Core Viewpoint - The EU's enforcement of the Digital Services Act has escalated tensions between the US and EU, with the US imposing travel restrictions on European officials in response to a significant fine levied against Musk's platform X [1][3][5]. Group 1: Regulatory Context - The EU's Digital Services Act, enacted in 2022, mandates large internet platforms to prevent the spread of illegal content and hate speech, impacting major US tech companies like Apple, Google, and X [3][5]. - The first fine under this act was imposed on X, amounting to €120 million, which has drawn strong discontent from the US [3][5]. Group 2: Political Implications - The US sanctions against European officials are seen as a challenge to the EU's digital governance authority, indicating a shift from policy disagreements to a more profound political conflict [3][6]. - The ongoing digital regulatory dispute is expected to evolve into a direct conflict over rule-making authority and governance boundaries by 2026 [3][10]. Group 3: Internal Pressures - Both the US and EU face internal pressures to adopt more aggressive stances in their digital regulatory approaches, with US lawmakers advocating for harsher measures against EU officials [6][7]. - The EU is experiencing internal divisions regarding its response to US sanctions, with some leaders calling for a stronger stance against US tech companies [8][9]. Group 4: Broader Implications - The digital governance conflict reflects deeper ideological divides between the US and EU, with the US viewing the Digital Services Act as a tool for censorship, while the EU sees it as essential for curbing hate speech [10][11]. - The situation is indicative of a broader cultural and political clash between the Trump administration and Europe, suggesting that the transatlantic relationship has fundamentally changed [11].

Core Viewpoint - The EU's enforcement of the Digital Services Act has escalated tensions between the US and Europe, with the US imposing travel restrictions on EU officials in response to a significant fine levied against Musk's platform X [1][3][5]. Group 1: Regulatory Context - The EU's Digital Services Act, passed in 2022, mandates large internet platforms to prevent the spread of illegal content and hate speech, impacting major US tech companies like Apple, Google, and X [3][5]. - The first fine under this act was imposed on X, amounting to €120 million (approximately $130 million), which has drawn strong discontent from the US [3][5]. Group 2: Political Implications - The US sanctions against EU officials are seen as a challenge to the EU's digital governance authority, indicating a shift from mere policy disagreements to a deeper political conflict [3][6]. - The US government has previously threatened retaliation against the EU's digital regulations, using them as leverage in trade negotiations [6][7]. Group 3: Internal Pressures - Both the US and EU face internal pressures to adopt more aggressive stances in their digital regulatory disputes, with US lawmakers advocating for harsher measures against EU officials [7][10]. - The EU Commission's cautious response to US sanctions has sparked debate within Europe, with some leaders calling for a stronger stance against US actions [10][12]. Group 4: Future Outlook - The ongoing digital dispute reflects fundamental differences in governance philosophies between the US and EU, with potential for further escalation as both sides prepare for future regulatory actions [15][16]. - The EU's ability to assert its digital sovereignty and respond effectively to US pressures will be critical in shaping the future of transatlantic relations [16].

↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 年初的第三仓位中海油港股，也是今年第三大盈利来源，现在看对它的考虑和操作基本准确，目前其仓位已经降到了第五位。我相信，在这轮康波 萧条期中往后它会有再次表现的机会，而在2026年，很可能会给我回补加仓的机会，仓位会回到前三中，这是一个我在往后三五年继续看好的标 的，它的经营壁垒、现金流和分红等都不错，还有一定成长性，分红比例目前我认为是合理的，没有太大向上调的空间，这是它的商业模式特点决 定的。中海油也属于康波萧条期通胀性资产。 来源：雪球 匆匆忙忙、跌宕起伏的2025年过去了，又将迎来新的一年。在过去的一年，账户获得了51%的收益，和很多人比，今年应该算是一个比较中庸的收 益，当然也是个人的选择，这种选择就是仓位配置有重点、但也要考虑均衡和分散，进攻和防御并重，布局近远期相结合，只富一次和活得久最重 要。全年A股基本占总资产的55%~60%，港股基本占总资产的45%~40%，B股很少一点，只有百分之零点几，因港股有色下半年逐渐清仓、年底涨 幅强劲的有色都在A股，年底A股和港股持仓市值比 ...

Market Performance - The U.S. stock market showed mixed results on January 2, 2026, with the Nasdaq down 0.03%, the S&P 500 up 0.19%, and the Dow Jones up 0.66% [1] - The Nasdaq China Golden Dragon Index rose by 4.38%, marking a strong start to the year [5] Notable Stock Movements - ASML and Micron Technology saw significant gains, with ASML rising nearly 9% and Micron up over 10%, both reaching historical highs [2] - Tesla's stock fell by 2.59% to $438.07, resulting in a market capitalization loss of $38.75 billion (approximately 271 billion yuan) [2] - Tesla reported a 16% year-over-year decline in Q4 2025 delivery volume, with total annual deliveries down 8.6% [2] Chinese Tech Stocks - Chinese tech stocks performed well, with Baidu up 15%, Bilibili and NetEase rising over 7%, Alibaba increasing over 6%, and JD.com up nearly 3% [7] Investment Outlook - Analysts suggest that the strong performance of Chinese assets at the start of 2026 indicates a continuation of the structural bull market from 2025, with a focus on sectors like semiconductors, AI, and smart hardware [10] - Goldman Sachs predicts a 38% upside potential for the Chinese stock market by the end of 2027, citing improved market investability and reduced core risks compared to previous years [10] Commodity Prices - Gold prices experienced a sudden drop, trading at $4,332.85 per ounce after briefly surpassing $4,400 [11] - WTI crude oil futures settled down 0.17% at $57.32 per barrel, while Brent crude oil futures fell 0.16% to $60.75 per barrel [15]

早上好，先来关注下国际市场。 1月2日，美股三大指数集体高开，道琼斯指数涨0.19%，标普500指数涨0.58%，纳斯达克综合指数涨 1.03%。费城半导体指数大幅高开，阿斯麦涨超7%，盘中创历史新高；美光科技涨近6%；AMD涨超 4%。 中概股集体大涨，纳斯达克中国金龙指数暴涨4%，百度涨11.35%，富途控股涨6.84%，哔哩哔哩涨 6.87%，网易涨6.77%，老虎证券涨5.54%，36氪涨4.85%，房多多涨4.79%，蔚来涨4.64%，阿里巴巴涨 4.55%，霸王茶姬涨4.47%，腾讯控股ADR涨4.30%，新东方涨4.15%，微博涨3.82%，爱奇艺涨3.39%， 理想汽车涨3.01%，高途涨3.02%，贝壳涨2.79%，迅雷涨2.82%，京东涨2.34%。 截至收盘，美股三大指数涨跌不一，纳指高开低走，收跌0.03%，标普500指数微涨0.19%，道指涨 0.66%。明星科技股表现分化，阿斯麦涨近9%，美光科技涨超10%，二者股价均创历史新高。AMD涨 超4%，英伟达涨超1%，谷歌微涨；特斯拉、微软跌超2%，亚马逊跌近2%，Meta跌超1%，苹果微跌。 纳斯达克中国金龙指数收涨4.38%，本周累 ...

除了上述收益翻倍基金，受到黄金价格提振因素影响，平安、国泰、易方达、南方等多只中证沪深港黄金产业指数基 金在 2025 年表现良好，全年收益率均超过80%。同时，投资港股芯片、新能源汽车的宝盈国家安全战略沪港深 A，投 资港股医药的中银港股通医药 A，投资港股互联网等板块的天弘中证沪港深云计算产业ETF、华泰柏瑞中证沪港深云 计算产业 ETF，收益率均超过 80%。 将时间维度拉长看，由于港股市场近年来出现明显调整，含"港"权益基金近三年收益表现一般。Wind 数据显示，截至 2025 年 12 月 31 日，在可统计数据的 413 只含"港"权益基金中，近三年平均收益率仅有 13.13%，仅有53只基金的近 三年收益率超过 50%。 不过，前海开源沪港深乐享生活近三年收益率达到 156.25%，表现最为亮眼；景顺长城沪港深精选A、天弘中证沪港 深云计算产业ETF、华泰柏瑞中证沪港深云计算产业 ETF、汇添富中证沪港深云计算产业ETF联接 A 等，近三年收益 率也均实现翻倍。（南木） 【环球网财经综合报道】随着2025年收官，含"港"权益基金业绩成绩单正式出炉。Wind数据显示，截至 2025 年 12 月 ...

Core Viewpoint - The U.S. stock market experienced mixed results on the first trading day of 2026, with the Dow Jones Industrial Average rising by 0.66% and the S&P 500 increasing by 0.19%, while the Nasdaq Composite saw a slight decline of 0.03% [1] Group 1: U.S. Stock Market Performance - The Dow Jones Industrial Average increased by 0.66% [1] - The S&P 500 index rose by 0.19% [1] - The Nasdaq Composite index decreased by 0.03% [1] Group 2: Chinese Stocks Performance - The Nasdaq China Golden Dragon Index surged by 4.38% [1] - Notable individual stock performances included Baidu Group rising over 15%, Pony.ai increasing over 10%, and Global Data rising nearly 10% [1] - Other significant gains were seen in Tiger Brokers (over 9%), JinkoSolar (over 8%), Bilibili and NetEase (over 7%), and Alibaba and Canadian Solar (over 6%) [1] Group 3: Cryptocurrency Market - Major cryptocurrencies experienced a collective increase, with Bitcoin surpassing the $90,000 mark [1] - Over the past 24 hours, more than 110,000 individuals faced liquidation in the cryptocurrency market [1]

最后说一句，美股没有商业航天，反正tesla是绿的，spaceX没上市，这就不好点评。它属于国产自发特 有的板块，就很不好评。也说不准A股最穷凶极恶的一群资金在搞，评论说我们都不懂，好吧，确实不 太懂梦想。但当年中科xt上市的时候，我可是全球第一批研究这个板块的人！现在被骂的一窍不通！真 是闻者伤心，听者流泪，是个好主题，大主题，这么多年，还是这个结论。 消费和白天港股一样，没有任何亮点。 就和港股 打新年火花一样。美股中概也是主打一个"各涨各"。就和赛马一样，放出来的，就各凭本事 了。 从排面看，最牛逼的还是tmt，毕竟干的总龙头---台积电！ 这排面no1毋庸置疑，1.6万亿美金暴力新 高，这就是排面！关于谷歌和台积电卡位 前二的分享，我前面讲过很多遍了，这里不赘述，在明年万 芯大战的格局里，台积电，中积电卡位毋庸置疑，涨价将成为常态！除了台积电，存储闪迪 美光是大 放异彩，虽然A股因为长存上市，涨存储设备和美股涨颗粒，好像逻辑上想想有点不对劲，不过买的人 根本就不是一批，大家各打各，也不用思考，干就完了。 其次就是传统汽车人，这批人20-22年在tesla上赚过大钱，昨天白天港股智驾居然没有反应有点说不 ...

每经编辑｜何小桃 陈鹏程 王晓波 标题点睛： 美股三大指数收盘涨跌不一，纳指高开低走，收跌0.03%，标普500指数微涨0.19%，道指涨0.66%。纳斯达克中国金龙指数涨4.38%，迎来"开门红"，中概 股普涨，百度收涨15%，哔哩哔哩、网易涨超7%，阿里巴巴涨超6%，京东涨近3%。 1月2日，"最快女护士"张水华在社交账号宣布辞职，"我辞去了陪伴多年的工作，特别感谢医院的培养，领导的信任，还有同事们的包容与支持，非常感 谢这段时间大家对我的批评与建议，这些都会成为我人生中最宝贵的财富，真心祝愿大家越来越好。" 1月2日晚间，《每日经济新闻》记者独家获悉，近日，宗馥莉重新担任宏胜饮料集团有限公司（以下简称宏胜集团）法定代表人。全国工商信息系统显 示，2025年12月26日，宏胜集团法定代表人由郑群娣变更为宗馥莉。 1 隔夜市场 美股三大指数收盘涨跌不一，纳指高开低走，收跌0.03%，标普500指数微涨0.19%，道指涨0.66%；明星科技股表现分化，阿斯麦涨超近9%，美光科技 涨超10%，二者股价均创历史新高；AMD涨超4%，英伟达涨超1%，谷歌微涨；特斯拉、微软跌超2%，亚马逊跌近2%，Meta跌超1%， ...

Market Performance - On January 2, 2026, the US stock market opened higher but closed mixed, with the Dow Jones Industrial Average rising by 0.66% to 48,382.39 points, the S&P 500 increasing by 0.19% to 6,858.47 points, while the Nasdaq Composite fell by 0.03% to 23,235.63 points [1][2]. Technology Sector - The Nasdaq Composite index was dragged down by some major tech stocks, with Tesla dropping by 2.59%, Microsoft by 2.21%, Amazon by 1.88%, Meta by 1.41%, and Netflix by 2.97% [2]. - The semiconductor sector saw a significant increase, with the Philadelphia Semiconductor Index rising by 4%. Notable individual stock performances included Micron Technology up over 10%, TSMC up 5.19%, Intel up 6.72%, and AMD up 4.35% [6]. Chinese Stocks - Chinese stocks experienced a strong performance on the first trading day of 2026, with the Nasdaq Golden Dragon China Index rising by 4.38%. Key individual stock movements included Alibaba up 6.24%, NetEase up 7.22%, Baidu up 14.97%, and JD.com up 2.89% [11][13]. Semiconductor News - TSMC received an annual license from the US government to export chip manufacturing equipment to its Nanjing plant in 2026. Additionally, Nvidia and AMD plan to significantly raise GPU prices starting from the beginning of the year due to soaring memory prices [9]. Economic Indicators - The final value of the US Manufacturing PMI for December 2025 was reported at 51.8, unchanged from expectations and the previous value, but down from 52.2 in November. This indicates that while manufacturers continued to increase production, the outlook for early 2026 appears less optimistic [16].