风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 影视ETF（516620）跟踪的是中证影视指数（930781），该指数从A股市场中选取涉及影视制作、 发行及放映等业务的上市公司证券作为指数样本，以反映影视娱乐行业相关上市公司证券的整体表现。 成分股覆盖从内容创作到终端消费的全产业链，重点配置于影视动漫制作与电视广播等领域，充分体现 文化娱乐产业的特点。 1月9日，影视ETF（516620）涨超1.8%，行业回暖与AI赋能成焦点。 华鑫证券指出，2026年AI应用迎来"黄金元年"，得益于技术成熟、政策护航及市场需求共振三大拐 点，AI将深度赋能传媒与影视院线行业。影视院线方面，2025年全国电影票房同比增长21.3%至466.83 亿元，观影人次增长22.6%，票房增长主要由优质内容拉动观影需求驱动。2026年元旦 ...

Core Viewpoint - The article discusses the significant issues faced by Capita, a UK outsourcing giant, following the launch of a new pension system for civil servants, which has been met with widespread criticism due to its operational failures and inadequate user experience [1][3]. Group 1: Project Overview - The UK government awarded Capita a contract worth £239 million (approximately 2.26 billion RMB) for the management of the Civil Service Pension Scheme (CSPS), marking it as the largest pension system migration project in the UK public sector [3]. - The new system was officially launched on December 1, 2025, but it quickly turned into a nationwide IT disaster, failing to meet user expectations [3]. Group 2: User Experience Issues - On the first day of the system's launch, users encountered numerous basic problems, including login failures, dead links, and placeholder text on the website, leading to frustration and ridicule on social media [4][5]. - Users expressed that the system felt unfinished and unprofessional, comparing it to a poorly executed test version rather than a national-level system [4]. Group 3: Capita's Response - Capita's project manager, Chris Clements, suggested in an internal email that users should wait for the rollout of an AI chatbot and other contact methods before reaching out for help, which was met with backlash from users who simply wanted a functional website [6][7]. - The response from Capita was criticized as being out of touch with the immediate needs of users, who were facing significant issues with the system [7]. Group 4: Public Reaction and Trust Issues - The public reaction was overwhelmingly negative, with many users feeling that Capita was deflecting blame onto users for high traffic rather than addressing the system's shortcomings [8][9]. - Despite Capita reporting that over 83,000 members had registered and that they had increased staffing to over 500 employees to handle inquiries, the damage to user trust was evident, with many expressing skepticism about the company's commitment to resolving the issues [9][10].

Core Viewpoint - The company is focusing on digital transformation to support its multi-brand and multi-channel global strategy, enhancing operational efficiency through data-driven and AI-enabled approaches [1] Group 1: Digital Transformation - The company is building a unified data and process governance system to create an efficient digital foundation [1] - Key systems are being selected and developed across various business domains, including product research and development, marketing, production, and supply chain [1] Group 2: Innovation and Collaboration - The company has initiated an AI formula large model project in collaboration with external technology partners to explore intelligent research and development paths [1] - The aim is to facilitate product innovation and the accumulation of experiential assets [1] Group 3: Decision-Making Efficiency - The company is actively leveraging data and AI to enhance decision-making efficiency and innovate business models [1]

Core Insights - In the context of the challenge where "funds make money, but investors do not," JD Wealth reported that over 80% of equity fund clients achieved profitability in 2025 [1][2] - The wealth management industry is transitioning from a "shelf model" to an "asset allocation and user service advisory model," with a strong emphasis on AI application to enhance personalized services [1][4] Group 1: Performance Metrics - JD Wealth's equity fund client profitability rate reached 84%, while the average return for personal pension users was 15% [4] - The business saw significant growth in various asset categories: equity holdings increased by 82%, index fund holdings by 105%, stable income + holdings by 206%, and personal pension holdings by 241% [2][4] Group 2: Strategic Focus - The focus of JD Wealth is not on expanding its own scale but on enhancing investor satisfaction and experience [4] - The company aims to upgrade its core capabilities in "products, services, and pricing" while leveraging AI technology to deepen its wealth ecosystem [6][8] Group 3: TAMP Model Development - JD Wealth is actively exploring the TAMP (Total Asset Management Platform) model, which integrates investment research, allocation, trading, and operations to provide customized asset management solutions [10] - In 2025, the TAMP model added 210,000 new clients, with a repurchase rate of 52% and an average holding period of 235 days, achieving nearly 88% profitability among holding clients [10] Group 4: AI Integration and Service Enhancement - The integration of AI is set to redefine wealth management services, enabling features like instant account opening and automated risk alerts [8][11] - JD Wealth is enhancing its service capabilities by providing personalized support through AI tools, which assist financial advisors in delivering tailored services to clients [11]

Core Viewpoint - The film and entertainment industry is experiencing a recovery in demand, driven by performance and AI empowerment, as indicated by the recent performance of the film ETF (516620) which rose over 0.8% [1] Industry Summary - The core drivers of the media and internet industry remain performance-driven growth and AI integration [1] - The national box office for December 2025 is projected to reach 37.13 billion yuan, representing a year-on-year increase of 57.93% and a month-on-month increase of 4.50% [1] - The performance of imported films is notable, with "Zootopia 2" leading the box office for the month at 20.98 billion yuan [1] - Screening data shows a year-on-year increase of 5.34% in the number of screenings and a 54.74% increase in audience attendance, indicating a rising trend in demand [1] - Wanda Cinemas remains the industry leader with a box office share of 6.09 billion yuan, highlighting significant head effects [1] - With the upcoming Spring Festival, January is expected to see the release of 29 new films, indicating a positive supply-side outlook for the industry [1] ETF and Index Summary - The film ETF (516620) tracks the CSI Film Index (930781), which selects listed companies involved in film production, distribution, and screening from the A-share market [1] - The index reflects the overall performance of listed companies in the film and entertainment industry, covering various sectors including film and animation production, television broadcasting, video media, and cinema [1]

原标题： 1月6日，自治区党委书记、自治区人大常委会主任、自治区涉重金属环境安全隐患排查整治工作领 导小组组长陈刚在南宁主持召开领导小组第八次会议，深入学习贯彻党的二十届四中全会和中央经济工 作会议精神，贯彻落实习近平生态文明思想和习近平总书记关于广西工作论述的重要要求，总结2025年 全区涉重金属环境安全隐患排查整治工作，研究部署2026年重点工作任务。自治区主席、领导小组组长 韦韬出席并讲话，自治区党委副书记、领导小组规划发展组组长王维平出席会议。 会议肯定了过去一年全区排查整治工作取得的进展成效。会议指出，去年以来，自治区党委、政府 以壮士断腕、刮骨疗毒之决心开展涉重金属环境安全隐患排查整治专项行动，统筹推进涉重金属污染整 治和有色金属关键金属产业高质量发展，坚持五级书记抓排查整治，推动涉重金属污染整治攻坚战取得 突破；全面落实"十个一"重点工作，推动有色金属产业高端化、智能化、绿色化、规模化、园区化发 展；坚持科技创新、AI赋能，有色金属关键金属产业智能化水平不断提升；坚持倒查十年、精准问 责，推动政治生态、自然生态"两个生态"一并修复；齐抓共治、形成合力，营造推进涉重金属污染治理 的浓厚氛围。 会议 ...

Core Viewpoint - The growth of the media and internet industry in China is driven by performance and AI empowerment, with a focus on increasing AI investments and the long-term benefits of core internet assets in the Hong Kong stock market [1] Group 1: Film Industry - The performance of imported films has been strong, with a significant year-on-year increase in box office revenue [2] - In December 2025, the national box office reached 3.713 billion yuan, a year-on-year increase of 57.93% and a month-on-month increase of 4.50% [2] - The film "Zootopia 2" achieved a monthly box office of 2.098 billion yuan, accounting for 56.5% of the total box office for the month [2] - A total of 83 films were released in December, representing a year-on-year increase of 43.10% and a month-on-month increase of 56.60% [2] - An estimated 29 new films are expected to be released in January 2026 [2] Group 2: Gaming Industry - The domestic gaming market achieved a record sales revenue of 350.789 billion yuan in 2025, with a year-on-year growth of 7.68% [3] - The user base reached 683 million, marking a year-on-year increase of 1.35% [3] - The mobile gaming market generated 257.076 billion yuan in revenue, with a year-on-year increase of 7.92% [3] - The client-based gaming market saw a significant revenue increase of 14.97%, totaling 78.16 billion yuan [3] - A total of 1,676 domestic game licenses were issued in 2025, a nearly 30% increase compared to the previous year [3] Group 3: Marketing Industry - The overall advertising market expenditure increased by 5.4% year-on-year from January to November 2025, with November showing a 16.6% year-on-year increase [4] - Specific industries such as telecommunications, personal care, entertainment, and IT services saw significant advertising expenditure growth, with increases of 86.1%, 62.0%, 22.9%, and 17.8% respectively [4] - Conversely, industries like pharmaceuticals, alcoholic beverages, and cosmetics experienced declines in advertising expenditure, with decreases of -14.6%, -10.3%, and -6.3% respectively [4] Group 4: AI Industry - Meta completed the acquisition of Manus, marking its third-largest acquisition since its inception [5] - Domestic AI company DeepSeek released two new models, achieving performance levels comparable to GPT-5 [5] - Two companies, Zhiyu Huazhang and MiniMax, are expected to go public in early 2026 after passing the Hong Kong Stock Exchange's listing hearing [5] Group 5: Investment Recommendations - Focus on Hong Kong internet companies with stable growth and improving profitability, particularly in the internet video platform sector and leading domestic AI video tool companies [6] - Emphasize AI applications and related industry chains, as well as content production sectors [6] - Consider traditional publishing companies that are exploring new business opportunities as the Lunar New Year approaches [6]

Investment Rating - The report rates the industry as "Outperforming the Market" [5] Core Insights - Gold prices have reached new highs, with COMEX gold surpassing $4,500 per ounce, and a projected increase of 63% for the entire year of 2025. Domestic brands like Chow Tai Fook and Lao Pu have seen their gold prices rise to around 1,400 RMB per gram [1][13] - The new VAT policy effective from November has reduced the input tax deduction rate from 13% to 6%, putting pressure on both costs and demand for domestic gold jewelry brands. This has led to a shift from "seeking scale" to "improving quality and efficiency" [1][14] - Major brands such as Lao Pu, Jun Pei, and Chow Tai Fook have entered a cycle of frequent and significant price increases, with high-end fixed-price products seeing price hikes of 10%-30% multiple times throughout the year [1][15] Summary by Sections Gold Price Trends and Brand Pricing Strategies - The gold price reached a new high of $4,546.2 per ounce on December 26, 2025, marking a 63% increase from the beginning of the year. Domestic gold jewelry prices have also surged, with average retail prices rising from 805 RMB per gram to around 1,410 RMB [13][14] - Major brands have implemented multiple price adjustments throughout 2025, with Lao Pu leading the way. The average price increase across top brands has ranged from 30% to 60% [15][19] Inventory and Turnover Analysis - Chow Tai Fook has the largest inventory, while Lao Pu has seen a significant increase in stock levels. Other brands have shown stable growth, with Lao Feng Xiang notably reducing inventory [2][26] - Inventory turnover rates have generally declined, but brands like Chao Hong Ji and Cai Bai have seen significant improvements year-on-year [2][26] Key Company Announcements and Industry News - Six brands, including Liu Fu Group and Kid King, reported substantial profit increases, with Liu Fu's profit rising by 44.1% to 600 million HKD [2][28] - The National Development and Reform Commission and the Ministry of Finance announced a new policy for large-scale equipment updates and consumer goods exchange, with a subsidy of up to 15% on the first batch of 625 billion RMB in special bonds [2][31] Investment Recommendations - The report recommends focusing on high-quality jewelry brands such as Lao Pu and Chao Hong Ji, which have a strong brand presence and craftsmanship barriers. The long-term outlook for gold prices remains bullish due to ongoing central bank purchases and a favorable interest rate environment [3][33]

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 89.20 CNY [5][16]. Core Insights - The company is leveraging AI technology and a city-based base sinking strategy, in collaboration with Fenbi, to accelerate its market share growth and reshape the public examination industry [2][12]. - The company is expected to achieve significant revenue growth, with projected net profits for 2025-2027 at 312 million, 438 million, and 543 million CNY respectively, and EPS of 1.58, 2.23, and 2.76 CNY [12][16]. - The strategic partnership with Fenbi is anticipated to enhance competitive barriers and operational efficiency in the vocational education market [12][21]. Financial Summary - Total revenue is projected to grow from 247 million CNY in 2023 to 5,159 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of 131.3% in 2024 [4][13]. - The net profit is expected to turn from a loss of 92 million CNY in 2023 to a profit of 543 million CNY by 2027, indicating a significant recovery and growth trajectory [4][13]. - The company’s gross margin is projected to improve from 53.48% in 2024 to 57.16% by 2027, driven by brand effect and operational efficiency [19][21]. Industry Analysis - The number of college graduates in China is expected to exceed 12 million by 2025, creating a sustained demand for public examination training [32][46]. - The public examination training market is projected to reach approximately 151 billion CNY in 2025, with a potential growth to 237 billion CNY by 2030 [46][47]. - The company is positioned to benefit from the increasing number of civil service examination candidates, which has shown a consistent upward trend [41][46].

Core Insights - The logistics industry is entering a phase of stock competition, with growth rates slowing to single digits due to various factors such as weak e-commerce growth and regulatory pressures [2][4] - The rise of instant retail is reshaping consumer behavior and threatening traditional logistics business models, with significant growth expected in the sector [15][18] - The integration of AI technology is revolutionizing operational efficiency in the logistics sector, enhancing service quality and operational management [9][11] Group 1: Industry Trends - Trend 1: The industry is shifting towards stock competition, leading to intensified price competition and a need for companies to innovate and improve service quality [4] - Trend 2: The challenge of increasing delivery fees persists due to ongoing price wars and a lack of motivation for fee increases among logistics providers [5][7] - Trend 3: AI is being embedded across all logistics processes, significantly improving efficiency and reducing complaint rates [9][10] Group 2: Market Dynamics - Trend 4: The elimination of underperforming logistics points is accelerating due to increased competition and regulatory pressures, with a focus on cost reduction and service improvement [12][14] - Trend 5: Instant retail is rapidly growing, with major platforms achieving significant daily order volumes, posing a threat to traditional logistics operations [15][17] - Trend 6: Chinese logistics companies are expanding internationally, driven by domestic competition and global opportunities, although they face challenges such as high operational costs and cultural differences [19][21]