Core Insights - The Ministry of Industry and Information Technology has released guidelines to accelerate the innovation and development of national new-type internet exchange centers [1] Group 1: Industry Development - The guidelines aim to address data exchange needs for low-latency applications in scenarios such as vehicle networking and low-altitude economy [1] - The initiative seeks to enhance the service level of industry empowerment [1] Group 2: Business Support - The exchange centers are encouraged to support enterprises in cloud migration, multi-cloud interconnection, G virtual private networks, industrial internet, and satellite internet [1] - Innovative business offerings are to be provided by the exchange centers to meet the demands of various application scenarios [1]

Group 1 - The Hong Kong stock market continues its upward trend from last Friday, with the Tianhong Technology ETF (159128) tracking a benchmark index that has risen by 4.18% over the past two days, attracting a net subscription of 6 million units and a total net inflow of 687 million yuan over the last 20 days [1] - The Hang Seng Index rose by 2.76% and the Hang Seng Tech Index surged by 4% last Friday, reflecting strong performance in US tech stocks, with the China concept index increasing by 4.38% [1] - The 2026 Consumer Electronics Show (CES) will take place from January 4 to 9, featuring speeches from industry leaders such as Jensen Huang and Su Zifeng [1] Group 2 - The Tianhong Hang Seng Technology ETF (520920) closely tracks the Hang Seng Technology Index, which includes 30 leading Hong Kong tech stocks across key sectors such as internet platforms, semiconductors, and automotive [2] - The ETF saw a total net inflow of 10.187 billion yuan in 2025, indicating strong investor interest [2] - A recent report from Western Securities maintains a positive outlook on Hong Kong stocks, particularly the Hang Seng Technology Index, citing the appreciation of the renminbi as a driver for cross-border capital inflow [2]

2026年A股首个交易日（1月5日），重仓互联网龙头的港股互联网ETF（513770）跳空高开，强势大涨超4%突破年线！港股科网龙头多数上 涨，快手狂飙逾12%，哔哩哔哩涨超5%，贝壳、平安好医生、第四范式等齐涨超4%。 提醒：近期市场波动可能较大，短期涨跌幅不预示未来表现。请投资者务必根据自身的资金状况和风险承受能力理性投资，高度注意仓位和 风险管理。 数据来源：沪深交易所等。中证港股通互联网指数近5个完整年度的涨跌幅分别为：2020年，109.31%；2021年，-36.61%；2022 年，-23.01%；2023年，-24.74%；2024年，23.04%。指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。 风险提示：港股互联网ETF被动跟踪中证港股通互联网指数，该指数基日为2016.12.30，发布于2021.1.11，指数成份股构成根据该指数编制规 则适时调整。文中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基金 管理人评估的该基金风险等级为R4-中高风险，适宜积极型（C4）及以上的投资者。任何在本文出现的信息（包 ...

Core Viewpoint - Kuaishou (1024.HK) experienced a significant increase of nearly 13%, reaching a peak of 74.85 HKD, marking a new high in over two months due to the launch of multiple AI product features [1] Group 1: AI Product Developments - Kuaishou has recently launched several AI product iterations, including the video O1 model, image O1 model, and the "Keling 2.6" video and digital human 2.0 features [1] - Citigroup's research report indicates that the latest Keling O1 model is expected to significantly enhance the flexibility and efficiency of user-generated videos, while also noting Kuaishou's ongoing efforts to strengthen Keling technology to maintain its leading position [1] Group 2: Analyst Ratings and Revenue Projections - Citigroup maintains a "Buy" rating for Kuaishou with a target price of 88 HKD [1] - Goldman Sachs projects that Kuaishou's AI business revenue will exceed 140 million USD by 2025, with expectations for growth to between 230 million and 240 million USD by 2026, also maintaining a "Buy" rating with a target price of 83 HKD [1]

2026年A股首个交易日（1月5日），重仓互联网龙头的港股互联网ETF（513770）跳空高开，强势大涨 超4%突破年线！港股科网龙头多数上涨，快手狂飙逾12%，哔哩哔哩涨超5%，贝壳、平安好医生、第 四范式等齐涨超4%。 | | | 分时 多日 1分 5分 * | | | | | | | F9 盘前盘后 婴加 九转 画线 工具 (2 2) | | | | | | | | | 进股互联网ETF (1) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 0.541 | | | | | 513770(德股互联网ETF] 10:04 价 0.542 落跌 0.023(4.43%) 均价 0. | | | | | 4.53% | ಕ್ | | 0.542 +0.023 +4.43% | | | | CONNO A | | | | | | 0.535 | 1 2 | | | | | | | | 3 ...

2026 年 1 月 5 日 星期一 ➢ 每日大市点评 新的一年港股迎来开门红。上周五(1 月 2 日)，恒生指数及国企指数分别收报 26,338 点及 9,169 点，下跌 2.8%及 2.9%。 港股成交合共 1,409 亿港元，较上周三(12 月 31 日)的 1,190 亿港元，上升 18.4%。分类指数方面，资讯科技、原材料、 非必需性消费业指数分别上升 3.9%、3.5%、3.3%；必需性消费、公用事业则仅分别上升 0.9%、0.5%。蓝筹个股方面，百 度集团(9888 HK)及新东方(9901 HK)领涨，分别上升 9.4%及 7.2%；长江基建集团(1038 HK)及 康师傅控股 (322 HK) 领 跌，分别下跌 0.9%及 0.7%。 新股表现理想，料短期有利 IPO 市场的投资情绪。上周五国产 GPU 企业壁仞科技(6082 HK)在港股挂牌上市，涨幅一度约 1.2 倍。虽然其后涨幅收窄，但是收报仍上升 75.6%。 美国突袭委内瑞拉并捉拿其总统马杜罗。特朗普表示，美国将暂时"管理"委内瑞拉，美国石油企业也会参与委内瑞拉 的石油开发。委内瑞拉是全球最大的石油储量国，约占全球储量的 18% ...

消息面上，可灵年底"连环升级" ，统一多模态O1+2.6音画同出+数字人2.0。华福证券发布研报称，可灵 AI功能迭代带来商业化空间进一步提升。以可灵2.6模型为例，同样生成5秒的视频，快手1.6模型"标准 模式"收费20个灵感值，高品质模式收费35个灵感值；而可灵2.6模型，仅支持高品质模型，收费50个灵 感值。价格提升，进一步打开商业化空间。 国联民生证券则表示，快手主业稳健增长符合预期，可灵发布新版本Q4流水环比有望提升，短期黑天 鹅事件或有波动，当前位置估值性价比高，建议关注黑天鹅事件落地后的投资机会。 智通财经APP获悉，快手-W(01024)早盘涨超12%，截至发稿，涨10.19%，报73港元，成交额30.3亿港 元。 ...

消息面上，可灵年底"连环升级"，统一多模态O1+2.6音画同出+数字人2.0。华福证券发布研报称，可灵 AI功能迭代带来商业化空间进一步提升。以可灵2.6模型为例，同样生成5秒的视频，快手1.6模型"标准 模式"收费20个灵感值，高品质模式收费35个灵感值；而可灵2.6模型，仅支持高品质模型，收费50个灵 感值。价格提升，进一步打开商业化空间。 快手-W(01024)早盘涨超12%，截至发稿，涨10.19%，报73港元，成交额30.3亿港元。 国联民生（601456）证券则表示，快手主业稳健增长符合预期，可灵发布新版本Q4流水环比有望提 升，短期黑天鹅事件或有波动，当前位置估值性价比高，建议关注黑天鹅事件落地后的投资机会。 ...

Group 1: Bond Market Strategy - The macroeconomic environment for 2026 is expected to maintain a GDP growth target of around 5%, focusing on internal demand recovery while external demand may slow down [14] - Fiscal policy is projected to remain proactive with a deficit rate around 4%, corresponding to a deficit scale of 5.95 trillion yuan, indicating an increase in government bond financing and special local government bonds [14] - The monetary policy is anticipated to remain moderately loose, with a potential interest rate cut of 10-20 basis points in 2026, while structural monetary policy tools are expected to remain stable [14] Group 2: Financial Stability Framework - The 2025 report shifts its focus from "risk resolution" to "function expansion and proactive stability," indicating a change in the approach to financial stability [14] - The report emphasizes the need to integrate financial stability into the macro-control system, linking it with monetary policy and capital market stability [14] Group 3: Manufacturing PMI - The December 2025 manufacturing PMI rose above 50, indicating a return to the expansion zone after several months below the threshold [14][15] - This improvement reflects a phase of macroeconomic recovery, suggesting limited downward pressure on interest rates, with yields expected to enter a volatile phase [15] Group 4: Carbon Fiber Materials - Carbon fiber composite materials are positioned to benefit from the low-altitude economy and commercial aerospace sectors, with significant demand expected from eVTOL and drone applications [14] - The price of aerospace-grade carbon fiber composites can reach 30,000 yuan/kg, while the demand for these materials is projected to increase significantly due to the growth in China's aerospace sector [14] - Domestic production of low-end carbon fiber products has increased, achieving an 80% replacement rate, while high-end products remain reliant on imports, indicating a market opportunity for domestic manufacturers [14] Group 5: AIGC and Content Ecosystem - The AIGC (Artificial Intelligence Generated Content) sector is identified as a high-potential area for monetization, particularly through the production of animated dramas [14] - The market for short dramas has surpassed 50 billion yuan, with the animated drama market expected to exceed 20 billion yuan, driven by platforms like Douyin and Tencent [14] - The stability and fluidity of AI-generated video content have improved significantly, leading to the release of successful AI-generated short dramas [14]

流动性方面，刘晨明团队指出，"2026年多数国家货币和财政双宽松，流动性宽松或迟早出现。一旦流 动性出现反转，来自全球资本活水的重新注入与境内流动性渠道的拓宽，港股有望开启新一轮上涨。尤 其要注意是否会出现流动性反转+春季躁动共振，形成向上贝塔的机会。" 广发证券刘晨明团队看好港股市场补涨，"港股正从传统的顺经济周期，逐步转向AI应用、新能源等代 表硬科技的主赛道。恒指新经济相关的权重从17%提升至接近50%"。 刘晨明团队表示，前期压制港股的主要是流动性/情绪因素（日本息交易平仓、美联储鹰派降息表述、 基石投资者解禁等），市场情绪可能已经调整到位，恒科在120~250日均线随时有反弹可能性。 恒生指数高开，恒生科技指数涨0.33%，国证港股通科技指数涨0.36%，快手-W涨近6%，阿里巴巴、中 芯国际、哔哩哔哩-W、百度集团-SW、小米集团-W涨幅靠前。 华夏基金建议关注国证港股通科技指数，选股范围为港股通标的，不受QD额度限制，因而相对恒生科 技更具备流动性优势，同时在高端制造、生物科技及互联网行业分布相对均衡，"软硬兼备"。国证港股 通科技指数PE估值目前为26.45倍，位于过去10年的41%分位左右的 ...