Group 1 - The 114th National Sugar and Wine Fair will be held from March 26 to 28 in Chengdu, featuring a total exhibition area of 325,000 square meters and expecting over 6,600 global food and beverage enterprises to participate [1] - The fair will introduce a month-long promotional activity to enhance consumption, with a clear focus on "one city, two venues" where Xibo City emphasizes "delicious" and Century City emphasizes "drinks" [1] - New specialized sections will be launched, including food packaging and supply chain, beverage raw material supply chain, and self-owned brands, achieving full industry chain coverage [1] Group 2 - The fair will showcase a new section for yellow wine and health wine, highlighting the integration of traditional brewing techniques with modern health concepts [2] - Over 2,000 international brands from more than 50 countries and regions are expected to participate, leveraging Chengdu's logistics advantages to build a cooperative global industrial ecosystem [2] - The 2026 "Spring Sugar Season" will focus on the construction goals of "three new" cities and youth development cities, integrating industrial strength with Chengdu's cultural and tourism resources [2]

央视网消息：新春将至，在广东佛山，一个集结了非遗、文创与地道风物的"岭南吉市"热闹开市，为市民游客带来一场既传统又新 颖的年货体验。 说到过年，总离不开吃。这款醒狮酥，它是将岭南非遗标志醒狮与广式酥油点心相结合，创造出的既传统又现代的国潮点心。当 然，结合2026年马年这样的一个元素，还有龙马酥这些特别受欢迎的年货。 江苏游客许女士表示，这边美食文化很不错，那边一桌九大簋她挺感兴趣的。 过年不仅要满足味蕾，更要装饰家居、增添趣味。在文创区，国家非物质文化遗产香云纱，被制成精美的铜钱扣、手机包等随身配 饰。生肖"小马"和"财神爷"化身成为俏皮的现代文创，吸引了众多市民游客驻足挑选。 广东佛山顺德面点师陈小东介绍，醒狮酥一共是192层，一个醒狮酥要做5个小时，龙马酥足足做了一天的。2026年过年是马年，做 出这款龙马酥，还有这款小马酥，也祝各位在新的一年马年行大运，龙马精神。 吉市一开，热气腾腾的年味便扑面而来。美食区里，寓意"团团圆圆"的盆菜礼盒、丰盛的九大簋，这些承载着记忆的传统佳肴率先 吸引食客目光。 广东佛山某文化科技有限公司联合创始人曾德英介绍，它叫"马上有钱"，它的背上是背着一个金元宝，非常受欢迎，已 ...

Group 1 - The event "Guanghuo Xing Tianxia: Zhongshan Department Store Enters Shanghai" will take place from January 31 to February 2 in Shanghai, showcasing Zhongshan's quality products and cultural charm, continuing the century-old commercial relationship between Xiangshan and Shanghai [1][7] - The event is guided by the Guangdong Provincial Department of Industry and Information Technology and hosted by the Zhongshan Municipal Government, featuring three days of exhibitions, interactions, performances, and investment promotion activities [3][5] - The exhibition will highlight various categories including home appliances, furniture, consumer electronics, clothing, daily chemicals, food, and cultural tourism, showcasing the latest achievements in Zhongshan's urban image, technological innovation, and quality of life [3][5] Group 2 - Zhongshan has a strong manufacturing base with 38 national-level industrial bases and 18 provincial-level specialized towns, emphasizing its robust real economy and active private sector [5] - The event will include interactive activities such as consumer lotteries, photo opportunities, and performances of traditional Guangdong music, enhancing the cultural atmosphere [5] - Online marketing efforts will be coordinated through major e-commerce platforms like Tmall and Douyin, promoting Zhongshan's industrial products and increasing brand influence [5]

2026年1月21日，以"创新引领消费新时代"为主题的2025中国消费创新大会暨第四届国际品质节在北京隆重举行。 作为汇聚超300家头部品牌、150余位行业领袖及200余家权威媒体的年度盛宴，本届大会不仅是消费趋势的风向 标，更是挖掘新模式、新技术的核心引擎，为行业升级提供了宝贵的交流平台。 在消费创新主题论坛环节，李金蕾女士围绕《消费新势力：地方风味到全球餐桌，文化自信的品牌征程》展开深 度分享。她强调，掌小鸭始终怀揣"让地方风味走出广西"的初心，深度挖掘柳州"山水工业城"的独特饮食基因。 通过"文化赋能+创新驱动"成功将地域特色转化为高品质的餐桌体验，引领柳州美食迈向标准化、品质化与国际化 的全新高度。 即享影像 CCIC 2025中国消费创新大会 《 第1 秒 刀 酵素点, 文化目信的品牌证收 2025 025 China Gonsumption Conference & The 4th Intern C 量服器 CCIC2025 CCIC2025 Celebra Carol 2015 ccase ports ccio 2020 core 2015 Celebrance CCCCC 202 OCIC 2 ...

Core Insights - The consumption of traditional food ingredients during the Laba Festival has seen significant growth, reflecting a deepening cultural confidence among consumers [1][2][3] Group 1: Consumption Trends - The sales of wheat kernels surged by 250% year-on-year, while chickpeas increased by 117%, and mixed grain gift boxes grew by 76%, indicating a revival and upgrade of traditional Laba porridge [1] - The top two ingredients by sales volume were fragrant rice and long-grain rice, together accounting for over 40% of total sales, showcasing a preference for quality ingredients [1] Group 2: Regional Variations - Guangdong led the nation with 14.4% of the total sales for Laba Festival ingredients, followed by Jiangsu and Sichuan, highlighting the emphasis on Laba dietary customs in southern regions [2] - Ningxia exhibited a remarkable year-on-year growth of 155% in related ingredient sales, demonstrating the increasing popularity of traditional festivals across various regions [2] Group 3: Consumer Demographics - The age group of 36 to 45 years accounted for 41% of the total sales, positioning them as the main consumer force and key transmitters of traditional culture [2] - Younger consumers preferred visually appealing ingredients like pearl rice and purple rice, while middle-aged consumers favored health-oriented options such as germinated rice and mixed grain gift boxes, and older consumers showed a preference for classic grains like chickpeas and sorghum [2] Group 4: Cultural Significance - The search volume for Laba-related keywords has seen explosive growth, with searches for Laba rice increasing by 200% and Laba tofu by 157%, indicating that traditional foods are becoming cultural symbols embraced by younger generations [3] - The consumption trends during the Laba Festival not only reflect market vitality but also signify the enduring life force of traditional culture, as it integrates into modern lifestyles [3]

大会特别设置"银企携手，共创未来"环节。会上，滨江开发区商会与中国银行南京江宁支行签署战略合 作协议，将为商会企业提供全方位、定制化的金融服务，助力企业转型升级与创新发展。 本报讯(董翔单维亮)1月22日，南京江宁滨江经济开发区商会第四届第一次会员代表大会召开。会议选 举产生新一届商会领导班子，明确下一步工作重点，并推动多项实质性合作落地。 会议听取并审议了第三届商会工作报告，全面总结了过去几年商会在服务企业、促进交流、助力发展等 方面取得的成效。经民主表决，王银当选为新一届商会会长，万京林、徐伟当选执行会长。新一届领导 班子成员来自制造业、科技、食品、环保等多个产业领域，具有广泛代表性，体现了商会凝聚企业、服 务发展的组织活力。王银在就职发言中表示，将团结带领全体会员，紧紧围绕江宁滨江开发区发展大 局，积极发挥桥梁纽带作用，努力推动民营企业健康发展和民营经济人士健康成长。 大会还举办了"滨江商道"大讲堂首期活动，邀请人工智能领域专家带来AI助力企业减员降本增效的前沿 分享。 ...

Investment Rating - The report maintains a "Buy" rating for H&H International Holdings and By-Health Co., Ltd. [8][10] Core Insights - The AKK probiotic market is expected to grow significantly, with the global market projected to reach approximately 2.35 billion RMB in 2024 and 4.46 billion RMB by 2031, reflecting a CAGR of 9.6% [3] - The Chinese probiotic market is anticipated to exceed 137.7 billion RMB by 2026, driven by a growth rate of 11-12% in recent years [2] - The AKK probiotic has shown promising effects in improving obesity, regulating blood sugar and lipids, and has potential anti-aging benefits [1][2] Summary by Sections Market Potential - The Chinese probiotic market is rapidly expanding, with significant growth in various application sectors, including food and beverages (67%), dietary supplements (19%), healthcare (6%), animal nutrition (5%), and personal care (3%) [2] - The demand for AKK probiotics is expected to accelerate due to its clear efficacy and technological advancements in industrial production [2][4] Technological Advancements - Recent breakthroughs in the cultivation of AKK probiotics have improved supply stability, allowing for industrial-scale production [3][4] - The approval of AKK as a new food ingredient in regions like the EU and Australia indicates its safety and potential for broader market acceptance [4] Investment Opportunities - The report highlights investment opportunities in the AKK probiotic supply chain, recommending companies like H&H International Holdings and By-Health Co., Ltd. for their proactive engagement in this emerging market [5][8] - H&H International Holdings is noted for its product reserves related to AKK, while By-Health is expanding its product range to meet diverse consumer needs [5][11]

Quantitative Models and Construction Methods Model: AI CSI 1000 Enhanced Portfolio - **Construction Idea**: The model is based on the full-spectrum fusion factor, which integrates both high-frequency and low-frequency price-volume data using deep learning and multi-task learning techniques[6][7] - **Construction Process**: 1. Train 27 high-frequency factors using a deep learning model to obtain high-frequency deep learning factors 2. Use multi-task learning to extract end-to-end features from low-frequency price-volume data, resulting in low-frequency multi-task factors 3. Combine the high-frequency and low-frequency factors to form the full-spectrum fusion factor[6] - **Evaluation**: The model shows significant excess returns and a high information ratio, indicating strong performance and effective risk management[1][7] - **Backtest Results**: - Annualized excess return: 21.60% - Annualized tracking error: 6.06% - Information ratio (IR): 3.57 - Maximum drawdown of excess return: 7.55% - Calmar ratio of excess return: 2.86[1][7] Model: LLM-FADT Text Stock Selection Strategy - **Construction Idea**: The model enhances the BERT-FADT strategy by incorporating additional interpretations from a large language model (LLM), including new title interpretations, market catalysts, implied meanings, potential risks, and return guidance[2][14][17] - **Construction Process**: 1. Input six types of text into a fine-tuned FinBERT model: original text, new title interpretations, market catalysts, implied meanings, potential risks, and return guidance 2. Convert these texts into text feature vectors 3. Train an XGBoost model using these enriched text features[17] - **Evaluation**: The LLM-FADT strategy is more stable and has smaller excess drawdowns compared to the BERT-FADT strategy, showing better performance in extreme market conditions[2][14][20] - **Backtest Results**: - Annualized return: 30.10% - Annualized excess return: 25.52% - Sharpe ratio: 1.18 - Information ratio (IR): 2.00[2][20][24] Model: AI Industry Rotation Model - **Construction Idea**: The model uses the full-spectrum fusion factor to score 32 primary industries and constructs a weekly rebalancing strategy by equally weighting the top 5 industries[3][38] - **Construction Process**: 1. Score each industry using the full-spectrum fusion factor based on the industry component stocks 2. Select the top 5 industries with the highest scores 3. Equally weight these industries and rebalance weekly[38][43] - **Evaluation**: The model effectively utilizes AI's feature extraction capabilities to capture patterns in multi-frequency price-volume data, complementing top-down strategies[3][38] - **Backtest Results**: - Annualized return: 26.87% - Annualized excess return: 19.02% - Maximum drawdown of excess return: 12.43% - Sharpe ratio of excess return: 1.85[3][41] Model: AI Thematic Index Rotation Model - **Construction Idea**: The model scores 133 thematic indices using the full-spectrum fusion factor and constructs a weekly rebalancing strategy by equally weighting the top 10 thematic indices[4][28] - **Construction Process**: 1. Score each thematic index using the full-spectrum fusion factor based on the index component stocks 2. Select the top 10 thematic indices with the highest scores 3. Equally weight these indices and rebalance weekly[28][31] - **Evaluation**: The model leverages AI to identify and capitalize on trends in thematic indices, providing a diversified and dynamic investment approach[4][28] - **Backtest Results**: - Annualized return: 16.92% - Annualized excess return: 9.37% - Maximum drawdown of excess return: 20.79% - Sharpe ratio of excess return: 0.73[4][30] Model Backtest Performance AI CSI 1000 Enhanced Portfolio - Annualized excess return: 21.60% - Annualized tracking error: 6.06% - Information ratio (IR): 3.57 - Maximum drawdown of excess return: 7.55% - Calmar ratio of excess return: 2.86[1][7] LLM-FADT Text Stock Selection Strategy - Annualized return: 30.10% - Annualized excess return: 25.52% - Sharpe ratio: 1.18 - Information ratio (IR): 2.00[2][20][24] AI Industry Rotation Model - Annualized return: 26.87% - Annualized excess return: 19.02% - Maximum drawdown of excess return: 12.43% - Sharpe ratio of excess return: 1.85[3][41] AI Thematic Index Rotation Model - Annualized return: 16.92% - Annualized excess return: 9.37% - Maximum drawdown of excess return: 20.79% - Sharpe ratio of excess return: 0.73[4][30]

Group 1 - The core point of the article is that multiple listed companies, including Furi Co., are launching shareholder reward activities to enhance investor relations and provide incentives for holding shares [1][2][4][5] Group 2 - Furi Co. announced a shareholder reward activity where shareholders holding 10000 shares or more as of January 21 can participate [1][3] - Shareholders with 200,000 shares or more will receive gift boxes valued at 5000 yuan, while those with 10,000 to 200,000 shares will receive gift boxes valued at 500 yuan [3] - The activity will take place from January 28 to January 30, and shareholders must apply personally or designate a representative to claim their gifts [3] Group 3 - Other companies like Shouxiangu, Haoxiangni, and Suyanjingshen are also engaging in similar shareholder reward activities, offering exclusive products at discounted prices [2][4][5] - Shouxiangu is providing special purchase options for its products during the Spring Festival, while Haoxiangni is offering exclusive gift boxes at reduced prices for shareholders [4] - Suyanjingshen is celebrating its 10th anniversary by offering free experience gift boxes to shareholders who provide feedback on the company's development [5] Group 4 - Furi Co.'s main business includes home textile and new materials, with a reported revenue of 3.841 billion yuan for the first three quarters of 2025, a decrease of 4.45% year-on-year, and a net profit of 296 million yuan, down 12.05% year-on-year [3]

Group 1 - Shanghai Tongxin Trading Co., Ltd. is preparing to participate in the Paris Textile and Fabric Exhibition from February 2 to 4, with support from the Shanghai International Exhibition (Group) Co., Ltd. providing booth fee subsidies and organizing pre-exhibition meetings for 56 participating companies [1] - The Shanghai Municipal Commission of Commerce announced that in the first quarter of this year, 424 companies will participate in 136 overseas exhibitions through a dual-track model of government-led and market-driven organization [2] - The "Hundred Exhibitions, Thousand Enterprises" initiative aims to organize 5,725 enterprises for 1,149 overseas exhibitions in 2025, with a focus on both traditional markets in Europe and the U.S. and emerging markets [2] Group 2 - The recommended list of overseas exhibitions for 2026 has been expanded to 305 events, a 50% increase from the previous year, covering key export industries and regions [3] - The number of overseas exhibitions organized by the Shanghai International Exhibition Group is set to increase from 159 in 2025 to 219 in 2026, representing a 38% growth [5] - The focus for 2026 will include emerging markets in the Middle East, Central and Eastern Europe, and Africa, with new sectors such as energy storage and biomedicine being emphasized [5]