海南自由贸易港启动全岛封关运作在即，这一中国扩大高水平对外开放的标志性举措正引发全球商界广 泛关注。近日，多家国际行业组织、商业和金融机构分别从市场与行业等不同维度，热议海南自贸港封 关带来的机遇。 塞尔维亚工商会主席查代日近日接受新华社记者采访时表示，海南自贸港通过明确的政策支持和长期的 税收激励，致力于推动消费、服务和创新发展，以吸引更多国内外资源。海南自贸港全岛封关运作，积 极影响是全方位的。 摩根士丹利发布研究报告指出，海南自贸港封关运作后，"免税商品种类将从目前的1900种大幅增加到 约6600种，覆盖率达到近74%"。报告认为，这将利好离岛免税和旅游零售相关企业。 毕马威中国与穆迪达维特联合发布的《海南自贸港旅游零售白皮书2025版》分析认为，随着封关制度逐 步落地，税务改革和双轨零售格局将推动市场继续发展，并为境内外零售商创造更多参与机会。 美国商务部国际贸易管理局在其对海南自贸港金融服务的市场分析中指出，海南作为中国金融对外开放 的试点地区，正通过自由贸易账户、多元化跨境投资政策以及税收激励措施，进一步开放金融业，促进 跨境资本自由流动。 自2020年《海南自由贸易港建设总体方案》正式印发以来 ...

Company Overview - Trump Media and Technology Group (TMTG) is merging with TAE Technologies, a nuclear fusion power company, in a deal valued at $6 billion [1] - The merger will create one of the world's first publicly traded fusion companies, with shareholders of both companies receiving equal ownership in the combined entity [1] Financial Aspects - TMTG has agreed to provide up to $200 million in cash to TAE, with an additional $100 million possible in the future [1] - Following the announcement, Trump Media shares increased by over 20% in pre-market trading, reaching $12.58, although this is still below the 52-week high of $43.46 [2] Strategic Plans - The combined company plans to begin construction on a utility-scale fusion power plant next year, pending required approvals, with additional plants already in the planning stages [3] - TMTG has been diversifying its operations, having launched Trump.Fi in January, which focuses on exchange-traded funds and cryptocurrencies [3] Industry Impact - The merger is positioned as a significant step towards advancing fusion technology, which is expected to enhance America's energy dominance and lower energy prices [4] - Nuclear fusion is anticipated to provide widespread energy with minimal greenhouse gas emissions, although commercial-grade fusion is still considered decades away [4]

Core Viewpoint - Recent volatility in the US stock market highlights the risks warned by JPMorgan strategists, indicating that some stocks that have seen significant gains this year are facing "extreme crowding" [1] Group 1: Speculative Growth Stocks - JPMorgan identified six speculative growth stocks: Broadcom (AVGO.US), AMD (AMD.US), Expedia (EXPE.US), Estée Lauder (EL.US), Invesco (IVZ.US), and Nucor (NUE.US), warning that their performance is vulnerable to major macroeconomic events [1] - The stock price increases for these companies in 2025 are as follows: Broadcom 41.62%, AMD 64.01%, Expedia 53.01%, Estée Lauder 42.91%, Invesco 57.71%, and Nucor 39.45% [2] Group 2: Market Trends and Investor Behavior - The S&P 500 index fell by 1.2%, marking its fourth consecutive day of decline after reaching a historical high last week, with technology stocks leading the sell-off as investors rotate out of "winner" sectors [3] - JPMorgan's quantitative analysts noted that the "crowding" in high-volatility, high-risk stocks has reached the 99th percentile, indicating an extreme level that could lead to sharp sell-offs as investors seek to hedge [3] - Kaplan from JPMorgan stated that these companies are more sensitive to shocks, making them susceptible to sudden repricing [3] Group 3: Investment Strategies - For clients looking to capitalize on current market conditions, Kaplan suggested a strategy of buying put options on speculative stocks while establishing long positions in lower-volatility stocks [4] - Suggested low-volatility stocks include Cigna (CI.US), Pfizer (PFE.US), and Verizon (VZ.US), contrasting with the speculative growth stocks [5] Group 4: Market Sentiment - The recent decline in momentum stocks may be attributed to a temporary rotation of funds rather than a significant shift in market dynamics, as evidenced by Micron Technology's (MU.US) strong earnings that boosted AI concept stocks [5] - The Chief Investment Officer of Adapt Investment Managers noted that only true asset owners, such as retail investors and large institutions, can drive the market beyond short-term technical corrections, requiring substantial fundamental changes for position liquidation [5]

香港联交所最新数据显示，12月12日，易方达基金管理有限公司减持国联民生（601456）(01456)462.25 万股，每股作价5.3859港元，总金额约为2489.63万港元。减持后最新持股数目为5325.7万股，持股比例 为12.03%。 ...

智通财经APP获悉，香港联交所最新数据显示，12月12日，易方达基金管理有限公司减持国联民生 (01456)462.25万股，每股作价5.3859港元，总金额约为2489.63万港元。减持后最新持股数目为5325.7万 股，持股比例为12.03%。 ...

Company News - Emperor Capital (00717.HK) reported total revenue of approximately HKD 730 million for the year ending September 30, 2025, representing a year-on-year increase of 37.3%. Net profit reached approximately HKD 147 million, up 121.4% year-on-year [2] - New Special Energy (01799.HK) plans to sell a 79.92% stake in Xinjiang Wind Power New Energy Partnership for approximately HKD 1.337 billion to facilitate a REITs issuance [2] - Bay Area Development (00737.HK) signed a construction contract for the Shenzhen section with a contract value of RMB 1.448 billion [2] - Weichai Power (03393.HK) won a bid for the Brazil CPFL project with a contract amount exceeding HKD 80 million [3] - WuXi AppTec (02359.HK) invested approximately EUR 30 million to acquire a 3.22% stake in a French biopharmaceutical fund [3] - Joy Spreader Group (02473.HK) established a long-term strategic cooperation with New Stone Technology in areas such as autonomous vehicle procurement and market promotion [3] - Fosun Pharma (02196.HK) signed a cooperation and option agreement with Clavis Bio to jointly advance preclinical development of selected target compounds [3] - CSPC Pharmaceutical Group (01093.HK) reported top-line analysis data from the Phase III clinical trial of its drug, Truxima [3] - Yihai International (01662.HK) announced a strategic cooperation between Trio AI and HGC [4] Financing and Buyback Activities - Zhi Yuan Holdings (00990.HK) plans to issue a total of 515 million new shares at a discount of approximately 1.4%, aiming to raise about HKD 355.3 million [5] - Tencent Holdings (00700.HK) repurchased 1.055 million shares for HKD 636 million, with buyback prices ranging from HKD 599.5 to HKD 605.5 [5] - Xiaomi Group-W (01810.HK) repurchased 3.75 million shares for HKD 151 million, with buyback prices between HKD 40.12 and HKD 40.24 [6] - COSCO Shipping Holdings (01919.HK) repurchased 5.9 million shares for HKD 80.6 million, with buyback prices from HKD 13.52 to HKD 13.76 [7] - Kuaishou-W (01024.HK) repurchased 1.235 million shares for HKD 80.2 million, with buyback prices ranging from HKD 64.35 to HKD 65.60 [7] - Geely Automobile (00175.HK) repurchased 1.908 million shares for HKD 31.8 million, with buyback prices between HKD 16.26 and HKD 16.8 [8]

英皇资本(00717)公布截至2025年9月30日止年度业绩，总收入约7.3亿港元，同比增长37.3%;净溢利约 1.47亿港元，同比增长121.4%;每股基本盈利为2.18港仙。 ...

年度宏观经济环境仍充满挑战且复杂，地缘政治紧张、债务问题、全球关税政策、通胀压力及高失业率 带来的诸多不利因素持续影响全球金融市场。鉴于资产减值风险不断增加及物业市场衰退加剧，企业盈 利及个人消费均受到抑制。因此，企业及个人均在股票市场及财富投资解决方案方面寻找其他投资机 遇。 格隆汇12月18日丨英皇资本(00717.HK)公告，2024/2025年度全年业绩，由于集团致力发展环球金融市 场业务分部，集团于年度的总收入增加37.3%至7.3亿港元。孖展贷款、其他贷款及垫款减值拨备净额 ("减值拨备")大幅减少至4320万港元(2024年：1.589亿港元)，因此，集团净溢利增至1.469亿港元(2024 年：6640万港元)。每股基本盈利为2.18港仙(2024年：0.98港仙)以及每股摊薄盈利为2.17港仙(2024年： 不适用)。 ...

智通财经APP讯，英皇资本(00717)公布截至2025年9月30日止年度业绩，总收入约7.3亿港元，同比增长 37.3%;净溢利约1.47亿港元，同比增长121.4%;每股基本盈利为2.18港仙。 ...

斯里兰卡《每日镜报》12月18日报道，斯北部规模最大的综合性贸易展览会——贾夫纳国际贸易博览会 （JITF）将于2026年1月23日至25日举行，这将是该博览会连续第16年作为该地区重要的商业平台。博 览会由兰卡展览会议服务公司与亚尔帕纳姆（Yarlpanam）工商会联合举办，将在贾夫纳的穆特拉韦利 广场举行。博览会旨在深化商业联系，支持投资，并促进北部省份的科技驱动型增长。预计2026年博览 会将设有400多个展位，涵盖建筑、汽车、消费品、农业、食品饮料、包装、信息通信技术、金融服 务、教育和医疗保健等多个行业。据主办方介绍，去年的展会吸引了超过7.8万名参观者和约5000名受 邀商务代表，其中包括企业高管、企业家和政策制定者。约70%的参观者进行直接商务洽谈，促成合 作、分销协议和投资机会。2026年展会的举办时间经过精心安排，避开了当地的节假日，以最大限度地 提高参与度和商业活动。随着该地区基础设施建设和私人投资的加速发展，JITF已成为北部省份冲突后 经济复苏的重要组成部分。展会还将连续第二年推行"塑料中和倡议"，在展会场地内设置垃圾收集和回 收站，并与经批准的废物管理机构建立合作关系，体现大型商业活 ...