferrous metals have a daily increase of 2.91%, basic chemicals 1.08%, steel 1.06%, and so on. Industries with a decline include agriculture, forestry, animal husbandry and fishery with a daily decrease of 0.74%, defense and military industry 0.02%, and so on [5]. 3.3 Overseas Commodity Fluctuations - **Energy**: On January 20, 2026, NYMEX WTI crude oil price is 59.52, with a daily increase of 0.3; ICE Brent crude oil has a daily increase of 0.09; NYMEX natural gas price is 3.891, with a daily increase of 25.39; ICE UK natural gas price is 90.58, with a daily decrease of 1.48 [8]. - **Precious Metals**: COMEX gold price is 4769.1, with a daily increase of 3.78; COMEX silver price is 94.46, with a daily increase of 6.69 [8]. - **Non - ferrous Metals**: LME copper price is 12753.5, with a daily decrease of 1.64; LME aluminum price is 3107.5, with a daily decrease of 1.61; LME zinc price is 3175, with a daily decrease of 1.44 [8]. - **Agricultural Products**: CBOT soybeans price is 1053, with a daily decrease of 0.45; CBOT corn price is 424, with a daily decrease of 0.18; CBOT wheat price is 510.5, with a daily decrease of 1.45 [8]. 3.4 Domestic Commodity Fluctuations - **Shipping**: The container shipping price on the European route is 1222.29, with a daily increase of 1.12 [11]. - **Precious Metals**: Gold price is 1092.94, with a daily increase of 3.06; silver price is 23112.13, with a daily increase of 0.31 [11]. - **Non - ferrous Metals**: Stainless steel price is 14707.87, with a daily increase of 2.36; aluminum price is 17119.84, with a daily decrease of 0.62 [11]. - **Energy and Chemicals**: Fuel oil price is 2535.35, with a daily increase of 1.17; low - sulfur fuel oil price is 3083.07, with a daily increase of 0.32 [11]. - **Black Building Materials**: Rebar price is 3121.39, with a daily decrease of 0.48; glass price is 1046.05, with a daily decrease of 1.61 [11]. - **Agricultural Products**: Soybean price is 4309.61, with a daily decrease of 0.62; palm oil price is 8824.72, with a daily increase of 0.95 [11]. 3.5 Macro Highlights - **Domestic Market**: Domestic commodity futures market shows an upward trend, with precious metals and non - ferrous metals rising strongly, and black building materials mostly falling [13]. - **Overseas Macro**: The US economy maintains a "light to moderate" expansion, inflation cools, consumption shows a "K - shaped" feature, industrial production rebounds unexpectedly, and the Fed postpones the interest - rate cut expectation to June [13]. - **Domestic Macro**: In 2025, China's consumer market scale exceeded 50 trillion yuan, growing by 3.7%, and consumption in 2026 is expected to grow steadily [13]. - **Asset Views**: Short - term risk assets may continue to adjust, while in the medium - term, long positions in stock indices, non - ferrous metals (copper, aluminum, tin), gold, and silver are recommended [13]. 3.6 Viewpoint Highlights - **Stock Index Futures**: The market is boosted by dual factors, but continuous upward movement awaits incremental funds, with a short - term judgment of volatile upward movement [14]. - **Options**: Option market liquidity is a concern for option - covered增厚 strategies, with a short - term judgment of volatility [14]. - **Treasury Bond Futures**: There are still disturbing factors in the bond market, and the long - end sentiment is weak, with a short - term judgment of volatility [14]. - **Precious Metals**: Gold and silver are expected to show a volatile upward trend, affected by factors such as liquidity expectations, geopolitical conflicts, and the US fundamentals [14]. - **Shipping**: The container shipping on the European route is supported by pre - Spring Festival shipments in the near - term, and the resumption of shipping in the far - term needs attention, with a short - term judgment of volatility [14]. - **Steel and Related Products**: Steel products, iron ore, coke, and coking coal are expected to show a volatile trend, affected by factors such as inventory, production, and policies [14]. - **Non - ferrous Metals and New Materials**: Non - ferrous metals are expected to show a volatile trend, with factors such as inventory, supply, and demand affecting their prices [14]. - **Energy and Chemicals**: Most energy and chemical products are expected to show a volatile trend, affected by factors such as supply and demand, costs, and policies [16]. - **Agriculture**: Agricultural products show a mixed trend, with some products expected to show a volatile upward trend and some a volatile downward trend, affected by factors such as weather, supply and demand, and policies [16].