Macro Overview - In November, the US added 64,000 non-farm jobs, exceeding Bloomberg's consensus estimate of 50,000, while October saw a decline of 105,000 [2] - The unemployment rate rose by 0.2 percentage points to 4.6% compared to September, with the labor participation rate increasing by 0.1 percentage points to 62.5% [2] - Hourly wage growth slowed to 0.1% month-on-month, down from an expected 0.3% [2] - The market has slightly increased the expectation of cumulative interest rate cuts in 2026 to 60 basis points [2] Automotive Industry - The Ministry of Industry and Information Technology granted conditional approval for the first L3 vehicles from Changan and BAIC Blue Valley, marking a significant step towards the practical application of L3 autonomous driving technology [3] - The approval is expected to accelerate the restructuring of the smart driving industry chain, with significant investment opportunities in smart vehicles, control chassis, domain control chips, and lidar [3] Construction and Building Materials - From January to November 2025, infrastructure investment (excluding power, heat, gas, and water supply) decreased by 1.1%, real estate by 15.9%, and manufacturing by 1.9% year-on-year, indicating pressure on investment demand [4] - The central political bureau emphasized the need to stabilize investment and expand domestic demand, suggesting that infrastructure investment may see a rebound [4] - Recommended stocks include Yaxiang Integrated, Meiyu Technology, Sichuan Road and Bridge, China National Materials, China Jushi, Huaxin Cement, Dongfang Yuhong, and Tubao [4] Real Estate Market - The report discusses the urgency of revitalizing the US real estate market under the Trump administration, focusing on improving housing affordability and mortgage liquidity as primary goals [5] - The report anticipates that short-term policies may focus on lowering mortgage rates and easing credit access, which could have expansionary effects on the economy but may exacerbate long-term structural issues [5] CXO Industry - The CXO industry is experiencing marginal improvements due to external factors, with expectations of a new high-growth cycle driven by overseas interest rate cuts and domestic recovery [10] - The report highlights the core competitiveness of Chinese CXO firms in efficiency, cost, quality, and rapid expansion capabilities, with a recommendation for leading firms such as WuXi AppTec and Kelaiying [10] Internet Sector - The local life market in Q3 2025 showed signs of optimization in the ride-hailing sector and expansion in the food delivery sector, with significant regional growth disparities [11] - The report indicates that the overall profit margin in the industry is on an upward trajectory, with expectations for annual profit margin expansion in the ride-hailing and food delivery segments [11] - Recommended companies include Meituan, Dash, Grab, and Uber [11]

Core Insights - The 15th National Games is approaching, and Meituan has launched the "National Sports Season" event in Shenzhen, with over 10,000 sports and fitness merchants participating nationwide [1] - Since 2025, Guangdong has ranked among the top three in the country for sports consumption, with Shenzhen accounting for nearly 40% of the province's sports consumers [1][4] - The demand for diverse sports activities among young people is driving a new wave of consumption, with night-time fitness orders in Shenzhen leading the nation [4] Group 1: Sports Consumption Trends - Sports consumption in Guangdong has seen a 50% year-on-year increase, with Shenzhen being a significant contributor [4] - The number of tennis stores in Guangdong has increased by over 70% year-on-year, and the number of consumers has surged by 137% [4] - The popularity of climbing has also risen, with a 63% increase in search volume and 20% of the nation's climbing stores located in Guangdong [4][6] Group 2: Innovative Consumption Models - Meituan has introduced the "Flexible Payment and Runaway Compensation" solution to address trust issues in the fitness industry, covering nearly 80% of fitness merchants in Shenzhen [7] - The platform offers various payment models, including monthly and personal training packages, to enhance consumer confidence [7] - During the National Games, consumers can engage in various interactive activities through the Meituan app, starting from 9.9 yuan, promoting sports participation [8]

Core Viewpoint - The rise of internet traffic has significantly increased public interest in cosmetic medical consumption, leading many doctors to become part of the "internet celebrity" trend. However, medical aesthetics remain a serious medical practice that relies heavily on professionals, necessitating a specialized platform for doctors to focus on their skills and deliver real value [2]. Group 1: Platform Developments - "Wuyou Doctor" is a key focus for the platform, representing a significant upgrade in Meituan's ecosystem for doctors in the medical aesthetics sector [2]. - The introduction of a dedicated information page for doctors under "Wuyou Guarantee" allows for comprehensive display of doctors' qualifications, authentic evaluations, and case results, providing doctors with a personalized "digital business card" [2]. - Meituan Medical Aesthetics has partnered with Dazhong Dianping to officially open its content ecosystem to the medical aesthetics industry, welcoming doctor creators and UGC enthusiasts [2]. Group 2: Benefits for Doctors and Consumers - Doctors can utilize the Dazhong Dianping notes for project education, principle interpretation, and effect presentation, enhancing their engagement with potential clients [2]. - The platform aims to reduce consumer decision-making costs and alleviate concerns by offering standardized product services, allowing doctors to concentrate on their professional expertise [2]. - The initiative is expected to protect the rights of quality doctors and institutions on the platform, promoting a healthy ecosystem in the medical aesthetics industry [2].