Core Insights - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 19.35%, with 248 stocks having a shareholding ratio exceeding 20% [1] - Southbound funds hold a total of 4,922.61 million shares, accounting for 19.35% of the total share capital of the stocks, with a market value of 61,260.73 billion HKD, representing 14.61% of the total market value [1] Group 1: Shareholding Distribution - 248 stocks have a shareholding ratio of over 20%, 128 stocks between 10% and 20%, 96 stocks between 5% and 10%, 80 stocks between 1% and 5%, and 27 stocks below 1% [1] - The stock with the highest southbound fund shareholding is China Telecom, holding 10,007.11 million shares, which is 72.10% of the issued shares [2] - Other notable stocks include Green Power Environmental (70.23%) and China Resources Power (68.80%) [2] Group 2: Industry Concentration - Southbound funds with a shareholding ratio exceeding 20% are primarily concentrated in the healthcare, industrial, and financial sectors, with 56, 36, and 34 stocks respectively [2] - The majority of stocks with high southbound fund holdings are AH concept stocks, with 129 out of 248 stocks (52.02%) having a shareholding ratio over 20% [1] Group 3: Notable Stocks and Performance - Key stocks with high southbound fund holdings include: - China Telecom: 10,007.11 million shares, 72.10% [2] - Green Power Environmental: 28,403.90 million shares, 70.23% [2] - China Shenhua: 224,310.90 million shares, 66.41% [2] - Other significant stocks include: - Fosun Pharma: 31,757.00 million shares, 57.53% [3] - Longi Green Energy: 14,007.74 million shares, 56.00% [3]

37万亿行业，大消 息！年度"十大"来了 当天，乌克兰总统泽连斯基在社交媒体上表示，本周，敖德萨州及乌克兰南部地区受灾尤为严重，基础 设施损毁严重，民生受到显著影响，相关部门正展开救灾与重建工作。 泽连斯基还表示，乌克兰与美国的谈判团队仍在持续沟通，聚焦如何以"体面方式"推动结束冲突。 俄罗斯方面对此暂无回应。 来源：央视新闻客户端 当地时间21日，乌克兰敖德萨州州长奥列格·基佩尔通报称，过去一天，俄罗斯对敖德萨州南部地区的 交通、港口和工业基础设施发动大规模空袭。袭击引发多处火灾，造成财产损失，但未造成人员伤亡。 ...

Market Overview - The A-share market exhibited a structurally differentiated pattern last week, with the Shanghai Composite Index slightly up by 0.03%. However, growth sectors faced significant pullbacks, with the ChiNext Index, STAR Market 50, and ChiNext 50 down by 2.26%, 2.99%, and 2.66% respectively, indicating pressure on high-growth tracks [2][10] - The market style continued to shift towards value, as evidenced by the CSI Dividend Index rising by 1.04%, while broad indices like CSI 300 and CSI 1000 also experienced slight declines [2] - The Wande Micro-Pan Index surged by 2.99%, reflecting a temporary preference for small-cap stocks [2] Industry Performance - The A-share market's primary sectors showed a split performance, with Consumer and Financial sectors leading gains, while Technology and Industrial sectors faced declines. Daily Consumer stocks rose by 2.26% and Financials by 2.06%, benefiting from policy expectations and high dividend attractiveness. Conversely, Information Technology fell by 2.08% and Industrial by 1.22%, impacted by valuation adjustments and overseas tech stock correlations [2][10] Fund Issuance - A total of 34 funds were issued last week, including 14 equity funds, 11 mixed funds, 6 bond funds, and 3 FOFs, with a total issuance volume of 18.321 billion units [15] Fund Performance - The Wande All-Fund Index decreased by 0.25% last week. The Wande Ordinary Equity Fund Index and the Wande Equity Mixed Fund Index both fell by 0.61%, while the Wande Bond Fund Index saw a slight increase of 0.09% [2]

●将聚焦规模以上工业企业、规模以上服务业企业、高等级资质建筑业企业、国有企业、高校、 科研院所、医疗卫生机构等七类主体精准发力，加大研发投入 ●到2027年，全社会研发投入强度达到2.5%。到2030年，全社会研发投入强度达到2.8% ●对单个企业的研发投入增量分级分档给予最高不超过300万元奖补；对新建或新引进且年研发投 入额2000万元及以上的研发总部，按不超过当年研发投入额的5%给予最高500万元省级科技计划 项目支持 规模以上工业企业方面，将重点支持企业建立内部研发机构，牵头或参与建设国省级重大创新平 台，建设检验检测中心、中试研发平台等公共服务平台，带动行业上下游和产学研融通创新。同 时，加快工业企业智能化改造数字化转型，推动符合条件的工业企业申请认定为国家高新技术企 业。 高校方面，对"双一流"建设高校，将提升科研水平，全面加强基础研究、应用基础研究和试验发 展；对省属高校，将建立基本科研业务费制度，鼓励高校结合学校实际统筹生均拨款、办学收入 等资金设立基本科研业务费；对地方本科院校和职业院校，将支持统筹推进高层次人才引进、科 研平台建设，提升争取外部科研项目和经费的能力。 科研院所方面，将完善中 ...

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]

此外，广西持续加大金融惠企担保费用补贴力度，通过调整担保费用补贴适用对象相关要素，取消融资 担保补贴贷款利率参考限制，进一步扩大担保费用补贴覆盖面。 中新网南宁12月20日电 (陈沿佑 蒋思蓓)广西壮族自治区官方19日举行新闻发布会介绍，2025年7月3日 至12月18日，广西全区金融机构累计投放金融惠企贴息贷款1328.55亿元(人民币，下同)，惠及3.47万户 经营主体，直接降低相关经营主体融资成本14.16亿元。 "我们对金融惠企财政贴息重点领域产品和普惠性产品获得融资担保增信的经营主体，按其担保金额的 一定比例给予担保费用补贴。截至12月18日，广西全区累计投放并申报补贴融资担保业务34.99亿元， 惠及1429户经营主体，降低相关经营主体融资成本923.15万元。"杨瑞华说。 广西壮族自治区党委金融办副主任杨瑞华介绍，从投放量来看，下半年贴息贷款完成全年目标1500亿元 的88.57%，较2024年下半年贴息贷款投放金额增长近四成；从投放主体来看，投向民营、小微企业金 额占比分别为69.87%、65.6%，户数占比分别达97.54%、98.68%，普惠领域融资惠及面持续扩大；从投 放利率来看，贴息贷 ...

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) plans to guide central enterprises in deepening and expanding AI initiatives during the 14th Five-Year Plan, focusing on key areas such as new energy, new energy vehicles, new materials, aerospace, and low-altitude economy, while also planning for advanced fields like quantum technology, embodied intelligence, biomanufacturing, and 6G [1] - The Central Economic Work Conference highlighted that integrating technological innovation with industrial innovation is a key focus for economic work in the coming year, with an emphasis on innovation-driven growth and nurturing new economic drivers as a priority task following domestic demand expansion [1][3] Group 2 - Wanhe Securities noted an increasing urgency in cultivating new economic drivers, as the emphasis has shifted from merely proposing the development of new drivers to a more structured approach that balances the cultivation of new and the updating of old drivers, driven by external pressures and internal challenges [3] - The report anticipates that as the AI+ initiative progresses, AI is expected to accelerate its transformation into productivity across various sectors including industry, agriculture, and services, with a significant impact on total factor productivity by 2026, driven by both funding and policy support [3]

截至发稿，*ST海源市值为17亿元。 每经头条（nbdtoutiao）——海南封关首日直击：为中国探路，全球最大自贸港如何重塑开放边界？ （记者 曾健辉） 每经AI快讯，*ST海源（SZ 002529，收盘价：6.72元）12月19日晚间发布公告称，公司本次向特定对象 发行股票方案已经公司2025年12月19日召开的第七届董事会第五次会议审议通过。本次向特定对象发行 股票的发行对象为滁州市紫锳能源科技有限公司，发行数量按照募集资金总额除以发行价格确定，本次 预计发行的股票数量不超过约3922万股（含本数），未超过本次发行前公司总股本的30%。发行价格为 5.61元/股。本次发行拟募集不超过2.2亿元，扣除发行费用后，全部用于补充流动资金。 2025年1至6月份，*ST海源的营业收入构成为：工业占比100.0%。 ...

每经AI快讯，可立克（SZ 002782，收盘价：18元）12月19日晚间发布公告称，公司第五届第十六次董 事会会议于2025年12月19日在公司会议室召开。会议审议了《关于拟设立海外子公司的议案》等文件。 2025年1至6月份，可立克的营业收入构成为：工业占比99.59%，其他业务占比0.41%。 截至发稿，可立克市值为89亿元。 每经头条（nbdtoutiao）——海南封关首日直击：为中国探路，全球最大自贸港如何重塑开放边界？ （记者 贾运可） ...

每经头条（nbdtoutiao）——海南封关首日直击：为中国探路，全球最大自贸港如何重塑开放边界？ 截至发稿，天洋新材市值为32亿元。 每经AI快讯，天洋新材（SH 603330，收盘价：7.46元）12月19日晚间发布公告称，公司于2025年12月 19日接到控股股东百瑞兴阳及其一致行动人伟创佳则通知，获悉其所持有本公司的部分股份被质押，合 计质押约3028.72万股。 （记者 贾运可） 2025年1至6月份，天洋新材的营业收入构成为：工业占比91.01%，建筑装饰占比4.85%，其他行业占比 2.72%，其他业务占比1.42%。 ...