Company News - Mobileye Global, an autonomous driving technology company under Intel, saw its stock rise over 8% in pre-market trading after securing a deal with a major U.S. automaker [1] - Tesla's Shanghai Gigafactory is projected to contribute over half of Tesla's global delivery volume by 2025 [1] - Xpeng Motors announced that the new Xpeng P7+ has completed trial production at its Graz factory in Austria [1] Market Dynamics - U.S. stock index futures showed mixed results, with Dow futures down 0.06%, S&P 500 futures up 0.25%, and Nasdaq futures up 0.64% [1] - Major European stock indices strengthened, with the FTSE 100 up 0.26%, CAC 40 up 0.02%, DAX 30 up 0.61%, and the Euro Stoxx 50 up 0.64% [1] - Energy stocks in the U.S. saw pre-market gains, with Schlumberger up over 8%, Halliburton and Valero Energy up over 7%, Chevron and ConocoPhillips up over 6%, and ExxonMobil up nearly 3% [1]

大型科技股中，阿里巴巴-W涨0.28%，腾讯控股涨0.25%，京东集团-SW涨0.63%，小米集团-W涨 0.25%，网易-S涨2.52%，美团-W平收，快手-W跌0.16%，哔哩哔哩-W涨1.4%。造车新势力普涨，理想 汽车、零跑汽车涨超1%；新股壁仞科技开盘大涨82%，市值达855亿港元。 离岸人民币兑美元升破6.97，最高升至6.9678，创2023年5月以来新高。美股在2025年最后一个交易日走 势向下，科技股走势拖低大市，三大指数均录得跌幅收市。美元低位靠稳，美国十年期债息回升至4.17 厘水平，金价急跌后有反弹，油价则有所回落。 1月2日，港股恒生指数开盘涨0.34%，报25717.42点，恒生科技指数涨0.58%，报5547.85点，国企指数 涨0.4%，报8949.76点，红筹指数涨0.56%，报4037.86点。 | 名称 | 最新价 | 涨跌幅√ | | --- | --- | --- | | 恒生科技指数 | 5547.85 | +0.58% | | 800700 | | | | 国企指数 | 8949.76 | +0.40% | | 800100 | | | | 恒生指数 | 2571 ...

Investment Rating - The report maintains a "Weaker than the market" rating for the U.S. stock market, particularly focusing on the semiconductor sector [4]. Core Insights - The semiconductor sector has shown a strong upward trend in both fundamentals and stock prices, contributing significantly to the market's recovery [1]. - The S&P 500 index increased by 1.4%, with the semiconductor products and equipment sector rising by 4.0%, indicating robust performance compared to other sectors [1]. - There has been a notable inflow of funds into the semiconductor sector, with an estimated net inflow of $24.3 billion, highlighting investor confidence [2]. Summary by Sections 2.1 Investment Returns - The semiconductor products and equipment sector reported a weighted average price return of 4.0% this week, with a 56.2% return year-to-date [14]. 2.2 Fund Flows - The semiconductor sector experienced a net inflow of $2.433 billion this week, reflecting strong investor interest and confidence in the sector's growth potential [16]. 2.3 Earnings Forecast - The earnings per share (EPS) forecast for the semiconductor products and equipment sector was adjusted upward by 0.6% this week, indicating positive expectations for future performance [17]. 2.4 Valuation Levels - The report does not provide specific valuation levels for the semiconductor sector, but the overall positive trends in investment returns and earnings forecasts suggest a favorable outlook for valuations [19].

美股周二收盘，道指收涨0.16%，纳指涨0.57%。标普500指数涨0.45%，创下收盘新高。英伟达 (NVDA.O)涨3%，博通(AVGO.O)涨2%，Circle(CRCL.N)跌近5%。纳斯达克中国金龙指数收跌0.58%， 叮咚买菜(DDL.N)涨超5%，万国数据(GDS.O)跌3%。 ...

US stocks edged lower on Tuesday as investors assessed the long-awaited November employment report. The S&P 500 slipped 0.1%, the Nasdaq Composite declined roughly 0.2%, and the Dow Jones Industrial Average traded near unchanged. ...

Core Viewpoint - The U.S. stock market is experiencing a surge, particularly in small-cap stocks, with the Russell 2000 index reaching a record closing high, indicating a broadening market rally towards companies more sensitive to economic growth [1] Group 1 - The Russell 2000 index, which reflects the performance of small enterprises, rose by 0.76% to close at 2531.16 points, marking a historical high [1] - The current market trend suggests that small-cap stocks may outperform larger stocks if a strong year-end rally occurs, as noted by Miller Tabak's chief market strategist Matt Maley [1] - Maley indicated that hitting a significant historical high could attract momentum funds, potentially leading to better performance for this segment of the market [1]

证券研究报告 | 2025年11月30日 美股市场速览 弱于大市 价格快速修复，业绩预期平稳 价格走势：多数行业与全风格显著修复 本周，标普 500 涨 3.7%，纳斯达克涨 4.9%。 风格：小盘成长（罗素 2000 成长+6.3%）＞小盘价值（罗素 2000 价值+4.7%） ＞大盘成长（罗素 1000 成长+4.2%）＞大盘价值（罗素 1000 价值+3.4%）。 22 个行业上涨，1 个行业下跌，1 个基本持平。上涨的主要有：汽车与汽车 零部件（+9.3%）、媒体与娱乐（+6.5%）、半导体产品与设备（+6.2%）、 耐用消费品与服装（+4.8%）、零售业（+4.7%）；下跌的主要有：家庭与个 人用品（-0.4%）。 资金流向：多数行业带动资金显著回流 本周，标普 500 成分股估算资金流（涨跌额 x 成交量）为+214.0（亿美元， 下同），上周为-154.0，近 4 周为-133.6，近 13 周为+492.3。 22 个行业资金流入，2 个行业资金流出。资金流入的主要有：半导体产品与 设备（+46.3）、媒体与娱乐（+43.0）、汽车与汽车零部件（+33.5）、综 合金融（+17.4）、技术硬件 ...

FICC日报 | 2025-11-28 市场抛压减弱，沪指收红 市场分析 企业利润回落。宏观方面，国家统计局公布数据显示，1-10月份，全国规模以上工业企业利润总额同比增长1.9%， 累计增速连续三个月保持增长。10月份，规模以上工业企业利润同比下降5.5%。对外方面，中国贸促会新闻发言 人称，应美国商会邀请，中国贸促会将于12月初组织中国企业家代表团访问美国。海外方面，欧洲央行发布10月 会议纪要，详解其在该次会议上按兵不动的依据，进一步强化了市场对本轮降息周期终结的预期。欧洲央行管委 卡扎克斯最新表示，鉴于欧元区通胀仍可能高于预期，目前讨论再次降息为时尚早。 沪指收红。现货市场，A股三大指数延续冲高回落走势，沪指涨0.29%收于3875.26点，创业板指跌0.44%。行业方 面，板块指数涨跌互现，轻工制造、基础化工、石油石化行业涨幅居前，传媒、商贸零售、计算机行业跌幅居前。 当日沪深两市成交额为1.8万亿元。海外方面，美股因感恩节休市。欧洲三大股指收盘小幅上涨，德国DAX指数涨 0.18%报23767.96点。 期指活跃度提升。期货市场，基差方面，IH、IF、IC贴水程度收窄。成交持仓方面，股指期货的成交 ...

Core Viewpoint - Bank of America is lowering its expectations for the U.S. stock market in 2024, warning that strong earnings may not translate into strong market returns [1] Summary by Relevant Categories Market Outlook - Analyst Subramanian predicts the S&P 500 index will reach 7100 points, indicating approximately a 5% price return [1] - The bank has set a wide range for the S&P 500 index, with a bear/bull market range of 5500 to 8500 points [1] Liquidity and Economic Factors - Current liquidity is at full capacity, but future trends may indicate a reduction rather than an increase [1] - Expectations include less stock buybacks, more capital expenditures, and fewer interest rate cuts from the central bank compared to last year [1] - The Federal Reserve is expected to only cut rates in response to weak economic growth [1]

Group 1: Precious Metals Futures - Spot gold prices experienced significant volatility, initially breaking through $4050/oz with a daily increase of 0.14%, followed by a rapid decline, losing key support levels at $4040, $4030, $4020, and $4010/oz, with a maximum daily drop of 1.87% [1][2] - New York futures gold also saw fluctuations, dropping from above $4050/oz (with a daily decrease of 0.55%) to below $4030/oz, with a maximum daily decline of 2.07% [3][4] - Goldman Sachs indicated that central banks may significantly purchase gold in November, predicting gold prices could rise to $4900/oz by the end of 2026 [6] Group 2: Energy and Shipping Futures - Goldman Sachs adjusted its outlook for oil prices, forecasting average prices for Brent and WTI crude oil to drop to $56/barrel and $52/barrel by 2026, respectively, due to strong global supply (excluding Russia), leading to a significant surplus of 2 million barrels per day [7] - However, it is expected that oil prices will rebound to long-term target levels of $80/barrel for Brent and $76/barrel for WTI by the end of 2028 [8] Group 3: Macroeconomic and Market Impact - Federal Reserve official Waller signaled a key policy direction, supporting a 25 basis point rate cut at the December 9-10 meeting, while expressing caution about a 50 basis point cut, noting that a 25 basis point reduction would not restore employment growth to previous levels [9][10][11] - It was also noted that U.S. GDP growth is expected to slow in the second half of 2025 [12] - In the U.S. stock market, major indices closed lower, with the Dow down 1.18%, Nasdaq down 0.84%, and S&P down 0.91%, while many popular Chinese concept stocks fell significantly, with Xpeng down over 10% and Manbang down over 11% [13][14]