12月24日午间，港股因假期提前收市，本周交易收官。截至收盘， 香港 恒生指数 涨0.17%，恒生科技 指数涨0.19%。 科技股小幅波动，阿里巴巴、美团、小米、京东、百度跌幅在1%以内。 | 1971 22 | 25.280 | -2.32% | | --- | --- | --- | | 6690.HK | | | | 阿里健康 | 5.140 | -1.53% | | 0241.HK | | | | 哔哩哔哩-W | 191.500 | -1.24% | | 9626.HK | | | | 金蝶国际 | 13.350 | -0.82% | | 0268.HK | | | | 阿里巴巴-W | 146.000 | -0.82% | | 9988.HK | | | | 携程集团-S | 563.500 | -0.79% | | 9961.HK | | | | 腾讯音乐-SW | 69.150 | -0.72% | | 1698.HK | | | | 比亚迪电子 | 33.560 | -0.53% | | 0285.HK | | | | 蔚来-SW | 38.440 | -0.47% | | 9866.HK ...

| | | 半导体芯片股走势活跃，中芯国际、晶门半导体涨超3%，华虹半导体、上海复旦涨超1%。 | 科技股小幅波动，阿里巴巴、美团、小米、京东、百度跌幅在1%以内。 | | --- | | 海尔智家 | 25.280 | -2.32% | | --- | --- | --- | | 6690.HK | | | | 阿里健康 | 5.140 | -1.53% | | 0241.HK | | | | 哔哩哔哩-W | 191.500 | -1.24% | | 9626.HK | | | | 金蝶国际 | 13.350 | -0.82% | | 0268.HK | | | | 阿里巴巴-W | 146.000 | -0.82% | | 9988.HK | | | | 携程集团-S | 563.500 | -0.79% | | 9961.HK | | | | 腾讯音乐-SW | 69.150 | -0.72% | | 1698.HK | | | | 比亚迪电子 | 33.560 | -0.53% | | 0285.HK | | | | 蔚来-SW | 38.440 | -0.47% | | 9866.HK | | | ...

截至收盘，标普500指数涨0.46%，报6909.79点，刷新了12月11日的纪录高位；道琼斯指数涨0.16%，报48442.41点；纳斯达克综合指 数涨0.57%，报23561.84点。 | 省标 | | 電新价 | | THE OF THE | | --- | --- | --- | --- | --- | | 道現期情数 | | 48442.41 | +79.73 | 0.16% | | 标普500指数 | (D) | 6909.79 | +31.30 | 0.46% | | 纳斯达見綜合指数 | | 23561.84 | +133.02 | 0.57% | 大型科技股整体走强，英伟达涨超3% ，博通涨逾2%，谷歌、亚马逊涨超1%，带动纳指跑赢道指和标普。"恐慌指数"VIX继续走低，收于 14，为一年来最低。 盘前，美国商务部公布的首次预估数据显示，今年第三季度美国国内生产总值（GDP）环比按年率计算增长4.3%，高于第二季度的3.8%和 市场预期的3.2%。 受该数据影响，市场对美联储明年的降息幅度预期有所降低，导致美股早盘小幅走低，但随后有所回升。 eToro分析师Bret Kenwell评论道，尽 ...

Group 1 - The overall market sentiment has declined recently, leading to a correction in the sector, with valuations currently between the mean and the 25th percentile [1] - The sector's fundamentals remain robust, with healthy growth in key areas such as advertising and gaming, and companies like Tencent Holdings continue to show improved profit margins [1] - The attractiveness of the sector is increasing despite declining valuations, with a core recommendation for Tencent Holdings and a suggestion to pay attention to Kuaishou-W, NetEase, Zhiyu Technology, and Bilibili [1] Group 2 - Most mainland online platform companies are projected to have a reasonable price-to-earnings ratio between 15x and 20x by 2026, indicating potential for dual increases in performance and valuation for companies exceeding expectations [2] - Bilibili has historically been at a high valuation, while companies like Boss Zhipin-W, Tencent Music-SW, and NetEase Cloud Music have maintained mid to high valuation levels [2] - For companies with positive long-term prospects and short-term performance exceeding expectations, a valuation range of 20x to 25x is considered reasonable, providing a solid foundation for future performance exceeding expectations [2]

Group 1 - The overall market sentiment has turned negative, leading to a correction in the online platform sector, with valuations currently between the mean and the 25th percentile [1] - The sector's fundamentals remain robust, with healthy growth in key areas such as advertising and gaming, and companies like Tencent showing improved profit margins and operational leverage [1] - AI is still in a rapid development phase, with domestic internet companies making more practical and sustainable investments compared to aggressive capital expenditures by overseas tech giants, indicating AI will be a significant growth opportunity for some internet companies in the future [1] Group 2 - Most companies are projected to enter a "reasonable" PE range of 15-20x by 2026, suggesting that any company exceeding performance expectations could benefit from both earnings and valuation increases [1] - Companies like Bilibili have historically been overvalued, while others like Tencent Music and NetEase Cloud Music have maintained mid to high valuation levels; however, by 2026, key companies are expected to be in the 15-20x range, with a few like Bilibili and Kuaishou remaining higher [1] - New long-term logic has emerged for certain companies, such as NetEase's innovative payment model in gaming, Bilibili's stable non-gaming business, and Kuaishou's improved marketing efficiency leading to better adjusted operating profit margins [2]

Core Viewpoint - The rapid rise of the live streaming industry in Shenzhen is being supported by a series of initiatives aimed at integrating party building with business development, fostering a more organized and professional environment for live streamers. Group 1: Industry Development and Initiatives - The Shenzhen Municipal Internet Enterprise Committee has established the Shenzhen Live Streaming Industry United Party Committee to promote party building within the industry, leading to the launch of various initiatives such as the "Top Ten Integrity Initiatives" for industry standardization and the "Warm Heart Action" psychological support hotline for streamers [1][2][3]. - The integration of party building with business practices is exemplified by the efforts of Guanxu Electronics, which has created unique party-building platforms like the Longgang District Anchor Service Center and shared live streaming studios [1][2]. Group 2: Data and Achievements - The Shenzhen Golden Jewelry E-commerce Live Streaming Season attracted over 1,000 participating companies, generating total sales exceeding 800 million yuan, and trained over 200 small and medium-sized streamers [2]. - The establishment of the Shenzhen Live Streaming Industry Integrity Initiative aims to create a comprehensive integrity system for the industry, with commitments from four companies to adhere to standardized live streaming practices [3]. Group 3: Support for Streamers - The "Warm Heart Action" psychological hotline has provided support to numerous streamers, helping them find balance in their work and personal lives, with over 600 individuals benefiting from services such as emotional support and labor dispute mediation [3]. - The Shenzhen Live Streaming Academy, in collaboration with Shenzhen Urban Vocational College, has developed a training system that combines theory, practice, and certification to cultivate high-quality talent in the live streaming sector [4]. Group 4: Recognition and Community Engagement - The "Top Ten Live Streamers" selection initiative aims to encourage streamers to enhance their professional skills and social contributions, while also promoting the involvement of party member streamers in community building [4][5].

Core Viewpoint - The rapid rise of the live streaming industry in Shenzhen has led to the establishment of a series of initiatives aimed at integrating party building with industry development, fostering a more organized and supportive environment for live streamers [1][2][3]. Group 1: Industry Development and Initiatives - The Shenzhen Municipal Internet Enterprise Committee has initiated the establishment of the Shenzhen Live Streaming Industry United Party Committee to promote party building within the industry [1]. - The industry has seen the launch of the "Top Ten Integrity Initiatives" to standardize practices and enhance the credibility of live streaming [3]. - A total sales volume exceeding 800 million yuan was achieved during the Shenzhen Gold and Jewelry E-commerce Live Streaming Season, which involved over 1,000 enterprises [2]. Group 2: Support for Live Streamers - The establishment of a psychological counseling hotline, "Warm Heart Action," has provided support to live streamers, helping them manage stress and find work-life balance [3]. - A mechanism for addressing the demands of live streamers has been created, with party committee members assigned to connect with specific enterprises and streamers [3]. - The Shenzhen Live Streaming Academy has been established to train high-quality talent in the industry, focusing on a comprehensive training system that includes theory, practice, and certification [4]. Group 3: Promoting Professionalism and Ethics - The industry has emphasized the importance of self-regulation and healthy development to ensure long-term stability [3]. - The "Ten Best Live Streamers" selection activity has been launched to encourage professional growth and social contribution among live streamers [4]. - The integration of party building with live streaming practices aims to promote positive values and responsible content dissemination [5].

*耐克暴跌拖累消费板块 *美光科技创收盘新高 *"三巫聚首日"放大波动 美国股市周五收高，科技股反弹成为推动大盘走强的主要力量，盖过了耐克等消费类个股大幅下跌的影 响。当天正值"三巫聚首日"，股票期权、股指期货和股指期权集中到期，加大了盘中波动。 截至收盘，道琼斯工业指数上涨0.38%至48134.89点；标普500指数上涨0.88%至6834.50点；纳斯达克综 合指数上涨1.31%至23307.62点。 【热门股表现】 科技股延续前一交易日的反弹势头。芯片制造商美光科技在发布强劲财测后继续走高，周五大涨7%， 创下收盘纪录新高。 大型科技股表现分化。英伟达上涨3.93%，谷歌A股上涨1.55%，苹果上涨0.54%，微软上涨0.40%，亚 马逊上涨0.26%；特斯拉下跌0.45%，Meta下跌0.85%。 甲骨文上涨6.63%。第一财经此前报道，当地时间12月18日，TikTok CEO周受资发出内部信，更新 TikTok美国业务进展。内部信称字节跳动、TikTok已与三家投资者签署协议，并将成立新的TikTok美国 合资公司。这三家企业包括，甲骨文公司、银湖及MGX。 博通上涨3.18%，AMD大涨6.1 ...

Core Viewpoint - The Hong Kong stock market showed positive performance on December 19, with the Hang Seng Index rising by 0.75% and the Hang Seng Tech Index increasing by 1.12% [1][2]. Market Performance - The Hang Seng Index closed at 25,690.53, up by 192.40 points, reflecting a 0.75% increase [2]. - The Hang Seng Tech Index reached 5,479.04, gaining 60.75 points, which is a 1.12% rise [2]. - The Hang Seng Biotech Index increased by 1.89%, while the Hang Seng China Enterprises Index rose by 0.68% [2]. - The Hang Seng Composite Index saw an increase of 0.87%, closing at 3,924.78 [2]. Sector Performance - Major sectors experienced significant gains, particularly in electrical equipment, food and beverage, pharmaceuticals, and media [2]. - Brokerage stocks also saw an uptick, with Yaocai Securities rising over 8% and China International Capital Corporation increasing by over 4% [2]. Notable Stock Movements - In the tech sector, notable performers included: - Xiaopeng Motors, which surged over 7% - Horizon Robotics, which increased by over 7% - Li Auto, which rose by 5.74% - JD Health, which gained over 2% - Tencent Music, Tencent Holdings, and Baidu Group, each rising over 1% - Xiaomi Group and Alibaba, both nearing a 1% increase [2][3][4].

12月19日，香港恒生指数收涨0.75%，恒生科技指数涨1.12%。 | 6618.HK | 57.500 | 2.13% | | --- | --- | --- | | 腾讯音乐-SW | 70.550 | 1.51% | | 1698.HK | | | | 腾讯控股 | 614.000 | 1.49% | | 0700.HK | | | | 快手-W | 66.300 | 1.45% | | 1024.HK | | | | 网易-S | 214.400 | 1.32% | | 9999.HK | | | | 美团-W | 102.700 | 1.28% | | 3690.HK | | | | 百度集团-SW | 118.800 | 1.02% | | 9888.HK | | | | 小米集团-W | 40.540 | 0.85% | | 1810.HK | | | | 阿里巴巴-W | 145.300 | 0.83% | | 9988.HK | | | | 华虹半导体 | 67.750 | 0.74% | | 1347.HK | | | | 中芯国际 | 65.050 | 0.54% | | 0981.H ...