港股三大指数全天高位震荡，市场总体表现强势。中资券商股、保险股、有色金属股全天领涨大市。截 止收盘，恒生指数涨1.38%报26710点，国企指数1.05%，恒生科技指数涨1.46%，盘中冲高至2.33%。 另一方面，昨日大幅领涨的脑机接口概念股集体回落，半导体股、零售股、化妆品股、烟草概念股多数 走低，其中权重股中芯国际跌超1%。(格隆汇) 盘面上，大型科技股方面，网易涨近3%，快手涨2.58%，百度、腾讯、京东涨超1.2%，阿里巴巴、小米 逆势走低；机构称2026年一季度上市券商经营业绩的同比压力相对较轻，中资券商股板块涨幅领先，招 商证券大涨12%，中金公司、中国银河、中信证券等龙头集体爆发；地缘因素引爆大宗狂欢，有色金属 股集体大涨，铜业股涨幅居前，其中中国有色矿业盘中涨超10%，紫金矿业再创新高；上市险企业绩有 支撑，2026年开门红迎来多个利好因素，保险股持续上涨行情，新华保险、中国太保、中国人保齐创历 史新高！ ...

今年1月，可灵AI在移动平台的日均收入已较上月增长102%。虽然该行预期可灵AI今年首季的实际收入 增长不会如此显著，因其大部分收入仍来自PC平台，即企业及专业用户，但相信至今的强劲表现，已 证明AI影片生成仍是生成式AI发展中的关键垂直领域，亦反映行业领导者如可灵AI，其变现潜力不仅 在企业端、同时在消费端均有大量上行空间。 虽然快手持续加大资本开支，但该行认为相关投资将持续强化可灵AI的模型能力，同时广告技术升级 亦可推动高利润率广告业务增长，长远而言有利于利润率。 摩根大通发布研报称，快手-W(01024)股价近日上升，主要因近期在社交网络上流传以AI制作的宠物跳 舞影片，推动可灵AI在海外市场及手机等移动平台有强劲表现。该行预期快手2026年盈利将增长20%， 基于利润率扩张1.4个百分点;现予目标价89港元及"增持"评级。 ...

虽然快手持续加大资本开支，但该行认为相关投资将持续强化可灵AI的模型能力，同时广告技术升级 亦可推动高利润率广告业务增长，长远而言有利于利润率。 智通财经APP获悉，摩根大通发布研报称，快手-W(01024)股价近日上升，主要因近期在社交网络上流 传以AI制作的宠物跳舞影片，推动可灵AI在海外市场及手机等移动平台有强劲表现。该行预期快手 2026年盈利将增长20%，基于利润率扩张1.4个百分点;现予目标价89港元及"增持"评级。 今年1月，可灵AI在移动平台的日均收入已较上月增长102%。虽然该行预期可灵AI今年首季的实际收入 增长不会如此显著，因其大部分收入仍来自PC平台，即企业及专业用户，但相信至今的强劲表现，已 证明AI影片生成仍是生成式AI发展中的关键垂直领域，亦反映行业领导者如可灵AI，其变现潜力不仅 在企业端、同时在消费端均有大量上行空间。 ...

证券研究报告|行业定期报告 2026 年 01 月 06 日 智谱、MiniMax 上市在即，关注 AI 应用生态布局进展 互联网行业周报 TMT 及中小盘/传媒 近期各类 AI 应用及端侧迭代加速，我们持续坚定推荐业绩表现稳中向好、AI 领域领先布局的互联网龙头公司，如腾讯控股、快手、哔哩哔哩、美图公司等。 互联网行业上市公司重要公告： ❑ 百度集团： 百度集团 2026 年 1 月 2 日发布《建议分拆昆仑芯于香港联合交易所有限 公司主板独立上市》公告。公司已根据上市规则 PN15 向香港联交所提交 有关建议分拆的方案，而香港联交所已确认公司可进行建议分拆。谨此宣 布，于 2026 年 1 月 1 日，昆仑芯已透过其联席保荐人以保密形式向香港 联交所提交上市申请表格（A1 表格），以申请批准昆仑芯股份于香港联 交所主板上市及买卖。 ❑ 心动公司： 2025 年 12 月 29 日，心动公司发布《须予披露交易 - 订立资产转让协议》， XD Entertainment（公司的全资附属公司）与卖方及 Golden Arc 订立资 产转让协议，据此，XD Entertainment 同意向卖方购买及收购转让资产 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 在基础设施投资持续攀升的背景下，华尔街目前的焦点已从单纯的"军备竞赛"转向"商业化落地"。 据追风交易台信息，美银在1月5日的报告中表示，2026年将是AI公告撼动市场的又一个关键年份。无 论是芯片技术、前沿模型，还是用户数据和分发渠道，其重要性都在加剧。在基础设施投资持续攀升的 背景下，AI能力依然是大盘互联网股的核心资产和估值驱动力。 美银总结了潜在的重磅消息，这些消息可能在2026年改变竞争格局、货币化轨迹，成为投资者情绪的关 键催化剂。 基准情景：七大潜在重磅消息或将重塑竞争格局 美银认为以下事件在2026年发生的可能性较高，且直接关系到巨头的护城河与现金流： 1． 亚马逊与OpenAI签署"代理商务"协议（Agentic Commerce） 报告指出，鉴于亚马逊首次对OpenAI进行潜在投资的消息，以及谷歌在Gemini和智能代理平台方面的 显著进展，亚马逊与OpenAI达成智能代理商务交易的可能性正在增加。 任何协议都需要精心设计以保护亚马逊的Prime会员体系，并可能包括亚马逊与OpenAI的广告收入分 成。 分析师认为， ...

在投资标的选择上，该行看好腾讯与阿里巴巴作为核心AI受益股；携程与网易则凭借稳健的盈利能力 展现韧性；极兔速递具备跨境业务的增长潜力。 花旗发表研报指，中国互联网板块在2025年表现突出，以31%的涨幅领跑全球主要市场。展望2026年， 中国的AI主题有望成为互联网行业的核心焦点，市场预期将围绕三大方向展开：首先是云基础设施、 及推理Token使用所带来的持续性收入增长；其次是AI聊天机器人之间的流量入口争夺战，主要互联网 企业正加速抢占AI时代的流量关口，以便未来生态系统的变现；最后是垂直领域的玩家透过自主训练 的专有数据AI代理，保持领先地位并加强用户黏性与变现潜力。 ...

新年初始的第一份基金投资建议。 文/每日财报 方旬 2026年1月5日，华夏中证港股通互联网交易型开放式指数证券投资基金（基金代码：520910，认购代码：520913，产品简称：港股通互联网ETF基金）正 式发行。这个时间点并不偶然——港股互联网板块，正好站在AI科技变革和价值低估交汇的位置上。 港股市场里的科技板块，向来以波动大、弹性强出名，相关指数每年的波动率差不多都维持在 35% 左右。这种特点在市场低迷的时候，容易让负面情绪 被放大；但一旦市场周期转好，往往也能带来更可观的反弹空间。 | 产业链环节 | 酒股标的 | 投资机会 | | --- | --- | --- | | 模型与云服务 | 阿里（9988.HK）、自度（9888.HK）、腾讯（0700.HK） 商汤（0020.HK）、第四范式（6682.HK） | DeepSeek为模型计算和推理能力的提升提供了新的路径，不 来模型迭代有望加速，并有望涌现更多开源模型，有助于不同 场景应用落地、不断壮大配套生态，云服务需求也将加速增长 | | 伊什网用 | 消費电子硬件: 小米（1810.HK）、联想（0992.HK）、瑞声科技 (2018.HK ...

Group 1 - The core viewpoint of the article highlights the active performance of the Hong Kong technology sector, with notable gains in stocks such as SenseTime-W, JD Health, and others, indicating a positive market sentiment [1] - The macroeconomic context includes the Federal Reserve's decision to lower interest rates as indicated in the December 2025 meeting minutes, alongside a rise in China's composite PMI output index to 50.7%, reflecting an expansion in production activities [1][13] - The net inflow of southbound funds exceeded 18.7 billion HKD on the first trading day of the year, while foreign capital showed a decreasing trend in outflows, with passive foreign capital inflows into Hong Kong and Chinese concept stocks reaching 900 million USD [1][13] Group 2 - GF Securities notes that the recent rise in Hong Kong stocks is supported by fundamentals, with signs of structural recovery in profitability expected to strengthen from the second half of 2024 due to stabilizing domestic and external demand [1][16] - The article mentions that the Hong Kong technology index consists of 30 leading tech companies selected based on high market capitalization, R&D investment, and revenue growth, with a flexible sample adjustment mechanism to maintain competitiveness [4] - The top five constituents of the Hong Kong technology index include Tencent Holdings, Alibaba-W, and Xiaomi Group, with significant weightings of 15.46%, 14.54%, and 13.50% respectively, indicating a high concentration in the index [9][7]

Recent Key Events - The Federal Reserve announced a 25 basis point interest rate cut, lowering the target range to 3.50%-3.75%, with expectations for further cuts in 2026 and 2027 [1][9] - Japan's central bank raised its policy rate from 0.5% to 0.75%, the highest in 30 years, indicating a move towards achieving a 2% inflation target [1][9] Smart Driving Catalysts - On December 15, the Ministry of Industry and Information Technology approved two L3 autonomous driving models, Changan Deep Blue SL03 and BAIC Alpha S, for trial operations [2][10] - Tesla tested a Robotaxi service in Austin without a safety driver, marking a significant milestone in autonomous driving [2][10] - Waymo is reportedly in talks to raise over $15 billion, with a valuation nearing $100 billion [2][10] Consumer Goods Replacement Policy - The National Development and Reform Commission announced a large-scale equipment update and consumer goods replacement policy for 2026, including subsidies for electric and fuel vehicles, as well as various household appliances [3][11] Current Investment Recommendations - **Beike-W (2423.HK)**: Positioned as a restructuring force in the brokerage service industry, with significant growth potential in the existing real estate market [4][25] - **China Qinfa (0866.HK)**: Benefits from improved coal quality and expected price recovery, with significant growth opportunities [4][28] - **Alibaba-W (9988.HK)**: Steady model iteration and sustained interest in the Qianwen APP, with strong growth in e-commerce and cloud services [4][32] - **Tencent Holdings (0700.HK)**: Launching a mini-program growth plan to support developers in creating AI applications, with strong revenue growth [4][36] - **Kuaishou (1024.HK)**: Recent product launches received positive market feedback, with strong revenue growth driven by e-commerce [4][40] - **Google-A (GOOGL.O)**: Leading capabilities in AI models with continued penetration in edge applications, strong revenue growth in cloud services [4][44] - **Chipsun Technology (1478.HK)**: Expanding optical scenarios and building integrated capabilities, with significant revenue growth [4][49] - **Hesai (HSAI.O)**: Positive shipment growth in lidar products, indicating a strong long-term outlook [4][52]

Market Performance - The Hang Seng Index closed at 26,347, up 0.03% for the day and up 2.80% year-to-date [1] - The Hang Seng Tech Index closed at 5,741, up 0.09% for the day and up 4.09% year-to-date [1] - The A-share market saw the Shanghai Composite Index rise to 4,023, up 1.38% [6] - The Dow Jones Index reached 48,977, up 1.23% for the day [7] - European indices showed positive performance, with the DAX Index up 1.34% [8] Currency and Commodity Trends - The Renminbi Index stood at 97.990, up 0.07% month-on-month and up 2.77% over six months [2] - Brent crude oil prices decreased by 5.25% over the past month, while gold prices increased by 5.46% [2] - The price of silver surged by 30.12% over the past month, indicating strong demand [2] Company Updates - Sunac China Holdings received a court ruling rejecting a winding-up petition, with a debt restructuring plan set to take effect [11] - Chifeng Jilong Gold Mining announced a projected net profit increase of at least 70% for the year, driven by higher gold production and prices [18] - Samsung Electronics plans to double the number of devices equipped with AI Google Gemini technology this year, indicating a strong push towards AI integration [15] Real Estate Market Insights - The number of residential property transactions increased by 43.4% year-on-year, with total contract values rising over 50% [14] - The total value of residential property transactions reached 65 billion HKD, reflecting a robust recovery in the real estate sector [14] Upcoming IPOs - Several companies are set to go public, including Zhipu Technology and Jingfeng Medical, with expected listing dates in early January 2026 [26][27] - The anticipated IPOs reflect ongoing interest in sectors such as advanced materials and biotechnology [26][27]