Group 1 - Alibaba-W recorded a net buy of 1.36 billion, while Meituan-W saw a net buy of 0.223 billion, and Zijin Mining had a net buy of 0.111 billion [1][3] - China Mobile experienced a net sell of 1.975 billion, Tencent Holdings had a net sell of 1.088 billion, Kuaishou-W saw a net sell of 0.174 billion, and SMIC had a net sell of 0.141 billion [1][3] - Southbound funds have continuously net sold China Mobile for 8 days, totaling 6.49287 billion HKD [3] Group 2 - Alibaba has released a new end-to-end voice interaction model called Fun-Audio-Chat, which includes open-sourced 8B model weights and inference code [4] - Zijin Mining benefits from the rise in gold prices, which have increased over 71% this year, driven by expectations of interest rate cuts by the Federal Reserve and geopolitical risks [4] - Ganfeng Lithium reports a gradual increase in lithium carbonate futures prices, with optimistic market expectations for future lithium prices due to recovering quarterly performance in lithium companies [4] Group 3 - Kuaishou announced that its live streaming function was attacked on December 22, 2025, but has since been restored, with other services unaffected [5] - Shijiazhuang Pharmaceutical Group's shareholder Cai Dongchen increased his stake by acquiring 3.454 million shares at an average price of 8.1957 HKD per share, totaling approximately 0.11 billion HKD [5]

格隆汇12月23日丨西部黄金(601069.SH)公布，公司于2025年12月23日收到股东杨生荣先生出具的《关 于持股5%以上股东权益变动触及5%刻度的告知函》。杨生荣先生于2025年12月23日通过集中竞价方式 减持公司股份192.87万股，约占公司总股本的0.21%。本次减持后，杨生荣先生持有公司股份9110.00万 股，占公司总股本的比例为10.00%，权益变动触及5%刻度。 ...

Group 1: Precious Metals - The main focus is on precious metals, particularly silver and gold, with silver experiencing a 40% increase since late November, making it a highly elastic investment [1] - Gold has recently surged past the $4500 mark after fluctuating around $4400 for about six trading days, indicating an accelerating trend [1] - The rise in gold prices is attributed to the strong performance of silver, leading investors to shift their focus to gold due to fear of missing out on potential gains [1] - There is a growing belief among investors that a bull market for precious metals is underway, driven by low future interest rate expectations for the dollar [1] - Caution is advised against increasing investment proportions significantly at this time, suggesting a more prudent approach of observing market conditions before making large purchases [1] Group 2: Commercial Aerospace - The commercial aerospace sector experienced a notable decline, with the China Securities Military Industry Index dropping by 2% and related ETFs falling over 4% [2] - The current market sentiment indicates that many investors are considering adding to their positions during this downturn, although the strength of capital in this sector appears to be weak [2] - The previous hype around commercial aerospace has largely been driven by speculative stocks, and there is a recommendation to focus on opportunities led by institutional investors in the future [2] Group 3: A-Share Market - The A-share market showed an upward trend but experienced a significant pullback in the afternoon, with the index reaching a high of 3937 points before declining [4] - The market's upward movement seems somewhat passive, with funds showing reluctance to engage actively, leading to a drop in the index [4] - The afternoon decline is interpreted as a potential "washout" to digest pressure near the 3950-point resistance level, indicating a strategic retreat rather than a panic sell-off [4] - If market conditions remain stable, there is potential for the index to challenge today's high again, with a possibility of a pullback to the 20-day moving average for consolidation [5]

美联储进一步降息的前景和地缘政治担忧提振了避险资金流，从而推高了金价。 周二将公布的美国第三季度GDP初值报告备受关注。 周二欧洲早盘交易时段，黄金价格（XAU/USD）攀升至历史新高。过去一个月，这种贵金属价格上涨了10%，2025年以来累计上涨近70%，原因是地缘政 治紧张局势加剧和经济不确定性增强，提振了对黄金等避险资产的需求。 此外，市场预期美联储明年将进一步降息，这也可能支撑金价。较低的利率可以降低持有黄金的机会成本，从而支撑这种不产生收益的贵金属。鉴于通胀放 缓和就业增长乏力的迹象，市场预计美联储将在2026年多次降息。 交易员正在等待周二晚些时候公布的美国第三季度国内生产总值（GDP）初值报告。预计美国第三季度经济将以3.2%的年化速度增长，低于第二季度3.8% 的增速。如果GDP报告结果强于预期，可能会提振美元，并在短期内对以美元计价的大宗商品价格构成压力。此外，美国耐用品订单、工业生产和ADP就业 周度数据也将于同日公布。 市场动态：地缘政治紧张局势升级，市场押注美联储将进一步降息，黄金价格飙升 周二欧洲早盘，金价升至历史新高。 美联储理事斯蒂芬·米兰周一表示，他可能会在任期届满后继续留在美 ...

Group 1: Global Economic Outlook - In 2025, the global macroeconomic environment shows unexpected resilience amid ongoing tariff uncertainties and continuous technological breakthroughs [1] - Precious metals have performed exceptionally well, with COMEX gold rising by 60.84% and Shanghai silver increasing by 112.87% year-to-date [1] - The MSCI global index has increased by 20.70% since the beginning of the year, with emerging markets in Asia outperforming those in Europe and the US [1] Group 2: Market Trends and Asset Allocation - Many foreign institutions expect the equity market to continue its growth trend in 2026 despite uncertainties, with a strong interest in AI-related investments [3] - Major institutions are adopting a cautious approach towards US equities due to high valuations, with a shift towards regional diversification, particularly in Asian markets [4][5] - The S&P 500's forward P/E ratio is close to 24, with tech and consumer discretionary sectors reaching around 30, indicating optimistic future earnings expectations [4] Group 3: Focus on Asian Markets - HSBC and other institutions view Asian markets, including Chinese A-shares, Hong Kong stocks, Singapore, and South Korea, as key areas for investment outside the US [5] - The recovery of IPO activities and strong capital inflows into Hong Kong are seen as significant positive factors for the market [5] - China's advancements in AI are expected to support the performance of both offshore and onshore tech stocks in 2025 [5] Group 4: AI Investment Landscape - AI is recognized as the core theme for the global market in 2026, with a shift in focus from hardware investments to broader ecosystem value creation [7] - AI capital expenditure is projected to exceed $350 billion in 2025 and continue growing to approximately $500 billion in 2026 [7] - The revenue potential of AI-enabled applications is expected to reach $3.1 trillion by 2030, with a compound annual growth rate of 30% [7] Group 5: Chinese Economic Policy and Growth - Institutions predict that China's macroeconomic policy in 2026 will focus on fiscal stimulus and supportive monetary policy, with an expected increase in the fiscal deficit rate [10] - The GDP growth target for China in 2026 is anticipated to be between 4.5% and 5% [11] - Structural policy measures, particularly in the consumption sector, are expected to play a significant role in stimulating the economy [10] Group 6: Diversification and Alternative Assets - The high correlation among traditional assets has heightened the need for diversification, with gold and alternative assets becoming key tools for portfolio resilience [12] - Gold is favored as a hedge against geopolitical risks, with expectations of continued price support due to central bank demand and a weak dollar [12] - Investors are encouraged to consider alternative diversification tools such as private equity and hedge funds to navigate increasing market uncertainties [12]

Market Overview - The Hong Kong stock market opened slightly higher but weakened throughout the day, with all three major indices turning negative by the close. The Hang Seng Index fell by 0.11% to 25,774.14 points, with a total turnover of HKD 157.13 billion [1] - The Hang Seng China Enterprises Index decreased by 0.29% to 8,913.83 points, while the Hang Seng Tech Index dropped by 0.69% to 5,488.89 points [1] Blue Chip Performance - CSPC Pharmaceutical Group (01093) led the blue-chip stocks, rising by 7.64% to HKD 8.88, contributing 8.08 points to the Hang Seng Index. The stock had a turnover of HKD 2.76 billion [2] - Other notable blue-chip movements included Tingyi (00322) up by 2.07% to HKD 12.35, and China Resources Power (00836) up by 1.25% to HKD 17.8. Tencent Holdings (00700) and China Unicom (00762) both fell by 2.03%, dragging the index down by 42.3 points and 1.68 points respectively [2] Sector Highlights - Large tech stocks showed mixed performance, with Alibaba rising by 0.55% while Tencent fell by 2.03% [3] - Gold stocks initially surged but later retreated, with Shandong Gold (01787) closing up by 4.64% at HKD 37.86. The international gold price reached a historic high, with COMEX gold futures surpassing USD 4,500 per ounce [4][3] - Lithium battery stocks were active, with Ganfeng Lithium (01772) rising by 4.08% to HKD 56.15, and CATL's lithium production news causing market fluctuations [4][5] Upcoming Market Events - A wave of stock unlocks is expected in the Hong Kong market, with over ten companies, including Sanhua Intelligent Control and Yujing, having significant shareholder unlocks from December 16 to 31 [6] - Yujing's shares will be unlocked for 36 shareholders, totaling approximately 193 million shares, while Sanhua Intelligent Control will see 17 shareholders unlock around 196 million shares [6] Notable Stock Movements - New stocks had varied performances on their debut, with Nobikang (02635) soaring by 363.75% to HKD 371, while Hantang Aitai (03378) plummeted by 46.25% to HKD 17.2 [7] - Dongfang Electric (01072) showed strong performance, rising by 8.17% to HKD 25.94, benefiting from its position in the high-end energy equipment sector [8] - Cathay Pacific (00293) reported expected net profits exceeding HKD 9.88 billion (USD 1.3 billion) for 2025, marking a potential for consecutive annual profit growth for the first time in a decade [9] - Tmall's stock faced pressure, declining by 4.49% to HKD 2.98, with a reported year-on-year decline in retail and wholesale sales [10]

Core Viewpoint - International gold prices continue to rise, with gold priced in RMB reaching a new high, indicating strong demand and market confidence in gold as a safe-haven asset [1][3]. Group 1: Gold Market Performance - On December 23, the spot gold price in London approached $4,490 per ounce, surpassing the previous high of $4,381 per ounce at the end of October [3]. - The Shanghai Gold Exchange's spot gold price reached 1,014 RMB per gram, while the main futures contract on the Shanghai Futures Exchange hit 1,018 RMB per gram, both marking new highs [3]. - Year-to-date, international spot gold has increased by over 70%, while gold priced in RMB has risen by more than 64% [3]. Group 2: Factors Influencing Gold Prices - UBS Wealth Management's investment office believes that gold has recovered from its October losses, supported by expectations of continued accommodative monetary policy from the Federal Reserve [3]. - Global central banks are expected to maintain strong demand for gold as they reduce their dollar reserves, providing further support for gold prices [3]. Group 3: Silver Market Performance - Silver prices have also shown strong growth, influenced by factors such as Fed rate cuts, supply shortages, and increased investment and industrial demand [3]. - As of December 22, the March silver futures price on the New York Commodity Exchange closed at $68.565 per ounce, reflecting a 1.59% increase [3].

Core Viewpoint - The investment in new consumption is expected to shift towards two ends by 2026, focusing on early-stage categories and those with balanced supply and demand [1] Group 1: Early-stage Categories - Investment will target categories with emerging market demand, such as new efficacy health products, oral health products, innovative materials in medical aesthetics, and pet health products [1] Group 2: Balanced Supply and Demand Categories - Investment will also focus on categories where supply is orderly and may clear, including functional beverages, low-sugar health food and drinks, traditional golden products, bulk snacks, and high-end beauty services, particularly those from small and medium enterprises [1] - Preference will be given to single-brand or platform companies with high growth certainty [1]

12月23日，港股三大指数午后持续走低，恒生科技指数一度跌至1%，最终收跌0.69%，恒生指数、国企指数由涨转跌，分别下跌0.11%及0.29%，市场情绪 谨慎。 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 恒生科技指数 800700 | ma | 5488.89 | -37.94 | -0.69% | | 恒生指数 | whiles | 25774.14 | -27.63 | -0.11% | | 800000 | mini | | | | | | | 8913.83 | -25.85 | -0.29% | | 国企指数 800100 | Marine | | | | 盘面上，大型科技股涨跌不一，风电股全天维持强势，建材水泥股、内银股多数上涨。金价在创下历史新高后，黄金、铜、铝等有色金属股呈现高开低走行 情，手游股、军工股、机器人概念股、半导体芯片股集体低迷。 | 行业热力图 √ | 领涨板块 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Market Overview - The Hang Seng Index closed down by 0.11% at 25,774.14, while the Hang Seng Tech Index fell by 0.69% to 5,488.89 [2][4] - The Hang Seng Biotech Index decreased by 0.50% to 14,742.59, and the Hang Seng China Enterprises Index dropped by 0.29% to 8,913.83 [2] - The overall market saw declines in sectors such as media, defense, pharmaceuticals, and semiconductors, while sectors like chemicals, electrical equipment, transportation, and banking showed gains [2] Gold Stocks Performance - Gold stocks continued to rise, with WanGuo Gold Group increasing by over 5%, Shandong Gold by over 4%, and other companies like Zhaojin Mining and ZhuFeng Gold rising by over 2% [2][3] - The precious metals index rose by 0.16%, reaching 6,958.48 [3] Technology Sector Performance - The technology sector faced significant declines, with notable drops in companies such as Horizon Robotics down nearly 4%, Tencent Holdings down over 2%, and Xiaomi Group and Trip.com down over 1% [3][4] - Kuaishou reported a drop of over 3% following a cyberattack on its live streaming feature, which has since been restored [5] Notable IPO - Nobikang experienced a remarkable debut, soaring over 363% on its first trading day, closing at 371.00 with a market capitalization of approximately 14 billion [7][8]