2025年A股收官。 2025年A股市场涨势如虹，市场整体涨幅较2024年进一步扩大，超过500只A股实现翻倍，包括年度成交额、两融余额在内的多项指标刷新历史纪录。 A股市场2025年表现抢眼 创业板指领跑 2025年A股市场总体走势强劲，主要指数较2024年的年度涨幅进一步扩大。其中，创业板指表现尤为亮眼，2025年累计上涨49.57%；北证50指数亦表现强 劲，2025年累计上涨38.80%；科技股集中的科创50指数表现也较好，2025年累计上涨35.92%。 据Wind统计口径，2025年全年，A股市场合计成交额约420万亿元，较2024年全年成交额增长逾六成，并接近2023年全年成交额的两倍。 2025年A股市场的年度成交额为历史上首次突破400万亿元，创出历史新高。 从具体个股成交额来看，2025年多达20只个股全年成交额超过1万亿元，其中中际旭创、东方财富、新易盛等股票全年成交额超过2万亿元。 反映不同规模股票表现的中证系列规模指数中，中证2000指数2025年累计上涨36.42%，跑赢同期中证500指数和中证1000指数的表现。 另外，上证指数2025年上涨18.41%，创出最近6年来最大年度涨 ...

Core Viewpoint - The expansion of cross-border ETFs has accelerated significantly this year, with both the scale and number of related products increasing, making it an important observation window for changes in capital allocation [1][2]. Group 1: Cross-Border ETF Expansion - As of December 26, the total scale of cross-border ETFs has increased by 514.7 billion, with the number of products rising by 63 since the beginning of the year [2]. - Hong Kong stock-related ETFs have become the main source of this expansion, particularly those focused on technology stocks, which have seen significant growth [2][3]. - Several ETFs focusing on Hong Kong technology assets have achieved substantial scale increases, indicating that some funds are still participating in the Hong Kong technology sector through cross-border ETF tools despite global market volatility [1][2]. Group 2: Market Dynamics and Fund Flows - In the fourth quarter, the performance of Hong Kong technology stocks has shown phase volatility, but there has not been a consistent withdrawal of funds [1][3]. - Despite the decline in net value of related technology indices, some ETFs have continued to see growth, indicating ongoing structural investment [3]. - Specific ETFs such as Tianhong Hang Seng Technology ETF, Huaxia Hang Seng Technology ETF, and E Fund Hang Seng Technology ETF have reported scale increases of 10.257 billion, 5.502 billion, and 5.330 billion respectively over the past three months [3]. Group 3: Institutional Outlook - Institutions remain optimistic about the future, citing multiple narratives such as AI development, potential Federal Reserve interest rate cuts, and accelerated inflows from the south as factors attracting market attention [4]. - The liquidity environment is expected to become more accommodative, which may support risk assets like Hong Kong technology stocks [4]. - The recent market corrections have released some risk factors, providing opportunities for long-term investors to position themselves in quality technology assets [4]. Group 4: Industry Trends - The development of AI is heavily supported by capital expenditures in cloud and computing power, with global cloud giants increasing investments in data centers to meet rising AI inference demands [5]. - Hong Kong technology companies are expanding their market boundaries and entering new phases of internationalization [5][6].

12月31日，是2025年最后一个交易日，A股整体小幅震荡，主要股指涨跌互现，上证指数微幅上涨，深证成指、创业板指、科创50等则小幅下跌，市场成 交减少至2.07万亿元。 2025年A股市场行情正式收官，上证指数全年累计上涨18.41%，创最近6年来最大年度涨幅。 盘面上，航天设备、航空机场、酒店餐饮、人工智能等板块涨幅居前，林业、化纤、消费电子、光伏设备等板块跌幅居前。 个股方面，商业航天概念人气股大业股份（603278），尾盘直线涨停走出6连板，上演"准天地天"行情，成交超19亿元。该股今早逼近涨停开盘，随后跳 水一度逼近跌停。 12月31日，港股因元旦假期提前收市。恒生指数今日收跌0.87%，全年涨幅达27.77%，创下自2017年以来最佳年度表现；恒生科技指数今日收跌1.12%， 全年涨幅达23.45%，创下自2020年以来最佳年度表现。 机票价格也有所上涨，航班管家数据显示，2026年元旦假期经济舱平均票价（不含税）669元（预售），较2025年同期实际票价增长8.2%。 国信证券表示，元旦仅是第一波催化，随着后续春节长假的临近，航空板块有望迎来第二波上涨行情。若届时票价表现超出预期，将再次成为驱动 ...

Group 1 - The international precious metals market experienced a significant decline, with multiple commodities such as spot silver, COMEX silver, spot platinum, and spot palladium seeing substantial drops [1][2] - On December 29, precious metals faced a sharp downturn, with COMEX gold futures falling by 4.45%, COMEX silver futures plummeting by 7.2%, spot gold dropping over 4%, spot silver crashing over 9%, spot palladium declining over 15%, and spot platinum decreasing over 14% [2] - Following the downturn, there was a brief rebound on December 30, with COMEX gold futures rising by 0.2%, spot gold increasing by 0.17%, COMEX silver futures gaining 7.88%, spot silver up by 5.66%, and NYMEX platinum futures closing up by 4% [2] Group 2 - UBS warned that the rapid increase in precious metal prices is largely due to insufficient market liquidity, indicating a potential for a swift decline [2] - Analysts from Capital Economics stated that precious metal prices have risen to levels that are difficult to justify based on fundamentals, predicting that silver prices may fall to around $42 per ounce by the end of next year [2] - Huolong Futures noted that silver is currently outperforming gold, with greater short-term volatility and amplitude, and advised against ordinary investors participating in the market due to increasing risks of a correction [3]

Group 1 - The international precious metals market experienced a significant decline, with multiple commodities such as spot silver, COMEX silver, spot platinum, and spot palladium showing substantial drops [1][10] - On December 29, precious metals saw a sharp decline, with COMEX gold futures falling by 4.45%, COMEX silver futures plummeting by 7.2%, spot gold dropping over 4%, spot silver crashing over 9%, spot palladium plunging over 15%, and spot platinum decreasing over 14% [10] - Following the decline, there was a rebound on December 30, with COMEX gold futures rising by 0.2%, spot gold increasing by 0.17%, COMEX silver futures gaining 7.88%, spot silver up by 5.66%, and NYMEX platinum futures rising by 4% [10] Group 2 - UBS warned that the rapid increase in precious metal prices is largely due to insufficient market liquidity, indicating a potential for a swift decline [10] - Analysts from Capital Economics stated that precious metal prices have risen to levels that are difficult to justify based on fundamentals, predicting that silver prices may drop to around $42 per ounce by the end of next year [10] - Huolong Futures noted that silver is currently outperforming gold, with greater short-term volatility and amplitude, and advised against ordinary investors participating in the market due to the ongoing "frenzy phase" [10]

Core Viewpoint - The Purchasing Managers' Index (PMI) for China's manufacturing and non-manufacturing sectors showed signs of recovery in December, indicating an overall improvement in economic conditions [1][3]. Manufacturing Sector - The manufacturing PMI rose to 50.1% in December, up 0.9 percentage points from the previous month, marking its first increase above 50% after eight consecutive months below this threshold [3]. - Among 13 sub-indices, production, new orders, and new export orders indices showed increases, with rises ranging from 0.1 to 2.4 percentage points [3]. - High-tech manufacturing PMI reached 52.5%, up 2.4 percentage points, indicating a positive growth trend [4]. - The equipment manufacturing and consumer goods sectors both recorded PMIs of 50.4%, rising by 0.6 and 1.0 percentage points respectively [4]. Non-Manufacturing Sector - The financial sector's business activity index and new orders index both exceeded 60%, indicating enhanced financial support for the real economy [6]. - The construction sector's business activity index rose to 52.8%, up 3.2 percentage points, ending a four-month period below 50% [6]. Business Expectations - The manufacturing production activity expectation index reached 55.5%, up 2.4 percentage points, the highest since April 2024 [8]. - The service sector's business activity expectation index increased to 56.4%, reflecting continued optimism among businesses [8]. - The central economic work conference has laid out clear policies for economic development in 2026, which are expected to provide guidance and momentum for macroeconomic growth [8]. Economic Outlook - The overall economic environment is expected to improve in 2026, supported by a stable trade environment and proactive economic policies [9]. - The "14th Five-Year Plan" is anticipated to guide economic and social development over the next five years, with a focus on enhancing investment and consumption demand [9].

Core Viewpoint - The international precious metals market experienced significant declines, with various metals such as silver, platinum, and palladium seeing sharp drops in prices [1][5]. Group 1: Market Performance - On December 29, precious metals faced a severe downturn, with COMEX gold futures dropping by 4.45%, COMEX silver futures plummeting by 7.2%, spot gold falling over 4%, spot silver crashing over 9%, spot palladium declining over 15%, and spot platinum decreasing over 14% [5]. - The following day, December 30, the market saw a general rebound, with COMEX gold futures rising by 0.2%, spot gold increasing by 0.17%, COMEX silver futures gaining 7.88%, spot silver up by 5.66%, and NYMEX platinum futures rising by 4% [5]. Group 2: Future Outlook - UBS warned that the rapid increase in precious metal prices is largely due to insufficient market liquidity, indicating a potential for a swift decline [5]. - Analysts from Capital Economics stated that the current prices of precious metals have risen to levels that are difficult to justify based on fundamentals, predicting that silver prices may drop to around $42 per ounce by the end of next year [5]. - Huolong Futures noted that silver is currently outperforming gold, with greater short-term volatility and amplitude. They cautioned that the ongoing bullish trend in silver may be entering a "frenzy stage," advising ordinary investors against hasty participation [5].

AI眼镜迎政策+需求双轮驱动。 002591，002788，直线跳水跌停 日前，商务部等7部门印发通知，部署提质增效实施2026年消费品以旧换新政策。其中提到，智能眼镜 被纳入补贴品类，按产品销售价格15%给予补贴，每位消费者可补1件且单补不超500元。 兴业证券表示，以主流AI眼镜售价区间来看，补贴后将直接降低消费者购置成本，大幅撬动C端消费需 求，尤其千元级、数千元级AI眼镜产品的性价比优势进一步凸显，有望推动行业出货量加速爬坡。 兴业证券认为，政策红利叠加技术落地，AI眼镜商业化进程全面提速。当前阿里、华为等大厂已密集 推出AI眼镜产品端侧大模型、光波导、骨传导、低功耗芯片等核心技术持续突破，产品体验不断优 化，场景覆盖从娱乐向办公、导航、支付等刚需领域延伸。此次补贴政策精准覆盖智能眼镜品类，是政 策层面对端侧AI硬件消费的直接提振，叠加全球智能眼镜行业高增长率，2026年将成为AI眼镜消费普 及与产业规模化的关键元年。 优质高成长股曝光 AI眼镜迎来利好 个股跌多涨少，AI应用方向走强，万事利、蓝色光标"20cm"涨停。 早盘有三只非ST股跌停，分别是天箭科技、鹭燕医药、恒大高新。其中，天箭科技上午一 ...

Group 1 - The A-share market showed a relatively flat performance in the morning, with new stocks becoming a highlight, particularly Hengtong Light, which saw a maximum intraday increase of 1128%, making it the second stock this year to rise over 10 times on its first trading day [1][3] - The major indices displayed divergence, with the Shanghai Composite Index performing relatively strong while the ChiNext Index lagged behind [3] - Hengtong Light and Xinguangyi were the two new stocks listed today, with Hengtong Light's opening increase exceeding 1000% and its maximum intraday increase reaching 1128% [3] Group 2 - Hengtong Light focuses on the research, manufacturing, and sales of passive optical devices in the optical communication field, with main business segments including passive optical fiber wiring and related products [5] - The company has established long-term stable partnerships with major clients such as AFL, Coherent, and Jabil, and its products are used by leading global brands like Google, Amazon, and Microsoft [5] - Xinguangyi specializes in the research, production, and sales of high-performance special functional materials, having achieved the highest market share in its field in China since its establishment in 2004 [7]

美联储12月货币政策会议纪要公布。 当地时间12月30日（周二），美国股市三大股指表现比较平淡，并均录得三连跌。 美联储披露的12月货币政策会议纪要显示内部的分歧明显，在该纪要发布后，交易员维持美联储2026年内两次降息押 注。 银行股全线走低，拖累指数表现，不过普遍跌幅不大。其中，高盛、花旗集团跌近1%，摩根大通、摩根士丹利、美国 银行、富国银行等微跌。 美股三大指数连续3个交易日下跌 当地时间12月30日（周二），美国股市三大股指小幅收跌，其中道琼斯工业指数跌0.2%，报48367.06点；标准普尔500 指数跌0.14%，报6896.24点；纳斯达克指数跌0.24%，报23419.08点。值得注意的是，上述三大股指均录得三连跌。 美股市场大型科技股涨跌互现。具体个股方面，特斯拉跌超1%，英伟达、苹果跌幅不足1%，Meta涨超1%，亚马逊、 微软、谷歌微涨。 能源股集体上涨，西方石油涨超2%，斯伦贝谢、康菲石油涨逾1%，埃克森美孚、雪佛龙涨幅不足1%。 芯片股涨跌不一，费城半导体指数跌0.13%。具体芯片个股方面，英特尔、迈威尔科技涨超1%，科天半导体、拉姆研 究、应用材料跌逾1%。其他芯片股方面，微芯科 ...