Core Viewpoint - The Supreme People's Court Intellectual Property Court is exploring judicial paths to deepen the comprehensive governance of "involutionary" competition, focusing on regulating monopolistic and unfair competition behaviors to support the construction of a unified national market [1][2]. Summary by Relevant Sections Judicial Regulation of Competition - The Intellectual Property Court has identified "involutionary" competition as a significant issue in the construction of a unified national market, driven by factors such as monopolistic behaviors, insufficient innovation, and unfair competition [1][2]. - The court has recognized 66 cases as constituting monopolistic behavior since its establishment, with 15 cases identified in 2025 alone [2][3]. Strengthening Innovation Protection - The court is actively applying measures such as behavior preservation, evidence preservation, and punitive damages to combat patent infringement and promote a shift from low-quality competition to high-quality and innovative competition [2][3]. Addressing Malicious Competition - The court is focusing on regulating unfair competition practices, particularly those involving the theft of trade secrets and organized efforts to gain competitive advantages, aiming to break the cycle of "downward competition" [2][3]. Enhancing Judicial Efficiency - The court has handled 24,602 cases since its establishment, with 23,069 concluded, and has applied punitive damages in 58 cases, totaling 2.05 billion yuan [4][5]. - In 2025, the court received 4,679 cases and concluded 3,146, indicating a significant increase in case handling [4]. Supporting National Innovation Strategy - The court has strengthened judicial support for the national innovation-driven development strategy, with cases related to strategic emerging industries increasing from 17.6% in 2019 to 32.4% in 2025 [5]. - The court has also seen a rise in foreign-related cases, with 2,546 cases accepted, representing 10.3% of total cases, and an annual growth rate of 18.7% [5].

花旗发表研报指，东方甄选2026上半财年转亏为盈，录得净利润2.39亿元，主要因产品组合有策略地转 向自家产品，推动毛利率扩张280个基点至36.4%。虽然因业务分拆，导致商品交易总额(GMV)下降 14.6%至41亿元，但剔除与辉同行影响后，核心收入增长17%至23.1亿元，受产品组合扩张及App表现强 劲所支持。同时，透过严格的营运管控，员工人数削减26%及总薪酬下降35%，盈利能力进一步巩固。 该行予东方甄选目标价33港元，评级"买入"。 ...

Group 1: Tesla - Tesla reported a total revenue of $94.83 billion for the previous year, a decrease of 3% compared to the previous year, with a net profit of $3.79 billion, down 46% [1] - In 2025, Tesla's global vehicle deliveries are expected to be approximately 1.636 million, marking a second consecutive year of decline, down 8.6% from 2024 [1] - Tesla's electric vehicle sales were surpassed by Chinese manufacturer BYD for the first time, with Q4 2025 production at approximately 434,000 vehicles and deliveries at about 418,000, a year-on-year decline of about 16% [1] Group 2: Microsoft - Microsoft reported a revenue of $81.3 billion for Q2 of fiscal year 2026, a year-on-year increase of 17%, with a net profit of approximately $38.5 billion, up 60% [2] - The cloud computing segment drove significant growth, with cloud revenue reaching $51.5 billion, a 26% increase year-on-year, and intelligent cloud revenue at $32.9 billion, up 29% [2] - Microsoft's CEO Satya Nadella noted that while AI adoption is still in its early stages, the scale of Microsoft's AI business has already surpassed its core traditional operations [2] Group 3: Meta (formerly Facebook) - Meta reported Q4 revenue of approximately $59.9 billion, a 24% year-on-year increase, with a net profit of about $22.8 billion, up 9% [2] - For 2025, Meta anticipates revenue of approximately $201 billion, a 22% increase year-on-year, while net profit is expected to be around $60.5 billion, down 3% [2] - CEO Mark Zuckerberg expressed optimism about strong business performance in 2025 and plans to advance "personal superintelligence" in 2026 [3] Group 4: Amazon - Amazon announced a new round of organizational restructuring, affecting approximately 16,000 positions, following a previous layoff of about 14,000 employees in October of the previous year [3] - The restructuring is part of Amazon's ongoing efforts to optimize its organizational structure and improve efficiency, focusing on reducing management layers [3]

一、活动时间：2026年1月1日至2026年4月30日(每日9点至24点) 二、活动对象： 农行信用卡(单位卡、准贷记卡、EMV卡：Visa、万事达品牌仅支持境外支付的卡、汽车/教育分期等专 用卡除外，下同)持卡人 三、活动内容 活动期间，农行信用卡持卡人(以下简称"持卡人")首次在拼多多APP或中国农业银行APP通过多多钱包 (多多支付，下同)绑定农行信用卡，即有机会获得5元立减权益。立减权益自获得之时起有效期7天(7*24 小时)，持卡人在拼多多APP消费且单笔订单农行信用卡应付满5.01元(含)时可使用。活动期间同一持卡 人仅限参与一次，活动名额有限，用完即止。 ...

主播@小瑜家鲜果 将在1月30日走进连云港，围绕海产年货进行溯源直播。龙虾尾、大虾、带鱼段等年货高 频品类，将从产地加工、冷链运输到成品标准，在直播间逐一呈现。通过实地探访，小瑜将把海鲜年货背 后的产地条件、分拣流程和品质要点讲清楚，让用户在年货选购时更有底气。 另一位生鲜主播@榴莲大叔（胖吨吨），也将在1月29日走进花香蓝莓种植园，开启蓝莓溯源直播。直播 中，他将结合实地画面，讲解高海拔环境、土壤结构、水源条件等因素如何影响蓝莓的口感与品质。对很 多用户而言，蓝莓早已不只是水果，更是年货季中走亲访友、家庭囤货的热门选择，而溯源内容也让这种 选择变得更直观、更可信。 年味正在被重新"搬回"源产地。这个年货节，快手电商围绕"好年货 真省钱"的主题，鼓励平台主播走进特 色年货产业带，用溯源直播的方式，把产地、工艺与真实场景带进直播间，让用户看见年货从哪里来、为 什么好。 溯源，正在成为年货节内容的重要组成部分。相比单一的带货讲解，源产地直播不仅丰富了直播内容形 态，也更契合年货消费对"安心、真实、讲究"的需求。年货节期间，快手电商将通过流量扶持、资源支持 等方式，鼓励更多主播前往产业带溯源，做有内容、有故事的年货 ...

根据挪威政府最新公布的一份持仓清单，规模高达2.2万亿美元的挪威主权级别财富基金在2025年下半 年减持了美国股市最大规模科技巨头股票仓位，其中包括其长期以来的第一大持仓——即AI芯片超级 霸主英伟达(NVDA.US)。截至年末，负责管理该基金的挪威央行投资管理公司(Norges Bank Investment Management，NBIM)已削减其前四大科技巨头持仓，除英伟达外还包括苹果公司(AAPL.US)、微软公司 (MSFT.US)以及谷歌母公司Alphabet(GOOGL.US)。 NBIM成立于1990年代初，其投资遵循挪威财政部设定的基准系统指数，因此其进行主动操作的空间有 限。其投资组合覆盖股票、固定收益、房地产与可再生基础设施，且均在挪威境外。 从"美欧地缘政治博弈"的视角看，挪威主权财富基金(NBIM/GPFG)在2025年下半年小幅减持英伟达、苹 果、微软、Alphabet这类美股科技龙头，其深层意义更像是在这些占据市场高额权重的科技巨头估值来 到历史高位之际"去权重集中度 + 降政治尾部风险"，而不是"大举撤离美国或者看空AI投资主题"。 挪威NBIM本就严格贴近财政部设定的基准指数 ...

Core Viewpoint - The "Guangdong Goods Going Global" initiative aims to enhance local consumption, deepen national market penetration, and expand global reach, showcasing Guangdong's economic vitality and industrial strength through various promotional activities during the Spring Festival [1][2]. Group 1: Local Consumption Initiatives - Guangzhou will distribute 50 million yuan in government dining consumption vouchers to stimulate holiday spending [1][2]. - The "Guangzhou Goods Going Global" action will create a vibrant consumer ecosystem, featuring local culinary experiences and discounts through partnerships with financial institutions and platforms like Meituan and Douyin [2][3]. Group 2: National and Global Market Expansion - The initiative includes a dual approach of online and offline strategies to build a comprehensive distribution network for Guangdong goods across the nation [2]. - Online events like the New Year Goods Festival will promote Guangdong products nationwide, while trade fairs and cross-border e-commerce will facilitate global outreach [2]. Group 3: Cultural and Technological Integration - Guangzhou will introduce immersive tech-driven cultural tourism projects during the Spring Festival, blending technology with traditional cultural experiences [4]. - The "Cyber Lantern Festival" will utilize advanced technologies to enhance the traditional lantern display, promoting Guangdong's cultural heritage [4][5]. Group 4: Special Events and Promotions - The city will host specialized promotional events focusing on clothing, food, and automotive sectors to further enhance the "Guangdong Goods" brand [7]. - The "Guangdong Year Flower" campaign will feature both online and offline activities, including a comprehensive guide for purchasing flowers and local agricultural products [9].

东方甄选(01797)涨超9%，截至发稿，涨9.14%，报24.12港元，成交额1.68亿港元。 消息面上，1月28日，东方甄选发布截至2025年11月30日止6个月业绩，该集团期内取得总营收23.12亿 元人民币，同比增加5.7%；公司拥有人应占溢利2.39亿元，同比扭亏为盈；每股基本盈利0.23元。截至 2025年11月30日，东方甄选已累计推出801款的自营产品。得益于品类扩充和升级迭代，自营产品GMV 在报告期内占总GMV约52.8%，有效带动了整体销售与利润的长期增长。 ...

Investment Rating - The report suggests a long-term investment perspective, focusing on quality companies with strong core competitiveness and long-term value, particularly in the AI integration within the internet entertainment sector [3][5]. Core Insights - The overall market sentiment is cautious due to fluctuating expectations of interest rate cuts by the Federal Reserve and short-term impacts from regulatory policies in mainland China. The Hang Seng Technology Index has been under pressure, with many internet entertainment companies experiencing a downward trend in stock prices [3][5]. - The central economic work conference has set a tone for 2026 emphasizing "stability while seeking progress," which aims to boost economic vitality and consumer confidence, benefiting the internet entertainment sector directly [3][5]. - 2026 is anticipated to be a significant year for AI application and commercialization, with the integration of AI technology being a core factor determining future competitiveness in the internet entertainment sector [3][5]. Summary by Sections Market Performance - The Hang Seng Index and the Hang Seng Technology Index experienced slight declines of -0.36% and -0.42% respectively during the week of January 19-23, 2026. The overall market sentiment is cautious, influenced by external factors and regulatory policies [4][5]. - The software and services sector's PE-TTM is at 28.9x, while the PS-TTM is at 5.3x, indicating high valuation levels compared to historical data [12][14]. Company Recommendations - The report recommends focusing on industry leaders such as: -阅文集团 (772.HK) -腾讯音乐 (TME.N) -浪潮数字企业 (596.HK) -百融云 (6608.HK) -阿里巴巴 (BABA.N) These companies are expected to have strong R&D and application capabilities in the AI wave, making them optimal choices for sharing in long-term industry growth [3][5]. Industry Data - The film industry is showing signs of mild recovery, with a box office of 3.04 billion yuan during the week of January 19-25, 2026. The new film "Return to Silent Hill" performed well, contributing significantly to the box office [25]. - The gaming market in China saw a year-on-year sales growth of 7.83% in October 2025, indicating robust potential and vitality in the gaming sector [28].

要闻提示 NEWS REMIND 1.亚马逊再裁1.6万人，网友曝北京裁员50%，整组被"一锅端" 2.马云最新发声：AI时代不要再犹豫用不用AI，应关注怎么教孩子用好AI 3.理想调整研发架构，智驾部门将被重组！郎咸朋转战机器人 4.阿童木机器人冲击港股IPO，瓜子二手车杨浩涌、深创投、联想为股东 5.裸车19.99万元，曾经一车难求的雷克萨斯ES，也开始打折卖了 6.字节禁止员工利用公司资源做号谋利 7. 马斯克宣布：ModelS和ModelX项目将终止，特斯拉预计4月推出下一代敞篷跑车 8.光刻机巨头ASML，裁员1700人！ 今日头条 HEADLINE NEWS 突发！亚马逊裁员16000人，网友曝北京裁员50%，整组被"一锅端" 1月28日消息，科技巨头亚马逊周三宣布启动近3个月内的第二轮大规模裁员，这次将影响1.6万名白领员工。亚马逊表示，将为大多数美国员工提供90天的 内部职位寻找机会。同时，对于无法在亚马逊找到新职位或选择不寻找新职位的员工，亚马逊将提供过渡支持，包括遣散费、职业介绍服务、医疗保险福利 等。亚马逊也表示，一直在努力通过精简层级、增强责任担当和消除官僚主义来强化组织架构。虽然许多 ...