Core Viewpoint - The key to uncovering AI investment opportunities in the Hong Kong stock market lies in connecting different markets while maintaining a global industrial chain perspective. The unique value of the Hong Kong market is its combination of global giants and hidden champions serving the global market [1]. Group 1: Main Investment Lines - The first line focuses on Hong Kong internet giants restructuring through AI, which are compared to US tech giants. These companies possess vast data, mature ecosystems, and strong cash flows, and their AI commercialization progress is often underestimated but is rapidly materializing [1]. - The second line highlights hidden champions benefiting from global AI demand. Hong Kong hosts companies that align with global trends and are often overlooked by investors, such as a global GaN chip supplier and a leading AI advertising platform [2]. - The third line emphasizes the acceleration of China's AI ecosystem, with Hong Kong gathering leading companies in humanoid robots and autonomous driving. These companies' technological routes are highly aligned with domestic market demands, and a global perspective remains crucial [2].

报告认为，2024年，芯片和数据中心行业成为AI发展的"最大赢家"；2025年，电力和电网运营商跻身核 心舞台。"可再生能源主题在今年表现抢眼，多家企业直接受益于数据中心的需求增长。"阿什利·莱斯 特说。 报告指出，2025年，MSCI发达市场公用事业指数和MSCI全球可投资清洁能源基础设施指数分别上涨 29%和34%，而同期MSCI发达市场可投资油气指数涨幅仅为12%。这一走势与2021年至2024年的趋势形 成鲜明对比，体现出AI带动的电力需求快速攀升。 (责任编辑：王晨曦) MSCI(明晟公司)首席研究官阿什利·莱斯特(Ashley Lester)的最新观点称，尽管支撑全球市场的制度基础 承受更大压力，投资者仍将在一个持续增长与创新的世界中迈入2026年。该公司预计，2026年围绕人工 智能(AI)的投资仍将是市场重心。 16日，MSCI发布《投资趋势焦点：2026年关键主题》报告。阿什利·莱斯特在发布该报告时表示，当下 即便投资者开始对冲宏观风险，有一个高确定性主题依然稳固，即人工智能的布局扩张。报告预计， 2026年人工智能仍将是市场重心，同时投资范围和受益企业将继续演变。 报告指出，目前，企业在A ...

Group 1: Company Announcements - Haiyou New Materials plans to establish a wholly-owned subsidiary and invest 300 million yuan in a polymer special adhesive film production project in Chengdu, which aims to optimize resource allocation and production capacity layout [4] - Dekeli's board member plans to reduce holdings by no more than 100,000 shares, representing a reduction of 0.0632% of the company's total shares [5] - Saiwei Microelectronics announced that its actual controller and associated parties plan to reduce their holdings by no more than 1% of the company's total shares [3] Group 2: Technology Developments - Zhongke Shuguang has launched the world's first single-cabinet 640-card super node scaleX640, which can be combined to form a thousand-card computing unit, achieving a 20-fold increase in computing density compared to traditional solutions [5] - Haiguang Information's Haiguang DCU has over 99% operator coverage, compatible with CUDA, and supports a wide range of model training and inference scenarios [5] Group 3: Market Reactions - The Hang Seng Technology Index experienced a significant drop, with major companies like Alibaba, Tencent, JD.com, and Meituan seeing increased declines due to rumors regarding stricter tax recognition for high-tech companies [2] - Xpeng Motors has obtained an L3 autonomous driving road test license in Guangzhou, marking a step towards regular L3 road testing [2] Group 4: Financing Activities - Jiangfan Guizhi completed nearly 100 million yuan in Pre-A round financing to advance the production line construction and technology iteration of silicon-carbon anode materials [6] - Benait completed several million yuan in A++ round financing, focusing on the development and production of silicon-based liquid crystal optical devices [7] - Aosaire Biopharmaceutical completed several million yuan in Pre-A round financing to support the development of new imaging contrast agents and integrated therapeutic drugs [9]

Group 1 - The core viewpoint of the article highlights that Xiechang Technology (301418.SZ) is focusing on the development of motion controller products primarily used in electric bicycles, electric light motorcycles, electric motorcycles, and electric tricycles [1] - The company's power chip products are mainly applied in downstream sectors such as electric vehicles, power tools, consumer electronics, and home appliances [1] - The company plans to carefully consider its business planning based on its development strategy and market conditions [1]

大家好，我是乔叔，这期咱们聊聊美股科技股突然大跌，看看AI行业泡沫被戳破后，资本到底盯上了 哪些"硬指标"。 项目一推再推，眼看这AI大单变成了遥遥无期的承诺。"拿合同容易，能不能落实才最关键"，不少投 资人都这么认为。市场最终会看重的是兑现结果，不是豪言壮语。 12月12号这天，美股科技板块突然出现大幅下跌，引发市场震动。博通的情况让不少人摸不着头脑。 原本大家以为，博通AI业务增长迅猛，总营收里占了大头，按说是春风得意的时候，结果股价却遭遇 重击。这股价跌得太意外，很快市场开始关注账本细节，答案也随之浮出水面。 利润下滑：漂亮营收背后的"危机" 表面上看，博通的AI业务赚得盆满钵满，但仔细一算账就能发现问题。虽然收钱的速度很快，可毛利 率已经出现明显下滑，再也摆脱不了"缩水蛋糕"的标签。 更重要的是，公司收入依赖少数几个大客户，这些大客户按住价格，利润一压再压。产业人士都清楚， 客户只要开始自研或者找下家，博通的订单立马就变得不稳了。 市场的担忧也就有了理由，谁还敢给市值一路抬轿？ 而甲骨文的处境也并不好过。前脚刚抢下大单，后脚就遇上项目推进乏力。公开说要投巨资建算力基 地，可是承诺的项目老是延期，连最基 ...

盘前市场动向 1.12月16日(周二)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.03%，标普500指数期货跌0.13%，纳指期货跌0.23%。 | 3.截至发稿，WTI原油跌1.69%，报55.71美元/桶。布伦特原油跌1.63%，报59.57美元/桶。 | | --- | | 2.截至发稿，德国DAX指数跌0.43%，英国富时100指数跌0.45%，法国CAC40指数跌0.11%，欧洲斯托克50指数跌0.28%。 | 市场消息 今夜揭晓!"异常"非农成美联储风向标，任何偏离预期都将放大市场冲击。今晚即将公布的非农就业报告将成为投资者关注的焦点。根据一项对经济学家调 查的中值预测显示，11月非农就业人数预计增加5万人;失业率则可能达到4.5%，延续数月来的攀升趋势，升至2021年以来的最高水平。这份报告不仅让人们 得以审视期待已久的美国劳动力市场真实状况，还将为明年利率路径奠定基调。不过，由于政府停摆的影响，数据的不确定性和异常因素都比往常更为显 著。此外，美国商务部还将同步发布10月零售销售数据。在剔除汽车和汽油销售后，经济学家预计消费支出增速将有所加快，这表明四季度初消费者需求保 持稳健态势 ...

盘前市场动向 1. 12月16日(周二)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.03%，标普500指数期货跌0.13%，纳指期货跌0.23%。 | 2. 截至发稿，德国DAX指数跌0.43%，英国富时100指数跌0.45%，法国CAC40指数跌0.11%，欧洲斯托克50指数跌0.28%。 | | --- | | 3. 截至发稿，WTI原油跌1.69%，报55.71美元/桶。布伦特原油跌1.63%，报59.57美元/桶。 | 英伟达(NVDA.US)收购SchedMD，以开源战略加固AI生态护城河。SchedMD的核心业务是提供大规模计算任务调度软件，这类任务往往需要占据数据中心 服务器的巨量资源。该公司的开源技术Slurm允许开发者与企业免费使用其基础软件，公司主要营收来源于工程实施与维护支持服务。本次交易财务条款尚 未披露，英伟达承诺将继续以开源形式分发SchedMD的软件产品。英伟达表示："支持最新英伟达硬件的Slurm系统已成为生成式AI关键基础设施的重要组成 部分，被基础模型开发者与AI构建者广泛用于管理模型训练和推理需求。"这家芯片巨头正通过加大开源技术投入、强化AI生态布局，以应对 ...

Core Points - The core viewpoint of the news is the significant debut performance of the chip company Angruiwei on the STAR Market, with a first-day increase of 160.11%, marking it as one of the most profitable new listings of the year [1][3]. Group 1: Company Performance - Angruiwei specializes in radio frequency front-end chips, RF SoC chips, and other analog chip businesses [3]. - The company's initial offering price was 83.06 yuan, ranking fifth among new listings this year [3]. - The first-day profit per lot (500 shares) reached approximately 66,500 yuan, making it the second-highest in terms of single lot profit for new stocks this year, following Mothen [5]. Group 2: Market Context - The average first-day increase for new stocks in December was around 268.6%, ranking third among all months this year [6]. - Angruiwei's first-day performance, while impressive, was below the average increase of 252.91% for new stocks this year [3]. - The stock price of Angruiwei exceeded 200 yuan on its debut, placing it among the top 30 stocks in the A-share market and 12th in the electronics sector [5]. Group 3: Upcoming Listings - The upcoming listing of Muxi Co., which will debut tomorrow at an offering price of 104.66 yuan, is generating significant investor interest [10].

Core Viewpoint - The signing of the rare earth supply chain agreement by the U.S. and its allies is primarily a strategic move to challenge China's dominance in the rare earth sector, rather than a simple resource cooperation initiative [1][3][8]. Group 1: Political Intentions - The agreement is seen as a U.S.-led action aimed at weakening China's advantages in resources, technology, and supply chains [3][8]. - The U.S. is anxious about China's overwhelming control over the global rare earth industry, with 91% of rare earth refining and separation capacity concentrated in China [3][10]. - The U.S. aims to establish a supply chain that bypasses China, laying the groundwork for future competition in AI [8][10]. Group 2: Implications for AI and Technology - The U.S. government links the rare earth supply chain to the AI industry, indicating that control over rare earth resources is crucial for competing in AI [10][13]. - The U.S. recognizes that without a stable supply of rare earths, advancements in AI technology cannot be realized [13][15]. - The agreement is expected to benefit U.S. mining, military, and tech sectors, ensuring a stable supply chain for high-tech industries over the next decade [17][20]. Group 3: Global Supply Chain Dynamics - The agreement signifies a shift in global technology dynamics, where control over core resources will be as important as technological advancement [20][21]. - The U.S. is attempting to create a closed-loop supply chain with like-minded allies, injecting political factors into the industry chain [22][26]. - China's response emphasizes the importance of market principles and cooperation, highlighting its critical role in stabilizing the global rare earth supply chain [23][25]. Group 4: Future Competition - The competition between the U.S. and China in key minerals and AI is expected to continue, with China's rare earth advantages stemming from years of industrial accumulation [26][28]. - The outcome of this geopolitical struggle will depend on the strength and completeness of each country's supply chain rather than the size of their political alliances [28].

当前，具身智能机器人市场加速崛起，IDC预测数据显示，2026年—2030年工业场景人形机器人市场规 模年复合增长率将达48%，2030年有望突破640亿元，CH37系列的技术特性与产业演进方向高度契合。 此次研发突破对景嘉微战略布局具有重要意义。作为国内率先实现自主GPU芯片研发与产业化的企业， 公司此前已形成从JM5400到JM11系列的完整GPU产品迭代体系，业务覆盖军工、信创等核心领域。 CH37系列的阶段性进展，将推动公司构建"GPU+边端侧AISoC"双轮驱动格局，进一步强化自主可控算 力底座建设，丰富技术储备与产品线，提升在智能算力领域的核心竞争力与市场影响力。 同时，景嘉微近期经营态势进一步改善。2025年7月—9月，公司实现营业收入3.01亿元，同比增长 230.65%；净利润1507.67万元，同比扭亏为盈，主要得益于产品销售收入增长及前期推进项目顺利验 收。公司相关负责人在投资者互动平台上表示，坚定看好GPU与边端侧AISoC芯片的市场前景，将持续 加大研发投入，强化基础研究的前瞻性布局。 国产GPU（图形处理器）领军企业长沙景嘉微（300474）电子股份有限公司（以下简称"景嘉微"）在 ...