Company - Nvidia CEO Jensen Huang discussed automotive AI at CES, highlighting increasing competition in the sector [8] - Qualcomm released a new robotics chip architecture, betting on "physical AI" [8] - Goldman Sachs launched a secondary market consulting specialty in Europe, the Middle East, and Africa [8] - Multi-strategy hedge funds achieved significant returns last year, with Point72 reporting double-digit returns [8] - OpenAI's household robot is priced at $20,000 [8] - AT&T plans to relocate its headquarters from downtown Dallas to the suburbs, joining the trend of corporate relocations [9] Industry - The CES event showcased robots as the main highlight of the year [10] - The copper price in the U.S. reached a new high since the tariff surge last summer [10] - The oil price increased as traders assessed the impact of the Venezuelan situation on oil supply [10] - The Bloomberg Dollar Index in the New York foreign exchange market erased earlier gains due to the ISM manufacturing index [10]

Group 1 - The increasing frequency of cyber security incidents, such as the recent attack on Kuaishou, highlights the vulnerabilities in network security defenses and insurance coverage among enterprises [1] - Cyber security insurance is emerging as a new type of coverage that helps businesses enhance their ability to respond to cyber risks and supports digital transformation [1] - The DDoS attack on Kuaishou involved a sophisticated strategy that exploited business logic, overwhelming the platform's resources and forcing it to take drastic measures to mitigate damage [1] Group 2 - According to the "DDoS Attack Threat Report (2025 Edition)" by Green Alliance Technology, the internet industry is the primary target of DDoS attacks, accounting for 35.21% of incidents, followed by the financial sector at 26.36% [2] - The global cyber security insurance market is projected to reach $15.6 billion by 2025, with North America and Europe accounting for approximately 87% of the market share [2] - There is a significant protection gap for small and micro enterprises in the global market, with cyber security insurance premiums only covering 30% of their needs due to budget constraints and a lack of understanding of cyber risks [2] Group 3 - To promote the application of new cyber security insurance models, the Ministry of Industry and Information Technology and the Financial Regulatory Administration are launching a second batch of pilot projects targeting various industries [3] - Cyber security insurance typically involves collaboration between insurance companies and third-party technology firms to provide risk management services, aiming to reduce the likelihood of incidents [3] - There is a call for innovation in insurance products and services to create inclusive and innovative cyber security insurance options, enhancing service quality and fostering a healthy ecosystem for the industry [3]

美股周一收高，道指创历史新高。在美国对委内瑞拉发动军事行动并俘获该国领导人马杜罗之后，投资 者押注此次行动不会引发更大规模、扰乱市场的地缘政治冲突。 道指涨594.79点，涨幅为1.23%，报48977.18点；纳指涨160.19点，涨幅为0.69%，报23395.82点；标普 500指数涨43.58点，涨幅为0.64%，报6902.05点。 周一道指最高上涨至49209.95点，创盘中历史新高。 领涨中概股列表： | | | | 美股列表 | | | | --- | --- | --- | --- | --- | --- | | ▲热股榜 | | 中概股 | 科技股 | 知名美股 | 全部美股 | | 热门股 | | 领涨 | 领跌 | 成交额 | 量比 # | | 更新时间 | | | | | 2026-01-06 05:26:09 | | 名称 | | | V | 涨跌幅 ◆ | 涨跌额 ⇒ > | | - | 燃石医学 | | | +24.39% | +4.800 | | BNR | | | | +1.59% 盘后 | | | D | 数海股份 | | | +21.27% | +0.1456 | | ...

58同城《2025生活服务业趋势洞察》指出，人工智能已成为行业的"数字骨架"，催生的近50类"人机协 作"新岗位覆盖工业机器人操作、AI视频制作、AI数字人开发合成等多个细分领域，为劳动者开辟了全 新就业赛道。 "以往两小时才能完成的房源与客源筛选，现在只需要半小时；过去容易错过的客户消息，如今由智能 微聊在5秒内自动响应。"来自上海的房产经纪人张旭向记者分享道，这一变化使他的微聊留电率提升近 20%，每月新增8位留电客户。 在房产行业，越来越多的经纪人与张旭一样，正在从传统工作模式，转型为"AI房产经纪人"。他们通过 AI实现房源整理、智能匹配、自动化内容生产与24小时客户沟通，形成数据分析、算法工具与人工服 务融合的一体化模式。 事实上，人机协同的高效协作模式已渗透制造业、互联网媒体等多个领域，催生出大量适配新需求的岗 位形态。 2025年，宝马集团在中国全面启动"360度全链AI战略"，明确将AI技术深度融入全价值链。目前，宝马 在中国拥有北京、上海、沈阳、南京四大研发创新基地。过去三年，该公司仅南京地区的研发及数字化 人才增长到3倍。 （来源：经济参考报） 在互联网媒体行业，AI技术深度嵌入内容生产、 ...

◎记者 黎灵希 2026年伊始，在市场整体实现"开门红"的背景下，港股公司回购热潮依然高涨。开年两个交易日，数十 家港股公司进行回购，多家公司开启新的回购计划，持续向市场传递积极信号。 Wind数据显示，截至1月5日下午6时，共有45家港股公司披露了近两个交易日的回购情况，其中3家公 司回购金额超千万港元。从行业分布看，回购股份的港股公司主要来自物业服务、互联网、医药等领 域，当中包括腾讯控股、吉利汽车、碧桂园服务、名创优品等行业龙头企业。 2026年以来，腾讯控股连续两个交易日出手回购，共计耗资约12.71亿港元，回购204.7万股。在刚刚过 去的2025年，腾讯控股共计回购130次，合计回购1.53亿股，累计回购金额超过800亿港元，连续四年稳 坐港股"回购王"位置。 首程控股同样在2026年伊始继续进行股票回购，耗资约1999.15万港元，回购约918.2万股。根据此前公 告，公司计划自2025年11月17日至2028年12月31日，回购不超过价值10亿港元的公司股份。首程控股表 示，该股份回购计划预计将为公司创造长期价值，进一步提升股东回报。 多家物业服务公司在新的一年以真金白银力挺自家公司股价。碧桂 ...

中概股方面，纳斯达克中国金龙指数跌超1%，阿特斯太阳能、蔚来跌超5%，网易跌超4%，小鹏汽车、百度跌超3%。 大宗商品方面，贵金属集体大涨，截至发稿，纽约期金日内涨超3%，现报4459.70美元/盎司；现货黄金站上4450美元/盎司，日内涨2.73%。现货白银涨超 7%，COMEX白银涨超8%。钯金、铂金同步大涨。LME期铜历史性首次触及每吨13000美元上方。 1月5日，美股三大指数开盘上涨，截至23:24，道指涨1.29%，涨超600点，刷新盘中历史新高。纳指涨0.86%，标普500涨0.68%。 | 美股指数 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 49004.97 | 23436.38 | 6905.41 | | +622.58 +1.29% | +200.75 +0.86% | +46.94 +0.68% | | 中国余龙 | 纳指100期货 | 标普500期货 | | 7760.82 | 25633.25 | 6943.50 | | -98.83 -1.26% +248.00 +0.98% +43.00 +0.62% | | | 科技股 ...

Core Viewpoint - The article discusses the significant correlation between the Hong Kong stock market and the Renminbi (RMB) since 2016, highlighting a recent divergence where the RMB appreciated rapidly while the Hong Kong stock market struggled to gain momentum [1][2]. Group 1: RMB and Hong Kong Stock Market Relationship - Historically, there has been a notable positive correlation between the RMB and the Hong Kong stock market, with a negative correlation of -0.54 between the Hong Kong stock index and the USD/RMB exchange rate since 2016 [2][7]. - When the RMB appreciates by more than 1.5% in a month, the Hang Seng Index has a 93.5% probability of rising in that month [2][7]. - However, since November 13, 2025, the RMB appreciated by 1.9%, while the Hang Seng Index fell by 4.8%, marking a significant divergence from historical trends [2][24]. Group 2: Reasons for the Divergence - The weak performance of key sectors in the Hong Kong stock market has limited the RMB's ability to amplify profits for Hong Kong-listed companies [3][30]. - The appreciation of the RMB can both amplify profits and losses, and the earnings per share (EPS) for the Hang Seng Index has been declining since the fourth quarter of 2025, weakening the revaluation effect [3][30]. - The real estate and energy sectors, which are typically favored during RMB appreciation, have not stabilized, further dragging down the Hong Kong stock market [3][30]. Group 3: Future Outlook for RMB and Hong Kong Stock Market - There is potential for the Hong Kong stock market to realign with the RMB as earnings improve and foreign capital flows increase [4][50]. - The combination of rising earnings expectations and the current downward adjustment in profit forecasts may signal a recovery in the Hong Kong stock market [4][50]. - The recovery of the Producer Price Index (PPI) could attract foreign investment, enhancing the reallocation of domestic savings towards the Hong Kong stock market [4][58]. - Looking ahead, the RMB's appreciation may once again support the Hong Kong stock market, especially after the year-end profit-taking period ends, which typically leads to a strong January effect [4][67].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the Chinese asset revaluation process and its challenges, drawing comparisons with Japan's economic history in the 1990s and 2000s [1][5][12]. Core Insights and Arguments - **Chinese Asset Revaluation Drivers**: The revaluation is primarily driven by valuation enhancement, AI industry growth, and capital inflows. However, challenges such as population issues, real estate, and local government debt persist [1][4][12]. - **Market Performance**: The Hong Kong stock market experienced a significant rise during the New Year holiday, with the Hang Seng Index up nearly 3%. However, the lack of substantial trading volume and capital inflow raises questions about the sustainability of this rally [2][4]. - **Sector Performance**: The non-ferrous metals sector is expected to perform strongly in 2026, driven by geopolitical factors, green energy transitions, and AI technology. Prices for gold, copper, and aluminum are anticipated to reach new highs due to supply constraints and demand recovery [2][19][21]. - **Policy Changes**: The 2025 national subsidy policy emphasizes quality and efficiency, with adjustments in energy efficiency product subsidies and a focus on stabilizing market expectations [1][13][23]. Important but Overlooked Content - **Japan's Economic Lessons**: Japan's experience in the 1990s highlights the importance of avoiding reliance on infrastructure investment, timely real estate reforms, and addressing structural issues to ensure long-term economic stability [5][11][12]. - **Investment Trends**: Historical data indicates that fixed asset investment in the first year of a five-year plan may not significantly exceed the previous year, suggesting a need for careful observation of specific investment volumes [14][15]. - **Service Consumption**: There are signs of improvement in service consumption, which is crucial for overall economic recovery. Monitoring upcoming data, especially during the Spring Festival, will be essential [20]. Conclusion - The conference call emphasizes the need for China to learn from Japan's past economic challenges while navigating its own asset revaluation process. The focus on policy adjustments, sector performance, and investment trends will be critical for future economic stability and growth [1][5][12].

证券研究报告|宏观点评报告 [Table_Date] 2026 年 01 月 05 日 [Table_Title] 资产配置日报：股牛再出发 [Table_Title2] [Table_Summary] 1 月 5日，股市迎来新一年的首个交易日，债市则迎来交易力量的回归。开门行情之下，股债两市的喜悲却不 相通，股市强势开局，上证指数单日上涨 1.38%，新年伊始重返 4000 点之上；债市则经历大幅调整，各期限收益 率几乎全面上行。 权益市场放量上涨。万得全 A上涨 1.99%，全天成交额 2.57 万亿元，较上一交易日（12 月 31 日）放量 5015 亿元。港股方面，恒生指数上涨 0.03%，恒生科技上涨 0.09%。南向资金净流入 187.23 亿港元，其中快手 和小米集团分别净流入 15.56 亿港元和 10.19 亿港元，而腾讯控股、中国移动分别净流出 9.19 亿港元和 4.06 亿港 元。 指数突破前高，关注市场 FOMO（害怕踏空）情绪。万得全 A 强势突破 10-11 月高点，意味着前高附近的兑 现筹码基本出尽，做多资金掌握定价权，行情有望走出 10 月以来的震荡区间，形成上涨趋势。往后看 ...

【导读】沪指12连阳创出33年纪录，机构解读：A股春季行情或仍有上行空间 中国基金报记者 方丽 曹雯璟 同时，今日市场成交额大幅放量5000亿元至2.57万亿元，创下近两月新高。行业层面，仅有 石油石化、银行、交通运输和商贸零售微跌，传媒、医药生物、电子领涨市场。 春季行情是否开启？后市将如何演绎？中国基金报记者第一时间采访了博时、招商、广发、 景顺长城、长城、泉果、恒生前海等基金公司。他们认为，由于假期外围市场上涨以及春季 行情预期共同驱动了"开门红"，A股春季行情或仍有上行空间，看好消费电子、顺周期、AI等 领域。 多因素引发"开门红" 元旦假期港股市场大涨。2025年12月中国制造业PMI超预期回升至扩张区间，人民币汇率走 强助推外资回流等因素，共同推动2026年A股市场"开门红"。 招商基金表示，今日A股市场上涨是多重因素共振的结果：第一，受元旦假期港股市场大涨提 振，恒生科技指数1月2日上涨4%。AI应用加速落地事件催化频繁与AI产业催化不断，AI科技 周期向上背景下港股科技、半导体板块领涨。 2026年首个交易日，A股喜迎"开门红"！ 数据显示，今日A股指数放量大涨，沪指不仅重新站上4000点关口 ...