经新华财经统计，12月22日，剔除1只停牌股，科创板剩余597只个股平均涨幅1.01%，平均换手率 2.66%，合计成交额1858亿元，平均振幅为3.64%。 个股表现方面，鼎通科技涨20%，领涨成分股；拉普拉斯跌10.02%，跌幅居首。 成交额方面，中芯国际成交额86.2亿元，位居首位；ST帕瓦成交额425.5万元，位居末位。 换手率方面，C优速换手率为49.02%，位居首位；龙腾光电换手率为0.20%，位居末位。 （文章来源：新华财经） 新华财经北京12月22日电 （王媛媛）科创50指数12月22日震荡上涨。至收盘时，科创50指数报 1335.24，涨幅2.04%，指数振幅为1.84%，总成交额约551.4亿元。 从盘面上看，科创板个股多数上涨，上涨个股超300只。高价股表现较好，低价股有所分化。 细分领域中，半导体、小金属、化工原料、专用机械类个股表现活跃，医疗保健、生物制药类个股下 跌。 ...

Core Viewpoint - Goldman Sachs predicts that the global stock market will continue its bull market into 2026, but the index returns will be lower than in 2025, with a broader diversification in the market as AI benefits spread from core tech giants to a wider range of industries [1][2] Economic Environment - The global economy is expected to maintain a comprehensive expansion in 2026, supported by further moderate easing of monetary policy by the Federal Reserve, providing solid support for the stock market [2] Return Expectations - According to regional market capitalization weighting, the expected price return for the global stock market in 2026 is 13%, with a total return including dividends reaching 15%, primarily driven by earnings growth rather than valuation expansion [3][8] Market Cycle Stages - The stock market cycle is categorized into four stages: "Despair" (bear market), "Hope" (valuation-driven rebound), "Growth" (longest phase driven by earnings), and "Optimism" (increased investor confidence leading to valuation rises) [4] Market Trends - The report notes a significant broadening trend in the global stock market in 2025, which is expected to continue into 2026, breaking the previous highly concentrated market structure [9][10] Performance of Major Markets - In 2025, for the first time in nearly 15 years, U.S. stocks underperformed, with total returns in Europe, China, and Asia nearly double that of the U.S. market [10][11] Regional Performance Predictions - In 2026, U.S. stocks are expected to slightly underperform compared to global markets, with the MSCI Asia-Pacific (excluding Japan) and MSCI Emerging Markets indices projected to achieve total returns of 18%, surpassing the expected 15% for the S&P 500 [12] Investment Styles - The U.S. market remains dominated by growth stocks, while non-U.S. markets are seeing better performance from value stocks, indicating a shift from the past decade's growth stock dominance [13] Sector Performance - The trend of broadening returns is evident, with technology and finance leading in 2025, while real estate and healthcare lagged, reflecting the emergence of quality stocks within both growth and value sectors [14] Concentration of Earnings - The contribution of the top seven tech giants to the S&P 500's earnings is expected to decrease from 50% in 2025 to 46% in 2026, with the earnings growth of the remaining 493 companies increasing from 7% to 9%, indicating a further decline in industry concentration [15] AI Benefits Expansion - In 2026, the benefits of AI are expected to spread from core tech giants to a broader range of industries and companies, particularly those that can leverage AI and related technologies to enhance profitability and productivity [16][20] Market Dynamics - The current tech stock enthusiasm is not seen as a bubble, as today's tech giants possess stronger balance sheets and cash flows compared to the 2000 internet bubble [17] Investor Behavior - The correlation of stocks among the five major AI hyperscalers has dropped from 80% to 20%, indicating that investors are becoming more selective about which companies to invest in within the tech sector [18] Cross-Industry Growth - The spillover effects of tech capital expenditures are expected to drive growth in non-tech sectors such as industrials, materials, and finance, creating a cross-industry growth wave termed "AI + Industry" [21]

Group 1: Global Market Overview - The Bank of Japan announced an interest rate hike, leading to increased volatility in global markets[1] - The S&P 500 Shiller PE ratio remains high at 40.15, indicating potential for further correction in U.S. tech stocks[1] - Major European indices like DAX and CAC40 are expected to experience further fluctuations due to high price-to-book ratios[1] Group 2: U.S. Market Performance - The S&P 500 index increased by 0.1%, while the Nasdaq rose by 0.48% this week[2] - The Dow Jones Industrial Average fell by 0.67% during the same period[2] - The technology sector remains overvalued, with the TAMAMA technology index PE at 36.54 and the Philadelphia Semiconductor index at 42.28[1] Group 3: Asian Market Insights - The Nikkei 225 index saw a significant decline of 2.61% this week, with expectations of further corrections due to high valuations[2] - The Hang Seng Index and related indices experienced declines of 1.1% to 2.39% this week, indicating market pressure[2] - Emerging markets like the Korean Composite Index and others are likely to face volatility due to economic fundamentals and valuation concerns[1] Group 4: Economic Indicators - Japan's CPI growth rate for November was 2.9%, down from 3% previously, indicating a potential easing of inflationary pressures[4] - The U.S. and Japan's monetary policies are diverging, contributing to market uncertainties[1] - Global geopolitical risks and unexpected economic growth could pose additional threats to market stability[5]

Group 1: Market Outlook - Goldman Sachs predicts that the global stock market will continue its bull market into 2026, with a price return of 13% and a total return of 15% including dividends, driven primarily by earnings growth rather than valuation expansion [1][2] - The current market is defined as being in the "optimistic" phase of the cycle, characterized by increased investor confidence and potential upward risks to core expectations [2][3] - The report indicates that the trend of non-U.S. markets outperforming U.S. markets will continue, with European, Chinese, and Asian markets showing total returns nearly double that of the U.S. market [1][5] Group 2: Earnings Growth and Valuation - Goldman Sachs expects all regions to achieve positive earnings growth in 2026, with the S&P 500 projected to grow earnings by 12%, STOXX 600 by 5%, Japan's TOPIX by 9%, and Asia-Pacific (excluding Japan) by 16% [3] - The report highlights that the high valuations observed in the U.S. market, with a forward P/E ratio of 22.3, will lead to returns being more reliant on fundamental earnings growth rather than valuation expansion [3] Group 3: Sector and Market Diversification - The bull market is broadening, with a notable shift away from the dominance of U.S. tech stocks, as the contribution of the top seven tech giants to S&P 500 earnings is expected to decrease from 50% in 2025 to 46% in 2026 [6] - Traditional value sectors such as financials and materials are transitioning from "value traps" to "value creators," benefiting from increased tech capital expenditures [5][6] Group 4: AI Impact and Sector Expansion - The AI dividend is expected to expand beyond core tech giants to a wider range of industries and companies that can leverage AI to enhance profitability and productivity [1][7] - The report notes a significant reduction in stock correlation among the five major AI hyperscalers, indicating a shift towards selective investment in potential winners within the tech sector [8] - The spillover effects of tech capital spending are anticipated to drive growth in non-tech sectors, creating a cross-industry growth wave termed "AI+ industry" [9]

Market Overview - The overall market has risen, closing at a rating of 4.2 stars [1] - Large, mid, and small-cap stocks have all experienced increases, with small-cap stocks rising the most [2][3] - Value style stocks have seen slight increases, while growth style stocks have risen more significantly [4] Investment Perspective - Investors can approach investment from either a trading perspective, focusing on short-term price fluctuations, or a business perspective, which is more aligned with long-term value [7][12] - Short-term market movements are difficult to predict, and most investors struggle to achieve stable returns through short-term trading [11] Value Investing Principles - Benjamin Graham, a mentor to Warren Buffett, emphasized that buying stocks equates to buying companies [13][14] - Investing in index funds is akin to owning a basket of companies, which can provide steady returns through dividends and earnings growth [15][17] - For example, investing in a dividend index fund at a 10x price-to-earnings ratio can yield annual profits of approximately 1,000 yuan, with 400-500 yuan distributed as dividends [22] Earnings Growth and Valuation - The average annualized earnings growth for dividend indices has been around 6% in recent years [23] - Market valuations can fluctuate, leading to short-term price changes, but most of the time, valuations remain stable or undervalued [26][30] - In a bull market, valuations can soar, allowing investors to realize significant returns [28][29] Growth Stocks - Growth stocks typically have higher price-to-earnings ratios, such as 25x for the ChiNext index, but they also offer higher growth rates, with recent earnings growth exceeding 20% [34][35] - The volatility associated with growth stocks is generally greater compared to value stocks [35] Hong Kong Market Insights - The Hong Kong stock market has also seen an overall increase, with technology indices performing particularly well [5][38] - The valuation table for Hong Kong indices is updated regularly for investor reference [40]

Group 1 - Tianyuan Group (06119) plans to develop new businesses related to China's health industry and has established a wholly-owned subsidiary in Hong Kong to promote this initiative [1] - The company has appointed Mr. Wu Yu as the general manager of the new subsidiary, who has extensive experience in the medical and management fields [1] - The group aims to diversify its business portfolio and expand revenue sources by exploring new opportunities in the health industry, particularly in response to the aging population and increasing demand for health management in China [1] Group 2 - The Chinese health industry shows significant growth potential, supported by national strategies such as "Healthy China 2030" and the 14th and 15th Five-Year Plans [2] - The government has elevated the development of the health industry to a national strategic priority, providing long-term policy support for areas like innovative drugs, advanced medical devices, and digital health [2] - Continuous reforms in the medical system, health insurance, and pharmaceuticals are enhancing the industry ecosystem and promoting high-quality development, creating substantial market opportunities [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 不 會 就 因 本 公 告 全 部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 TIAN YUAN GROUP HOLDINGS LIMITED 天源集團控股有限公司 於 本 公 告 日 期，本 集 團 主 要 從 事 散 貨 裝 卸 服 務、相 關 配 套 增 值 港 口 服 務 及 油 產 品 的 供 應 及 銷 售。除 致 力 發 展 現 有 主 要 業 務 外，本 公 司 亦 一 直 致 力 探 索 新 業 務 的可能性與機遇，以實現業務多元化發展、擴充業務組合、擴闊收入來源，並強 化 未 來 盈 利 能 力 與 發 展 潛 力。誠 如 本 公 司 截 至2024年12月31日止年度的年報所 披 露，本 集 團 洞 悉 大 健 康 產 業 帶 來 的 商 機，尤 其 是 有 見 於 中 國 出 現 人 口 老 年 化 的趨勢及對健康管理的需求將日益增加。 （於開曼群島註冊成立的有限公司） （股份代號：6119） 自願性 ...

Core Viewpoint - The Hong Kong stock market experienced fluctuations this week, with the consumer sector showing strength while technology and pharmaceutical sectors faced declines [1]. Index Performance - The CSI Hong Kong Stock Connect Consumer Theme Index rose by 0.6% [1]. - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index fell by 2.0% [1]. - The Hang Seng Technology Index decreased by 2.8% [1]. - The CSI Hong Kong Stock Connect Internet Index dropped by 3.0% [1]. - The Hang Seng Hong Kong Stock Connect New Economy Index declined by 3.1% [1]. Fund Flows - The Hang Seng Technology ETF (513010) and the Hong Kong Stock Connect Internet ETF (513040) saw inflows of 920 million and 270 million respectively during the week [1]. Valuation Metrics - The rolling price-to-earnings (P/E) ratios for the indices are as follows: - Hang Seng New Economy Index: 24.5x [3]. - Hang Seng Technology Index: 22.9x [3]. - CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index: 31.9x [3]. - CSI Hong Kong Stock Connect Internet Index: 24.6x [3]. - CSI Hong Kong Stock Connect Consumer Theme Index: 17.2x [3]. Historical Performance - Year-to-date performance shows: - Hang Seng New Economy Index: +29.0% [8]. - Hang Seng Technology Index: +22.6% [8]. - CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index: +68.8% [8]. - CSI Hong Kong Stock Connect Internet Index: +28.2% [8]. - CSI Hong Kong Stock Connect Consumer Theme Index: +23.9% [8]. Sector Composition - The Hang Seng Technology Index consists of the largest 30 stocks related to technology, with over 90% from information technology and consumer discretionary sectors [6]. - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index includes 50 liquid and large-cap stocks from the healthcare sector, with over 90% weight in healthcare [6]. - The CSI Hong Kong Stock Connect Internet Index comprises 30 leading internet companies, primarily from information technology and consumer discretionary sectors [6]. - The CSI Hong Kong Stock Connect Consumer Theme Index includes 50 liquid and large-cap consumer stocks, with over 55% from consumer discretionary [6].

Group 1 - The core viewpoint emphasizes a "growth and dividend" strategy in industry allocation, favoring high-quality large internet companies, particularly in e-commerce, media, and entertainment sectors, with a focus on leading AI enterprises [1] - There is a strong demand in technology hardware supply sectors driven by global AI infrastructure capital expenditure growth, particularly in areas like optical modules, PCBs, and AI data center cooling [1] - The "anti-involution" policy is expected to optimize industry supply and demand, leading to potential profit margin recovery in sectors such as photovoltaics, batteries, and chemicals [1] Group 2 - The Hong Kong Stock Connect 50 ETF (159712) tracks the Hong Kong Stock Connect 50 Index (930931), which selects the 50 largest listed companies within the Stock Connect range, covering 18 industries and primarily focusing on large-cap leading stocks [1] - The index exhibits a balanced industry distribution, incorporating characteristics of both new and traditional economies, including finance, discretionary consumption, and communication services, reflecting the overall performance of large-cap leading enterprises in the Hong Kong Stock Connect [1]

Group 1 - The Hang Seng Index opened up by 0.53%, while the Hang Seng Tech Index rose by 0.81%, indicating a positive start for the market [1] - AI healthcare concepts showed strong performance, with Alibaba Health increasing by nearly 3%, while new stock Zhihui Mining surged by 139.47% at the opening [1] - The precious metals sector faced declines, with Zijin Mining dropping over 1%, highlighting sector-specific weaknesses [1] Group 2 - Recent weakness in the Hong Kong stock market is attributed to southbound capital returning to A-shares due to new public fund benchmark regulations, concerns over IPO financing, and an upcoming peak in lock-up expirations [2] - Future market outlook suggests potential for a year-end rally as southbound capital returns and pressures from IPO supply and lock-up amounts ease, alongside profit recovery and overseas liquidity release [2] - Market sentiment remains pessimistic, with indicators in a bottoming phase, similar to November 2024, suggesting a potential rebound in early 2025 [2] Group 3 - Short-term market expectations indicate a continuation of volatility, with potential rotation in investment styles and themes due to a lack of new catalysts and uncertainties surrounding future Federal Reserve interest rate cuts [3] - Investment strategies recommend a balanced approach, focusing on a "technology + dividend" barbell strategy, while emphasizing the importance of earnings performance in determining market trends [3] - Long-term strategies suggest accumulating positions before the spring rally in early 2025, with a focus on high-yield stocks and sectors such as technology, high-end manufacturing, and new energy [3]