Group 1 - The core trend in New Year's consumption is the pursuit of self-indulgence and ritual among young consumers, with various products catering to this demand [1] - On December 31, data from Meituan Flash Purchase indicated that various alcoholic beverages, including craft beer and white wine, saw significant sales increases, with white brandy sales up over 230% and fruit-flavored beer sales up over 70% year-on-year [1] - New and trendy fruit and flower products are also popular among young consumers for creating a New Year's atmosphere, with certain items like yogurt apples seeing a search volume increase of 13 times compared to the previous week [1] Group 2 - Young consumers are the main force in New Year's spending, prompting multiple platforms to offer consumption incentives, including Meituan Flash Purchase, which plans to distribute up to 2026 yuan in New Year's vouchers [2]

（文/观察者网 张志峰） 12月30日，国家发展改革委、财政部联合印发《关于2026年实施大规模设备更新和消费品以旧换新政策 的通知》，明确2026年"设备更新+消费品以旧换新"政策三大核心调整。 新政不仅首次将AI眼镜等新兴智能设备纳入补贴，还全国统一补贴标准、优化了补贴计算方式，全面 取消抽签摇号等限制性申领方式，自2026年1月1日起正式实施。 与之同步，京东线上线下即将全面承接国家补贴落地。据京东方面消息，消费者购买活动指定的冰箱、 洗衣机、电视、空调、电脑、热水器产品，单件/单次至高补贴1500元；购买活动指定的手机、平板、 智能手表手环、智能眼镜产品，单件/单次至高补贴500元。单人累计至高可省11000元。 值得一提的是，为更好配合以旧换新政策落地普惠，支持国补战略进乡村，进一步促进乡村消费提振， 京东在承接以旧换新工作的基础上，已累计投入近300亿，用于商品补贴、营销推广、物流履约、服务 能力建设等，旨在为广大乡镇农村消费者，带去国家补贴与京东补贴的多重福利与海量国补产品，以及 一站式高效国补换新体验。 新政彻底打破地域差异，对核心品类实行全国统一补贴规则，同时优化核算方式。 家电补贴绑定绿色 ...

中美元首条山会晤 《每日经济新闻》评出2025年度十大财经新闻，包括中美元首釜山会晤、"十五五"规划建议公布、民营经济促进法施行等。这些事件不仅总结了2025年重 大财经动态，还为2026年前瞻铺垫。2025年全球聚焦中国"预期提升"，源于发展战略转向、经济结构优化与全球影响力构建，中国需将预期转化为可持续 的现代化现实。 每经记者｜张怀水 高涵 郑雨航 每经编辑｜黄博文 2025年,世界经济在动荡中前行。挑战与机遇、破 坏与重塑、增长与风险、形成全年世界经济冷暖交织的图 景。 对中国而言,2025年既是"十四五"规划收官之年, 也是"十五五"规划谋篇布局之年。从顶层设计的定调到市 场信心的跃升，从法治基石的夯实到海南自贸港封关启 航，这十大新闻,正是解码这一年经济脉动与未来走向的 关键钥匙。 复经记者 | 张怀水 高 涵 郑雨航 "十五五"规划建议公布 3 护航 民营经济促进法施行 4 4 FREE 上证指数站上4000点 5 HH海 《哪吒2》爆红全球 阿里、美团等即时零售大战 (新信 37 2 海南自贸港全岛封关 8 : 電影院 AI竞赛催生供应链和能源 风暴 24 美元降息,人民币升值 关键词①：稳定 ...

Core Insights - The article outlines ten key consumption and business trends for 2025, including "AI," "robotics," "food delivery wars," "super supply chains," "cultural tourism integration," "weight management," "event economy," "emotional health," "silver economy," and "cross-industry collaboration" [1][5]. Super Supply Chain - The strategic value of supply chains is increasingly recognized, with a reported 5.1% year-on-year growth in national freight turnover in the first half of 2025, indicating improved operational efficiency [3]. - The supply chain finance market in China has surpassed 50 trillion yuan, with a compound annual growth rate of 18.6% from 2019 to 2025, stabilizing the funding chains of over 30 million small and micro enterprises [3]. - Companies like JD.com are investing heavily in supply chain infrastructure, with assets reaching 174.3 billion yuan, showcasing the effectiveness of super supply chains in enhancing efficiency and service optimization [3][4]. AI - AI technology is deeply integrated into industrial upgrades and consumer quality improvements, with a significant increase in AI-related product searches on JD.com, growing over 100 times year-on-year [8][9]. - The government aims for over 70% application rate of new-generation intelligent agents by 2027, driving AI's role in everyday consumer products [8]. Robotics - The robotics industry in China saw a revenue growth of 27.8% in the first half of 2025, maintaining its position as the largest industrial robot application market globally [12]. - The search volume for robotics-related products on JD.com exceeded 80 million, indicating a shift from novelty to practical tools in daily life [12]. Food Delivery Wars - The food delivery market has evolved into a competitive landscape dominated by Meituan, Taobao Flash Purchase, and JD Delivery, with high brand recognition rates [15][16]. - Consumer focus has shifted from price to service quality, delivery speed, and overall experience, prompting platforms to enhance their service capabilities [16]. Cultural Tourism Integration - Cultural tourism is evolving towards immersive experiences, with the market expected to grow from 431.4 billion yuan in 2024 to 697.2 billion yuan by 2027, reflecting a compound annual growth rate of 18.9% [18]. - Consumers are increasingly seeking experiences that connect them with local culture, as evidenced by significant growth in sales of products featuring local cultural elements [18]. Event Economy - The event economy is driving consumption across various sectors, with key events in 2025 generating over 16 billion yuan in consumer spending [21][22]. - The popularity of sports events is fostering a culture of regular participation in physical activities, contributing to a shift towards sustained consumer engagement [22]. Weight Management - Weight management is transitioning from a focus on weight loss to holistic health, with a significant increase in related product searches and sales on JD.com [24]. - The launch of specialized online services for weight management reflects a growing consumer interest in health-oriented solutions [24]. Emotional Health - Emotional health is becoming a mainstream concern, with a surge in demand for psychological services and products, as indicated by a dramatic increase in related searches on JD.com [26][27]. - The government's initiatives to enhance mental health services are contributing to the normalization of emotional health discussions in public discourse [26]. Silver Economy - The silver economy is expanding rapidly, with a reported 76% increase in silver-related products on JD.com from 2020, highlighting the growing market for elder care and lifestyle products [29][30]. - The government is actively promoting initiatives to enhance the quality of life for the elderly, further driving growth in this sector [29]. Cross-Industry Collaboration - Cross-industry collaboration is emerging as a key strategy for innovation, with various IPs collaborating to create new consumer experiences and expand market reach [31][34]. - The integration of cultural heritage and modern consumer demands is fostering new business models that enhance consumer engagement and satisfaction [34].

Core Viewpoint - The new "National Subsidy" policy for 2026 emphasizes the optimization of fund allocation and the prevention of fraudulent claims, with a focus on enhancing the technical capabilities of implementing entities [1][2][3] Group 1: Policy Implementation - The 2026 policy aims to expand the coverage and scale of the "old-for-new" subsidy program, with a shift towards more refined execution to prevent fraud and ensure effective fund distribution [1] - The policy includes strict measures against fraudulent claims, such as "pre-increase then subsidize" practices, highlighting the importance of technical capability and collaborative execution among stakeholders [1] Group 2: Company Involvement - JD.com has actively participated in the "old-for-new" program by innovating subsidy models and enhancing user experience through online and offline collaboration [1][2] - The company has invested nearly 30 billion yuan to support the "National Subsidy" initiative in rural areas, focusing on product subsidies, technology development, and logistics [2] Group 3: Technology and Risk Management - JD.com utilizes AI image detection, data verification, and location services to ensure accurate fulfillment and verification of subsidy claims, reducing risks of false claims and enhancing policy accessibility [2] - The company has implemented a fully digital management system for subsidy funds, ensuring traceability and security, while adapting risk control strategies to local policy requirements [2][3] Group 4: Expected Outcomes - The effectiveness of the new policy will be measured by its ability to prevent fraud and enhance the efficiency of fiscal fund usage, with JD.com positioned to support these goals through its systematic capabilities [3] - By leveraging its supply chain and technology, JD.com aims to ensure that the benefits of the "old-for-new" program reach consumers fairly and efficiently, maximizing social benefits [3]

关注港股科技ETF（513020）投资机会，出海是驱动增长的核心因素。 港股科技ETF（513020）跟踪的是港股通科技(港元)指数（931573），该指数涵盖通过港股通交易的科 技相关香港上市公司，成分股集中在电子、传媒、互联网、半导体芯片等热门赛道，以反映高科技创新 特征。该指数聚焦于科技龙头，权重集中度较高，能够体现科技产业整体表现。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 国信证券指出，港股科技行业受美元流动性和宏观因素影响显著，历年Q4恒生科技指数表现疲软，次 年Q1/Q2通常迎来修复。2026年行业需重点关注互联网巨头出海业务进展，AI发展趋势下国内云厂商和 游戏厂商面临出海增长机遇，叠加国产供应链升级，电商平台出海成为补充内需疲软的重要方向。此 外，2025年美团、阿里和京东的外卖大战或于2 ...

Group 1 - Alibaba Group announced the sale of its entire stake in Gao Xin Retail for approximately HKD 13.138 billion, marking a significant divestment from its "new retail" strategy initiated by Jack Ma in 2016 [3] - ByteDance was ordered to pay CNY 82.668 million for code plagiarism involving eight products, including Douyin and Jianying, after a three-year legal battle [7] - Baidu officially acquired YY Live for approximately USD 2.1 billion, after initially announcing the acquisition in 2020 and later terminating it due to legal disputes [7] Group 2 - Honor officially announced the departure of its former CEO Zhao Ming after multiple denials, coinciding with the company's completion of a share reform and initiation of an A-share IPO process [4] - Xiaomi's first SUV model, YU7, launched with over 200,000 pre-orders within three minutes, indicating strong market demand [19] - The Chinese stock market index, Shanghai Composite, broke the 4,000-point mark for the first time in ten years, with total trading volume exceeding CNY 4.0782 trillion for the year [34] Group 3 - The founder of Baidu, Robin Li, stated that the company would spare no effort to win the competition in the food delivery market amid a subsidy war with Meituan [16] - Xiaomi's automotive division faced backlash over a carbon fiber hood controversy, leading to an apology and compensation offers for affected customers [16] - The Chinese government announced a child-rearing subsidy of CNY 3,600 per year for families, effective from January 1, 2025, to encourage population growth [22]

Group 1: Consumer Subsidy Policy - The National Development and Reform Commission and the Ministry of Finance announced a subsidy policy for consumer electronics and appliances, effective from 2026, providing a 15% subsidy on the sales price for specific products [1][4] - Consumers can receive a subsidy of up to 1,500 yuan for each qualifying appliance, and up to 500 yuan for each qualifying digital product, with a limit of one subsidy per product category per consumer [1][4] - The policy also supports the replacement of vehicles, offering subsidies for consumers who trade in their cars for new energy vehicles or low-displacement fuel vehicles [4] Group 2: Market Performance - COMEX silver futures rose by 7.88%, while the Dow Jones Industrial Average fell by 0.2%, closing at 48,367.06 points [2] - The S&P 500 index decreased by 0.14%, and the Nasdaq Composite index dropped by 0.24% [2] - Major tech stocks showed mixed performance, with Intel and Meta both gaining over 1% [2] Group 3: Corporate Announcements - China Aircraft Leasing announced the purchase of 30 Airbus A320neo aircraft, with deliveries expected to occur in phases until 2033 [9] - China Aluminum International plans to acquire a 51% stake in Yunnan Yun Aluminum Logistics for approximately 264 million yuan [15] - Zijin Mining Group expects a net profit of approximately 51-52 billion yuan for 2025, representing a year-on-year increase of about 59%-62% [18]

Core Insights - The digital marketing industry in China is experiencing significant growth, with the market size expected to reach approximately 1.2 trillion RMB by 2025 and 4.8 trillion RMB by 2030, despite challenges faced by brands due to intense competition for traffic [3][4] - The rise of the HarmonyOS ecosystem, which has captured an 18% market share in the smartphone operating system market, presents a new opportunity for brands to escape the cycle of traffic competition and regain growth [4][9] - The gaming industry is facing increasing user acquisition costs, with a reported 86.6% year-on-year increase in spending on user acquisition for the top 100 mobile games in the first half of 2025, while user retention and conversion rates have not kept pace [6][14] Industry Challenges - Brands are struggling with resource misallocation and declining conversion efficiency due to a focus on traffic competition, leading to a paradox where market growth does not translate to individual brand growth [3][4] - The e-commerce sector is experiencing a disconnect between traffic costs and profits, with high public traffic costs eroding already thin margins, while private traffic engagement is hindered by platform barriers and user attention fragmentation [6][14] - Various industries, including finance, tourism, and lifestyle services, are in need of innovative solutions to address unique user value challenges and break free from traditional traffic-driven models [6][14] Solutions and Strategies - The "Whale Harmony Dynamics" initiative aims to provide tailored solutions for five key industries: gaming, e-commerce, finance, tourism, and lifestyle services, enhancing commercial growth logic within the HarmonyOS ecosystem [8][17] - The transition from a "traffic mindset" to a "value mindset" is emphasized, with a focus on understanding user intent and leveraging data science to create a comprehensive digital life map for brands [10][11] - The implementation of AI-driven insights and decision-making processes is set to transform marketing strategies, allowing for real-time data feedback and a shift from traditional advertising to contextually relevant service delivery [11][12] Growth Methodology - A replicable growth methodology is proposed, focusing on deep user insights, precise scene engagement, and long-term asset management, aiming for continuous user interaction throughout their lifecycle [14][15] - Case studies demonstrate the effectiveness of this methodology, such as the gaming industry example where targeted strategies led to a 48% increase in conversion rates and significant user engagement [14][15] - The Whale Harmony Dynamics initiative is positioned as a bridge between developers, users, and the commercial value ecosystem, leveraging AI and data science to build sustainable competitive advantages for partners [16][17]

完整早报音频，请点击标题下方小耳机收听 【罗永浩2025"科技春晚"回归】 12月30日，罗永浩阔别科技发布会舞台七年后，在上海西岸国际 会展中心举办 "十字路口之2025年度科技创新分享大会"，抖音、微博双平台直播在线人数超200 万；大会因舞台技术故障迟到48分钟，罗永浩现场鞠躬道歉并承诺撰写 "谢罪书"，同时宣布300- 1000元六档门票（2小时内售罄）全额退款，自掏腰包将166.87万元门票收入全数捐赠香港大埔宏 福苑援助基金。 大会未进行带货，集中展示10余款中国创新科技产品，包括外骨骼、无人机、3D打印机等软硬件。 发布细红线科技升级版J1 Assistant AI助理及多款AI效率工具，罗永浩现场演示，穿戴 极壳 HyperShell外骨攀爬12层楼，与豆包AI趣味互动， 大疆Neo2掌上无人机获 "年度最佳傻瓜化无人 机"，拓竹科技3D打印机蝉联全球桌面级销量三年第一，影视飓风创始人现场演示厘刻洗碗机。 罗永浩强调 "无创新不登台"，拒绝无创新产品入驻，呼吁行业回归理性与长期价值，计划打造 "加速 器 + 众筹社区" 生态扶持本土创新。（创业邦整理） 【消息称快手副总裁周国睿将离职，官方暂无 ...