市场回顾 上周A股主要指数均上涨，量能小幅提升。 A股主要指数周涨跌幅（%） 资料来源：wind；统计区间：2025/12/22-2025/12/26 申万一级行业周涨跌幅（%） 资料来源：wind；统计区间：2025/12/22-2025/12/26 宏观数据分析 2025年12月24日，央行召开四季度货币政策委员会例会，形势判断上，"供强需弱"依旧，将为经济稳中 向好创造适宜环境，和前几次会议一致。货币方面，"适度宽松"前提不变下央行重提"优化供给，做优 增量、盘活存量"，提法整体较保守，对代表新质生产力的科技企业融资继续给予支持。政策实施方 面，央行强调相机抉择，表明短期货币政策趋于平稳，更多配合财政等在必要时进行发力。并未提到降 准降息等具体措施。后续，货币政策大概率会沿用今年导向，社融总量继续增长但信贷端压力短期应该 难缓解央行货币政策目标。 央行货币政策目标 中期看，科技成长仍是优势方向。当前经济基本面和科技叙事层面并未发生根本性变化，美国也仍在降 息周期中，科技板块中长期逻辑依旧，依然是优先增配方向。而在高切低的另一端，多数红利避险板块 和顺周期板块均有基本面层面的问题或缺乏长期叙事，行情进一步 ...

【大河财立方消息】1月2日，美股涨跌不一。截至收盘，道指涨319.10点，涨幅0.66%，报48382.39点；纳指跌6.36点，跌幅0.03%，报23235.63点；标普 500指数涨12.97点，涨幅0.19%，报6858.47点，打破了过去三年标普500指数在新年首个交易日均以下跌收盘的惯例。 | 17 | ■美股 | | Q | | --- | --- | --- | --- | | A股 灌服 | 美股 台股 | 日股 | 全球 三 | | 已为您生成今日市场智评 | | | 查看 | | 财经日历 | | 海外机构持仓 | Hot | | 美股指数 La | | | | | 道琼斯 | 纳斯达克 | 标普500 | | | 48382.39 | 23235.63 | 6858.47 | | | +319.10 +0.66% | -6.36 -0.03% | +12.97 +0.19% | | | 中国金龙 | 纳指100期货 | 标普500期货 | | | 7859.65 | 25394.50 | 6900.50 | | | +329.91 +4.38% | -62.25 -0.24% | +8. ...

Core Viewpoint - The Nasdaq Golden Dragon China Index experienced a significant increase of 4.38%, marking a strong start to the week with a cumulative rise of 2.23% [1] Group 1: Index Performance - The Nasdaq Golden Dragon China Index closed up by 4.38% [1] - The index recorded a cumulative increase of 2.23% for the week [1] Group 2: Individual Stock Performance - Baidu saw a notable increase of 15% [1] - Bilibili and NetEase both rose by over 7% [1] - Alibaba experienced a rise of over 6% [1] - JD.com increased by nearly 3% [1]

Group 1 - Baidu plans to spin off Kunlun Chip and apply for independent listing on the Hong Kong Stock Exchange [2] - Kunlun Chip has submitted a listing application form (A1 form) to the Hong Kong Stock Exchange through its joint sponsors [2] - The proposed spin-off will involve a global offering of Kunlun Chip shares, including a public offering in Hong Kong and allocation to institutional and professional investors [2] Group 2 - Xiaomi's founder Lei Jun acknowledges "small print marketing" as an industry malpractice and commits to correcting it [3] - Xiaomi's strategic marketing assistant states that adding small print on promotional materials is a common practice in the industry, previously focused more on legal compliance than consumer perception [3] Group 3 - Xiaomi refutes claims regarding the "fake zoom ring" of the Xiaomi 17 Ultra Leica version, stating that the accusations are misinterpretations of a teardown video [4] - The company emphasizes that the claims about the zoom ring being software-controlled are severely misleading and have been clarified by the original teardown blogger [4] Group 4 - The box office for the 2026 New Year's Day period has surpassed 700 million yuan, with films like "Zootopia 2," "Avatar 3," and "Killing in the Dark" leading the box office [5] Group 5 - Elon Musk announces that Neuralink will begin mass production of brain-machine interface devices in 2026, transitioning to a streamlined and nearly fully automated surgical process [6]

Core Viewpoint - Tencent has demonstrated stable growth and resilience in its financial performance, with significant revenue and profit increases in 2025, indicating a strong outlook for 2026 and beyond [2][3]. Financial Performance - In the first three quarters of 2025, Tencent's total revenue exceeded 557.3 billion yuan, a year-on-year increase of 14.26% - The net profit attributable to shareholders reached 166.58 billion yuan, growing by 16.7% - In Q3 alone, revenue was 192.87 billion yuan, marking a 15.4% year-on-year growth, continuing a trend of double-digit growth over multiple quarters [2]. Business Engines - **Gaming Business**: Tencent's gaming sector has successfully expanded internationally, with Q3 international game revenue surpassing 20 billion yuan, a 54% increase year-on-year. The domestic market remains strong with popular titles like "Honor of Kings" and "Peacekeeper Elite" [3][4]. - **Advertising Business**: Enhanced by AI, Tencent's marketing services revenue grew by 21% in Q3, reaching 36.2 billion yuan, driven by improved ad targeting and creative optimization [3][5]. - **Financial Technology and Cloud Services**: Both sectors are experiencing recovery, with cloud services benefiting from increased AI demand and financial technology seeing growth from commercial payments and consumer credit [3][4]. AI Integration - Tencent's investment in AI has exceeded 60 billion yuan in the first three quarters of 2025, with Q3 alone accounting for 22.8 billion yuan, marking a record high for quarterly investment [5]. - AI is being integrated across various business lines, enhancing advertising revenue, cloud services, and game content generation, thus driving overall productivity and revenue growth [5][6]. Future Outlook - By 2026, Tencent is expected to transition from a company reliant on social and gaming traffic to one driven by AI, with global gaming as a cash cow and WeChat as a smart entry point [7]. - AI is anticipated to become a profit center, with operational efficiencies spreading across all departments, further enhancing profit margins [7]. - The international gaming market is projected to outpace domestic growth, with AI technology expected to shorten game development cycles significantly [7][8]. - WeChat is evolving into an "AI super entry point," potentially revolutionizing user interactions and driving explosive growth in GMV for WeChat stores [7][8].

Investment Rating - The report provides a positive investment rating for the regenerative medicine sector, highlighting specific companies as key investment opportunities [1]. Core Insights - The regenerative medicine platform company is positioned in the high-end manufacturing field of neurosurgery, with a projected revenue growth of 30% and a net profit increase of 43% in Q1-Q3 of 2025. The company is expected to enter a product harvest phase from 2025 to 2027, stabilizing net profit margins and increasing profits [1]. - The report emphasizes the benefits of centralized procurement, with the company achieving significant growth by trading price for volume, projecting a 21% revenue increase and a 93% net profit growth in 2024 [1]. - The report identifies new product approvals and expanded indications as key growth drivers, with expectations of a 100% growth rate for certain products from 2025 to 2026 [1]. Summary by Relevant Sections Regenerative Medicine - The regenerative medicine company is expected to see a revenue increase of 30% and a net profit increase of 43% in Q1-Q3 of 2025, entering a product harvest phase from 2025 to 2027 [1]. - The company benefits from centralized procurement, achieving a 21% revenue increase and a 93% net profit growth in 2024 [1]. - New product approvals are anticipated to drive a 100% growth rate from 2025 to 2026 [1]. Automotive - The automotive sector shows a positive outlook with the introduction of a second brand expected to enhance performance significantly compared to Q3 [1]. - The company is projected to achieve a revenue of 1,099 million in 2026, with a growth rate of 37% [1]. Paper Industry - The white cardboard paper industry is expected to see a recovery in downstream demand, with the company positioned to benefit from high market concentration and improved pricing power [1]. - The company anticipates a revenue increase of 407 million in 2026, with a growth rate of 123% [1]. Chemical Industry - The chemical sector is experiencing high demand, with the agricultural market showing signs of recovery [1]. - The company is projected to achieve a revenue of 2,078 million in 2026, maintaining a growth rate of 14% [1]. Mining - The mining sector is benefiting from rising gold and copper prices, with the company expected to see a 54% increase in net profit [1]. - The projected revenue for 2026 is 50,478 million, with a growth rate of 10% [1].

《报告》认为，平台企业的独特优势在于以软科技（数据、算法、场景）激活硬科技研发活力，以硬科 技突破支撑软科技高质量发展，形成"市场收益反哺研发、研发突破提升市场竞争力"的可持续循环。 何颖表示，智能化时代，软件定义一切，硬件层面的很多创新都是通过软件层面完成的，有的软件本身 就是硬科技，比如工业软件。互联网平台企业可以利用自身软科技上的优势，连通制造业企业联合开展 硬件攻关。这种以市场化、商业化为导向的研发，正是科技创新体系的重要力量。 （文章来源：科技日报） 与此同时，字节跳动还布局了通用机器人、AI癌症早筛、量子化学、AI制药等一系列前沿科研项目。 当前，全球具备较强科技创新能力的平台企业已超越传统公司形态，正以前所未有的深度和广度推动着 各国的科技创新进程，重塑全球产业形态，赋能全社会数字化转型，成为科技创新的重要主角。 "物理世界和数字世界的结合，一定是未来制造业很重要的支撑。"在赛迪研究院规划研究所所长何颖看 来，平台经济是制造业发展疆域的扩展，互联网平台企业要依托AI、算法、算力基础，更好地跟制造 业企业结合，打通双方协同生态，发挥整体优势去布局未来产业。特别是头部平台企业要发挥领航作 用。 近日 ...

AI搜索时代，互联网平台的流量逻辑正在重构——用户不再通过关键词"检索"信息，而是通过AI助 手"提问"获取答案。某头部电商平台数据显示：2025年Q4，其用户通过AI问答了解产品的占比已达 42%，但仅有15%的平台内容能进入AI回答的前3条推荐。这种"看不见=不存在"的流量困境，让AI问答 优化成为互联网平台业的"必答题"。 一、为什么AI问答优化是互联网平台的"流量生命线"？ 艾奇在线广告研究院2025年12月发布的《AI搜索GEO优化内容推荐得分算法白皮书》指出：AI问答的 核心逻辑是"场景相关性×信源可信度"——前者决定内容是否匹配用户需求（比如"电商平台哪家退货 快" vs "社交平台怎么涨粉"），后者决定AI是否认为内容"可信"（比如上市公司案例比个人博客更有权 重）。 对互联网平台而言，AI问答优化的本质是"把平台的核心价值精准嵌入用户的问题场景"：比如电商平台 需要让AI回答"买护肤品哪个平台保真"时推荐自己，社交平台需要让AI回答"怎么找同好群"时提到自己 的社区功能。如果优化不到位，就算平台产品再好用，也会被用户"视而不见"。 二、选型的3大核心维度：告别"看广告选服务商"的误区 面对市 ...

Group 1 - US stock market opened high but turned lower, with the Nasdaq initially rising over 1% before declining [1] - Semiconductor stocks surged, with the Philadelphia Semiconductor Index increasing by over 4.5%, including significant gains from Nvidia, Intel, and ASML [1] - Major tech stocks like Apple, Amazon, Microsoft, Google, and Netflix experienced declines [1] Group 2 - Chinese concept stocks saw a significant rise, with the Nasdaq Golden Dragon China Index increasing by nearly 4% [3] - Baidu Group surged over 12%, while iQIYI rose over 9%, and other companies like WanGuo Data and JinkoSolar saw increases exceeding 7% [5] - The Hong Kong stock market opened strong, with the Hang Seng Index rising by 2.76% and the Hang Seng Technology Index increasing by 4.0% [6] Group 3 - Analysts suggest that the strong performance of Chinese assets on the first trading day of 2026 indicates a continuation of the structural bull market from 2025, with a clear investment focus on hard technology sectors like semiconductors and AI, as well as policy-driven consumption sectors like home appliances and automobiles [7] - The offshore RMB exchange rate against the US dollar strengthened, surpassing 6.97, reaching its highest level since May 2023 [7] Group 4 - In the precious metals market, spot gold initially broke through $4,400 but then retraced nearly all of its gains, while spot silver also saw a significant pullback [9]

元旦假期要闻出炉！ 国内财经方面：商务部新闻发言人就欧盟碳边境调节机制有关问题答记者问；2026元旦档票房破7亿； DeepSeek发布新论文提出更为高效的AI开发方法。资本市场方面：香港恒生科技指数收涨4%，壁仞科 技上市首日大涨超75%；国家集成电路基金在中芯国际H股的持股比例从4.79%升至9.25%；百度计划分 拆昆仑芯并于港交所独立上市。国际财经方面：特朗普下令打击委内瑞拉境内目标；特朗普称抓获委内 瑞拉总统马杜罗及其夫人并带离委内瑞拉 国内财经 商务部新闻发言人就欧盟碳边境调节机制有关问题答记者问 商务部新闻发言人就欧盟碳边境调节机制有关问题答记者问。问：欧盟碳边境调节机制（CBAM）于 2026年1月1日起正式实施，欧盟近日密集发布CBAM相关立法提案与实施细则，请问商务部对此有何评 论？ 答：中方注意到，欧盟近日密集发布CBAM相关立法提案与实施细则，包括设定碳排放强度默认值、计 划扩大产品覆盖范围等内容。其中，欧方无视中国绿色低碳发展取得的巨大成效，对中国产品碳排放强 度设定显著偏高的基础默认值，并将在未来三年内逐年提高，这不符合中国当前实际水平和未来发展趋 势，对中方构成不公平、歧视性待遇 ...