港股持续拉升。 1月2日，港股恒生科技指数午后持续走强，截至收盘涨4%，恒生指数涨2.76%，电力设备、国内零售、游戏软件、半导体、军工股等涨幅居前。 华虹半导体涨超9%，中芯国际涨超5%；科网股上涨，百度集团涨超9%，网易涨超6%，阿里巴巴、腾讯控股涨超4%。 创新药概念股走高，晶泰控股涨超6%，恒瑞医药涨超5%，四环医药涨超4%，信达生物、药明生物涨超3%，百济神州涨超2%。 光伏太阳能板块上涨，协鑫新能源涨超22%，协鑫科技、福莱特玻璃涨超3%。 （文章来源：证券时报） 富时中国A50指数期货日内涨超1%。 2025年A股市场大涨，展望2026年，在企业盈利改善、科技创新突破不断，以及估值吸引力推动下，多家机构认为中国资产具备持续反弹基础。 日前，招商基金首席投资官朱红裕认为，A股市场经过一轮周期性上涨，仍有部分板块与风格较为低估，中国资产2026年具备全球配置吸引力，并重点关 注四大主线机遇——具备全球竞争力的制造业龙头、未来供需格局趋于改善的行业龙头、估值处于底部且基本面可能有较高变化的行业、长期盈利回报较 高且估值不匹配的行业龙头。 高盛在最新报告中预测，到2027年底中国股市仍有38%的上涨空间 ...

1月2日，港股全线大涨，截至收盘，恒生指数涨逾2.7%，恒生科技指数涨4%，此外，韩国、新加坡、菲律宾等亚太股市均集体拉涨。 1月2日午后，港股市场手游股集体大涨，其中，腾讯控股盘中一度涨超4%，蓝港互动一度涨超10%，中手游盘中涨超9%、贪玩、网易、飞鱼科技、哔哩 哔哩、指尖跃动、第七大道跟涨。 华泰证券指出，根据游戏工委数据，2025年国内游戏市场实际销售收入预计达3507.89亿元，同比增长7.68%；用户规模突破6.83亿，同比增长1.35%，游 戏市场规模增长主要受益于用户ARPU（每用户平均收入）提升。对于游戏板块，建议关注三条主线：长线运营+出海SLG/策略龙头；新品周期+费用率预 期拐点的标的；商业模式从产品向平台转向的公司。同时关注AI赋能游戏玩法创新。 据媒体报道，业内人士普遍看好今年创新药行业发展，在产业政策对真创新、高水平创新的支持下，大量创新药BD（商务拓展）将密集落地。商保实施 与集采优化双轮推动下，创新药产业链高景气度有望延续，高价值创新药有望迎来第二增长曲线。 贵金属方面，现货黄金突破4380美元/盎司，涨超1.4%。现货白银日内一度涨超3.5%，突破74美元/盎司。 1月2日 ...

Market Overview - The Hong Kong stock market opened strong on the first trading day of 2026, with the Hang Seng Technology Index rising over 3.5% and the Hang Seng Index increasing by more than 2% [1] - Key sectors such as semiconductors, internet giants, home appliances, and automobiles showed significant gains, driven by favorable policies [1] Semiconductor Sector - The semiconductor sector experienced a collective surge, with companies like Hua Hong Semiconductor rising over 10% and SMIC increasing by more than 5% [1] - Hua Hong Semiconductor announced plans to acquire a 97.4988% stake in Huali Micro for a transaction price of 8.268 billion yuan, aiming to enhance its 12-inch wafer foundry capacity [2] - The semiconductor industry is benefiting from a price surge in the supply chain, sustained AI demand, and a strengthened domestic substitution logic [2] Internet Sector - Internet giants such as Baidu, NetEase, Tencent, and Alibaba saw significant stock price increases, with Baidu rising over 8% following its announcement to spin off Kunlun Chip for an independent listing on the Hong Kong Stock Exchange [3] - The move to list Kunlun Chip is expected to stimulate Baidu's stock performance further [3] Home Appliances and Automotive Sector - The home appliance and automotive sectors are also experiencing strong performance, supported by government policies promoting the replacement of old appliances and vehicles [3] - The National Development and Reform Commission and the Ministry of Finance announced continued subsidies for vehicle scrappage and replacement, as well as for home appliance upgrades, which are expected to boost domestic consumption [4] - Analysts suggest that the continuation of these policies will stabilize the automotive market and alleviate consumer hesitation, benefiting companies in the new car cycle and those focusing on high-end and intelligent products [5]

Group 1 - The Hong Kong stock market opened positively, with the Hang Seng Index and the Hang Seng China Enterprises Index rising over 2%, and the Hang Seng Tech Index soaring by 3.65% [1] - The semiconductor index surged by 8.3%, with notable gains from Huahong Semiconductor (up over 10%) and SMIC (up 4.63%) [3] - Baidu's stock increased by nearly 8% following the announcement of Kunlun Chip's application for a listing on the Hong Kong Stock Exchange [3] Group 2 - The offshore RMB appreciated against the USD, reaching a high of 6.9678, the highest since May 2023, influenced by various economic factors [4] - Analysts expect that the easing of monetary policies and the influx of foreign capital will continue to support the Hong Kong stock market, leading to improved corporate earnings [4] - Investment themes to focus on include technology innovation, cyclical industries, and consumer sectors, with expectations of enhanced performance and valuation recovery in these areas [5]

Market Performance - The Hong Kong stock market opened positively on January 2, with the Hang Seng Index and the Hang Seng China Enterprises Index both rising over 2%, and the Hang Seng Tech Index soaring by 3.65% [1][2] - The semiconductor index experienced a significant increase of 8.3% [2] Key Stock Movements - Hua Hong Semiconductor (01347.HK) surged over 10%, while SMIC (00981.HK) rose by 4.63%, and Chipone Technology (02166.HK) increased by 3.81% [5] - Baidu's stock jumped nearly 8% following the announcement of Kunlun Core's application for a listing on the Hong Kong Stock Exchange [5] Currency and Economic Indicators - The offshore RMB against the USD broke above 6.97, reaching a high of 6.9678, marking the highest level since May 2023 [5] Investment Outlook - According to Galaxy Securities, the Federal Reserve's interest rate decisions may become clearer after April 2026, which could lead to a decline in the US dollar index and US Treasury yields, benefiting Hong Kong stock valuations and attracting foreign investment [6] - The overall earnings of Hong Kong-listed companies are expected to improve significantly due to favorable policies promoting technological innovation and domestic demand [6] Sector Focus - Investment focus is recommended on technology innovation themes, as the Hang Seng Tech Index has substantial room for valuation recovery, with leading companies expected to show high growth [7] - The cyclical industries such as steel, building materials, and electrical equipment are anticipated to see improved supply-demand dynamics and profitability [7] - Consumer sectors, particularly those benefiting from domestic demand expansion strategies, are expected to experience growth in earnings and remain at historically low valuation levels [7]

Core Viewpoint - Wallen Technology, a GPU company, debuted on the Hong Kong stock market on January 2, 2024, with an opening surge of 82.14%, reaching a peak increase of over 110%, and achieving a market capitalization exceeding 90 billion HKD, marking it as the third GPU company to go public within a month after Moore Threads and Muxi Technology [1][2]. Company Overview - Wallen Technology was founded in September 2019 by Zhang Wen, a former president of SenseTime, who is recognized for his strategic vision and ability to attract talent and capital [3][5]. - The company was established during a period of significant uncertainty in China's chip industry, with Zhang Wen presenting a narrative of challenging industry giants like NVIDIA to potential investors [5][6]. Investment and Financing - Over 300 billion CNY has been invested in the top three domestic GPU companies, including Wallen Technology, since their inception around 2020, marking a significant milestone for Chinese chip startups [2]. - Wallen Technology's initial funding rounds included a Pre-A round in December 2019, raising 15 million USD from Qiming Venture Partners, and a Pre-A+ round in February 2020, raising 10 million USD from IDG [7][8]. - By mid-2020, Wallen Technology had completed four financing rounds, raising approximately 2.9 billion CNY, with a pre-investment valuation soaring to 6.06 billion CNY [11][12]. Market Position and Performance - As of 2023, Wallen Technology's revenue figures were approximately 49,900 CNY in 2022, 6.203 million CNY in 2023, and projected at 340 million CNY in 2024, indicating steady growth but trailing behind competitors Moore Threads and Muxi Technology [17][20]. - The company’s pre-IPO valuation reached 6.06 billion CNY, significantly higher than its competitors at the time, which has led to a slowdown in subsequent financing efforts [20]. Strategic Partnerships and Support - Key partnerships have been established with major investors such as Gree Group, which played a crucial role in Wallen Technology's development by investing 140 million CNY and facilitating project implementation and team building [14][15]. - Other notable investors include Hillhouse Capital and Songhe Capital, which have provided substantial backing and strategic support throughout various funding rounds [15][16]. Industry Context - Wallen Technology, along with Moore Threads and Muxi Technology, has collectively raised 31.46 billion CNY in the past six years, establishing a strong presence in the domestic GPU market [27]. - Despite these achievements, domestic GPU manufacturers face significant challenges from industry leader NVIDIA, which reported global revenues of 130.5 billion USD for the fiscal year 2025, dwarfing the combined revenues of the three companies [27].

特朗普称，若非联邦政府介入，波特兰、洛杉矶和芝加哥早已沦陷，当犯罪率再次开始飙升时（只是时间问题），他们将 会回来，且也许会"以一种截然不同、更强大的形式"回来。 当地时间2025年12月31日，美国总统特朗普在其社交媒体"真实社交"发文表示，将从芝加哥、洛杉矶和波特兰撤走国民警 卫队，"尽管国民警卫队驻守使当地犯罪率大幅下降"。 2025年6月，美国总统特朗普在加利福尼亚州州长纽森没有请求支援的情况下，多次下令派遣总共约4000名加州国民警卫队 人员以及约700名美国海军陆战队士兵前往洛杉矶地区，协助联邦机构执行任务。相关做法遭到在洛杉矶及加州主政的民主 党人强烈反对。 美法官裁定：联邦政府在洛杉矶部署国民警卫队违法 美国加利福尼亚州北区联邦地区法院法官查尔斯·布雷耶2025年12月9日裁定，特朗普政府不得继续在洛杉矶部署加州国民 警卫队，并命令将部队控制权交还给加州政府。 该法官认为，目前并无证据表明联邦法律在洛杉矶执行受阻，长期在洛杉矶部署国民警卫队没有必要。联邦政府将国民警 卫队联邦化，并部署在洛杉矶以执行联邦执法任务的理由缺乏法律依据。 美国加利福尼亚州此前起诉特朗普政府在该州动用国民警卫队违法。加 ...

Core Viewpoint - Wallen Technology successfully listed on the Hong Kong stock market on January 2, 2024, with an opening surge of 82.14%, reaching a market capitalization of over 90 billion HKD, marking a significant milestone for China's GPU industry and venture capital investments in this sector [1][14]. Company Overview - Wallen Technology was founded in September 2019 by Zhang Wen, a former president of SenseTime, who is recognized for his strategic vision despite not having a formal background in GPU technology [1][3]. - The company aims to compete with industry giants like NVIDIA, presenting a narrative of catching up from scratch [3][14]. Investment Journey - Initial funding was secured from Qiming Venture Partners, which recognized the potential of AI technology and its demand for computing power, leading to a successful first round of investment in December 2019 [5][11]. - By mid-2020, Wallen Technology completed four rounds of financing, raising approximately 2.9 billion CNY, with a pre-investment valuation soaring to 6.06 billion CNY [8][12]. - Significant investments came from major players like Gree Group and Country Garden, which provided substantial capital and strategic support [9][10]. Financial Performance - Wallen Technology's revenue figures show a gradual increase, with approximately 49,900 CNY in 2022, 6.203 million CNY in 2023, and a projected 340 million CNY in 2024, although it lags behind competitors like Moore Threads and Muxi Technology [12][14]. - The company has raised a total of 9.32 billion CNY in funding, with a notable slowdown in financing activities compared to its competitors during the same period [12][14]. Market Position and Challenges - Despite the successful IPO, Wallen Technology faces significant challenges from NVIDIA, which reported a global revenue of 130.5 billion USD for the fiscal year 2025, dwarfing the combined revenue of Wallen Technology and its competitors [14]. - The company aims to utilize the funds raised from the IPO to attract top talent and potentially pursue mergers and acquisitions to strengthen its market position [14].

Core Viewpoint - Wall Street technology company Biran Technology made its debut on the Hong Kong stock market on January 2, 2024, with an opening surge of 82.14%, reaching a peak increase of over 110% during trading, and achieving a market capitalization exceeding 90 billion HKD, marking it as the third GPU company to go public within a month after Moer Thread and Muxi Technology [2] Company Overview - Biran Technology was founded in September 2019 by Zhang Wen, the former president of SenseTime, who is recognized for his ability to gather talent and capital, positioning himself as a strategic leader in the industry [2][3] - The company aims to compete with industry giants like NVIDIA, despite initial skepticism from investors regarding its ambitious goals [2] Investment and Financing - Biran Technology has attracted over 3 billion CNY in investments from venture capital firms, with significant early investments from Qiming Venture Partners and IDG Capital [4][5] - The first round of financing was completed in December 2019, with Qiming Venture Partners investing 15 million USD at a pre-money valuation of 110 million USD [4] - By mid-2020, Biran Technology had completed four rounds of financing, raising approximately 2.9 billion CNY, with a pre-money valuation soaring to 6.06 billion CNY [7] Strategic Partnerships - Gree Group played a crucial role in Biran Technology's development by investing 140 million CNY and facilitating project implementation and team building [8] - Other notable investors include Country Garden, which invested 350 million CNY, and various top-tier investment firms such as Hillhouse Capital and Songhe Capital [9][10] Financial Performance - Biran Technology's revenue has shown steady growth, with figures of approximately 49,900 CNY in 2022, 6.203 million CNY in 2023, and projected 340 million CNY in 2024, although it still lags behind competitors Moer Thread and Muxi Technology [11] - The company has completed a total of 18.8 billion CNY in financing from 2021 to 2024, compared to 9.17 billion CNY and 3.95 billion CNY raised by its competitors during the same period [11] Market Position and Challenges - Despite its growth, Biran Technology faces significant challenges from NVIDIA, which reported global revenues of 130.5 billion USD for the fiscal year 2025, dwarfing the combined revenues of Biran Technology and its competitors [15] - The company aims to leverage its IPO funds to attract top talent and potentially pursue mergers and acquisitions to enhance its competitive position in the market [16]

Market Overview - The Hong Kong stock market opened on January 2, with the Hang Seng Index rising over 1%, the Hang Seng China Enterprises Index increasing by more than 1%, and the Hang Seng Tech Index gaining over 2% [1] - Wall Street's first listing of 2026 is the debut of Birran Technology, known as the "first GPU stock in Hong Kong" [1] Birran Technology - Birran Technology's stock price surged over 100%, reaching 40 HKD [3] - The final offering price for Birran Technology was set at 19.6 HKD, with a total of 285 million shares issued, raising a total of 5.583 billion HKD; after deducting listing expenses of 209 million HKD, the net fundraising amount was 5.375 billion HKD [4] - The subscription rate for Birran Technology was exceptionally high at 2347.53 times [4] Financial Performance - Birran Technology is a leading provider of general intelligent computing solutions in China, experiencing explosive growth in recent years; revenue increased from 499,000 HKD in 2022 to 337 million HKD in 2024, representing a compound annual growth rate of 2500% [5] Other Companies - Meituan's stock price increased by 4.56%, with news that the company plans to spin off Kunlun Chip for independent listing on the Hong Kong Stock Exchange, and Kunlun Chip has submitted its listing application [6]