MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ 责任编辑：王永生 日经指数收盘下跌1.6%，报49383.29点，追随华尔街跌势。 日经指数收盘下跌1.6%，报49383.29点，追随华尔街跌势。 日本股市日经指数周二下跌，受芯片和其他与人工智能相关的股票在当天晚些时候的重要美国就业数据 公布前下跌拖累。日经指数今日开盘下跌0.2%，报50051.24点。周一收跌1.3%，报50168.11点。 市场普遍预计周五日本央行行长植田和男将把基准利率上调至三十年来的最高水平。由于政府对廉价融 资的需求与日元贬值推高进口价格形成冲突，未来的政策路径愈发扑朔迷离。去年曾批加息"愚蠢"的新 任首相高市早苗，如今正面临生活成本上涨的压力，这削弱了她所在执政党的支持率。自10月上任以 来，这位日本首位女首相始终未对植田和男缩减货币宽松的计划提出批评，抗击通胀已被她列为优先要 务。 外界普遍预期日本央行政策委员会将在周五为期两天的会议结束时，把基准利率上调0.25个百分点至 0.75%。这是植田和男任内首次出现50位受访经济学家一致预期利率行动的情况。这也可能是央行九人 决策团队自7月以来首次达 ...

Core Viewpoint - The Hong Kong stock market has weakened due to various factors, but there is a counter-trend investment in the technology sector as it transitions from emotional valuation recovery to value creation, indicating potential for future profit growth [1][9]. Group 1: Market Dynamics - Recent adjustments in the Hong Kong stock market are influenced by the return of southbound funds due to new public offering regulations, the peak of IPO unlocks, and strong expectations of interest rate hikes by the Bank of Japan affecting overseas liquidity [1][9]. - Since November 2025, ETFs tracking the Hang Seng Tech Index have seen a total inflow of 27 billion yuan, with the Hang Seng Tech ETF (513130) alone attracting 4.7 billion yuan over 25 trading days, reflecting a significant increase in investor interest [10]. Group 2: Financial Performance - The Hang Seng Tech Index's latest price-to-earnings (P/E) ratio stands at 23.13, which is at a mid-low percentile of 34.20% over the past five years, suggesting that the index may offer attractive valuation compared to major tech indices in A-shares and US markets [12]. - Internet giants have reported a general recovery in revenue, with "AI + Cloud" businesses highlighted as key growth areas, indicating that AI strategies are beginning to contribute to revenue [10]. Group 3: Policy Support - The Central Economic Work Conference has prioritized "innovation-driven development" as a key task for the upcoming year, focusing on building international innovation centers and enhancing "AI +" and industrial upgrades, providing solid policy support for the tech sector [11]. Group 4: Future Outlook - With the anticipated easing of monetary policy by the Federal Reserve and improving overseas liquidity, combined with the stable performance of domestic tech leaders since Q3 2025, the Hong Kong tech sector is expected to enhance its medium to long-term investment value [13]. Group 5: Investment Tools - The Hang Seng Tech ETF (513130) closely tracks the Hang Seng Tech Index, which includes 30 leading Hong Kong internet and tech companies across various sectors, making it a comprehensive and representative investment tool for the AI industry chain [15]. - The ETF offers advantages such as large scale, good liquidity, and support for T+0 trading, with a low management fee of 0.2% per year, making it an important tool for investors looking to access core tech assets in Hong Kong [16].

方正证券指出，当前AI芯片市场呈现"GPU领跑、ASIC崛起"的态势。通用型GPU凭借其强大的并行计 算能力和成熟的软件生态，在AI训练和推理领域仍占据主导地位，专用型芯片（ASIC）因其在特定场 景下更高的计算效率和能效比，正获得快速发展，出货量增速显著。该机构认为，从长远来看，通用与 专用两种技术路径将根据不同的应用需求长期共存，并可能最终走向融合架构。同时，行业的关注点正 从单个芯片的性能，逐步转向如何通过"超节点"等系统级方案，实现更大规模的算力整合与高效利用。 人工智能AIETF（515070）跟踪CS人工智能主题指数（930713），成分股选取为人工智能提供技术、 基础资源以及应用端个股，聚集人工智能产业链上中游，俗称"机器人"大脑"缔造者"，万物互联"地 基"。前十大权重股包括中际旭创、新易盛、寒武纪-U、中科曙光、科大讯飞、豪威集团、海康威视、 澜起科技、金山办公、紫光股份等国内科技龙头。 （文章来源：每日经济新闻） A股三大指数午后持续走低，上证指数跌1.3%，深证成指跌1.91%，创业板指跌2.34%，CS人工智指数 跌2.52%，沪市规模最大的人工智能AIETF（515070）盘中跌2. ...

Group 1 - The rapid development of artificial intelligence (AI) technology is driving unprecedented industrial transformation in China, leading to a disruptive reconstruction of the existing industrial value chain [1] - The deep integration of industrial chains, innovation chains, and capital chains has become a core path to support industrial upgrading and cultivate new productive forces [1] - The upcoming First Financial Capital Annual Conference will focus on the theme "New Momentum, New Journey," discussing innovative paths and industrial transitions in the new five-year development cycle [3] Group 2 - The conference will feature prominent guests from academia, leading technology companies, and seasoned capital market experts, discussing topics such as economic resilience, opportunities and challenges in technological innovation, and the rational development of the AI industry [4] - The event will include three specialized roundtable discussions addressing key industry pain points, focusing on the valuation logic in sectors like chips, new materials, and commercial aerospace [5] - An immersive AI market will allow attendees to experience the latest technological achievements and applications, facilitating direct interaction with company representatives [6][7] Group 3 - The conference will present annual research findings on emerging industries and the restructuring of investment ecology, highlighting the importance of innovation and capital support in writing a new chapter in scientific innovation [10][11]

Core Viewpoint - The Hong Kong stock market is experiencing a downturn, but the technology sector is seeing a counter-trend investment as the AI sector moves towards value creation and commercialization, indicating potential for future profit growth [1] Group 1: Market Trends - Despite the recent weakness in the Hong Kong stock market, there is a notable influx of funds into the technology sector, reflecting market recognition of the long-term fundamentals [1] - Since November 2025, ETFs tracking the Hang Seng Technology Index have seen a total of 27 billion yuan in net inflows, with the Hang Seng Technology ETF (513130) attracting 4.7 billion yuan and increasing its shares by 6.2 billion [1] - The Hang Seng Technology Index's current price-to-earnings (P/E) ratio is 23.13, which is at a mid-low percentile level compared to the past five years [2] Group 2: Comparative Valuation - The valuation of the Hang Seng Technology Index is lower than that of major technology indices in the A-share and US markets, such as the Nasdaq Index at 41.09 and the Sci-Tech Innovation 50 Index at 156.57 [2] - The recent market correction has released some risk factors, making the technology sector's valuation more attractive for investment [2] Group 3: Future Outlook - With the anticipated interest rate cuts by the Federal Reserve and improving overseas liquidity, along with stable performance from domestic tech leaders since Q3 2025, the long-term investment value of the Hong Kong technology sector is expected to increase [2] - The Hang Seng Technology ETF (513130) closely tracks the Hang Seng Technology Index, which includes 30 leading Hong Kong internet and tech companies across various sectors, providing comprehensive exposure to the AI industry chain [2] Group 4: Investment Tools - The Hang Seng Technology ETF (513130) offers advantages such as large scale, good liquidity, and support for T+0 trading, making it a key tool for investors looking to access core assets in the Hong Kong technology sector [3] - Investors can also consider the off-market linked funds (Class A 015310, Class C 015311) for additional investment opportunities [3]

Core Viewpoint - The company, Cambrian, is utilizing its capital reserve of 2.778 billion yuan to offset accumulated losses, which is a strategic move to clear historical financial burdens and potentially enhance future profitability and shareholder returns [1][4][6]. Group 1: Financial Performance - Cambrian's stock price has seen a decline of 5.01% on December 16, with a total market value of 534.1 billion yuan and a cumulative drop of nearly 12% over the past five days [1]. - As of December 31, 2024, Cambrian's accumulated undistributed profits stand at -2.778 billion yuan, with a capital reserve balance of 9.625 billion yuan [4]. - The company reported a revenue of 4.607 billion yuan for the first three quarters of the year, marking a significant year-on-year increase of 2386.38%, and a net profit of 1.605 billion yuan, indicating a turnaround from previous losses [6][7]. Group 2: Strategic Implications - The decision to use capital reserves for loss compensation is based on the requirement that companies with negative undistributed profits cannot distribute profits to shareholders [6][7]. - This move is expected to facilitate future profit distribution and financing opportunities, as it alleviates the historical loss burden [6][7]. - Cambrian's main business involves the research, design, and sales of AI core chips for various applications, including cloud servers and edge computing devices, which positions the company for potential growth in the tech sector [7].

Group 1: Market Overview - International gold prices experienced a slight increase, with February futures closing at $4,335.2 per ounce, up 0.16% [5] - U.S. stock indices collectively declined, with the Dow Jones down 0.09%, S&P 500 down 0.16%, and Nasdaq down 0.59% as investors awaited key economic data [1] - European stock indices rose collectively, with the UK market up 1.06%, France up 0.70%, and Germany up 0.18%, driven by expectations of a 25 basis point rate cut by the Bank of England [12] Group 2: AI Sector Concerns - There is ongoing concern among investors regarding the high valuations in the AI sector, leading to a continued sell-off of AI infrastructure stocks [6][8] - Broadcom and Oracle, two major players in the AI chip and cloud service sectors, saw their stock prices decline, with Broadcom down over 18% and Oracle down 17.7% over the past four trading days [9] - Broadcom anticipates significant growth in AI chip revenue, but faces challenges from intense competition and rising production costs, which may lead to declining profit margins [9] Group 3: Oil Market Dynamics - International oil prices fell, with light crude oil futures for January closing at $56.82 per barrel, down 1.08%, amid ongoing focus on the Russia-Ukraine situation [14] - Positive signals from negotiations aimed at achieving peace between Russia and Ukraine have led to speculation about the potential return of Russian oil to the international market, prompting investors to reduce positions [14]

Core Viewpoint - The issuance of conditional permits for L3 autonomous driving vehicles marks a significant milestone, transitioning the technology from testing phases to formal product approval, benefiting the entire automotive and related industries [2][5][14]. Industry Impact - The approval of L3 autonomous driving not only affects the automotive sector but also positively impacts the chip and perception hardware supply chains, indicating a new watershed moment for the smart vehicle industry [3][14]. - The L3 autonomous driving vehicles from Changan and Arcfox are subject to strict operational conditions, including specific road types, urban areas, and speed limits, reflecting a cautious regulatory approach [5][6]. Policy Development - The path to L3 autonomous driving's "licensed operation" has been a gradual process over three years, beginning with the Ministry of Industry and Information Technology's (MIIT) 2022 notice on smart connected vehicle access management [8][9]. - The MIIT's recent guidelines emphasize the need for a joint application from automotive manufacturers and operational entities, ensuring safety monitoring and data management capabilities [8][9]. Corporate Strategies - Major automotive companies have accelerated their timelines for L3 autonomous driving, with Changan aiming for full-scene L3 by 2026 and GAC planning to launch its first L3 vehicle by late 2025 [10]. - Different companies are exploring various technological paths, with some focusing on sensor fusion and others on algorithmic advancements, highlighting the ongoing exploration in L3 technology [11]. Technical Requirements - L3 autonomous driving systems require advanced hardware capabilities, including multi-sensor integration and high-reliability computing systems, which are driving demand for specific components in the supply chain [13]. - Key players in the sensor and chip markets, such as OmniVision and Hesai Technology, are expected to see increased order stability as L3 technology scales [13]. Regulatory and Legal Considerations - The main challenges to L3 deployment are not technological but rather legal responsibilities and infrastructure readiness, necessitating adjustments in regulations and insurance frameworks [12]. - The cautious approach to L3 implementation aims to gather real-world operational data to inform future regulatory developments [12].

Core Viewpoint - The article discusses the upcoming IPO wave in the technology sector, particularly focusing on AI and related industries, predicting a significant shift in the market dynamics towards a few leading companies rather than a broad-based IPO market [4][14][22]. Group 1: IPO Market Trends - The IPO market in 2026 is expected to be drastically different, with potentially only one-tenth the number of companies compared to 2021, but with a record fundraising scale of $450-500 billion [21][22]. - In the first three quarters of 2025, only 13 AI expansion-stage companies went public, contributing 87% of the total exit value, indicating a concentration of capital towards a few leading firms [15][16]. - The average exit value for AI companies is 50-100 times that of ordinary companies, highlighting the high growth potential and market interest in these firms [17][19]. Group 2: Key Players in the Market - Major players like SpaceX, OpenAI, and Anthropic are set to dominate the IPO landscape, with combined valuations reaching $1.65 trillion, significantly surpassing previous records [26][28][42]. - OpenAI, despite substantial losses, has achieved a valuation of $500 billion due to its rapid revenue growth, projected to reach $600 billion by the end of 2026 [30][32]. - SpaceX holds a monopoly in the rocket launch market, planning to raise over $30 billion through its IPO, which could account for more than half of the total global IPO fundraising in 2025 [38][42]. Group 3: China's Technology Sector - China's technology sector is witnessing a collective push towards IPOs, with companies across the entire supply chain, including AI, chips, and robotics, preparing for public offerings [45][61]. - Companies like Yushun Technology and Zhiyuan Robotics are pursuing IPOs, with Yushun expected to submit its application soon, showcasing the market's readiness for innovative technology firms [48][49]. - The storage chip sector is represented by Changjiang Storage and Changxin Storage, both of which are positioned as strategic assets in China's semiconductor landscape, with valuations potentially exceeding one trillion RMB combined [60][61].

Group 1 - Semiconductor stocks continue to weaken, with notable declines in companies such as SMIC down 3.79% to HKD 62.25, Hua Hong Semiconductor down 2.97% to HKD 65.3, ASMPT down 2.39% to HKD 73.4, and Shanghai Fudan down 2.24% to HKD 40.16 [1] - Former President Trump announced that NVIDIA will be allowed to export its H200 AI chips to "approved customers" including China, with the condition that the U.S. government receives a 25% share from these sales. This move may accelerate AI model training in China but could pressure domestic AI chip manufacturers in the short term [1] - Broadcom is expanding its market share in the AI chip sector due to increased demand for custom chips driven by large-scale data center construction. However, the CEO indicated that the gross margin for Q1 2026 will be lower than the previous three quarters due to a higher proportion of AI business, raising investor concerns about the return on investment in AI by large tech companies [1]