Group 1 - Oracle's stock opened down over 14%, quickly expanding to a 16% drop, marking the largest single-day decline since March 2001, with a market value loss of $102 billion [1] - The company's Q2 revenue and cloud business income fell short of market expectations [1] Group 2 - The Nasdaq opened down 0.60%, while the Dow Jones increased by 0.20%, and the S&P 500 fell by 0.37% [2] - Chinese concept stocks mostly declined, with the Nasdaq Golden Dragon China Index down 0.36%, and companies like Alibaba, iQIYI, and XPeng dropping over 2% [4] Group 3 - Disney opened slightly higher, with initial gains quickly expanding to 2%, following reports of a $1 billion equity investment in OpenAI [4]

Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing emphasizes a continuation of moderately loose monetary policy for 2026, indicating strong continuity and stability in macroeconomic policies [2] Group 1: Monetary Policy - The conference proposed using tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to support economic growth [2] - The People's Bank of China (PBOC) is expected to optimize structural monetary policy tools, increasing their overall quota while also lowering operational interest rates [2] - Structural monetary policy tools are aimed at facilitating the transition of growth drivers and supporting high-quality development, which will also help boost overall credit and social financing growth [2] Group 2: Focus Areas - Financial resources will be directed more towards key areas such as technological innovation, manufacturing transformation, green development, small and micro enterprises, consumption promotion, and stabilizing foreign trade [3] - The PBOC will gradually shift focus from quantity targets to enhancing the precision and effectiveness of policies, ensuring that financial resources are allocated to priority sectors [3] - As of the end of September, the balance of structural monetary policy tools reached 3.9 trillion yuan, accounting for approximately 13% of the base money [3]

Core Viewpoint - The Central Economic Work Conference held on December 10-11 outlines the implementation of a more proactive fiscal policy for 2026, emphasizing the need for necessary fiscal deficits, total debt scale, and expenditure levels to stabilize the economy [2][3]. Fiscal Policy - The conference reiterates the continuation of a more proactive fiscal policy, which has been in place since the 2008 financial crisis, aimed at stimulating demand and promoting economic recovery through increased spending and debt issuance [2][3]. - The fiscal deficit rate is expected to remain at or above 4% in 2026, with new government debt projected to exceed 12 trillion yuan, potentially reaching between 13 trillion and 16 trillion yuan [3][4]. Expenditure Growth - National general public budget expenditure is anticipated to exceed 30 trillion yuan in 2026, with a growth rate of 4% to 5% [4]. Fiscal Management - The need for improved fiscal management and optimized expenditure structure is highlighted, with pilot programs being implemented in various provinces to enhance fiscal resource allocation and budget management [4][7]. - The ongoing zero-based budgeting reform aims to break the rigid patterns of local fiscal spending and improve the efficiency of fund utilization [4]. Tax Policy - The conference emphasizes the need to standardize tax incentives and fiscal subsidy policies, including the removal of outdated tax exemptions and the establishment of a more precise tax incentive system aligned with national strategic goals [6][5]. - Upcoming changes include the cancellation of certain VAT exemptions, such as those for contraceptives and the full exemption of vehicle purchase tax for new energy vehicles starting in 2026 [6][5]. Local Fiscal Challenges - The meeting stresses the importance of addressing local fiscal difficulties, with a focus on ensuring the "three guarantees" at the grassroots level, which include basic living needs, education, and healthcare [7][8]. - The central government plans to increase local fiscal autonomy and adjust the distribution of fiscal responsibilities to alleviate the financial pressures faced by local governments [8].

Group 1 - Oracle's stock dropped over 12% in pre-market trading, settling at a nearly 11% decline [1] - The company's Q2 FY2026 earnings report showed a 14% year-over-year revenue growth to $16.06 billion, which fell short of market expectations [2] - Cloud business revenue reached $7.98 billion, also below market expectations [2] - Remaining performance obligations surged by 438% to $523 billion, exceeding the market forecast of $501.8 billion [2] - Oracle executives indicated that annual capital expenditures are expected to exceed previous estimates by approximately $15 billion [2] Group 2 - The impact of Oracle's earnings report led to a collective decline in U.S. tech stocks, with TSMC down over 2%, NVIDIA down 1.8%, and Broadcom down 1.7% [2] - Other tech companies such as AMD, Micron Technology, and Intel saw declines of 1.5%, while Meta and Qualcomm dropped over 1% [2]

Core Insights - Photonic technology is emerging as a core support for future information technology, penetrating various downstream industries such as semiconductors, new energy, and biomedicine [2] - The global photonics market is experiencing explosive growth, with a total market size of $920 billion in 2023, expected to exceed $1.2 trillion by 2027, driven primarily by the surge in AI computing power demand [2] Industry Development - The Ministry of Industry and Information Technology and six other departments in China issued a plan to promote future industry innovation, aiming to establish incubators and pilot zones by 2025, and to break through over a hundred key core technologies [2] - The increasing demand for computing power and energy efficiency in the era of big data and AI is pushing the development of photonic chips, which utilize photons for signal processing [3] Technology Transfer Challenges - Despite significant annual research funding of nearly $1 trillion, the technology transfer rate remains below 5%, indicating a gap between innovation and market application [3] - The market's harsh reality is that the best technology does not always equate to market success, emphasizing the need for alignment between technological breakthroughs and market needs [3] Incubation and Investment Strategies - A new industrialization "algorithm" has been implemented in Hangzhou, focusing on a systematic approach to technology transfer that includes selection, nurturing, and integration of scientific achievements [4] - The establishment of the Xihe Optoelectronics Industry Incubator in Shanghai marks a collaborative model involving government, research, and capital to foster innovation and entrepreneurship [4] Supportive Ecosystem - The Pudong New Area has developed the largest and most comprehensive photonic scientific facility cluster globally, providing robust research support [5] - The 895 Incubator in Zhangjiang focuses on high-tech startups, having invested in 20 projects with a total investment of approximately 700 million yuan, with five companies already listed [5] - Shanghai's "Technology Innovation Action Plan" aims to cultivate small technology giants with competitive advantages, offering various support services for project implementation [5]

12月11日，香港恒生指数收跌0.04%，恒生科技指数跌0.83%。 传媒、医疗设备、有色金属、石油石化等板块跌幅居前，电气设备、银行、国防军工、房地产等板块上 涨。 中兴通讯跌超13%。中兴通讯今日公告，公司已知悉近期新闻媒体针对本公司涉及美国《反海外腐败 法》合规性调查的报道。公司正与美国司法部就有关事项进行沟通，并将通过法律等手段坚决维护自身 权益。公司反对一切形式的腐败行为，对任何可能相关的个人持零容忍态度。公司目前生产经营一切正 常。 编辑丨瑜见 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 25530.51 | -10.27 | -0.04% | | HSTECH 恒生科技 | | 5534.59 | -46.51 | -0.83% | | HSBIO | 恒生生物科技 | 15049.99 | -43.04 | -0.29% | | HSCEI | 恒生中国企业指数 | 8934.28 | -20.41 | -0.23% | | HSCI | 恒生综合指数 | 3902.14 | -11.02 ...

据悉，本届"金洽会"自9月28日开幕以来，围绕"园区行"系列活动深入开展，金融服务下沉至各类产业 园区，直达企业一线，形成"流动的金洽会""家门口的金洽会"。记者了解到，黄浦、静安、徐汇、普 陀、虹口、闵行、金山、青浦、奉贤、崇明等十个区共举办12场"园区行"专场融资对接活动，覆盖企业 全生命周期的金融需求。 在上海市委金融办等部门指导下，本届"金洽会"创新打造"政府+园区+金融"三方协同服务模式，92位上 海普惠金融顾问参与"园区行"融资对接，为中小微企业提供"一站式"便捷金融服务。 日前，第十九届上海金融服务实体经济洽谈会（下称"金洽会"）在沪落下帷幕。本次闭幕大会暨第三届 科创金融大会由上海金融业联合会、申万宏源证券与上海市闵行区人民政府联合主办。 记者了解到，本届金洽会紧扣上海"3+6"新型产业体系布局，通过系列融资对接活动，引导市级金融综 合资源直接对接近400家实体企业，重点覆盖人工智能、集成电路、生物医药等先导产业，以及高端装 备制造、生命健康、电子信息等核心产业。 值得关注的是，本届"金洽会"持续打造高效便捷的线上展示平台——微信小程序"上海金洽会"，该平台 将持续运营至2026年9月。据悉， ...

Core Viewpoint - Recent rumors regarding Bilibili (B站) requiring users to purchase a video membership to access all video content and basic bullet comments have been deemed false by the company, which plans to take legal action against those spreading misinformation [1]. Group 1 - A screenshot circulating on social media claimed that all video resources on Bilibili require a membership for complete viewing and that basic bullet comment functionality is tied to membership rights [1]. - Bilibili's customer service responded on the 11th, stating that the information is untrue and urged the public not to believe or spread such rumors [1]. - The company emphasized its commitment to addressing the issue legally against those who create and disseminate false information [1].

Group 1 - The stock of Maoye Commercial (600828) experienced significant volatility on December 11, reaching a peak increase before settling at a 3.23% rise, priced at 7.36 yuan [1] - The stock's trading volume was 192.89 million shares, with a market capitalization of 12.7 billion yuan and a price-to-earnings ratio of -169.9 [2] - On December 10, the company announced an abnormal stock trading fluctuation, with a cumulative price deviation of 20% over two consecutive trading days [3] Group 2 - As of December 10, the company's static and dynamic price-to-earnings ratios were reported at 332.44 times and 221.94 times, respectively, compared to the Shenwan retail index ratios of 59.19 times and 54.35 times [3] - For the first three quarters of 2025, the company reported revenues of 1.824 billion yuan, a year-on-year decrease of 14.20%, and a net profit attributable to shareholders of 41.73 million yuan, down 72.88% year-on-year [3]

微信编辑：夏木 C摩尔-U ▼ 688795 新 成 ET | 938.70 市值 4406.3亿 量比 1.01 937.46 在 流通 275.45亿 换 47.16% 701.33 202.46 27.55% 开 729.00 市盈™ 亏损 额 112.94亿 同祥顺 异动解读:新一代GPU+AI芯片+国产GPU。 ... ● × 博诺 分时 日Ｋ 周Ｋ 月Ｋ 五日 更多▼ 均线▼ 日线 M5:699.10 M10 -- M20 -- M30 -- 前复权 筹码 - 938.70 955.93 -- 851.64 747.35 43.06 > /556.00 2025-12-05 11 成交量 ▼ 量:13.86万 M5:14.71万 M10 -- 换手率:47.16% 摩尔线程上市第五日，持续拉升涨超27%，股价突破900元，股价现居A股第三，仅次于贵州茅台与寒 武纪，截至14:41，总市值突破4400亿元。 封图：AI生成 ...