ETF进化论 ETF视角下的A+H科技新图景 原创 阅读全文 ...

时间像一列缓行的列车，我们又等到年终这一站。 十四亿人的移动，让中国的版图在寒冬里产生一次温热的心跳。 家，是我们出发的原点，也是每一次跋涉的终点。 年，是时间的结绳记事，也是情感的集体共鸣。 格隆汇2026"归乡记&中国年"征集活动正式开启。 我们寻找那些无法被算法推荐的真实：县城超市里突然涨价的鸡蛋，村口小卖部老板新学会的扫码支付，父亲沉默着往你后备箱塞东西时的角度。 这些琐碎的褶皱里，藏着中国真正的质地。 无论你正在穿过秦岭的隧道，还是在异国计算着时差，请接受这份来自格隆汇的祝愿： 愿所有的奔波过后，依然拥有可以回去的地方。 行 囊里的旧乡音 离故土越远，思念的根系便扎得越深。 人的一辈子，总是在学习告别。 第一次是考上大学，把棉被捆成行李卷扛上长途汽车。后来是工作、跳槽、迁徙，每次离开都以为只是暂时的战略性撤退。 直到有一天发现，故乡已经变成需要预约才能进入的场所——要提前买票，要协调假期，要计算成本。 那个曾经觉得太小的地方，如今需要用力才能抵达。 现在，我们邀请你来执笔——《2026，归乡记》。 而父母正在以肉眼可见的速度，变成需要被照顾的人。 他们开始问你"这次能住几天"，而不是"什么时候走"； ...

Core Viewpoint - The article discusses the potential for a rebound in the Hong Kong technology sector, particularly in the context of valuation discrepancies between the Hang Seng Tech Index and the Nasdaq, suggesting that narrowing this gap could lead to significant investment opportunities [8][14][20]. Group 1: Market Performance - The Hang Seng Tech Index has seen a decline of over 20% since October of last year, indicating a bearish trend [3]. - Recent market movements show a strong rebound in U.S. stocks, which has positively influenced the Hong Kong market, with all three major indices closing higher [6][7]. - Key sectors such as internet, commercial aerospace, smart driving, and semiconductors have shown collective upward movement, reflecting resilience in the Hang Seng Tech Index [8]. Group 2: Valuation Analysis - The current price-to-earnings (PE) ratio for the Nasdaq is 40 times, while the Hang Seng Tech Index stands at only 21 times, indicating a significant valuation discount [14]. - Historical comparisons show that the Nasdaq's valuation is at the 51.91 percentile over the past five years, while the Hang Seng Tech Index is at 30.64 percentile, further emphasizing the valuation gap [15]. - Major companies in the Hang Seng Tech Index, such as Alibaba and Tencent, have a PE ratio of 21, which is lower than their U.S. counterparts like Meta and Amazon [19]. Group 3: Investment Opportunities - The article posits that a narrowing of the valuation gap between the Hang Seng Tech Index and the Nasdaq could lead to a 30% increase in stock prices, which would be a substantial opportunity for investors [20]. - The potential catalysts for this valuation increase include the rapid advancement of AI technology in China and the strong financial positions of leading tech companies [23][30]. - The anticipated growth in AI applications is expected to drive significant profit increases for major tech firms, which could lead to higher valuations [24][28]. Group 4: External Factors - Positive developments such as high expectations for a "big deal" between the U.S. and China, stabilization of U.S. dollar policies, and reduced competitive pressures in certain industries could enhance investor sentiment towards Hong Kong tech stocks [32][34][36]. - Recent regulatory challenges and market shocks are viewed as temporary setbacks rather than long-term threats, suggesting that the market may quickly recover [39]. Group 5: Future Outlook - The article suggests that 2025 could be a pivotal year for the Hong Kong tech sector, with expectations for the release of AI value and potential valuation increases [41]. - Even if the anticipated valuation increases do not materialize as expected, the current deep discount relative to the Nasdaq provides a safety margin for investors [41][42].

格隆汇新股 《黑神话：悟空》背后的云服务商冲击IPO，面临腾讯的竞争，来自合肥 原创 阅读全文 ...

作者 | 深鹏 数据支持 | 勾股 大数 据（www.gogudata.com） 金银价格的飙涨，形成巨大的财富效应。 这些日子，你不谈谈黄金白银，都显得自己 out 了。 然而，这几天金价和银价的大跌，像一盘冷水，浇在每个人头上。 似乎在说明一个简单到不能再简单的道理： 有涨就会跌！ 而且，涨得越疯狂，下跌的时点和幅度就越大，而且越不可预测。 不过，也必须承认，就跟道理都懂，但依然过不好人生一样，没有谁能够阻止人性的疯狂，这 似乎已经成为一种宿命。 回顾历史， 黄金和白银 ， 从未真正离开过人类财富舞台的中心。 那些在金融市场上与金银共舞的人们，其命运 比今天的炒金炒银者， 更加多元与戏剧化。 01 黑色星期一的黄金先知 1987 年 10 月 19 日，纽约证券交易所陷入恐慌，道琼斯指数单日暴跌 22.6% ，创造了"黑 色星期一"的历史。 但 在这场灾难中，一位 34 岁的基金经理却获得了 62% 的年回报率。 他就是保罗 ·都铎·琼斯。 琼斯的秘密武器之一是 黄金 。 在股市崩盘前，他注意到黄金与股市之间的反向关系正在加强。 通过分析历史数据，他发现自 1971 年布雷顿森林体系解体以来，每次重大股市 ...

Core Viewpoint - The recent volatility in the A-share non-ferrous metal sector is primarily driven by macroeconomic sentiment disturbances, while the fundamental logic of "tight supply and steady demand" remains unchanged, indicating potential mispricing in certain sub-sectors [5][9]. Group 1: Market Volatility Factors - The sharp fluctuations in the non-ferrous sector are attributed to three external factors: adjustments in Federal Reserve policy expectations, the "negative gamma effect" amplifying volatility, and seasonal characteristics before the Spring Festival suppressing risk appetite [11][12]. - The nomination of Kevin Warsh as the new Federal Reserve Chairman triggered a reversal in policy expectations, leading to a decline in interest rate cut forecasts and impacting precious metals prices significantly [13][14][15]. - The "negative gamma effect" exacerbated the situation, where speculative funds, heavily leveraged in the futures and options markets, were forced to liquidate positions as prices fell below key support levels, creating a vicious cycle of selling [17][18]. Group 2: Seasonal and Sentiment Pressures - Seasonal factors related to the Spring Festival, characterized by a demand lull and conservative funding behavior, further intensified the downward pressure on prices, as many downstream industries typically halt operations before the holiday [19][20][21]. - The collective withdrawal of funds from the market, driven by risk aversion, left the non-ferrous sector without sufficient support, compounding the effects of policy and leverage adjustments [22]. Group 3: Supply and Demand Dynamics - Despite short-term emotional disturbances, the core supply-demand dynamics in the non-ferrous metal industry remain intact, with several sub-sectors showing signs of mispricing and potential for recovery [23]. - The long-term investment logic for precious metals remains solid, supported by ongoing central bank gold purchases and unresolved U.S. debt issues, with China's central bank increasing gold reserves for 14 consecutive months, reaching 74.15 million ounces by December 2025 [24]. - In industrial metals, the supply-demand balance for copper and zinc remains tight, with production in major countries like Chile and Peru falling short of expectations [25]. - Energy metals and minor metals continue to face supply constraints, with lithium prices affected by sentiment and uncertainties in production processes, while rare earth elements like praseodymium and neodymium are experiencing price increases due to tightening global supply [26][27][28]. Conclusion - The recent macroeconomic sentiment-induced turbulence has not altered the fundamental supply-demand balance in the non-ferrous metal industry, instead providing a rational entry point for medium to long-term investments [31]. - As global energy transitions and de-globalization trends continue, the supply-demand equilibrium in the non-ferrous metal sector is likely to persist, presenting structural investment opportunities [32].

ETF进化论 狙击金银铜豪赚280亿？神秘大佬的心法来了！ 原创 阅读全文 ...

Group 1 - The article discusses a new AI chip IPO backed by Tencent Technology, which is based in Shanghai and operates in the same industry as companies like Moore Threads and Muxi [1] - The IPO indicates a growing interest and investment in the AI chip sector, highlighting the competitive landscape among companies in this field [1] - The involvement of a major player like Tencent suggests potential for significant market impact and innovation within the AI chip industry [1] Group 2 - The article emphasizes the strategic importance of AI chips in the broader technology ecosystem, as they are essential for powering advanced AI applications [1] - It notes the increasing demand for AI capabilities across various sectors, which is driving growth in the AI chip market [1] - The competitive dynamics among AI chip companies, including the need for differentiation and technological advancement, are also highlighted [1]

作者 | 格隆汇小编 数据支持 | 勾股 大数 据（www.gogudata.com） 格隆汇交易学苑 . 以基本面为基础，专注于趋势交易 2025 年国内医药行业迎来关键转折点，创新药领域走出调整期实现强势复苏，成为医药赛道的核心增长引擎。 在二级资本市场中， 2026 年 1 月 CRO 板块呈现明确资金净流入态势，技术面形成强势转势信号。 1 月底板块迎来回踩确认，在前期突破 位获得有效支撑，叠加行业景气度复苏与基本面改善的共振，此次回踩是否为趋势延续的蓄力， 板块 能否启动二波上涨行情 ？ 以下文章来源于格隆汇交易学苑 ，作者格隆汇小编 另外， 投融资市场回暖、 BD 出海规模创历史新高，叠加 IND 申报与审评效率双提升，全球监管导向优化及临床执行模式数字化升级，多重 利好因素共振下，临床 CRO 行业需求全面释放，订单量与业绩确定性同步走高。 头部企业凭借技术、规模和合规优势，在行业复苏中占据绝对主导地位，整个 CRO 行业迎来全方位发展红利，长期成长逻辑清晰且坚实。 01 投融资 +B D 双轮驱动，为 CRO 注入充足资金活水 2025 年创新药融资市场率先回暖，资本向高确定性临床项目集中，为 ...

ETF进化论 巨佬爆买这些股票！ 原创 阅读全文 ...