Core Viewpoint - The stock indices showed mixed performance this week, with significant capital inflow into the CSI A500-related ETFs, while certain industry-themed ETFs, particularly in the military sector, faced substantial outflows [1][2][10]. Group 1: Market Performance - The total trading volume in the Shanghai and Shenzhen markets reached 9.73 trillion yuan, with the Shanghai market accounting for 4.05 trillion yuan and the Shenzhen market 5.68 trillion yuan [2]. - The Shanghai Composite Index closed at 3963.68 points, up 1.88% for the week, while the Shenzhen Component Index closed at 13603.89 points, up 3.53% [2]. - A total of 380.69 billion yuan net inflow was recorded for stock ETFs and cross-border ETFs, with broad-based index ETFs seeing a net inflow of 490 billion yuan [2]. Group 2: ETF Inflows and Outflows - The CSI A500-related ETFs experienced a net inflow of 493 billion yuan this week [5]. - In contrast, 64 industry-themed ETFs saw a net outflow exceeding 1 billion yuan, with significant losses in military-related ETFs [13]. - The top ten large-scale broad-based index ETFs collectively faced a net outflow of 17.85 billion yuan, with the CSI 300 ETF alone seeing a net outflow of 34.08 billion yuan [7]. Group 3: Industry Themes - Industry-themed ETFs such as satellite, new energy, and gaming ETFs attracted significant capital, with net inflows of 15.51 billion yuan, 13.04 billion yuan, and 11.92 billion yuan respectively [10]. - Conversely, military-related ETFs faced substantial outflows, with the military leader ETF and military ETF seeing reductions of 26.66 billion and 12.48 billion shares, respectively, resulting in net outflows of 19.42 billion yuan and 16.11 billion yuan [12][13]. - Analysts suggest that the recent capital inflow into the CSI A500 index reflects a strategic positioning by long-term capital in anticipation of structural market changes [22]. Group 4: Future Outlook - Analysts predict that as macroeconomic data impacts diminish, liquidity and risk appetite will increasingly influence the market, potentially leading to a "spring rally" characterized by significant index movements [9]. - The upcoming launch of two new ETFs tracking Hong Kong stocks and AI-related sectors is expected to attract additional investor interest [23].

Group 1: Wealth Increase of Tech Billionaires - The wealth of top U.S. tech billionaires increased by over $550 billion (approximately 3.86 trillion RMB) this year, driven by investor enthusiasm for leading AI companies [1] - As of Christmas Eve, the total cash, equity, and other investment assets held by the top ten tech founders and CEOs in the U.S. approached $2.5 trillion, up from $1.9 trillion at the beginning of the year [1] - Elon Musk remains at the top with a net worth of $645 billion, having seen an increase of nearly 50% [1] Group 2: Performance of Key Individuals - Larry Page's net worth increased by 61% to $270 billion, while Jeff Bezos saw a 7% increase to $255 billion [2] - Jensen Huang, founder of Nvidia, ranks eighth among U.S. tech executives with a net worth of $156 billion, reflecting a 37% increase [2] - Bill Gates experienced a decline in net worth by 26%, now standing at $118 billion [2] Group 3: Investment in Hard Technology - China has established three venture capital funds focused on "hard technology," each exceeding 50 billion RMB (over $7.1 billion) [7] - The funds aim to invest in early-stage companies with valuations below 500 million RMB, targeting key areas such as integrated circuits, quantum technology, and biomedicine [7] - The investment strategy emphasizes a broad approach to cover a wide range of innovative enterprises while managing project risks [7] Group 4: New Product Launches - Honor launched the WIN series smartphones featuring a 10,000mAh battery, marking a significant advancement in battery capacity [12] - The new devices support 100W wired fast charging and 80W wireless fast charging, addressing power anxiety for users [12][16] - Tianma Microelectronics announced the mass production of a 185Hz AMOLED display, showcasing advancements in high refresh rate technology [18] Group 5: New App Developments - JD.com is testing a new app called "JD AI Purchase," designed to assist users with shopping and life services using AI [10] - The app features proactive suggestions for shopping strategies and allows users to create orders with simple commands [11] - The return of the QQ Show, a nostalgic feature, includes new functionalities for users to generate personalized avatars and interact with friends [20]

不可否认，在一些地方，制造业"老三样"存在附加值不高、缺乏差异化竞争、环保压力较大等问题。但 解决这些问题不能采用"一刀切"关停办法，而是要加快高端化、智能化、绿色化转型。服装、家具等产 业的绿色转型，可推动环保染料、节能电机等配套产业发展；家电行业的智能化升级，可为芯片、传感 器等零部件企业创造广阔市场。反之，若没有"老三样"多年积累的制造业基础、产业工人储备和全球营 销网络，芯片、"新三样"也难以快速实现规模化发展。全球产业竞争的实践表明，真正强大的制造业体 系，必然是多元协同、梯次发展的，既要有引领未来的芯片、"新三样"，也要有根基扎实的"老三样"。 正确处理新旧产业关系，核心在于坚持因地制宜、实事求是。各地发展产业"不能刻舟求剑、拿一个模 子去套"，而应立足资源禀赋和产业基础，实现芯片、"新三样"与"老三样"的有机衔接。产业基础雄厚 的地区可聚焦芯片、"新三样"核心技术攻关，打造创新集群；劳动力资源丰富的地区可深耕"老三样"的 升级改造，延长产业链条。 "一些地方不顾实际，盲目追风口。看别人搞芯片，自己也搞。看别人搞'新三样'，自己也不甘落 后。"在最近召开的中央经济工作会议上，习近平总书记指出，一些 ...

智通财经APP获悉，华尔街分析师对英伟达(NVDA.US)与AI推理芯片公司Groq的最新交易普遍持乐观 态度。其中，Cantor机构认为该交易兼具"进攻性"与"防御性"双重战略意义，重申英伟达为"首选股"， 维持"增持"评级并给出300美元目标价;而美银则指出，英伟达以高价收购Groq虽在意料之外，却成功将 潜在ASIC技术威胁转化为自身竞争壁垒，从长期视角看这一布局价值显著，因此维持"买入"评级及275 美元目标价。 当地时间周三，Groq 宣布已与英伟达签署一项非独家许可协议，授权后者使用其推理技术。根据协 议，Groq 创始人乔纳森·罗斯、总裁桑尼·马德拉及其他团队成员将加入英伟达，以推动并扩大该授权技 术的落地。据报道，英伟达将出资约 200 亿美元收购 Groq 的相关资产。 Cantor 重申英伟达为"首选股"，维持"增持"评级及 300 美元目标价。 "平安夜，英伟达宣布以 200 亿美元收购 Groq 的 IP 及人才(可视为'人才并购')。总体而言，我们认为此 次收购兼具进攻与防御属性。进攻端，我们了解到英伟达一直在与 Groq 合作进行特定推理加速。我们 推测，英伟达看到了真正的机会，并 ...

Core Viewpoint - The article discusses the performance of the U.S. stock market during the holiday season, highlighting the potential for a "Santa Claus rally" and the impact of economic data and corporate earnings on market trends in 2026 [5][6]. Market Performance - On the first trading day after Christmas, major U.S. stock indices hovered near historical highs, with the Dow Jones down 20.19 points (0.04%) at 48,710.97, the Nasdaq down 0.09% at 23,593.10, and the S&P 500 down 0.03% at 6,929.94 [3]. - The S&P 500 index has seen a cumulative increase of over 17% since the beginning of 2025, with large tech stocks leading the gains, although recent trends show a broader market rally including financial and materials sectors [6]. Economic Outlook - Analysts predict a 15.5% profit growth for S&P 500 companies in 2026, up from a forecasted 13.2% growth in 2025, indicating a positive outlook for corporate earnings [6]. - The market is expected to benefit from tax reforms signed in July and interest rate cuts implemented in the fourth quarter, which are seen as supportive factors for the market in 2026 [6]. Sector Performance - The recent market rally is attributed not only to technology stocks but also to financial and industrial sectors, suggesting a more diversified economic recovery [6]. - Individual stock performances varied, with Nvidia up 1.0% due to a technology licensing agreement, while other tech giants like Apple and Google saw slight declines [9]. Commodity Market - International oil prices fell, with WTI crude down 2.76% to $56.74 per barrel, while precious metals saw significant gains, with gold futures rising 1.08% to $4,529.10 per ounce and silver futures up 7.68% to $76.48 per ounce [10].

2025并购市场的新变化 2025年，中国并购市场出现了一个令人费解的悖论。 并购市场繁荣的表象之下，真正发生的，是并购融资体系的史无前例扩张。 经历过2015年那轮牛市的市场参与者，对"炒壳"的套路再熟悉不过：找一个市值20-30亿的壳公司，注入优质资产，借壳上市，股价翻几番。彼时的盛大 游戏、三六零，都是这个剧本的忠实执行者——独角兽是标的，上市公司是工具。 2025年，剧本彻底改写了。 当智元机器人宣布收购上纬新材51%股权时，市场第一反应是"又一个借壳上市"。但随后发生的事情让所有人意外：智元主动披露，36个月内不存在借壳 上市意图，且已启动独立IPO的股份制改造程序。更离谱的是，这样的声明在2025年下半年变成了"标准动作"——中昊芯英收购天普股份、七腾机器人收 购胜通能源，无一例外都发布了相同表态。 这意味着，它们手里握着两张牌：一张是自己的IPO，一张是收购来的上市平台。 对比之下，哈啰出行的路径更符合常识：美股IPO折戟后，转而收购国内上市公司，勉强算是"曲线救国"——这是失败者的Plan B。 一边是IPO大门重新敞开：科创板审核提速、港股IPO爆发式反弹，优质资产的上市路径前所未有地通畅； ...

打开手机刷AI生成视频，新能源电站靠算力调度发电，甚至家里的智能家电都要靠芯片"思考"——现在不管是日常日子还是产业升级，都离不开"算力"这个 硬支撑。而提到算力核心的GPU芯片，以前大家首先想到的都是英伟达这类国际巨头，总觉得国产芯片还差着一截。 可2025年底，一匹"国产黑马"横空出世，直接打破了这个格局——它就是被称为"中国版英伟达"的摩尔线程。12月5日刚登陆科创板，短短几天股价就像坐 了火箭，从114.28元的发行价一路飙升，最高涨到940元以上，即便后续有所回落，截至12月17日总市值仍达3360亿元 。 更让人振奋的是，凭借在能源算力领域的硬核实力，它成功登顶全球能源科技龙头，让"中国芯"在全球高端算力赛道有了话语权。 市值暴涨的背后，是摩尔线程拿得出手的技术硬实力。2025年12月20日，在首届MUSA开发者大会上，公司亮出了全栈技术底牌——新一代GPU架构"花 港"，直接刷新了国产GPU的性能上限 。这款架构在计算密度上提升了50%，效能最高能提升10倍，还完整支持从FP4到FP64的全精度计算，不管是AI训 练、图形渲染还是科学计算，都能轻松hold住 。 更厉害的是它的"夸娥"万卡智算集 ...

国际油价跳水超2%。 *三大股指本周均收涨超1%； *中长期美债收益率窄幅波动，2年期美债失守3.50%； *英伟达涨1%，公司与初创企业格罗克达成授权合作协议。 圣诞节后首个交易日，美股三大股指在清淡交易中徘徊于历史高点附近。截至收盘，道指跌20.19点， 跌幅0.04%，报48710.97点，纳指跌0.09%，报23593.10点，标普500指数跌0.03%，报6929.94点，盘中创 新高。 从周度表现来看，标普500指数累计上涨1.4%，在五周内第四次实现周线收涨，道指与纳指本周以来的 涨幅同样超过1%。 市场关注"圣诞行情" 因人工智能及科技股估值过高、资本支出高企侵蚀企业利润引发市场担忧，美股上周一度遭遇抛售潮。 不过，强劲的经济数据、明年美联储新任主席上任后或进一步放宽政策的预期，共同推动美股企稳回 升。标普500、道指和纳斯达克综合指数均有望实现连续第三年上涨。 "2026年或将成为美股的'业绩验证年'。企业必须通过人工智能及其他领域的投资，切实实现生产力提 升与利润率增长。"财富管理机构Annex Wealth Management首席经济学家雅各布森（Brian Jacobsen）表 示。 ...

在年末的钟声即将敲响之际，全球金融市场再次展现了其变幻莫测的一面。美股市场在经历了一波连涨 之后，于周五（12月26日）出现了窄幅震荡，三大指数集体微跌，为全年的行情画上了一个暂时的逗 号。与此同时，贵金属市场却异军突起，金银价格同步创下历史新高，成为年末市场的一大亮点。 美股震荡，科技股与芯片股表现分化 周五，美股市场呈现出窄幅震荡的态势，道琼斯指数微跌0.04%，报48710.97点；标普500指数下跌 0.03%，收于6929.94点；纳斯达克综合指数也下滑0.09%，至23593.10点。尽管三大指数均有所回落， 但市场分析人士指出，这更多是技术性调整和仓位布局的结果，而非基本面出现重大变化。 在个股方面，大型科技股表现分化。英伟达凭借与AI芯片初创公司Groq的技术授权协议及人才招揽， 股价上涨超过1%，收于11月13日以来的最高水平。然而，特斯拉、脸书、谷歌、苹果和微软等科技巨 头则纷纷下跌，跌幅在0.06%至2.1%之间。芯片股方面，费城半导体指数微涨0.05%，但个股表现参差 不齐，台积电涨超1%，而ARM和恩智浦半导体则下跌超过1%。 | 名称 | 现价 | 涨跌 -- | | --- | ...

市场普遍将此举类比为Meta Platforms(MEA.US)在2012年收购Instagram。这是一笔典型的防御性交易， Meta创始人扎克伯格担心新兴社交平台威胁Facebook的核心地位。事后证明，这一布局不仅化解了竞争 风险，还为Meta带来了更年轻的用户群体。如今，英伟达投资Groq，同样被视为"先下手为强"的防守策 略。 不过，这一选择也隐含着英伟达对未来竞争的判断变化。分析人士认为，此举在维持公司长期增长潜力 的同时，也意味着英伟达正在为可能下降的盈利能力做准备。 过去两年，英伟达GPU一直是AI革命的"主力引擎"。自2022年11月ChatGPT问世前，公司单季营收仅约 59亿美元，而在最新一个季度已接近其10倍。其最新季度73%的毛利率，更凸显了在AI训练领域几乎无 可撼动的市场地位。 GPU的优势在于"通用性"，既能用于大模型训练，也能承担推理任务(如聊天机器人、图像生成等)。但 随着AI应用落地，推理正在成为算力需求增长最快的环节，而竞争也正是在这里加速。 早在2015年，谷歌(GOOG.US，GOOGL.US)就推出了自研的TPU，微软(MSFT.US)和亚马逊(AMZN.US) ...