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]

热门中概股多数高开，纳斯达克中国金龙指数涨0.7%，百度集团高开超4%，小鹏汽车涨超3%。 美股矿业股普涨，哈莫尼黄金、泛美白银涨超3%，科尔黛伦矿业、纽蒙特矿业涨超2%。 编辑丨瑜见 12月30日，美股三大指数小幅低开，道指跌0.04%，标普500指数跌0.02%，纳斯达克综合指数跌 0.05%。 | 名称 | 现价 | 涨跌 涨跌幅 | | --- | --- | --- | | 道琼斯工业平均 | 48441.79 | -20.14 -0.04% | | 纳斯达克指数 | 23463.00c | -11.35 -0.05% | | 标普500 | 6904.70 | -1.04 -0.02% | ...

美股开盘，三大指数小幅低开，纳指跌0.04%，标普500指数跌0.02%，道指跌0.06%。 百度涨超6%，近期多项AI业务利好密集释放，此前获小摩大幅上调港股目标价至185港元。 小鹏汽车涨2.8%，小鹏G7超级增程SUV正式发布，综合续航突破1704公里创全球纪录。 现货黄金重回4400美元上方，带动黄金股上涨，金田涨4%，哈莫尼黄金涨超3%，泛美白银、美国黄金 公司涨超2%。 (格隆汇) ...

Investment Rating - The report maintains an "Outperform" rating for the industry [4][28]. Core Insights - The AI sector is witnessing significant developments, with major companies like Google and Amazon making strategic moves, including acquisitions and restructuring to enhance their AI capabilities [1][18][19]. - The report highlights that AI is driving substantial growth in advertising and cloud services for major internet companies, with Alibaba Cloud experiencing a year-over-year growth of 34% [2][25]. - The report suggests that the third quarter of 2025 may represent a bottom for profitability in the sector, presenting a good opportunity for investment in AI-focused stocks such as Alibaba and Tencent [2][25]. Company Dynamics - OpenAI has appointed former UK Chancellor George Osborne to lead the "OpenAI for Countries" initiative, aimed at enhancing collaboration with governments on AI infrastructure [16]. - Amazon is restructuring its AI department, integrating its AGI business with its chip and quantum computing teams [18]. - Google has acquired energy infrastructure company Intersect for $4.75 billion to support its AI development needs [20]. Underlying Technology - Google has launched its latest AI model, Gemini 3 Flash, which boasts improved performance and cost efficiency [22]. - ByteDance has released the Doubao model 1.8 and upgraded the Seedance model, achieving industry-leading capabilities in multimodal understanding and generation [22]. - Alibaba has introduced the Fun-Audio-Chat model for end-to-end voice interaction, which is now open-sourced [23]. Industry Policy - The "Shandong Province Artificial Intelligence Terminal Innovation Development Action Plan" has been released, aiming for a core industry competitiveness enhancement and a scale exceeding 450 billion yuan by 2027 [24]. Investment Recommendations - The report recommends focusing on AI-driven stocks, particularly Alibaba and Tencent, as the sector is expected to benefit from ongoing advancements in AI capabilities and a potential narrowing of losses in the food delivery market [2][25].

2025年12月30日 证券研究报告 | 互联网行业2026年投资策略 AI、游戏和电商出海、外卖边际缓和是关键变量 行业研究 · 海外市场专题 互联网 · 互联网Ⅱ 投资评级：优于大市（维持） | 证券分析师：张伦可 | 证券分析师：陈淑媛 | 证券分析师：王颖婕 | 证券分析师：刘子谭 | 证券分析师：张昊晨 | | --- | --- | --- | --- | --- | | 0755-81982651 | 021-60375431 | 0755-81983057 | | | | zhanglunke@guosen.com.cn | chenshuyuan@guosen.com.cn | wangyingjie1@guosen.com.cn | liuzitan@guosen.com.cn | zhanghaochen1@guosen.com.cn | | S0980521120004 | S0980524030003 | S0980525020001 | S0980525060001 | S0980525010001 | 请务必阅读正文之后的免责声明及其项下所有内容 摘要 | 恒生科技指数 | 20 ...

Group 1 - The Hang Seng Technology Index experienced its largest single-day gain in December, rising by 1.74% [1] - A surge in buying activity was noted in the Hong Kong stock market, particularly in major stocks like Tencent, Alibaba, and Xiaomi, with Xiaomi's stock rising due to a live-streaming event announcement by its CEO [2] - Xiaomi's upcoming live-streaming event is seen as part of public relations and market value management, especially following the announcement of a share reduction plan by its second-in-command, Lin Bin, who plans to reduce holdings by up to $5 billion annually starting December 2026 [5][6] Group 2 - Silver faced significant volatility, with a single-day drop of 16% and a further decline of 6.5% in the Silver LOF, totaling over a 24% drop from its peak [8][9] - The premium rate of Silver LOF decreased from over 60% to just above 10% [12] Group 3 - The robotics sector saw a sudden increase in stock prices, while the commercial aerospace sector experienced a decline [13][14] - The Ministry of Industry and Information Technology and other departments released a plan focusing on the digital transformation of the automotive industry, emphasizing key equipment like intelligent robots [15] Group 4 - The A500 ETF saw a net outflow exceeding 10 billion, marking the first net sell since December 10, while still experiencing a significant net inflow of over 100 billion for the month [19] - The A500 ETF has outperformed the CSI 300 by approximately 4.5% year-to-date, with a notable 1.2% excess return in December alone [21] - The South China A500 ETF's scale increased from 21 billion to over 46 billion in December, reflecting a surge of 25 billion [23] Group 5 - The onshore and offshore RMB broke the 7 mark for the first time since May 2023, indicating a potential strategy to avoid rapid appreciation [31] - The Shanghai Composite Index closed at a neutral point of "0.00%", marking a ten-day streak of positive closing prices [31][32] Group 6 - The number of companies listed on the STAR Market reached 600, indicating a significant expansion and potential impact on the Shanghai Composite Index [33]

Group 1 - The core concept of "business-purchasing integration" proposed by JD Government Business aims to break down data and process barriers between business systems and procurement systems, transforming procurement from a cost center to a strategic value center [1] - The integration focuses on unifying the information flow, business flow, logistics, and capital flow in government and enterprise procurement, achieving deep collaboration between procurement and core business functions [1] - The "business-purchasing integration" framework has gained recognition from various state-owned enterprises, large private enterprises, and academia, highlighting its significance in understanding procurement transformation in the context of digital intelligence [2] Group 2 - In 2024, the total amount of digital procurement in China is projected to reach 21.7 trillion yuan, with a year-on-year growth of 16.2%, and the digital penetration rate increasing from 5.3% in 2017 to 11.5% in 2024 [3] - JD Government Business has served over 8 million government and enterprise customers, including more than 30,000 large clients, covering over 90% of the Fortune Global 500 companies in China and 95% of the top 500 private enterprises [3] - The collaboration between JD Government Business and leading companies like Changan Automobile has resulted in customized, intelligent procurement solutions and supply chain services, enhancing the integration of procurement and business operations [2]

聚焦"如何用"问题，《指导意见》提出拓展流量交换场景、促进算网数智协同发展、提升行业赋能作 用、推动技术研发部署四项重点任务，主要包括引导增值电信企业通过交换中心互联，支持交换中心提 供多线接入、跨境网络通道等服务；推动交换中心广泛接入数据中心、智算中心、超算中心，加快"连 算成网"，构建算力调度和交易平台、智能体互联互通平台；支持交换中心面向企业上云、多云互联、 5G虚拟专网、工业互联网、卫星互联网等场景，提供创新业务；推动前沿技术在交换中心的部署应 用，全面支持IPv6功能，支持交换中心共性技术研发等。 聚焦"如何管"问题，《指导意见》提出加强运行质量保障、提升安全防护能力、完善合规互联管理、强 化业务监督管理四项重点任务，主要包括强化交换中心运行安全责任落实，完善应急预案体系，提高应 急处置能力；建立健全网络安全、数据安全、信息安全管理制度，加强技术手段建设；建立健全交换中 心管理制度，组织专项行动深入整治违规互联行为，引导网间流量通过合规途径疏导；制定完善业务管 理规范，推动建设交换中心配套监测系统，定期报送运行情况及相关安全监测数据，保障服务稳定可 靠。 工业和信息化部信息通信管理局在解读《指导意见 ...

（责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 12月30日，港股震荡上行，科技股涨幅居前，截至13:50，恒生科技指数上涨1.9%。相关产品受资 金关注，Wind数据显示，截至昨日，恒生科技ETF易方达（513010）月内净流入超23亿元。 消息面上，Meta今日正式宣布收购AI智能体公司Manus，收购金额或高达数十亿美元，成为Meta成 立以来第三大收购，花费仅次于WhatsApp和Scale AI。在Meta收购前，Manus正以20亿美元估值进行新 一轮融资。根据12月初统计的数据，上线至今，Manus已处理超过147万亿个token，并创建了超过8000 万台虚拟计算机。 中信证券表示，2026年模型逻辑推理能力将进一步提升，支撑各领域Agent落地，带动企业端AI从 降本到增收打开落地空间。其中数据分析、代码生成、人力招聘、销售辅助、智能客服等场景仍是 Agent领域 ...

2025 年 12 月 30 日 中欧基金吉翔：专注发掘具有长期 竞争优势个股的价值型基金经理 ——基金经理研究系列报告之九十 相关研究 证券分析师 白皓天 A0230525070001 baiht@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 白皓天 A0230525070001 baiht@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 其 他 权 益 类 产 品 - ⚫ 价值风格的配置价值：长期投资性价比更高，日历效应提示当下配置价值：价值是一类 持有体验度较好的风格策略：（1）从长期配置维度下相对占优；（2）大多数时间下夏 普比明显更高；（3）最大回撤明显更低、创新高能力更强。日历效应反映近期价值风格 的配置价值：观察近 10 年时间中价值风格在 ...