恒生科技指数由港股上市公司中与科技主题高度相关的、市值最大的30只股票组成，聚焦半导体、机器 人、软件、互联网、智能驾驶等科技板块，权重股包括美团、腾讯控股、阿里巴巴、中芯国际等龙头企 业。从估值来看，指数当前滚动市盈率为22.9倍，位于2020年发布以来30%分位以下。 恒生科技ETF易方达（513010）最新规模超260亿元，在同类ETF中居前，产品近一月日均成交额超10 亿元，流动性较好且支持T+0交易，可助力投资者布局港股科技板块估值修复机遇。 今日早盘，港股科技板块震荡拉升，汽车股领涨，AI软硬件方向涨幅居前，截至10:13，恒生科技指数 上涨1.1%，成份股中，地平线机器人-W涨超7%，小鹏汽车-W涨超4%，理想汽车-W、零跑汽车涨超 2%。相关产品持续受市场关注，Wind数据显示，恒生科技ETF易方达（513010）已连续9个交易日获资 金净流入，合计约15亿元。 中国银河证券表示，重要会议定调明年经济工作，强调要继续实施更加积极的财政政策和适度宽松的货 币政策，因此，在流动性宽松环境叠加政策利好影响下，港股有望震荡上行。配置方面，科技板块仍是 中长期投资主线，经历前期调整后估值回落，在多重利好 ...

"2025年度资本市场卓越执业英才"盛典12月18日在苏州隆重举行，"2025年度资本市场卓越执业英才"(完整)名单于本次盛典上揭晓。本次名单涵盖常年陪 伴、创新赋能、并购整合、融资开拓、IPO护航、领袖引领等多个领域，构成一幅中国资本市场专业服务的群英画卷。 "资本市场杰出IPO服务"名单包含杰出IPO律师、杰出IPO会计师、杰出IPO项目，以及杰出IPO保荐代表人。 易银莹 上海市锦天城律师事务所 郎海亮 上海市锦天城律师事务所 林培伟 北京德恒 (深圳) 律师事务所 李德齐 国浩律师(深圳)事务所 金益亭 上海市锦天城律师事务所 吴旭日 上海市锦天城律师事务所 黃孝伟 安徽天禾律所事务所 姚腾越 北京市中伦律师事务所 出IPO会计师 营 l = 容诚会计师事务所 中汇会计师事务所 朱 14 #4 立信会计师事务所 黄继佳 中汇会计师事务所 胡晓辰 中汇会计师事务所 RE 菲律 中汇会计师事务所 顾立盟 天健会计师事务所 博 立信会计师事务所 昌三 北京德皓国际会计师事务所 杨浩峰 2 全景投教基地 卓越执业英才 r re you == 17 == 17 = 2 - 127 C 全景 @ 全景投教基地 卓 ...

Core Viewpoint - The artificial intelligence (AI) concept stocks have shown strong performance, with notable increases in share prices for several companies, indicating a positive market sentiment towards AI technologies [1][2] Group 1: Stock Performance - Lion Group (02562) increased by 6.72% - ZhiZi City Technology (09911) rose by 6.43% - SenseTime-W (00020) gained 5.21% - Weimob Group (02013) saw a rise of 5.13% - GDS Holdings Limited-SW (09698) increased by 2.33% - Fourth Paradigm (06682) rose by 2.38% [1][2] Group 2: Research Insights - CITIC Securities' report highlights the convenience features of Doubao AI phone, showcasing the potential of edge-side agents; however, it also points out the limitations due to various application permissions and interface restrictions, reflecting the current fragmentation in the traditional smartphone ecosystem [1][2] - The report suggests that for AI phones to achieve large-scale adoption, there is a need to redefine the collaboration between AI, applications, and operating systems, indicating potential restructuring of existing ecosystem boundaries and roles [1][2] - China Galaxy Securities notes that while overseas large models face high cost issues in the short term, the trend towards accelerated implementation of AI agents remains unchanged despite the current mismatch in technology maturity and commercialization pace [1][2]

Group 1: Costco (COST.O) Q1 FY2026 Earnings Call - Key focus on membership growth and renewal rates, same-store sales performance, e-commerce growth, and the resilience of affluent customer spending in an inflationary environment [2] - Management's outlook on supply chain stability and store expansion strategy is also noteworthy [2] Group 2: Broadcom (AVGO.O) Q4 FY2025 Earnings Call - Attention on management's specific guidance for the upcoming year, particularly regarding the revenue explosion from Google TPU chips and when new customer orders (e.g., OpenAI) will contribute to substantial performance [5] - Inquiry into whether the high growth of AI business can be sustained and dominate the company's future [5] Group 3: Electric New Energy Industry Investment Strategy - Focus on high growth and anti-involution strategies for the electric new energy sector in 2026, utilizing energy and power system analysis methods [8] - Comprehensive discussion on investment opportunities, timing, and risks in sub-sectors such as AI power, energy storage, hydrogen ammonia, lithium batteries, wind power, and photovoltaics [8] Group 4: A-Share Market Outlook for 2026 - The beginning of the "14th Five-Year Plan" is expected to strengthen reform policy expectations, with the RMB exchange rate steadily rising, supporting liquidity [10] - Future earnings are anticipated to take over valuation as the key focus of the market, with policy dividends and industrial opportunities expected to deeply integrate [10] Group 5: Financial Institutions' Asset Management Behavior Outlook for 2026 - The "Big Central Bank" era is reshaping the financial market landscape for 2026, with central banks enhancing curve control through interest rate guidance [14] - The improvement in liability costs for state-owned banks is expected to boost trading functions, while smaller banks face constraints from fund redemptions and liability pressures [14] - Reasonable liquidity and steadily declining financing costs are expected to solidify the foundation for a slow bull market in equities, with the "deposit migration" trend likely to inject incremental funds into the market [14]

风险提示：以上内容基于公开数据，不构成任何投资建议。股市有风险，投资需谨慎。（本内容由AI 基于交易所公开数据整理生成，仅供参考，不构成投资建议。） 本文源自：市场资讯 作者：智投君 卖方席位则主要由外资及知名券商营业部主导。高盛(中国)证券上海浦东新区世纪大道营业部在卖出榜 上居首，卖出金额达1028.79万元。国泰海通证券总部卖出752.08万元。摩根大通证券上海银城中路营业 部、瑞银证券上海花园石桥路营业部以及东方财富证券山南香曲东路营业部分别卖出689.59万元、 627.53万元和505.01万元。前五卖方席位合计卖出3603.00万元。 值得关注的是，高盛(中国)证券上海浦东新区世纪大道营业部与国泰海通证券总部同时出现在买卖双方 名单中，呈现明显的交易分歧。其中，高盛席位在买入604.68万元的同时，卖出了1028.79万元，净卖出 424.11万元；国泰海通证券总部在买入497.10万元的同时，卖出了752.08万元，净卖出254.98万元。 12月11日，大明电子因日换手率达到20%登上龙虎榜。盘后数据显示，买卖双方席位中均出现了外资券 商营业部的身影。 在买方阵营中，国投证券广州海珠广场营业 ...

Group 1 - The A-share market experienced a collective decline on December 10, with the Shanghai Composite Index dropping by 0.62% during the session. Retail, forestry, and engineering machinery sectors showed positive performance, while computer hardware and electrical grid sectors faced significant declines [1] - The consumer electronics sector remains sluggish, with the Consumer Electronics ETF (159732) down by 1.28% as of 10:29 AM. Notable declines in component stocks include Shenghong Technology down by 5.68%, Pegatron down by 3.73%, and Huankai Electronics down by 3.40%. However, some individual stocks like Dongshan Precision and OmniVision Technologies saw increases of 3.33% and 2.93%, respectively [1] Group 2 - On December 3, Li Auto launched its first AI smart glasses, Livis, which seamlessly integrates vehicle control with AI assistance for daily use. Users can issue voice commands to control various vehicle functions without needing to take out their phones, covering many high-frequency scenarios [3] - The release of Livis is expected to enhance Li Auto's brand ecosystem and open new pathways for the development of AI glasses, differentiating from previous models that primarily extended mobile functionalities like payment and navigation [3] - The Consumer Electronics ETF (159732) tracks the Guozheng Consumer Electronics Index, investing in 50 A-share listed companies involved in the consumer electronics industry, with a focus on electronic manufacturing, semiconductors, and optical electronics [3]

从恒生科技指数成分股来看，新能源汽车板块明显拖累市场。其中，蔚来-SW（HK09866）跌超6%， 小鹏汽车-W（HK09868）跌超5%，美团-W（HK03690）、京东健康（06618）跌超3%，华虹半导体、 金蝶国际和金山软件跌超2%。此外，阿里巴巴涨超1%，小米、网易涨超0.9%。 其他方面，苹果概念活跃，瑞声科技（HK02018）涨近4%。供应链消息指出，苹果首款折叠屏手机 iPhone Fold目前已进入工程验证（EVT）与预量产流程，只剩下细节设计需要调整，有望明年年底前发 布。据报道，此前苹果的折叠屏手机都只停留在传闻阶段，但近期市场及供应链消息都特别多，也有部 分零部件组装厂称其"早已进入备货状态"，只要苹果一声令下，马上就能出货给下游组装厂，显示这台 手机的最终设计应该已经大致敲定，有相当大的概率在明年发布。 工程机械板块走强，其中，三一重工（HK06031）涨超5%，中联重科、三一国际跟涨。中信建投研究 称，目前重卡内销前景稳健，出口持续增长。随着2026年国内置换需求释放，出口持续增长，有望支撑 行业总量高位稳健。若补贴政策延续，景气度有望再超预期。 今日（12月2日），在持续缩量的情 ...

Core Viewpoint - Morgan Stanley expresses optimism for the Chinese capital market in 2026, expecting continued growth in the MSCI China Index and the CSI 300 Index, with target levels set at 100 points and 5200 points respectively by the end of 2026, indicating potential increases of 19% and 17% from November 24 [1] Group 1: Investment Themes - The acceleration of "anti-involution" policies is expected to structurally enhance profit margins and return on equity (ROE) for the MSCI China Index and CSI 300 Index, with current market estimates for net profit margins and ROE being relatively low [1] - Strong growth in global artificial intelligence infrastructure capital expenditure is anticipated to boost China's local AI ecosystem and related domestic industries, with emerging "world dynamic models" increasing demand for computing power [1] - The fiscal and monetary easing environment in developed markets is likely to stabilize China's export sales [1] - Consumption is showing a K-shaped recovery, with significant growth in high-end food and beverage and luxury goods sales, while mid-tier consumption recovery remains relatively weak [1] Group 2: Preferred Stocks - Morgan Stanley lists its preferred Chinese stocks for the first quarter of next year, including Baidu, NetEase, Midea Group, Mixue Group, Pinduoduo, Pop Mart, Trip.com, Master Kong, Futu Holdings, Sinopharm, CATL, and China Overseas Development [1] - Additionally, the bank identifies preferred stocks benefiting from the AI supercycle, including cloud service providers (CSP) like Alibaba and Tencent, AI data center companies (AIDC) such as Zhongji Xuchuang, Huqin Technology, and Northern Huachuang, as well as electrification and battery material firms like CATL, Yiwei Lithium Energy, and Ganfeng Lithium [2]

Group 1 - UBS Asset Management indicates that Chinese stock valuations remain attractive, with MSCI China at approximately 13.2 times forward P/E, slightly above the past decade's average, but still below historical highs, suggesting no overheating in the market [1] - Global investors, including long-term funds and hedge funds, are actively participating in Chinese stocks, primarily through ETFs rather than actively managed funds, indicating a "technical repair" phase in the market [1] - UBS expects continued optimism for Asian assets over the next 6-12 months, with MSCI Asia Pacific (excluding Japan) at about 15 times forward P/E, significantly lower than MSCI Global's 20.5 times, indicating substantial room for capital inflow [1] Group 2 - A Reuters survey predicts the S&P 500 index to rise to 7490 points by the end of 2026, an increase of approximately 12% from current levels, driven by a healthy U.S. economy and strong tech performance [2] - The survey indicates a potential for a market pullback in the next three months, with inflation concerns and uncertainty around interest rate cuts posing risks to the optimistic outlook [2] - The Dow Jones is forecasted to end next year at 50,566 points, reflecting an increase of over 7% from its current level [2] Group 3 - Goldman Sachs suggests that if a peace agreement is reached between Ukraine and Russia, it could lower their Brent crude oil price forecast by about $5 per barrel, with a current forecast of $56 per barrel for next year [3] Group 4 - Analysts from ING report an increase in implied volatility for the euro against the pound ahead of the UK budget announcement, indicating market concerns despite a recovery in long-term UK government bonds [4] Group 5 - ING analysts state that the German economy is expected to remain stagnant until fiscal stimulus measures take effect, with the latest GDP estimates confirming stagnation due to weak private consumption and net exports [5] - However, they anticipate improvement post-current quarter as the German parliament is expected to approve the 2026 budget, which should support economic activity [5] Group 6 - Dongfang Jincheng forecasts limited upside for the U.S. dollar, with the RMB expected to remain strong, supported by seasonal demand for currency settlement in Q4 [6] - China International Capital Corporation (CICC) believes a new upward cycle for lithium batteries is starting, driven by energy storage demand and technological advancements in solid-state batteries [7] - Guohai Securities projects a slow bull market for A-shares, with technology remaining a key focus, supported by liquidity from household savings [8]

中金量化 | 智策2026：量化年度展望与择时模型系列 15:30-16:00 嘉宾： 薛军丨中国银河证券党委副书记、总裁 尹艳林丨第十四届全国政协委员 单志广丨国家信息中心信息化和产业发展部主任 章俊丨中国银河证券首席经济学家、研究院院长 张迪丨中国银河证券宏观首席分析师 杨超丨中国银河证券策略首席分析师 01 中国银河证券 | 主论坛 - 2026年度策略报告会 9:00-12:00 核心看点： 向新质生产力转型的关键期，人工智能将如何成为2026年核心驱动力？中国银河证券 年度策略会，宏观经济学者与行业专家将揭示哪些投资主线？AI、新能源、量子科技等前沿领域， 哪些机会值得重点关注？这场思想盛宴会否为您解锁"十五五"开局之年的财富密码？ 扫码预约 02 核心看点： 中金量化及ESG团队将权威解读2026年量化策略展望，前瞻布局。同时聚焦成交数据 中的择时信号与期权波动率的实战应用，分享前沿量化择时模型，助力精准把脉市场节奏。 嘉宾： 陈宜筠丨量化及ESG分析师 郑文才丨中金公司量化及ESG分析师 扫码预约 03 瑞银展望2026：世界准备好迎接10亿台机器人了吗？ 16:00-17:00 核心看点： 一 ...