Core Insights - The report recommends key stocks across various industries for January 2026, highlighting potential investment opportunities based on market trends and company performance [2][3]. Industry Summaries Construction - Shenghui Integration (603163.SH) is a Taiwanese cleanroom engineering service provider and a core supplier for Google's TPU supply chain, poised to benefit from TSMC's expansion in the U.S. with potential orders from TSMC Arizona and multiple North American data centers [2]. Social Services - China Duty Free Group (601888.SH) is expected to benefit from a new cycle in domestic duty-free sales, with a boost from the upcoming consumption peak during the New Year and Spring Festival, leading to improved performance expectations [2]. Electronics - Lante Optics (688127.SH) is experiencing significant growth in its optical prism product line and is collaborating with multiple waveguide manufacturers for AR glasses, indicating strong profit elasticity and expansion potential [2]. Utilities and Environmental Protection - China General Nuclear Power (003816.SZ) is set to benefit from the normalization of nuclear power approvals and improvements in market pricing mechanisms, with expected production increases in Guangdong province [2]. Nonferrous Metals - Zijin Mining (601899.SH) is a leading player in the nonferrous sector, with high profit contributions from gold and copper, and is entering a rapid growth phase in lithium production, making it a highly valued investment opportunity for 2026 [2]. Agriculture, Forestry, Animal Husbandry, and Fishery - Youran Dairy (9858.HK), a global leader in dairy farming, is expected to benefit from rising milk prices and beef price increases, leading to significant performance recovery [2]. Internet - Tencent Holdings (0700.HK) is well-positioned for the AI era, leveraging its ecosystem advantages, with potential growth from e-commerce and AI agent capabilities not yet reflected in current profit forecasts [2]. Pharmaceuticals - WuXi AppTec (603259.SH) is supported by strong performance, order growth, and capital expenditure, with favorable regulatory changes expected to enhance the valuation of the CXO sector [2]. Light Industry - Sun Paper (002078.SZ) is entering a new capacity release phase with significant production increases expected, making it a compelling investment with reasonable valuation metrics [2]. Textiles and Apparel - Anta Sports (2020.HK) is anticipated to benefit from the performance of its premium sports brands, with a favorable valuation and upcoming catalysts from Q4 operational disclosures and the Spring Festival consumption peak [2].

12月25日，民生加银基金发布公告称，基金经理王亮因内部调整离任民生加银核心资产股票基金。王亮现任该公司权益研究部总监兼权益投资部副总监。 民生加银核心资产股票基金刚成立时的净认购金额约为2.22亿元，到了2025年三季度末，资产净值约为1.03亿元。 截至12月25日，民生加银核心资产股票A基金成立以来的单位净值下跌19.72%，近1年单位净值增长20.65%。 截至2025年三季度末，该基金持有股票占比为90.66%，前十大持仓个股分别为紫金矿业、中国海洋石油、腾讯控股、渣打集团、天地科技、中远海控、富 维股份、六福集团、长和、金界控股。 民生加银核心资产股票基金三季报显示，目前该基金的持仓结构主要是全球定价资源（铜、金、石油）、跨境银行和全球公用、各行业龙头（家电、互联 网、集运）、垄断央国企（运营商）、深度价值个股（比如机械、石化链等）。 | 离任基金经理姓名 | 王是 | | --- | --- | | 离任原因 | 内部调整 | | 离任日期 | 2025年12月25日 | | 转任本公司其他工作岗位的说明 | | | 是否己按规定在中国基金业协会办理变更手续 | 昌 | 民生加银核心资产股票基金 ...

Group 1 - The core viewpoint of the articles highlights the unusual phenomenon of the Chinese yuan strengthening while the Hong Kong stock market, particularly the Hang Seng Tech Index, is experiencing a decline, indicating a divergence between currency strength and stock performance [1][2] - The recent appreciation of the yuan is attributed to several factors including a weaker US dollar, resilient exports, increased attractiveness of yuan-denominated assets, and regulatory guidance [1] - Historical instances of similar currency and stock market divergence occurred in 2013 and 2021, with outcomes varying based on policy interventions and fundamental support [2] Group 2 - Analysts from China International Capital Corporation (CICC) suggest that the current divergence is due to record trade surpluses and a weakening dollar, which has bolstered demand for yuan settlement, while the stock market reflects pressures from a weakening credit cycle [1] - The potential for the Hong Kong stock market to align with the strengthening yuan depends on the duration of the short-term factors causing the divergence and the direction of fundamental economic indicators [1] - Investment strategies are recommended for the Hong Kong stock market, particularly focusing on technology ETFs that may benefit from low valuations and potential inflows from southbound capital as market conditions stabilize [2]

Core Insights - The report highlights a significant decline in the Hong Kong stock market, with the Hang Seng Index dropping by 0.71% and a notable outflow of southbound funds amounting to approximately 3.4 billion HKD on December 29 [2][3] - The precious metals market experienced a sharp sell-off, particularly in gold and silver, with spot gold falling below 4,480 USD per ounce and silver futures witnessing a maximum intraday drop of 15% [3][4] - The automotive sector emerged as a bright spot, driven by government initiatives to boost consumption, with notable gains in stocks such as NIO, XPeng, and BYD [3] Company Analysis - The report covers Atour Group (ATAT.US), a mid-to-high-end hotel chain that integrates lifestyle retail into the guest experience, reporting revenues of 7.25 billion CNY for 2024 and 7 billion CNY for the first three quarters of 2025, reflecting year-on-year growth of 55% and 35.6% respectively [6][8] - Net profits for Atour were reported at 1.275 billion CNY and 1.14 billion CNY for the same periods, showing strong growth rates of 73% and 20.7% [6][8] - The company has a differentiated positioning in the mid-to-high-end market, targeting a price range of 400-800 CNY per night, with unique hotel designs and services that enhance guest experience [6][7] - Atour's membership program has seen explosive growth, increasing from 25 million members in 2020 to over 100 million by September 2025, which aids in customer retention and reduces acquisition costs [7] - The franchise model is the primary growth strategy for Atour, with 98.7% of its 1,948 hotels being franchise locations, enhancing profitability and capital efficiency [7] - Retail operations have become a significant growth driver, with revenue from retail increasing from 64 million CNY in 2019 to 2.2 billion CNY in 2024 [7][8] - The hotel industry is experiencing a strong rebound, with a 38% increase in revenue to 531.4 billion CNY in 2023, although growth is expected to slow to 5% in 2024 [8] - The report anticipates continued growth for Atour, projecting net profits of 1.62 billion CNY, 2.06 billion CNY, and 2.5 billion CNY for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.66, 2.12, and 2.57 USD [6][8]

（文章来源：每日经济新闻） 每经AI快讯，12月30日，港股午间收盘，恒生指数涨0.44%，恒生科技指数涨1.04%。百度集团涨近 7%。 ...

Market Overview - The Hong Kong stock market showed a positive trend in the morning session on December 30, with the Hang Seng Index rising by 0.44% to 25,749.19 points, the Hang Seng Tech Index increasing by 1.04% to 5,540.17 points, the National Enterprises Index up by 0.67% to 8,950.95 points, and the Red Chip Index gaining 0.33% to 4,033.69 points [1] Sector Performance - Major technology stocks experienced gains, with Alibaba up by 0.7%, Tencent Holdings increasing by 0.42%, JD Group rising by 1.25%, Xiaomi up by 0.73%, NetEase increasing by 1.3%, Meituan rising by 0.19%, Kuaishou up by 0.08%, and Bilibili increasing by 0.21% [1] - The semiconductor sector showed strong performance, led by InnoCare, with the leading company SMIC rising over 3% [1] - Oil stocks were among the top gainers, with CNOOC increasing by over 4% [1] - The non-ferrous metals sector rebounded collectively, while wind power stocks saw significant declines, and gaming stocks continued to drop [1] New Listings - Six new stocks were listed on the Hong Kong market today, with InnoCare seeing a substantial increase of over 35% [1] Corporate News - China Energy Construction (03996.HK) won a bid for an ecological comprehensive governance project in Shaanxi Province, with a total contract value of 6.864 billion RMB, covering various construction aspects with a total duration of 36 months [2] - China Shenhua (01088.HK) announced that its second phase generator unit has officially commenced commercial operation after a 168-hour trial run, with the fourth unit expected to be operational by February 2026 [2] - Bay Area Development (00737.HK) signed a construction contract worth 775 million RMB with Poly Longda [3] - China Railway Construction (01186.HK) completed the issuance of 4.45 billion RMB in corporate bonds [4] - Sichuan Energy Investment Development (01713.HK) entered into a strategic cooperation agreement with Mengsheng Electronics to deepen collaboration in the power industry [5] - China Supply Chain Industry (03708.HK) signed a data center agreement with Shuwi Technology [6] - Stone Pharmaceutical Group (01093.HK) received clinical trial approval for SYH2069 injection in China [6] - Hutchison China MediTech (00013.HK) announced that its new drug application for HMPL-453 for intrahepatic cholangiocarcinoma has been accepted for priority review [6] - Fuhong Hanlin (02696.HK) completed the first patient dosing in a phase 1 clinical study of HLX37 for advanced/metastatic solid tumors [6] - Henxin Technology (01085.HK) announced that its planned 350MW solar thermal power station is ready to commence construction [7] - Runhua Services (02455.HK) expanded its property management services to multiple provinces in western China [8] - Hong Kong Industrial International (00480.HK) plans to sell its entire issued share capital of Yue Shan Limited for 452 million HKD [9] - Yimei International Holdings (01870.HK) received formal approval for its 218MW electrochemical independent energy storage project in Guangdong [9] Institutional Insights - Huatai Securities noted that the asset performance has been volatile this year, with frequent style and sector rotations, leading to decreased clarity in investment behavior [10] - CITIC Securities highlighted the recent appreciation of the RMB, which benefits RMB-denominated equity assets, and expects stable macro-financial conditions to support bank operating environments [10] - Founder Securities reported on the central economic work conference and the Ministry of Finance's optimization of "two new" policies, indicating that national subsidies will continue into 2026 [11]

Core Viewpoint - The article addresses common misconceptions regarding WeChat's storage space usage and clarifies how the app manages data to optimize user experience while protecting valuable data like chat history [1][3][5][7][11]. Group 1: Misconceptions about Storage - Forwarding the same file in WeChat does not result in duplicate storage due to the use of "hard link" technology, which ensures only one copy is stored [1]. - Deleting chat records does not occupy space as WeChat employs an "asynchronous deletion" mechanism to clear data in the background without interrupting user experience [3]. - Expired files do not occupy storage space, as they are either not downloaded locally or have been actively cleared [5]. Group 2: Notifications and User Experience - WeChat prompts users about low storage to prevent data corruption and loss of chat history, with notification thresholds set at 700MB for iOS and up to 1GB for Android [7]. - Disabling "auto-download" may improve storage for users on multiple devices but could lead to missing content in chat history [9]. Group 3: Installation and Necessary Files - The WeChat installation package has grown significantly over the years due to increased functionality, but ongoing optimizations have led to a decrease in package size in recent versions [11]. - "Necessary files" are essential for the app's operation and include code files, user configuration data, and frequently used features, with efforts ongoing to optimize their storage [13]. Group 4: Data Management and Optimization - Many features developed based on user needs do not necessarily increase storage usage, as data from features like mini-programs and Moments are cached and can be cleared without affecting functionality [15]. - Users with over 40GB of storage used for WeChat find that chat history accounts for an average of 70% of their storage usage [16]. - WeChat has implemented several optimizations to manage storage effectively, including tools for bulk cleaning of high-quality images, avoiding duplicate saves, and allowing file previews before downloads [18][20].

Group 1 - The Hang Seng Internet ETF (513330) experienced a net inflow of financing amounting to 28.94 million yuan on the previous trading day (December 29) [1] - Other ETFs that saw significant financing inflows include the Securities ETF, Hang Seng Technology Index ETF, Hong Kong Innovative Drug ETF, Non-ferrous Metals ETF, and Satellite ETF [1] - A large inflow of financing into ETFs after a period of adjustment is generally viewed as a positive sign, indicating that informed investors are beginning to recognize the investment value at the current position [2] Group 2 - The Hang Seng Internet ETF tracks the Hang Seng Internet Technology Index, which includes major internet companies in the Hong Kong market such as Alibaba, Tencent, Baidu, Xiaomi, and Meituan, highlighting its strong software application leadership [2] - The current valuation of the index (PE-TTM) is 22.87 times, significantly lower than the TMT sector in A-shares, providing a cost-performance advantage [2] - The ETF is listed on the Shanghai Stock Exchange, allowing for T+0 intraday flexible trading [2] Group 3 - The top weighted stocks in the Hang Seng Internet ETF include Tencent Holdings (14.91%), Alibaba (14.08%), Meituan (11.10%), and NetEase (9.91%) [3] - Other notable stocks in the ETF are Xiaomi (9.75%), JD.com (7.57%), Kuaishou (7.44%), Baidu (5.68%), Horizon Robotics (3.40%), and SenseTime (2.70%) [3]

Core Insights - The 2025 China (Rizhao) Industrial Internet Conference successfully gathered nearly a thousand industry elites to discuss new opportunities and paths for value reconstruction in the industrial internet under the wave of artificial intelligence [2][3][10] - The conference featured the launch of the "Artificial Intelligence Innovation Island," aimed at linking AI industry resources and fostering a collaborative ecosystem for innovation and development [3][10] Group 1: Conference Highlights - The conference was themed "Intelligent Connection of Industries, Empowering the Future" and was co-hosted by several organizations, providing a high-end platform for trend insights, experience sharing, resource connection, and win-win cooperation [3] - Notable industry leaders, including Liu Zhai from Guolian Co., shared insights on digital transformation and smart upgrades in enterprises, while others discussed the synergy between technological innovation and capital [6][8] Group 2: Roundtable Discussions - A roundtable session featured discussions on the value reconstruction opportunities in the industrial internet amidst the AI wave, addressing key pain points and application scenarios for the integration of AI and traditional industries [8] - Parallel forums focused on various topics, including digital transformation in traditional industries, the construction of "Industrial Brain" in Shandong, and innovative applications of AI in sectors like steel and supply chain finance [9] Group 3: Awards and Recognition - The conference recognized several companies, with Haizhi Online winning three awards, including the title of 2025 China's Industrial Internet Unicorn Company [2][11]

极客公园 . 用极客视角，追踪你最不可错过的科技圈。欢迎同步关注极客公园视频号 作者｜张鹏 编辑｜ 连冉 我最近意识到，自己刷小红书的时间越来越多了，而且，原因很奇特： 以下文章来源于极客公园 ，作者张鹏 我竟然是去刷科技动态和找创新产品的！ 为什么大家开始在小红书上聊科技和做产品了？ 没错，虽然我有很多内容渠道和自己写的Agent可以做这些事，包括极客公园整个编辑部、社区团队、投资团队都在帮我做这件事，甚至连我 的抖音都被自己「调教」为科技频道了，但是我统计了下我的小红书使用时长，今年上升最明显。 我仔细想了想，可能是因为小红书上有种比较独特的「人间视角」，看着许多真实的人在科技话题上「自然涌现」的讨论，和彼此间的「吵吵 闹闹」，似乎能更好的支持自己一些更具体的「直觉感知」。 我甚至觉得，对于科技圈来说，过去大家觉得主要是为了「吃喝玩乐」的小红书，如今正在有一种「新绿洲」的即视感。 这个感觉不好一句说清，不妨写一篇出来看看大家是不是也有所共鸣吧。 从科技内容的「夜市烟火气」开始 不知道大家是否和我一样，在过去几年的AI浪潮里，因为要疯狂学习和跟上时代，阅读了大量科技内容，但逐渐也时不时会有一个厌倦感，有 时 ...