Core Viewpoint - The Hong Kong stock market experienced a significant rally on the first trading day of 2026, driven by multiple factors including currency strength and positive market sentiment towards technology and resource stocks [3][5]. Group 1: Market Performance - The Hang Seng Index rose by 2.76% to close at 26,338.47 points, gaining over 700 points during the day [3]. - The Hang Seng China Enterprises Index increased by 2.86% to 9,168.99 points, while the Hang Seng Tech Index surged by 4% to 5,736.44 points [3]. Group 2: Sector Highlights - Insurance stocks showed strong performance, with Yunfeng Financial rising nearly 8%, China Reinsurance up nearly 6%, and China Life Insurance gaining over 5% [5]. - Resource stocks collectively soared, with Asia Pacific Resources increasing over 22%, China Silver Group up over 10%, and Lingbao Gold experiencing a rise of nearly 6% [5]. - In the technology sector, Baidu Group-SW rose nearly 10%, Kingdee International increased over 7%, and Skyworth Group surged by nearly 12% [5]. Group 3: Market Drivers - The offshore RMB to USD exchange rate broke above 6.97, reaching its highest level since May 2023, encouraging capital inflow into the Hong Kong market [5]. - The debut of "Hong Kong GPU first stock" Biran Technology, which saw its price double on the first day, boosted investor sentiment towards hard technology, semiconductors, and AI sectors [5]. - Positive news for leading Hong Kong stocks included Huahong Semiconductor's acquisition of a significant stake in Huali Microelectronics and Baidu's plan to spin off Kunlun Chip for independent listing, reinforcing market confidence in the chip and AI computing sectors [5]. Group 4: Individual Stock Movements - Despite the overall market rally, some individual stocks faced sharp declines, such as lottery concept stock Runge Interactive, which dropped over 30% and fell below 1 HKD per share, becoming a "penny stock" [6].

The company's shares opened at HK$35.70, hit an intraday high of HK$42.88 and closed at HK$34.46, up 76% from the offer price of HK$19.60.That compared to a 2.8% rise for the benchmark Hang Seng Index. Biren was also the third most actively traded stock by turnover on the Hong Kong bourse, with 150.7 million shares ‌worth HK$5.52 billion ($707.7 million) ‌changing hands.The strong debut follows a blockbuster year for Hong Kong's equity market in 2025 and heralds a wave of chip and AI offerings this year as ...

"2025年(我的)二级市场投资收益率超过了50%。"有着二十多年A股投资经验的个人投资者王朴，向中 国证券报记者分享了他的年度投资感悟，"2025年是政策红利精准释放的一年。(我的)投资逻辑始终紧 扣国家战略，聚焦科技主线。" "高收益的背后，离不开改革深化。"作为在吴清任证监会主席后参与座谈的首批个人投资者之一，王朴 对近两年来资本市场改革深化的成效感受真切。"座谈会上提及的多项建议正陆续落地，比如科创板新 规更好支持科技创新，对违法操纵、财务造假的严打净化了市场环境。"他表示，这些举措与长线资金 持续入市形成合力，共同营造了更健康的市场环境，也让像他这样专注基本面研究的投资者获得感显著 增强。 站在2026年的起点，王朴建议，紧扣国家战略、深耕优质赛道，坚持价值投资、理性投资，策马新程， 行稳致远。 紧扣国家战略，挣自己"看得懂的钱" "我是'向阳而生'，永远看到希望。"谈及穿越市场周期的体会，王朴这样概括自己的投资心态。这种积 极心态，在2025年结出了实在的果实。 具体到策略上，他捋出一条清晰的主线：紧密围绕"新质生产力"国家战略，深耕AI、半导体、机器人等 硬科技赛道。 "投资要靠认知，挣自己看得 ...

Core Insights - The global IPO market is expected to experience significant growth in 2026, driven by policy incentives and the emergence of super unicorns, particularly in sectors like AI, semiconductors, and satellite internet [1][2][3] Group 1: Market Predictions - Hong Kong Stock Exchange (HKEX) is projected to lead in IPO fundraising with around 160 to 200 new listings, raising between 300 billion to 450 billion HKD (approximately 38 billion to 58 billion USD) [3][4][5] - The US IPO market is anticipated to see 200 to 230 new listings, with fundraising estimates between 40 billion to 60 billion USD, marking a potential resurgence after years of stagnation [5][6] - India's IPO market is expected to continue its record-breaking trend, with fundraising projected to reach up to 25 billion USD in 2026, a 14% increase from 2025 [9][10] Group 2: Major Players and Unicorns - SpaceX is set to lead the IPO charge with plans to raise over 30 billion USD, potentially becoming the largest IPO in history with a target valuation of 1.5 trillion USD [14] - OpenAI and ByteDance are also strong contenders for significant IPOs, with OpenAI aiming for a valuation of up to 1 trillion USD and a fundraising target of at least 60 billion USD [15][16] - Other notable companies expected to go public include Reliance Jio, which may seek to raise up to 170 billion USD, and various AI and fintech firms [17][18] Group 3: Sector Focus - The 2026 IPO landscape will be heavily influenced by sectors such as AI, fintech, digital assets, and aerospace, with a notable concentration of large IPOs in the US market [20][21] - In Hong Kong, the IPO market will be driven by leading domestic companies in biotechnology, specialized technology, and consumer retail, with a focus on large-scale projects in semiconductors and AI [20][22] - A-share IPOs are expected to focus on traditional and high-end manufacturing sectors, with significant contributions from companies in semiconductors and AI models [23][24] Group 4: Regulatory and Market Environment - The regulatory environment for IPOs in China is set to evolve, with a focus on high-quality development and alignment with national strategic goals, particularly in emerging technologies [27][28] - The efficiency of IPO reviews is expected to improve in 2026, with a significant number of companies waiting for approval, indicating a robust pipeline for new listings [29][30]

Core Viewpoint - The global IPO market is expected to experience a significant resurgence in 2026, driven by policy incentives and the emergence of super unicorns, particularly in sectors like AI, semiconductors, and satellite internet [1][4][5]. Group 1: Global IPO Market Outlook - Predictions indicate that the global IPO fundraising total in 2026 could surpass the previous peak of $594 billion in 2021, with major exchanges like Hong Kong and the US vying for the top spot [1][4]. - Deloitte forecasts around 160 new listings on the Hong Kong Stock Exchange (HKEX) in 2026, raising at least HKD 300 billion (approximately $38 billion) [4]. - Renaissance Capital anticipates the US IPO market will see 200-230 new listings, with fundraising between $40 billion and $60 billion, marking a potential record year for the US market [5]. Group 2: Super Unicorns and Major IPOs - Notable super unicorns like SpaceX and OpenAI are expected to lead the IPO wave, with SpaceX aiming to raise over $30 billion, potentially setting a record for the largest IPO ever [11][12]. - OpenAI is also a strong contender for the top fundraising spot, with plans to raise at least $60 billion, following a valuation of $500 billion after a $41 billion equity financing in 2025 [12][15]. - Other significant players include ByteDance, Reliance Jio, and various AI and fintech companies, all of which are expected to contribute to a concentrated "head effect" in the IPO market [13][16]. Group 3: Regional Insights - The Indian IPO market is projected to raise up to $25 billion in 2026, reflecting a 14% increase from 2025, with several major listings anticipated [6][7]. - The A-share market in China is expected to see a steady increase in IPOs, with estimates of 130-150 new listings and a total fundraising of approximately CNY 136 billion (around $19.2 billion) [6][21]. - The London Stock Exchange is expected to rebound in 2026, aided by changes in tax regulations and the potential for large-scale listings [7]. Group 4: Industry Trends and Focus Areas - The 2026 IPO landscape will be characterized by a focus on high-quality, profitable companies, particularly in technology sectors such as AI, fintech, and aerospace [18][19]. - The Chinese market is expected to lead in R&D investment in strategic emerging industries, further solidifying its position in global tech innovation [19][26]. - The IPO pipeline is expected to be robust, with a significant number of companies waiting for approval, indicating a healthy market environment for new listings [27][28].

Core Viewpoint - The A-share market experienced a significant bull market in 2025, leading to an overall recovery in equity fund performance, with a net value growth rate of 28.73% for equity funds, marking a historical record for the industry [1][6]. Group 1: Market Performance - Major indices performed well in 2025, with the Shanghai Composite Index, Shenzhen Component Index, and CSI 300 Index increasing by 18.41%, 29.87%, and 17.66% respectively, while the STAR Market 50 Index surged by 60.86% [2][6]. - The overall performance of equity funds was notably strong, with active equity funds achieving a net value growth rate of 31.91% [7][8]. Group 2: Sector Performance - The non-ferrous metals sector was the best-performing industry in 2025, with a growth rate of 94.73%, followed by the communication sector at 84.75% [4][5]. - Other sectors such as electronics, comprehensive, power equipment, and machinery also saw growth rates exceeding 40%, while coal and food & beverage sectors experienced declines of over 5% [4][5]. Group 3: Fund Performance - The top-performing fund, Yongying Technology Select Fund, achieved a remarkable 233.29% net value growth, marking the highest annual performance record in 17 years [4][9]. - A total of 75 funds achieved "doubling" status in 2025, with notable contributions from fund managers who effectively captured market opportunities in AI, innovative pharmaceuticals, and semiconductors [8][11]. Group 4: Future Outlook - Looking ahead to 2026, industry experts anticipate a shift towards growth-driven strategies, with a focus on sectors that can deliver substantial earnings growth, particularly in technology and cyclical assets [23][24]. - The market is expected to transition from liquidity-driven growth to profit-driven growth, with significant opportunities in TMT (Technology, Media, and Telecommunications), manufacturing, and consumer sectors [23][24].

Core Viewpoint - The public fund industry in China achieved a remarkable performance in 2025, with equity funds recording an average net value growth rate of 28.73%, marking a significant recovery in the market, particularly in sectors like AI, innovative pharmaceuticals, chips, and non-ferrous metals [1][8][9]. Group 1: Market Performance - The A-share market experienced a bull market in 2025, with major indices such as the Shanghai Composite Index, Shenzhen Component Index, and CSI 300 Index rising by 18.41%, 29.87%, and 17.66% respectively [1][8]. - The STAR Market 50 Index saw an impressive increase of 60.86% in 2025, indicating strong performance in the technology sector [1]. - The overall performance of equity funds was significantly better than the Shanghai Composite Index, with active equity funds achieving an average net value growth rate of 31.91% [8][9]. Group 2: Sector Performance - The non-ferrous metals sector was the best-performing industry in 2025, with a growth rate of 94.73%, followed by the communication sector at 84.75% [5][6]. - Other sectors such as electronics, comprehensive, power equipment, and machinery also saw growth rates exceeding 40%, while coal and food & beverage sectors experienced declines of over 5% [5][6][7]. Group 3: Fund Performance - The top-performing fund, Yongying Technology Selected Fund, achieved a net value growth of 233.29%, setting a new historical record for public funds [3][12]. - A total of 75 funds were classified as "doubling funds," indicating a strong performance across various fund managers, with notable contributions from E Fund [11][15]. - The average growth rate for ordinary stock funds was 32.53%, with the top 50 funds achieving over 60% growth [17][19]. Group 4: Future Outlook - The market outlook for 2026 is optimistic, with expectations of an overall improvement in A-share company earnings, driven by growth stocks and cyclical assets [29][30]. - Investment opportunities are anticipated in manufacturing, AI applications, and consumer sectors, with a focus on companies that can demonstrate price elasticity and growth potential [30][31].

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【2026年1月1日，"全球视野"十大核心资产揭晓，谷歌等入选】该名单由全球70多个国家的数千万会员 票选得出。这十大核心资产精准覆盖AI算力、半导体、能源转型、全球贸易等关键领域，契合人类文 明进化趋势。 为应对复杂宏观环境，更灵活精准捕捉市场机会，十大核心资产将进行"季度调整"。 ...

格隆汇1月1日｜2026年格隆汇"全球视野"十大核心资产重磅揭晓，谷歌等入选。该名单由格隆汇分布在 全球70多个国家的数千万会员票选得出(如下图)。这十大核心资产精准覆盖AI算力、半导体、能源转 型、全球贸易等关键领域，深度契合人类文明进化趋势。为应对更为复杂的宏观环境，更灵活、更精准 的捕捉市场机会，十大核心资产将进行"季度调整"。 ...

Core Viewpoint - The public fund market in China has reached a significant milestone, surpassing 37 trillion yuan in total assets, driven by strong growth in the ETF market and a continuous upward trend in public fund sizes over the past eight months [2][3][7]. Group 1: Public Fund Market Growth - As of November 2025, the total net asset value of public funds in China reached 37.02 trillion yuan, marking a historic breakthrough [3]. - The public fund market has shown a consistent upward trend, crossing key thresholds of 34 trillion, 35 trillion, and 36 trillion yuan throughout the year [3]. - The dominant segment within the public fund market is the money market fund, which holds 15.19 trillion yuan, followed by bond funds at 10.52 trillion yuan [4][5]. Group 2: ETF Market Expansion - The ETF market has experienced explosive growth, with the number of products reaching 1,391 and total assets surpassing 6 trillion yuan by the end of 2025, representing a year-on-year increase of 32.98% in product count and 61.66% in total assets [7][8]. - The growth of the ETF market has significantly outpaced the overall public fund market, with an increase of approximately 2.3 trillion yuan in 2025 alone [7]. - Since its inception in 2004, the ETF market has evolved from a nascent stage to a crucial component of the capital market, particularly accelerating since 2020 [7]. Group 3: Future Investment Trends - Looking ahead to 2026, artificial intelligence is anticipated to be a central theme in the market, with expectations of a "structural bull" market in A-shares [9][10]. - Key investment opportunities are expected in sectors such as autonomous driving, AI applications, and non-ferrous metals, while traditional sectors like consumer goods and liquor require close monitoring of policy changes [10][11]. - Analysts suggest that the semiconductor sector remains promising, driven by ongoing demand for AI-related chips and advancements in technology [10][11].