Market Overview - The Hang Seng Index opened up by 0.66% at 25,710.61 points, while the Hang Seng Tech Index rose by 0.55% to 5,611.93 points [1][2]. Sector Performance - The Hang Seng Biotechnology Index increased by 0.44% to 15,159.39 points, and the Hang Seng China Enterprises Index gained 0.58% to 9,006.27 points [2]. - The Hang Seng Composite Index saw a rise of 0.71%, reaching 3,940.90 points [2]. Notable Stocks - Stocks such as Pop Mart, Zijin Mining, and HSBC opened with gains exceeding 2% [2]. - Tech stocks showed strength, with companies like NetEase, Alibaba, and Bilibili all rising over 1% [3]. Individual Stock Movements - Kingdee International rose by 2.00% to 14.250, while Midea Group increased by 1.63% to 90.450 [4]. - Alibaba's stock price reached 155.000, reflecting a 1.17% increase, and NetEase rose to 213.200, up by 1.14% [4]. - Other notable movements included Tencent Holdings at 609.000 (+1.00%) and BYD Company at 98.400 (+0.66%) [4].

Group 1: Federal Reserve Actions - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 3.50%-3.75%, marking the third rate cut of the year [1] - Fed Chairman Powell stated that discussions of rate hikes in early next year are not on the table, leading to a significant rebound in U.S. stock indices [1] - The decision to cut rates was not unanimously supported, with three dissenting votes, highlighting internal divisions within the Fed [6] Group 2: Market Reactions - Major U.S. stock indices saw substantial gains, with the Dow Jones up 497.46 points (1.05%), the S&P 500 approaching its historical high, and the Nasdaq rising 0.33% [1][2] - Large tech stocks showed mixed performance, with Tesla, Amazon, and Google rising over 1%, while Meta and Microsoft experienced declines [1][2] Group 3: Commodity and Cryptocurrency Markets - The commodity market was active, with spot silver rising 1.83% to $61.7854 per ounce, and COMEX silver futures increasing 2.27% to $62.230 per ounce, both reaching historical highs [2] - Gold also saw an increase of 0.46%, priced at $4227.37 per ounce, while the cryptocurrency market strengthened, with Bitcoin reaching $93,000 and Ethereum rising to $3,400 [2] Group 4: Chinese Stocks and Foreign Investment - Chinese stocks performed well, with the Nasdaq China Golden Dragon Index rising 0.65%, and notable gains in companies like Xiaoma Zhixing, Alibaba, and Baidu [3] - Foreign investment interest in Chinese assets is increasing, with predictions of an 18% rise in the MSCI China Index by the end of 2026, supported by robust economic growth and improved corporate earnings [5] Group 5: Economic Outlook - The Fed raised its GDP growth forecast for 2026 by 0.5 percentage points to 2.3%, while inflation is expected to remain above the 2% target until 2028 [7] - Market analysts expect the Fed to maintain a dovish stance, with potential further rate cuts anticipated in 2026 [8][9]

Core Insights - The importance of finding personal interests in activities, such as sports, is emphasized, with golf being a preferred choice [2] - Investment in quality companies is prioritized over traditional savings methods, suggesting that buying stocks like Moutai is more beneficial than keeping money in the bank [2] - The significance of user orientation in companies like Apple is highlighted, indicating a strong focus on customer needs [2] Investment Philosophy - The challenge of value investing is acknowledged, with a distinction made between speculation and investment, noting that both can lead to losses for retail investors in different market conditions [2] - The experience of a significant return on investment, such as a 20-fold increase in six months with NetEase, is shared, illustrating the unpredictability of high returns [2] - The necessity of patience in investing is stressed, advising against selling shares at the first sign of profit [2] Business Practices - The importance of hiring individuals who align with company culture is noted, differentiating between cultural fit and competency [2] - The principle of honesty in advertising and communication with clients is emphasized, advocating for transparency [2] - The idea that success requires consistent effort and a long-term perspective is reinforced, with a focus on continuous learning and adaptation [2][3] Personal Development - The role of self-awareness and confidence in achieving personal goals is discussed, suggesting that understanding one's purpose can enhance self-assurance [3] - The impact of upbringing on behavior and attitudes towards education is examined, advocating for positive reinforcement rather than punitive measures [3] - The potential of AI to improve efficiency is acknowledged, while also recognizing its limitations [3]

来源：朝阳永续 | 载据来源:朝阳水续盘利预测载招房 贯币单位:亿元人民币 | | | | | | | 日時 香港電影 更多反境调测 展注朝阳水线会负责 | | --- | --- | --- | --- | --- | --- | --- | --- | | 机构面积了 | 发布日期 | 要业收入 | 125-5回比 | 净利润 | 同比 | 经调整净利润 | 同比 | | 实方预测区间 | | 268.97~303.47 | 0.6%-13.5% | 75.81~115.85 | -13.5%-32.2% | 84.54-99.78 | -12.7%~3.1% | | 平均收 | | 287.46 | 7.5% | 84.40 | -3.7% | 91.12 | -5.9% | | 中位数 | | 287,37 | 7.4% | 81.82 | -6.7% | 90.29 | -6.7% | | 第一上海证券 | 2025-12-09 | 292.77 | 9.5% | 77.22 | -11.9% | == | == | | 东方证券 | 2025-11-27 | 284.01 | 6.2% | 87. ...

1. 网易-S第四季度业绩预期怎么样？ 截至2025年12月10日，根据朝阳永续季度业绩前瞻数据： 预测公司Q4一致预期营业收入268.97~303.47亿元，同比增长0.6%~13.5%； 预测公司Q4一致预期净利润75.81~115.85亿元，同比变动-13.5%~32.2%； 预测公司Q4一致预期经调整净利润84.54~99.78亿元，同比变动-12.7%~3.1%。 关注后续财报数据披露后能否超预期，朝阳永续港股季度业绩前瞻数据将为投资者提供业绩鉴定。 华安证券认为：网易-S在25Q3实现收入283.6亿元，同比增长8.2%，毛利率64.1%，同比增加1.2个百分点。调整后净利润95.0亿元，同比增长26.7%，净利 率33.5%，同比增加4.9个百分点。游戏业务收入233亿，同比增长11.8%，得益于《梦幻西游》PC端、《逆水寒》等游戏收入增长。《梦幻西游》PC端最 高在线人数创新高，达358万。海外市场《命运：群星》登顶多地区下载榜，后续《暗黑破坏神IV》等游戏将陆续上线。有道业务收入16.3亿元，同比增 长3.6%，持续推进"AI+教育"布局，推出新一代有道AI答疑笔SpaceX。云音乐收入19 ...

Core Insights - The core perspective of the discussion revolves around the importance of understanding business models in investment and the significance of hard work in achieving success [1][4][6]. Group 1: Investment Philosophy - Investment is fundamentally about understanding the business and its model, with a strong emphasis on effort and diligence [1][4]. - Segmenting investments based on personal understanding of the business is crucial; for instance, the investment in Moutai is justified by personal connections and understanding of its market [2][5]. - The experience with investing in NetEase, which yielded a 20-fold return, highlights the importance of recognizing and understanding business operations rather than relying on luck [5][6]. Group 2: Views on Specific Companies - There is a strong belief in the potential of Moutai, with the assertion that it is a better investment than keeping money in the bank, although there may be other opportunities with higher returns [2]. - The investment in Apple is still viewed positively, emphasizing the difficulty of finding good companies and the importance of not selling too quickly after a profit [5][7]. Group 3: Personal Insights and Life Philosophy - The discussion includes reflections on personal effort and the misconception of talent, emphasizing that success comes from hard work rather than innate ability [8]. - The concept of "being grounded" is highlighted, which involves rational decision-making and a long-term perspective in business [8].

出海扬帆：带来长期增量 回顾2025，电商板块如预期受益于"国补"，尽管过程略有波折。本地生活行业竞争加剧程度超过市场预 期，OTA板块增长韧性好于市场预期。展望2026，网上零售额中，体验型消费（如旅游、游戏等）整体 增速或仍有望优于实物商品，在线旅游及游戏行业利润增长或具备韧性。实物商品零售中，国补退坡背 景下竞争或呈现常态化趋势，电商平台在对即时零售的投入端或展现不同侧重，更加注重资源与效率并 重，推动行业竞争激烈程度改善，尽管该行认为对于改善的节奏或不应有过于乐观的预期。即时零售行 业整体有望维持较高GMV增速，到店业务或需等待宏观环境改善及竞争企稳，电商板块整体关注有能 力维持盈利稳健增长、估值合理且在AI时代持续获益的公司。 科技破局：AI蓬勃发展，应用及变现持续起量 2025年大模型行业竞争加剧，整体模型能力持续提升，开源大模型的发布和迭代速度加快。与此同时， 相同模型的调用成本持续下降，行业应用逐步繁荣。展望2026，该行认为提升模型能力的激烈竞争将持 续，而细分领域的AI应用变现也有望持续起量，该行看好智能体能力提升带来的进一步变现潜力，也 看好图像编辑及视频生成大模型能力提升带来的进一步付 ...

格隆汇12月10日丨据36氪，12月10日，《燕云十六声》移动端国际服全球预约人数突破500万，将于12 月12日正式上线iOS和Android平台。作为首款由国产自研引擎打造的中国武侠开放世界游戏，《燕云十 六声》PC端于11月15日全球发布，上线两周全球玩家超900万、斩获Steam全球畅销榜第二、好评率近 90%的佳绩。 ...

责任编辑：何俊熹 新浪科技讯 12月10日下午消息，今日，《燕云十六声》移动端宣布国际服全球预约人数突破500万，并 将于12月12日正式上线iOS和Android平台。 新浪科技讯 12月10日下午消息，今日，《燕云十六声》移动端宣布国际服全球预约人数突破500万，并 将于12月12日正式上线iOS和Android平台。 据悉，作为首款由国产自研引擎打造的中国武侠开放世界游戏，《燕云十六声》PC端于11月15日全球 发布，上线两周全球玩家超900万、斩获Steam全球畅销榜第二、好评率近90%的佳绩，成为首个横扫欧 美的中国武侠游戏。凭借便捷的跨端互通与沉浸式的文化体验，《燕云十六声》在海外持续出圈。 责任编辑：何俊熹 据悉，作为首款由国产自研引擎打造的中国武侠开放世界游戏，《燕云十六声》PC端于11月15日全球 发布，上线两周全球玩家超900万、斩获Steam全球畅销榜第二、好评率近90%的佳绩，成为首个横扫欧 美的中国武侠游戏。凭借便捷的跨端互通与沉浸式的文化体验，《燕云十六声》在海外持续出圈。 ...

数据显示，为响应投资者投资需求，自12月9日起，恒生科技ETF基金（513260）单日净申购上限已上调至3000万份！ 今日（12.10），港股科技再度调整，100%纯度的港股通科技30ETF（520980）跌0.54%，盘中成交额突破2.2亿元！截至12月9日，最新规模超46亿元！ 同类唯一15BP最低档管理费的恒生科技ETF基金（513260）连续第二日回调，盘中成交额已逼近3亿元。资金面上，恒生科技ETF基金（513260）近20日累 计"吸金"超3亿元，已连续29个交易日"吸金"超4.3亿元，最新规模达70.61亿元，基金最新融资余额超1.6亿元！ 消息面上，北京时间周四凌晨03:00，美联储在结束两天的政策会议后将宣布最新的利率决定，并发布货币政策声明。半小时后，美联储主席鲍威尔将召开 货币政策新闻发布会。 事实上，交易员们当前已不再关注降息决定本身，因为他们认为本周降息已经是板上钉钉之事，尽管联邦公开市场委员会（FOMC）内部对于是否降息仍然 存在严重分歧。相反，他们将密切关注美联储主席鲍威尔在利率决议公布后的官方声明，以及他在新闻发布会上答问环节的措辞与语气变化，因为这关系到 美联储明年的货币政 ...