新能源汽车概念股普跌，蔚来汽车跌近6%，小鹏汽车跌超4%，理想汽车跌超2%。 编辑 ｜心一 1月5日，恒指报收26347.24点，涨0.03%；恒生科技指数报收5741.63点，涨0.09%。 | | | 内房股拉升，融信中国涨超6%，世茂集团涨超5%。 ...

1. 脑机接口概念爆发。截至收盘，南京熊猫电子股份(00553)涨39.75%，报6.75港元；微创脑科学 (02172)涨19.73%，报13.53港元；脑动极光-B(06681)涨15.74%，报7.87港元；心玮医疗-B(06609)涨 9.62%，报59.85港元。 据报道，马斯克近日在社交媒体上表示，其脑机接口公司Neuralink将于2026年开始对脑机接口设备进 行"大规模生产"。开源证券在最新研报中强调，当前脑机接口行业正处于技术突破、政策扶持与机器人 生态协同三大驱动力共振的高增长蓄势阶段。据Precedence Research预测，全球脑机接口市场规模有望 在2034年达到124亿美元，2025至2034年复合年增长率达17%。 2. 内房股表现亮眼。截至收盘，绿城中国(03900)涨6.56%，报8.93港元；世茂集团(00813)涨5.76%，报 0.202港元；华润置地(01109)涨5.05%，报29.12港元；龙湖集团(00960)涨4.81%，报9.16港元。 港股三大指数今早冲高回落，盘中均一度录得下跌，恒指及恒科指数尾盘翻红。截止收盘，恒生指数涨 0.03%或8.77点， ...

展望： 全球主要央行正处于截然不同的政策阶段。被动投资者可考虑哑铃策略：结合短 中期美债与高评级美元公司债（捕捉美联储宽松红利），并配置精选新兴市场本币债券 （受益于美元走弱及当前风险偏好升温）。 本文件所载之内容仅作为一般参考。本文件并非及不应被视作为投资或买卖证券或任何金融产品的要约或邀请。投资产品价格可上升或下跌，投资涉及盈利或极大亏损的风险。过去业绩并不保证将来表现。阁下应仔细考虑本身的经济状况、投资经验、 目标及能力，以及承担亏损的能力或咨询阁下的独立理财顾问再进行有关投资。在编制本文件时使用了一些相信其来源可靠的数据，但寶鉅證券有限公司("寶鉅證券")并不担保此等数据之准确性或完整性。寶鉅證券亦有权更新或更改任何数据而不另 行通知。寶鉅證券以及与之关联的任何公司或个人均不会承担因使用本文件或因依赖其内容而产生的任何法律责任。本文件的版权属寶鉅證券所有，未经寶鉅證券书面同意，任何人不得因任何用途擅自复印或发布全部或部份内容。寶鉅證券、寶鉅證 券金融集團的任何公司及其董事及雇员可能就本报告所涉及的任何证券持仓及进行交易，亦可能与客户持相反的位置。 展望： 全球主要央行正处于截然不同的政策阶段。被动投资 ...

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is experiencing a strong start to 2026, driven by factors such as the appreciation of the Renminbi, increased capital inflows, and favorable policies [1][2][14]. Group 1: Market Performance - On the first trading day of 2026, the Hang Seng Technology Index rose over 4% [1]. - The A-share market also saw a positive start, with the Shanghai Composite Index returning to 4000 points after 34 trading days [2]. - ETFs focused on Hong Kong stocks, such as the E Fund Internet ETF and the E Fund Hang Seng Technology ETF, saw significant gains of 4.64% and 3.6% respectively [3]. Group 2: Currency Impact - The Renminbi has strengthened against the US dollar, breaking the "7" psychological barrier, indicating a shift in market confidence towards the Chinese economy [7][8]. - This appreciation enhances the intrinsic value of Chinese companies listed in Hong Kong, as their revenues and profits are primarily in Renminbi [9][10]. - A stronger Renminbi reduces foreign investors' currency hedging costs, making Hong Kong stocks more attractive, especially in the technology sector [11]. Group 3: Capital Inflows - In 2025, net inflows from mainland investors through the Hong Kong Stock Connect exceeded 1.4 trillion HKD, a 73.89% increase from 2024 [14]. - Both domestic and foreign capital are converging, providing solid support for the market, characterized by "foreign capital replenishment + domestic capital support" [15]. Group 4: Sector Preferences - Capital is primarily flowing into large-cap and technology leaders, with significant investments in sectors such as finance, technology, pharmaceuticals, and consumer goods [18]. - Major stocks attracting net purchases include Alibaba, Meituan, Tencent, and Xiaomi [18]. - Passive funds have also seen substantial inflows, with the E Fund Hang Seng Technology ETF attracting 19.047 billion HKD and the E Fund Internet ETF attracting 8.645 billion HKD in 2025 [21]. Group 5: Valuation and Technical Analysis - As of January 4, 2026, the dynamic P/E ratio of the Hang Seng Technology Index was 22.57, below its historical average of 31.32, indicating a valuation discount compared to the Nasdaq [28][29]. - The current valuation gap between Hong Kong technology stocks and their counterparts in other emerging markets is significant, suggesting potential for upward correction [29]. - The market has completed a medium-term adjustment, providing a foundation for a rebound, supported by favorable currency movements [26]. Group 6: Future Outlook - The strengthening of the Hong Kong technology sector is attributed to multiple factors, including currency appreciation, capital inflows, supportive policies, technical corrections, and attractive valuations [31]. - The current market phase is seen as a transition from "value recovery" to "value growth," presenting opportunities for long-term investors [32].

Group 1 - The core viewpoint of the article highlights the positive performance of the Hong Kong technology sector, driven by improved liquidity and opportunities in the AI industry [1] - The Hong Kong Technology ETF (513020) has risen over 4%, reflecting market optimism regarding the technology sector [1] - Baidu's Kunlun Chip has submitted a listing application in Hong Kong, and the National Integrated Circuit Industry Investment Fund has increased its stake in SMIC International to 9.25%, boosting market sentiment [1] Group 2 - The Hong Kong Technology ETF tracks the Hong Kong Stock Connect Technology Index, which includes core assets in sectors such as internet, semiconductors, innovative pharmaceuticals, and new energy vehicles [1] - The Hong Kong Stock Connect Technology Index has outperformed the Hang Seng Technology Index, with a cumulative return of 256.46% since the base date at the end of 2014, significantly exceeding the Hang Seng Technology Index's return of 96.94% [1] - Emerging technology sectors like digital economy and AI applications are expected to benefit from favorable policies and industry innovation, although geopolitical risks and global economic uncertainties remain concerns [1]

本文源自：金融界AI电报 港股收盘，恒指收涨0.03%，科指收涨0.09%。快手(01024.HK)涨超11%，蔚来汽车(09866.HK)跌约 6%，小鹏汽车(09868.HK)跌超4%。 ...

Core Viewpoint - Kuaishou's potential for AI commercialization is accelerating, driven by the overseas success of its AI video generation model "Kling," leading to a significant stock price increase of over 12% [2]. Group 1: Revenue Growth and Market Expansion - The "Kling" model's daily revenue surged to 2.5 times the average level from mid-December 2025, benefiting from the widespread adoption of the "Motion Control" feature in overseas social media and promotional activities [4][8]. - Institutions project that "Kling" will generate over $140 million in revenue by 2025, with continued growth expected in 2026 due to ongoing version iterations and expansion into B-end users [8][12]. Group 2: Technological Advancements - The release of version 2.6 of the "Kling" model on December 3, 2025, introduced the "audio-visual synchronization" feature, allowing for the generation of 10-second videos that include natural language, sound effects, and ambient sounds, significantly enhancing user willingness to pay [7][12]. - AI technologies have improved Kuaishou's core advertising business, with user engagement increasing by 1-2 percentage points and advertising revenue rising by 4-5 percentage points due to the application of models like OneRec and GFRL [14]. Group 3: Performance Outlook and Valuation Logic - Market sentiment regarding Kuaishou's profit outlook is optimistic, with projected profits of 20.6 billion RMB and 23.8 billion RMB for 2025 and 2026, respectively, reflecting year-on-year growth of 16% and 15% [16]. - The investment logic will focus on two catalysts: the ongoing empowerment of Kuaishou's advertising business by AI technology and the high-frequency performance data of the "Kling" business along with its product update cadence [16].

Market Overview - The Hong Kong stock market opened slightly higher, with the Hang Seng Index at 26,361.44 points, up 22.97 points, a gain of 0.09% [1] - The Hang Seng Tech Index reached 5,755.28 points, increasing by 18.84 points, a rise of 0.33% [3] Company Focus - Kuaishou Technology (HK01024) saw its stock price rise over 10% in early trading [4] - Kuaishou has conducted a share buyback from December 15 to 30, 2025, repurchasing a total of 9.9627 million shares for a total amount of HKD 643 million, despite a cumulative drop of 4.37% during this period [6] Sector Performance - Technology stocks showed mixed performance, with Alibaba up over 2% and Bilibili up over 3% [6] - Oil and gas equipment stocks opened higher, with Shandong Molong rising over 13% [6] - Gold stocks were active, with Zijin Mining International up over 1% [6] - Power equipment stocks opened lower, with Goldwind Technology down over 6% [6] - Chinese brokerage stocks generally fell, with China Merchants Securities down over 1% [6] - China Aluminum Corporation rose over 6%, while new consumption stocks rebounded, with Pop Mart up over 2% and Chow Tai Fook up over 5% [6] - Newly listed company Woan Robotics (HK06600) continued to attract investment, rising over 20% in early trading and up over 50% from its issue price [6] Market Outlook - Huatai Securities believes that the current market sentiment and liquidity environment are better than in November, increasing the likelihood of successful investments in Hong Kong stocks [8] - Recommendations include continuing to invest in technology chains with performance expectations, as well as balancing cash flow assets [8] - The report highlights three key areas for investment: upstream resources in the power chain, travel-related sectors benefiting from domestic demand policies, and domestic AI leaders in the technology sector [8] - GF Securities' Liu Chenming team is optimistic about the Hong Kong market's rebound, noting a shift from traditional economic cycles to hard technology sectors like AI applications and new energy [9] - The team indicates that previous liquidity and sentiment issues that suppressed the Hong Kong market may have adjusted, suggesting potential for rebounds in the Hang Seng Tech Index [9]

继上周五大涨迎来开门红后，港股三大指数今日呈现窄幅震荡行情，截止收盘，恒生指数微幅上涨 0.03%，国企指数跌0.22%，恒生科技指数微涨0.09%。 盘面上，大型科技股走势分化，AI模型可灵在海外广受欢迎，快手大涨11%表现尤其抢眼，阿里巴巴涨 2.55%，网易跌近3%，小米、京东走低；去年我国创新药对外授权破千亿美元，JPM大会将于本月举 行，生物医药股集体活跃，平安好医生领衔互联网医疗股上涨；行业政策利好催化，内房股拉升，绿城 中国、中国金茂涨幅居前；马斯克"量产预告"催化，脑机接口概念大爆发，南京熊猫电子飙升近40%， 微创脑科学大涨近20%。 另一方面，中金展望2026年，预计内地汽车业政策延续之下内需面临一定挑战，汽车股全天低迷，长城 汽车跌超6%；大摩下调油价预期，因全球供应过剩势将扩大，三桶油集体下跌，风电龙头金风科技大 跌超8%，内银股集体走低，其中农业银行跌3.2%，招商银行跌2.8%。(格隆汇) ...

每经AI快讯，OSL集团(00863.HK)一度涨超5%，截至发稿涨3.53%，报17.58港元，成交额3326.81万港 元。 ...