比亚迪股份公告，2025年12月新能源汽车产量41.98万辆，销量42.04万辆；本年累计产量453.74万辆， 累计同比增5.42%，累计销量460.24万辆，累计同比增7.73%。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...

Core Insights - The AI investment theme has significantly expanded, with data storage companies emerging as major beneficiaries in 2025, highlighted by strong stock performances from Western Digital, Micron Technology, and Seagate Technology [4][5][11]. Group 1: Data Storage Companies Performance - Western Digital emerged as the biggest winner in the S&P 500 for 2025, with a stock price increase of 268%, driven by strong demand for high-capacity, low-cost storage from AI data centers [5]. - Seagate Technology also performed well, with a 219% increase in stock price, benefiting from a significant rise in demand for high-margin hard drive products [8]. - Micron Technology recorded a 227% stock price increase, capitalizing on the AI data surge, with its financial performance exceeding market expectations [11]. - SanDisk, newly included in the S&P 500, saw a remarkable 559% increase in stock price, reinforcing the notion that storage is a critical need for AI [14]. Group 2: Market Trends and Shifts - The year 2025 marked a shift in market leadership from computing chips and large model platforms to data storage, data center construction, cooling, and power sectors, indicating a transition in AI investment logic from "technological breakthroughs" to "infrastructure arms race" [17]. - The significant capital expenditure commitments from major cloud service providers, exceeding $440 billion for AI infrastructure over the next 12 months, have created unprecedented demand for storage device manufacturers [4]. Group 3: Traditional Sectors Under Pressure - Traditional sectors, particularly consumer stocks, faced significant challenges in 2025 due to economic uncertainty and tariff concerns, with notable declines in companies like Clorox and Lamb Weston Holdings [18]. - The retail sector also suffered, with Deckers Outdoor and Lululemon Athletica experiencing substantial stock price drops, ending long streaks of growth [18][20]. - The healthcare sector, despite expectations of benefiting from policy changes, underperformed, with Molina Healthcare and UnitedHealth Group seeing significant declines [20].

中国央行正式启动数字人民币从"现金型1.0"向"存款货币型 2.0"的历史性转型。这场变革通过引入计息机制、存款保险和准备金管理三位一 体的制度创新，将数字人民币从单纯的支付工具升级为具备价值储藏功能的金融资产，重塑了数字金融的底层架构。 根据新华社12月29日报道，中国人民银行发布《关于进一步加强数字人民币管理服务体系和相关金融基础设施建设的行动方案》，明确自 2026年1月1日起正式启动新一代数字人民币计量框架、管理体系、运行机制和生态体系。央行副行长陆磊明确指出，客户钱包中的数字人 民币现在属于商业银行的负债，是以账户为基础的存款形态。 东吴证券在其行业点评报告中指出，此次升级的核心在于"负债属性重定性+宏观框架入表"，配合"账户体系+币串+智能合约"的技术架构 双重升级，将数字人民币从"试点产品"推向"银行核心负债与基础设施"。截至2025年11月末，数字人民币已累计交易34.8亿笔、金额16.7万 亿元，App开立个人钱包突破2.3亿个。 国泰海通证券研究报告认为，这种定性改变不仅解决了过去数字人民币因不计息而导致的用户留存难题，更通过将其纳入准备金管理体 系，闭环了银行侧的资产负债逻辑，为人民币国 ...

年末资产负债表压力推高借款需求 金融机构在季末和年末通常会收紧资金投放以保存现金和管理资产负债表，这一季节性模式推高了回购市场的短期借款成本。纽约联储数据显 示，以担保隔夜融资利率（SOFR）衡量的回购利率近日攀升，周一触及3.77%的两周多高点，随后回落至周二的3.71%。 周三SRF的使用激增与市场利率走势直接相关。Curvature Securities执行副总裁Scott Skyrm指出，周三早间一般抵押品回购利率约为3.9%，高于 SRF的3.75%利率，这促使银行选择以更低成本从美联储借款，而非转向公开市场。 美联储常备回购便利在2025年最后一个交易日的使用规模创下历史新高。纽约联储的常备回购便利（SRF）周三向符合条件的金融机构提供了746 亿美元的贷款，远超10月31日创下的503.5亿美元纪录高点。这些贷款以315亿美元的美国国债和431亿美元的抵押贷款支持证券作为抵押。 尽管借款规模创下新高，但市场参与者与分析师普遍认为，这更多是金融机构应对年末监管与结算的常规操作，而非市场出现结构性压力的危机 信号。 TD Securities美国利率策略师Jan Nevruzi表示，如果美联储没有重 ...

Core Insights - The public fund market is expected to accelerate growth in 2025, driven by a continued ETF investment boom and a shift towards multi-asset allocation strategies [1] - The report from CITIC Securities highlights a recovery in active equity fund sizes, primarily driven by net asset value increases, while passive index funds dominate growth [1][3] - Fixed income products are experiencing significant differentiation, with a notable expansion in "fixed income plus" products amid a low-interest-rate environment [1][13] Group 1: Fund Market Trends - By Q3 2025, the size of passive index funds increased by over 1.1 trillion yuan, with ETF sizes surpassing 5 trillion yuan [1] - Active equity funds have shown a recovery in excess returns, but their size growth is mainly due to net asset value increases, reflecting investors' tendency to take profits in a recovering market [1] - The fixed income market is weakening, with long-term pure bond fund sizes decreasing by over 600 billion yuan, while short-term pure bond funds decreased by nearly 250 billion yuan [1] Group 2: FOF Market Recovery - The FOF (Fund of Funds) market has significantly rebounded, with over 80 new FOF funds launched in 2025, totaling a new issuance scale of 80 billion yuan [2] - New FOFs increasingly reflect multi-asset allocation characteristics, including equity, fixed income, commodity funds, QDII funds, and public REITs [2] Group 3: Active Equity Fund Performance - Notable growth in active equity funds was observed among several fund managers, with Yongying Fund, China Europe Fund, and E Fund each increasing their active equity fund sizes by over 35 billion yuan [3][8] - Yongying Fund's "Smart Selection Series" achieved a remarkable growth of over 760 billion yuan in active equity fund size, with a 576 billion yuan increase attributed to this series alone [7][8] - China Europe Fund's active equity fund size grew by over 705 billion yuan, with a 42.44% increase, driven by strong performance in TMT sector funds [8] Group 4: Fixed Income Plus Fund Growth - The report indicates a significant growth in "fixed income plus" funds, with the size of these funds increasing by over 1.1 trillion yuan, particularly favored by institutional investors [13][14] - The leading growth in fixed income plus funds is attributed to secondary bond funds, with many achieving top rankings in performance over the past two years [14] Group 5: ETF Market Dynamics - The ETF market is showing a clear trend of concentration among leading players, with Huaxia Fund, E Fund, and Huatai-PB Fund each holding over 10% market share [16] - By Q3 2025, Huaxia Fund's ETF size reached 941.69 billion yuan, accounting for 16.52% of the market, while E Fund's ETF size was 872.96 billion yuan, representing 15.32% [16] - Major contributors to ETF size growth include gold ETFs and mainstream broad-based ETFs, with significant increases noted in the sizes of Huatai-PB CSI 300 ETF and Huaxia CSI 300 ETF [16][18]

德勤预测，在超过300宗上市申请的支持下，2026年香港新股市场融资额有望达到至少3000亿港元。 全年募资额创三年新高，重回全球冠军宝座 2025年全年，香港新上市公司共119家，较去年增加63%，募资总额达2858.18亿港元，领跑全球各大交 易所，较去年暴增2.25倍。 香港资本市场在2025年迎来全面复苏，全年IPO募资额超过2858亿港元，重回全球交易所榜首位置，标 志着香港作为国际金融中心的吸引力显著回升。 12月30日，英矽智能、卧安机器人、林清轩、美联股份、迅策、五一视界六家公司同日登陆港股市场， 创下五年来首次六家公司同日上市的纪录。市场人士戏称"港交所的锣又要不够用了"，港交所交易大厅 在上市仪式当天人潮汹涌，几乎容纳不下所有参与者。 这一盛况成为2025年港股IPO市场火热的缩影——全年共有119家公司在港上市，较2024年增长63%。 其中，12月成为香港IPO市场自2019年11月以来最繁忙的月份，至少25家公司在当月上市。 推动这轮IPO热潮的主要力量包括中国科技企业的集中上市、A股公司赴港上市潮以及市场流动性的大 幅改善。此外，港交所推出的"科企专线"服务机制以及《上市规则》第十 ...

包括戴尔、联想和小米等消费电子制造商已接连发出警告，指出芯片短缺与成本激增正迫使其调整定价 策略。戴尔首席运营官Jeff Clarke在11月的财报电话会议上表示，公司从未见过成本以如此速度上涨， 影响将不可避免地传导至消费者。 涨价预期已成共识，但具体幅度存在分歧。麦格理分析师Daniel Kim预测涨幅为10%至20%，而野村证 券亚太股票研究联席主管CW Chung预计涨幅为5%。芯片短缺已导致企业开始囤积芯片，这将进一步推 高半导体价格。 AI数据中心需求挤压消费市场 由于人工智能需求推动存储芯片价格飙升，消费电子产品制造商警告今年产品价格可能上涨5%至 20%。从智能手机、电脑到家用电器，消费者将面临广泛的价格压力。 制造商应对策略各异 面对持续的半导体供应链压力与成本上涨，全球主要消费电子制造商已采取差异化的应对策略，其核心 在于战略性备货与审慎的价格传导。 全球数据中心建设热潮，正引发半导体产业链的结构性倾斜。对用于AI服务器的尖端高带宽存储芯片 （HBM） 的迫切需求，已促使芯片制造商将产能与研发资源向该高附加值领域集中，相对降低了用于 消费电子的传统DRAM等中低端半导体的生产优先级。这导致 ...

在巴菲特任内的最后一个交易日，伯克希尔A类股微跌0.1%，收于754,800美元；B类股下跌0.2%，收于 502.65美元，为这一非凡时代画上了平静的句点。 在明确的管理分工下，副董事长Ajit Jain将继续日常监管保险业务；阿贝尔的职责将聚焦于BNSF铁路、 制造业及能源业务的监督。此外，原由阿贝尔负责的消费品、服务与零售业务，将交由豪华飞机部门 NetJets的首席执行官Adam Johnson直接管理。这一架构旨在确保领导层平稳交接与业务专注运营。 投资组合接管悬而未决 伯克希尔·哈撒韦尚未正式公布其价值2832亿美元（截至9月30日）的股票投资组合将由谁主导管理。该 组合包含苹果、美国运通等核心持仓。 此前市场预期，长期协助管理投资组合的Todd Combs与Ted Weschler,可能是接班人。然而，Todd Combs 已于本月离职并加入摩根大通，使得继任安排出现变数。巴菲特在2024年5月曾公开表示，继任首席执 行官格雷格·阿贝尔有能力胜任此项工作，这为投资权的归属提供了关键线索。 周三，沃伦·巴菲特结束了其长达六十年的伯克希尔·哈撒韦首席执行官生涯，这位定义了一个时代的传 奇投资者将于周 ...

特斯拉的完全自动驾驶系统(FSD)正在跨越一个关键门槛。 最近，一辆搭载FSD v14的Model 3，从美国西海岸洛杉矶出发，横穿整个大陆，在2天20小时内抵达东海岸南卡罗来 纳州。全程2732英里，100%依赖FSD，覆盖高速公路、城市道路、夜间驾驶及多次进出超级充电站等复杂场景，整 个行程未出现任何人工接管。 这不是官方演示，也不是实验室测试，而是一位普通车主在真实交通环境下完成的实跑记录。 对自动驾驶行业而言，这趟旅程的意义，远不止"跑得远"，而在于它第一次让一个问题变得现实而具体：FSD 是否 已经可以完全代替人类驾驶员？ 零接管横穿美国 完成这次横跨美国之旅的是特斯拉车主Davis Moss。 根据Moss在社交媒体X上的帖文，他驾驶的Model 3搭载AI4硬件，运行FSD v14.2.1.25。根据FSD数据库和社区追踪 器显示，在完成此次横跨海岸行驶前，Moss已使用FSD行驶了10638.8英里，全程100%依赖FSD。 Moss从洛杉矶的特斯拉餐厅出发，最终抵达南卡罗来纳州默特尔比治，全程使用FSD v14，没有任何形式的人工接 管。 这次2732.4英里的行程覆盖了美国多样化的道路环境 ...

Market Overview - The U.S. stock market faced a setback at the end of 2025, with major indices unable to maintain upward momentum due to pressure from technology stocks, particularly the "Magnificent 7" [2][10] - Despite the challenges, the overall performance for the year remained positive, with the S&P 500, Dow Jones, and Nasdaq all achieving annual gains of over 10% [18][11][12][13] Economic Indicators - U.S. unemployment claims fell to 199,000, the lowest level since late November, indicating a resilient labor market and suggesting that the Federal Reserve may delay interest rate cuts [7][5] - The dollar index experienced a significant annual decline of over 9%, marking its largest yearly drop since 2017, influenced by expectations of future rate cuts by the Federal Reserve [40][42] Sector Performance - The technology sector, led by AI-related stocks, saw substantial gains in 2025, with the Nasdaq index rising over 20% for the year, although individual stocks like Nvidia underperformed compared to previous years [10][21] - Precious metals, including gold and silver, had a remarkable year, with gold rising over 60% and silver increasing by nearly 150%, marking their best annual performance since 1979 [47][48][53] Commodity Trends - Crude oil prices fell approximately 20% in 2025, attributed to the impact of tariffs and increased supply concerns, marking the largest annual decline in five years [55][54] - The performance of base metals was generally strong, with copper achieving a nearly 42% increase, the highest annual gain since 2009 [53] Cryptocurrency Market - Bitcoin experienced its largest annual decline in three years, while Ethereum also faced significant losses, reflecting a broader downturn in the cryptocurrency market [46][44]