Core Viewpoint - The collaboration between Yuewen Group and Shengshu Technology marks a significant step in the application of AIGC (AI-Generated Content) in the industry, combining leading content platforms with advanced AI technology [1] Group 1: Company Collaboration - Yuewen Group's "Yuewen Comic Assistant," focused on IP visualization development, will fully integrate Shengshu Technology's newly released multimodal model, Vidu [1] - This partnership signifies a substantial advancement in the industrial application of AIGC, showcasing the synergy between a top content platform and a leading AI technology company [1] Group 2: Technology Integration - The Vidu model's multimodal generation capabilities will be deeply embedded in the creative workflow of the Yuewen Comic Assistant, providing AI-generated support from images to videos for platform creators [1] - The collaboration aims to accelerate the iterative optimization of the model in vertical fields, leveraging Vidu's AI generation capabilities alongside Yuewen's vast IP resources [1] Group 3: Future Expansion Plans - The partnership intends to offer a one-stop solution for creators, from IP to visual content, and plans to expand future collaborations into broader areas such as AI live-action dramas [1]

Summary of Ji Hong Co., Ltd. Conference Call Industry and Company Overview - **Company**: Ji Hong Co., Ltd. - **Industry**: Cross-border e-commerce and packaging Key Points and Arguments Cross-border E-commerce Growth - Ji Hong's cross-border e-commerce business is experiencing rapid growth in Northeast Asia and Eastern Europe, with Eastern Europe benefiting from the application of AIGC tools, achieving growth rates of 60%-70%, with some quarters exceeding 100% year-on-year [2][4] - The annual growth rate in Northeast Asia is stable at 30%-40% [2][5] - The company expects overall revenue growth in cross-border e-commerce to exceed 20% by 2026, driven by continued expansion in Northeast Asia, Europe (especially Eastern Europe), and Southeast Asia [2][7] Profitability and Margins - Ji Hong has improved its gross margin from approximately 50% in 2021 to nearly 60%, with specific regions reaching 70% [2][9] - The net profit margin for the cross-border e-commerce business remains stable at 5%-8%, focusing more on market share and order volume [2][10] - The e-commerce model features low inventory, with a stock-to-sales ratio maintained at no higher than 4%, significantly lower than the industry average [2][13] Regional Performance - Northeast Asia accounts for about 40% of total revenue, with a high customer loyalty and low fulfillment costs [4] - Eastern Europe contributes approximately 25% of total revenue, with significant growth potential due to the application of AIGC tools [4] - Southeast Asia represents about 20% of revenue, with an annual growth rate of 10%-15% [4][6] Inventory Management - Ji Hong's low inventory model is characterized by a stock-to-sales ratio of no more than 4%, compared to the industry standard of 15%-20% [2][13] - The company employs a model where 50% of orders are fulfilled based on existing orders, which requires high logistics and customer service efficiency [2][13] Currency Risk Management - The company collaborates with financial institutions like HSBC and Citibank to hedge against currency fluctuations, ensuring that cross-border e-commerce revenues are protected [2][16] Free Brand Development - Ji Hong has developed four major brands since launching its free brand strategy in 2022, with total revenue expected to exceed 400 million RMB in 2025 and target 600-800 million RMB in 2026 [3][17] - The brands include a sunshade brand, women's lingerie, pet strollers, and electric mountain bikes [17] Packaging Business Performance - The packaging business is expected to grow significantly in 2025, particularly in food-grade packaging, with over 10% revenue growth [21] - The company plans to build a new food-grade factory in Zhangjiagang, Jiangsu, to further expand its QSR packaging business [21] AI Integration - Ji Hong has invested in AI tools since 2018, significantly enhancing its e-commerce operations and achieving a substantial increase in gross margins and order volumes [26] - The company anticipates that the number of orders will exceed 20 million by 2026, showcasing the importance of AI in its business model [26] Future Plans - Ji Hong plans to add two new factories in 2026, including one in Jiangsu and another overseas, to significantly increase production capacity [27] - The company aims for social e-commerce to achieve over 20% growth in Northeast Asia and Europe [27] Other Important Insights - The company maintains a focus on controlling downside risks in capital utilization rather than pursuing high returns [15] - Ji Hong's strategy includes long-term partnerships with local events to enhance brand visibility and consumer engagement [20]

今日关注 本周全球市场大事不断：中国2025年12月外贸数据、美国CPI及PPI数据将陆续公布；美国最高法院或公 布关税裁决；美联储将发布最新褐皮书，多位美联储官员将密集发声；美股财报季开启，摩根大通等将 披露最新业绩。重要会议方面，七国集团（G7）加其他国家财长会议将举行，中国核聚变与AIGC大会 召开。 宏观经济 1、1月10日至11日，全国商务工作会议在京召开。会议指出，全国商务系统2026年将重点做好深入实施 提振消费专项行动、推进全国统一大市场建设等八个方面工作。 2、国家医保局11日启动"个人医保云"建设试点。"个人医保云"将重点对接处理医院、药店、家庭智能 监测设备等数据，整合个人健康档案，形成个人医保财务档案，提供费用分析与医疗保障建议。 3、11日，由中国兵器工业集团完全自主研发的"天马-1000"无人运输机成功首飞。该型无人机是国内首 款实现"高原复杂地形适配、超短距起降、货运空投双模快速切换"的中空低成本运输平台。 4、据央视财经，截至1月9日，国内春节假期机票预订总量超300万张，日均预订量同比增长约20%。海 口在热门前10名城市中增速领跑，同比增长了1.2倍；三亚增长90%。拉萨、 ...

Core Insights - A total of 148 listed companies in the Shanghai and Shenzhen markets have been surveyed by institutions this week, with the electronics, machinery equipment, and computer industries receiving the highest frequency of attention [1] Industry Summary - **Primary Industries with Institutional Surveys**: - Electronics: 22 companies - Machinery Equipment: 12 companies - Computer: 12 companies - Power Equipment: 8 companies - Automotive: 9 companies - Basic Chemicals: 8 companies - Environmental Protection: 6 companies - Non-ferrous Metals: 7 companies - Defense and Military: 5 companies [2] - **Sub-sectors with Increased Attention**: - General Equipment, Computer Equipment, and Automotive Parts are the top three sectors in terms of institutional focus. Additionally, Environmental Governance and Industrial Metals have seen a rise in attention [3] Company-Specific Insights - **Most Frequently Surveyed Company**: - Bointech Welding has been surveyed 5 times, indicating strong institutional interest [4] - **Top Companies by Institutional Visit Reception**: - Chaojie Co., Ltd.: 129 visits - Entropy Technology: 128 visits - Yiwang Yichuang: 94 visits [4] - **Market Performance**: - AIGC concept stocks have been active this week, with Liou Co., Ltd. reporting on its AI marketing initiatives, including the development of specialized AI agents for various marketing tasks. The company is exploring the transition from single AI applications to multi-agent collaboration [4][5] - **Recent Developments in Other Companies**: - Borui Communication is focusing on enterprise-level AI applications and has evolved its main product into a comprehensive content distribution platform, receiving positive feedback from clients across various sectors [7] - Qianfang Technology is leveraging AI to reconstruct transportation value, aiming to become a leader in the AI + transportation sector, particularly in automated logistics [9]

Group 1 - Canadian Prime Minister will visit China from January 13 to 17 to discuss trade, energy, and security issues [1] - The People's Bank of China is expected to release data on social financing scale, M2, and new RMB loans for December 2025 next week [1] - China will announce December import and export data on January 14, with expectations of a decline in year-on-year export growth due to base effects [1] - The first fundamental law in China's nuclear energy sector, the Atomic Energy Law, will take effect on January 15 [1] - The U.S. government is facing a funding crisis again, with a risk of shutdown at the end of the month, prompting Congress to expedite funding legislation [1] - The U.S. Supreme Court has postponed its ruling on the Trump tariff case, with the next ruling scheduled for January 14 [1] - The U.S. will release December CPI data on January 13, with expectations of a significant rebound in core CPI, attributed to statistical distortions during the government shutdown [1] Group 2 - Two key U.S. economic data points, October and November PPI and November retail sales, will be released on January 14, alongside the Fed's latest Beige Book survey [2] - Ahead of the month-end interest rate meeting, several Federal Reserve officials will speak, including the presidents of the New York, Philadelphia, and Minneapolis Fed [2] - The G7 finance ministers will meet in Washington on January 12 to discuss rare earth issues [2] Group 3 - The People's Bank of China will have 138.7 billion yuan in reverse repos maturing next week, with specific amounts maturing each day [3] - 23 stocks in the A-share market will face lock-up expiration next week, corresponding to a market value of over 48 billion yuan based on the closing price on January 9 [3] - Four companies will be listed on the Hong Kong stock market next week, including the listing of Haowei Group on January 12 [3] - The second China eVTOL Innovation Development Conference is scheduled for January 15-16 in Shanghai, focusing on the theme of innovation in the eVTOL commercial era [3] - The fifth AIGC China Developer Conference will be held on January 17 in Beijing, themed around ecology, support, domestic production, and trends [3] - The 2026 Nuclear Fusion Energy Technology and Industry Conference will take place on January 16-17 in Hefei, Anhui, aimed at accelerating funding and technological cooperation in the nuclear fusion industry [3] Group 4 - TSMC is set to release its Q4 2025 financial report before the U.S. market opens on January 15, with expected revenue of approximately 1.011 trillion New Taiwan dollars and earnings per share of 2.72 New Taiwan dollars [4] - JPMorgan has kicked off the quarterly earnings season for major U.S. banks [4]

Group 1 - Canadian Prime Minister will visit China from January 13 to 17 to discuss trade, energy, and security issues [1] - A new round of national procurement for high-value medical consumables will officially start, with bidding on January 13 [1] - The first basic law in China's nuclear energy sector, the Atomic Energy Law, will take effect on January 15 [1] Group 2 - The People's Bank of China will have 1,387 billion yuan of reverse repos maturing next week, with specific amounts maturing each day [1] - 23 stocks in the A-share market will face unlocks next week, with a total market value exceeding 48 billion yuan [1] - Two companies will begin subscription in the A-share market next week, with specific dates for each [1] Group 3 - Four companies will be listed in the Hong Kong stock market next week, with specific listing dates for each [1] - The second China eVTOL Innovation Development Conference is scheduled for January 15-16 in Shanghai [1] - The fifth AIGC China Developer Conference will be held on January 17 in Beijing [1] Group 4 - The Federal Reserve officials will make several public statements next week, including key figures from various regional banks [1] - The G7 finance ministers will meet on January 12 in Washington to discuss rare earth issues [1] - TSMC will release its fourth-quarter financial report before the US market opens on January 15, with expected revenue of approximately 1.011 trillion New Taiwan dollars [1]

Group 1 - The AIGC Developer Conference is set to take place next week, with institutions predicting that China's AI market will grow to 993 billion yuan by 2030, and a company has formed strategic partnerships with Minimax and others [1] - China has seen an increase of 200,000 satellite applications, and SpaceX is deploying an additional 7,500 Starlink satellites, indicating a new phase of rapid development in the commercial space sector. A company has successfully developed and launched dozens of commercial satellites, with its aerospace components and satellite application products covering space, ground, application, and terminal segments [1] - A company holds a 1.0469% equity stake in Blue Arrow Aerospace [1]

图与灵AIGC以"技术赋能创意，数据激发灵感"为核心，为品牌提供高效、准确、富有感染力的视觉内容，帮助客户在数 字化浪潮中脱颖而出。 （编辑 郭之宸） 图与灵AIGC的创立，意味着因赛集团进一步加速在AI营销领域的布局。截至目前，因赛集团已构建起营销AI应用矩阵， 旗下控股/参股了多个AI模型及应用，如因赛AI（一个多智能体技术底座+品效销三类场景应用，已完成"模型"与"算法"双备 案）、智眸AI（达人营销投放）、图与灵AIGC（内容创意生成）和昕搜AI（GEO搜索引擎优化）。 本报讯 （记者李雯珊 见习记者张美娜）近日，广东因赛品牌营销集团股份有限公司（以下简称"因赛集团"）微信公众号 显示，因赛集团控股子公司上海天与空广告股份有限公司与行业专家陈锐、黄达强等发起设立上海图与灵文化传媒有限公司 （以下简称"图与灵AIGC"）。图与灵AIGC是一家专注于AI驱动创意的新型AIGC内容创意公司，业务范围涵盖从平面到视频 等视觉物料创意及AIGC全流程执行，包括创意内容智造体/10K级商业平面落地/4K精度多模型TVC等。 ...

Group 1: Economic Data and Trends - China's total goods trade import and export value reached 41.21 trillion yuan in the first 11 months of 2025, a year-on-year increase of 3.6%, with exports at 24.46 trillion yuan (up 6.2%) and imports at 16.75 trillion yuan (up 0.2%) [2][17] - In November 2025, China's goods trade growth accelerated, with total trade value of 3.9 trillion yuan, a growth of 4.1%, including exports of 2.35 trillion yuan (up 5.7%) and imports of 1.55 trillion yuan (up 1.7%) [2][17] - M2 and social financing scale growth rates remained high in November 2025, supporting a favorable monetary environment for economic recovery, with expectations for continued moderate monetary policy in 2026 [3][18] Group 2: Financial Market Developments - A total of 1,387 billion yuan in reverse repos will mature next week, with specific amounts maturing each day [4][19] - Over 480 billion yuan in market value of restricted stocks will be unlocked from January 12 to 16, 2026, with 23 stocks facing unlocks, including Zhongke Lanyun with over 10 billion yuan [28][29] - Two new stocks are set to be issued next week, with Aishalun on January 12 and Hengyunchang on January 16 [30][31] Group 3: Industry Events and Regulations - The second China eVTOL Innovation Development Conference will be held in Shanghai from January 15 to 16, 2026, focusing on innovation in the eVTOL commercial era [5][21] - The new batch of high-value medical consumables procurement organized by the state will start on January 13, focusing on drug-coated balloons and urological intervention consumables [6][22] - The Atomic Energy Law will officially take effect on January 15, 2026, providing a legal framework to support controlled thermonuclear fusion research [7][23] - The焦煤 options will officially be listed on January 16, 2026, marking the first options product in China's black series industry chain [8][24]

Group 1 - China will release its trade balance for December 2025 on January 14, with total goods trade value for the first 11 months reaching 41.21 trillion yuan, a year-on-year increase of 3.6%. Exports were 24.46 trillion yuan, up 6.2%, while imports were 16.75 trillion yuan, up 0.2% [1] - In November 2025, China's goods trade showed a recovery with a total value of 3.9 trillion yuan, growing by 4.1%. Exports were 2.35 trillion yuan, increasing by 5.7%, and imports were 1.55 trillion yuan, rising by 1.7% [1] - Financial data for December 2025 is expected to be released next week, with November's data showing M2 and social financing growth rates remaining high, supporting a favorable monetary environment for economic recovery [1] Group 2 - The U.S. will release its December 2025 CPI data on January 13, with November's CPI showing a year-on-year increase of 2.7% and core CPI at 2.6%. This has led to market adjustments regarding the Federal Reserve's potential interest rate cuts in 2026 [2] - Several industry conferences are scheduled, including the second China eVTOL Innovation Development Conference from January 15-16, 2026, in Shanghai, focusing on the theme of "Innovation Leading, Smartly Opening a New Commercial Era for eVTOL" [2] Group 3 - Over 480 billion yuan worth of restricted shares will be unlocked in the A-share market next week, with 23 stocks facing unlocks, including Zhongke Lanyun, which has over 10 billion yuan in restricted shares [3][4][5] Group 4 - Two new stocks will be issued next week: Aisheren on January 12, priced at 15.98 yuan, and Hengyunchang on January 16, listed on the Sci-Tech Innovation Board [6][7]