Core Insights - The report highlights the contrasting trading strategies of long-term fund managers compared to the overall public fund adjustments in Q4 2025, indicating a divergence in stock selection amidst a volatile market environment [1][2]. Fund Manager Adjustments - In Q4 2025, Zhongji Xuchuang replaced Ningde Times as the top holding for public funds, with an increase in market value exceeding 22 billion yuan. However, several long-term fund managers chose to reduce their positions in Zhongji Xuchuang, with reductions exceeding 40% by managers like Mo Haibo and Shen Ai Qian [1][2]. - Similar trends were observed with another popular stock, Xinyi Semiconductor, where public funds increased holdings by over 9 billion yuan, yet long-term fund manager Yang Dong reduced his position by over 40% [2]. - Notably, Industrial Fulian exited the top ten holdings for public funds, while some long-term managers like Liu Yuanhai increased their positions, showcasing differing strategies among fund managers [3]. Portfolio Management - Many long-term fund managers opted to lower their stock positions in Q4 2025, aligning with the overall trend of reduced stock allocations in public funds. For instance, the stock allocation of Mo Haibo's fund dropped from 85.20% to 71.92%, a decrease of approximately 13 percentage points [4]. - The concentration of holdings among long-term funds remained high, with many funds having over 50% of their net asset value in the top ten holdings, although some funds showed a noticeable decrease in concentration compared to Q3 2025 [5]. Sector Allocation - Fund managers displayed a diversified approach in their sector allocations, favoring areas such as AI, cyclical stocks, and consumer sectors. For example, Yang Dong's fund gained excess returns by focusing on AI and robotics, while Liu Yuanhai's fund adjusted its AI allocations during Q4 2025 [6][7]. - The cyclical sector gained traction among fund managers, with significant investments in non-ferrous metals and chemicals. For instance, Li You's fund made substantial increases in holdings of companies like Zijin Mining and Yun Aluminum [6][9]. - In the consumer and social services sectors, managers like Mo Haibo and Miao Weibin focused on domestic demand-related stocks, indicating a strategic shift towards consumer resilience and emerging consumption trends [6][9]. Market Outlook - Looking ahead to 2026, long-term fund managers maintain an optimistic outlook for the A-share market, anticipating a potential upward trend driven by multiple positive factors, including corporate earnings recovery and improved liquidity [7][8]. - The AI sector remains a focal point, with managers emphasizing the importance of AI applications over hardware, suggesting a shift in investment focus towards practical applications of AI technology [8][9].

图为迎新春活动现场。 （溧水区文旅局供图） □ 本报记者 胡明峰 通讯员 金飞 卞维亮 天晴日暖，游人如织。1月24日至25日，位于秦淮源头的南京市溧水区热闹非凡，年味十足。在洪蓝街 道傅家边科技园，远远就能听到铿锵的锣鼓声，应和着嘈杂的欢声笑语，一场"秦淮源头过大年·莓好生 活新篇章"迎新春活动吸粉无数。熙熙攘攘的人群中，舞龙队伍成为全场焦点，村民游客纷纷拿出手 机、相机记录这一喜庆时刻。 这是南京市级非物质文化遗产何林坊双龙，也是活动的重头戏。伴随着阵阵锣鼓声，长达百米的青黄两 条巨龙，龙身翻飞，五彩纹饰在阳光下活灵活现，尽显非遗的磅礴气势。沿着梅花山弄、悦野轻奢营 地、遇园等巡游路线，双龙所到之处皆引发阵阵欢呼。 （来源：新华日报） 不仅如此，两天内，还有打五件、腰鼓、打连响等经典非遗民俗表演轮番登场；干塘捕鱼等活动带来丰 收的喜悦，游客可亲身参与，感受渔获的乐趣；少儿表演、川剧变脸、草坪音乐会等活动持续上演，传 统与新潮碰撞，不同年龄段的游客都能尽兴而归。 民俗文化搭台，为的是给乡村特产"唱戏"。天润果园内，杀猪宰羊的热闹场景点燃年味，热气腾腾的水 汽中，地道乡味扑面而来；油锅嗞嗞作响，金黄酥脆的特色 ...

Core Viewpoint - The article highlights the approval of the "Nantong City Comprehensive Tourism Promotion Regulations," marking it as the first substantive local legislation passed by the Nantong People's Congress since the city obtained local legislative power [1] Group 1: Legislative Development - The regulations were unanimously approved during the third plenary session of the sixth session of the 16th Nantong Municipal People's Congress [1] - The regulations are set to be implemented in May 2023, following approval from the provincial standing committee [1] Group 2: Tourism Industry Focus - The regulations aim to activate new momentum for cultural and tourism development in Nantong, providing strong legal support for the integration and upgrading of industries [1] - Nantong's government has emphasized the development of the cultural and tourism industry, targeting the establishment of a "nationally renowned Jiang-Hai characteristic tourism destination" [1] Group 3: Strategic Planning - Nantong plans to treat the entire city as a large scenic area, promoting comprehensive planning for cultural, sports, and tourism products [1] - The city aims for an organic integration of its cultural, sports, and tourism industries, achieving efficient aggregation of various development elements across a larger space [1]

Group 1 - The core viewpoint of the article emphasizes the active role of representatives in connecting schools, families, and communities to enhance children's safety and development [3] - The representatives shared their experiences and insights from their duties, highlighting the importance of being proactive rather than reactive in their roles [3][4] - The article discusses the transformation of education in Beijing towards "new domains and new qualities" by 2025, as illustrated by the initiatives taken by representatives [3] Group 2 - Representative Bai Qun, a non-material cultural heritage inheritor, emphasized the need for increased support for non-state museums and the protection of intangible cultural heritage [4] - Bai Qun proposed enhancing community engagement through free museum visits to foster cultural appreciation among residents [4] - Representative Zhai Yanwei focused on legislative efforts for the protection of the Great Wall, advocating for a shift from emergency protection to preventive and research-based conservation [5][6] Group 3 - Representative Li Renxing is actively involved in promoting renewable energy and carbon neutrality initiatives, submitting multiple proposals to support the application of renewable energy in Beijing [6][7] - Li's suggestions include promoting hydrogen fuel cell vehicles in urban logistics and advocating for the construction of zero-carbon parks [6][7] - The proposals aim to contribute to a green, clean, and low-carbon energy system in alignment with national strategies [6]

Core Viewpoint - Qinghai has launched an innovative multi-business model combining "Noodle + Cycling + Cultural Tourism" to enhance service consumption and promote high-quality economic development in the region [1][2] Group 1: Event Overview - The event titled "New Consumption Scene, New Beauty by the Lake" took place on September 2, 2025, at the Tongbao Mountain Camping Base in Haibei Tibetan Autonomous Prefecture [1] - Over 120 participants attended, including representatives from business departments in Shanghai, Shandong, Jiangsu, and local tourism and catering enterprises, as well as cycling enthusiasts [1] - Activities included a tasting of Qinghai family meals, the launch of multi-business consumption scenarios, and a cycling experience around the lake [1] Group 2: Industry Significance - The initiative aims to upgrade the traditional noodle industry into a multi-faceted business model, expanding value-added opportunities [2] - It promotes the integration of cultural tourism, transforming ecological advantages into economic benefits [2] - The project seeks to activate night and weekend economies, thereby increasing domestic demand [2] - It aims to create a differentiated service consumption brand, enhancing Qinghai's tourism appeal [2] - The experience gained from this initiative is expected to contribute to the nationwide upgrade of service consumption and drive innovation in consumption [2]

（来源：内蒙古日报） 转自：内蒙古日报 □本报记者 刘志贤 在达里湖体验冬捕，在火山草原嗨歌，在冰雪沙漠自驾穿越……这个冬季，从东到西，内蒙古"冷资 源"持续迸发"热效应"。 冰雪"流量"如何变"留量"？内蒙古的冬季，正用一场消费革命重新定义冰雪经济。 真金白银的补贴，是点燃消费热的第一把火。为了让游客切实享受到优惠，内蒙古自治区体育局率先投 放200万元冰雪体育消费券，覆盖呼和浩特马鬃山滑雪场、赤峰美林谷滑雪场、海拉尔东山滑雪场等17 家线上线下优质合作商户。此外，随着寒假以及春节出游旺季的到来，还针对青少年发放150万元消费 券，让亲子家庭尽享冰雪乐趣。 近日，呼和浩特市新城区敕勒川草原上的巨型大雪人频频在社交媒体"出圈"。漫步园区，"瑞士卷"频频 闯入视线，雪地摩托疾驰而过，温顺的矮马和驯鹿亲昵地与游客互动……4万平方米的冰雪乐园里，辽 阔的雪景与有趣的互动深深吸引着游客。 越冷越热情，越夜越欢乐！夜幕降临，内蒙古的冰雪主题夜市与文创市集，正成为点亮夜经济的新引 擎。 "冰火奇缘 冰雪狂欢"第五届呼和浩特欢乐冰雪节启幕以来，大黑河军事文化乐园凭借由花灯、冰雕、 演艺、美食及企鹅互动等打造的沉浸式冰雪狂欢 ...

有奖发票试点城市公示 据介绍，试点城市对个人消费者以本人名义向零售、餐饮、住宿、文化艺术、娱乐、旅游、体育、居民 服务业等行业的经营主体购买商品和服务，且取得的票面金额在一定额度以上的发票组织抽奖。中央财 政将对试点城市分档安排奖补资金。 综合新华社、国家税务总局微信公众号 商务部、财政部、国家税务总局1月23日对外公示拟开展有奖发票试点城市名单，包括北京、上海、成 都等50个城市入选。 为进一步激发消费需求，释放消费潜力，三部门于2025年12月底发布通知称，将支持50个左右城市开展 有奖发票试点工作，政策实施期为6个月。近期，三部门组织开展了有奖发票试点城市评审工作。这一 评审结果公示期为2026年1月23日至2026年2月2日。 ...

海口擦亮"国际演艺之都"品牌，以高品质演出丰富春节文化盛宴。2月7日至8日，2026非遗音乐嘉年华 将在海南长影奇幻乐园举办。海南省歌舞剧院、海口湾演艺中心等场馆还将轮番上演《查理与巧克力工 厂》音乐剧、《暮光之城》音乐会、亲子科学剧《物理秀》及中央歌剧院音乐会等40余场精品剧目。 2月4日至8日，第35届国际乒联-亚乒联盟亚洲杯首度登陆椰城。赛事同期，周边将打造"亚洲杯公园"， 设第二现场、互动打卡、特许商店等体验。此外，3月份DP世界巡回赛·南高尔夫精英赛也将再度挥杆 观澜湖，进一步推动"体育+文旅+商业"融合发展。 本报讯 1月23日，海口市召开2026年新春文旅商活动新闻发布会，今年春节期间，海口精心策划推出千 余场特色活动和多层级惠民福利，致力打造一场主客共享、充满琼北年味的"海岛人文新春"盛宴。 海口市旅行社协会联合各方，面向全国游客研发推出"我到海口过大年"深度跟团游产品。该产品紧密整 合海口春节期间性价比突出的酒店、景区、本土美食与特色街区，深度包装琼北年味，让游客沉浸式体 验原汁原味的海口新年。 海口市商务局联动全城，打造"一区多场景、业态多特色"的新春消费盛宴。商圈方面，全市主要商圈将 开 ...

Core Viewpoint - The Ministry of Commerce, Ministry of Finance, and State Taxation Administration have announced a pilot program for a prize invoice initiative in 50 cities, expected to last for six months, aimed at stimulating consumer spending and improving tax compliance [1][3]. Group 1: Pilot Program Details - The 50 selected cities include 4 municipalities directly under the central government, 5 cities with independent planning, and 41 other cities [3]. - Consumers can participate in the lottery by obtaining invoices for purchases over 100 yuan from various sectors, including retail, dining, and tourism, with a maximum prize of 800 yuan per invoice [3][5]. Group 2: Expert Insights - The 100 yuan threshold effectively filters out small transactions, while the 800 yuan cap creates a psychological impact and encourages participation, aligning with current tax policies on occasional income [5]. - The initiative follows a "centralized framework with local implementation" model, aiming to standardize tax collection and boost consumer activity [7]. - The program encourages consumers to request invoices and helps businesses comply with tax regulations, thereby strengthening the tax base and invigorating sectors like retail and dining [9]. Group 3: Broader Implications - The prize invoice initiative expands the scope of consumer promotion policies, characterized by low entry barriers and wide coverage [11]. - There is potential to integrate the prize invoice program with specific consumption scenarios and local industries, considering additional rewards beyond monetary prizes, such as cultural and tourism products [13].

Group 1 - The winter season has seen the launch of various ice and snow tourism special trains across multiple regions, enhancing the travel experience for tourists [2] - In Heilongjiang, tourists are experiencing Northeast cultural themes on the "Northeast Folk" themed train to Mohe, showcasing the unique charm of ice and snow culture [2] - Shaanxi has introduced a special ice and snow tourism line from Xi'an to Qinling, with shuttle services to scenic spots, making travel more convenient for visitors [2] Group 2 - The cultural and tourism consumption market is actively creating new scenarios to enhance travel experiences, contributing to the ongoing growth of winter tourism [3] - Diverse cultural and sports tourism activities are encouraging tourists to shift from superficial visits to deeper experiences, as seen in Jiangsu Nanjing with a performance based on Suzhou Wujiang culture [5] - Wujiang's tourism group has implemented a series of promotional policies to attract visitors to experience Jiangnan culture, enhancing the consumption chain [5] Group 3 - The popularity of non-heritage street areas in Xuzhou's Yaowan Ancient Town is rising, with shops selling traditional crafts attracting continuous foot traffic [7] - Families are choosing to celebrate the New Year in traditional settings like Yaowan Ancient Town, which offers a more authentic festive atmosphere compared to urban celebrations [7] Group 4 - In Shanghai, a bustling flower market is drawing citizens to purchase New Year flowers, adding festive cheer to their homes [9] - An immersive exhibition in Beijing's Shunyi District is providing residents with a refreshing flower purchasing experience [10]