Global Market Overview - The Hang Seng Index closed at 25,855, up 0.86% for the day and 28.89% year-to-date [1] - The Hang Seng Tech Index rose by 1.74%, reflecting a year-to-date increase of 24.85% [1] - The Shanghai Composite Index remained unchanged at 3,965, with an 18.30% increase year-to-date [1] - The US markets showed slight declines, with the Dow Jones down 0.20% and the S&P 500 down 0.14% [1] Sector Performance in Hong Kong - The Hang Seng Financial Index increased by 0.44%, with a year-to-date rise of 40.32% [2] - The Hang Seng Industrial Index rose by 1.15%, reflecting a year-to-date increase of 24.53% [2] - The Hang Seng Real Estate Index saw a modest increase of 0.34%, with an 18.61% rise year-to-date [2] Chinese Market Dynamics - Chinese stocks experienced a slight increase, with energy, materials, and information technology sectors leading gains, while healthcare, utilities, and consumer staples sectors declined [3] - Southbound capital recorded a net sell-off of HKD 3.845 billion, with Tencent, China Mobile, and Alibaba seeing the most significant net sell-offs [3] - The Chinese government announced tax exemptions on personal home sales after two years to stimulate market activity [3] US Market Insights - The US stock market experienced slight declines, particularly in consumer discretionary, financials, and industrials, while energy, communication services, and utilities sectors showed gains [3] - Tesla's market analysis indicated a potential 15% year-over-year decline in Q4 vehicle deliveries due to tax credit reductions and increased competition [3] - The Federal Reserve's meeting minutes suggested a consensus on potential interest rate cuts if inflation trends downward, although some members expressed concerns about persistent inflation risks [3] Commodity and Currency Movements - Metal prices showed mixed trends, with gold's gains narrowing and silver rebounding; copper prices reached their highest annual increase since 2009 [3] - Oil prices experienced a slight decline, while cryptocurrencies saw a pullback after initial gains [3] - The USD/CNY exchange rate fell to around 6.99 [3]

Market Overview - A-shares experienced a slight upward trend, with the Shanghai Composite Index closing at 3,965 points, while the Shenzhen Component and ChiNext Index rose by 0.49% and 0.63% respectively, with a total market turnover of 2.16 trillion yuan[13] - The Hang Seng Index increased by 0.86%, driven by technology and semiconductor sectors, while the Hang Seng Tech Index surged by 1.74%[9] - European markets showed strength, with the Stoxx 600 index rising by 0.6%, and several markets reaching new highs despite geopolitical uncertainties[7] Economic Policies - The Chinese government announced a 625 billion yuan special bond issuance to support the "old for new" consumption policy for 2026, aiming for a retail sales growth rate of approximately 3.2%[4] - The Federal Reserve's meeting minutes revealed internal divisions regarding future interest rate cuts, with a majority favoring further reductions, although uncertainty remains[28] Commodity and Currency Movements - Silver rebounded strongly, rising over 10% after experiencing its largest single-day drop in over five years, while copper prices extended their gains for eight consecutive days, marking the longest streak since 2017[25] - The U.S. dollar index increased by 0.2% to 98.24, while the euro appreciated by 13.5% year-to-date against the dollar[24] Investment Recommendations - The report suggests focusing on AI-driven companies in the internet sector, with recommendations including Alibaba (BABA US), Pinduoduo (PDD US), and Bilibili (BILI US) as potential investment opportunities[6] - In the banking sector, the report highlights the potential for profit growth of around 5% in 2026, recommending stocks like China Merchants Bank (600036 CH) and China Construction Bank (601939 CH) for their valuation recovery potential[11]

Market Overview - The Hong Kong stock market closed with a slight decline, with the Hang Seng Index down 0.87% to 25,630.54 points, and a total trading volume of HKD 118.97 billion. The Hang Seng China Enterprises Index fell 0.86%, while the Hang Seng Tech Index dropped 1.12% [1] - For the year 2025, the Hang Seng Index recorded a cumulative increase of 27.77%, marking its best performance since 2017, while the China Enterprises Index and Tech Index rose by 22.27% and 23.45%, respectively [1] - Looking ahead to 2026, it is expected that under a backdrop of loose monetary policy, foreign and southbound capital will continue to flow into the market, potentially leading to a substantial increase in the profitability of Hong Kong-listed companies [1] Blue-Chip Stocks Performance - Baidu Group-SW (09888) rose 1.39% to HKD 131.5, contributing 3.55 points to the Hang Seng Index, driven by growth in its AI business [2] - Other blue-chip stocks included Sunny Optical Technology (02382) up 1.16%, Zijin Mining (02899) up 0.85%, while Innovent Biologics (01801) fell 3.66% and New Oriental-S (09901) dropped 2.49% [2] Sector Highlights - Major technology stocks mostly declined, with Alibaba down over 1% and Tencent down 0.17%, while Baidu saw an increase [3] - The airline sector saw a collective rise, with China Eastern Airlines (00670) up 4.92%, China Southern Airlines (01055) up 4.3%, and Air China (00753) up 3.36%, attributed to increased travel demand during the New Year holiday [4] - The film industry remained active, with the total box office for the New Year season surpassing HKD 5 billion, marking a new high for the past eight years [3] Mining Sector - Zijin Mining Group reported a projected net profit of USD 1.5-1.6 billion for 2025, a year-on-year increase of approximately 212%-233%, while Zijin Mining expects a net profit of CNY 51-52 billion, up 59%-62% year-on-year [5] - Zijin Mining's production targets for 2026 include 105 tons of gold and 120,000 tons of copper, indicating a strong growth trajectory [5] Automotive Sector - The automotive sector showed mixed results, with Great Wall Motors (02333) up 3.24% and GAC Group (02238) up 0.74%, while Li Auto-W (02015) fell 1.44% [6] - New policies for 2026 regarding vehicle subsidies have been announced, which may stabilize consumer expectations for car purchases [6] Notable Stock Movements - In the AI-driven pharmaceutical sector, Insilico Medicine (03696) surged 23.88% to HKD 37.14, reflecting its advancements in drug discovery [7] - Delin Holdings (01709) rose 9.68% to HKD 2.04 after announcing conditional approval for virtual asset trading services [8] - Jiangxi Copper (00358) reached a new high, up 5.36% to HKD 42.88, supported by rising copper prices [9] - KANAT Optical (02276) increased by 4.25% to HKD 54, benefiting from new policies supporting digital and smart products [10]

Core Insights - The year 2025 witnessed significant transformations in the business landscape, with AI technology moving from experimental phases to large-scale applications, and cross-industry competition becoming the norm [2] - The experiences of various business leaders reflect the dynamic nature of the commercial world, emphasizing the importance of adapting to changes and maintaining ethical standards [2] Group 1: Key Business Figures - Liang Wenfeng led DeepSeek to disrupt the AI industry by releasing the R1 model, which achieved top performance with a low cost of approximately 2.08 million yuan, challenging the dominance of Western AI firms [4] - Liu Qiangdong initiated a fierce competition in the food delivery sector with a "0 commission" policy, investing heavily in subsidies while also expanding into smart robotics and automotive sectors [7][8] - Lei Jun faced significant challenges in the automotive sector, with safety concerns leading to a recall of 116,000 vehicles and a market value loss exceeding 120 billion yuan for Xiaomi [9] - Zhang Yiming maintained a low profile while achieving significant growth for ByteDance, with Douyin's e-commerce GMV reaching 4.3 trillion yuan, marking a 32% increase [14] - Huang Renxun's Nvidia became the first company to surpass a market value of 5 trillion yuan, holding over 80% of the global AI computing power market [15] Group 2: Industry Challenges and Trends - The rise of open-source models poses a challenge to Nvidia's dominance, highlighting the potential for industry disruption and the need for adaptability [16] - The tragic passing of Wang Linpeng, founder of Juran Home, underscores the pressures faced by traditional industry leaders amid market transformations [17][18] - The public backlash against traditional businesses, as seen with Jia Guolong of Xibei, illustrates the increasing demand for transparency and accountability in the food industry [12][13] - The downfall of Zhang Xuefeng, a prominent education influencer, serves as a cautionary tale about the risks of prioritizing commercial success over ethical standards [21]

12月31日，港股2025年收官日指数低开低走，截至收盘，恒生指数跌0.87%报25630.54点，恒生科技指 数跌1.12%报5515.98点，国企指数跌0.86%报8913.68点。 盘面上，科网股跌多涨少，阿里巴巴跌1.18%，腾讯控股跌0.17%，京东集团跌1.76%，小米集团跌 0.15%，网易跌3.25%，美团跌0.96%，快手跌0.85%，哔哩哔哩涨0.42%，百度涨1.39%；汽车股高开低 走，零跑汽车跌超2%，"蔚小理"等皆转跌；半导体板块回调，中芯国际跌超1%；航空股涨幅居前，南 方航空涨超4%；航空股、影视股等受益于相关板块走势活跃，大麦娱乐涨超5%，尤其是三大航空股皆 强势，铜价创十余年最佳年度表现，铜业股是唯一上涨的有色金属股，其中江西铜业股份再创历史新 高。 从年线看，恒指全年涨27.77%创2017年以来最佳年度表现，恒生科技指数全年涨23.45%创2020年以来 最佳年度表现，国企指数涨22.17%。年内黄金及有色金属板块涨幅亮眼，珠峰黄金全年涨幅超1200%， 灵宝黄金年内涨超570%；半导体板块表现突出，华虹半导体涨超240%，中芯国际涨超120%；加密货币 概念股涨幅居前 ...

分析人士指出，贵金属期价未来短期仍面临大幅波动风险。明年1月，彭博商品指数与标普高盛商品指 数将陆续对各类大宗商品的权重进行调整。因贵金属价格过去近两年时间里显著上涨，在上述两个指数 中的权重过高，外界预计随着两大指数下调贵金属权重，跟踪以上两个指数的被动型基金将卖出黄金和 白银期货头寸，带来技术性下跌压力。 当地时间周二，随着年末临近，大量散户投资者仍处于休假状态，美国股市交易量低迷。美联储当天公 布的本月议息会议纪要显示，货币政策制定者内部就未来降息路径的分歧加剧，外界判断美联储明年初 将谨慎对待进一步降息。受会议纪要影响，长期美债收益率小幅上行，令高成长股承压，市场延续保守 交易策略，资金流向防御型的公用事业板块，科技、金融等板块下跌，美国三大股指周二集体收跌。截 至收盘，道指跌0.20%，标普500指数跌0.14%，纳指跌0.24%。重点公司方面，脸书母公司Meta周一宣 布收购中国团队创立的AI智能体初创公司Manus，外界预计Meta将会加速把Manus的高级AI代理技术整 合到脸书和Instagram等应用端，Meta周二收涨1.1%，领跑美股七大科技巨头。 30日国际贵金属价格显著反弹 贵金属 ...

编辑：桃子 【导读】 年底离职潮愈加猛烈！最新爆料称，快手大模型负责人周国睿即将离职，未来去向未 知。 快手大模型掌舵人，被曝出即将离职！ 今天，多个媒体爆料，快手副总裁、基础大模型及推荐模型负责人周国睿即将离职。 目前，他本人在快手内部系统中，已显示为休假状态，个人签名也更新为「Log Out」。 关于周国睿下一步去向，也成了谜团： 据传他将加入Meta，也有消息称，他可能会转投TikTok，具体不得而知。 报道 截至发稿前，官方还未对此做出回应。 北邮学霸，快手AI掌门人 这位大佬的来头可不小... LinkedIn主页显示，周国睿在北京邮电大学完成了学士和硕士学位，专业主修信息与通讯工程。 个人研究方向涵盖了，大规模机器学习、自然语言处理、计算广告、推荐系统。 硕士毕业后，周国睿加入阿里妈妈事业部，任高级算法专家，专注于阿里精准定向广告的排序核心业 务。 在此期间，他的工作主要集中在—— 深度学习在广告排序中的落地、模型结构设计与优化、模型压缩、深度学习框架的工程化开发，其研 究成果还登上了AAAI等顶会。 2021年，周国睿正式加入快手，从推荐算法副总一直做到了大模型以及推荐模型的负责人。 在此期间， ...

12月31日消息，港股2025年最后半个交易日，三大指数低开低走，截至收盘，恒生指数跌0.96%，报 25606.37点，恒生科技指数跌1.24%，国企指数跌0.95%。今日港股盘面上，科网股跌多涨少，百度涨超 1%，网易跌超3%，京东、美团、阿里巴巴、快手跌超1%；汽车股高开低走，零跑汽车跌超2%；半导 体板块回调，中芯国际跌超1%；航空股涨幅居前，南方航空涨超4%；影视股活跃，大麦娱乐涨超5%。 | 初始 代码 | | 名称 | . | 最新 | 涨幅% ↓ | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | --- | | 1 | HSCEI | 恒生国企指数 | | 8905.74 | -0.95 | 22.17 | | 2 | મંદા | 恒生指数 | 1 | 25606.37 | -0.96 | 27.65 | | 3 | HSTECH | 恒生科技指数 | | 5509.26 | -1.24 | 23.30 | 从年线看，恒指全年涨27.65%，恒生科技指数全年涨23.30%，国企指数涨22.17%。年内黄金及有色金 属板块涨幅亮眼，珠峰黄金全年 ...

腾讯：广告业务在AI赋能背景下继续保持快速增长水平，同时游戏出海为重要增量。2025年该行观察 到腾讯海外游戏明显加速，国内持续输出优质工业级别生产力支持，与海外工作室合作进一步加深，同 时伴随AI对手游出海投放渠道的改善，26年腾讯国际游戏增长或为重要看点。 智通财经APP获悉，国信证券发布研报称，展望2026年，需重点关注互联网巨头出海业务的进展，AI发 展趋势下，国内云厂商和游戏厂商面临出海增长的好机遇，叠加国产优质供应链升级，电商平台出海也 为补充内需疲软的重要增长方向。 国信证券主要观点如下： 复盘历史，港股很难脱离美元流动性和宏观因素 历年Q4恒生科技指数和恒生指数表现相对疲软，次年的Q1/Q2又会经历修复。因此当前港股市场承压， 主要也与流动性和宏观经济悲观预期相关。此外，2025年美团、阿里和京东三家巨头开启的外卖大战， 在2026年或进入到投入边际收缩的阶段，对三家平台的现金流和利润均为重要影响变量。 阿里：AI全栈自研厂商，26年重点关注。1）千问模型占据全球模型市场份额持续提升，开源社区积累 驱动阿里云出海增长；2）AI端侧与苹果合作落地后续云业务增量；3）下游Agent、应用放量带来的 ...

港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 12月31日，延续昨日涨势，百度今日继续走强，盘中一度涨2%至132.3港元，创10月9日以来新高。 消息面上，美国叫车平台Uber和Lyft宣布，已经与百度达成合作协议，计划明年在英国推出无人驾驶的士(Robotaxi)试点计 划。 ...