本周，道指跌0.67%，标普500指数涨0.1%，纳指涨0.48%。 高盛认为，美股年底最后两周正进入"压倒性积极"的季节性窗口，有望迎来反弹。展望2026年，美股将 摆脱"七巨头"主导的局面，市场将进入高度分化的"选股大年"，核心机会将从AI转向工业、材料及可选 消费等周期性板块。 【环球网财经综合报道】北京时间12月20日凌晨，美国三大股指全线收涨，道指涨0.38%报48134.89 点，标普500指数涨0.88%报6834.5点，纳指涨1.31%报23307.62点。英伟达涨近4%，波音涨近3%，领涨 道指。万得美国科技七巨头指数涨1.2%，谷歌涨超1%，苹果涨0.54%。 ...

玩转技能促消 费！广东24所技 工院校联手打造 文明集市_南方 +_南方plus 岁末的广州北京 路商圈，千年商 道与岭南风情交 相辉映。12月19 日至28日，广东 24所技工院校联 手打造的广东省 技工院校文明集 市展区（下称技 工院校展区）正 式亮相。 作为广东首个以 文明实践为基 底，以惠民生、 促消费为目标的 集市活动，文明 集市促消费系列 活动集文化惠 民、文旅推介、 消费促进、技能 惠民于一体。技 工院校展区则紧 扣"匠心点亮生 活，技能促进消 费"主题，以"文 创雅集、非遗留 韵、粤菜师傅、 山水农情、交流 互动"五大板块 为载体，创新打 造集产教融合实 践、非遗活态传 承、城乡资源对 接、消费场景升 级于一体的特色 窗口。 一展尽享非遗乡 味"双丰收" 工艺大师展位 上，掌画、榄 雕、蛋雕等多个 领域的艺术瑰宝 集中呈现；指尖 翻飞，河源技师 学院师生用青春 创意晕染出扎染 的蓝白纹路；广 州市轻工技师学 院打造簪花互动 区，市民争相试 戴雅致造型。 在"传承不泥 古、创新不离 宗"的理念中， 众多参展院校将 广绣、广彩、新 会葵艺等非遗元 素与现代审美、 日常需求相结 合，推出家居用 品、 ...

兄弟姐妹们啊，周五泰勒在香港拍了一天的视频，今晚回到深圳继续写稿，现在先关注一下晚间海外市场的表现。 科技股继续反弹 12月19日晚间，美股三大指数大涨，道指涨超200点，纳指涨近1%。 | 3 | | 140 | 100 | | --- | --- | --- | --- | | 48221.74 | Agentantes | 中国政府市政府市立法市 23194.06 | 6819.27 | | 道琼斯指数 +0.56% | | 纳斯达克综合指数 +0.82% | 标普500指数 +0.66% | 大型科技股带头反弹，投资者一边防着创纪录规模的期权到期可能引发的剧烈波动，一边重新押注风险资产。 超大盘股中，英伟达领涨，甲骨文大涨7%。过去几天，人工智能概念股的波动明显加剧。市场在重新评估美联储后续降息空间 的同时，股指也出现了较大幅度的来回拉扯。 | 了 筛选 | | 最新价 = | 涨跌幅 = □' | | --- | --- | --- | --- | | Sandisk Corporation | | 234.86 | +7.02% | | US SNDK | | | | | 甲骨文 | | 192. ...

12月19日，美股三大指数开盘集体上涨，道指涨0.21%，标普500指数涨0.32%，纳指涨0.50%。 中概股普涨，纳斯达克中国金龙指数涨0.45%，小鹏汽车涨超5%，理想汽车涨逾3%；拼多多涨超5%，公司宣布实行联席董事长制度。 耐克开盘跌超10%，现跌逾9%。 最新披露的财报显示，2026财年第二季度（截至11月30日），耐克的净利润同比大降32%。同时，该公司预计第 三季度的营收将出现下滑。 | 编辑丨瑜见 | | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业平均 | 48053.81 | 101.96 | 0.21% | | 纳斯达克指数 | 23121.90c | 115.54 | 0.50% | | 标普500 | 6796.55 | 21.79 | 0.32% | 科技股多数上涨，甲骨文涨超4%，英伟达、美光科技涨逾1%。 ...

Core Viewpoint - A trend of "counter-market buying" is emerging in the Hong Kong stock market amidst ongoing fluctuations, with institutional investors recognizing the valuation opportunities and actively positioning themselves during the market pullback [1][3]. Fundraising and Investment Trends - Since early October, at least 15 new Hong Kong-themed funds have announced early closures of their fundraising periods, particularly in the technology sector, indicating a "fast launch and build" characteristic [1][2]. - Fundraising deadlines have been significantly advanced, with some funds shortening their periods by over a month, reflecting a concentrated early closure trend primarily occurring from late November to mid-December [2]. - Newly launched ETFs have established high stock positions quickly, with notable examples including the Huatai-PineBridge Hang Seng Index ETF and the GF CSI Hong Kong Internet ETF, which reached stock positions of 69.53% and 63.32% respectively before listing [2]. Market Analysis and Institutional Sentiment - Institutions view the current market adjustment as a favorable opportunity for building positions, with many believing that the recent declines provide lower entry points for fundamentally strong companies [3]. - The Hang Seng Index's price-to-earnings ratio (TTM) is approximately 12 times, and the Hang Seng Technology Index's is about 23 times, both at historically low levels, indicating a consensus among institutions regarding the undervaluation of Hong Kong stocks [3]. Market Conditions and External Influences - The Hong Kong stock market has experienced a decline of 5.85% in the Hang Seng Index and 18.01% in the Hang Seng Technology Index from October 3 to December 19 [5]. - The market adjustment is attributed to a combination of internal and external factors, including fluctuating liquidity expectations, concerns over the U.S. "AI bubble," increased IPO activity, and reduced southbound capital inflows [6]. Long-term Outlook and Investment Opportunities - Despite short-term pressures, institutions maintain an optimistic long-term outlook for the Hong Kong stock market, predicting a "slow bull" market in 2026 with improved liquidity conditions [7]. - Key investment themes for 2026 include technology and high-end manufacturing, with a focus on sectors such as computing power, semiconductors, and consumer electronics [7][8]. - High dividend yield assets are also favored in the current low-interest-rate environment, with institutions highlighting the value of dividend-paying stocks [7]. - The innovative drug and biotechnology sectors are seen as having significant investment opportunities, driven by industry acceleration and favorable policy adjustments [8].

该行在一份报告中援引EPFR Global的数据称，截至12月17日当周，美国股票市场流入近780亿美元资 金。这是自一年前创纪录的822亿美元流入以来的最大单周资金流入规模。 科技股三周来首次为资金流入做出贡献，暗示市场对人工智能股票估值可能过高的担忧已有所缓解。 美银指出，投资者正以接近纪录的速度向美国股票市场注入资金，为2026年借贷成本下降、关税降低和 减税政策做准备。 这种情绪尚未转化为标普500指数的持续上涨动能，该指数在11月末反弹，但此后基本维持横盘整理。 美银的牛熊指标现在显示，对整体股票市场处于"极端"看涨状态，从逆向投资的角度触发了风险资产的 卖出信号。美国股票市场基准指数正朝着连续第二周下跌的方向发展。 尽管如此，包括高盛集团分析师Ben Snider在内的策略师仍看好美股。其团队预计，在强劲经济增长和 美元走软的支撑下，标普500指数将在2026年上涨12%。 美银策略师Michael Hartnett指出，股票市场多头押注明年经济"火热"，预期利率、关税和税收将下降。 在股票领域，投资者正加速将资金转向被动型基金。截至12月17日当周，ETF资金流入规模创纪录，达 1450亿美元， ...

Group 1 - The core viewpoint of the Central Economic Work Conference emphasizes the policy tone of "seeking progress while maintaining stability and improving quality and efficiency" as China transitions from the "14th Five-Year Plan" to the "15th Five-Year Plan" [1] - The conference highlights the importance of "domestic demand as the main driver," "innovation-driven development," and "opening up to the outside world" as key tasks for economic growth [1] Group 2 - China is constructing a domestic demand-driven growth system, which provides stable and diverse market opportunities for Central Asian countries, with a focus on boosting consumption and increasing residents' income [2] - In the first five months of this year, trade between China and the five Central Asian countries reached 286.42 billion yuan, a year-on-year increase of 10.4%, with imports from these countries growing by 21% [2] Group 3 - The conference underscores the significance of innovation as the primary driving force for development, aligning with Central Asian countries' needs for industrial upgrading and digital transformation [4] - Cooperation in areas such as smart agriculture, digital payments, 5G communication, and smart cities is flourishing, promoting digital upgrades in local industries [4] Group 4 - China is committed to opening up and promoting win-win cooperation across multiple fields, establishing a solid institutional guarantee for China-Central Asia cooperation [7] - By June 2025, China's investment in Central Asian countries is expected to exceed 30 billion USD, with completed contract revenues in engineering projects reaching 75.6 billion USD, covering various sectors including energy, agriculture, infrastructure, and digital economy [7]

除了展示端，展会全流程的数字化改造同样显著。从AI智能客服解答参展疑问，到物联网传感器实时监测展位环境保障展品安全；从线上预登记系统快速 完成入场手续，到云计算平台支撑海量数据的实时处理，数字化让展会运营效率提升40%以上，观众平均参展时间成本降低近三成。 安静会长强调的"优化资源配置"，在数字化时代有了更精准的落地路径——大数据分析让会展业从"被动聚集"转向"主动链接"。 展会组织者通过收集分析参展商需求、观众画像、互动数据等信息，能够精准预测热门展区、匹配供需资源。例如某国际电子展通过大数据分析，发现新能 源企业与芯片厂商的对接需求激增，随即临时增设"新能源芯片对接专区"，促成30余笔意向合作；针对专业观众，平台则能根据其浏览记录、咨询方向，智 能推送匹配的参展商信息，实现"逛展清单个性化定制"。 这种数据驱动的模式，不仅让会展成为产业链的"连接器"，更成为产业趋势的"探测器"。深圳国际会展中心通过分析展会人流数据，为周边商业地产提供消 费偏好报告，助力其优化业态布局；上海进博会则通过参展数据沉淀，为跨境贸易政策调整提供了重要参考，真正实现了会展与产业的深度融合。 "当前，随着全球化向纵深发展，会展业已从 ...

展望未来，狄星华分析认为，鉴于美国经济与就业市场仍面临下行压力，美联储在2026年继续推进降息 是较大概率事件。从估值角度看，当前美股整体虽不便宜，但无论是标普500指数、纳斯达克指数，还 是近年市场高度关注的"科技七巨头"（M7），其股价驱动主要源自盈利贡献，市场整体并未出现明显 泡沫。 近日，美国劳工统计局一次性补发因政府停摆延误的10月、11月非农报告。数据显示，美国就业市场呈 现"冷热交织"的复杂态势：11月非农就业人口新增6.4万人，略高于预期的5万人，但失业率意外攀升至 4.6%，创下2021年9月以来新高；而10月就业人数大幅减少10.5万人，远超市场预期的2.5万人降幅，且 因数据收集中断未公布当月失业率。对此，国海富兰克林基金经理狄星华表示，整体来看，这份报告并 不算糟糕，从市场较为平淡的反应也可以看出来，数据虽然有变差，但也没有差到进入"衰退叙事"的地 步，经济"软着陆"仍然是基准情形，这为风险资产提供了缓冲空间。 狄星华表示，在最新非农数据公布后，市场对美联储2026年降息两次的预期有所增强。根据CME"美联 储观察"最新数据显示，明年1月降息25个基点的概率已从数据公布前的22%上升至 ...

December 18, 2025 09:00 PM GMT China Equity Strategy | Asia Pacific A-Share Sentiment Marginally Up But May Not Sustain Market sentiment rose marginally on higher turnover. However, global market volatility and lackluster domestic macro could curb it. A more forceful fiscal pivot and further China technology breakthrough could lead to more sustainable sentiment pickup. A-share investor sentiment increased vs. previous cycle: Weighted MSASI increased 4ppt to 51% vs. the prior cutoff date (December 10), while ...