来源：市场资讯 （来源：工银国际） 2025年12月5日，工银国际作为联席账簿管理人及联席牵头经办人，助力广东天域半导体股份有限公司 （"天域半导体"或"公司"，股票代码：2658.HK）成功于香港联交所主板上市。 本次发行30,070,500股，最终发行价格定为58.0港元/股，总发行规模约为2.24亿美元（绿鞋前）。 工银国际作为项目的联席账簿管理人及联席牵头经办人，在发行阶段为发行人甄选来自不同投资人的多 元化订单，助力公司成功上市。 资料来源：招股书、联交所公司公告 工银国际控股有限公司（工银国际）是中国工商银行股份有限公司（工商银行）在香港的全资子公司。 作为一家在香港注册的公司，工银国际依托母行卓越的品牌、雄厚的资金实力、广泛的客户基础以及领 先的金融产品，依托內地，立足香港，面向境內、境外资本市场，向广大的海內外融资客户及投资者提 供企业融资、投资业务、销售交易和资产管理等四大产品线服务，另外，工银国际提供覆盖全球与中国 的宏观经济、国际金融市场、环保、医疗等热门行业的市场研究服务。 本次发行是工银国际发挥驻港中资金融力量，服务制造业龙头企业高质量发展的重要成果，亦是工银国 际坚持做好"五篇大文 ...

【12月5日美银策略团队提"空窗期"理论，警示AI市场短期波动】12月5日，美国银行策略团队提出"空 窗期"理论，警告AI资本支出增长与收入转换的时间差或引发市场短期波动。美银美股与量化策略主管 指出，超大规模科技公司资本支出占比从10年前30%提至60%，虽远低于互联网泡沫时期140%峰值，但 微软、亚马逊等巨头年度投入将从今年4000亿美元跃升至2026年5100亿美元。美银对比历史周期称，当 前市场有本质差异，股票配置比例低于泡沫时期，获利成长支撑估值体系，IPO规模可控，对未获利企 业投机热情消退。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 本文由 Al 算法生成,仅作参考,不涉投资建议,使用风险自担 和讯猎报 12.05 11:33:15 周五 美国银行:AI支出与收入差或引波 动,2026年投入将达5100亿 【12月5日美银策略团队提"空窗期"理论,警示AI 市场短期波动】 12月5日,美国银行策略团队提 出"空窗期"理论,警告AI资本支出增长与收入转 换的时间差或引发市场短期波动。美银美股与量化 策略主管指出,超大规模科技公司资本支出占比从 10年前30%提至60%,虽远低 ...

Core Inflation and Fed Policy - The core PCE likely rose 2.9% year-on-year in September, moving away from the Fed's target of a 2% annual rate, marking 55 consecutive months above the target [2] - Persistent inflation is expected to strengthen the position of Fed hawks who advocate for slower rate cuts [2] Market Volatility and Expectations - Volatility indices, such as the bitcoin implied volatility index (BVIV), remain stable around 36%, indicating a 24-hour expected price swing of 1.88%, suggesting low volatility expectations [3] - Anticipated Fed rate cuts next week are likely influencing the low volatility, with a 25 basis point cut on December 10 priced in as a certainty [3] Impact on Cryptocurrency - A softer-than-expected PCE report could lead to a decline in the 10-year Treasury yield below 4%, potentially allowing Bitcoin (BTC) to break out of its recent trading range of $92,000-$94,000 [4] - Analysts suggest that a contained PCE and softer labor data would support a rebound in cryptocurrencies, while any upside surprise may keep markets range-bound until the Fed's direction is clarified [4] Alternative Cryptocurrencies Volatility - Analysts at ING caution that any decline in benchmark yields may be temporary, with similar impacts expected on alternative cryptocurrencies [5] - Ether's one-day implied volatility index stands at 57.23%, indicating a 24-hour price swing of 3%, while SOL and XRP show volatility indices suggesting price moves of 3.86% and 4.3%, respectively [5]

Major Mergers and Acquisitions - Kimberly-Clark is set to acquire Kenvue for approximately $48.7 billion, creating a large consumer health products company with projected annual net revenue of about $32 billion by 2025 [1] - Abbott Laboratories has agreed to acquire Exact Sciences for $23 billion, marking its largest acquisition in nearly a decade, focusing on rapid cancer detection [2] - Pfizer has successfully acquired Metsera for over $10 billion after winning a bidding war against Novo Nordisk [3] - AkzoNobel plans to merge with Axalta Coating Systems, resulting in a combined company valued at $25 billion, with expected annual revenue of $17 billion [5] - Parker Hannifin will acquire Filtration Group for $9.25 billion, enhancing its industrial business portfolio [5] - Macquarie Asset Management proposed to acquire Qube Holdings, valuing the Australian logistics company at approximately $7.5 billion [6] - Omnicom Group's acquisition of Interpublic Group has been finalized, creating the largest marketing communications group globally with revenues exceeding $25 billion [8] Chinese Market Developments - Starbucks announced the sale of a controlling stake in its China business to Boyu Capital for $4 billion, aiming to double its store count in China [11][12] - CPE Yuanfeng is forming a joint venture with Burger King to establish "Burger King China," with an initial investment of $350 million [12] - China International Capital Corporation plans to acquire Xinda Securities and Dongxing Securities, potentially creating a leading brokerage firm in the market [12] Other Notable Transactions - GlobalFoundries has acquired Advanced Micro Foundry to expand its presence in the emerging silicon photonics industry [13] - Panasonic Holdings is selling its subsidiary Panasonic Housing Solutions to YKK Group, which focuses on residential equipment [13] - Posco Holdings will acquire a 30% stake in Mineral Resources' lithium business for approximately AUD 1.2 billion (USD 765 million) [14]

Group 1: Mortgage Rates and Housing Market - The average rate for a 30-year fixed mortgage in the U.S. has decreased to 6.19%, marking the second lowest value of the year, following 6.17% on October 30 [1] - This rate has declined for two consecutive weeks, down from 6.23% a week prior and 6.69% a year ago [1] - The decrease in mortgage rates is influenced by expectations of interest rate cuts by the Federal Reserve, contributing to an overall downward trend since July [1] - In October, existing home sales in the U.S. increased by 1.2% month-over-month, reaching the highest level in eight months, attributed to the decline in mortgage rates [1] - The drop in mortgage rates is seen as positive for potential homebuyers, enhancing their purchasing power, although economic uncertainty and a weak job market may still affect buyer confidence [1] Group 2: Employment Market - In November, the U.S. private sector experienced a reduction of 32,000 jobs, indicating a stagnation in employment growth expected in the second half of 2025 [2] - This data reflects layoffs within private enterprises, raising concerns about the weakening of the U.S. job market [2]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 从细项得分来看，南华期货E项得分61.0，评级为CC，行业内排名21/22（E项目评分维度包括气候变 化）；S项得分75.11，评级为BB，行业内排名14/22（S项目评分维度包括人力资本、产品责任、供应 商、社会贡献、数据安全与隐私）；G项得分82.93，评级为BBB，行业内排名8/22（G项目评分维度包 括股东权益、治理结构、信披质量、治理风险、外部处分、商业道德）。 上海华证指数信息服务有限公司（简称"华证指数"），是一家专业从事指数与指数化投资综合服务的公 司，拥有上海证券交易所、深圳证券交易所和香港交易所的指数编制行情授权。证券之星成立ESG生态 联盟，旨在为上市公司和投资机构、ESG研究与评级机构等搭建沟通与交流平台，推动形成具有中国特 色、国际认同的ESG管理体系。 【ESG小知识】什么是ESG？ESG是Environmental, Social and Governance的缩写，即环境、社会和治 理。ESG 指标分别从环境、社会以及公司治理角度，来衡量企业发展的可持续 ...

证券研究报告 | 2025年12月05日 | 晨会纪要 | | --- | | 数据日期:2025-12-04 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3875.79 | 13006.71 | 4546.56 | 13937.07 | 3749.90 | 1326.16 | | 涨跌幅度（%） | -0.05 | 0.39 | 0.34 | -0.06 | 0.23 | 1.36 | | 成交金额（亿元） | 6237.12 | 9252.47 | 3487.67 | 3137.25 | 4117.28 | 487.47 | $\frac{\pi\alpha}{\pi\alpha}\pm\frac{\pi\alpha}{\pi\alpha}$ (1998) (200) 行业与公司 计算机行业 2025 年 12 月投资策略暨财报总结-2025Q3：海外大厂业绩均 超预期，资本开支持续上行 北交所 2025 年 11 月月报：北证 50 震 ...

Report Industry Investment Rating - No information provided Core Viewpoints - The global economy is turning weak as the US economy shows signs of decline, with factors like weak employment data, high inflation risks, and a shift in corporate strategies, while the AI industry continues to thrive with significant developments from companies like Amazon [1][2] Summary by Related Catalogs Important Information - In November, US private - sector jobs decreased by 32,000, the largest drop since March 2023, with small businesses being the hardest - hit, losing 120,000 jobs in total [1] - US service charge prices in November rose further as companies shifted higher costs, which may hinder further interest rate cuts and suppress the financial service industry [1] - The US Commerce Secretary is supporting the robot industry, and the US Department of Transportation may announce a robot working group by the end of the year [1] - Due to the price difference between COMEX and LME, funds are flowing into the US for copper hoarding. COMEX copper inventory has exceeded 400,000 tons, a more than 300% increase from the end of last year, accounting for 62% of the total copper inventory of the three major international exchanges [1] - Amazon's self - developed AI chip Trainium2 has achieved billions of dollars in annualized revenue, with over 1 million chips in production. Amazon also released Trainium3 with 4 - times performance improvement [1] - The yield of Japan's 30 - year treasury bonds reached a record high of 3.445%, and the probability of a December interest rate hike in Japan has risen above 80% [1] - Goldman Sachs macro traders expect a fierce battle between bulls and bears in the US stock market next year. Bulls are driven by the AI boom, $600 billion in capital expenditure by tech giants, and $1.2 trillion in stock buy - back authorizations, while bears are due to high valuations, deteriorating market breadth, over - reliance on the AI theme, and consumption and credit risks in a "K - shaped economy" [1] Global Economic Logic - The Fed's Beige Book shows a K - shaped consumer divide. With weakening employment data, the probability of a December Fed rate cut has risen to 90% [2] - The Bank of Japan may raise interest rates in December, which could impact global arbitrage funds [2] - Industry insiders believe there is no AI bubble in the next three years, and companies need to significantly increase AI computing power to meet demand [2] - Morgan Chase strategists estimate that AI data center construction will require at least $5 trillion in the next five years. US data center planning capacity has soared, and developers are building their own power plants [2] - US retail sales in September increased only 0.2%, far lower than expected, indicating a consumer spending cut [2] - Mass layoffs by well - known companies may be an economic warning sign [2] - The global economy is turning weak due to continuous wrong US policies [2]

Group 1: Employment Market - The U.S. private sector saw a significant decline in job creation, with a loss of 32,000 jobs in November, marking the largest drop since March 2023 [1] - Small businesses were the most affected, losing 120,000 jobs, while medium and large enterprises added 51,000 and 39,000 jobs respectively [1] - The ADP report indicates a broad slowdown in hiring, primarily driven by small business contractions amid cautious consumer behavior and an uncertain macroeconomic environment [1] Group 2: Federal Reserve Interest Rate Outlook - The disappointing employment report is likely to influence the Federal Reserve's decision to lower interest rates in December, with market expectations for a nearly 90% probability of a rate cut [2] - The Fed may adopt a hawkish stance regarding interest rate projections for the following year despite potential rate cuts [2] Group 3: AI Chip Export Legislation - The U.S. Congress is expected to reject the GAIN AI Act, which would have prioritized U.S. customers for AI chip manufacturers like NVIDIA and AMD before exporting to restricted countries [2] - NVIDIA's CEO, Jensen Huang, views the decision not to include the GAIN AI Act in the NDAA as wise, citing potential risks to the U.S. from the legislation [2] Group 4: Global Unicorn Companies - The 2025 Global Unicorn Companies list shows a total valuation of 39.14 trillion yuan, with a year-on-year growth of over 30%, predominantly from the U.S. and China [4] - China has 150 companies on the list, with a notable increase in AI unicorns from 20 to 36, representing an 80% rise [4][5] Group 5: Trade and Tariff Impact - The WTO reports that nearly 20% of global imports are affected by tariffs and trade measures, with the total impacted amount reaching $2.64 trillion, a record high [8] - The rise in trade protectionism, particularly from the U.S., is expected to suppress global trade activities and increase recession risks [8] Group 6: Adoption of Humanoid Robots in China - A Morgan Stanley survey indicates that 62% of Chinese companies are likely to adopt humanoid robots within the next three years, despite current technology limitations [11] - Only 23% of respondents are satisfied with existing humanoid robot products, and 92% believe that prices must be below 200,000 yuan for widespread adoption [11][12] Group 7: AI Application and Regulation - AI agents are becoming increasingly prevalent, but their use raises significant privacy and security concerns, prompting various apps to implement monitoring measures [13] - The need for regulatory frameworks to ensure safe and effective use of AI technology is becoming more critical as its applications expand [14]

Core Viewpoint - The enhancement of self-reliance and strength in technology is a major goal for economic and social development during the "14th Five-Year Plan" period, with a focus on financial support for building a strong technological nation [1] Group 1: Financial Support for Technology Enterprises - The "Zhe Ke United Loan" service model was introduced to address the financing needs of technology enterprises, providing tailored services for startups, growth, and mature stages [2][3] - The model allows multiple banks to jointly provide credit, mitigating risks and enhancing the sustainability of technology finance [3] - As of now, 27 banks in Zhejiang have participated in the "Zhe Ke United Loan," issuing loans totaling 10.87 billion yuan to 197 enterprises [4] Group 2: Digital Credit and Financial Services - Suzhou has developed a comprehensive financial service system for small and medium-sized technology enterprises, including a digital credit foundation and various financial products [5][6] - The "Science and Technology Innovation Score" model helps financial institutions assess the operational status of innovative enterprises, leading to customized financial services [6] - By October 2025, Suzhou aims to provide nearly 700 billion yuan in financing support to 13,800 technology SMEs through this system [6] Group 3: Support for Biomedicine Sector - The Nanjing Biomedicine Regional Technology Transfer Center has created a financial support system for technology transfer, addressing challenges faced by early-stage projects [8] - The "Technology Achievement Transformation Loan" is designed to support the commercialization of research outcomes from universities, offering favorable terms to reduce financing barriers [9] - As of the third quarter of this year, Jiangsu has provided 4.94 billion yuan in intellectual property pledge financing and 3.87 billion yuan in investment-loan linkage loans, with significant year-on-year growth [9]