客户端 美股上周五继续向上，科技股表现向好，带动大市高开后持续向上，三大指数均录得升幅收市。美元走 势向好，美国十年期债息回升至4.14厘水平，金价表现向上，油价亦跟随造好。 今日港股三大指数集体高开，恒指开盘涨0.41%，报25795.94点，恒科指涨0.61%，国企指数涨0.49%。 盘面上，科网股涨多跌少，美团、哔哩哔哩涨超1%，网易跌近1%；黄金股普涨，灵宝黄金涨超2%；芯 片股活跃，中芯国际涨超1%；今日四只新股上市，印象大红袍、华芢生物、明基医院、南华期货挂 牌。 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | | 恒生科技指数 | 5512.54 | +0.61% | | 800700 | | | | 国企指数 | 8944.74 | +0.49% | | 800100 | | | | 恒生指数 | 25795.94 | +0.41% | | 800000 | | | 责任编辑：郝欣煜 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 美股上周五继续向上，科技股表现向好，带动大市高开后持续 ...

Group 1 - The US stock market saw a collective rise on December 18, with major technology stocks performing well, particularly the Trump Media Technology Group, which surged by 41.93% after announcing a merger agreement with TAE Technology [1][2] - Tesla's stock increased by over 3%, adding approximately $53.6 billion (around 377.4 billion RMB) to its market capitalization [2] - The merger between Trump Media Technology Group and TAE Technology will be executed through an all-stock transaction, with both companies' shareholders expected to own about 50% of the combined entity post-merger [2] Group 2 - The latest data from the US Bureau of Labor Statistics indicated that the Consumer Price Index (CPI) for November rose by 2.7% year-on-year, which was lower than the market expectation of 3.1% [4] - The core CPI, excluding volatile food and energy prices, increased by 2.6%, marking the lowest level since early 2021 and also below the anticipated 3% [4] - Following the CPI report, there was a slight increase in the likelihood of the Federal Reserve lowering interest rates in January, with traders estimating a 28.8% chance of a 25 basis point cut, up from 26.6% prior to the inflation data release [4] Group 3 - Goldman Sachs' global co-head of fixed income and liquidity solutions, Kay Haigh, stated that the low inflation data would not impact the Federal Reserve's decision-making, as they are more focused on the December CPI data set to be released in mid-January [5]

Market Performance - The Hang Seng Index opened up 0.53% at 25,634.22 points, with the Hang Seng Tech Index rising 0.81% to 5,461.92 points, and the National Enterprises Index increasing by 0.58% to 8,893.1 points [1] - Major tech stocks saw gains, with Alibaba up 0.62%, Tencent up 0.83%, JD.com up 0.71%, Xiaomi up 0.6%, NetEase up 1.42%, Meituan up 0.79%, Kuaishou up 1.3%, and Bilibili up 1.2% [1] - New energy vehicle stocks were active, with Xpeng Motors and Li Auto showing strong performance [1] U.S. Market Overview - On the previous trading day, U.S. indices rose collectively, with the Dow Jones up 0.14% at 47,951.85 points, the S&P 500 up 0.78% at 6,774.76 points, and the Nasdaq up 1.38% at 23,006.36 points [2] - The U.S. November CPI increased by 2.7% year-on-year, significantly below the market expectation of 3.1%, while the core CPI rose by 2.6%, also lower than the expected 3% [2] - Major tech stocks in the U.S. saw collective gains, with Nvidia up 1.79%, Apple up 0.13%, Microsoft up 1.65%, Google up 1.93%, Amazon up 2.48%, Meta up 2.30%, and Tesla up 3.45% [2] Company News - Emperor Capital (00717.HK) reported total revenue of approximately HKD 730 million for the year ending September 30, 2025, representing a year-on-year increase of 37.3%, and a net profit of approximately HKD 147 million, up 121.4% year-on-year [3] - New Special Energy (01799.HK) plans to sell a 79.92% stake in Xinjiang Wind Power New Energy Partnership to facilitate a REITs issuance, with a transaction value of approximately HKD 1.337 billion [3] - Bay Area Development (00737.HK) signed a construction contract for the Shenzhen section with a contract value of RMB 1.448 billion [3]

12月16日晚，由中信书店、杨浦科创集团、V聚场联合主办，杨浦区融媒体中心协办的"AI Workshop"系列活动第二期如期在杨浦V聚场举行。B站百大 UP主"图灵的猫"的一句话，吸引台下观众纷纷抬头。 本期活动聚焦AI创作工具"Creaibo创伴"，邀请Creaibo创伴智能创始人、B站百大UP主"图灵的猫"王依然与Creaibo创伴智能CTO沈家成来到现场，以"在 Creaibo，玩转你的创作！"为主题，通过深度讲解、实操演示和互动答疑，带领创作者、职场人开启了一场"人机协同"的创作之旅。 "在这个AI工具层出不穷的时代，很多人困惑于'AI怎么用'，更担忧'创作者的主体性被替代'。"活动现场，王依然的分享直击行业痛点。他坦言，AI在工 作效率上的碾压式优势是不争的事实，但优质创作的核心始终在于人类的创意与思考。"我们不想做一键生成的'傻瓜工具'，而是希望Creaibo成为创作者 的'外骨骼'，为创意装上一对翅膀。" 这番理念正彰显了Creaibo的设计初衷。这款中文名为"创伴"的AI工具，诞生于创始人自身的创作经历——作为B站UP主，也是长期深耕内容领域的创作 者，王依然深知从灵感到作品的每一个环节痛点， ...

Core Insights - Chinese technology stocks, including Tencent, Bilibili, NetEase, and PDD Holdings, have gained momentum following the U.S.-China trade agreement, with China meeting commitments such as terminating semiconductor investigations and resuming agricultural purchases [2] - SMIC achieved volume production of 5nm chips, marking a significant advancement in China's semiconductor manufacturing capabilities [3] - BYD's exports surged 326% year over year, with NEV penetration in China reaching 62% [4] - The humanoid robotics sector saw a 250% increase in investment deals, reflecting growing integration in manufacturing [6] - China's defense budget increased by 7.2% to $249 billion, with significant advancements in military technology [7] - The medical device market in China reached $172.9 billion, showing substantial growth and innovation [8] - China Railway Rolling Stock Corporation maintained a 56% global market share in rail, while Chinese shipyards secured 38% of new global LNG vessel orders [9] - The Politburo's announcement of a "moderately loose" monetary policy and Goldman Sachs raising GDP forecasts to 4.8% indicates a stabilizing economic environment [10] Company Summaries - Tencent Holdings reported record gaming sales of $10 billion internationally, with a 15% revenue growth and 43% surge in international gaming [12] - Bilibili turned profitable with a net profit of RMB469 million in Q3 2025, showing a 233% year-over-year increase in adjusted net profit [13] - NetEase's gaming revenues increased by 11.8% year over year to RMB23.3 billion, supported by a strong partnership with Blizzard [14] - PDD Holdings demonstrated a 9% revenue growth and 17% net income expansion, maintaining a strong financial position with RMB387 billion in cash reserves [15]

Core Viewpoint - The article highlights the ongoing efforts by various Chinese cities, particularly Beijing, to regulate and rectify the chaotic online information dissemination in the real estate sector, emphasizing the need for accurate and responsible reporting to maintain market stability [2][3][4]. Group 1: Regulatory Actions in Beijing - On December 5, Beijing's housing and urban-rural development committee, along with other departments, conducted a joint meeting with major internet platforms like Douyin and Xiaohongshu to address issues related to the dissemination of negative information about the Beijing real estate market [2]. - The meeting identified that some self-media accounts were spreading false information, creating market panic, and promoting misleading listings, which disrupts market order [2]. - As of December 12, over 17,000 pieces of illegal and harmful information were cleared from platforms like 58.com and Douyin, and more than 2,300 accounts and live streams that spread anxiety and misinformation were removed [3]. Group 2: Nationwide Efforts - Other cities, such as Shanghai, have also initiated similar regulatory actions, with over 40,000 pieces of harmful information and 70,000 accounts being addressed since November 14 [4]. - In October, Changzhou and other cities launched campaigns targeting the distortion of real estate policies and the spread of panic-inducing narratives, with specific actions taken against accounts promoting false information [5]. - Cities like Xi'an and Nanjing have also been active in addressing violations, with multiple accounts being suspended or shut down for spreading misleading content about property prices and market conditions [5].

Core Viewpoint - The article highlights the ongoing efforts by various Chinese cities, particularly Beijing, to regulate and rectify the chaotic online information dissemination in the real estate sector, emphasizing the need for accurate and responsible reporting to maintain market stability [2][3]. Group 1: Regulatory Actions - Beijing's housing authority, along with other departments, conducted a joint meeting with major internet platforms like Douyin and Xiaohongshu to address issues related to the spread of negative information about the real estate market [2]. - The meeting identified that some self-media accounts were spreading false information, creating market panic, and disseminating misleading property listings, which disrupts market order [2]. - As of December 12, over 17,000 pieces of illegal and harmful information were cleared from platforms like 58.com and Douyin, and more than 2,300 accounts and live streams promoting market anxiety were removed [3]. Group 2: Nationwide Efforts - Other cities, such as Shanghai, have also initiated similar regulatory actions, with over 40,000 pieces of harmful information and 70,000 accounts being addressed since November 14 [4]. - In Xi'an and Nanjing, local authorities have taken steps to address accounts spreading false narratives about falling property prices and other misleading content, emphasizing the need for compliance with relevant laws [5].

Core Insights - Bilibili (B站) has released its 2025 Z100 Good Products List, marking the sixth consecutive year of this ranking, which reflects the consumption choices of contemporary youth based on data from its "Bilibili Index" platform [1][5] - The list includes products from nine categories such as digital 3C, home appliances, and beauty, highlighting trends of hard technology and emotional value as key themes for this year [1][3] Group 1: Trends in Consumer Behavior - The trend of creating "AI smart homes" is becoming prominent among young consumers, shifting their focus from individual smart products to comprehensive smart living systems [3] - In the digital 3C sector, products like the Apple iPhone 17 and NVIDIA RTX 50 series GPUs reflect the youth's pursuit of cutting-edge technology [3] - Emotional value is increasingly influencing young consumers' purchasing decisions, with a willingness to pay for products that resonate with their interests and provide emotional satisfaction [3] Group 2: Role of Content Creators - Content creators (UP主) on Bilibili play a significant role in shaping product perceptions through creative content and professional reviews, enhancing the value of products in the eyes of young consumers [4] - Brands like Laifen have effectively utilized Bilibili as a primary communication platform with users, resulting in significant growth in GMV during promotional events [4] Group 3: Importance of the Z100 List - The annual Z100 Good Products List serves as a critical reference for understanding the young consumer market, representing their "life solutions" through consumption choices [5] - For brands, the list acts as a trend indicator and a guide for long-term engagement with young consumers, emphasizing the need for ongoing dialogue to integrate into their ideal lifestyle [5]

Group 1 - JPMorgan Chase & Co. increased its stake in Bilibili-W (09626.HK) by purchasing 696,258 shares at an average price of HKD 194.9192 per share, totaling approximately HKD 136 million [1] - Following this acquisition, JPMorgan's total holdings in Bilibili-W rose to 55,254,998 shares, increasing its ownership percentage from 15.99% to 16.19% [1]

Group 1 - The core point of the article is that JPMorgan has increased its stake in Bilibili (09626) by purchasing 696,258 shares at an average price of HKD 194.9192 per share, totaling approximately HKD 136 million [1] - After the purchase, JPMorgan's total holdings in Bilibili amount to approximately 55.255 million shares, representing a 16.19% ownership stake [1]