Group 1: Market Performance - Major tech stocks showed mixed performance, with Intel and Meta rising over 1%, while Tesla fell over 1% and Apple, Nvidia, and Netflix experienced slight declines [1] - The Nasdaq China Golden Dragon Index opened high but closed down 0.26%, with Baidu up over 4% and NIO up over 3%, while JD.com fell nearly 2% [1] Group 2: Commodity Prices - WTI crude oil futures settled down 0.22% at $57.95 per barrel, and Brent crude oil futures settled down 0.03% at $61.92 per barrel [1] - Silver prices surged after a significant drop, with spot silver reaching $76.55 per ounce, up 6.16%, and New York silver at $76.459 per ounce, up 8.51% [1] - Gold prices reported at $4347.10 per ounce, with a 0.35% increase [3] Group 3: Market Analysis - Analysts indicated that the recent drop in precious metals was primarily due to technical factors, with profit-taking and stricter margin requirements contributing to the sell-off [5] - Despite recent pullbacks, gold and silver are expected to record their strongest annual performance since 1979, supported by strong global central bank purchases and continuous inflows into ETFs [5] - The World Silver Institute projected a supply-demand gap in the global silver market exceeding 100 million ounces by 2025, indicating a continued supply shortage [6] Group 4: Federal Reserve Insights - The Federal Reserve's December meeting minutes revealed significant internal divisions regarding interest rate decisions, with a 25 basis point cut bringing the target range to 3.50% to 3.75% [8] - Some officials expressed concerns about the risks of inflation and unemployment, indicating a cautious approach to further rate cuts [9] - The minutes also discussed the potential need for short-term Treasury purchases to manage reserve levels effectively [10]

大型科技股涨跌不一，英特尔、Meta涨超1%，微软、谷歌、亚马逊小幅上涨；特斯拉跌超1%，苹果、英伟达、奈飞小幅下跌。 纳斯达克中国金龙指数高开低走，收跌0.26%。百度涨超4%，蔚来涨超3%，网易涨近1%；京东跌近2%，金山云跌近1%。 WTI原油期货结算价收跌0.22%，报57.95美元/桶。布伦特原油期货结算价收跌0.03%，报61.92美元/桶。 12月30日晚间，在经历了一次"史诗级"的暴跌之后，白银价格又开始了暴涨模式，黄金也从纪录高位急跌"降温"后重新站稳脚跟。 截至12月31日发稿，现货白银报76.55美元/盎司，涨幅6.16%，盘中一度涨超8%；纽约白银报76.459美元/盎司，涨幅8.51%，盘中一度涨超10%。 现货黄金报4347.10美元/盎司，涨幅0.35%，盘中一度涨超1.5%。 纽约期铜一度涨4%，报5.7895美元/磅。 据媒体报道，分析师表示，本周一（12月29日）的下跌"主要是技术性因素导致：贵金属近期快速上涨后出现早期获利了结，杠杆多头被迫去杠杆，同时更 严格的保证金要求也带来额外压力。基本面并没有发生变化"。 当地时间12月30日，美股三大指数收盘均小幅下跌，纳指跌0. ...

Group 1 - The news reports that Kuaishou Technology's Vice President, Zhou Guorui, who is responsible for foundational models and recommendation models, is set to leave the company, with his internal status showing "on leave" and personal signature changed to "Log Out" [2] - Zhou Guorui has a strong academic and industry background, having previously worked as a senior algorithm expert at Alibaba and published research in top international conferences [2] - His departure is significant due to his central role in Kuaishou's AI strategy, having joined the company in 2021 and led the development of the OneRec architecture, which achieved a major breakthrough in the recommendation system [2] Group 2 - Zhou Guorui's potential departure is part of a broader trend, with at least six other vice president-level technical executives leaving Kuaishou since 2025, covering key areas such as recommendation algorithms and commercialization [3] - Despite being viewed as a "second growth curve" by Kuaishou's CEO, the commercialization progress of AI products has been below expectations, with the AI product "Keli" generating only 250 million yuan in revenue in Q2 2025, accounting for 4.8% of total revenue [3] - The AI business faces challenges including unstable generation quality, unestablished user habits, and intense competition [3]

工业和信息化部信息通信管理局相关负责人表示，当前，"网云算数智"加速融合，跨区域算力协同需求 上升，产业数字化对低时延、高质量数据互联提出更高要求。《指导意见》旨在明确发展思路和重点任 务，推动我国交换中心创新发展，更好支撑新质生产力培育和网络强国、数字中国建设。 聚焦"如何建"问题，《指导意见》提出统筹优化整体布局、扩展业务覆盖范围、加强设施协同联动3项 重点任务，主要包括面向区域协调发展战略和区域重大战略，支持在需求旺盛、业务集中、基础良好、 区域优势明显的地区设立交换中心；鼓励交换中心向省内其他地市、周边省份拓展节点，探索交换中心 跨省长途互联；加强设施协同联动，推动交换中心与国家级互联网骨干直联点等网络设施协同规划。 （来源：经济参考报） 记者12月30日从工业和信息化部获悉，工业和信息化部办公厅近日印发《关于加快推进国家新型互联网 交换中心创新发展的指导意见》（以下简称《指导意见》），围绕构建交换中心网络体系、深化交换中 心应用创新、健全交换中心监管制度、加强组织实施等方面细化15项举措，进一步推动我国新型互联网 交换中心创新发展。 聚焦"如何管"问题，《指导意见》提出加强运行质量保障、提升安全防护 ...

你有没有想过这么个事儿，咱们整天挂在嘴边的那个云端，它到底藏在哪儿。 我问过好几个朋友，大部分人下意识往天上指，或者含糊地说在网络里，好像那就是一团看不见摸不着的空气。要知道，这简直是大错特错，所谓的云端， 根本不是飘在天上的云彩，而是实实在在成千上万吨的钢筋水泥，是那些热得发烫的巨型服务器，还有日夜轰鸣响个不停的冷却风扇，这些东西不但占地 方，还特别沉。 而这堆物理实体的位置分布，那可是相当的不均匀，甚至可以说偏心得厉害。我昨天看了一眼视觉资本网站新出的一组数据，看到那个饼图的时候，我是真 愣了一下，美国现在居然占了全球数据中心总量的百分之三十八。 而且，按照他们的预测，等到2025年，全世界会有超过一万一千个数据中心，这里面接近四千二百个都扎堆在美国这一个国家里。这意味着，全球接近四成 的互联网基础设施，就像钉钉子一样死死钉在同一个国家的土地上。 要是你觉得这无非就是几个枯燥的统计数字，那你可能还没反应过来这事儿有多严重，数据中心这玩意儿，说白了就是互联网的心脏和血管。咱们手机里存 的每一张照片、跟家里人的每一次视频通话、躺在床上刷的每一部剧，甚至现在被炒得火热的人工智能，它们每一次运转，每一次呼吸，都得 ...

本报记者 毛艺融 12月30日，6只新股在港交所挂牌上市，涵盖人工智能制药、数字孪生科技、预制钢结构、高端美妆、数据基础设施及家 用机器人等领域。 回顾2025年，港股市场在一级和二级市场均表现强劲。除了股指上涨，2025年港股在制度建设和市场结构上也取得重要进 展，包括IPO机制重大改革、开通"科企专线"等，不仅吸引了更多优质科技企业，也推动国际长线资金、南向资金等增量资金 流入。 展望2026年，机构对港股趋势态度乐观。中信证券认为，2026年，港股将迎来第二轮估值修复，恒生指数和恒生科技的动 态PE分别有望扩张5%和10%，全年节奏预计为先稳后升。 交投活跃度显著提升 今年以来，港股市场交投活跃。港交所官网数据显示，2025年11月底，香港证券市场市价总值为48万亿港元，较去年同期 （34万亿港元）增长41%。2025年前11个月的平均每日成交金额为2558亿港元，较去年同期（1309亿港元）增长95%，港股流 动性显著改善。 南向资金成为港股市场的重要增量资金。Wind资讯数据显示，截至12月30日，年内南向资金净买入总额达1.40万亿港元， 成为港股市场最重要的流动性支撑。 随着优质企业接连上市，港 ...

Group 1 - Applied Digital shares rose by 4.8% as the company plans to spin off its cloud business and merge with Ekso to form a new entity [1] - Ekso's shares surged by 58.8% following the announcement of the merger with Applied Digital [1] - Baidu's shares increased by 4.9%, with institutions showing strong bullish sentiment towards the stock [1] Group 2 - Xpeng Motors' shares climbed by 3.7% as the new model, the Xpeng P7+, is set to launch in 36 countries [1] - NetEase's shares rose by 1.9%, with Citigroup reaffirming its preference for NetEase and two other stocks in the gaming sector [1]

Group 1 - The Hang Seng Index rose by 0.86% on December 30, with a total turnover of southbound funds amounting to HKD 923.00 billion, including buy transactions of HKD 442.28 billion and sell transactions of HKD 480.72 billion, resulting in a net sell of HKD 38.45 billion [1] - The southbound trading through Stock Connect (Shenzhen) had a total turnover of HKD 331.61 billion, with buy transactions of HKD 153.22 billion and sell transactions of HKD 178.40 billion, leading to a net sell of HKD 25.18 billion [1] - The southbound trading through Stock Connect (Shanghai) recorded a total turnover of HKD 591.38 billion, with buy transactions of HKD 289.06 billion and sell transactions of HKD 302.33 billion, resulting in a net sell of HKD 13.27 billion [1] Group 2 - Among the actively traded stocks, SMIC had the highest turnover with a total of HKD 60.49 billion and a net buy of HKD 7.59 billion, closing with a price increase of 4.24% [1][2] - CNOOC had a total turnover of HKD 21.87 billion with a net buy of HKD 4.61 billion, while ICBC recorded a net buy of HKD 3.57 billion [2] - Tencent Holdings had a total turnover of HKD 38.81 billion with a net sell of HKD 12.79 billion, and Alibaba-W had a turnover of HKD 53.79 billion with a net sell of HKD 4.93 billion [2] Group 3 - The stock with the longest consecutive net buy from southbound funds was Huahong Semiconductor, with a total net buy of HKD 5.45 billion over three days [2] - The stocks with the highest consecutive net sell included China Mobile, Tencent Holdings, and Alibaba-W, with total net sells of HKD 96.46 billion, HKD 32.97 billion, and HKD 18.05 billion respectively [2]

| 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.30 | 106.20 | 600.500 | 594.500 | 63566.50 | | 2025.12.29 | 105.70 | 611.000 | 596.000 | 63563.71 | | 2025.12.24 | 105.60 | 604.000 | 598.000 | 63554.16 | | 2025.12.23 | 105.10 | 613.500 | 602.500 | 63583.28 | | 2025.12.22 | 103.50 | 620.000 | 610.500 | 63557.61 | | 2025.12.19 | 103.80 | 617.000 | 607.000 | 63584.84 | | 2025.12.18 | 105.50 | 605.500 | 599.500 | 63564.70 | | 2025.12.17 | 105.70 | 605.500 | 595.000 ...

Core Viewpoint - The collaboration between China Merchants Securities and ten major fund companies aims to enhance investor knowledge of ETFs and promote healthy market development, particularly focusing on the opportunities within the Hong Kong internet sector driven by AI advancements [1] Group 1: Market Dynamics - The Hong Kong internet sector has experienced significant fluctuations over the past three years, influenced by regulatory policies, U.S. Federal Reserve monetary policy, and economic recovery from the pandemic [2][3] - Positive signals in domestic economic expectations and the Fed's shift to a dovish stance have created a favorable liquidity environment for the Hong Kong internet sector [3][4] Group 2: AI Industry Trends - The AI market is characterized by a technological breakthrough-driven industrial trend, with strong demand for computing power in the upstream and significant advancements in model technology in the midstream [2][5] - The release of Gemini3 marks a transition from "conversational interaction" to "action-oriented intelligence," complementing cost reductions in models like DeepSeek, which significantly lowers operational costs [5][6] Group 3: Investment Opportunities - The China Securities Hong Kong Internet Index is designed to capture leading companies in the sector, characterized by high concentration, balanced coverage across various applications, and a strong focus on AI [8][14] - The index includes 30 companies, with the top ten accounting for over 72% of its weight, providing a concentrated investment in leading firms while diversifying risk across different sectors [14][18] Group 4: Seasonal Market Behavior - Historical trends indicate that the end of the year often sees a "window dressing" effect, where fund managers adjust portfolios to showcase better-performing assets, potentially leading to increased capital inflows into popular sectors [11][12] - The end of the year is also a critical period for policy meetings, which can set the tone for future economic policies and enhance market risk appetite [11] Group 5: Valuation and Growth Potential - The Hong Kong internet sector currently presents a valuation discount compared to U.S. tech giants, with a price-to-earnings ratio of 22, indicating potential for valuation recovery as AI continues to develop [19][20] - The sector's long-term growth is supported by continuous technological iterations, deep integration of AI across various applications, and favorable government policies promoting AI development [13][20]