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。 ...

Group 1: Company Developments - Xiaomi's CEO Lei Jun announced a New Year's Eve live stream event, which has been postponed to January 3 due to illness, with a promise to give away 15 Xiaomi 17 Ultra phones as compensation [2] - Huawei's rotating chairman Meng Wanzhou reported that over 36 million devices are running HarmonyOS 5.0 and highlighted the company's contributions to 5G-A networks, serving 60 million users [4] - Kuaishou's Vice President Zhou Guorui is rumored to be leaving the company, with no official response from Kuaishou as of the report [5] - Tesla announced that its 9 millionth electric vehicle rolled off the production line at its Shanghai Gigafactory [6] - CATL plans to build 1,325 battery swap stations by 2025, exceeding its targets, and aims to establish over 3,000 stations by 2026 [7] - SoftBank has fully completed its $40 billion investment commitment to OpenAI, indicating a strong focus on the AI sector [8] - Didi expects over 80 million ride requests on December 31, driven by various travel demands, and has introduced incentives for drivers during the holiday period [9] - Samsung has reportedly received U.S. approval to ship chip manufacturing equipment to its factories in China starting in 2026 [10] - Micron's wireless charging chips have been successfully integrated into AI phones developed in collaboration with ByteDance and ZTE [11] - Changxin Technology's IPO application has been accepted, aiming to raise 29.5 billion yuan, marking a significant step for China's largest DRAM manufacturer [12] - MiniMax has begun its Hong Kong IPO process, with a total subscription amount of approximately 2.723 billion HKD from 14 cornerstone investors [13] - Cao Cao Mobility announced the acquisition of 100% stakes in Yao Mobility and Geely Business Travel for a total cash consideration of approximately 225 million yuan [14] Group 2: Product and Technology Innovations - Qingtian Rental launched a "1 yuan instant rental" service, aimed at making robotic applications more accessible for businesses [15] - Tencent released and open-sourced its translation model 1.5, supporting 33 languages and 5 dialects, with options for edge deployment [16] - Non-invasive brain-computer interface technology was applied for the first time in a national sports event, showcasing its potential in competitive settings [17]

截至收盘，纽约商品交易所明年2月交割的黄金期价收于每盎司4386.3美元，涨幅为0.98%；纽约商品交 易所明年3月交割的白银期价收于每盎司77.919美元，涨幅为10.59%；纽约商品交易所明年2月交割的铂 金期价收于每盎司2240.8美元，涨幅为5.69%。 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 ...

Group 1 - The core viewpoint of the article highlights the stable performance of Qiu Dongrong's funds, with five funds achieving positive returns in the first quarter of the year, particularly the Zhonggeng Small Cap Value Fund, which has returned over 10% [1][2] - The total management scale of Qiu Dongrong's funds has reached 32 billion, with the Zhonggeng Small Cap Value Fund experiencing net subscriptions, while other funds faced varying degrees of net redemptions [2][4] - The investment strategy shows a high stock allocation of over 90%, with a significant focus on Hong Kong stocks, particularly in the newly established Zhonggeng Hong Kong Stock Connect Value Fund, which has an equity position of 98.68% [5][7] Group 2 - Qiu Dongrong's view on Hong Kong stocks indicates that the overall valuation is around the historical 20th percentile, with value stocks at the 10th percentile, suggesting long-term attractiveness and systematic opportunities [8][21] - The fund manager has made notable adjustments, including a significant increase in holdings of Meituan, which has become the largest position in several funds after being cleared out last year [9][15] - Other adjustments include reducing positions in China National Offshore Oil Corporation and China Hongqiao, while increasing holdings in Guanghui Energy, which is now a top ten holding across multiple funds [22][29] Group 3 - The first major sector in Qiu Dongrong's portfolio is non-ferrous metals, with reductions in holdings of China Hongqiao and Shenhuo Co., indicating a strategic shift in the sector [34][38] - The investment focus includes low-valuation but growth-oriented stocks, particularly in sectors like energy, technology, and manufacturing, with an emphasis on companies with unique competitive advantages [41][43] - The funds are also looking at opportunities in the healthcare sector, driven by domestic demand growth and supply constraints, particularly in the pharmaceutical manufacturing industry [44]

Group 1 - The core viewpoint emphasizes that the growth of the Hong Kong technology sector ETF (513020) is primarily driven by overseas expansion opportunities [1] - The Hang Seng Technology Index has historically shown weak performance in Q4, with a typical recovery in Q1/Q2 of the following year [1] - Key focus areas for 2026 include the overseas business progress of internet giants, with opportunities for domestic cloud and gaming companies due to AI development trends [1] Group 2 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which includes technology-related companies listed in Hong Kong [1] - The index is concentrated in sectors such as electronics, media, internet, and semiconductor chips, reflecting high-tech innovation characteristics [1] - The index focuses on technology leaders with a high concentration of weight, which can represent the overall performance of the technology industry [1]