Group 1 - The market is currently experiencing a high level of enthusiasm, with a focus on theme stocks and small-cap stocks, while traditional investment funds are more cautious [2] - The expectation is that the market will continue to show a pattern of oscillation and upward movement until the National People's Congress, driven by improved domestic demand expectations [2] - There is a recommendation to focus on resources and traditional manufacturing sectors, as well as to increase allocation in non-bank financials to reduce portfolio volatility [2] Group 2 - A-share valuations are expected to continue to rise, with a potential rebound in overall ROE by 2026, influenced by factors such as increased profits from emerging industries and a slowdown in PPI [3] - The influx of certain types of funds, including regulatory, insurance, and bank wealth management funds, is seen as a solid foundation for the A-share market [3] - The market is likely to see a continuation of the spring rally, with a focus on small-cap stocks and potential adjustments providing good entry points for investors [3] Group 3 - The current market environment suggests limited downside risk and significant potential for upward movement, particularly in the commercial aerospace sector, which is experiencing positive changes [5] - The market is characterized by a concentration of themes and strong trading sentiment, with upcoming earnings reports expected to drive structural adjustments [5] - There is a focus on sectors such as AI, semiconductor, and resource price increases as key areas for investment [9] Group 4 - The spring rally is supported by improved liquidity and a favorable economic environment, with expectations of continued strong performance in the A-share market [6] - The focus on technology and growth sectors is expected to provide significant investment opportunities, particularly in AI applications and commercial aerospace [11] - The market is likely to remain strong leading up to the Spring Festival, with a focus on sectors benefiting from policy support and economic recovery [14]

Application Scenarios - The solution is applicable to traditional hotel industry, especially for hotels facing issues like high asset investment, serious capital lock-up, poor liquidity, and a single membership system [1] - It aims to digitize and tokenize future revenue rights of hotels, achieving asset lightweighting, rapid capital recovery, and flexible circulation of user rights [1] Core Algorithms and Mechanisms - The asset packaging and issuance mechanism involves bundling hotel operational costs and revenues for a certain period (e.g., 5 years) into an "asset package" [3] - Limited digital rights certificates (NFG) are issued based on blockchain, with each certificate corresponding to a fixed amount (e.g., 2000 yuan per certificate), representing usage and benefit rights [5] - The profit-sharing rules and calculation model include a service fee of 10% on room rates for users using NFG rights [6] - Each NFG certificate's value is calculated as total hotel revenue divided by total issued NFG certificates, exemplified by a total revenue of 63.5 million yuan divided by 20,000 certificates, resulting in 3,175 yuan per certificate [6] - The annualized return calculation formula is provided, showing an example of an 11.75% annualized rate based on the increase in certificate value over 5 years [6] Problem Resolution - For hotels, the solution allows for the packaging of future revenues, enabling quick capital recovery (e.g., issuing 20,000 certificates can recover 40 million yuan) [10] - It reduces asset lock-up pressure, shifting towards "light asset operation" [10] - The design binds user rights to enhance repurchase and loyalty [10] - For users/investors, it offers low-threshold ownership of hotel asset shares (e.g., 2000 yuan per share) [10] - It combines consumption rights with investment returns, allowing for the transfer and appreciation of rights, breaking the traditional prepaid card "funds lock-up" dilemma [10] Design Rationale - The design is based on a trusted blockchain infrastructure (Tencent Cloud TBaaS), ensuring rights confirmation, transaction transparency, and immutability [11] - It digitizes asset revenue rights, aligning with policy advocacy for "digital transformation" and enhancing asset liquidity [11] - The dual rights design (usage rights + benefit rights) meets consumer needs while possessing investment attributes, expanding the user base [11] - The tradable rights resolve the rigidity of traditional membership cards, forming a secondary market and activating the ecosystem [11] Example Illustration - A hotel issues 5-year NFG rights, with each share priced at 2000 yuan, totaling 20,000 shares [12] - The hotel can recover 40 million yuan upfront for operational upgrades, while users become "co-investors," sharing in the hotel's profits [12] - Users can utilize their rights for 10 nights, with the hotel charging a 10% service fee on room rates, while also holding a benefit right to share in hotel operating profits [12]

Group 1: Market Liquidity and A-Share Performance - The improvement in market liquidity has been a direct catalyst for the recent rise in A-shares, with margin trading balances increasing by over 125 billion yuan in just half a month, leading to a more than 35% increase in trading volume across the A-share market [3][13][22] - Historical data shows that similar situations, where the A-share market rose by nearly 10% over 16 trading days with trading volume expanding by over 30%, have occurred six times in the past decade, predominantly at the beginning of the year [3][18][22] - The recent surge in the commercial aerospace index has led to a significant increase in turnover rates and trading volume proportions, indicating a potential structural overheating in the market [3][22] Group 2: AI Impact on Employment and Economic Policy - The U.S. job market continues to face pressure, with December's non-farm payrolls adding only 50,000 jobs, below expectations, and a downward revision of 76,000 jobs for October and November [4][26][33] - The adoption of AI by large U.S. companies has significantly suppressed employment growth, particularly in the information, finance, and professional services sectors, which have collectively lost 344,000 jobs over the past three years [4][26][33] - The Federal Reserve's extended rate-cutting cycle is expected to benefit commodity markets, as inflation concerns related to AI investments are easing [4][40][41] Group 3: Domestic Economic Recovery and Policy Optimization - The Producer Price Index (PPI) for industrial enterprises in December showed a year-on-year increase, indicating a shift from price drag to price support for corporate revenues [5][56] - The Consumer Price Index (CPI) has also risen, with the core CPI maintaining its highest level in five years, reflecting a smoother transmission of prices from enterprises to consumers [5][56] - The ongoing anti-involution policies are expected to enhance corporate profitability, with regulatory measures aimed at preventing monopolistic practices and promoting fair competition [5][62] Group 4: Rebalancing and Investment Recommendations - The report suggests a positive outlook for A-shares, driven by improved liquidity and favorable domestic and international economic conditions [6][63] - Recommended investment areas include industrial resource products like copper, aluminum, and lithium, as well as sectors benefiting from the recovery of domestic manufacturing and consumer spending [6][63] - The report emphasizes the importance of capturing opportunities in sectors such as aviation, duty-free, and food and beverage, which are expected to benefit from increased consumer income and tourism recovery [6][63]

1. Report Industry Investment Rating No relevant content provided. 2. Core View This week, the China Securities REITs Index rose 1.9% throughout the week, with all sectors posting gains and market trading activity also increasing. From the comparison of the weekly price changes of major indices, China Securities Convertible Bonds > CSI 300 > China Securities REITs > China Securities Aggregate Bonds. As of January 9, 2026, the dividend yield of equity REITs was 59 basis points lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - based REITs and the 10 - year Treasury yield was 332 basis points [1]. 3. Summary by Related Catalogs 3.1 Secondary Market Trends - The weekly price change of the China Securities REITs Index was +1.9%, and the price change since the beginning of the year was +0.4%. As of January 9, 2026, the closing price of the China Securities REITs (closing) Index was 793.05 points. Throughout the week (from January 5 to January 9, 2026), its performance was weaker than the China Securities Convertible Bonds Index (+4.4%) and the CSI 300 Index (+2.8%), but stronger than the China Securities Aggregate Bonds Index (-0.1%). Since the beginning of the year, the order of price changes of major indices was: China Securities Convertible Bonds (+23.9%) > CSI 300 (+20.9%) > China Securities Aggregate Bonds (+0.5%) > China Securities REITs (+0.4%) [2][6]. - In the past year, the return rate of the China Securities REITs Index was -2.0%, and the volatility was 7.7%. The return rate was lower than that of the CSI 300 Index, the China Securities Convertible Bonds Index, and the China Securities Aggregate Bonds Index; the volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bonds Index, but higher than that of the China Securities Aggregate Bonds Index. The total market value of REITs on January 9 was 223.3 billion yuan, an increase of 3.4 billion yuan from the previous week; the average daily turnover rate for the whole week was 0.60%, an increase of 0.08 percentage points from the previous week [2][8]. 3.2 Sector Performance - All sectors posted gains, with municipal facilities, new infrastructure, and water conservancy REITs leading the gains. From the perspective of different project - attribute REITs, the average weekly price changes of equity REITs and franchise - based REITs were +2.8% and +1.6% respectively. Among specific targets, the top three REITs in terms of weekly price increase were E Fund Biwei Market REIT (+7.84%), GF Chengdu Gaotou Industrial Park REIT (+6.91%), and China Merchants Science and Technology Innovation REIT (+6.24%) [3][16][21]. - New infrastructure REITs had the highest trading activity. In terms of different project types, new infrastructure REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 1.0%; consumer infrastructure REITs had the highest proportion of trading volume this week, accounting for 22.3% of the total REITs trading volume. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were Huaxia China Resources Commercial REIT (121.76 million yuan), CICC Anhui Expressway REIT (79.3 million yuan), and Southern Runze Technology Data Center REIT (53.82 million yuan) [3][23][24]. 3.3 Primary Market Issuance From the beginning of the year to January 9, 2026, there was 1 REIT product in the "accepted" stage, 1 in the "inquiry" stage, and 2 in the "feedback" stage on the exchange [26]. 3.4 Valuation Tracking - REITs have both bond - like and stock - like characteristics. From the bond - like perspective, under the constraint of mandatory high dividends, the annualized cash distribution rate is concerned. As of January 9, the average annualized cash distribution rate of public - offering REITs was 5.96%. From the stock - like perspective, the relative net value premium rate, IRR, and P/FFO are used to judge the valuation of REITs [28]. - As of January 9, 2026, the dividend yield of equity REITs was 59 basis points lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - based REITs and the 10 - year Treasury yield was 332 basis points [1][29][30]. 3.5 Industry News Shanghai Jinjiang Asset Management Co., Ltd. recently announced the short - listed candidates for the fund manager, special plan manager, and financial advisor of its public - offering REIT project. The first short - listed candidate is a consortium composed of Huaan Fund, Huaan Future Asset, and Guotai Haitong Securities, with an issuance - stage fee of 5 million yuan and a 0.2% ongoing fee. The second short - listed candidate is a consortium composed of Dongwu Fund and Dongwu Securities, with the same quotation conditions. The announcement period ends on January 10. As of June 30, 2025, Jinjiang Hotels had over 17,700 contracted hotels, over 1.68 million rooms, and over 200 million members [4][32].

Group 1 - The recent improvement in market liquidity has driven the A-share market's rise, with historical patterns suggesting a strong performance in the upcoming period [1][5] - The A-share market has seen a significant increase in trading volume, with a 35% growth in total trading volume and a 10% rise in the overall A-share index over the past 16 trading days [2][14] - There is a notable structural overheating in the market, particularly in the commercial aerospace index, which has seen a sharp increase in turnover and trading volume [2][14] Group 2 - AI's negative impact on the U.S. employment market is becoming evident, with December's non-farm payrolls falling short of expectations and a downward revision of previous months' data [3][20] - The prolonged interest rate cut cycle by the Federal Reserve is expected to benefit commodity markets, as the demand for resources related to AI and new energy industries is increasing [3][33] - Geopolitical tensions are altering inventory behaviors among market participants, leading to increased stockpiling and a rise in copper and silver inventories [3][35] Group 3 - Domestic policies aimed at reducing "involution" are being implemented, with industrial prices showing signs of recovery, leading to improved corporate profitability [4][43] - The recent regulatory focus on the photovoltaic industry has raised concerns about the commitment to anti-involution policies, but the overall direction remains focused on improving corporate fundamentals [4][49] - The government is actively working on regulatory frameworks to support innovation while preventing monopolistic practices, which is expected to enhance corporate profitability in the long run [4][51] Group 4 - The report maintains an optimistic outlook for the A-share market, suggesting that the combination of improved liquidity, AI investments, and domestic policy support will lead to a favorable investment environment [5][52] - Recommended sectors include industrial resource products like copper, aluminum, and lithium, as well as equipment exports and consumer sectors benefiting from recovery trends [5][52]

Core Insights - The European stock market started strong in 2026, with major indices, including Germany's benchmark index, reaching historical highs [2][20]. Seasonal Trends - January is typically a favorable month for the European stock market, with the Euro Stoxx 50 index showing an average increase of 0.26% over the past 20 years and a 56% probability of closing higher [3][20]. - The DAX index averages a 0.44% increase in January with a 57% chance of closing higher, while the CAC40 index shows a 0.58% average increase and a 57% closing probability [3][20]. - The Italian FTSE MIB index outperforms with an average increase of 1.23% and a 62% probability of closing higher [3][20]. - Historical data indicates that April and November often yield stronger and more stable returns compared to January [4]. Recent Performance - January 2023 and January 2025 were noted as the best-performing January periods for several European indices on record [5][21]. - The Euro Stoxx 50 index surged by 9.75% in January 2023 and by 7.98% in January 2025, while the DAX index rose by 8.65% in January 2023 and further increased by 9.16% in January 2025, reflecting renewed investor enthusiasm for cyclical and industrial stocks [6][22]. Notable Companies - **Alten SA**: This French engineering consulting firm has shown a significant seasonal increase in January, with an average rise of 4.13% over the past 20 years and a 71% chance of closing higher. In January 2023, the stock rose by 20.46% [10][11][26]. - **Accor SA**: The French hotel group has an average January increase of 4.3% and a 67% chance of closing higher. In January 2023, it experienced a notable surge of 28.1% due to a rebound in travel demand [13][27]. - **Sopra Steria Group SA**: This French IT consulting firm has a stable January performance with an average increase of 5.75% and a 76% chance of closing higher. It recorded a 23.25% rise in January 2012 [14][28]. - **Sartorius AG**: The German life sciences equipment supplier has an average January increase of 5.85% and a 67% chance of closing higher. In January 2025, the stock surged by 30.11% [15][29]. - **Rheinmetall AG**: The German defense giant has an average January increase of 7.74% with a remarkable 90% chance of closing higher. It has achieved double-digit increases in January for the past four years [16][30]. Significance of Seasonal Patterns - Seasonal patterns reflect investor behavior and market expectations, but they are not predictive tools. Major macroeconomic shocks or geopolitical events can disrupt these trends [17][31].

Core Insights - Hilton Group has reached a significant milestone in China with the opening of its 1000th hotel, the Hilton Garden Inn Zhengzhou Airport, enhancing the region's high-end business travel offerings and promoting the integration of transportation, exhibitions, and cultural tourism [2][4] - The company aims to double its hotel portfolio in China over the next few years, maintaining an average opening rate of one new hotel every two days [4] Group 1 - Hilton Group's President for Greater China and Mongolia, Qian Jin, emphasized that entering the "thousand-store era" is a pivotal moment in the company's development, attributing this success to its award-winning brand matrix, vision-driven corporate culture, and strong business engine [4] - The company has nearly 70 Hilton Garden Inn hotels in China since opening its first in Beijing in 2008, and it has announced new projects to deepen its brand strategy in key regional markets and international gateway cities [9] Group 2 - The Zhengzhou Airport Economic Zone, where the new hotel is located, is a national-level development area and a core engine for Zhengzhou's growth, with the hotel situated just 15 minutes from Zhengzhou Xinzheng International Airport [7] - The hotel features 315 well-designed rooms and suites, 1200 square meters of flexible meeting space, and a 24-hour fitness center, reflecting the brand's commitment to business travel needs [7] Group 3 - The tourism industry in Henan province is thriving, with significant attractions like the Yin Ruins and Longmen Grottoes, and the province is expected to receive 81.36 million tourists and generate 53.91 billion yuan in tourism revenue by the 2025 National Day and Mid-Autumn Festival [5] - Zhengzhou's tourism industry is also on the rise, with 141 million domestic tourists and a 7.6% increase in tourism revenue to 178.03 billion yuan in the first three quarters of the year [5] Group 4 - Hilton Group's new lifestyle hotel projects include the Hilton Mott brand's first signing in mainland China, located in Shanghai's core area, showcasing the company's confidence in the vibrant Chinese tourism market [9] - The company plans to open several key projects in the first half of 2026, including two new hotels in Guangzhou and the first lifestyle brand hotel in Henan province [12]

编辑部： 网上预订的酒店临入住涨价、心仪的热门景点因限流难入、赶路通道被流动摊位堵塞……旅游途中总会 有诸如此类的糟心事。随之而来的两个关键问题更值得深思：广大游客遭遇纠纷时如何快速有效维权？ 相关部门面对游客的投诉与建议，又该如何精准及时回应？ 记者了解到，日前，为期6个月的2025多彩贵州满意旅游"痛客行"活动落幕，为这些问题的解答提供了 借鉴。所谓"痛客"，是在旅游中遭遇不快、发现痛点并提出改进建议的人。自2017年起，贵州已连续9 年开展这一活动，始终立足游客视角、聚焦问题导向，以倾听和解决游客投诉与痛点为切入点，致力于 提升游客的体验感与满意度。 本质而言，这一活动就是鼓励游客大胆"挑刺""找茬"，将旅游过程中的痛点转化为优化服务的亮点。 面对游客"差评"，唯有不回避、不敷衍，认真聆听、扎实整改，才能得到游客好评。旅途之中出现意外 状况，若正规渠道无法及时有效回应游客"吐槽"，社交媒体便会成为情绪汇集的平台，各类"避雷帖"应 运而生，甚至引发舆情危机，让精心培育的旅游品牌"翻车"。比如，此前西南某地旅拍行业协会公 开"喊话"社交媒体平台强化信息审核监管的案例，便从侧面印证了负面舆情发酵的风险，也凸显 ...

Employment Situation - Non-farm payrolls increased by 50K in December, lower than the estimated 60-70K and the revised 56K from the previous month [1] - The unemployment rate fell by 20 basis points to 4.4%, marking the lowest level since September and the first month-over-month decrease since June [1] Labor Market Revisions - Revisions to prior months indicate a weakening labor market, with November's jobs revised down by 8K to 56K and October's revised down by 68K to a loss of 173K [2] - The four-month trailing average of jobs gained per month is now at 12K, below the previous average of 13K [2] Job Sector Performance - Private-sector jobs contributed significantly with an increase of 37K, while government jobs rose by 13K, despite a decrease of 6K in federal government employment [3] - Healthcare jobs saw the largest increase at 46K, followed by construction at 28K and social assistance at 18K; however, leisure/hospitality and transportation sectors experienced declines of 12K and 18K, respectively [3] Wage and Labor Participation - Hourly wages increased by 0.3% month-over-month and 3.8% year-over-year, which may not support a case for interest rate cuts by the Federal Reserve [4] - Average workweek and labor force participation rates remained low at 34.2 and 62.4%, respectively; the U-6 unemployment rate fell to 8.4%, the lowest since September [4] Housing Market Data - Housing starts for October decreased by 4.6% month-over-month to 1.25 million seasonally adjusted annualized units, with single-family starts increasing by 5.4% while multi-family starts dropped by 26% [5] - Building permits, a leading indicator for future housing starts, were at 1.41 million, down 0.2% month-over-month but up from expectations, with multi-family permits increasing by 0.4% [6]

Core Viewpoint - MGM China Holdings Limited (02282) experienced a rebound of nearly 5%, with a current price of HKD 12.82 and a trading volume of HKD 110 million following the announcement of a new long-term brand cooperation agreement with MGM International Hotel Group [1] Group 1: Brand Cooperation Agreement - Starting from 2026, MGM China will increase the brand usage fee paid to its parent company from 1.75% to 3.5% [1] - Morgan Stanley projects that the brand usage fee will reach HKD 1.2 billion in 2026, a significant increase from HKD 600 million in 2025 [1] Group 2: Financial Impact - Goldman Sachs estimates that the additional royalty fees paid to the parent company will impact EBITDA by approximately 6% to 7% [1] - The earnings forecast for MGM China is expected to be downgraded by about 13% to 14% due to the increased fees [1] - If the company maintains a dividend payout ratio of around 50%, this may lead to a reduction in the dividend per share [1] Group 3: Stock Price Reaction - Following the announcement regarding the royalty fees, MGM China's stock price fell by approximately 19% [1] - Goldman Sachs believes that the recent stock price adjustment appears to be somewhat excessive [1]