11月28日，受感恩节假期影响，美股提前3小时收盘，然而临近收盘时，三大指数却集体发力拉升，为 市场带来了一波惊喜。当日，三大指数连续第五个交易日实现集体收涨，其中纳指涨幅达0.65%，道指 上涨0.61%，标普500指数也有0.54%的涨幅。 从本周整体表现来看，三大指数的涨势更为显著。纳指本周累计上涨4.91%，道指累计上涨3.18%，标 普500指数累计上涨3.73%，市场呈现出强劲的上升态势。 科技股板块表现亮眼，多数个股纷纷走高。英特尔收盘时涨幅达到10%，创下自9月18日以来的最大单 日涨幅；Meta涨幅超过2%，AMD、亚马逊、奈飞、微软等科技巨头涨幅均超过1%，展现出科技股的 强大活力。 热门中概股也多数上涨，纳斯达克中国金龙指数上涨0.54%。其中，小鹏汽车涨幅超过3%，京东涨幅超 过1%，哔哩哔哩、蔚来、百度等也有小幅上涨，为中概股市场增添了一抹亮色。 国际金价和银价更是上演了一场"狂飙"大戏。现货黄金涨幅超过1%，成功站上4200美元/盎司的高位； 现货白银更是大幅上扬，向上触及56美元/盎司，大涨近5%，纽约期银也一度大涨超5%，金银市场的火 爆行情吸引了众多投资者的目光。 消息面上， ...

Core Insights - The S&P 500 index rose by 0.54% on the last trading day of November, marking a cumulative increase of 0.13% for the month, while the Dow Jones increased by 0.61% with a monthly gain of 0.32%. The Nasdaq, however, saw a rise of 0.65% but recorded a cumulative decline of 1.51% for November [1] Market Performance - The S&P 500 and Dow Jones both achieved a seven-month consecutive increase, while the Nasdaq experienced its first monthly decline in seven months [1] - Notable technology stocks showed varied performance in November: - Eli Lilly rose by 24.82%, marking its third consecutive month of gains and maintaining a market cap above $1 trillion - Alphabet Class A (Google A) increased by 13.87%, achieving its eighth consecutive month of growth - Broadcom rose by 9.02%, also for the eighth consecutive month - Micron Technologies increased by 5.68%, marking its fourth consecutive month of gains - Apple rose by 3.24%, achieving its sixth consecutive month of growth - Meta Platforms saw a slight decline of 0.06%, marking its fourth consecutive month of losses - Taiwan Semiconductor Manufacturing Company (TSMC) fell by 2.97% - Amazon decreased by 4.5% - Microsoft dropped by 4.8% - Tesla declined by 5.78% - Nvidia experienced a significant drop of 12.59% [1] Market Capitalization - The top ten companies by market capitalization in the U.S. stock market currently include Nvidia, Apple, Alphabet Class A, Alphabet Class C, Microsoft, Amazon, Broadcom, Meta, TSMC, and Tesla [1]

港股11月平稳收官 三大指数周线齐涨 中新社香港11月28日电 (记者 戴小橦)11月24日至28日全周，港股三大指数集体上涨。截至28日收盘， 香港恒生指数本周累计上涨2.53%，报25858.89点；香港恒生科技指数累计上涨3.77%，报5599.11点； 国企指数累计上涨2.36%，报9130.18点。 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 11月28日，香港恒生指数收市报25858.89点，下跌87.04点，跌幅为0.34%，全天成交金额为1462.04亿港 元。 中新社记者 李志华 摄 中国工商银行(亚洲)证券业务部分析员叶泽恒在接受中新社记者采访时表示，港股当周呈现先跌后升走 势，但恒生科技指数仍处于相对低位徘徊。由于科技股在恒生指数中权重较高，其表现转强将成为推动 港股向上突破的关键因素，若科技板块持续好转，有望带动大市进一步上行。 回顾全月，港股11月平稳收官，恒生 ...

Group 1 - The article discusses the significant impact of US-China geopolitical competition on global capital markets, highlighting the contrasting roles of the US as a mature stock market and China as an emerging market [3][7]. - The US initiated a trade war and tariff battle, which has led to substantial declines in the US stock market, particularly affecting major technology stocks [5][6]. - The TACO trading strategy emerged as a response to the cyclical nature of Trump's tariff threats, allowing investors to buy during market panic and sell when policies soften [5]. Group 2 - China has implemented strong countermeasures in response to the US's trade actions, including a series of measures to stabilize its capital market, such as providing sufficient re-lending support from the central bank [6]. - The article outlines the historical context of financial crises triggered by US trade wars in other countries, emphasizing that only China has effectively countered the US's trade aggression [6]. - The US financial market faces severe challenges, including extensive money printing by the Federal Reserve, which has led to a balance sheet of $9 trillion due to quantitative easing [9]. Group 3 - The US has experienced a significant increase in fiscal deficits and national debt since 2008, with the national debt reaching approximately $37 trillion by September 2025 [10]. - The article notes that the US capital market is overvalued, with the overall market P/E ratio exceeding 20, and specific indices like the S&P 500 and Nasdaq showing even higher ratios, indicating potential risks for a market correction [11]. Group 4 - China's stock market is evolving towards long-term and value investing, with a series of measures introduced to boost market confidence and stabilize valuations [12]. - The article categorizes China's initiatives into three phases: initial measures to boost market activity, quantitative support for high-quality economic development, and encouraging state-owned enterprises to invest in blue-chip stocks [13].

Core Viewpoint - US stock market closed for Thanksgiving, while European stocks saw a broad increase overnight, indicating positive market sentiment [1] Group 1: Market Performance - Hong Kong's three major indices opened higher, with the Hang Seng Index up 0.25%, the National Index up 0.34%, and the Hang Seng Tech Index up 0.43% [1] - Major technology stocks experienced slight gains, with Alibaba, Baidu, JD.com, and Meituan all rising by less than 0.9% [1] Group 2: Sector Performance - Non-ferrous metal stocks continued their upward trend, with Chalco International rising by 6%, and both Zhaojin Mining and Zijin Mining also showing gains [1] - Semiconductor stocks, dairy product stocks, and lithium battery stocks generally increased [1] - Sportswear stocks, home appliance stocks, and gambling stocks declined [1]

Core Viewpoint - The Hong Kong stock market experienced a volatile trading session with mixed performances across major indices, reflecting cautious market sentiment [1] Group 1: Market Indices Performance - The Hang Seng Technology Index fell by 0.36%, ending its consecutive gains, while the Hang Seng Index and the National Enterprises Index saw slight increases of 0.07% and 0.03% respectively, with intraday highs reaching over 0.7% [1] Group 2: Sector Performance - Large technology stocks showed divergent trends, with Xiaomi rising over 2% and JD.com increasing by over 1%, while Alibaba dropped nearly 3% and Tencent and Baidu fell by more than 1% [1] - The Ministry of Commerce's initiative to expand automobile consumption led to active trading in automotive stocks, with Yongda Automotive surging over 10% [1] - The probability of a Federal Reserve rate cut in December has increased, resulting in a collective rise in gold, copper, and other non-ferrous metal stocks, with China Nonferrous Mining rising over 6% [1] - Most sectors, including paper, gaming, education, new consumption concepts, insurance, and aviation stocks, experienced gains [1] Group 3: Underperforming Sectors - Conversely, domestic property stocks saw an increase in losses in the afternoon, while steel, building materials, and cement stocks generally declined [1] - Semiconductor stocks showed a notable intraday rise, with leading company SMIC closing down nearly 1% [1] - Heavy machinery, mobile gaming, and military industry stocks mostly exhibited weak performance [1] - The first-day listing of a quantitative trading firm saw a significant rise of 88% [1]

Core Viewpoint - The article discusses the recent trends in the stock market, particularly focusing on the significant sell-offs by prominent investors like Huang Renxun and Bill Gates, amidst a booming AI-driven market. It highlights the implications of these actions for potential investment strategies and market sentiment [3][4][9]. Market Performance - The Dow Jones Industrial Average reached a historical high of 48,431.57 points, marking a 46% increase since the beginning of 2023, which is considered the start of the current bull market [3]. - The Nasdaq index also hit a record high of 24,019.99 points, reflecting a more than 131.25% increase since the start of 2023 [3]. Key Technology Stocks - Major tech companies have significantly contributed to the bull market, with Microsoft and Apple both doubling their stock prices, each reaching a market capitalization of around $4 trillion [4]. - Nvidia has seen an extraordinary increase of over 1300%, becoming the first company to surpass a market cap of $5 trillion, with its founder Huang Renxun becoming the richest Chinese individual globally [4]. Notable Sell-offs - Huang Renxun and Bill Gates have both been reducing their stakes in their respective companies, Nvidia and Microsoft, raising questions about their future outlooks [4][9]. - The SEC's "Form 13F" filings revealed that several prominent investors, including Warren Buffett, have made significant adjustments to their portfolios, including selling off shares of Apple and Nvidia [4][5]. Berkshire Hathaway's Strategy - Berkshire Hathaway has reduced its Apple stock holdings by 15% in Q3 2025, with a market value decline exceeding $10 billion [6]. - The company has recently invested in Alphabet (Google), acquiring 17.85 million shares valued at $4.34 billion, indicating a strategic shift towards tech stocks that are perceived to have better growth potential [7]. Valuation Metrics - Comparing revenue growth, Apple reported $102.47 billion in Q4 2025 with a growth rate of 7.94%, while Alphabet reported $102.34 billion in Q3 2025 with a growth rate of 16% [7]. - In terms of price-to-earnings (P/E) ratios, Alphabet's P/E is below 28, making it a more attractive investment compared to Apple's P/E of over 35 [8]. Investor Behavior - Huang Renxun has been consistently selling Nvidia shares, reducing his holdings to below 70 million shares, with significant sales occurring around the stock's peak price [10]. - Bill Gates' foundation has sold 17 million shares of Microsoft, reducing its stake by 65%, indicating a strategic reallocation of assets [12][13]. Other Notable Investors - Investor Duan Yongping has also reduced his Nvidia holdings by 38.04%, reflecting a cautious approach to the current market conditions [14][15]. - Son Masayoshi has completely exited his position in Nvidia, marking a significant shift in his investment strategy after previously holding a substantial stake [15][16].

Group 1: Market Performance - The U.S. stock market showed a positive trend on November 26, with all three major indices rising for four consecutive days. The Dow Jones Industrial Average increased by 314.67 points to close at 47,427.12, a gain of 0.67% [1] - The S&P 500 index rose by 46.73 points, closing at 6,812.61, reflecting a 0.69% increase [1] - The Nasdaq Composite Index gained 189.1 points, ending at 23,214.69, which is an increase of 0.82% [1] Group 2: Sector Performance - Technology stocks mostly rose, with Oracle up over 4%, AMD nearly 4%, and Broadcom over 3%, reaching historical highs. Nvidia, Tesla, Netflix, and Microsoft increased by over 1%, while Apple rose by 0.21%, also hitting a historical high. Google, however, fell by over 1% [1] - Retail stocks showed strong performance, with Walmart increasing by nearly 2% to a historical high, Kohl's up over 7%, Macy's up over 2%, and Costco up over 1% [1] - Chinese concept stocks had mixed results, with the Nasdaq Golden Dragon China Index down 0.03%. Bilibili and Xpeng Motors fell by over 2%, while Baidu dropped by 1.31%. Pinduoduo rose by 1.58%, JD.com by 0.96%, and Alibaba by 0.38% [1] Group 3: Economic Indicators - The U.S. Department of Labor reported that initial jobless claims fell to 216,000 for the week ending November 22, below the market expectation of 225,000, marking the lowest level since April [2] - The report indicated that overall consumer spending has declined, except for high-end consumer spending [2] - According to the CME FedWatch Tool, traders currently estimate an 85% probability that the Federal Reserve will cut interest rates by 25 basis points in December [3] Group 4: Federal Reserve Outlook - Goldman Sachs predicts that the Federal Reserve will cut rates in December and will make two additional cuts of 25 basis points each in 2026 [4] - JPMorgan revised its forecast, now expecting a rate cut in December, shifting from a previous prediction of a delay until January [4] - Deutsche Bank strategists anticipate that the S&P 500 index will rise to 8,000 by the end of 2026, indicating an upside potential of approximately 18% [4]

Group 1 - The US stock market continued its strong performance ahead of Thanksgiving, with all three major indices rising: the Dow Jones Industrial Average increased by 0.67% to 47,427.12 points, the S&P 500 rose by 0.69% to 6,812.61 points, and the Nasdaq Composite climbed by 0.82% to 23,214.69 points [1] - Technology stocks were the main drivers of the market's rise, with Tesla and Microsoft both up by 1.7%, Nvidia increasing by 1.3%, and Apple slightly rising by 0.2%. However, Amazon, Meta, and Google saw declines of 0.2%, 0.45%, and 1.0% respectively [1] - Dell Technologies performed exceptionally well, surging by 5.8% due to strong demand for AI data center servers, while Oracle also had a notable increase of 4.0% [1] Group 2 - The expectation of a Federal Reserve interest rate cut has become a significant factor driving the stock market upward, with traders estimating an 84.9% probability of a 25 basis point cut next month, nearly doubling from the previous week [2] - The airline sector saw a substantial rise ahead of the holiday season, with the S&P 1500 Airline Index soaring by 3.4%, reflecting investor optimism regarding travel demand during Thanksgiving [2] - Chinese concept stocks showed mixed performance, with the Nasdaq Golden Dragon China Index slightly down by 0.03%. Pinduoduo rose by 1.6%, JD.com by 1.0%, and Alibaba by 0.4%, while Baidu and NetEase fell by 1.3% and 1.7% respectively [2]

Group 1 - Southbound funds have significantly increased their investment in Hong Kong stocks, with a cumulative net purchase of 1.38 trillion HKD this year, marking a record high [1] - The Hang Seng Index has seen an annual increase of nearly 30%, while the Hang Seng Tech Index has risen over 25% this year, indicating a recovery in asset valuations driven by southbound capital [1] - The attractiveness of Hong Kong stock market valuations is becoming evident, as reflected in the positive flow of ETF funds, which have accelerated net purchases of Hong Kong assets despite market fluctuations in the second half of the year [1] Group 2 - The recent rise in Hong Kong stocks is attributed to expectations of a Federal Reserve interest rate cut, with several technology companies' stock prices boosting market risk appetite [1] - Lower U.S. interest rates are expected to drive capital outflows from the U.S., seeking investment opportunities in non-dollar assets, which typically increases demand for Asian stocks [1] - However, there are concerns regarding the lack of significant improvement in corporate earnings for Hong Kong stocks, alongside volatility in U.S. tech stocks and the potential for profit-taking as the year-end approaches [4]