数据显示，为响应投资者投资需求，自12月9日起，恒生科技ETF基金（513260）单日净申购上限已上调至3000万份！ 今日（12.10），港股科技再度调整，100%纯度的港股通科技30ETF（520980）跌0.54%，盘中成交额突破2.2亿元！截至12月9日，最新规模超46亿元！ 同类唯一15BP最低档管理费的恒生科技ETF基金（513260）连续第二日回调，盘中成交额已逼近3亿元。资金面上，恒生科技ETF基金（513260）近20日累 计"吸金"超3亿元，已连续29个交易日"吸金"超4.3亿元，最新规模达70.61亿元，基金最新融资余额超1.6亿元！ 消息面上，北京时间周四凌晨03:00，美联储在结束两天的政策会议后将宣布最新的利率决定，并发布货币政策声明。半小时后，美联储主席鲍威尔将召开 货币政策新闻发布会。 事实上，交易员们当前已不再关注降息决定本身，因为他们认为本周降息已经是板上钉钉之事，尽管联邦公开市场委员会（FOMC）内部对于是否降息仍然 存在严重分歧。相反，他们将密切关注美联储主席鲍威尔在利率决议公布后的官方声明，以及他在新闻发布会上答问环节的措辞与语气变化，因为这关系到 美联储明年的货币政 ...

Core Viewpoint - The Hong Kong stock market continues to show weakness, with major indices experiencing declines for three consecutive days, indicating a bearish trend in the market [1] Group 1: Market Performance - The Hang Seng Index fell by 0.43%, while the Hang Seng China Enterprises Index decreased by 0.51%, both reflecting a three-day losing streak [1] - The Hang Seng Tech Index declined by 0.68%, showcasing a mixed performance among major tech stocks [1] Group 2: Individual Stock Movements - Meituan's stock rose by 1%, contrasting with Tencent's decline of 1%, highlighting the divergence in performance among key technology companies [1] Group 3: Commodity and Shipping Indices - Precious metals showed strong performance ahead of the Federal Reserve's decision, with silver reaching a historical high and gold and other non-ferrous metal stocks also rising [1] - The Baltic Dry Index (BDI) hit a near two-week low, leading to significant declines in shipping stocks [1] Group 4: Sector Performance - Solar, Chinese brokerage, oil, and domestic bank stocks generally experienced declines, reflecting broader market weakness [1]

尽管市场普遍预计美联储将在周三降息，但投资者更担心的是会后声明和未来指引是否会偏向鹰派。市场整体处于一种等待和观望状态，股债价格均窄幅 波动。 截至当地时间12月9日，美股三大指数收盘涨跌不一，道指跌0.37%，纳指涨0.13%，标普500指数跌0.09%。 谷歌、博通、特斯拉涨超1%，Meta跌超1%。贵金属、加密货币板块涨幅居前，泛美白银涨超11%，Hut 8、金田涨超4%，Strategy涨超2%。生物技术、减 肥药、多元化银行板块走低，硕迪生物、摩根大通跌超4%，安进跌超2%，礼来、辉瑞跌超1%。 摩根大通明年成本支出超预期，警告当前的消费者环境"略显脆弱"。 纳斯达克中国金龙指数收跌1.37%，热门中概股多数下跌，百度跌超4%，小鹏汽车、理想汽车跌超3%，哔哩哔哩跌超2%，蔚来、阿里巴巴跌超1%。 WTI原油期货收跌1.07%，报58.25美元/桶。布伦特原油期货收跌0.88%，报61.94美元/桶。 EIA短期能源展望报告预计2025年布伦特原油价格为68.91美元/桶，此前预计为68.76美元/桶；预计2026年为55.08美元/桶，此前预计为54.92美元/桶。预计 2025年WTI原油价格为 ...

Group 1 - The recent news about the Zhejiang Jin Center product failure highlights the liquidity issues faced by the financing entities behind these products, which are currently unable to meet redemption demands [1] - Investors should have a rational understanding of the current risk-free interest rate environment, as exemplified by the near-zero annualized yield of Yu'ebao [2] - For pure debt financial products, expectations should be adjusted accordingly, with money market funds likely yielding below 1.5% and pure debt funds around 2.5% after fees [3][4] Group 2 - In the unprecedented low interest rate environment, investors should establish a benchmark for expected returns; anything significantly above this benchmark may indicate higher risk [5] - It is crucial to control concentration in investments to avoid significant losses, emphasizing the importance of diversification [6][8] - The analogy of lending money to a friend versus investing in high-yield products illustrates the need for cautious investment practices, particularly in high-risk products [7] Group 3 - The importance of having a professional and trustworthy investment advisor is emphasized, as many products advertised with high returns may not be sustainable [9][10] - Investors should be wary of advisors who promote high-yield products without understanding the underlying risks, as this could limit potential returns [11] - Institutional investors face similar challenges as individual investors, particularly in a low interest rate environment, which necessitates careful asset allocation [12][13] Group 4 - The current market conditions show a decline in both A-shares and Hong Kong stocks, with the latter experiencing a more significant drop [16][17] - Factors affecting the market include the rebalancing of funds between A-shares and Hong Kong stocks, as well as rising yields on Japanese and U.S. bonds impacting valuations [18][19] - Long-term concerns for the market include the sustainability of the Federal Reserve's interest rate cycle, the persistence of low domestic interest rates, and the profitability of major technology companies in Hong Kong [23][24]

盘面上，大型科技股集体萎靡拖累大市走低，其中，小米、百度跌超3%，快手、美团跌超2%，京东、 阿里巴巴、腾讯均有跌幅；金价铜价在高位徘徊，国际清算银行警告黄金与股市走势趋同，可能是泡沫 信号，黄金股、铜业股等有色金属板块持续弱势；内房股尾盘跌势扩大，被内地企业提出清盘呈请，雅 居乐集团大跌超18%，中国金茂、中国海外宏洋跌幅居前；拟607亿元出售中冶置业、中冶铜锌等资 产，中国中冶重挫超21%领跌重型基建股；半导体芯片股、石油股、航空股、军工股、中资券商股、保 险股、汽车股纷纷走低。 另一方面，猪肉概念股、药品股部分上涨，内银股少部分飘红，农业银行、招商银行、工商银行皆有涨 幅，易鑫集团、金蝶国际部分软件股上涨。(格隆汇) 港股三大指数全天呈现单边下跌行情，市场情绪表现低迷。恒生科技指数跌幅最大，最终收跌1.9%， 恒生指数、国企指数分别下跌1.29%及1.62%，恒指国指双双刷新月内新低。 ...

Group 1: Investment Opportunities in Entertainment Sector - The core opportunities in the entertainment sector stem from domestic young users and overseas expansion, with key targets having a projected PE of around 15x for 2026 [1] - Giant Network is expected to see an increase in domestic DAU and revenue during the Spring Festival, with plans to expand its game "Supernatural" to Southeast Asia and Japan in 2026 [1] - 37 Interactive Entertainment received an administrative penalty on December 5, with a low PE and high dividend yield, and 32% of its revenue coming from overseas [1] Group 2: Key Players and Market Trends - Century Huatong's core SLG product remains strong, with a focus on the global expansion of casual games in 2026 [2] - Pop Mart is viewed as overly pessimistic regarding single IP expectations, with IP and regional expansion (Europe and America) being key growth drivers [2] - Zhi Zi Cheng's social entertainment business is thriving in the Middle East, with a projected revenue increase of 34.5% to 36.4% year-on-year for the first nine months of the year [2] Group 3: AI and Technology Developments - Companies like Tencent, NetEase, and Bilibili are exploring AI applications, with Bilibili launching "百将牌" in Q1 2026 and AI advertising options [3] - Baidu and Alibaba are focusing on AI infrastructure, with Baidu's Kunlun chip M100 set to launch in early 2026, optimized for large-scale inference scenarios [4] - The integration of AI applications into various sectors, including advertising and e-commerce, is being pursued by multiple companies, with a focus on short videos and IP [3]

与此同时，已满65岁的库克，其健康状况也正受到外界更密切的关注。内部不少人讨论库克的手会"时 不时发抖"的问题，但接近库克的人士表示，他的健康状况良好。彭博社的报道还指出，硬件工程高级 副总裁约翰·特努斯被广泛认为会是库克的接班人。 《财富》杂志网站的报道称，苹果近期的人事动荡波及公司多个方面，包括人工智能竞争力、设计创 新、监管引导以及运营效率。难点在于如何在多个领域的变动中顺利平稳地过渡到下一个阶段，并应对 潜在竞争威胁。 据多家媒体报道，美国苹果公司管理层正在经历多年来最激烈的人事动荡。日前，苹果公司在其官网发 布公告，宣布了三项管理层人事变动，而在过去一周内，苹果公司已有4名高管宣布将离职。 当地时间4日，苹果公司宣布其总法律顾问，以及环境、政策和社会倡议副总裁均计划于2026年退休， 从美国科技巨头Meta公司来的詹妮弗·纽斯特德将担任总法律顾问兼政府事务高级副总裁。此前一周时 间里，苹果的人工智能负责人和界面设计负责人相继退休或辞职，主管苹果自研芯片的硬件技术高级副 总裁约翰尼·斯鲁吉近期告知首席执行官库克，他正认真考虑在不久的将来离职。上述几人都直接向首 席执行官库克汇报。 而在今年更早的时候， ...

本周（12月1日至12月5日）港股市场主要股指小幅上涨，恒生指数累计上涨0.87%，恒生科技指数上涨 1.13%，恒生中国企业指数上涨0.75%。据证券时报·数据宝统计，本周南向资金合计成交净流入113.49 亿港元，较上周下降42.8%，已连续29周净流入。从成交净买入金额来看，南向资金对大型科技股流向 不一，小米集团-W本周获南向资金净买入金额最高，达到45.96亿港元。其他还有美团-W，本周获南向 资金净买入金额21亿港元；阿里巴巴-W获南向资金净买入3.28亿港元，腾讯控股、中芯国际分别遭净 卖出38.11亿港元、13.76亿港元。从持股量变化来看，本周8股获得南向资金持股量较上周增长超10%， 其中剑桥科技居首，增幅为86.95%。其他还有广和通、吉宏股份、三一重工持股量增幅居前，较上周 增长分别为75.22%、59.16%、48.87%。（证券时报） ...

Core Viewpoint - Google CEO Sundar Pichai emphasizes that no job is immune to the impact of AI, including his own, and that individuals must learn to adapt to these changes [2][3]. Group 1: Impact of AI on Employment - Pichai believes that AI will transform and evolve many job roles, necessitating a societal discussion on the implications of these changes [3]. - He asserts that almost all jobs will be affected by AI, including high-level positions, and that those who embrace these tools will ultimately benefit [3]. - The introduction of AI tools has led to a significant reduction in job openings, with a reported 32% decrease in available positions since the launch of ChatGPT [4]. Group 2: Perspectives on Career Choices - Young professionals may question their career paths in light of Pichai's predictions, particularly regarding the value of their college degrees in an uncertain job market [4]. - Pichai stresses that no academic major or profession is completely safe from AI disruption, urging individuals to pursue careers they are passionate about [4]. - He encourages the next generation to embrace technology and apply it within their fields, suggesting that various disciplines will continue to hold significant value [4].

Market Overview - The Hang Seng Index closed at 25,936, up 0.68% for the day and 29.29% year-to-date[3] - The S&P 500 Index closed at 6,857, up 0.11% for the day and 16.59% year-to-date[3] - The Nikkei 225 Index rose 2.33%, marking a three-week closing high[12] Employment and Economic Indicators - Initial jobless claims in the U.S. hit a three-year low, indicating a strong labor market[11] - November layoffs announced by U.S. employers decreased, yet remain the highest for the same period since 2022[11] Sector Performance - Large tech stocks showed mixed results; Meta rose 3.43% while Apple fell 1.21%[12] - Semiconductor stocks performed well, with global semiconductor equipment sales increasing by 11% year-on-year to $33.66 billion in Q3 2025[9] Investment Trends - The robotics sector gained attention, with major companies like Fanuc and Yaskawa Electric seeing significant stock price increases of 12.98% and 11.37%, respectively[12] - AI-related stocks, particularly in cloud computing and energy storage, experienced substantial gains, with Fluence Energy rising 17.58%[12] Market Sentiment - The market is anticipating the upcoming U.S. PCE inflation data, expected to show a slight increase from August, continuing to exceed the Federal Reserve's 2% target for 55 consecutive months[9]