Manoukian表示："我们坚信，我们正处于一种更为结构性的转变之中，公共市场与私人市场的差异正变 得越来越小。如果想要以主题化的方式进行投资，避免涉足私人市场，那实际上就是将自己与人工智能 生态系统中最具活力和创新性的领域隔离开来。" 小摩乐观的预测一出，却恰逢华尔街因有关人工智能的种种担忧以及经济疲软的迹象而人心惶惶之际。 过去四天里，美股上涨了4%。这一涨势平息了那些警告称股市即将出现全面回调的看空者们的言论， 而如今，美股多头的乐观情绪又开始高涨起来。 对于小摩私人银行投资策略美国负责人Jacob Manoukian和全球投资策略的联合负责人Stephen Parker而 言，近期导致标普500指数从10月的纪录高位下跌多达5%的市场动荡，证实了市场并未处于通常与泡沫 相关的那种狂热状态之中。 Parker在周二的一次采访中表示："我们的许多客户目前手头都有大量现金。对于这些客户而言，我们 与他们进行的为期12至18个月的交流内容是，这是一次绝佳的机会。我们将其视为一个买入良机，同时 我们也明白这并不一定就是最低点。" 该行认为，在2026年，技术和公用事业将是重点投资领域，因为这两类行业将受益于人 ...

大家好，我是乔叔，今天咱聊聊钱从科技股撤离后都去哪了，为什么连英伟达的好业绩也救不了市场的冷淡。 这事，要从美国那边资金环境说起。 以前只要沾上AI，立马就成香饽饽，投资人抢着买单。可到了最近，大伙儿开始盘算投入产出，发现没那么容易回本。 那些大厂像Meta、谷歌、微软，个个砸钱没个底，弄得市场越来越担心，这么玩下去，最后估计只有极少数的公司能把这笔账算平，剩下的只能陪跑。 资金紧张背后的警告 美国这两年财政压力越来越大，债越来越多，还得压着利息发行国债，但这法子总有用尽的时候。 以前市场还指望美联储尽快降息，结果官方三天两头口风变，投资人觉得降息可能随时没戏。 只要借钱成本往上一提，华尔街热情立马就下来了，毕竟手上的钱烫手，不见得真能再拿去冒险。 钱这阵子正悄悄地离开科技股，让不少投资人摸不着头脑。原本还被捧成神话的AI龙头英伟达，甭管业绩多扎实，也没能拦住这波撤退资金，反倒成了华 尔街减仓的"启示"。 眼瞅着资金变稀，最先受打击的就是高估值、拼命讲故事的科技股。大资金把票子挪去医疗健康这类波动小、基本面稳的地方，说白了就是不想再折腾了。 大行都在悄悄卖出科技股，把大量买入的资金倒向那些就算经济再怎么震荡， ...

Market Overview - A-shares continued to rise, with the Shanghai Composite Index up 0.87% to 3,870 points, and the Shenzhen Component Index up 1.53%[15] - U.S. stock markets saw gains, with the Dow Jones increasing by 664 points or 1.43%, marking its largest rise in three months[9] - European markets strengthened, driven by expectations of a U.S. interest rate cut, with the pan-European Stoxx 600 index rising by 0.91%[9] Economic Indicators - The U.S. retail sales and consumer confidence data were weak, reinforcing the rationale for a potential interest rate cut by the Federal Reserve next month[9] - The U.S. dollar index fell by 0.5% to 99.66, dropping below the 100 mark due to expectations of further rate cuts[28] - The 10-year U.S. Treasury yield fell below 4% for the first time in a month, indicating increased market bets on future rate cuts[5] Commodity and Currency Movements - Oil prices declined, with WTI crude oil down 1.51% to $57.95 per barrel, influenced by reports of Ukraine agreeing to a peace deal[28] - Gold prices rose by 1.12%, closing at $4,140.0 per ounce, amid expectations of a dovish Federal Reserve[28] - The Chinese yuan appreciated by 0.3% against the U.S. dollar, trading at 7.084[26] Sector Performance - In the Hong Kong market, technology stocks surged, with the Hang Seng Index rising 0.69%[11] - Alibaba's cloud revenue grew by 34% year-on-year, significantly outperforming expectations, while overall revenue increased by 4.8%[8] - The healthcare sector led the U.S. market gains, with an increase of 2.16%[9] Emerging Markets - Emerging economies in the Asia-Pacific region showed resilience, with Malaysia, Indonesia, Singapore, and Vietnam performing better than expected, while India, Thailand, and the Philippines lagged[6] - The MSCI Asia Emerging Markets Index (excluding China) is expected to reflect these trends in upcoming assessments[20]

Market Overview - The Hang Seng Index has a short-term support reference at 25,000 points, with recent hawkish signals from the Federal Reserve indicating limited room for rate cuts in 2026. Economic conditions in mainland China are cooling, and corporate earnings in Hong Kong are unlikely to improve significantly in the short term [2][5] - The U.S. stock market has shown volatility, particularly in tech stocks, raising concerns about valuations in the AI industry. The Hang Seng Index has seen substantial gains this year, leading to profit-taking incentives as year-end approaches [2][5] Company News - XPeng Motors (小鵬) has seen a surge in orders for its first range-extended vehicle, prompting the supply chain to increase production by 5,000 units to meet demand. The X9 model was launched at a price lower than its pre-sale price, indicating strong market interest [4][12] - Lei Jun, the founder of Xiaomi (小米), has increased his stake in the company to 23.26% by purchasing over HKD 100 million worth of shares, signaling confidence in Xiaomi's future despite recent stock price declines [4][12] - UBTECH Robotics (優必選) announced a share placement at an 11.4% discount, raising approximately HKD 30.56 billion, with plans to invest in potential acquisitions and business operations [5][12] - The company also secured a contract worth HKD 2.64 billion for humanoid robots, expected to be delivered in December [12] Industry Insights - The insurance sector is benefiting from strong investment returns driven by the performance of A-shares [8] - The coal sector is anticipated to see upward price momentum for thermal coal [8] - The lithium industry is reportedly at the bottom of its cycle and entering an upward phase, with increasing demand from automotive manufacturers and energy storage systems [12]

Group 1 - The Federal Reserve Governor Waller advocates for a rate cut in December, indicating that the employment data from September may be revised downwards, which is not a positive sign [1] - Major U.S. tech stocks are generally rising, with Google up over 5% reaching a new all-time high, and Tesla increasing by more than 6% [1] - Google has signed a multi-million dollar cloud services agreement with NATO, providing highly secure sovereign cloud services to aid in the organization's digital modernization [2] Group 2 - Novo Nordisk's stock fell nearly 8% after the company reported that its drug semaglutide showed no significant efficacy in late-stage trials for Alzheimer's disease [2] - Heisai Technology's stock surged nearly 18% following the announcement of a new high-performance smart control chip based on RISC-V architecture [4] - WeRide reported a 144.3% year-over-year increase in revenue for Q3, reaching 171 million yuan, with a net loss of 307 million yuan, narrowing by 70.5% [5][6] Group 3 - Lexin's stock rose over 6% after the company reported Q3 revenue of 3.42 billion yuan and a profit of 675 million yuan, with a transaction volume of 50.89 billion yuan [6][7] - Other companies such as Waterdrop, Century Internet, and Pony.ai saw their stocks rise over 7% [7] - Bilibili, Baidu Group, and other companies experienced stock increases of over 6%, with Bilibili's new game achieving over 3 million sales [8]

11 月 21 日，以 " 智领健康未来 " 为主题的 2025 华夏大健康产业发展暨康复服务大会在北京召开。作为连续四届引领行业风向的标杆盛会，科技与创新 始终是贯穿全程的灵魂主线，而医疗健康企业在环境、社会及治理方面的表现同样被社会各界关注。 万得 ESG高级分析师 受邀发表了主题演讲，详细介绍了蒲公英指数的构建背景、评估体系及市场表现，强调该指数为医疗健康行业可持续发展提供了重 要参考。 万得首先介绍了 Wind 万得的业务背景： "Wind 是一家专业化的信息服务机构，为金融领域开发了信息检索、数据提取及组合管理等专业工具，是国内外 机构投资者的重要合作伙伴。 " 她特别指出， Wind 构建的独立 ESG 评级体系已广泛应用于政策研究、金融决策和企业实践当中，例如国务院发展研究 中心发布的报告及可持续挂钩债券发行实践。 蒲公英指数亦是 Wind ESG 评级体系的一次创新性应用。该指数由华夏时报大健康研究院与万得联合研发，从医疗健康领域 A 股 495 家公司中精选前 50 家组成 " 蒲公英 50 指数 " ，港股 262 家公司中精选 30 家组成 " 蒲公英 30 指数 " ，每月根据 ESG ...

Market Overview - The U.S. stock market rebounded last Friday, with major indices rising at least 0.9%, despite a weekly decline of nearly 2% [2] - Google shares surged over 3%, reaching a historical high with an 8% increase for the week [2] - Nvidia experienced a volatile week, initially dropping over 4% before closing down nearly 1%, with a total weekly decline of about 6% [2] - Oracle shares fell nearly 6%, while Eli Lilly rose over 1%, becoming the first healthcare company to reach a market capitalization of $1 trillion [2] - U.S. Treasury prices rose, with yields hitting new monthly lows, while the dollar index reached its highest level in nearly six months [2] Economic Indicators - The U.S. Labor Statistics Bureau canceled the October CPI release, with the November CPI report scheduled for December 18 [5] - The preliminary S&P Global Composite PMI for November was 54.8, the highest in four months, indicating a faster growth in the services sector [5][16] - The Eurozone's November manufacturing PMI unexpectedly fell back below the growth line at 49.7, while the services PMI reached a one-and-a-half-year high at 53.1 [17] Federal Reserve Insights - The Federal Reserve's vice chair indicated that there is still room for interest rate cuts, with market expectations for a December rate cut probability exceeding 70% [4][15] - The Fed's officials expressed concerns about rising debt risks associated with the AI boom, while also noting that the current monetary policy is in a mild tightening phase [20] Cryptocurrency Market - Bitcoin fell below $81,000, marking a potential record monthly decline, with a weekly drop exceeding 10% [5][17] - The total market capitalization of cryptocurrencies fell below $3 trillion, with investor sentiment reaching "extreme fear" levels [17][21] International Developments - The U.S. government is considering allowing Nvidia to sell H200 chips to China, which reportedly have double the performance of the H20 chips [23] - Japan approved a 21.3 trillion yen economic stimulus plan, the largest since the pandemic, raising concerns about the country's fiscal health [23] - The G20 summit emphasized multilateral cooperation and sustainable development, particularly in AI and data governance [19][22]

银行也没能幸免，截至收盘下跌1.85%。其中重庆农村商业银行大跌4.43%，光大银行、重庆银行、邮 储银行、民生银行等多股跌幅均在3%上方。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ 大消费低开低走后全天弱势，截至收盘大跌3.36%。其中京东健康大跌8.6%，金沙江中国、美高梅、康 方生物、信达生物、药明生物等多股跌幅均在5%上方。 恒生医疗低开低走，盘中虽有反弹，但最终还是无功而返，截至收盘下跌3.02%。其中三生制药大跌 9.44%，百济神州、药明康德、石药集团等超10只个股跌幅在4%上方。 开盘后执行跳水，随后全天震荡下行，截至收盘恒生指数2.38%。大消费跌幅居前，恒生医疗、互联 网、恒生科技、银行等紧随其后。 ...

Group 1: Employment Data Overview - The U.S. added 119,000 jobs in September, significantly exceeding market expectations of around 60,000 to 71,000 jobs, suggesting a seemingly robust economic recovery [5][8] - However, the average monthly job growth since 2025 has only been 71,000, indicating that the new jobs are insufficient to keep pace with natural population growth [7] - The employment data for July and August was revised downward by 33,000 jobs, highlighting the volatility and potential inaccuracies in initial job estimates [8] Group 2: Industry Performance - The healthcare and restaurant sectors were the biggest winners, adding 43,000 and 37,000 jobs respectively, indicating strong demand in these areas [10] - Conversely, sectors like transportation and warehousing lost 25,000 jobs, while manufacturing and temporary help services saw declines of 6,000 and 16,000 jobs respectively, signaling contraction in these industries [12] - The reduction in temporary help services is particularly concerning, as it often reflects companies' hesitance to expand, suggesting a cautious economic outlook [12] Group 3: Economic Disparities - The current U.S. economy is characterized by a "dual-track" situation, where certain sectors thrive while others struggle, leading to a polarized job market [14] - Economic indicators such as GDP are increasingly reliant on the spending of a small number of wealthy individuals, which does not translate into widespread economic health for the general population [17] - The unemployment rate for young workers aged 20-24 has surged to 9.2%, the highest since 2015, indicating significant challenges for this demographic in securing full-time employment [17] Group 4: Public Sentiment and Political Implications - Recent polling shows that only 40% of respondents feel their financial situation is "good/excellent," a stark contrast to the 60% who rate it as "average/poor," reflecting growing economic dissatisfaction [22] - The gap between negative perceptions of the national economy and personal finances has narrowed, indicating that individuals are feeling the economic strain more acutely [24] - Trump's support on economic issues has dropped to 38%, the lowest in his political career, suggesting that public sentiment regarding economic management is shifting unfavorably [26]

Core Viewpoint - The 2025 Huaxia Health Industry Development and Rehabilitation Service Conference emphasizes the importance of technology and innovation in the healthcare sector, alongside the growing focus on environmental, social, and governance (ESG) performance of healthcare companies [2][3]. Group 1: ESG Rating System - The Dandelion Index, developed by Huaxia Times Health Research Institute and Wind, selects the top 50 companies from 495 A-share healthcare companies and 30 from 262 Hong Kong healthcare companies, adjusting the components monthly based on ESG scores [3][4]. - The ESG rating system evaluates companies on long-term management practices across environmental, social, and governance dimensions, incorporating over 500 indicators and 28 topics, with a focus on industry-specific issues [4][7]. Group 2: Index Performance - The Dandelion Index shows superior performance, with the Dandelion 50 Index rising approximately 29% year-to-date, outperforming the CSI 300 and healthcare industry indices by about 35 percentage points, with an annualized return of around 10% [8][11]. - The Dandelion 30 Index has achieved a year-to-date increase of 104%, significantly surpassing the Hong Kong healthcare industry index and the Hang Seng Index, with a five-year cumulative return of 63% [11][12]. Group 3: Company Ratings - 80 companies with excellent ESG performance are included in the Dandelion Index, with Haier Biomedical and Yinkang Life receiving the highest AAA rating [7]. - In the Dandelion 50 Index, 62% of companies are rated AA, while 34% are rated A; the Dandelion 30 Index has 77% rated AA, with no low-rated companies, contrasting with over 69% of the healthcare industry having low ratings [7][8]. Group 4: Call to Action - The conference encourages more companies to engage in ESG practices and register on the Wind ESG issuer communication platform for rating feedback, aiming to promote sustainable development in the industry [14].