Group 1 - The Hong Kong stock market opened the year with a significant increase, with the Hang Seng Index rising by 2.76% and the Hang Seng Tech Index increasing by 4% [1] - Wallen Technology, known as the "first GPU stock in Hong Kong," saw its stock price surge over 75% on its debut [1] - The semiconductor sector performed well, with Hua Hong Semiconductor rising over 9% and SMIC increasing by over 5% [1] Group 2 - Technology stocks also experienced gains, with Baidu Group rising over 9%, NetEase increasing by over 6%, and Alibaba and Tencent Holdings both up by over 4% [1]

Market Performance - The Hong Kong stock market experienced a strong start in 2026, with the Hang Seng Index rising by 2.76% to close at 26,338.47 points, the Hang Seng China Enterprises Index increasing by 2.86%, and the Hang Seng Tech Index gaining 4% [1] Company Highlights - Baidu's stock surged by 9.35% following the announcement of its plan to spin off Kunlun Chip for a listing in Hong Kong [1] - Technology stocks collectively rose, with Tencent and Alibaba both increasing by over 4%, while Kuaishou and JD.com saw gains of over 3% [1] - Semiconductor stocks showed strong performance, with Hua Hong Semiconductor rising by 9.4% after securing 7.556 billion yuan for an A-share acquisition of Huali Micro, excluding cash components, and SMIC increasing by over 5% [1] - Wall Street's "four domestic GPU dragons," including Birun Technology, saw a significant first-day increase of 75.8%, bringing its total market capitalization close to 81.3 billion HKD [1] - Goldwind Technology's stock rose nearly 21% after Blue Arrow Aerospace's IPO application was accepted, in which the company holds a stake [1] - Other wind power equipment stocks also saw gains, with Shanghai Electric increasing by 6.7% and Harbin Electric rising by nearly 6% [1] - Gaming stocks experienced a broad increase, with NetEase, Zhongjiu Game, and Qingci Game all rising by over 6%, as 1,771 game licenses were issued in 2025, marking the highest number in nearly seven years [1]

Core Viewpoint - The article discusses the concept of "war metals," highlighting the historical price trends of metals such as chromium, manganese, tungsten, titanium, uranium, silver, and tin, and draws parallels between the current geopolitical climate and that of the 1970s and 1980s [1][3][4]. Group 1: Historical Context and Comparisons - The current era shares significant similarities with the 1970s and 1980s, characterized by geopolitical tensions and technological advancements that drive demand for certain metals [3][4]. - The period from the 1960s to the 1980s saw a stagnation in productivity in the U.S., similar to the current global trend of de-globalization and rising geopolitical tensions [3][4]. - The article emphasizes that the dual attributes of metals—strategic and productivity-related—are crucial in understanding their price volatility [7][10]. Group 2: Price Volatility and Market Dynamics - The price of strategic metals experienced extreme fluctuations during the 1970s and 1980s due to geopolitical factors, with examples such as cobalt rising from approximately $5.62 per pound in 1977 to a peak of $32.83 per pound in 1979 [9][10]. - The article notes that after 1980, despite technological advancements in sectors like computing and semiconductors, metal prices generally declined, indicating that new industrial demand does not always correlate with sustained price increases [10][11]. - The current market dynamics are influenced by financial derivatives and leverage, making the discussion of strategic metals relevant to a broader audience compared to past decades [8][10]. Group 3: Geopolitical Influences - Historical geopolitical tensions, such as the Cold War, significantly impacted the supply and demand of strategic metals, with the Soviet Union and the U.S. engaging in strategic stockpiling and market manipulation [12][13]. - The article highlights that geopolitical conflicts often lead to panic buying and supply shortages, which exacerbate price volatility in the metals market [14][15]. - The potential for a shift in geopolitical relations, akin to the thawing of U.S.-Soviet tensions in the 1980s, could significantly alter the current market landscape for these metals [19].

Core Insights - The report highlights the comprehensive strength index of Chinese internet companies for 2025, showcasing significant growth and development in the industry driven by policy support and technological innovation [1][8]. Group 1: Overall Performance of Top 100 Companies - In 2024, the internet business revenue of the top 100 companies reached 3.65 trillion yuan, with an operating profit growth of 32.5% year-on-year [2][40]. - The employee count for these companies increased by 14.2% year-on-year, totaling 1.545 million employees [2][42]. - Research and development (R&D) investment rose to 311.9 billion yuan, with R&D personnel reaching 345,000, indicating a continuous enhancement of innovation capabilities [2][45][47]. - The financial risk management of these companies remains robust, with a majority maintaining a reasonable asset-liability structure and stable cash flow [2][51]. - The market capitalization of these companies reached 13.3 trillion yuan, ending a three-year decline [2]. Group 2: Performance of Growth-Oriented Companies - The average revenue growth rate for the top 20 growth-oriented companies was 85.4%, significantly higher than the overall industry average [2]. - R&D investment for these companies increased by an average of 41.3%, with R&D personnel growing by 34.8%, emphasizing the importance of technological innovation [2]. Group 3: Performance of Cybersecurity Companies - The top 20 cybersecurity companies not only strengthened digital security but also expanded their business, with 13 companies reporting revenue growth [3]. - The R&D intensity of these companies remained high at 22.6%, with a rich reserve of patents [3]. - Six companies actively expanded their overseas business, achieving a 16.2% year-on-year growth in international revenue [3]. Group 4: Industry Trends and Characteristics - The overall development of China's internet companies shows a layered characteristic, with leading companies experiencing steady growth, growth-oriented companies exhibiting vibrant dynamics, and cybersecurity firms reinforcing security measures [3][10]. - The comprehensive strength index of internet companies reached a new high of 832.3 in 2024, reflecting an 11.4% year-on-year increase [25]. - The scale index also grew by 8.7% year-on-year, while the profit index saw a significant increase of 27.3% [27][29].

来源：李迅雷金融与投资 引 言 东风浩荡满眼春。2025年，A股市场走出三年调整后的复苏行情，沪指从年内低位起步，一度在下半年冲破4000点大关，全年涨幅约18.41%，而科创板与 创业板指涨幅更是分别录得46.30%、49.57%。这轮复苏行情的独特之处在于：推动估值重估的不是盈利改善或流动性泛滥，而是国家制度层面风险偏好 的深刻变化。 2026年是美国中期选举的关键年份。根据2025年末的多项民调，特朗普政府的支持率已跌至36%-41%的"危险区间"，多数民众对生活成本和物价的容忍度 已达极限。基于中期选举压力，特朗普的核心动机或将从"治国"转向"政治自救"。 25年伊始，我们关于资本市场的"铁与火之歌"的十大猜想中，亦大部分得到了验证。如，黄金的大级别趋势将进一步强化；"铁"（红利/建筑/银行）： 银 行板块PB修复显著，化债驱动建筑蓝筹估值重构；"火"（硬科技/AI）： 科技板块成为全年核心引擎，尤其是AI硬件和机器人产业链。 那么，展望2026年，骏马扬蹄，东风正劲，资本市场仍或将有哪些"预期差"？基于政策逻辑演绎及市场博弈分析，放开脑洞，本文尝试进行猜想。 猜想一——中美关系： 特朗普"政治自救" ...

蓝箭航天招股书显示，金风科技旗下江瀚资产持有蓝箭航天4.14%股权，为该公司第六大股东。天眼查 显示，江瀚资产100%隶属于金风投资控股有限公司，后者为金风科技全资子公司。 责任编辑：王珂 2026年1月2日，金风科技H股（02208）持续走高，截至发稿，该股涨20.58%，报16.17港元/股。 港股恒生科技指数午后持续走强，截至发稿涨4%。恒生指数涨2.65%，电力设备、零售、游戏软件、半 导体、军工股等涨幅居前。华虹半导体涨超10%，百度集团涨超9%，网易涨超6%。 消息面上，2025年12月31日晚间，上交所官网显示，蓝箭航天空间科技股份有限公司科创板IPO审核状 态变更为"已受理"。 ...

半导体指数暴涨8.3%。截至发稿，华虹半导体涨超10%、中芯国际(00981.HK)涨9.89%。消息方面，华虹半导体发布多份公告表示，公司拟通过发行股份 方式向华虹集团等4名交易对方购买其合计持有的华力微97.4988%股权，并拟向不超过35名符合条件的特定对象发行股票募集配套资金。 "港股GPU第一股"壁仞科技今日上市，盘中表现活跃。该股盘初一度大涨近120%，截至发稿，涨幅有所回落，但仍大涨80%，总市值突破800亿港元。 每经编辑｜何小桃 1月2日，港股2026年首个交易日迎来开门红。 在科技股领涨下，港股市场走势强劲，截至发稿，恒生指数大涨近700点，涨幅为2.73%，恒生科技指数涨超4%。 | 恒生指数 | 恒生国企 | 恒生科技 | | --- | --- | --- | | 26329.53 | 9167.38 | 5746.31 | | +698.99 +2.73% | +253.70 +2.85% | +230.33 +4.18% | | 恒指期货 | 港股通50 | 恒生生物科技 | | 26395 | 3974.99 | 14442.02 | | +747 +2.91% | +96.5 ...

中国基金报消息，1月2日，港股早间小幅高开，上午持续走高，恒生科技指数一度涨近4%，迎来"开门 红"。截至午间收盘，恒生指数涨2.18%，恒生科技指数涨3.38%，恒生国企指数涨2.26%。 | 26189.79 | | | 9115.17 | | | 5702.56 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 恒生指数 +2.18% | | | 国企指数 +2.26% | | | 恒生科技指数 +3.38% | | | 恒生科技指数(HK:HSTECH) | | | | | | 88 加自选 | | | 5702.560 +186.580 +3.38% | | | | | | 12.16 万球友关注 休盘中 01-02 12:00:00 北京时间 | | | 最高: 5733.530 | 今开:5547.850 | | | 52周最高: 6715.460 | | 振幅:3.67% | | | 最低:5530.990 | 昨收:5515.980 | | | 52周最低:4168.040 | | 成交额:219.08亿 | | | 分时 五日 ...

今天新年第一个交易日，恒生开盘！ ai这边 有新股，壁仞，智谱都元旦节后上市，ds 发新论文。 主战场还在AI和商业航天，双方打出新年第一场争夺战！ 大家都在打热度！为节后 行情营造局面！ 商业航天不需要事件刺激，硬上硬拱，因为筹码结构很轻！ 目前看就消费落后一些，没打出亮点！泡泡涨幅连阿里都不如！ 相信大家都看到了，各拉各！ 谁都想抢头筹！Ai人的是壁仞 ipo 收入教育，涨的标签是fab厂，华虹半导体。 互联网拉的阿里，快手，腾讯！ 最牛逼的 最狠的还属 商业航天，这帮资金最狠！ 从节前走访情况看，陆家嘴 香港等地资金确实在两者间游走！都是市场最活跃的资金！商业航天的人更年轻一些，无畏！ l 02 ...

Group 1 - Hong Kong tech stocks showed strong performance in the afternoon session on January 2, with Baidu Group rising over 8% [1] - NetEase increased by more than 6%, while Ctrip and Alibaba both saw gains exceeding 4% [1] - Tencent Holdings, Kuaishou, and JD.com all experienced increases of over 3% [1]