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]

Group 1 - MGM China (02282) rebounded nearly 5%, trading at HKD 12.82 with a transaction volume of HKD 110 million [1] - A new long-term brand cooperation agreement was reached between MGM International and MGM China, with brand usage fees increasing from 1.75% to 3.5% starting in 2026 [1] - Morgan Stanley estimates 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 - Goldman Sachs predicts that the additional royalty fees will impact EBITDA by approximately 6% to 7%, leading to a downward revision of profit forecasts by about 13% to 14% [1] - Following the announcement of the royalty fee increase, MGM China's stock price fell by approximately 19%, but Goldman Sachs believes the recent stock price adjustment appears excessive [1]

Market Overview - A-shares experienced a slight decline, ending a streak of gains, with the Shanghai Composite Index down 0.07% at 4,082.98 points[16] - The Hang Seng Index fell 1.17% to 26,149 points, with all three major indices in Hong Kong closing lower[11] - U.S. markets showed mixed results, with the Dow Jones up 0.55% at 49,266 points, while the Nasdaq dropped 0.44% to 23,480 points[9] Fixed Income - U.S. Treasury yields rose by 2-3 basis points, with the 10-year yield at 4.17%[28] - A total of $48.21 billion in new bonds was issued on Thursday, bringing the weekly total to $952.21 billion[28] - The Asian bond market remained resilient, with mixed performance across bonds and spreads remaining stable[28] Commodities - Oil prices surged over 3%, with WTI crude closing at $57.76 per barrel, driven by geopolitical tensions and supply concerns[25] - Gold prices remained stable, closing at $4,460.7 per ounce, as the market awaited U.S. non-farm payroll data[25] Economic Indicators - The U.S. labor market showed resilience, with a decrease in layoffs and an increase in hiring plans, marking the highest level since 2022[5] - The U.S. trade deficit narrowed by nearly 40% in October due to a significant drop in imports[5] Sector Performance - In the U.S., the energy sector led gains with a 3.20% increase, while technology stocks faced pressure, particularly Nvidia, which fell 2.15%[9] - In Hong Kong, high-dividend sectors like coal and electricity stocks performed well, while technology and financial sectors struggled[11]

Core Insights - The report by JLL highlights the resilience and steady growth of Beijing's real estate market in 2025, driven by the core AI industry and a shift from a "downturn cycle" to "re-pricing" in the office market [1] - The demand for office space is increasingly rational, with a significant rise in lease renewals as tenants gain bargaining power [2] - The investment market saw a notable decline in large transactions, with a total of approximately 18 billion yuan in 2025, down 58% year-on-year [3] Office Market - The overall demand for Grade A office space remains weak, leading tenants to prefer lease renewals over relocations due to high costs [2] - By the end of 2025, the vacancy rate for Grade A office buildings in Beijing slightly decreased to 15.2%, with net absorption at 21,790 square meters [2] - Average monthly rent for Grade A office space fell to 210 yuan per square meter, a decrease of 5.6% quarter-on-quarter and 16.3% year-on-year [3] Investment Market - The large transaction market in Beijing slowed down significantly, with total transaction volume for the year at approximately 18 billion yuan, marking a 58% decline from the previous year [3] - Retail assets are gaining more attention from investors, as evidenced by a strategic partnership between Ingka and Gaohe Capital to manage shopping center assets [3] - The expansion of public REITs to include commercial office and hotel projects is expected to enhance market liquidity and asset management [4] Retail Market - Consumer retail sales in 2025 experienced a negative growth of 3.1%, leading brands to adopt a cautious approach to expansion [5] - New supply in the retail sector was concentrated in the first half of the year, with over 800,000 square meters added, while the second half saw a significant slowdown [5] - The demand for retail space is increasingly driven by emotional value and cultural identity, with consumers willing to pay for experiences [5] Industrial and Logistics Market - The demand in the industrial logistics sector was primarily driven by cost-cutting relocations, with low new expansion activity [6] - The average effective rent in the market decreased by 4.3% in the fourth quarter, leading to a narrowing of regional price differences [7] - The market is expected to stabilize as demand from industries requiring high-quality warehousing, such as automotive and pharmaceuticals, begins to recover [7] Hotel Market - The high-end hotel market in Beijing faced challenges in the second half of 2025, with average occupancy rates and revenue per available room declining by over 4% year-on-year [8] - The addition of 1,505 new hotel rooms in the second half of 2025 indicates a maturing market, with expectations for steady growth in new supply over the next two years [8] - The clarity in the path for hotel REITs is anticipated to enhance asset performance and attract new investment opportunities [9]

Core Insights - The hotel industry is undergoing a significant transformation with the integration of AI, driven by leaders like Zheng Nanyan, who aims to eliminate traditional front desk operations and enhance customer experience through AI technology [2][3][9] - The success of AI implementation in traditional industries relies heavily on strong leadership commitment and the availability of vast vertical scene data [1][12] Group 1: Company Strategy - Zheng Nanyan has made a bold decision to remove front desks in his hotels, aiming to redefine the business flow with AI as a core feature of the company [3][9] - The company plans to embed AI into both organizational management and consumer-facing services, with a system called "Magic Lamp" expected to be fully deployed by March 2026 [9][10] - The company has a workforce of approximately 300 employees, with 170 dedicated to AI-related tasks, indicating a strong focus on technology integration [9][12] Group 2: Industry Context - Other hotel groups are also exploring AI, with various initiatives such as Huazhu's "Huaxiao AI" and Jinjiang's AI voice systems, but few have successfully integrated AI into their workflows [10][12] - The hotel industry faces challenges in data collection and processing, as the specific terminology used in hotels differs from general language models, complicating AI training [12][13] Group 3: Financial Performance - The company has faced historical challenges, including a significant drop in revenue and profit margins, necessitating a strategic overhaul and brand consolidation [18][19] - The company aims to reduce operational costs by 15% to 25% through AI, which is expected to streamline processes and improve service delivery [12][13] Group 4: Future Outlook - Zheng Nanyan is optimistic about the potential of AI to revolutionize the hotel industry, viewing it as a long-term investment that could take a decade to fully realize [19][20] - The company is also expanding internationally, with investments in Indonesia's hotel management platforms, indicating a dual strategy of AI integration and market expansion [19][20][23]

Core Viewpoint - The recent policy issued by the All-China Federation of Trade Unions aims to activate the consumption potential of union members, injecting new momentum into the cultural and sports industries [1] Group 1: Policy Impact - The policy is expected to create an annual increase of 500 to 1650 billion yuan in the domestic tourism market by 2026, based on the current scale of approximately 330 million union members [1] - The policy establishes a complete consumption promotion loop through dual guarantees of funding and time, along with innovative supply and consumption scenarios [1] Group 2: Investment Opportunities - Investment focus should be on three main lines: first, scenic spots and destinations that directly benefit from the policy [1] - Second, the hotel industry that accommodates team accommodation needs [1] - Third, OTA platforms that may participate in digital platform construction and team travel products [1] Group 3: Future Expectations - The policy is seen as a good start for stimulating service consumption, with expectations for subsequent supporting measures [1]