Core Viewpoint - The article highlights significant upcoming economic data releases and events that could impact investment opportunities, particularly focusing on the U.S. and China markets, as well as key technology developments at the CES event. Economic Data and Events - China is expected to release its December CPI and PPI data on January 9, with CPI growth projected to remain at 0.7% year-on-year and PPI decline narrowing to -1.9% from -2.2% [7] - The U.S. will release its December non-farm payroll report on January 9, with expectations of an increase of approximately 55,000 jobs and an unemployment rate holding steady at 4.6% [9] - The CES event will take place from January 4 to 9, featuring major tech leaders like NVIDIA's CEO Jensen Huang and AMD's CEO Lisa Su, who will present on advancements in AI hardware [10][11] IPOs and Market Activity - Several companies are set to launch IPOs in Hong Kong, including: - Zhipu AI, with a pricing of HKD 116.20 per share, expected to start trading on January 8 [15] - MiniMax, with a pricing range of HKD 151-165 per share, expected to start trading on January 9 [17] - Precision Medical, seeking to raise HKD 1.2 billion, expected to start trading on January 8 [18] - TianShu Intelligent Chip, aiming to raise HKD 3.68 billion, expected to start trading on January 8 [19] - GigaDevice Semiconductor, with a pricing range of HKD 162 per share, expected to be priced on January 9 [20] Geopolitical Events - South Korean President Lee Jae-myung is visiting China from January 4 to 7 to strengthen economic cooperation [21] - Venezuelan President Maduro may appear in a U.S. court on January 5, which could have implications for geopolitical stability and market reactions [12] - Ukrainian President Zelensky announced a meeting with U.S. officials on January 6 to finalize security agreements [13] Commodity Market Insights - The Bloomberg Commodity Index (BCOM) will undergo annual weight rebalancing from January 8 to 14, with warnings of potential technical sell-offs in gold and silver due to their overrepresentation in the index [14]

Group 1 - Tmall's New Year Festival offers discounts starting from 8.8% off, with additional coupons providing up to 77% off for various categories including beauty, apparel, and electronics [1][3] - National subsidies have been reintroduced, allowing major appliances like air conditioners and refrigerators to be discounted up to 50%, with specific examples such as the Siemens refrigerator priced at 5,999.5 yuan after discount [3] - AI glasses have been included in the national subsidy program for the first time, with significant sales growth reported, showing a 15-fold increase in transactions year-on-year [3] Group 2 - The Year of the Horse-themed products are gaining popularity, with many new items inspired by a rounded, cartoonish design appealing to younger consumers [4] - High-end food ingredients are being featured for New Year's dinners, showcasing a blend of local and international delicacies, emphasizing quality and value [4] - Various brands are launching limited edition products for the Year of the Horse, including luxury watches and spirits, reflecting a blend of modern craftsmanship and traditional aesthetics [3][4]

Group 1: Fire Engine as AI Cloud Partner - Fire Engine has officially become the exclusive AI cloud partner for the 2026 Spring Festival Gala of the Central Radio and Television Station [2] - The partnership will leverage cutting-edge multimodal large models and cloud computing technology to enhance the Gala's programs, online interactions, and video live streaming [2] - Fire Engine has provided technical support for Douyin's Spring Festival Gala live broadcasts over the past five years, demonstrating high concurrency capacity and stability [2] Group 2: Changxin Technology's IPO - Changxin Technology's IPO application has been accepted, aiming to raise 29.5 billion yuan [3] - The company has experienced continuous revenue growth over the past three years, but it is projected to incur significant losses exceeding 30 billion yuan from 2022 to 2024 [3] - As the largest DRAM manufacturer in China, Changxin holds a 3.97% global market share, but it still lags behind major international competitors [3] Group 3: Blue Arrow Aerospace's IPO - Blue Arrow Aerospace's IPO application has been accepted, with plans to raise 7.5 billion yuan [4] - The funds will be allocated for enhancing reusable rocket capacity and technology [4] - The company has reported increasing revenues but also significant net losses from 2022 to 2025 [4] Group 4: National Subsidy Policy for Smart Glasses - The 2026 national subsidy policy includes smart glasses for the first time, aiming to promote product innovation and market growth [7] - The subsidy for digital and smart products is set at 15% of the product price, with a cap of 500 yuan per item [7] - The inclusion of smart glasses is expected to lower consumer barriers and stimulate short-term sales, with projected significant growth in AR and AI glasses sales by 2025 [8] Group 5: Launch of 2026 National Subsidy - The 2026 national subsidy program officially commenced on January 1, with the first order successfully placed by a consumer in Guangzhou [9] - The program aims to enhance consumption convenience in rural areas and promote economic growth [9] - JD.com has committed to investing nearly 30 billion yuan to support the national subsidy initiative in rural areas [9]

Group 1 - Tmall's New Year Goods Festival has officially started, offering discounts starting from 12% off and additional coupons for consumers [1][2] - Consumers can receive up to 3,421 yuan in category coupons for industries such as beauty, apparel, 3C digital products, and outdoor sports [1] - The first wave of 88VIP coupons includes three tiers: 25 yuan off for purchases over 200 yuan, 60 yuan off for purchases over 480 yuan, and 200 yuan off for purchases over 2,000 yuan [1] Group 2 - A new round of national subsidies has begun, allowing major appliances like air conditioners, televisions, washing machines, refrigerators, and water heaters to be available at up to 50% off [2] - The category of national subsidies has expanded to include AI glasses, which experienced explosive growth on Tmall last year, with transaction volume increasing over 15 times year-on-year as of now [2]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to see a 0.9% year-on-year increase in revenue for Q4 2025, reaching 33.52 billion RMB, which aligns with the company's previous guidance of flat to +5% year-on-year [1][6] - Seasonal factors, such as warmer temperatures in December and a later Chinese New Year in 2026, may impact winter clothing sales and shift some consumer demand [1][3] - The company aims to enhance the service experience for its core SVIP users to maintain consumer loyalty and wallet share, while also considering promotional strategies to attract purchases [1] - The report highlights the importance of shareholder return initiatives in 2026, which could support the company's valuation [1] Revenue and Profitability - The report anticipates a 3.8% year-on-year increase in GMV for Q4 2025, reaching 68.7 billion RMB, with a narrowing gap between GMV growth and revenue growth [2] - The expected gross margin for Q4 2025 is 22.9%, reflecting a slight year-on-year decline of 0.1 percentage points due to increased investments in user engagement [2] - The non-GAAP net profit margin is projected to be 8.2% for Q4 2025, down 0.8 percentage points year-on-year [2] Market Conditions and Policy Impact - The report notes that online retail sales of physical goods in November 2025 grew by 3.5% year-on-year, with a decline in the growth rate for clothing and footwear categories [3] - The central economic work conference indicated that expanding domestic demand will be a priority in 2026, which could benefit the company as it operates in the discretionary consumer goods sector [3] Financial Forecasts and Valuation - The company’s non-GAAP net profit forecasts for 2025-2027 have been slightly adjusted downwards by 0.1%, 2.6%, and 2.5% to 8.6 billion, 8.8 billion, and 9.1 billion RMB respectively, primarily due to lower gross margin expectations [4][12] - The target price for the company is set at $23.26, reflecting a price-to-earnings ratio of 9x for 2026, which is at a discount compared to the average of comparable companies at 14.6x [4][15]

京东健康也持续将严格的品控与溯源体系应用于具体产品与消费场景，既覆盖大众日常滋补需求，也为高等级、稀缺 人参资源提供了规范展示与鉴定环境。近日，一株来自长白山的野山参"参王"，在京东拍卖频道落槌成拍。据悉，经 权威检测公司鉴定，本次拍卖的百年野山参实测鲜重达 123克，远超国家标准对特等野山参的重量要求，兼具生长年 限、五形特征与单体重量优势。 元旦假期期间，人参等滋补品在节庆送礼与家庭健康消费中的需求集中释放。来自京东健康的消费数据显示，近一个 月以来，人参等滋补品类销售同比增长55%。围绕消费者在送礼场景中对品质、来源与安全性的关注，京东健康充分 整合人参原产地资源与标准化选品机制，打造"一参一证"品质溯源体系，消费者可通过扫码方式查询产品产地来源、 生长年限及检测结果。即日起，消费者在京东搜索"滋补寻源"，即可一键直达专区，便捷选购来源清晰、品质可靠的 滋补好物。 吉林省是中国人参原产地和核心产区，具备得天独厚的人参资源与产业基础。依托长白山独特的生态环境和长期种 植、培育经验，吉林已形成集种植、加工、科研于一体的人参产业体系，在全国乃至全球人参产业中占据重要地位。 近年来，吉林省持续推进人参产业规范化 ...

套路二：航班退改签诈骗。市民王先生预订元旦期间机票后，接到自称"航空公司客服"的来电，对方告 知航班取消，可协助办理"理赔"。王先生按对方指引操作时，被骗取5000元。骗子往往能精准获取受害 人出行信息，再以"退款需缴纳手续费""理赔需验证资金"等话术诱骗转账。 套路三：虚假红包诈骗。市民李女士在家族群内看到"元旦888元现金红包"链接，因信任亲友群内信息 点击链接，并填写身份证号、银行卡等信息，次日其银行卡内3000余元被盗刷。反诈专员提示，此类链 接多藏有木马病毒，正规平台发放红包无需填写个人敏感信息。 现场工作人员还推荐了京东旗下的活期理财产品京东小金库，该产品成立以来持续实现正收益，在货币 类活期理财产品中，京东小金库的收益率长期高于同业 "宝宝类" 产品。京东小金库目前在快速赎回方 面也占据优势，支持单日最高超 50 万元快速赎回到账。使用小金库在京东购物不限额，像黄金等高价 值商品，用普通支付方式常会遇到银行卡限额问题，而京东小金库支付无额度限制，可轻松下单，还能 享受多项支付优惠。 套路一：积分清零诈骗。市民钟女士曾收到伪装成运营商的短信，内容称"积分即将过期可兑换礼品"， 其点击短信内链接并填 ...

Core Insights - The consumption model centered around instant gratification and self-reward has significantly boosted the holiday market during the New Year period [1][2] Sales Performance - Taobao Flash Sale data indicates that several major holiday products achieved record sales, with over 75 million imported cherries sold [1][2] - Sales of Dandong red strawberries surpassed 10 million units, while Boston lobsters, once considered a luxury, became a regular choice for young consumers, leading to a sell-out across over 100 stores [1][2] - Milk sales reached 1.2 million liters, and both cola and beer, essential for holiday gatherings, sold over 1.5 million liters each [1][2] Consumption Patterns - The purchasing behavior during the holiday season displayed distinct characteristics of scenario-based and instant consumption [1][2] - In the morning, consumers focused on seafood and hot pot ingredients, aligning with preparation needs for gatherings; from noon to night, sales of gifts, flowers, and snacks increased, catering to social and relaxation needs [1][2] - Late-night purchases included beer, fruits, and health supplements, reflecting a lifestyle balance sought by young consumers [1][2]

2025年12月31日，记者从省商务厅获悉，为加快推动四川平台经济（以电商为重点）产业链建圈强链， 《关于支持平台经济（以电商为重点）产业链高质量发展的若干政策》已于近日出台。未来3年，四川 将连续每年投入2亿元推进平台经济产业链补链、强链、延链，其中面向企业最高奖励500万元，面向个 人最高奖励50万元。 省商务厅相关负责人介绍，政策中的支持对象按照"就高不就低"原则，政策有效期为2026—2028 年。"该政策是框架性政策文件，每年将按照四川省平台经济产业链发展的实际情况出台年度申报指 南，细化明确本政策中具体的指标要求，指导好市场主体和优秀人才开展申报工作，确保政策红利快速 见效。" （文章来源：四川日报） 针对企业，政策明确对上年度通过互联网实现零售规模超过5000万元或批发规模超过10亿元，且增速超 出同期全省社会消费品零售总额增速、批发业销售额增速2个百分点以上的电商销售类企业，单个企业 激励最高不超过500万元；对上年度营业收入超过1亿元且增速超过同期全省服务业增加值增速3个百分 点以上的电商服务类企业，单个企业激励最高不超过500万元；对运用数字化手段提升烟火小店等发展 成效显著的生活服务类电 ...

智通财经记者 | 杨舒鸿吉 智通财经编辑 | 庄键 2026年的第一个工作日，上海将召开全市优化营商环境大会，发布《上海市加快打造国际一流营商环境 行动方案（2026年）》，这将是本市优化营商环境的第九版行动指南。 2025年，上海推出优化营商环境8.0行动方案，共提出58条任务举措。截至去年底，58项任务举措全部 完成。 根据世界银行截至去年12月底公布的调查数据，上海在22项营商环境评测点中保持全球最优。上海营商 环境持续改善，不但反映在上述调查中，同样体现在企业经营者们的实际体感上。 智通财经通过回顾2025年落地的八项关键举措，试图解码上海营商环境提升久久为功的密码。 "免申即享"服务企业超611万次 对于奔曜科技而言，2025年是发展迅猛的一年。这家国家高新技术企业专注于机器人、自动化和人工智 能技术研究与应用，已推动产品与解决方案进入全球市场。 奔曜科技首席产品官阎文舟告诉智通财经，企业研发需要长期的研发投入，上海"免申即享"政策通过大 数据匹配企业资质，企业全程无需主动申请、无需填写申请表、提交大量申请材料，就能快速享受 到"小升规"（小微工业企业发展为规模工业企业）带来的政策红利。 "无感化" ...