Core Insights - The article highlights the significance of the 2026 Heat Management Liquid Cooling Plate Industry Exhibition, emphasizing its role in showcasing advanced cooling technologies essential for future industries such as data centers, energy storage, electric vehicles, and AI chips [1][2][3]. Exhibition Overview - The exhibition will take place from June 10 to June 12, 2026, at the Shanghai New International Expo Center, featuring over 800 participating companies and an expected attendance of more than 100,000 professional visitors [1][14]. - The exhibition area will cover 50,000 square meters, with more than 30 forums planned to discuss industry trends and innovations [1][10][14]. Industry Focus - Liquid cooling technology is identified as a core thermal management solution for various sectors, including data centers, energy storage, electric vehicles, and robotics [1][2]. - The exhibition aims to provide a comprehensive view of the liquid cooling plate industry, from raw materials to system integration, facilitating connections between upstream and downstream partners [2][3]. Featured Exhibits - The exhibition will include five thematic areas: data center liquid cooling, energy battery and storage cooling, power semiconductor cooling, liquid cooling materials and components, and manufacturing and processing equipment [3][5]. - A wide range of products will be showcased, including various types of cooling plates, materials, system components, and production technologies [8][9]. Forum Activities - Over 30 specialized forums will be held, focusing on topics such as data center thermal management, power device thermal management, and advanced packaging [11][12]. - Industry leaders will be invited to share insights on technology innovations, market trends, and investment strategies [11]. Target Audience - The exhibition aims to attract participants from various sectors, including data centers, semiconductor companies, AI consumer electronics, and investment institutions [15][16]. - Expected attendees will include decision-makers, technical personnel, and representatives from research institutions [17]. Pricing and Participation - Standard booth pricing is set at CNY 16,800 for domestic exhibitors and USD 3,400 for foreign exhibitors, with early bird discounts available [20]. - The exhibition is positioned as a platform for technology transfer and collaboration, aiming to accelerate innovation in the new materials sector [24].

Core Viewpoint - International value stocks have underperformed US counterparts for over a decade, but the recent 47% surge of the Dimensional International Value ETF (DFIV) raises questions about whether this represents a genuine rotation or a temporary reversal [1][6]. Group 1: Fund Overview - DFIV provides exposure to undervalued companies in developed markets outside the US, using an active, research-driven approach to identify stocks trading below intrinsic value [2]. - The fund emphasizes strong profitability metrics and systematically tilts toward value characteristics, financial health indicators, and smaller market capitalizations, differentiating it from passive international funds [2]. - DFIV combines potential revaluation of underpriced stocks with a current dividend yield near 3%, delivering meaningful cash flow alongside capital appreciation potential [3]. Group 2: Performance Analysis - DFIV gained 47% over the past year, significantly outperforming the S&P 500's 16% and the iShares MSCI EAFE ETF by approximately 14 percentage points, while surpassing US value strategies by over 30 percentage points [6]. - This performance validates the international value thesis but complicates decisions for new investors, as much of the gain reflects a catch-up after years of underperformance [7]. Group 3: Portfolio Composition - Top holdings include European energy giants like Shell and TotalEnergies, financial institutions such as Banco Santander and HSBC, and Japanese industrials like Toyota, indicating a portfolio heavily weighted toward sectors trading at depressed valuations [4]. - The portfolio is concentrated in European financials and energy companies, which are vulnerable to regional economic slowdowns, regulatory pressures, and commodity price swings [9]. Group 4: Investment Considerations - DFIV is not suitable for short-term traders or those seeking growth characteristics, as it focuses on mature, often undervalued businesses and has a quarterly dividend structure [10]. - For broader international exposure without a value tilt, the Vanguard Total International Stock ETF (VXUS) offers a compelling alternative, charging lower fees and providing exposure to both value and growth stocks across developed and emerging markets [11].

Market Reactions - Oil prices experienced a decline, with U.S. benchmark crude oil trading at $56.96 per barrel, down 36 cents, and Brent crude at $60.41 per barrel, down 34 cents [3] - Precious metals saw significant gains, with gold rising by 2.7% and silver increasing by 6.6%, as investors sought safe-haven assets amid geopolitical tensions [5] - Asian shares rallied, with the Nikkei 225 index jumping 3% to 51,832.80, marking its highest close since October 31, 2025 [6] Economic Context - Venezuela's oil industry is in a state of disrepair due to years of neglect and international sanctions, with current production at approximately 1.1 million barrels per day, which some analysts believe could potentially double or triple with major investments [4] - The U.S. military operation to capture Venezuelan President Nicolas Maduro has led to market uncertainty, but analysts suggest that the near-term economic and financial implications are minor [3] Upcoming Economic Indicators - The first full week of the new year will feature important U.S. economic updates, including reports on the services sector and consumer sentiment, which are expected to provide insights into the U.S. economy's performance at the end of 2025 and its outlook for 2026 [9][10]

Core Viewpoint - The company emphasizes a preference for local experiences and quality time with family and friends over extravagant vacations [1] Group 1 - The company does not engage in out-of-country vacations, indicating a focus on local leisure activities [1] - The company values spending time with family and friends, highlighting a commitment to personal relationships [1] - The company enjoys hobbies, suggesting a balanced lifestyle that prioritizes personal interests [1]

Core Viewpoint - Xiaomi's recent live stream event showcased its confidence in the automotive sector, addressing various controversies and criticisms surrounding its vehicles, particularly the YU7 model [2][5]. Group 1: Live Stream Event - The live stream, originally scheduled for December 31, 2025, was postponed to January 3 due to the illness of CEO Lei Jun, lasting four hours and featuring a detailed disassembly of the YU7 model [1]. - This event marked Xiaomi's first live vehicle disassembly, emphasizing the company's commitment to transparency and consumer engagement [2]. Group 2: Addressing Controversies - Xiaomi faced negative online labeling, such as being called the "Green Belt Warrior," due to edited videos of accidents involving its cars. The company claims these are orchestrated attacks by malicious entities [4][5]. - The company has initiated legal support for car owners facing online harassment and has disabled comments on certain platforms during live streams to mitigate negative impacts [5]. Group 3: Clarifying Misunderstandings - Lei Jun addressed the misinterpretation of his statement regarding the YU7's range of "1300 kilometers on a single charge," clarifying it was based on a real test drive from Beijing to Shanghai [6][7]. - The claim of "200 km instant stop" was also defended as a colloquial expression, with the actual performance being a demonstration of the vehicle's advanced braking capabilities [7]. Group 4: Marketing Practices - Xiaomi has been criticized for its marketing practices, particularly the use of small print disclaimers in advertisements. The company acknowledged this as a long-standing issue and committed to improving clarity in future promotions [10]. - Lei Jun admitted that the use of small print was a poor practice and announced an immediate change to enhance transparency in marketing [10]. Group 5: Future Goals - Xiaomi's automotive division set an initial delivery target of 300,000 units for the year, which was later increased to 350,000, ultimately achieving 410,000 deliveries. For the upcoming year, the target has been set at 550,000 units [11].

Core Insights - In 2025, the Tianjin Consumer Association received a total of 8,445 consumer complaints, recovering over 7.7 million yuan in direct economic losses for consumers [1] Group 1: Complaint Categories - The highest proportion of complaints was related to after-sales service issues, accounting for 26.09% of total complaints [1] - The second most common complaint category was false advertising, which made up 21.34% of the total complaints [1] - Product-related complaints totaled 2,603, representing 30.82% of all complaints, with the highest proportion in the transportation category [1] - Service-related complaints amounted to 5,230, making up 61.93% of total complaints, with the education and training service category having the highest share [1] Group 2: After-Sales Service Issues - Complaints regarding after-sales service primarily involved businesses failing to fulfill the obligation of a 7-day no-reason return policy and delaying repairs beyond agreed timelines [2] - A case highlighted involved a consumer whose bathroom renovation service provider refused to repair a leak during the warranty period, leading to intervention by the local consumer association [2] Group 3: False Advertising Issues - Complaints about false advertising included instances where consumers received products that did not match online descriptions or were misled into making purchases [3] - A notable case involved a consumer who received a poorly made musical instrument that did not match its online presentation, resulting in a resolution through mediation [3] Group 4: Transportation Complaints - Complaints in the transportation category focused on issues such as defects or quality problems with electric bicycles, delayed after-sales service, and discrepancies in promised vehicle features [4] - A specific case involved a consumer who faced issues with a used electric vehicle purchase, requiring mediation to resolve a violation that prevented vehicle registration [4] Group 5: Education and Training Complaints - Complaints in the education and training sector were mainly about non-refund policies after course registration and discrepancies in service quality compared to promises made [5] - A case involved a consumer seeking a refund after a teacher left mid-course, leading to a negotiated settlement for a partial refund [5] Group 6: Prepaid Consumption Complaints - Complaints regarding prepaid consumption were concentrated in areas such as restaurants, fitness, and beauty services, with issues including businesses closing without notice and lack of written contracts [6] - A case highlighted involved a consumer who was denied the use of a prepaid card after a business transfer, but mediation allowed her to continue using the card without additional fees [6]

Core Viewpoint - The article highlights the advancements in solid-state battery technology by Hongqi, marking a significant step towards the commercialization of this technology in the automotive sector [1][2]. Group 1: Solid-State Battery Development - Hongqi's R&D Institute successfully loaded its first solid-state battery pack into the Hongqi Tian Gong 06 model, indicating the commencement of real vehicle testing for solid-state battery technology [1]. - The R&D team achieved key milestones in areas such as sulfide electrolyte, 10Ah cell performance, and 60Ah cell manufacturing processes over a concentrated effort of 470 days [1]. - The successful prototype signifies important progress in high-pressure module packaging and system lightweight integration, providing technical support for the mass production of solid-state batteries [1]. Group 2: Future Industries New Materials Expo 2026 - The Future Industries New Materials Expo 2026 will feature six major exhibition areas focusing on common needs in emerging industries such as robotics, automotive, drones, data centers, aerospace, AI, and new energy [1][5]. - The expo will take place from June 10 to June 12, 2026, at the Shanghai New International Expo Center, showcasing over 800 exhibitors from various sectors including economy, consumer electronics, and semiconductors [6][7].

Vi e w p o i n t | 01 Jan 2026 18:32:56 ET │ 15 pages CITI'S TAKE Indian equities underperformed both EM and DM in 2025 (~27%/13%). In 2026, we think earnings growth trajectory is likely improving, aided by Financials (bottom-up estimates reflect recovery across Consumer & Industrials as well). Further, decent risk-reward should support NIFTY/MSCI India returns (relative valuations, potential US trade deal, global equity broadening beyond AI enablers etc). In 2025, FII outflows reached US$18bn; DII inflows ...

Core Insights - The "Enjoy Warm Winter, Benefit from Jiuquan" consumption season event was launched on December 31, 2025, aimed at boosting local consumer spending [1][2] - The event focuses on key consumption sectors such as automobiles, home appliances, supermarkets, and dining, offering government subsidies and enterprise discounts to enhance consumer experience [2] Group 1 - The event is expected to drive consumption by 500 million yuan [2] - Since the beginning of 2025, the city has implemented various measures to stimulate consumption, including a total of 1.93 billion yuan in funds for the old-for-new policy and 1.5 billion yuan in consumption promotion funds [2] - A total of 195 promotional activities have been conducted, directly boosting consumption by 2 billion yuan, indicating a stable and prosperous consumption market [2]

Core Viewpoint - Anhui Province will launch a consumer goods trade-in program starting January 1, 2026, aimed at promoting the replacement of old products with new ones in the automotive and home appliance sectors [1] Group 1: Automotive Sector - The trade-in program includes two main automotive components: "vehicle scrapping and updating" and "vehicle replacement and updating" [1] - The maximum subsidy for vehicle scrapping is 20,000 yuan, while the maximum subsidy for vehicle replacement is 15,000 yuan [1] - Each individual consumer can only receive either the vehicle scrapping subsidy or the vehicle replacement subsidy once per year [1] Group 2: Home Appliances and Digital Products - The program also covers home appliances, with a maximum subsidy of 1,500 yuan per item, and digital and smart products, with a maximum subsidy of 500 yuan per item [1] - Each individual can receive a subsidy for one item per category [1] - Pilot programs for the trade-in subsidies for home appliances have already begun in cities like Hefei and Lu'an this year [1]