Group 1 - The Hang Seng Hong Kong Stock Connect New Economy Index and the CSI Hong Kong Stock Connect Consumer Theme Index both fell by 0.4%, while the CSI Hong Kong Stock Connect Healthcare Comprehensive Index decreased by 0.5%, the Hang Seng Technology Index dropped by 0.8%, and the CSI Hong Kong Stock Connect Internet Index declined by 0.9% [1] - As of yesterday, the net inflows for the Hang Seng Technology ETF (513010) and the Hong Kong Stock Connect Internet ETF (513040) were 1.08 billion and 700 million respectively for the month [1] - Analysts suggest that with the Federal Reserve completing its third interest rate cut of the year, the overseas liquidity environment is becoming more favorable, and external uncertainties that previously suppressed Hong Kong stocks are gradually easing [1] Group 2 - The performance of domestic and international technology leaders has been stable since the third quarter, with ongoing commercialization of AI research, cloud services, and smart applications [1] - The current valuation remains relatively reasonable, and improvements in external macro variables along with clearer industrial logic enhance the attractiveness of the Hong Kong technology sector [1] - The recent adjustment has further improved the cost-performance ratio of the Hong Kong technology sector, making technology assets one of the most certain investment themes in the medium to long term [1]

转自：新华财经 经新华财经统计，12月11日，科创板595只个股平均跌幅1.06%，平均换手率2.64%，合计成交额1862亿 元，平均振幅为3.91%。个股表现方面，摩尔线程涨28.04%，涨幅居首，报941.08元／股，股价续创历 史新高；碧兴物联（维权）跌7.12%，跌幅居首。 成交额方面，摩尔线程成交额124.5亿元，位居首位；丛麟科技成交额435.8万元，位居末位。 换手率方面，百奥赛图换手率为58.93%，位居首位；威高骨科换手率为0.14%，位居末位。 编辑：罗浩 新华财经北京12月11日电（胡晨曦）科创50指数12月11日早间小有高开，随后震荡下挫翻绿，午后指数 持续调整，最终大幅收跌。至收盘时，科创50指数报1325.83点，跌幅1.55%，指数振幅为1.86%，总成 交额约532.4亿元。 12月11日，科创综指全日收跌1.29%，收于1583.91点，总成交额约1862亿元。 从盘面来看，科创板595只个股涨少跌多，高价股、低价股均多数下跌。细分领域来看，生物制药股、 医疗保健股表现活跃，通信设备股、专用机械股跌幅靠前；半导体股表现分化。 ...

Core Viewpoint - The recent pullback in the Hong Kong stock market is primarily driven by short-term factors, while the fundamental outlook remains stable, presenting better value for investment in technology and dividend sectors, with a focus on core assets for medium to long-term allocation [2][4][7]. Group 1: Market Dynamics - The Hong Kong stock market has seen a decline of nearly 5% in the Hang Seng Index and close to 15% in the Hang Seng Tech Index since October [2]. - Factors contributing to the market pullback include fluctuations in Federal Reserve interest rate expectations, concerns over valuation bubbles in the AI sector, and seasonal liquidity pressures as year-end approaches [4][5]. - Despite the market's volatility, there has been a continuous inflow of capital from mainland investors, indicating a strong long-term allocation interest in Hong Kong stocks [5] . Group 2: Investment Opportunities - The current market adjustment has made Hong Kong stocks more attractive in terms of valuation, with a favorable window for investment emerging [6][7]. - Key sectors identified for investment include healthcare, technology, cyclical stocks benefiting from supply-demand changes, and dividend-paying stocks that align with insurance capital investment strategies [10][11]. - The healthcare sector is expected to benefit from policy support for innovative drugs, while the technology sector is poised for growth driven by AI applications and favorable monetary policy [10][11]. Group 3: Future Outlook - Looking ahead to 2026, the Hong Kong stock market is anticipated to experience a dual boost from improved fundamentals and valuations, supported by domestic policies and external monetary easing from major economies [7]. - The AI trend is expected to continue driving growth in the technology sector, with significant upside potential for quality blue-chip stocks in the internet and healthcare domains [10][11].

Core Viewpoint - The recent pullback in the Hong Kong stock market is primarily driven by short-term factors, while the fundamental outlook remains stable, presenting better value for investment in technology and dividend sectors, with a focus on core assets for long-term allocation [1][4]. Group 1: Market Dynamics - The Hong Kong stock market has experienced a decline of nearly 5% in the Hang Seng Index and close to 15% in the Hang Seng Tech Index since early October [1]. - Factors contributing to the market pullback include fluctuations in Federal Reserve interest rate expectations, concerns over AI valuation bubbles, and seasonal liquidity pressures as the year-end approaches [2]. - The market is sensitive to global liquidity, with the recent Fed rate cut and uncertainties in U.S. economic data impacting investor sentiment [2][3]. Group 2: Investment Opportunities - The current market adjustment has made Hong Kong stocks more attractive, with valuations still appealing compared to other major indices, indicating a good time for investment in sectors with long-term growth potential [4]. - Structural opportunities are evident in the market, with expectations of a moderate upward trend driven by continued inflows from mainland investors and supportive domestic liquidity conditions [3][4]. Group 3: Sector Focus - Investment firms highlight several key sectors for potential growth: - Healthcare, benefiting from policy support for innovative drugs [6]. - Technology, particularly in AI applications, which are expected to gain traction [6]. - Cyclical stocks that may benefit from changing supply-demand dynamics [6]. - Dividend stocks, which align well with insurance capital's investment strategies due to their low volatility and high dividend yield [6]. - The long-term investment value of the internet sector remains strong, with increasing AI penetration expected to enhance growth prospects [6][7].

Group 1 - The core viewpoint is that the proportion of stocks held by insurance companies in the Sci-Tech Innovation Board is on a long-term upward trend, supported by policy encouragement for insurance holdings in Sci-Tech stocks [1] - The risk factor for holdings exceeding two years has been adjusted from 0.4 to 0.36, which facilitates a normalized high proportion of equity allocation while maintaining tactical maneuvering space [1] - The increase in equity allocation by insurance funds is a major source of incremental growth, with potential additional investment space reaching trillions if the stock and fund investment ratio is raised to a 30% cap [1] Group 2 - The Sci-Tech 100 ETF (588120) tracks the Sci-Tech 100 Index (000698), which has a daily fluctuation limit of 20%, reflecting the overall performance of 100 larger and more liquid securities selected from the Sci-Tech Innovation Board [1] - The index components cover multiple high-tech industries, including information technology and healthcare, showcasing strong innovation and growth potential [1]

Group 1 - The core viewpoint of the article highlights the performance of various indices related to Hong Kong stocks, with the Consumer Theme Index rising by 0.7% and the Hang Seng Technology Index increasing by 0.5% [1] - The net inflow for the Hang Seng Technology ETF and the Hong Kong Internet ETF in the current month reached 960 million and 450 million respectively, indicating strong investor interest [1] - Analysis suggests that Hong Kong internet companies have a first-mover advantage in AI-native applications and smart hardware integration due to their platform scale, data resources, and cloud computing infrastructure [1] Group 2 - The article notes that as super applications, intelligent agent platforms, and full-link AIGC capabilities mature, the profitability structure of leading internet companies in advertising, cloud services, local life, and e-commerce efficiency is expected to improve [1] - The industry valuation is currently at a historically low level, and the trend of AI investment converting to revenue is becoming clearer, enhancing the long-term allocation value of the sector [1]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has confirmed a joint letter with the Hong Kong Securities and Futures Commission (SFC) to IPO sponsors regarding concerns over the declining quality of recent listing applications and non-compliance issues [8]. Market Performance - On December 10, the Hong Kong stock market saw a rebound, with the Hang Seng Index rising by 0.42% to close at 25,540.78 points, and the Hang Seng Tech Index increasing by 0.48% to 5,581.10 points. The market turnover was HKD 1,933.92 billion, down from HKD 2,102.36 billion the previous trading day [2]. - Among the constituents of the Hang Seng Index, 43 stocks rose while 42 fell. Notable gainers included WH Group, which rose by 5.01%, Haidilao by 3.45%, and CSPC Pharmaceutical by 3.19% [3]. Individual Stock Highlights - WH Group (Code: 0288) closed at HKD 8.590, up 5.01% with a year-to-date increase of 65.77% [4]. - Haidilao (Code: 6862) closed at HKD 14.100, up 3.45%, but has seen a year-to-date decline of 6.10% [4]. - CSPC Pharmaceutical (Code: 1093) closed at HKD 7.770, up 3.19%, with a year-to-date increase of 67.18% [4]. - Alibaba (Code: 9988) had a turnover of HKD 93.22 billion, rising by 1.52% with a year-to-date increase of 89.04% [5]. Vanke Enterprises - Vanke Enterprises experienced a significant surge, with its stock price reaching a maximum increase of 18.56% on December 10, closing at HKD 3.78 per share, up 13.17% for the day [10]. - The company held a bondholders' meeting on December 10 to discuss the extension of its first bond, "22 Vanke MTN004." The company announced that it would not adjust the interest rate of "21 Vanke 02," maintaining it at 3.98% [12]. ETF Launch - The Southern Eastern UK Index Covered Call Option Active ETF is set to launch on December 11 on the Hong Kong Stock Exchange. This ETF will primarily invest in the constituents of the Hang Seng China Enterprises Index and aims to generate income through option premiums [15]. Investment Opportunities - UBS Wealth Management highlighted that the Chinese technology sector represents one of the most significant global opportunities, driven by ample liquidity and expected corporate earnings growth of up to 37% in 2026 [16].

根据报告，美国10月裁员人数上升至185万，为2023年初以来最高，主要由住宿和餐饮服务业推动。招 聘人数在前一个月激增后减少21.8万。10月辞职率也降至2020年5月以来最低。 美国劳工统计局在公告中指出，由于政府关门，其暂时暂停了用于调整10月职位空缺数据的常规方法。 该机构将于1月7日发布11月报告，并于1月9日发布12月非农就业报告。 美国10月职位空缺攀升至五个月来最高水平，但招聘减少和裁员增多表明劳动力市场仍在持续放缓。 根据美国劳工统计局当地时间12月9日公布的数据，职位空缺数量在10月小幅增至767万，高于9月的766 万。尽管职位空缺总数增加，但这些新增职位主要来自于零售、批发和医疗保健等少数行业，其中医疗 保健行业一直是今年就业增长的最大驱动力。 ...

Market Overview - On December 8, the Hang Seng Index fell below the 26,000-point mark, closing down 319 points (1.2%) at 25,765 points, with a total market turnover of HKD 206.2 billion[1] - The market is awaiting the Federal Reserve's interest rate decision, with expectations of a 0.25% rate cut[1] - The net inflow of Hong Kong Stock Connect was HKD 1.54 billion[1] Sector Performance - Chinese brokerage stocks rose after the China Securities Regulatory Commission announced a slight easing of regulations, with Huatai Securities up 5.2%, China Merchants Securities up 2.8%, and CITIC Securities up 1.7%[1] - Major Chinese banks saw declines, with China Construction Bank down 4.0%, China Merchants Bank down 3.5%, and Industrial and Commercial Bank of China down 3.5%[1] - Pop Mart's stock dropped 8.5% amid concerns over declining sales growth for Labubu products[1] U.S. Market Insights - The Dow Jones Index closed down 215 points (0.4%) at 47,739 points, while the Nasdaq fell 32 points (0.1%) to 23,545 points, and the S&P 500 dropped 23 points to 6,846 points[2] - Investors expect the Federal Reserve to cut rates by 0.25% on Thursday, supported by a milder core PCE index[2] Macroeconomic Data - China's total import and export value in November was USD 549.03 billion, up 4.3% year-on-year, with exports rising 5.9% and imports increasing by 1.9%[3] - The trade surplus was USD 111.68 billion, exceeding market expectations of USD 103.1 billion[3] - In the real estate sector, new home sales in 30 major cities fell 33.3% year-on-year, with significant declines across all city tiers[3] Industry Trends - The automotive sector anticipates increased lithium battery production in December, leading to improved industry conditions and price increases, with CATL up 3.3% and Ganfeng Lithium up 7.0%[4] - The healthcare sector saw a 1.5% decline in the Hang Seng Healthcare Index, despite the addition of 114 new drugs to the national medical insurance list, benefiting several major pharmaceutical companies[4] - The renewable energy and utility sectors experienced declines, with major utility stocks falling between 1.0% and 2.8%[5]

高盛：从资产到阿尔法：David Kostin 谈美国股票 20251205 摘要 年初市场情绪乐观，虽 4 月解放日引发波动，但随后市场保持平稳上涨， VIX 指数稳定在 19 左右，预示 2026 年市场前景良好，投资者紧张情绪 显著减弱。 第三季度业绩强劲，公司收益同比增长近 9%，为市场带来稳定因素。 人工智能领域，公共市场如英伟达股价与收益匹配，市盈率合理，但私 人市场资本充足性和价格或不可持续，存在泡沫风险。 2025 年美股市场表现良好，对冲基金上涨约 12%，标普 500 指数上涨 约 17%。但共同基金跑赢基准比例较低，仅约 29%，因 4 月波动未能 及时增加仓位。 "聪明钱"关注医疗保健（相对便宜）、受益于税改的消费者领域以及能 从 AI 长期受益并推动收入增长的公司，这些领域被认为具有价值和潜在 回报。 共同基金略微低配指数中最大的股票以避免过度集中，对冲基金则积极 持有这些股票，因其表现出色且快速增长，并大力投入资本支出。 Q&A 你对 2026 年股票市场涨幅超过 20%的预测非常大胆，通常人们的预测在 8%到 12%之间。是什么让你如此自信？ 我们之所以如此自信，主要有三个原因。 ...