Core Viewpoint - A Korean Air passenger plane experienced smoke in the cabin before takeoff, leading to the emergency evacuation of 122 individuals, including passengers and crew members [1] Group 1: Incident Details - The incident occurred at Jeju International Airport, where the flight was scheduled to depart for Pohang at 12:25 PM local time [1] - Smoke appeared in the cabin during the boarding process, prompting immediate action [1] - The airline confirmed that the incident did not lead to a fire, and the fire department was not deployed [1] Group 2: Cause of the Incident - An investigation revealed that the smoke was caused by overheating due to a defect in the aircraft's auxiliary power unit located at the rear [1]

从事绒毛贸易的商人刘英和同事抵达伊斯坦布尔后，在机场等待土耳其合作伙伴接机。"我与土耳其商 人合作已经十几年，每年都要来往三四次。"刘英表示，免签政策将极大便利其商业活动，有利于进一 步推动与当地的贸易往来。 当地时间2日上午7时至9时，从中国北京、上海、广州等地直飞土耳其的多个航班陆续降落在伊斯坦布 尔机场。随着土耳其对持普通护照中国公民免签入境政策当天生效，首批享受这一便利的中国旅客便捷 入境土耳其。 "很荣幸成为土耳其免签后的第一批中国游客。我们持护照直接入境，非常便捷。"从事赴土耳其旅游业 务十余年的韩秀美在免签首日带领一个二十余人的旅行团抵达伊斯坦布尔。她对免签政策充满期待，并 表示今后忙碌的日子一定会越来越多。 在欧洲留学的宋思佳当天凌晨飞抵伊斯坦布尔机场，等待与朋友会合后一同游览土耳其。"我们没有提 前规划行程，看到土耳其免签政策后就立即买票过来看看。"她说，由于是卡着点赶来，入境时略有忐 忑，但通关过程十分顺利，这让她由衷感慨中国护照的"含金量"正日益提升。 当天，中国南方航空公司伊斯坦布尔营业部在机场举办活动，迎接在首个免签日抵达的中国旅客，并为 幸运旅客赠送纪念品。营业部总经理徐嘉锋介绍， ...

一客机在韩国济州岛起飞前冒烟，乘客被紧急疏散 机场方面称，韩国廉价航空公司"真航空"的LJ436航班原计划从济州国际机场飞往浦项庆州机场，但机 舱内突然涌入不明烟雾，机上共122名乘客和机组人员随即紧急撤离。 经检查后发现，此次烟雾是由于安装在飞机尾部的辅助动力装置内部发生故障，导致过热而产生的。 当地时间1月2日中午，一架准备从韩国济州岛飞往浦项机场的客机"因机舱内突然涌入烟雾"，导致乘客 和机组人员紧急疏散。 ...

Core Viewpoint - The South Korean government has announced an extension of the visa fee waiver for group tourists from six countries, including China, until June 2026, aiming to stimulate domestic demand and boost the tourism industry [1][2]. Group 1: Visa Policy and Economic Impact - The visa fee for the C-3-2 visa is 18,000 KRW (approximately 90 RMB), and the waiver was initially set to expire at the end of 2025 but has been extended due to the ongoing increase in international tourists [1][2]. - The temporary visa exemption for Chinese group tourists will be in effect from September 29, 2025, to June 30, 2026, which is expected to further enhance the demand for travel to South Korea [1][2]. Group 2: Tourism and Retail Sector Readiness - The South Korean tourism and retail sectors are preparing for an influx of Chinese tourists during the New Year holiday, with hotels, resorts, and department stores ramping up marketing efforts [2]. - Promotions include discounts of up to 60% on popular cosmetic brands and various gifts for Chinese shoppers at flagship stores [2]. Group 3: Visitor Statistics and Trends - From January to October 2025, the number of Chinese tourists visiting South Korea reached 4.7 million, surpassing the total for the previous year, with hotel bookings in late November showing a year-on-year increase of over 240% [2][4]. - During the New Year holiday period, the number of Chinese tourists visiting South Korea is expected to increase three to four times compared to normal periods [4]. Group 4: Airline Operations and Capacity - New flight routes between China and South Korea, such as Qingdao-Cheongju and Sanya-Jinan-Seoul, have contributed to a 1.5 times increase in the number of tourists flying to South Korea on January 1, 2026 [6]. - Korean Air and other airlines are expanding their capacity to meet the growing demand from travelers between the two countries, with special offers introduced for Chinese passengers [6][7].

Group 1: Waterproof Industry Insights - The waterproof industry has experienced the most severe clearing among consumer building materials, with the top four companies expected to capture nearly 50% market share by 2024 [3][4] - The industry's profitability is at a bottom position, with leading companies nearing breakeven in B-end engineering business, indicating potential for recovery in 2026 as price stabilization and recovery attempts begin [3][4] - The rapid increase in industry concentration reduces unnecessary price competition and enhances the feasibility of price increases among leading firms [4] Group 2: Future Profitability and Market Dynamics - In 2026, the industry is expected to continue attempts at price recovery, supported by lower asphalt prices at the beginning of the year, which will aid in profitability improvement [5] - The improvement in competition dynamics is anticipated to positively impact sales expenses, employee numbers, and accounts receivable turnover days for major companies [5] - Major companies are diversifying their business expansion beyond traditional domestic waterproof engineering, which may further enhance their market position [5] Group 3: Aviation Industry Outlook - The Chinese civil aviation sector is projected to continue recovering in 2025, with passenger traffic expected to grow by 5-6%, leading to a significant reduction in losses and potential profitability [10] - The supply side is entering a low-growth phase, with fleet size expected to increase by approximately 3.7% by November 2025, while passenger load factors are anticipated to reach historical highs [10][11] - The industry is expected to experience a "super cycle" starting in 2026, driven by steady demand growth and a recovery in customer structure, which will support price and profitability increases [12]

Core Insights - Marketing is undergoing a historic shift from chasing traffic to integrating into consumers' daily lives, as brands face growth anxiety amid a saturated market and changing consumer values [1] Group 1: Trends in Scene Revolution - Trend 1: Multi-Screen Interaction - Brands are creating continuous narratives across multiple screens to maintain user engagement, exemplified by ZEGNA's collaboration with Huawei to enhance user experience through immersive storytelling [2][3] - Trend 2: Content Customization - Brands are focusing on niche communities rather than broad audiences, using tailored content to build trust, as seen with Grab's travel show in China [9][11] - Trend 3: AI with Empathy - AI is being utilized to provide personalized and responsive services, transforming user interactions into meaningful experiences, demonstrated by Abu Dhabi Tourism's smart travel project [13][14] - Trend 4: Ecological Co-Creation - Brands are forming alliances to create a shared narrative ecosystem, as illustrated by the "Scar Advocacy" initiative involving multiple partners to address maternal health issues [17][19] Group 2: Marketing Evolution - The marketing landscape is shifting from disruptive advertising to seamless integration into daily life, emphasizing the importance of understanding consumer needs and emotions across various contexts [22][23] - Brands must enhance their internal value propositions while leveraging external partnerships to navigate the evolving marketing environment effectively [22][23]

Core Insights - The U.S. Department of Transportation has introduced the first national strategy for Advanced Air Mobility (AAM) for the period 2026-2036, aiming to integrate electric vertical takeoff and landing (eVTOL) aircraft into national airspace, thereby enhancing the U.S.'s global leadership in next-generation aviation [1][2][4] Economic Impact - The U.S. aviation industry supports $1.8 trillion in economic activity annually, contributing nearly 4% to GDP, with AAM identified as a core component for future transportation, logistics, emergency services, and national defense [1][2] Strategic Framework - The AAM strategy includes 40 action recommendations focusing on industry competitiveness, operational safety, and economic strength, structured around six pillars: airspace, infrastructure, safety, planning and community engagement, workforce, and automation [2] - A four-phase framework named LIFT is proposed to transition from pilot projects to a fully transformed aviation ecosystem [2] Implementation Timeline - The strategy outlines a three-phase approach for commercial rollout: - By 2027, demonstration operations and limited early commercial services will be conducted using existing airports and vertiports - By 2030, regular operations will commence in select urban and rural areas, covering diverse eVTOL applications - By 2035, advanced application scenarios will be developed, promoting autonomous operation modes in specific environments [3] Challenges and Solutions - Airspace management is identified as the biggest challenge for scaling AAM, with the FAA acknowledging that current air traffic control systems cannot accommodate the anticipated volume of low-altitude aircraft [3] - Proposed solutions include creating cooperative airspace models, transitioning operational modes to rely more on automation and data exchange, and integrating low-altitude traffic with existing aviation systems [3] Automation and Safety - While autonomous flying taxis are a long-term goal, the strategy emphasizes that operations before 2035 will be pilot-led, supported by a robust safety framework and gradual automation [3] Domestic Manufacturing and Global Leadership - The strategy aims to establish a domestic manufacturing system, promote aircraft exports, and secure global standards in the AAM sector, reflecting a cautious yet competitive development approach [4] Joby Aviation's Role - Joby Aviation is recognized as a leader in eVTOL technology, with significant advancements in international flight demonstrations and plans for expansion in the Middle East, where demand for high-end air travel is strong [5][6][7] Competitive Landscape - The U.S. and China are currently the leading players in the global low-altitude aviation market, with the U.S. focusing on technological leadership while China sets clear economic development targets [8][9]

Company News - Ganfeng Lithium announced that it has been transferred to the procuratorial organ for review and prosecution due to suspected insider trading [6] - Kweichow Moutai announced that its controlling shareholder, Moutai Group, has cumulatively increased its stake in the company by 3 billion yuan, and this increase plan has been completed. The management stated that the market supply of Moutai 1935 will not increase in 2026 [6] - Longpan Technology announced that some production lines for lithium iron phosphate will undergo maintenance and reduction [7] - Unigroup Guowei announced plans to acquire controlling or all equity of Ruineng Semiconductor, with stock suspension [8] - ST Panda announced that it is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure [9] - Haisheng Pharmaceutical announced that its invested company, innovative drug NWRD06 injection, has completed the enrollment of the first subject in Phase II clinical trials, marking the first treatment nucleic acid drug targeting liver cancer-specific target GPC3 to enter Phase II clinical stage globally [9] - Tianjian Technology announced that it expects a negative net profit for 2025 and operating income below 300 million yuan, which may lead to a delisting risk warning [10] - Tianpu Co., Ltd. announced that it has no plans to engage in artificial intelligence-related business and has not signed any framework cooperation agreements with shareholders. It also announced the early convening of a board of directors election [10] - Guodian Power announced that its subsidiary will jointly invest in the Dadu River Danba Hydropower Station project with CATL and others, with a total dynamic investment of 15.273 billion yuan [10] - Hongwei Technology announced a strategic cooperation agreement with a leading domestic company in the transmission field, focusing on joint research on gallium nitride (GaN) power semiconductor devices [10] Industry News - The Ministry of Finance and the State Administration of Taxation announced that tobacco companies' advertising and business promotion expenses will not be deductible when calculating taxable income, effective from January 1, 2026, to December 31, 2027 [4] - The People's Bank of China has issued an action plan to further strengthen the management service system and related financial infrastructure for digital renminbi, which will start paying interest on digital renminbi wallet balances at the rate of current deposits from January 1, 2026 [4] - The China Chain Store and Franchise Association reported that the market size of on-site food sales in supermarkets has exceeded 100 billion yuan [4] - The Asset Management Association of China reported that as of the end of November 2025, the total scale of public funds in China reached 37.02 trillion yuan, marking the eighth historical high this year [4] - The Guangxi Power Grid Company announced that the last unit of the pumped storage power station in Nanning, Guangxi, was put into operation on December 29, marking the full completion of Guangxi's first pumped storage power station [4]

宏观要闻 央行已出台数字人民币行动方案 据央视新闻从中国人民银行了解到，中国人民银行已经出台《关于进一步加强数字人民币管理服务体系和相关金融基础设施建设的行动方案》，新一代数字 人民币计量框架、管理体系、运行机制和生态体系将于2026年1月1日正式启动实施。 2026年关税调整方案出炉 据智通财经今日从飞常准获悉，其接航司通知，2026年1月5日零时起，下调国内航线旅客运输燃油附加费征收标准。其中800公里(含)以下航段向每位成人 旅客收取燃油费10元，800公里以上航段向每位成人旅客收取燃油费20元；分别下调10元和20元。 机构观点 余永定：明年中国经济增长的关键在于财政政策的扩张力度 在2025三亚·财经国际论坛暨第五届三亚财富管理大会上，中国社会科学院学部委员余永定在演讲中表示，中国明年经济增速是否可以维持在5%，关键在于 财政政策的扩张力度。历史经验告诉我们，提高基础设施投资增速是解决有效需求不足的有效政策工具，在长期促进经济稳定增长，在短期弥补有效需求不 足。他指出，关于中国投资效率低下的说法是片面的，衡量生产效率的指标包括劳动生产率、资本生产率或者资本产出率或者全要素生产率，中国的劳动生 产率是 ...

Summary of Key Points from Conference Call Records Industry Overview Commodities - Recent strong performance in commodity prices, with gold surpassing 4,600 yuan, silver increasing by 11% to 80 USD, and LME copper stabilizing above 12,000 USD. Early year copper prices were below 75,000 yuan [2][7] - Short-term price fluctuations due to factors like silver delivery month squeeze, not driven by supply-demand improvements. Long-term outlook remains positive due to a weaker dollar and anticipated Fed rate cuts [2][7] - The current commodity cycle is influenced by international competition, differing from previous cycles driven by real estate and infrastructure [3][8] Aviation Sector - Positive outlook for the aviation sector in 2026, with New Year ticket prices up by 6-7% and passenger load factors increasing by 1-2%. Recovery in China-Japan-Korea routes noted [4] - Anticipated recovery in airline profitability to exceed 2019 levels due to extended holiday periods and improved travel demand [4] Express Delivery Industry - Jitu's stable growth in Southeast Asia, recommended as a stock with potential for doubling in three years. SF Express exited the Douyin return segment to protect profits, with a 30% increase in package volume but unfulfilled profit expectations [5][6] - Focus on bottoming SF Express stock, while waiting for data from other express companies for validation of growth potential [6] Non-Ferrous Metals - Positive outlook for the non-ferrous metals sector in 2026, though growth may not match 2025 levels. Current valuations are lower than in 2025, with high certainty of EPS recovery [10] - Energy metals remain undervalued, presenting investment opportunities [10] Coal Industry - Recent decline in coal prices, with the coal index down by 0.89%. However, coking coal fundamentals remain strong, with prices up 170 yuan per ton year-on-year [11][12] - High inventory levels suppress price rebounds, but potential stabilization due to weather factors is noted. Recommendations include investing in high-dividend coal companies [12] Core Insights and Arguments - The commodity price center is expected to rise long-term, supported by macroeconomic factors such as a weaker dollar and Fed rate cuts [2][7] - The aviation sector is projected to recover significantly, driven by increased travel demand and favorable pricing trends [4] - The express delivery market shows resilience, with specific companies like Jitu and SF Express highlighted for their growth potential [5][6] - Non-ferrous metals are positioned for a strong performance, with a focus on energy metals as attractive investment options [10] - The coal industry faces challenges with price declines but offers opportunities in high-dividend stocks amidst stable fundamentals [12] Additional Important Points - The equity market is not overheated, with P/E and P/B ratios at historical lows, indicating a favorable environment for investment [9] - The end of the current commodity cycle will depend on factors such as the restoration of dollar credit, supply chain restructuring, and domestic policies [8]