The continued fall of the U.S. dollar comes after a 12-month period ending in December when consumer prices rose 2.7% (7). Food prices, in particular, outpaced that average, rising 3.1%.“Markets are reopening the question of whether the US is asking investors to accept a lower standard of stability, and therefore demanding a higher price for bearing U.S. risk.”“When the person who could jawbone to defend the currency sounds unconcerned, the perceived backstop under the dollar gets thinner,” Doyle said in a ...

Core Viewpoint - The company has approved the use of idle raised funds for cash management, indicating a strategic approach to optimize financial resources while ensuring operational continuity [1] Group 1: Financial Management - The company will utilize up to 300 million yuan of temporarily idle raised funds for cash management [1] - Investments will be made in financial products such as structured deposits and large certificates of deposit, which are characterized by high safety, good liquidity, and capital protection agreements [1] - The investment period for these financial products will not exceed 12 months, and the approved amount is valid for 12 months from the date of board approval [1] Group 2: Operational Impact - The company asserts that this cash management initiative will not affect the progress of the raised funds investment projects or the normal production and operation of the company [1]

Core Insights - The article emphasizes the importance of looking beyond U.S. large caps for investment opportunities, particularly in undervalued international stocks [1][3][9] - The Benzinga Value Ranking is introduced as a systematic, numbers-driven tool to identify the cheapest stocks globally based on multiple valuation metrics [2][5] Investment Strategy - Investors are encouraged to focus on the top decile of the Benzinga Value Ranking, specifically targeting non-U.S. stocks to access the cheapest part of the global market [7][9] - The current market environment is characterized by extreme valuation dispersion outside the U.S., with many profitable companies trading at low earnings multiples [4][6] Company Highlights - **POSCO Holdings (NYSE:PKX)**: A leading steel producer in South Korea, trading at discounted multiples despite controlling high-quality assets [11] - **Sasol Ltd. (NYSE:SSL)**: An integrated energy and chemicals company in South Africa, generating substantial cash flow but heavily discounted due to past operational issues [12] - **Korea Electric Power Corp. (NYSE:KEP)**: The backbone of South Korea's power system, facing extreme low valuation multiples due to government pricing controls [13] - **LuxExperience (NYSE:LUXE)**: A niche luxury travel company in the Netherlands, undervalued due to lack of investor attention rather than demand collapse [14] - **Gerdau (NYSE:GGB)**: Brazil's largest long steel producer, trading at low multiples despite consistent cash flow generation [15] - **Honda Motor (NYSE:HMC)**: A global manufacturing leader in Japan, undervalued due to lack of hype around its steady profits and cash flow [16] - **SK Telecom (NYSE:SKM)**: South Korea's largest wireless carrier, undervalued due to low growth expectations despite reliable cash generation [18] - **Jiayin Group (NASDAQ:JFIN)**: A Chinese fintech company facing regulatory uncertainty, leading to extreme valuation discounts [19] - **FinVolution Group (NYSE:FINV)**: Another Chinese fintech platform, similarly undervalued due to regulatory challenges and investor distrust [20] - **KT Corp. (NYSE:KT)**: A leading telecommunications provider in South Korea, generating stable cash flow but facing compressed valuation multiples [21]

Core Insights - The tourism market in Shenyang is undergoing a significant transformation, with the younger generation, particularly the Z generation, becoming the main driving force behind its development [3][5][8] Group 1: Demographic Shift - During the 2026 New Year's holiday, approximately 52% of tourists in Shenyang were aged 21 to 30, while those under 20 accounted for about 10% [4] - The proportion of travelers from families led by individuals born in the 1980s and 1990s was notably high, with 35% and 31% respectively, while those from the post-2000 generation made up over 15% [4] - The average travel duration for 90s and 00s tourists in Shenyang was 2.5 days and 2.3 days respectively during the New Year holiday [4] Group 2: Consumer Behavior - The younger generation seeks personalized, differentiated, and experiential consumption, preferring in-depth cultural and culinary experiences over superficial tourism [5][6] - The rise of the younger demographic in tourism is supported by national policies aimed at boosting consumption, which include improving the tourism environment and offering discounts [5][6] Group 3: Policy and Events - The "Nine-Nine Consumption Season" and international ice and snow economic cooperation events in Liaoning have revitalized the tourism market in Shenyang, offering diverse activities that cater to young consumers [6] - Various themed consumption activities have been launched throughout the winter, enhancing the appeal of Shenyang as a travel destination for younger tourists [6] Group 4: Innovative Offerings - The tourism industry in Shenyang is adapting to the preferences of younger travelers by introducing new products and services, including immersive experiences and themed events [7][8] - High-end hotels and full-service resorts are becoming the preferred choices for young couples and families, who are willing to pay for quality service and comfortable accommodations [8] Group 5: Future Outlook - The continuous rise of the Z generation's purchasing power and diverse travel needs is expected to create broader development opportunities for Shenyang's tourism market [8] - The ongoing implementation of consumption-boosting policies and local特色活动 will lead to a more diversified and personalized tourism landscape in Shenyang [8]

Group 1: Overall Market Performance - The consumption market in China showed strong vitality during the New Year holiday, with multiple sectors such as tourism, dining, retail, and home appliances experiencing simultaneous growth [1][4] - A total of 590 million people traveled across regions during the three-day holiday, averaging 198 million daily, which significantly boosted various consumption scenarios [1] Group 2: Dining Sector - The dining market became a key growth point during the holiday, with many restaurants experiencing high demand and long wait times [2] - Major dining brands like Haidilao and Banu reported significant increases in reservations and sales, with Haidilao's reservations exceeding 400,000 tables and Banu's Beijing locations achieving table turnover rates over 10 times [2] Group 3: Tourism Sector - The tourism market showed remarkable growth, with a 125% year-on-year increase in searches for "New Year travel" and a surge in demand for theme park events and winter activities [3] - Domestic hotel bookings on January 1 saw a 280% year-on-year increase, indicating strong interest in travel experiences [3] Group 4: Retail and Home Appliances - The retail market demonstrated a dual characteristic of seasonal bestsellers and quality upgrades, with significant sales in imported fruits and beverages [3] - The home appliances sector experienced a surge in consumer interest, with a 110% increase in foot traffic at stores, driven by the popularity of smart and eco-friendly products [3]

Core Insights - The consumption market in 2025 cannot be simply categorized as "recovery" or "weakness," as it reflects a shift in consumer behavior towards price sensitivity and rational consumption, emphasizing the importance of "human experience" [5][22][25] Group 1: Dining Industry - The offline dining sector is facing a decline in foot traffic, with average monthly customer visits dropping to 5,681, a decrease of 0.66% year-on-year, and a more significant decline of 4.1% after June 2025 [8] - To attract customers, many dining brands are adopting price reduction strategies, with self-service hot pot and street food becoming representative categories of this approach [8] - Innovative dining experiences, such as "dining + performance" concepts, are emerging to create new reasons for customers to visit, enhancing the atmosphere and encouraging social sharing [9] - Street food stalls have gained popularity, offering affordable home-style dishes priced between 10-30 yuan, effectively capturing additional customer flow and expanding revenue channels for restaurants [10] Group 2: New Tea Beverage Market - The new tea beverage market in 2025 is stabilizing, with a market size of 374.93 billion yuan, growing by 5.7% year-on-year, a slowdown from 6.4% in 2024 [12] - The total number of tea beverage stores has exceeded 415,000, but the net number of new openings is lower than closures, resulting in a decrease of 39,000 stores [12] - Major brands like Mixue Ice City and Bawang Tea Ji are expanding rapidly, while others like Heytea are experiencing significant store closures, with a reduction of 711 stores, or 15.41% year-on-year [13] - Consumer preferences are shifting towards fresh, health-oriented products, with a growing demand for fresh fruit and low-calorie options [14][15] Group 3: Cultural and Tourism Market - The cultural and tourism market is experiencing significant growth, with domestic travel reaching 4.998 billion trips in the first three quarters of 2025, an increase of 18% year-on-year [17] - Total spending on domestic travel reached 4.85 trillion yuan, reflecting a year-on-year increase of 11.5% [18] - Innovative experiences, such as city walks and rural tourism, are gaining traction, providing consumers with engaging and authentic experiences [20][19]

Group 1 - The tourism market in Huangzhong District, Xining, experienced significant growth during the New Year holiday, receiving 114,900 visitors and generating revenue of 4.13 million yuan, with a 74.17% year-on-year increase in visitor numbers on January 1 [1] - The "Winter Sunlight · Enjoy Huangzhong · New Year Wishes" themed event was launched at the Xinhua Union Children's Dream Park, featuring folk parades and unique performances, contributing to a vibrant cultural tourism experience [1] - The Qianziyuan Snow Fun Park initiated winter-spring tourism activities, focusing on "ice and snow + science popularization + immersive experience," enhancing visitor engagement through a unique "winter viewing spring scenery" experience [1] Group 2 - The Ta'er Temple scenic area implemented a ticket policy of 10 yuan per person starting December 2025, resulting in a significant increase in visitor numbers [2] - Huangzhong District introduced the "Visit Ta'er Temple · Explore Huangzhong Intangible Cultural Heritage" series of activities, combining traditional culture with intangible heritage experiences to boost scenic area consumption [2] - The Murong Ancient Village scenic area gained popularity during the New Year holiday, leveraging its unique brewing techniques, rich folk customs, and red education base to highlight the competitive advantage of Huangzhong District's diverse cultural tourism resources [2]

Group 1: Domestic Tourism Market Performance - The domestic tourism market experienced a strong start in 2026, with ticket bookings for scenic spots increasing over four times year-on-year [1] - Jiangsu province stood out with a 97% increase in overall travel orders compared to the same period last year, with top attractions including Suzhou's Humble Administrator's Garden and Nanjing's Qinhuai Scenic Area [1] Group 2: Young Travelers and New Travel Trends - Young people, particularly those born after 2000, dominated the travel market, accounting for 39% of travelers, while those born in the 1990s made up 33% [2] - The concept of "self-care travel" gained popularity, with a 125% increase in searches related to "New Year travel," reflecting a shift towards more personalized and meaningful travel experiences [2] Group 3: Popular Destinations and Growth in Orders - Major tourist destinations included Beijing, Shanghai, and Guangzhou, with provinces like Guangxi and Jiangsu seeing order growth of over 100% [5] - Guangxi's introduction of over 400 cultural and tourism activities led to a 170% increase in travel orders, while lesser-known destinations like Anji and Qingyuan saw orders rise by 930% and 774%, respectively [5] Group 4: Snow and Mountain Tourism - The initial snowfall of the year significantly boosted mountain tourism, with ticket bookings for mountain attractions increasing by over 150% [6] - Huangshan saw a remarkable 544% increase in orders, while other mountains like Lushan and Emei also experienced substantial growth [6] Group 5: Ice and Snow Activities - The trend of "ice and snow tourism" broke regional barriers, with southern regions like Anji experiencing a 930% increase in orders for outdoor snow activities [8] - Northern regions offered unique experiences such as ice fishing and traditional fishing culture, appealing to young travelers seeking adventurous activities [9] Group 6: Concerts as Tourism Drivers - Concerts became a significant driver of tourism, with cities like Harbin and Zhuji seeing order increases of 82% and 2544%, respectively, due to major events [12] - The phenomenon of traveling to a city for a concert highlights the growing importance of live events in boosting local tourism [12] Group 7: Growth in Inbound Tourism - The inbound tourism market showed strong growth, with ticket bookings increasing by 110% and experience-based product bookings rising over 30 times [15] - Popular inbound destinations included major cities like Shanghai and Beijing, with Sanya seeing a 170% increase in orders due to its duty-free shopping and beach vacation appeal [15]

Group 1 - The winter vacation for Jiangsu primary and secondary schools for the 2025-2026 academic year has been officially announced, leading to a significant increase in search and browsing volume for family travel products, which has more than doubled compared to the previous period [1][2] - Popular domestic destinations for family winter vacations among Jiangsu parents include Harbin, Sanya, Xi'an, Beijing, Shanghai, Guangzhou, Chengdu, Chongqing, Changsha, and Xishuangbanna, while international destinations include Singapore, South Korea, Malaysia, Indonesia, Vietnam, Iceland, Italy, France, New Zealand, and Spain [2] - The demand for mid-to-high-end customized travel products is relatively high, with domestic itineraries typically lasting 5 to 7 days and international trips ranging from 5 to 10 days [2] Group 2 - The upcoming New Year's holiday has seen a rapid increase in search and consultation heat for "internet celebrity cities" and county destinations, with places like Quanzhou experiencing over a 5-fold increase in interest due to its cultural attractions [3] - Other destinations such as Libo, Tengchong, and Shangrao have also seen their search and consultation heat increase by over 3 times in the past 10 days [3] - Guangde has gained popularity due to its unique local offerings, becoming a "dark horse" in the winter tourism market, attracting many visitors during the New Year period [3]

Core Insights - The Hong Kong stock market opened positively with all three major indices rising, indicating a favorable market sentiment [1] - The Hang Seng Index increased by 0.42% to 25,800 points, while the Hang Seng Tech Index outperformed with a rise of 1.05% to 5,535 points [1] - The consumer sector in Hong Kong showed slight gains, with the Hong Kong Consumer ETF (513230) experiencing a minor increase, led by stocks such as Zhenjiu Lidou, which rose nearly 6% [1] Tourism and Consumer Trends - Domestic flight bookings to Hainan exceeded 720,000, marking a year-on-year growth of approximately 10%, reflecting strong travel demand [1] - The average spending per customer during the New Year holiday increased by 10% year-on-year, with the number of items purchased per person rising by 9% [1] - Car rental demand during the New Year period surged by about 1.8 times year-on-year, with a 2.5% increase in the number of people opting for different pickup and drop-off locations [1] - The top three cities for self-driving trips were Haikou, Sanya, and Urumqi, indicating a shift in consumer preferences towards personalized travel experiences [1] Consumer Behavior Insights - The resilience of tourism consumption in Hainan and the increase in average spending suggest that the middle class continues to show strong purchasing power during holiday seasons [1] - The emergence of "pet economy" and "self-driving travel" during the New Year holiday reflects consumers' willingness to pay a premium for personalized and private experiences, indicating a shift towards "emotional consumption" reshaping the tourism industry [1] Related ETFs - Tourism ETF (562510) is positioned to benefit from holiday catalysts and the ice and snow economy [2] - Food and Beverage ETF (515170) is seen as undervalued and poised to boost domestic demand [2] - Hong Kong Consumer ETF (513230) is linked to e-commerce leaders and new consumption trends [2]