过去几年，美国股市持续领先，一直是全球资本的焦点。然而2025年全球市场呈现出新的发展态势：欧洲市场的强劲表现和亚洲市场的亮眼数据，促使投 资者开始重新审视传统以美国为中心的投资布局。展望2026年，哪些区域市场更具潜力？哪些投资主题更值得深耕？又有哪些策略可以在波动中把握机 会、增强收益？ 本期财富交想"汇"，我们有幸邀请到 廖卓慧 摩根资产管理董事总经理 国际股票投资专家团队主管 匡正 汇丰私人银行及财富管理 中国首席投资总监 就2026年全球股市投资策略进行专业解读。 欧洲在绿色能源、可持续发展等前沿领域布局深厚，同时拥有一批世界级精品消费品牌，构成独特的投资吸引力。 未来一年，预计全球投资者会继续增加对环球市场的配置，以实现更好的风险分散。 估值优势显著： 即便在2025年经历不俗上涨后，欧股相比估值偏高的美股，仍然具备较好的性价比。 财政政策支持： 欧盟层面的财政政策有望持续为经济和就业提供支撑，有助于稳定市场，提振投资者信心。 独特板块机会： 欧盟在数据隐私和合规方面的严格法规，促使企业在AI应用中更加注重隐私安全，这有助于建立长期可持续的商业模式。同时，欧洲科技企业的估值也 相对更为合理。 AI ...

Core Viewpoint - The Trump administration has announced the withdrawal of the United States from 66 international organizations deemed "not in the interest of the United States," significantly impacting global cooperation in various sectors, particularly in climate change and women's rights [1][5]. Environmental Protection Impact - Approximately 20 of the organizations being exited are related to climate change, sustainable development, and environmental protection, including the United Nations Framework Convention on Climate Change, which is considered the legal foundation for global climate cooperation [1] - The U.S. will be absent from the 30th Conference of the Parties to the UN Framework Convention on Climate Change in 2025, marking the first absence in nearly 30 years [1] Women's and Children's Rights Impact - The U.S. will terminate its participation and funding for the United Nations Entity for Gender Equality and the Empowerment of Women and the United Nations Population Fund, which are crucial for global gender equality and maternal health initiatives [2] - The withdrawal also includes exiting from the United Nations Human Settlements Programme and various UN special representatives focused on issues like child conflict and sexual violence [2] Global Development Impact - The withdrawal list includes organizations such as the United Nations Conference on Trade and Development and the International Energy Forum, which are vital for global economic development and social affairs [4] - Several UN regional economic commissions, including those for Africa and Latin America, are also part of the exit strategy, indicating a broader impact on global and regional economic cooperation [4] Overall Implications - Trump's memorandum states that the operations of these organizations contradict U.S. national interests, security, economic prosperity, or sovereignty, reflecting a continued effort to withdraw from global cooperation [5] - This move is seen as part of a broader trend of the current administration to undermine global systems, particularly in areas related to development, women's issues, and climate change [3]

Core Insights - TCL showcased its innovative SQD-Mini LED display technology at CES 2026, highlighting its strong technological capabilities and market competitiveness with a range of new products [1][15][28] Group 1: Display Technology - TCL introduced the world's first flagship TV featuring SQD-Mini LED technology, the TCL X11L, which achieves 100% BT.2020 color gamut and features over 20,000 local dimming zones, providing a revolutionary viewing experience [2][18] - The X11L is designed with a thickness of only 2cm, showcasing advanced craftsmanship and aesthetic appeal, while also incorporating high-end audio technology from Bang & Olufsen [18][19] - TCL's display technology extends to various applications, including gaming and commercial use, with products like the TCL 57R94 monitor featuring QD-Mini LED technology and a 32:9 aspect ratio [3][19] Group 2: Mobile and Small Screen Innovations - The TCL NXTPAPER 70 Pro smartphone features the new NXTPAPER 4.0 eye-care display technology, certified by TÜV and SGS, offering a comfortable browsing experience across different scenarios [4][20] - The TCL Note A1 NXTPAPER electronic notepad utilizes NXTPAPER Pure display technology, providing a paper-like feel and AI tools for real-time text conversion and translation [5][21] - TCL's innovations also include the Thunder X3 Pro Project eSIM smart glasses, which operate independently without a smartphone, enhancing the functionality of AR devices [6][22] Group 3: Home Appliances and AI Integration - TCL's new AI health air conditioner, the TCL C7, features a unique sleep temperature curve and radar technology to enhance sleep quality, achieving a 25% increase in deep sleep duration [8][24] - The GeniusFresh refrigerator series incorporates smart technology for food preservation, while the AI washing machine offers a large capacity and efficient washing capabilities [9][25] - TCL's 5G Mobile WiFi P50 combines fast charging and wireless charging, supporting up to 64 devices simultaneously, enhancing connectivity for smart homes [9][25] Group 4: Sustainability and Global Impact - TCL presented its smart home energy solutions, integrating solar components with the TCL Home APP for sustainable living [11][27] - The company has established a strong global presence, ranking among the top in various product categories, including TVs and air conditioners, with significant market shares [12][14][28] - As a global partner of the Olympics, TCL aims to enhance the viewing experience during the 2026 Milan Winter Olympics, connecting technology with sports [14][29]

Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group is expected to enhance the resilience of the aviation fuel supply chain and ensure energy security for the aviation industry in China [1][2]. Group 1: Restructuring Benefits - The merger will leverage the integrated refining and aviation fuel supply assurance systems of both companies, reducing intermediaries and lowering supply costs [1]. - The combined strengths of Sinopec and China Aviation Oil will enhance the international competitiveness of China's aviation fuel industry, which currently lags behind major integrated oil companies like Shell, BP, and ExxonMobil [1]. Group 2: Sustainable Aviation Fuel (SAF) Development - The aviation sector is one of the most challenging areas for carbon emission reduction, with sustainable aviation fuel (SAF) recognized as a key solution [2]. - Sinopec is a pioneer in SAF production in China, addressing the application gap for domestic aircraft, while China Aviation Oil plays a crucial role in promoting SAF and building the necessary ecosystem [2]. - The merger will facilitate collaboration in SAF research and development, industrialization, storage, transportation, and international trade, driving high-quality development of the SAF industry and supporting carbon reduction in aviation [2].

Group 1 - The core viewpoint of the news is that the merger between China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group will enhance the resilience of the aviation fuel supply chain and ensure energy security for the aviation industry in China [1][2] - According to Standard & Poor's, China's aviation fuel consumption is projected to grow from 39.28 million tons in 2024 to 75 million tons by 2040, indicating a significant increase in demand [1] - The merger will leverage the integrated refining and aviation fuel supply assurance systems of both companies, reducing intermediaries and lowering supply costs, thereby providing strong support for energy security in the aviation sector [1] Group 2 - The collaboration between Sinopec and China Aviation Oil is expected to enhance the international competitiveness of China's aviation fuel industry, which currently faces challenges compared to major international players like Shell, BP, and ExxonMobil [1] - The merger will facilitate the development of sustainable aviation fuel (SAF), with Sinopec being one of the earliest companies in China to have SAF production capabilities, and China Aviation Oil playing a crucial role in the promotion and ecological construction of SAF [2] - By combining their strengths in technology research and development, industrialization capabilities, storage, transportation, and international trade, the two companies aim to promote the research, use, and continuous iteration of SAF, contributing to high-quality development of the aviation industry and carbon reduction efforts [2]

Core Insights - The CES event highlights the growing importance of display technology in consumer electronics, with a focus on the integration of AI and high-quality displays in smart cockpit solutions [2][5] - Chinese display manufacturers, particularly BOE, are emerging as leaders in the industry, with significant investments in R&D and a shift towards high-end technology rather than competing solely on price [2][5][6] Industry Trends - The market for smart cockpit displays is projected to grow to $18.3 billion by 2030, driven by consumer demand for high-quality displays in vehicles [2] - The competition among display manufacturers is intensifying, leading to price wars, but companies like BOE emphasize maintaining quality over reducing prices [6][7] Company Developments - BOE showcased its "HERO2.0 smart cockpit" at CES, featuring advanced Micro LED technology with 50,000 nits brightness and 115% NTSC color gamut, along with AI functionalities for enhanced user experience [3][5] - The company has invested over HKD 900 million in R&D for its automotive business over the past three years, indicating a strategic shift towards integrating AI and software with hardware [5][6] Strategic Focus - BOE aims to create an innovative ecosystem around high-value applications, focusing on the integration of AI and sustainable development in its product offerings [5][6] - The company is expanding its global presence, with operations in 16 countries and nearly 600 ecosystem partners, emphasizing the need for deeper integration into local markets [7]

Core Insights - BYD has successfully delivered a new batch of electric buses in Chile, increasing the total number of zero-emission electric buses in the public transport system to 950 [1][2] Group 1: Delivery and Fleet Expansion - The latest batch includes 94 articulated electric buses and 30 double-decker electric buses, primarily serving high-traffic core bus routes in the capital region [2] - The delivery was celebrated in an event co-hosted by BYD and local operator Metbus, attended by key government officials and representatives from the International Public Transport Association (UITP) [2][5] Group 2: Environmental Impact and Achievements - Since 2017, BYD's electric buses operated by Metbus have accumulated over 230 million kilometers, resulting in a reduction of over 525,000 tons of carbon dioxide emissions [6] - The introduction of articulated and double-decker electric buses reflects BYD's long-term strategic vision for public transport, aiming for higher efficiency, lower operating costs, and zero emissions [5][6] Group 3: Commitment to Sustainable Transport - The new vehicles signify a strong commitment from all parties involved to build a cleaner, modern, and efficient public transport system, contributing to improved air quality and reduced urban noise [7] - The electric buses enhance public transport service levels, offering features like air conditioning, comfortable seating, and ergonomic designs for drivers, thus promoting a modern and dignified public transport system [6][7]

. 4 在云南祥样ダイ 令 日 美 好 AK-H 分享 挖果松嚴 近日 大理白族自治州漾濞彝族自治县 太平乡罗士登村的黑松露迎来成熟期 一大早 灵朵食用菌农民专业合作社 负责人杨军福 就和社员一起走进山林采挖黑松露 不到30分钟的时间 大家就已经采挖到3公斤 能持续带动周边群众增收致富" 品质上佳的黑松露 杨军福介绍 黑松露一般生长在松树和阔叶林间 长松露的地方一般草都比较少 土层越深松露越大 "2025年产量大概有1吨 销售额能达到五六十万元" 近年来 在村党总支牵头下 杨军福成立了专业合作社 周边群众以山地、劳力入股的方式 将山林统一交给合作社集中管护 采摘和销售 也统一由合作社负责 为进一步引导村民规范采摘 促进野生菌种群恢复 合作社发布野生菌采摘标准 坚决不采直径2厘米以下的松露 3厘米以下的野生菌 不摘老的野生菌 据了解 太平乡目前已培育出 两家专业合作社 形成管、种、采、加、销产业链 逐步走上品牌化、标准化发展道路 带动当地群众增收致富 太平乡党委副书记常健斌说 "两家合作社效益都比较好 来源：漾濞县融媒体中心 撰文：杨佳燕 赵世康 刘婷 设计：鲍子仟 编辑：陈皓 集约式管护 规范化采摘 漾濞县太 ...

Core Viewpoint - The article discusses the significance of ESG (Environmental, Social, and Governance) principles as they enter a new era with the 20th anniversary in 2024, highlighting the commitment of Chinese enterprises to sustainable development through a series of interviews with business leaders [1]. Group 1: ESG Commitment and Leadership - Liang Dong, Chairman of Zheng'an Health, emphasizes the importance of joining the UN Global Compact, stating that the commitment to sustainable development is essential for both the UN and enterprises [4]. - Zheng'an Health aims to modernize traditional Chinese medicine by integrating it with modern technology and science, promoting a holistic approach to health that aligns with sustainable development goals [5]. Group 2: Integration of Traditional and Modern Practices - The company advocates for the modernization of traditional Chinese medicine by combining it with various modern disciplines such as psychology, physics, chemistry, biology, computer science, and artificial intelligence [5]. - Zheng'an Health is positioned not only as a clinic but also as an educational and lifestyle institution, focusing on the integration of traditional practices with contemporary living [5]. Group 3: International Collaboration in Traditional Medicine - Liang Dong expresses hopes for international cooperation in traditional medicine, emphasizing the need for openness and mutual learning among practitioners [6]. - The importance of maintaining contact and sharing knowledge between traditional medicine practitioners and modern technology is highlighted as a pathway to innovation [6].

Group 1 - The core viewpoint of the article highlights the launch of two new products by the leading global krill oil company, Fengshi Technology, during its ecological partner conference in Qingdao, showcasing its commitment to market growth through innovation [1] Group 2 - Fengshi Technology introduced two new products: "Fengshi Xiangmian" and "VIK Gold Standard Little Giant" krill oil, targeting the sleep aid market with innovative phospholipid delivery technology [2] - The "Fengshi Xiangmian" product aims to address sleep issues by delivering natural sleep aid ingredients like lemon balm and GABA effectively, promoting quick sleep onset and deep sleep [2] - The "VIK Gold Standard Little Giant" krill oil reflects the company's dedication to quality and provides consumers with a reliable health choice [2] Group 3 - The success of the new products is supported by a robust channel network, with Fengshi Technology's "Ten-Hundred-Thousand" plan serving as the backbone connecting the brand to consumers [3] - The company has initiated preparations for the opening of five health flagship stores across regions including Beijing, Gansu, Yunnan, and Zhejiang, expanding its retail presence [3] - Fengshi Technology currently operates over 2200 retail stores and counters, penetrating high-end supermarkets and chain pharmacies, and aims to provide comprehensive family health solutions through flagship stores [3] Group 4 - The ecological partner conference illustrates a sustainable development path for Fengshi Technology, focusing on innovative products to meet market demands and fostering a win-win ecosystem with partners [3] - As a leading company in global krill oil sales and a national-level "specialized, refined, characteristic, and innovative" small giant, Fengshi Technology is committed to enhancing the quality of health experiences for consumers and contributing to the health industry in China [3]