【导读】贝莱德 加仓海尔智家、药明生物、美的集团、中国银行等港股 中国基金报记者 莫琳 万亿外资巨头又加仓了。 1月7日，据香港交易所披露，贝莱德在2026年 首个 交易日（1月2日）加仓海尔智家、药明 生物、美的集团、中国银行 等港股股票 。 据此前披露，贝莱德 曾于2025年 12月29日批量减持了美的集团等多只H股。 此前，瑞银财富管理投资总监办公室曾表示，经历了表现亮眼的一年后，中国市场的涨势有 望在2026年延续，先进制造业和科技自立自强成为新的增长引擎。此外，中国AI变现步伐领 先其他市场。他们预计，恒生科技指数2026年每股收益增长将达到37%。 由于盈利强劲、流动性充裕、政策提供支持且估值 具有 吸引力，瑞银表示继续看好中国市 场，重点关注云计算、电子商务、AI、数字基础设施以及精选的电信、金融和公用事业公司。 编辑：杜妍 校对：纪元 贝莱德再度加仓中国 香港交易所披露 的信息显示，1月2日， 贝莱德 对 药明生物H股的持股比例从5.32%升至 6.14%； 对 美的集团H股的持股比例从5.15%升至6.75%； 对 中国银行H股的持股比例从 5.98%升至6.11% ； 对 海尔智家H股的持 ...

一份年度报告显示，2025 年，主权财富基金与公共养老基金投资者向美国注入了高达 1320 亿美元的资 金，这一规模约占其去年总投资额的一半；与此同时，大型新兴市场吸引的投资额较 2024 年减少了近 三分之一。 研究咨询机构"全球主权财富基金"(Global SWF) 发布的这份报告指出，上述大型投资机构 与各国央行的资产管理总规模在去年创下 60 万亿美元的历史纪录，其中主权财富基金贡献了当年流向 美国投资总额的三分之二。"在投资接受国的选择上，市场已出现范式转变。" "全球主权财富基金"董 事总经理迭戈・洛佩斯在报告中写道，并补充称，作为全球第一大经济体，美国的优势得益于其聚焦数 字基础设施、数据中心及人工智能企业的投资布局。该报告整合公开数据与官方报告，对全球国有投资 机构(包括主权财富基金、养老基金及各国央行)的资产规模与投资动向进行监测。报告显示，仅主权财 富基金的资产规模就刷新历史纪录，达到 15 万亿美元。总体来看，主权财富基金的投资总额同比增长 35%，达到 1793 亿美元。 ...

格隆汇1月1日｜一份年度报告显示，2025年，主权财富基金与公共养老基金投资者向美国注入了高达 1320 亿美元的资金，这一规模约占其去年总投资额的一半；与此同时，大型新兴市场吸引的投资额较 2024 年减少了近三分之一。 研究咨询机构"全球主权财富基金"（Global SWF） 发布的这份报告指出， 上述大型投资机构与各国央行的资产管理总规模在去年创下 60 万亿美元的历史纪录，其中主权财富基 金贡献了当年流向美国投资总额的三分之二。"在投资接受国的选择上，市场已出现范式转变。" 全球 主权财富基金研究机构董事总经理迭戈・洛佩斯在报告中写道，并补充称，作为全球第一大经济体，美 国的优势得益于其聚焦数字基础设施、数据中心及人工智能企业的投资布局。该报告整合公开数据与官 方报告，对全球国有投资机构（包括主权财富基金、养老基金及各国央行）的资产规模与投资动向进行 监测。报告显示，仅主权财富基金的资产规模就刷新历史纪录，达到 15 万亿美元。总体来看，主权财 富基金的投资总额同比增长 35%，达到 1793 亿美元。 ...

Core Insights - The report titled "TOP30: 2025 Future Industry Potential Index Report" evaluates the future industry development potential of the top 30 cities in China based on GDP rankings, focusing on innovation capabilities and industrial strengths [1] Group 1: Comprehensive Index - The future industry potential of major cities in China shows a "dual-polar leadership and gradient distribution" pattern, with Beijing and Shanghai leading the comprehensive index [1] - Shenzhen, Hangzhou, Suzhou, and Guangzhou rank third to sixth, while Chengdu, Nanjing, and Wuhan are seventh to ninth, and Hefei ranks tenth [1] - There is a divergence between future industry potential indices and GDP rankings, with cities like Hangzhou and Hefei showing higher potential rankings compared to their GDP positions [1] Group 2: Innovation Source Index - Future industry potential largely depends on the innovation capabilities of cutting-edge technologies, with Beijing leading significantly, followed by Shanghai [2] - Provincial capital cities have advantages in innovation resources, including academic disciplines, talent, and R&D investment [2] Group 3: Industrial Hard Power Index - Beijing and Shanghai are closely matched in industrial hard power, with Beijing having a slight edge [2] - Shanghai leads in the number of companies listed on the Sci-Tech Innovation Board and national enterprise technology centers, while Beijing excels in the proportion of strategic emerging industry clusters [2] Group 4: Enterprise Growth Index - Beijing stands out in potential unicorns and highly investable startups, maintaining an absolute leading position [2] - Shanghai follows closely in competitiveness, with Suzhou and Shenzhen also performing well [2] Group 5: Incubation Acceleration Index - Beijing, Shanghai, and Shenzhen lead in incubation capabilities, with Hangzhou and Suzhou also showing strong performance [2] - The number of companies receiving venture capital is highest in these top-tier cities, while Xi'an shows high activity in future industry technology transactions [2] Group 6: Comprehensive Environmental Ecology Index - Shanghai leads in business environment and future industry layout, particularly in digital infrastructure and AI empowerment [3] - Hangzhou surpasses Shanghai and Beijing in digital infrastructure through a model that integrates computing power, data elements, and digital trade [3] - First-tier cities are advancing across six major future industries, while second and third-tier cities are focusing on niche areas based on comparative advantages [3]

12月30日，金融界财经早餐，宏观政策、资本市场、行业板块、公司个股要闻一览： 一、今日财经要闻 1、市场监管总局部署2026年重点任务，包括：持续深化公平竞争治理，加力破除行政性垄断，加强反垄 断反不正当竞争执法，深入整治"内卷式"竞争；推动提高经营主体发展质量，完善市场准入退出制度，提 升经营主体信用水平，强化知识产权和商业秘密保护。强化平台经济常态化监管，压实平台企业"守门 人"责任，突出抓好平台规则治理，加快平台监管"一库一码一系统"建设。 2、国务院关税税则委员会发布《2026年关税调整方案》，将自2026年1月1日起实施。《方案》提到，为 增强国内国际两个市场两种资源的联动效应，扩大优质商品供给，2026年对935项商品实施低于最惠国税 率的进口暂定税率。此外为服务科技发展和技术进步，支持循环经济和林下经济发展，2026年增列智能仿 生机器人、生物航空煤油、林下山参等本国子目。调整后，税则税目总数为8972个。3、中国人民银行已 经出台《关于进一步加强数字人民币管理服务体系和相关金融基础设施建设的行动方案》（简称"《行动 方案》"），新一代数字人民币计量框架、管理体系、运行机制和生态体系将于202 ...

软银集团同意收购私募股权公司DigitalBridge Group Inc.，这笔交易对这家数据中心投资公司的估值为 40亿美元，包括债务在内。 公司周一在声明中表示，软银将以每股16美元现金收购在纽约上市的DigitalBridge。此次收购是软银加 码投资为人工智能热潮提供支撑的数字基础设施的一部分。 软银的亿万富豪创始人孙正义希望利用人工智能热潮带来的数字基础设施需求激增的契机。过去一年， 该领域涌现出一波数十亿美元的交易，主要集中在数据中心以及构建和运行这项技术所需的算力。 DigitalBridge是专注于数字基础设施的最大投资机构之一。DigitalBridge的网站显示，截至9月底，该公 司管理的资产规模约为1080亿美元。 截至发稿，DigitalBridge股价上涨9.7%，至15.28美元，略低于收购价。公司表示，此次交易较12月26日 的收盘价溢价15%。 这笔交易仍需获得监管批准，有望在2026年下半年完成。 责任编辑：李桐 软银集团同意收购私募股权公司DigitalBridge Group Inc.，这笔交易对这家数据中心投资公司的估值为 40亿美元，包括债务在内。 公司周一在声明中 ...

（编辑 王雪儿） 证券日报网讯 12月29日，上海建工在互动平台回答投资者提问时表示，公司积极开拓数字基础设施工 程建设领域，累计承建数十项数据中心项目，包括上海国际金融中心中金所数据中心、阿里巴巴中都草 原数据中心、广州南香谷数据中心、松江大数据计算中心等标杆工程。年内，公司又与银行、电商等企 业新签多项数据中心相关工程建设合同。公司亦积极布局绿色能源业务，参与大量的光伏、风电工程建 设，并投资运营22个分布式光伏项目，总装机容量达31MW。 ...

商业航天板块指数日K线图 ◎记者 费天元 东方财富研究中心发布的数据显示，截至12月26日，全球范围内今年火箭发射次数已达337次，超过 2024年的263次，再创历史新高。开源证券研报表示，太空算力为中国商业航天打通经济闭环提供了新 路径。随着发射成本下降与在轨算力提升，未来太空算力或将形成"多发多省"格局。该机构认为："天 数天算"有望率先实现落地；伴随产业技术成熟，"地数天算"有望实现终局商业闭环。 锂电池板块持续活跃 昨日，新能源主线走强，锂电池板块涨势突出。截至收盘，海南矿业、永兴材料、天际股份等收获涨 停，天赐材料、西藏珠峰、西部矿业等涨超6%。期货价格方面，广期所碳酸锂期货主力合约昨日突破 13万元关口，盘中最高触及131000元/吨，涨幅超8%，创2023年11月以来新高。 东莞证券研报表示，目前新能源汽车市场处于年末冲量和购置税减免政策窗口期，11月销量持续创新 高，同时储能需求保持旺盛，锂电池整体需求维持较高景气度。锂电产业链12月预排产环比继续微增， 行业景气度持续，产业链整体价格稳中有升。2026年一季度是新能源汽车销量的传统淡季，叠加购置税 政策变动影响，短期排产可能转淡，但储能需求 ...

Group 1 - UBS Wealth Management predicts that the Chinese stock market will continue to have upward potential through 2026, driven by advanced manufacturing and technology as new growth engines [1] - The technology sector, which accounts for about half of the MSCI China Index, is becoming increasingly resilient to external shocks and U.S. economic cycles [1] - The Hang Seng Tech Index is expected to see a 37% growth in earnings per share by 2026, with approximately 7 trillion RMB in excess household savings likely to flow into the stock market [1] Group 2 - Barclays anticipates that the Bank of Japan will raise interest rates in July and December of 2026, influenced by the spring wage negotiation cycle [2] - The report emphasizes the importance of wage negotiations as a key factor in the Bank of Japan's monetary policy and its response to the risk of yen depreciation [2] Group 3 - OANDA reports that multiple factors are driving a historic surge in precious metals, with gold potentially reaching $5,000 per ounce and silver $90 per ounce in the coming year [3] - The report attributes the rise to speculative trading, low liquidity at year-end, expectations of long-term Fed rate cuts, a weaker dollar, and increased geopolitical risks [3] - Platinum and palladium prices have surged due to supply constraints and strong industrial demand, with platinum up approximately 165% and palladium over 90% year-to-date [3] Group 4 - CICC suggests focusing on asset trend changes rather than specific gold price predictions, as current gold prices are above short-term valuation models, indicating potential bubbles [4] - The report anticipates that the gold bull market may not end soon, but volatility is expected to increase as prices deviate from fundamental indicators [4] - CICC maintains an optimistic outlook on Chinese assets, emphasizing the benefits of the AI technology wave and ample liquidity, while suggesting a focus on technology growth in the short term [5][6] Group 5 - CITIC Securities highlights the importance of maintaining macro liquidity stability through tools like reserve requirement ratio cuts and interest rate reductions [6] - The report predicts a 5%-10% increase in the overall A-share market in 2026, with Hong Kong stocks expected to experience a rebound in performance [6] - The outlook for commodities includes expectations for gold to challenge $5,000 per ounce and copper prices to rise to $12,000 per ton due to supply constraints and demand drivers [6] Group 6 - CITIC Securities notes a trend of diminishing focus on quantitative targets by the People's Bank of China, with an emphasis on long-term structural reforms [7] - The report indicates that the central bank's policy may shift towards addressing supply-side issues and reducing financing costs [7] Group 7 - Huatai Securities states that the current appreciation of the RMB is likely to enhance foreign interest in RMB-denominated assets, creating a positive feedback loop for capital inflows [8] - The report suggests that the strengthening of the RMB will continue to support the valuation of both onshore and offshore RMB assets [8] Group 8 - CITIC Jin Investment reports that rising storage costs have begun to impact consumer electronics prices, with several manufacturers increasing product prices by 100-200 RMB [9] - The report indicates that the cost pressures from rising storage prices are likely to lead to a temporary decline in consumer electronics sales [9] Group 9 - Galaxy Securities notes that leading liquor companies are adjusting their strategies for 2026, focusing on maintaining price stability and channel profitability amid cyclical pressures [10] - The report emphasizes the importance of developing new consumer segments and adapting to new consumption trends as part of long-term transformation efforts [10]

Core Viewpoint - UBS Wealth Management's Investment Office anticipates that the upward trend in the Chinese market is likely to continue until 2026, driven by advanced manufacturing and technological self-reliance as new growth engines [1] Group 1: Market Outlook - UBS believes that with domestic investors entering the market and global capital reallocating, there is still room for the Chinese stock market to rise [1] - The technology sector, which accounts for approximately half of the MSCI China Index, is increasingly resilient to the U.S. economic cycle and external shocks [1] Group 2: Growth Projections - The pace of AI monetization in China is ahead of other markets, with the Hang Seng Tech Index expected to see a 37% growth in earnings per share by 2026 [1] Group 3: Investment Opportunities - In the context of low interest rates and limited alternative investment options, approximately 7 trillion RMB of excess household savings is expected to flow into the stock market [1] - UBS continues to favor the Chinese market, focusing on cloud computing, e-commerce, AI, digital infrastructure, and selected telecommunications, financial, and utility companies [1] - Short-term market volatility due to tariffs or geopolitical factors may present good buying opportunities [1]