Core Insights - Jinglin Asset significantly reduced its holdings in NVIDIA while increasing its position in Alphabet Inc. to become the largest holding in the fourth quarter of 2025 [1][6]. Group 1: Portfolio Overview - Jinglin Asset's total market value for the fourth quarter was $4.04 billion, down from $4.44 billion in the previous quarter, reflecting a decrease of approximately 3.37% [2]. - The fund made one new purchase, added to five existing positions, sold out of three stocks, and reduced holdings in ten stocks, with the top ten holdings accounting for 82.85% of the total market value [2][5]. Group 2: Major Holdings - Alphabet Inc. (GOOGL) is the largest holding with approximately 2.69 million shares valued at about $841.97 million, representing 20.82% of the portfolio, an increase of about 929,680 shares or 52.81% from the previous quarter [2][5]. - Meta Platforms Inc. (META) is the second-largest holding with approximately 996,908 shares valued at about $658.05 million, accounting for 16.27% of the portfolio, a decrease of about 229,056 shares or 18.69% [2][5]. - Pinduoduo (PDD) ranks third with approximately 3.97 million shares valued at about $449.96 million, representing 11.12% of the portfolio, an increase of about 611,306 shares or 18.21% [3][5]. Group 3: Changes in Holdings - Jinglin Asset reduced its holdings in NVIDIA by approximately 1.54 million shares, cutting over 60% of its position, due to market concerns regarding AI industry financing [6][7]. - The fund also reduced its stake in Meta by approximately 229,056 shares, leading to its drop from the top position to second largest [6]. - In contrast, Jinglin increased its holdings in Alphabet by approximately 929,680 shares and in Pinduoduo by approximately 611,306 shares, indicating a strategic shift in technology stock allocation [6][7]. Group 4: Other Notable Adjustments - The fund also reduced its positions in other semiconductor-related stocks such as TSMC and Spotify, while increasing its stake in Intel by approximately 694,363 shares [7][9]. - Notably, Jinglin continued to reduce its holdings in KE Holdings, having sold 1.88 million shares in the fourth quarter, following a significant reduction in the previous quarter [9].

Core Viewpoint - Jinglin Asset significantly reduced its holdings in NVIDIA while increasing its position in Alphabet, making it the largest holding in the fourth quarter of 2025 [1][5]. Group 1: Portfolio Overview - Jinglin Asset's total portfolio value for the fourth quarter was $4.04 billion, down from $4.44 billion in the previous quarter, reflecting a decrease of approximately 3.37% [2][1]. - The fund made one new purchase, added to five existing positions, sold out of three stocks, and reduced holdings in ten stocks, with the top ten holdings accounting for 82.85% of the total portfolio [2][1]. Group 2: Major Holdings - Alphabet Inc. (GOOGL) is the largest holding with approximately 2.69 million shares valued at about $841.97 million, representing 20.82% of the portfolio, an increase of about 929,700 shares from the previous quarter [2][4]. - Meta Platforms Inc. (META) is the second-largest holding with approximately 996,908 shares valued at about $658.05 million, accounting for 16.27% of the portfolio, a decrease of about 229,000 shares [3][4]. - Pinduoduo (PDD) ranks third with approximately 3.97 million shares valued at about $449.96 million, representing 11.12% of the portfolio, an increase of about 611,300 shares [3][4]. Group 3: Changes in Holdings - Jinglin Asset reduced its holdings in NVIDIA by approximately 1.54 million shares, cutting over 60% of its position, due to market concerns regarding AI industry financing [5][1]. - The fund also decreased its position in Meta by about 229,000 shares, leading to its drop from the top position to second [5][1]. - In contrast, Jinglin increased its holdings in Alphabet by approximately 929,700 shares and also added to its positions in Intel and Futu Holdings [5][6].

各位老板，今年春节都打算去哪潇洒？ 反正，我朋友圈里那些年前就嚷嚷着要去潮汕"嗨疯"的朋友们，现在基本都闭麦了，大概率是被酒店账单上的数字给干沉默了。 好家伙，你敢信吗？今年春节，汕头的亚朵酒店，一晚上的价格直接飙到3000块上下。 你没看错，不是海南三亚，不是东北雪乡，而是那个以"好吃不贵"著称的广东汕头。3000块，在平时都能在东南亚往返一趟了，现在只能在汕头睡一觉。 亚朵老用户张雅欣晒出截图，汕头万象城华山路那家亚朵，最低规格的大床房也超过了3000元一晚，城里其他的亚朵价格也在持续上涨。 这价格哪是酒店啊，这简直是新型"春节刺客"，专刺那些想去体验"胶己人"风情的文艺青年和吃货们。 一时间，网上骂声一片："亚朵疯了吧？"、"中端酒店的命，卖着五星级的价"、"这不就是趁节打劫吗？"。 说实话，第一眼看到这价格，光子我也觉得离谱。亚朵，一个主打人文情怀和舒适体验的中高端连锁酒店，平时价格在四五百，撑死七八百。现在直接翻 了五六倍，这吃相确实有点难看。 但往深了扒一扒，发现这锅还真不能全让亚朵背了。 01 不止亚朵，"高烧"席卷整个潮汕 首先，我们得明确一个事实：涨价的，远不止亚朵一家。 打开各大预订平台， ...

本报讯 （记者矫月）2月5日，亚朵（NASDAQ：ATAT）发布"中国体验，品牌领航"的三年战略，作为 这一战略的重要支撑点，已稳健运营两年多的亚朵酒店4.0版本正式官宣独立为新品牌"亚朵见野"。 当前阶段，酒店业的竞争开始从"规模化"转向"内容化"。消费者面对酒店硬件同质化，更倾向于哪家酒 店更能让旅途更舒适和满足情绪价值。这恰与亚朵的初心理念实现了重叠。作为生活方式酒店的先行 者，亚朵的核心定位，便是在标准化的效率产品中，注入人文关怀与精神栖居。在"中国体验，品牌领 航"的战略布局下，"亚朵见野"应时而生，成为品牌领航的排头兵，并进阶"中国体验"新内涵。 资料显示，亚朵已经有了2000家门店和1.08亿会员的支撑，不同的消费者需要不同调性的品牌来满足。 此次品牌独立后，"亚朵见野"也会对在地文化进行新一轮的发掘和迁徙。 在市场调研中，亚朵的会员客户愿意为"亚朵见野"支付6%的溢价，这份"用户认可+数据支撑"的双重背 书，也让"亚朵见野"品牌独立后的商业空间充满了想象。在一系列可感知的变化之外，亚朵多年积淀的 供应链、体系服务的标准化支撑，也能保持服务体验不变形，找到"变与不变"的平衡点。当"亚朵见 野"把 ...

Market Overview - The software sector and cryptocurrency experienced a significant downturn, with the S&P 500 index falling by 1.23% to 6798.4 points, the Nasdaq Composite down 1.59% to 22540.59 points, and the Dow Jones Industrial Average decreasing by 1.2% to 48908.72 points, marking the worst three-day sell-off since April of the previous year [1][3] - Bitcoin dropped below $64,000, losing nearly half its value over the past six months, while spot silver saw a single-day decline of nearly 20% [1] Employment Data Impact - The recent weak U.S. employment data has halted the recent sector rotation, with 318 stocks in the S&P 500 declining. December job openings unexpectedly fell to the lowest level since 2020, and the number of layoffs reached the highest January level since the severe recession in 2009 [3] - Allianz's Chief Economic Advisor, Mohamed El-Erian, noted that layoffs are occurring despite GDP growth of approximately 4%, indicating a decoupling of employment from economic growth, which could have profound economic, political, and social implications [3] Company-Specific Developments - Amazon's stock plummeted over 10% after announcing a capital expenditure forecast of $200 billion for the year, significantly higher than the previous year's $130 billion and analyst expectations of $150 billion, which negatively impacted its profit guidance [3] - Nvidia's stock fell by 1.33%, while other major tech companies like Apple, Google, and Microsoft also saw declines, with Microsoft down 4.95% and Amazon down 4.42% [6] AI and Software Sector - The software sector faced pressure following the release of a new flagship model by AI company Anthropic, contributing to a broader sell-off in AI-related stocks. FaceSet dropped 7.21%, reaching its lowest point since March 2020, while Thomson Reuters fell over 5%, hitting a new low since 2021 [6] - Amid concerns over AI capital expenditures, some supply chain stocks performed well, such as Tianhong Technology, which rose 6.9% due to Google's $185 billion capital expenditure guidance [6] Chinese Stocks Performance - Chinese stocks showed resilience, with the Nasdaq Golden Dragon China Index rising by 0.9%. Notable performances included NIO up 5.86% and Baidu up 0.73%, while Alibaba and JD.com saw slight declines [7] Other Industry News - Pandora, the world's largest jewelry company, surged 16.83% after announcing plans to reduce reliance on pure silver by introducing platinum-plated jewelry in response to rising silver prices [8] - The proposed merger between Rio Tinto and Glencore to form the world's largest mining group collapsed, with Glencore citing undervaluation of its contribution to the merger [9] - Nvidia announced delays in the release of its RTX 50 series graphics cards due to memory shortages, prioritizing AI chip production instead [10] - Hims & Hers Health plans to launch a cheaper generic version of the oral weight loss drug semaglutide, causing a significant drop in the stock price of Novo Nordisk, which had just received approval for its brand product [11]

2012年6月，滇西北，高黎贡山下。彼时，刚刚告别头部酒店集团的耶律胤，在一次旅行中，与群山环抱中的亚朵村不期而遇。没有网络尘嚣，只有围坐 烤茶的村民、土坡上奔跑的孩童和山巅静默的石月亮。这份与效率世界全然不同的"静"，深深击中了他。一个决定悄然落定：要把这份安宁，妥帖地带给 城市里奔忙的旅人。"亚朵"，这个意外收获的名字，从此承载了这份初心。这份初心，成了亚朵穿越浪潮的底气，更埋下战略升级的种子。多年后，这份 初心迎来战略级回响——2026年2月5日，亚朵集团正式发布新三年战略"中国体验，品牌领航"，在这场关乎未来的布局中，以"回到亚朵村"为灵感的亚朵 4.0产品线，正式成为独立品牌「亚朵见野」。 这绝非寻常的产品迭代或商业扩张，而是战略落地的关键落子：新三年战略的核心，是从"规模引领"转向"品牌引领"，构建多品牌生态矩阵，从"酒店管 理公司"升级为"生活方式品牌"。而「亚朵见野」品牌正式发布，正是这场战略跃迁的首个标志性动作，是一场蓄势多年的"初心赋形"——品牌在壮大之 后，以更成熟的姿态奔赴初心之约，更成为战略落地的先锋样本。 在现实里，为"初心"建造可抵达的桥 伟大的品牌战略，都始于一份纯粹初心，亚朵 ...

Core Viewpoint - Atour Group has launched a new "Price Drop Refund and Price Guarantee" membership protection mechanism to enhance consumer confidence and simplify hotel booking during the peak travel season around the Spring Festival [1][4]. Group 1: Membership Protection Mechanism - The new protection applies to all Atour hotel brands nationwide, requiring full payment through official channels like the Atour APP, WeChat, or Alipay [4]. - The "Price Drop Refund" feature automatically refunds members if the room price drops before 6 PM on the day of check-out, ensuring a hassle-free experience [4]. - If members find a lower price on other OTA platforms after booking, they can claim a refund of three times the price difference in Atour consumption points within seven days after check-out [4]. Group 2: Consumer Experience and Market Impact - The new policy aims to alleviate consumer anxiety over price fluctuations and restore trust in the accommodation industry [5][8]. - As of September 30, 2025, Atour has over 108 million members, indicating a strong customer base [8]. - The company plans to enhance service offerings during the Spring Festival, including various unique services and partnerships to improve overall travel experiences [8].

Group 1 - The core point of the articles highlights the increasing consumer concerns regarding hotel price fluctuations and the need for a more reliable booking experience during the peak travel season around the Spring Festival [1][2] - Atour Group has launched a new member protection mechanism called "Price Drop Refund and Price Difference Compensation," aimed at alleviating consumer anxiety over price comparisons and enhancing trust in the accommodation industry [1] - The new mechanism allows members to receive automatic refunds if the price of their booked room drops before check-out, and they can claim compensation if they find lower prices on other platforms within seven days after check-out [1] Group 2 - The 2026 Spring Festival Tourism Consumption Trend Report indicates a shift in consumer demand towards "experience + content + service," emphasizing the importance of service quality in hotel accommodations [2] - As consumer expectations evolve from merely finding a place to stay to seeking assurance and value, price guarantee capabilities are becoming a core competitive advantage for hotel brands [2] - The improvement and widespread adoption of price guarantee systems by leading hotels are expected to mitigate price chaos during the Spring Festival, thereby fostering a new ecosystem of consumer trust and promoting sustainable growth in the accommodation market [2]

Core Viewpoint - Atour Lifestyle Holdings Limited (NASDAQ:ATAT) is recognized as a high-growth Chinese stock, with CLSA initiating coverage and assigning an Outperform rating along with a price target of $49, emphasizing its unique features and services in the premium hotel sector [1]. Group 1: Business Model and Strategy - Atour's asset-light strategy and robust supply chain capabilities contribute to a more stable net profit, reducing volatility during periods of low revenue per available room (RevPar) [2]. - The company is leveraging its brand value through a strategic retail operation, which is expected to enhance profitability [3]. Group 2: Growth Projections - CLSA forecasts that Atour's hotel count will grow at a compound annual growth rate (CAGR) of 23% over the next five years, driven by the expansion of the Atour Light and Savhe brands [3]. - The company's EBITDA is projected to achieve a CAGR of 28% over the next three years, indicating strong financial growth potential [3]. Group 3: Company Overview - Atour Lifestyle Holdings Limited operates a rapidly expanding network of hotels and is noted as the first Chinese hotel chain to develop a scenario-based retail business, positioning itself uniquely in the hospitality and lifestyle sector [4].

Investment Rating - The report maintains an "Overweight" rating for the consumer discretionary sector [7] Core Insights - The "Work Plan" issued by the State Council aims to stimulate domestic demand by fostering new growth points in service consumption, focusing on six key areas including transportation, housekeeping, and online audiovisual services, as well as three potential areas: performance services, sports events, and emotional experience services [1][2] - The report emphasizes that service consumption is a natural direction for consumption upgrading and the pursuit of a better life by residents, with significant long-term potential in China as service consumption typically increases with GDP growth [1] - The report suggests that the recovery of service consumption will help shift traffic from online to offline, benefiting related industries such as dining, tourism, and retail [1] Summary by Sections Service Consumption Growth - The "Work Plan" includes twelve specific measures to enhance service consumption, with a focus on optimizing supply and encouraging innovative consumption scenarios [2][4] - The report highlights the importance of developing high-quality supply and encourages proactive exploration of new business models in the service sector [4] Transportation and Tourism Integration - The "Work Plan" proposes initiatives such as developing senior tourism trains and enhancing the quality of cruise and night tour services, which are expected to benefit related sectors [3] - The report notes that the integration of transportation and tourism, along with the emergence of quality tourism supply, will lead to an upturn in specific tourism segments [3] Investment Recommendations - The report recommends focusing on leading companies in the consumer sector, including: - Travel Chain: Recommended companies include Atour, Huazhu Group, Shoulv Hotel, and China Duty Free [5] - Ready-to-Drink Beverages and Dining: Recommended companies include Guming, Yum China, Yihai International, Dashihua, Chabaidao, Xiaocaiyuan, and Haidilao [5] - Emotional Consumption: Recommended companies include Pop Mart, Laopu Gold, Blukoo, Miniso, Shangmei, Maogeping, and Juzibio [5] - Scenario Chains: Recommended companies include Guoquan, Wancheng Group, Wanwu Xingsheng, and Shengbeila [5] - Sports Apparel: Recommended companies include Anta, Amer Sports, and Li Ning [5] Key Company Insights - Pop Mart has initiated share buybacks, reflecting confidence in growth prospects, and is expected to accelerate the diversification of its IP structure [12] - Laopu Gold is anticipated to perform well during the upcoming Spring Festival, with expectations of exceeding sales forecasts due to ongoing brand expansion and strong market demand [12] - Miniso's recent performance has exceeded guidance, driven by a successful large store strategy and improved operational efficiency [12]