Core Viewpoint - Fosun Tourism Group is focusing on a light asset strategy post-privatization, aiming to expand its Club Med brand and develop new product lines, including super cultural tourism malls, by 2035 [2][4]. Group 1: Club Med Expansion - By 2035, Fosun plans to operate 100 Club Med Mediterranean resorts, 20 Club Med Joyview resorts, and 5 super cultural tourism malls globally [2][3]. - Club Med Mediterranean resorts account for nearly 90% of Fosun's revenue, with reported operating revenue of 10.23 billion yuan, of which 9.25 billion yuan comes from Club Med [2][4]. Group 2: Super Cultural Tourism Malls - The first super cultural tourism mall is set to open in Chongqing in 2026, covering nearly 500,000 square meters and featuring immersive theme districts and indoor theme parks [3]. - The strategy for super cultural tourism malls focuses on revitalizing existing assets in prime locations, indicating a shift towards commercial tourism transformation [3][4]. Group 3: Asset Optimization and Capital Structure - Fosun is accelerating its light asset strategy, planning to divest heavy asset projects like those in Lijiang and Taicang by 2026 [6]. - The independent listing of Atlantis in Sanya through a REITs model is underway, which is expected to improve cash flow and reduce overall debt [6][8]. Group 4: AI Integration in Operations - Fosun is leveraging AI technology to enhance customer experience and operational efficiency, providing personalized services based on visitor data [7][8]. - The AI systems are designed to automate quality control and operational processes, allowing staff to focus on customer engagement [7][8]. Group 5: Focus on Inbound Tourism - Inbound tourism is identified as a key growth area, with Club Med Lijiang receiving 20% of its visitors from international tourists and Atlantis seeing a 140% increase in international visitors year-on-year [10][11]. - The company aims to address challenges faced by international tourists, such as booking difficulties and the need for personalized services, to enhance their experience [10][11].

Core Viewpoint - Huawei's launch of the AI Dynamic Book feature marks a significant advancement in digital reading, transitioning from mere text to an immersive and interactive experience [1][2][10] Group 1: Technology Innovation - The AI Dynamic Book leverages HarmonyOS's AI capabilities to enhance the reading experience through a "perception-matching-presentation" model, allowing for real-time interaction based on user focus [2][4] - The technology respects the original aesthetics of artworks, employing techniques like slow panning and zooming to create a three-dimensional effect, enhancing the user's connection to the art [2][3] Group 2: Content Ecosystem - Huawei Reading has partnered with major publishers to launch 50 premium AI Dynamic Books across various genres, ensuring that the technology is supported by high-quality content [4][6] - The platform has built a diverse content ecosystem, collaborating with over a hundred publishers and audio platforms to offer a million quality books and audio content [6] Group 3: User Engagement - Huawei Reading has developed a comprehensive user rights system that includes free book giveaways and social reading initiatives, aiming to make reading a more engaging and shareable experience [7][8] - New users of Huawei's Mate 80 series and Mate X7 can access exclusive benefits, including free membership for six months, enhancing their reading experience right from the start [8][10] Group 4: Future Direction - The development of AI Dynamic Books, combined with a robust content ecosystem and user-centric rights, illustrates the future direction of digital reading, focusing on technological innovation and quality content to meet user needs [10]

Group 1 - DWS's chief U.S. economist Christian Scherrmann comments on the upcoming December FOMC meeting, indicating that the Federal Reserve is in a dilemma due to limited and potentially distorted official data from the government shutdown [1] - Private labor market data shows a continued slowdown in employment, while official unemployment claims data remains moderate, suggesting that the weak labor market is primarily due to the normalization post-pandemic and changes in cost structures due to tariffs [1] - Concerns about rising healthcare costs potentially increasing labor costs, especially for small businesses, are contributing to recent employment weakness, although widespread layoffs are not imminent [1] Group 2 - The lack of real-time official data on inflation complicates decision-making for policymakers, with the latest available data from September showing inflation remaining at a high level of around 3% [2] - Consumer sentiment is low, primarily affected by inflation and weakening income prospects, particularly among low-income groups, while high-income earners seem unaffected by strong asset market performance [2] - The Federal Reserve faces challenges in balancing hawkish and dovish stances, with potential implications for financial conditions and short-term consumption depending on their decisions [2] Group 3 - DWS expects the Federal Reserve to cut rates in December, but acknowledges that a decision to hold off until January for more data collection would also be understandable [3] - The responsibility for effective communication and balance will fall on Chairman Powell, as the Fed's credibility may be challenged by either hawkish or dovish decisions [3]

Group 1 - The domestic gaming market remains highly prosperous, with Tencent's "Rock Kingdom: World" scheduled for release in March 2026, expected to drive growth in new product launches and overall market scale [1] - The sentiment economy for female-oriented games is heating up, exemplified by "Love and Deep Space," which quickly topped charts by accurately addressing player needs; established IPs like NetEase's "World: Myriad" are revitalizing through technological upgrades and socialization [1] - AI technology continues to penetrate content production, with ByteDance's Seedream 4.5 model enhancing advertising and film creation efficiency, facilitating creative implementation [1] Group 2 - The gaming ETF (516010) tracks the anime and gaming index (930901), which selects listed companies involved in anime production, game development, and related industries to reflect the overall performance of these securities [1] - The anime and gaming index focuses on core aspects such as content creation and platform distribution, primarily covering the entertainment software services and digital media sectors, effectively representing the development dynamics and market trends of China's anime and gaming industry [1]

文丨贝果树 编辑丨果脯 在11月21日的Xbox全球发布会上，《动物朋克》发布了首支实机演示PV。短短三天，视频的播放量就突破了700万，并在几天之后最终达到了超过800万 的播放量。 稍微熟悉国产单机的玩家可能仅用几秒就认出了这只PV里的兔子，它长相硬核，酷似《暗影火炬城》的雷德文，骑着摩托、挥舞双鞭，为了追捕火种与 敌人展开了一场追逐。在《暗影火炬城》推出四年后，钛核网络带着续作《动物朋克》又出现在玩家眼前，你会先注意到它们一脉相承的风格：柴油朋 克、动物主角，相同的世界观…… 然后是游戏画面的升级，2D横板变成了全3D，得益于UE5引擎，火炬城也有了更多的细节，角色的毛发、表情都清晰可见。 从系列首作到续作，2D到3D，这只兔子如何进化成为今天这个样子，又为何受到了如此多的关注？ 并不是第二个「火炬城」 2021年，钛核网络推出了第二款作品《暗影火炬城》。这是一款类银河恶魔城的2D横板动作游戏，故事中，本该弱小的兔子成了一名有着硬汉形象的老 兵，挥舞着巨大的铁拳，穿梭在上海为原型的，一个柴油朋克风格的城市。 《暗影火炬城》 凭借着扎实的玩法、精妙的关卡设计和独特的"动物拟人+柴油朋克"的美学风格，《暗影 ...

传统企业出行管理普遍存在费用控制难题、流程效率低下、系统整合复杂等痛点。数据显示，企业出行费用的不可控比例平均达到15%-20%，而超过60%的 企业高频出差员工因差旅流程繁琐，每年平均浪费1.5个工作日。随着数字化转型浪潮的推进，一批智能商旅平台应运而生，帮助企业实现出行管理的精细 化、智能化升级。 一、企业出行管理的核心挑战 费用管控滞后是企业出行管理面临的首要难题。传统的员工垫资报销模式导致资金占用严重，企业难以对出行预算进行有效的事前控制。调研显示，约31% 的大型企业因超标费用和违规订单，年损失超过百万元。流程效率低下同样困扰着众多企业。从用车申请到报销结算，全流程涉及多个手工环节，行政和财 务人员需要投入大量时间处理报销事务，而非专注于核心业务工作。员工因贴票报销等繁琐流程，每年浪费的工作日累计可达数天。系统割裂也是企业出行 管理的一大痛点。多套企业服务工具交叉使用导致数据孤岛长期存在，差旅低效、合规管控难仍是多数企业的共性挑战。缺乏一体化的管理平台，使得企业 难以全面掌握出行数据，进行精准分析和优化。 二、五大智能商旅平台全面解析 滴滴企业版：一站式"AI+商旅"综合解决方案 滴滴企业版凭借其全 ...

12月8日早盘，游戏板块持续保持强势，游戏ETF（159869）现涨近1.5%。持仓股全线飘红，富春 股份、三七互娱、奥飞娱乐、巨人网络、恺英网络、星辉娱乐等涨幅居前。游戏ETF（159869）近5个 交易日累计"吸金"达3.10亿元，备受资金青睐，截至12月5日，产品规模达111.52亿元，助力投资者一键 布局A股游戏龙头。 截至11月，2025年累计发放版号已达1624个，超过了去年全年总量。特别是11月份单月发放了184 个版号，再次刷新单月新高，显示出审批常态化趋势审批节奏的稳定与可预期，极大促进了优质新游戏 的开发和上线。版号常态化发放标志着行业步入更加成熟的发展阶段。随着政策的引领，游戏公司也更 专注于业务创新与可持续发展，游戏产业正呈现精品化趋势。 2025年第三季度，游戏行业迎来全面业绩爆发。世纪华通三季度营业收入首次突破百亿大关，达到 100.16亿元，同比增长60.19%，归母净利润17.01亿元，同比增长163.78%。三七互娱同样表现优异，前 三季度实现营收124.61亿元，归母净利润23.45亿元，同比增长23.57%。其中第三季度净利润增长尤为 强劲，增速达49.24%。曾经的"游 ...

Investment Rating - The report suggests a positive outlook for the construction sector, particularly for state-owned enterprises with low valuations, benefiting from long-term capital inflows due to recent policy adjustments [1][17]. Core Insights - The Financial Regulatory Bureau has announced adjustments to insurance capital market entry policies, which will favor low-valuation construction state-owned enterprises by increasing long-term capital investment in the stock market [1][17]. - The construction sector and traditional state-owned enterprises are currently undervalued, with the SW construction and decoration sector's TTM price-to-earnings ratio at 9.2 times and traditional construction state-owned enterprises at 5.5 times [2][18]. - The overall performance of the infrastructure state-owned enterprise sector remains under pressure, but key operational indicators have improved, and many companies have increased their dividend payouts [2][18]. - The report highlights the potential for significant long-term capital inflows into the A-share market, with a target of 30% of new insurance premiums being allocated to A-shares starting in 2025 [1][17]. Summary by Sections Industry Dynamics - The report discusses the recent policy changes aimed at increasing long-term capital investment in the stock market, particularly focusing on the construction sector as a beneficiary [1][17]. - It emphasizes the importance of cultivating patient capital and encouraging long-term investment strategies to reduce market volatility [1][17]. Market Performance - The construction industry experienced a slight decline of 0.07%, while the international engineering sector showed a positive performance with a 3.34% increase [20][23]. - The report notes that the construction sector's overall TTM price-to-earnings ratio is currently low compared to other sectors, indicating potential investment opportunities [26][30]. Key Companies to Watch - The report recommends focusing on several key state-owned enterprises, including China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from the favorable policy environment and improved operational metrics [10][12][30]. - It also highlights companies in the cleanroom engineering sector, such as Yaxiang Integration and Shenghui Integration, which are poised to benefit from the growing demand for semiconductor and AI-related infrastructure [19][12]. Future Outlook - The report anticipates that the effects of debt reduction policies will gradually manifest by 2026, providing a stable defensive attribute to the state-owned enterprise sector [2][4]. - It also notes that the construction sector's international expansion strategies are yielding positive results, with significant growth in overseas contracts and revenue [11][12].

在今年的对比试验中，省气象局深化多部门联动，优化服务模式。联合农业农村部全国农技推广中 心、省农业农村厅、省农科院、中国农业大学、沈阳农业大学等多方力量，从试验方案设计、展示田块 落实，到示范地块产量测定、试验结果论证，全程协同推进。 "原来种地是看天吃饭，现在通过气象预警让我们提前知道了'天意'。今年雨季，合作社每次收到 降雨预报都会避开雨前施药，每亩地能减少20元至30元的无效用药成本，并且提前进行稻田排水处理， 避免水稻受淹。"辽阳灯塔市东古城水稻合作社经理李静直言，精准气象服务让她面对天气变化时不再 盲目。 省气象局连续3年开展农业生产气象服务效益评价对比试验，让种地从"看天吃饭"变成"知天而 作"，使农户实现产量和收益双提升。今年，省气象局进一步扩展试验区域和作物种类，在10市完成了 玉米、水稻、大豆、花生、谷子、蓝莓和百合7个作物生产气象服务效益评价对比试验，试验地块普遍 实现增产增收，气象服务贡献率显著提升。 随着秋收结束，对比试验评估结果出炉。数据显示，试验地块相比对照地块，玉米亩产平均提高 39.7公斤，每亩平均增收83元；水稻亩产平均提高37.9公斤，每亩平均增收102元；大豆亩产平均提高 ...

Core Viewpoint - JinHao Medical is positioned as a leading enterprise in the hearing health sector, focusing on technological innovation and global market expansion to achieve rapid growth and break overseas monopolies [1] Group 1: Technological Advancements - The company emphasizes the importance of core technology and has increased R&D investment, achieving breakthroughs in chip design, algorithm development, and product miniaturization [2] - JinHao Medical is concentrating on AI hearing aid algorithms to enhance user experience, improving speech enhancement in noisy environments and enabling smart fitting and adjustment through apps and remote services [3] - The company has developed several core technologies in self-researched chips, including low-power audio signal conversion and noise enhancement algorithms, and is optimizing the next generation of AI hearing aid chips [4] Group 2: Market Expansion - The hearing aid market in China has shown significant growth, with a CAGR of 18.02% from 2015 to 2019, and JinHao Medical aims to expand its market share through a comprehensive market strategy [5] - The company has established online stores on platforms like JD and Tmall, and is building a retail network combining direct sales and distribution [5] - JinHao Medical is leveraging global certifications to enter international markets, including partnerships with major retailers in the U.S. and establishing subsidiaries in Southeast Asia [5] Group 3: Brand Development - JinHao Medical has made significant strides in developing its own brand, focusing on product differentiation and a full-channel strategy to achieve simultaneous domestic and international market growth [6] - The company is enhancing its brand image by controlling product quality and establishing a differentiated brand identity, targeting both OTC and professional medical-grade products [7] - The company is committed to building a robust talent system to support long-term development, focusing on attracting skilled professionals to enhance R&D and product innovation [7] Group 4: Future Strategy - JinHao Medical plans to extend its business along the hearing aid industry chain through internal growth and external acquisitions, aiming to integrate upstream and downstream resources [8] - The company will focus on acquiring core components and technologies related to hearing aids, as well as retail channels and established brands, to enhance its industry influence and competitiveness [8]