Group 1 - The national business conference held on January 10-11 outlined eight key tasks for the national business system by 2026, focusing on consumption, market systems, trade innovation, foreign investment, international trade rules, foreign investment management, bilateral trade cooperation, and security in openness [1] - The conference emphasized the implementation of a special action to boost consumption, aiming to create the "Buy in China" brand, enhance service consumption, and optimize policies for upgrading consumer goods [1] - The goal is to develop a modern market and circulation system, promoting a unified national market and advancing the integration of domestic and foreign trade [1] Group 2 - Trade innovation will be promoted through the "Export China" brand, with a focus on optimizing goods trade, developing service trade, and encouraging digital and green trade [2] - The strategy includes enhancing foreign investment attractiveness by expanding service sector openness and improving investment promotion and service systems [2] - Effective foreign investment management will involve guiding cross-border supply chain layouts and enhancing overseas service systems, particularly in the context of the Belt and Road Initiative [2] Group 3 - The conference aims to deepen multilateral and bilateral economic cooperation, implement global initiatives, and reform global economic governance [2] - There is a focus on risk prevention and establishing a robust security network for openness, including improving legal frameworks and trade risk management [2]

Group 1 - The Hong Kong internet sector is experiencing a strong rally, with the Hong Kong internet ETF (513770) rising by 3.33% to recover above the 60-day moving average [1] - Major internet companies such as Meituan, Bilibili, Alibaba, Kuaishou, and Tencent have all seen significant gains, with Meituan up nearly 6% and Bilibili over 4% [1] - The Hong Kong internet ETF has attracted significant capital inflow, totaling 572 million yuan over the past five days, reaching a new historical high of 13.395 billion yuan [3] Group 2 - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee has announced an investigation into the competitive landscape of the food delivery platform service industry [3] - Meituan supports the investigation, highlighting issues of irrational competition in the food delivery market, such as price wars and excessive subsidies [3] - Taobao Shanguo has expressed willingness to cooperate with the investigation and emphasized the importance of maintaining a fair market environment [3] Group 3 - The AI application sector is rapidly advancing, with significant improvements in model capabilities and cost reductions, leading to accelerated commercialization in various fields [3] - The Hong Kong internet ETF passively tracks the CSI Hong Kong Internet Index, which includes major companies like Alibaba, Tencent, and Xiaomi, indicating a strong focus on AI giants [3] - The top holdings of the ETF include Tencent (15.42% weight), Alibaba (14.50%), and Xiaomi (13.11%), reflecting a diversified investment in leading tech firms [3]

Group 1: Market Performance - The Hong Kong internet sector saw significant gains, with the Hong Kong internet ETF (513770) rising by 3.33%, recovering above the 60-day moving average [1][7] - Major internet companies such as Meituan-W increased by nearly 6%, Bilibili-W by over 4%, Alibaba-W and Kuaishou-W by over 3%, and Tencent Holdings by over 1% [1][7] Group 2: Regulatory Developments - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee announced an investigation into the competitive landscape of the food delivery platform service industry [3][9] - Meituan expressed strong support for the investigation, highlighting issues of irrational competition characterized by price wars, subsidies, and traffic control [3][9] - Taobao Flash expressed willingness to cooperate with the investigation and emphasized the importance of maintaining a fair and orderly market environment [3][9] Group 3: AI Applications and Investment Trends - AI applications are rapidly increasing, with CITIC Securities noting that advancements in model capabilities and significant reductions in inference and long-window costs are accelerating the commercialization of AI downstream applications [3][9] - The Hong Kong internet ETF (513770) and its linked funds have attracted significant capital, with a net inflow of 572 million yuan over five consecutive days, bringing the total size to 13.395 billion yuan, a new historical high [3][9]

Group 1 - The retail concept is rapidly gaining traction, with Sanjiang Shopping hitting the daily limit up [1] - Maoye Commercial has achieved two consecutive trading limit increases [1] - Other companies such as Jiajia Yue, Chongqing Department Store, Dazhong Shares, Shanghai Jiubai, and Xinhua Department Store are also experiencing upward movement [1]

Employment Data - In December, the U.S. added 50,000 non-farm jobs, below the market expectation of 70,000[6] - The October and November employment figures were revised down by a total of 76,000[6] - Private sector job growth fell significantly from 50,000 in November to 37,000 in December[6] Unemployment Rate - The unemployment rate decreased to 4.4% in December, better than the expected 4.5%[6] - November's unemployment rate was revised slightly down to 4.54%[6] - Labor force participation rate declined to 62.4%, influenced by retirements and reduced labor supply[6] Sector Performance - Job losses in the goods-producing sector totaled 21,000 in December, with construction and manufacturing losing 11,000 and 8,000 jobs respectively[6] - Service sector jobs increased from 32,000 in November to 58,000 in December, primarily in leisure and hospitality, and education and healthcare[6] Federal Reserve Outlook - The Federal Reserve is expected to cut rates by 25 basis points once in June, largely as a political statement with the new chair[6] - Economic growth is anticipated to rebound in the first half of the year due to tax cuts, despite inflation pressures from commodity prices[6] - In the second half, economic growth may slow again, with inflation potentially rising due to stabilizing oil and rent prices[6]

Core Viewpoint - Diageo is facing significant growth pressures, with declining organic net sales and operating profits, prompting a leadership change as Dave Lewis takes over as CEO to implement cost-cutting and improve profitability [3][4][6]. Financial Performance - In the fiscal year 2024, Diageo's organic net sales decreased by 0.6% year-on-year, and organic operating profit fell by 5% [3]. - For fiscal year 2025, organic net sales saw a slight increase of 1.7%, but organic operating profit still declined by 0.7% [3]. - The first quarter of fiscal year 2026 reported flat organic net sales year-on-year, with weak demand in the Chinese baijiu and U.S. spirits markets cited as major factors [3][11]. Leadership Changes - Debra Crew, the previous CEO, left in July 2025 after two years, with CFO Nik Jhangiani serving as interim CEO until Dave Lewis's appointment [4][6]. - Lewis is recognized for his experience in cost reduction and business transformation, having previously restructured Tesco during a crisis [6][7]. Strategic Initiatives - Diageo plans to cut approximately $625 million in costs over the next three years, with asset disposals being a key strategy since 2025 [7][8]. - The company has been actively selling non-core assets, including stakes in various breweries and brands, to streamline operations [8][11]. Market Challenges - The Asia-Pacific region saw a 7.5% decline in organic net sales in the first quarter of fiscal year 2026, primarily due to weak performance in the Chinese baijiu market, which negatively impacted overall group sales by about 2.5% [11]. - Management emphasizes the need to adapt to changing consumer preferences regarding drinking habits and expectations, indicating a shift in strategic focus [11].

Core Viewpoint - The Hong Kong stock market is experiencing a strong performance in the AI sector, with significant gains in key stocks and ETFs, particularly driven by advancements in AI applications and increased investor interest [1][3][4]. Group 1: Market Performance - On January 12, the Hong Kong stock market opened higher, with the Hang Seng Technology Index rising by 0.88% and the Hong Kong Internet ETF (513770) increasing by over 2% [1][9]. - Key AI stocks such as Kuaishou-W and Meituan-W saw gains exceeding 4%, while Bilibili-W rose over 2% [1][9]. Group 2: AI Application Growth - The "Pet Dance" AI video has gained significant traction in overseas markets, leading to a 102% increase in daily revenue for Kuaishou's Keling AI mobile platform compared to December 2025 [3][11]. - Morgan Stanley highlighted Kuaishou's leading position in generative AI, with a valuation corresponding to 12 times the expected earnings for 2026, and a projected compound profit growth rate of 21% for 2026-2027 [3][11]. Group 3: Investment Opportunities - According to Founder Securities, 2026 is expected to be a pivotal year for AI applications, with major internet companies competing to develop entry-level AI applications [4][12]. - The Hong Kong Internet ETF (513770) has attracted significant capital, with a net inflow of 572 million yuan over five consecutive days, reaching a record size of 13.395 billion yuan [4][12]. Group 4: ETF Composition - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, with major holdings including Alibaba-W, Tencent Holdings, Xiaomi Group-W, Kuaishou-W, and Bilibili-W, accounting for over 78% of the total weight [6][14]. - The top ten weighted stocks in the ETF include Tencent Holdings (15.42%), Alibaba-W (14.50%), and Meituan-W (12.03%) [15].

Group 1 - The core viewpoint of the article emphasizes China's commitment to enhancing consumption and trade innovation by 2026, focusing on expanding service sector openness and fostering new growth points in service consumption [1] Group 2 - In 2023, China will accelerate the cultivation of new growth points in service consumption, optimize the implementation of the old-for-new consumption policy, and promote the upgrade of goods consumption [1] - The country aims to create an international consumption environment, develop digital, green, and health consumption, and stimulate consumption in lower-tier markets [1] - The retail industry will be encouraged to innovate, and a modern market and circulation system will be established to advance the construction of a unified national market [1] Group 3 - China will promote trade innovation, enhance the export of Chinese brands, and optimize and upgrade goods trade while significantly developing service trade and encouraging service exports [1] - The focus will also be on innovating digital and green trade, promoting the integration of trade and investment, and creating new advantages for attracting foreign investment [1] - The country plans to deepen "Belt and Road" economic and trade cooperation, develop Silk Road e-commerce, and strengthen overseas project supervision and risk prevention [1] Group 4 - China will align with international high-standard economic and trade rules and push for the construction of open highlands [1] - The comprehensive implementation of the Free Trade Zone (FTZ) enhancement strategy will further improve the level of trade and investment liberalization and facilitation in Hainan Free Trade Port [1] - Multilateral economic and trade cooperation will be actively pursued to expand and enrich the FTZ network [1]

Group 1 - The national business conference outlined eight key tasks for the business system by 2026, focusing on enhancing consumption, modern market systems, trade innovation, foreign investment, international trade rules, foreign investment management, bilateral cooperation, and security in openness [1] - The conference emphasized the implementation of a consumption boost initiative, aiming to create the "Buy in China" brand, enhance service consumption, and optimize policies for upgrading consumer goods [1] - The development of a modern market and circulation system is prioritized, with efforts to promote a unified national market and innovate in the retail sector [1] Group 2 - Trade innovation will be promoted through the "Export China" brand, with a focus on optimizing goods trade, developing service trade, and encouraging digital and green trade [2] - The conference aims to enhance foreign investment attractiveness by promoting the "Invest in China" brand and improving the foreign investment service guarantee system [2] - Effective foreign investment management will be implemented to guide cross-border supply chain layouts and enhance overseas service systems, particularly in the context of the Belt and Road Initiative [2]

Group 1 - The national business conference held on January 10-11 outlined eight key tasks for the national business system by 2026, focusing on consumption, trade innovation, foreign investment, and international economic cooperation [1] - The conference emphasized the implementation of a special action to boost consumption, aiming to create the "Buy in China" brand and enhance service consumption potential [1] - It was highlighted that there will be efforts to optimize the implementation of the old-for-new consumption policy and to develop an international consumption environment [1] Group 2 - The conference called for the promotion of trade innovation, including the launch of the "Export China" brand and the development of service trade and digital trade [2] - There is a focus on enhancing foreign investment attractiveness by expanding service sector openness and improving investment promotion levels [2] - The need for effective management of foreign investments was stressed, including the establishment of a comprehensive overseas service system and deepening cooperation under the Belt and Road Initiative [2]