Market Overview - The S&P 500 index has experienced four consecutive declines, primarily driven by large technology stocks[1] - Major U.S. indices collectively fell, with the Nasdaq down nearly 2%[9] - The S&P 500 closed at 6,800, reflecting a decline of 1.16% for the day and a year-to-date increase of 14.28%[3] Hong Kong Market Performance - The Hong Kong stock market showed a significant recovery in the afternoon, with major indices rebounding after two consecutive days of decline[9] - Large technology stocks such as Meituan and Kuaishou rose nearly 2%, while Tencent and Alibaba increased over 1%[9] - The financial sector saw a collective rise, with China Life Insurance up over 4% and CITIC Securities up over 3%[9] Sector Highlights - Precious metals stocks strengthened, with China Silver Group rising over 7% due to a weaker dollar and expectations of interest rate cuts, pushing silver prices above $66 per ounce[9] - The aviation sector saw gains, with China Southern Airlines up over 5% as ticket bookings surged ahead of the New Year holiday[9] - The lithium battery sector also rose, driven by a significant increase in lithium carbonate futures prices, with Tianqi Lithium up 5.83%[9] Economic Indicators - Japan's November exports grew by 6.1% year-on-year, exceeding market expectations, with a trade surplus of 322.2 billion yen[13] - The U.S. Treasury yields have shown fluctuations, impacting market sentiment and investment strategies[18]

Key Takeaways Nebius AI Cloud 3.1 adds NVIDIA Blackwell Ultra, the first in Europe to run it in production.NBIS adds Capacity Blocks, real-time dashboards and tighter quotas to manage GPU supply and costs.NBIS lifted 2025 revenue to $500-$550M, flagging power, supply-chain and competition risks.As AI initiatives grow, enterprises face new operational challenges regarding GPU availability across regions, planning capacity for multiple teams and ensuring predictable access to resources. Nebius Group N.V. (NBI ...

Key Points These two tech leaders had a challenging year but have demonstrated their resilience. They also boast strong prospects and economic moats, making them excellent long-term investments. 10 stocks we like better than Amazon › In 2025, tariff threats and trade wars rocked equities and nearly triggered a full-blown bear market. Despite all that, stocks have performed pretty well this year. What's in store for 2026? Nobody knows. However, some companies can navigate the challenges ahead -- w ...

1、中国光伏行业协会名誉理事长王勃华：多晶硅产量12年来首次下降 在2025光伏行业年度大会上，中国光伏行业协会名誉理事长王勃华在报告中表示，多晶硅自2013年 以来产量首次同比下降，硅片自2009年以来首次同比下降。其给出的数据显示，2025年1-10月，多晶硅 产量约111.3万吨，同比下降29.6%；硅片产量约567GW，同比下降6.7%。电池片产量约560GW，同比 增长9.8%，光伏组件产量约514GW，同比增长13.5%。 证券时报推出"落实会议部署问答中国经济"系列述评，鉴于央行正逐步淡化量化目标，更加注重价 格型调控工具的作用，新的一年，央行还可能进一步推动收窄利率走廊、稳定国债收益率曲线、改革贷 款市场报价利率（LPR）报价等工作，加强各项利率之间的协同性和联动性，持续提升货币政策的传导 效果。加强财政政策和货币政策协调配合同样有助于扩大政策效能，在贷款贴息、风险补偿、信用增 进、国债发行等多个领域，财政、货币政策仍有深化合作空间。 4、美股三大股指收盘普跌 特斯拉跌超4% 周三美股三大股指收盘普跌，道指跌0.47%，纳指跌1.79%，标普跌1.14%。英伟达跌超3%，苹果 跌近1%，亚马逊 ...

将电商的系统化能力，转化为品牌的全球市场竞争力。 文 丨 Leo 这标志着中国美妆出海进入了 "系统化与长期主义" 的新阶段。 过去十年，韩国美妆（K-Beauty）凭借水光肌、气垫等标志性产品，在强大的韩流文化助推下建立全 球影响力。如今，中国美妆（C-Beauty）正凭借极致的产品设计、敏捷的数字化营销和成熟的电商操 盘经验快速追赶。 随着国内美妆市场步入存量竞争，出海已成为中国品牌寻求增长的确定性路径。 经过几年的探索，中国美妆（C-Beauty）的出海叙事已超越了单纯的商品输出，拥有鲜明视觉语言和 文化内核的新一代品牌，不再满足于扮演国际巨头的平替，也不愿局限于新兴市场的性价比竞争，而 是开始向全球市场输出独特的品牌美学，争夺审美话语权。 2022 年，花知晓在欧美市场重构了独立站，并完成了一次关键的品牌主张转译，将 "少女心" 转译为 更具普世意义的 "Live Your Fairytales"。与此同时，其风格鲜明的产品在 Instagram 和 TikTok 上，迅 速引发 Coquette 等亚文化圈层的狂热，甚至一度引来美妆顶流 Jeffree Star 点赞，花知晓在欧美市场 斩获的热度和 ...

格隆汇12月18日｜美国科技七巨头盘前多数反弹，美光财报显示内存芯片需求强劲，缓解了投资者对数 据中心建设可能放缓的担忧。英伟达盘前涨1.35%，特斯拉涨1.41%，谷歌涨1%，亚马逊涨0.74%， Meta涨0.65%，微软涨0.70%，苹果微跌。 ...

Amazon hasn’t stood still on its retail business, even though that makes up approximately 80% of its revenue stream. The company is also well-known for its work with AI, cloud computing, and the combination of the two. AWS, Amazon’s subscription cloud platform, is a major revenue generator – with quarterly revenue of well over $30 billion in recent reports – and is also a key driver of Amazon’s AI work. Through AWS, Amazon offers a range of AI-powered features, including automation tools and apps, graphic d ...

（记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：公司从"内部线"核心供应商向"外部线"（如DAC、 AEC）市场拓展的战略规划和具体时间表？ 新亚电子（605277.SH）12月18日在投资者互动平台表示，公司产品高频高速铜缆连接线已通过安费诺 进入戴尔、惠普、谷歌、亚马逊、微软、甲骨文、Meta、浪潮、新华三、中科曙光等知名服务器制造 商供应链。伴随算力持续提升，人工智能服务器更新换代浪潮愈发迅猛，公司在稳步推进高频高速铜缆 内部线业务稳健发展的同时，积极开拓高频高速铜缆外部线市场领域。 ...

Demand - The global e-commerce penetration rate is increasing, accelerated by the pandemic, with global e-commerce retail sales reaching $5.4 trillion in 2022 and expected to reach approximately $6 trillion in 2023. The penetration rate rose from 7% in 2015 to 19% in 2022, projected to reach 23% by 2026 [3][4] - The e-commerce market is concentrated in the Asia-Pacific and North America/Europe regions, which account for about 88% of the global market. Emerging markets like Southeast Asia, the Middle East, and Africa show strong growth potential [3][4] - The U.S. and Western Europe are key markets for consumer goods due to high GDP per capita and strong consumer willingness, while the Middle East offers a favorable trade environment and Southeast Asia has a large population with significant consumption potential [3][4] Supply - Amazon holds a dominant position in the e-commerce industry across North America, Western Europe, and other regions, with a global market share of approximately 15% in 2022. Over 50% of cross-border sellers prefer Amazon as their platform [5][7] - Temu has pioneered a fully managed operation model since September 2022, attracting domestic sellers and global buyers, leading to a trend among platforms to adopt similar models [7] - China has a strong supply chain advantage, providing a rich and high-quality product base for cross-border e-commerce, which also drives the digital transformation of its manufacturing sector [8] - The cross-border direct shipping and overseas warehouse model is currently mainstream, with over 2,000 overseas warehouses in China and a significant increase in the number of warehouses in emerging markets [9]

Market Performance - The three major U.S. stock indices closed lower on December 17, with the Dow Jones down 228.29 points (0.47%) at 47,885.97, the Nasdaq down 418.14 points (1.81%) at 22,693.32, and the S&P 500 down 78.83 points (1.16%) at 6,721.43 [1] Sector Performance - Technology stocks led the decline, with ASML, Oracle, and AMD dropping over 5%, while Tesla and Broadcom fell over 4%. Other notable declines included Nvidia, TSMC, Intel, and Google-A, which were down over 3%, and Qualcomm down over 2%. Meta, Apple, Amazon, Boeing, and Microsoft experienced slight declines, while Netflix saw a small increase [1] AI-Related Stocks - AI-related stocks generally fell, with Nvidia down 3.8%, Broadcom down 4.5%, AMD down 5.3%, Oracle down 5.4%, and Tesla down 4.6% [1] Chinese Stocks - Most popular Chinese stocks declined, with the Nasdaq Golden Dragon China Index down 0.73%. Notable declines included Huya, Pinduoduo, NIO, and Li Auto, which fell over 3%, while iQIYI, Tiger Brokers, and Xpeng dropped over 2%. Futu Holdings, Alibaba, NetEase, and Kingsoft fell over 1%, while Baidu and New Oriental saw slight increases, and Ctrip rose over 1% [1] Monetary Policy Insights - Federal Reserve Governor Christopher Waller expressed support for further interest rate cuts to return rates to neutral levels, indicating that current monetary policy rates are up to 100 basis points above neutral levels. He noted that this neutral rate would neither suppress growth nor elevate inflation [2]