海外市场主要股市上日表现 资讯日报：苹果季度营收远超预期，iPhone 销售表现创史上 最佳 股票市场概览 港股市场表现 美股市场表现 2026 年 1 月 30 日 资讯日报 | 指数 | 收盘价 | 日涨跌 | 周涨跌 | 年初至今 涨跌 | | --- | --- | --- | --- | --- | | | | (%) | (%) | | | | | | | (%) | | 恒生指数 | 27,968 | 0.51 | 4.56 | 9.12 | | 恒生科技 | 5.841 | (1.00) | 0.74 | 5.89 | | 恒生国企 | 9.553 | 0.42 | 4.28 | 7.17 | | 上证指数 | 4.158 | 0.16 | 0.53 | 4.77 | | 日2225 | 53.359 | 0.03 | (0.88) | 6.03 | | 新加坡海峡 | 4.909 | 0.42 | 0.79 | 0.00 | | 标普500 | 6,978 | (0.1 3) | 0.77 | 1.80 | | 纳斯达克 | 23.857 | (0.72) | 0.78 | 1.91 | | ...

Group 1: Financial Performance - Meta achieved total revenue of $59.9 billion in Q4 2025, a 24% year-over-year increase, exceeding market expectations of $58.4 billion by approximately 2.6%[2] - Net profit reached $22.8 billion, up 9% year-over-year, surpassing market expectations of $21.1 billion by about 7%[2] - Free cash flow surged to $14.1 billion, a nearly 7% increase compared to the previous quarters, providing solid financial support for ongoing AI investments[2] Group 2: Advertising Business - Advertising revenue for Q4 2025 was $58.1 billion, representing a 24% year-over-year growth and accounting for approximately 97% of total revenue[2] - Ad impressions increased by 18% year-over-year, while the average price per ad rose by 6%, indicating healthy growth in both volume and pricing[2] - Daily active users (DAU) for family apps reached an average of 3.58 billion in December 2025, a 7% year-over-year increase[2] Group 3: Future Outlook - For Q1 2026, Meta expects revenue to be between $53.5 billion and $56.5 billion, higher than the market consensus of $51.27 billion, indicating strong online ad demand[4] - Meta plans to invest approximately $115 billion to $135 billion in AI-related capital expenditures in 2026, nearly double the $72.2 billion spent in 2025, reflecting a strong commitment to AI[4] - The company is shifting focus towards AI and hardware, optimizing resources in its Reality Labs division, which is currently incurring losses of about $6 billion per quarter[3] Group 4: Market Response and Valuation - Following the earnings report, Meta's stock price rose by approximately 7%, indicating positive market sentiment[12] - Meta's current stock price corresponds to about 22 times the expected earnings for 2026, the lowest among the "Big Seven" tech companies, suggesting an attractive risk-reward profile[11] - The market remains cautious about the long-term commercial viability of AI investments, particularly regarding new revenue streams beyond advertising[10]

Market Overview - The Federal Reserve maintained the federal funds rate target range at 3.5%-3.75%, aligning with market expectations[9] - The Hang Seng Index closed at 27,827, down 2.58% for the day but up 8.57% year-to-date[3] - The S&P 500 index closed at 6,978, with a slight decrease of 0.01% for the day and a year-to-date increase of 1.94%[3] Stock Performance - Gold prices surged, with spot gold exceeding $5,280 per ounce, marking a monthly increase of over 22%[9] - Semiconductor stocks saw significant gains, with the Philadelphia Semiconductor Index rising by 2.34%[9] - Major tech stocks showed mixed results, with Intel up 11.04% and Microsoft down 6% post-earnings report[9] Sector Highlights - Oil stocks continued to rise, with Shanghai Petrochemical gaining over 5% due to geopolitical tensions driving oil prices up by 3%[9] - New consumer concept stocks performed well, with a snack retail chain soaring 69% on its debut[9] - Airline stocks faced pressure, with China Southern Airlines down 6.83% due to rising operational costs[9] Economic Indicators - The U.S. dollar index fell to 95.51, the lowest since February 2022, contributing to the rise in gold prices[9] - The Japanese yen strengthened, impacting export-related stocks negatively, with Toyota down 3.24%[13] - The Bank of Japan raised its policy rate to 0.75%, the highest in 30 years, indicating a cautious approach to future rate hikes[13]

资讯日报：日元强劲反弹；金价首次升破每盎司 5000 美元 股票市场概览 港股市场表现 美股市场表现 | 指数 | 收盘价 | 日常缺 | 間微跌 | 年初至今 | | --- | --- | --- | --- | --- | | | | (%) | (%) | 湖铁 | | | | | | (%) | | 恒生指数 | 26.750 | 0.45 | (0.36) | 4.37 | | 恒生科技 | 5.798 | 0.62 | (0.42) | 5.11 | | 恒生国企 | 9.161 | 0.51 | (0.65) | 2.77 | | 上证指数 | 4.136 | 0.33 | 0.84 | 4.22 | | 日经225 | 53.847 | 0.29 | (0.17) | 6.97 | | 新加坡海峡 | 4.891 | 1.31 | 0.87 | 0.00 | | 标普500 | 6.916 | 0.03 | (0.35) | 1.02 | | 纳斯达克 | 23.501 | 1 0.28 | (0.06) | 1.12 | | 道琼斯工业 | 49,099 | (0.58) | (0.53) ...

资讯日报：格陵兰危机缓解 股票市场概览 港股市场表现 美股市场表现 2026 年 1 月 22 日 资讯日报 海外市场主要股市上日表现 富时新加坡海峡指数一年表现 数据日期：2026 年 1 月 21 日 资料来源：万得，国信证券（香港）财富研 究部整理 ⚫ 1月21日，港股三大指数集体低开后探底回升，整体表现平 稳，未受隔夜美股大跌的显著影响。 ⚫ 芯片概念股大幅走高，天数智芯涨超8%，兆易创新、华虹 半导体涨超5%。消息面上，韩国两大存储芯片巨头三星电 子与SK海力士据报将继续削减NAND闪存产量，可能加剧供 应紧张。韩媒援引Omdia数据称，三星电子今年NAND晶圆 产量预计将从去年的490万片降至468万片，甚至低于2024年 减产水平；SK海力士产量亦将由约190万片降至170万片。 ⚫ 黄金股集体走强，赤峰黄金涨超9%，灵宝黄金涨超8%。受 地缘政治紧张局势持续升级推动，市场避险需求上升，国际 金银价格接连创出历史新高。 ⚫ 锂电池概念股表现活跃，赣锋锂业涨超5%，天齐锂业涨超 4%。江西锂矿采矿证续期引发供应不确定性增加。短期来 看，市场情绪对行情影响权重较高，对边际扰动敏感度提 升，波动有所放 ...

Market Overview - The Hang Seng Index closed at 26,488, down 0.29% for the day and up 3.34% year-to-date[3] - The Nikkei 225 index closed at 52,991, down 1.11% for the day and up 5.27% year-to-date[3] - The S&P 500 index closed at 6,797, down 2.06% for the day and down 0.71% year-to-date[3] Sector Performance - Chinese Southern Airlines rose by 4.57% and Air China by 3.91%, driven by increased travel demand during the winter holiday[9] - China National Building Material increased by 4.12% following a significant share purchase by BlackRock[9] - Gold stocks surged, with Zijin Mining up 5.47% and Chifeng Jilong Gold up 3.60%, as spot gold prices exceeded $4,700 per ounce[9] Economic Indicators - Japan's 10-year government bond yield surpassed 2.3%, reflecting concerns over fiscal deterioration and leading to a sell-off in government bonds[10] - The People's Bank of China lowered the re-lending rate by 25 basis points, and the minimum down payment for commercial real estate was reduced from 50% to 30%[9] Global Trade Tensions - U.S. markets fell sharply due to renewed trade tensions, with the Nasdaq dropping over 2%[9] - European leaders described the latest U.S. tariff threats as "unacceptable," considering countermeasures[10]

Market Overview - On January 19, the Hong Kong stock market showed weakness, with the Hang Seng Index closing at 26,564, down 1.05% for the day and 3.64% year-to-date[3] - The Hang Seng Technology Index fell by 1.24% to 5,750, while the Hang Seng China Enterprises Index decreased by 0.94% to 9,134, with a year-to-date increase of 2.48%[3] - The Shanghai Composite Index rose slightly by 0.29% to 4,114, maintaining a year-to-date increase of 3.66%[3] Sector Performance - AI healthcare stocks faced significant declines, with Baidu's AI medical stock dropping over 8% and other related stocks like iFlytek falling more than 5%[9] - Energy and power sectors saw gains, with China Eastern Airlines rising over 9% and China Southern Airlines increasing by over 6%[9] - Heavy machinery stocks also performed well, with SANY International rising over 8% and First Tractor Company increasing by over 4%[9] Commodity Insights - Copper prices are expected to remain high, leading to a decline in copper stocks, with Jinxin Resources down 6.81% and Jiangxi Copper falling over 3%[9] - Lithium stocks continued to decline, with Ganfeng Lithium down over 4% and Hongqiao Group falling by 3%[9] - The price of lithium carbonate futures dropped over 3% to 148,000 yuan/ton, influenced by market sentiment and regulatory pressures[9] Geopolitical Factors - The geopolitical tensions surrounding tariffs and trade with the U.S. have negatively impacted market sentiment, particularly in the Hong Kong market[9] - Trump's threats of tariffs on Europe have led to increased risk aversion, pushing gold and silver prices to historical highs[9]

Market Overview - The Hang Seng Index closed at 26,848, down 0.90% for the day, but up 4.75% year-to-date[3] - The S&P 500 Index closed at 6,964, down 0.19% for the day, with a year-to-date increase of 1.73%[3] - The Nikkei 225 Index rose by 3.10%, closing above 53,000 points for the first time, driven by expectations of domestic policy changes and fiscal stimulus[12] Sector Performance - Defensive sectors like pharmaceuticals, gold, and oil showed strong performance, with gold prices surpassing $4,630 per ounce, marking a historical high[9] - The biopharmaceutical sector saw significant gains, with WuXi AppTec's revenue expected to reach 45.456 billion yuan, a year-on-year increase of 15.84%[9] - Automotive stocks also rose, with companies like Li Auto and Great Wall Motors increasing by over 2% due to positive developments in EU electric vehicle export negotiations[9] Geopolitical and Economic Factors - Concerns over geopolitical risks have led to increased demand for safe-haven assets, contributing to the rise in gold and oil stocks[9] - The U.S. December Consumer Price Index (CPI) showed a year-on-year increase of 2.7%, aligning with market expectations and reinforcing predictions of potential interest rate cuts by the Federal Reserve in 2026[10][15] - The U.S. budget deficit for 2025 is projected to narrow to approximately $1.7 trillion, the smallest in three years, due to increased tariff revenues[15]

Investment Rating - The report maintains an "Outperform" rating for the banking sector [6] Core Insights - The expected M2 growth rate for 2026 is approximately 7.5%, with credit growth around 6.0% and social financing growth at about 8.0%. This aligns with the goal of stabilizing economic growth and ensuring reasonable price recovery [2][18][19] - The banking sector is expected to see a structural differentiation in retail credit, with corporate lending remaining the primary contributor to new loans, accounting for approximately 80% to 85% of new loans [33][37] - The report highlights the importance of deposit flows, particularly the trend of deposits moving from large banks to smaller banks, which will influence the asset-liability gap for large banks in 2026 [3][41] Summary by Sections M2 and Credit Growth - The M2 increment for 2026 is estimated at about 25.4 trillion yuan, with fiscal net injection contributing approximately 12.0 trillion yuan and bank credit (including write-offs and ABS) contributing around 16.8 trillion yuan [2][29][24] - The anticipated new social financing for 2026 is about 35.3 trillion yuan, reflecting a growth rate of approximately 8.0% [30][32] Credit Allocation - Corporate lending is expected to remain strong, while retail lending will show structural improvements, contributing about 10% to 15% of new loans [33][37] - The report notes that retail credit is likely to experience a slight positive growth, particularly in quality consumption scenarios and personal operating loans [33][37] Asset-Liability Dynamics - The asset-liability gap for large banks is projected to continue, with marginal changes primarily driven by the liability side, influenced by deposit flows [3][41] - The report estimates that the maturity of fixed-term deposits for the six major banks in 2026 will be around 57 trillion yuan, with 2-year and longer-term deposits accounting for 27 to 32 trillion yuan [49][52] Investment Recommendations - The report recommends focusing on high-quality stocks with improving fundamentals, specifically highlighting Ningbo Bank and Changshu Bank, while also suggesting attention to Changsha Bank and Chongqing Rural Commercial Bank for potential excess returns [4] - Additionally, it emphasizes the value of stable, high-dividend stocks, recommending China Merchants Bank, Industrial and Commercial Bank of China, and Jiangsu Bank [4]

Market Overview - In December, the U.S. non-farm payrolls increased by less than expected, but the unemployment rate fell to 4.4%[9] - The U.S. stock market saw all three major indices rise, driven by the latest employment report, indicating a "low hiring, low layoffs" state in the labor market[9] - The Hang Seng Index closed at 26,232, up 0.32% for the day, while the Shanghai Composite Index rose by 0.92%[3] Sector Performance - Gold stocks surged, with Shandong Gold rising over 6% and Zhaojin Mining up more than 4%, as spot gold prices exceeded $4,470 per ounce[9] - AI-related stocks performed strongly, with MINIMAX-WP listing and gaining 109% on its debut, and iFlytek Medical Technology rising 20.58%[9] - Solar stocks declined, with New Energy Technology dropping over 8% amid regulatory concerns regarding industry monopolies[9] Economic Indicators - The CME FedWatch tool indicates a 5% probability of a Federal Reserve rate cut in the next meeting, down from 11% the previous day, with expectations for at least two cuts this year[9] - Japan's household spending rose by 2.9% year-on-year in November, exceeding market expectations of 0.9%[13] Company Highlights - Nvidia saw a slight decline of 0.1%, while Intel surged by 10.8%, marking its largest single-day gain since September[10] - Fast Retailing, the parent company of Uniqlo, reported a 34% increase in operating profit, leading to a nearly 11% rise in its stock price[13]