在声明中，委员会提到，9月季度消费者年度物价通胀率上升至3%，为货币政策委员会1%至3%目标区间的最高点。经济中仍有大量备用产能， 预计到2026年中期通胀率将降至约2%。自2024年8月以来，OCR的大幅下降预计将支持经济活动的复苏。 委员会指出，核心通胀和不可交易通胀均持续下降。由于汽油价格和食品通胀高企，9月年度可贸易商品通胀上升，但中期内预计将有所下降。 由于可交易商品通胀上升，加上家庭能源成本和地方议会税率的高通胀，年度总体CPI通胀上升。随着这些波动消散，预计整体CPI通胀将在2026 年中期回落至目标区间的2%左右。 新西兰的降息步伐仍在继续。 11月26日，新西兰联储宣布将官方现金利率（OCR）下调25个基点至2.25%。 这一决定符合市场普遍预期，在受访的36位分析师中，有32位此前已预测此次降息。 声明显示，委员会讨论了将OCR维持在2.5%和降低至2.25%两个选项。最终，委员会以5：1的投票，决定将OCR下调25个基点。委员会指出，降 低OCR有助于支撑消费者和企业信心，并抵消经济复苏速度比达到通胀目标所需的更慢的风险。OCR未来的走向将取决于中期通胀和经济的前景 变化。 | 0.56 ...

Core Insights - The "Shanghai Trusted Data Ecosystem for Travel Services" was launched at the fifth Global Digital Business Conference, marking a significant milestone in the transportation sector's data sharing and collaboration [1] - This ecosystem is designed to facilitate the collection, sharing, circulation, and operation of travel data, providing a comprehensive one-stop data service [1] - The initiative aims to transform static transportation data into high-value assets, enhancing the precision of travel services for citizens and travelers in Shanghai [1] Group 1: Ecosystem Overview - The Shanghai Trusted Data Ecosystem is the first of its kind in the country, focusing on the transportation sector [1] - It is developed under the guidance of the Shanghai Data Bureau and the Shanghai Transportation Commission, leveraging the "Suishanxing" platform [1] - The ecosystem operates like a bank, where each company's data is securely stored, and access is controlled by the companies themselves [1] Group 2: Future Applications - The ecosystem will be applied in various scenarios, including urban traffic governance, intelligent driving, and auto insurance services [1] - It aims to provide more accurate travel services by understanding overall industry data without revealing individual company data [2] - The first batch of ecosystem partners includes leading companies in transportation, urban construction, internet technology, and artificial intelligence [2]

编辑 | 夏木 美股齐涨 美股主要股指周二继续走高，一系列经济数据强化了投资者对于美联储将在12月实施年内第三次降息的 预期。然而，科技板块表现疲弱，在一定程度上限制了纳斯达克指数的涨幅。 截至收盘，道指上涨664.18点，涨幅1.43%，报47112.45点；标普500指数上涨60.76点，涨0.91%，报 6765.88点；纳指上涨153.59点，涨0.67%，报23025.59点。 【热门股表现】 热门大型科技股涨跌互现。Meta上涨3.78%，微软上涨0.63%，亚马逊上涨1.50%，苹果上涨0.38%，特 斯拉上涨0.39%；英伟达下跌2.59%。此前有市场消息称，Meta正考虑未来数年在数据中心使用Alphabet 的人工智能芯片，并计划在明年之前在谷歌云租用芯片，推动Alphabet股价上涨1.53%并再创历史新 高。 零售板块走势强劲，Kohl's大涨42.53%，Abercrombie&Fitch飙升37.54%，均因上调全年盈利预期而走 高；Burlington Stores因第三季度营收不及预期大跌12.24%。 纳斯达克金龙中国指数收涨0.35%，报7753.25点。中概股中，小马智行 ...

Market Performance - On November 25, US stock indices collectively rose, with the Dow Jones increasing by 1.43%, the S&P 500 by 0.91%, and the Nasdaq Composite by 0.67% [2][7] Technology Sector Highlights - Google shares rose over 1.5%, reaching a new high and approaching a market capitalization of $4 trillion, driven by the release of new AI models Gemini 3 Pro and Nano Banana Pro [2][7] - Berkshire Hathaway disclosed a $4.93 billion investment in Alphabet, making it the tenth largest holding in US stocks, indicating Warren Buffett's confidence in Google's AI strategy and profitability [2][7] - Meta's stock increased by over 3%, while Amazon and Broadcom rose by over 1%. Conversely, AMD fell by over 4%, Netflix by over 2%, and Oracle by over 1%. Nvidia experienced a drop of over 2% after a peak decline of over 7% [2][7] Chinese Stocks Performance - The Nasdaq Golden Dragon China Index rose by 0.35%, with mixed performances among popular Chinese stocks. Xpeng and Bilibili increased by over 3%, Li Auto by over 1%, while NIO fell by over 4%, Alibaba by over 2%, and Baidu by over 1% [2][7] Federal Reserve Policy Expectations - Federal Reserve policy has become a focal point, with expectations of potential interest rate cuts. The probability of a 25 basis point cut in December surged from 40% to 84.9% [4][9] - John Williams, President of the New York Fed, indicated that there is still room for rate cuts in the near term, aligning with market sentiment [4][9] - LNW's Chief Investment Officer noted that the trend points towards rate cuts, which could benefit the holiday market [4][9]

从估值层面来看，恒生科技ETF嘉实跟踪的恒生科技指数最新市盈率（PE-TTM）仅21.45倍，处于近5 年19.63%的分位，即估值低于近5年80.37%以上的时间，处于历史低位。 数据显示，截至2025年11月24日，恒生科技指数(HSTECH)前十大权重股分别为阿里巴巴-W、腾讯控 股、中芯国际、美团-W、网易-S、比亚迪股份、小米集团-W、快手-W、京东集团-SW、携程集团-S， 前十大权重股合计占比69.58%。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 2025年11月25日港股市场显著回暖，截至13:30，恒生科技指数(HSTECH)上涨0.60%，成分股小米集团- W上涨4.24%，哔哩哔哩-W上涨4.14%，阿里健康上涨3.49%，百度集团-SW上涨2.95%，快手-W上涨 1.90%。 消息面方面，隔夜多位美联储官员"放鸽"，其中下一届主席热门人选，沃勒担心劳动力市场，认为通胀 并非大问题，主张在12月降息。旧金山联储主席戴利同样担忧劳动力市场突然恶化，支持12月降息。 华泰证券研报表示，近期市场波动率上升，流动性、情绪和风险偏好是主要原因。港股本轮调整相对A ...

Core Viewpoint - Trump's acceptance of an invitation to visit China in April next year has positively influenced market sentiment, leading to gains in U.S. and Hong Kong stock indices [1] Group 1: Market Reactions - U.S. stock indices collectively rose overnight, with the Chinese concept index increasing by 2.82% [1] - Hong Kong's three major indices opened higher, with the Hang Seng Index up by 0.9%, the National Index up by 0.86%, and the Hang Seng Tech Index up by 1.43% [1] Group 2: Sector Performance - Major technology stocks in Hong Kong saw collective gains, with Baidu rising nearly 4%, and Xiaomi and Alibaba both increasing by nearly 3% [1] - Gold prices saw a slight increase in early Asian trading, buoyed by hopes of a Federal Reserve interest rate cut, leading to a rise in gold stocks [1] - Stocks in non-ferrous metals such as copper and aluminum also experienced upward movement [1] - Military stocks, which had seen significant gains previously, experienced a pullback, while property management and biopharmaceutical stocks showed some declines [1]

Group 1 - Lei Jun, the founder and CEO of Xiaomi, increased his stake in the company by purchasing over HKD 100 million worth of shares, raising his ownership to 23.26% [2] - Xiaomi has conducted significant stock buybacks, repurchasing 21.5 million shares this month for over HKD 800 million, bringing the total buyback amount for the year to over HKD 2.3 billion [2] Group 2 - Jidu Auto's affiliated company, Shanghai Jidu Auto Co., has filed for bankruptcy, with a registered capital of USD 400 million and operations in electric vehicle sales and parts manufacturing [5] - The company has faced financial difficulties since December last year, leading to supplier claims for unpaid debts [5] Group 3 - Hema's budget community supermarket, Super Box, has opened its first franchise application channel, with an annual franchise fee of CNY 50,000, targeting large residential communities and mature business districts [8] - The initial cities for franchise openings include Shanghai, Hangzhou, Jiaxing, and Huzhou [8] Group 4 - Deep Blue Auto confirmed plans to take over Beijing Hyundai's Chongqing factory, although details on production timelines and models remain undisclosed [9] - The factory was sold for CNY 1.62 billion and has been listed for sale multiple times [9] Group 5 - OpenAI is aggressively recruiting from Apple's hardware engineering team, hiring over 40 employees in the past month, including high-level directors and engineers [9] - Apple has expressed dissatisfaction with OpenAI's recruitment efforts [9] Group 6 - Meta is seeking electricity trading licenses to secure long-term power purchases from new power plants, aiming to support its ambitious AI data center plans [9] - Other tech companies, including Microsoft and Apple, are also pursuing similar licenses [9] Group 7 - Tesla's CEO Elon Musk announced the imminent completion of the AI5 chip and the initiation of AI6 chip development, with a goal of producing a new AI chip annually [9] - Musk emphasized the expected production volume of these chips will surpass that of all other AI chips combined [9] Group 8 - The global sales of new energy vehicles (NEVs) reached 5.39 million units in Q3 2025, marking a 31% year-on-year increase, with battery electric vehicles (BEVs) growing by 48% [26][27] - BYD leads the market with a 15.4% share in BEVs and 27.9% in plug-in hybrid electric vehicles (PHEVs) [27] Group 9 - China's textile and apparel exports totaled USD 243.95 billion from January to October 2025, reflecting a 1.6% decline year-on-year [27]

全球资本市场的目光，正密切注视着香港恒生指数的脉搏。作为亚洲重要的市场风向标，其走势不仅反 映本地经济活力，更深度镶嵌于错综复杂的全球宏观图景之中。当前，驱动恒生指数的外部基本面因 素，正经历一场深刻而多层次的演变。 一、全球货币政策周期的历史性转向 过去两年间，为应对数十年来未遇的高通胀压力，以美联储为首的主要央行开启了激进的加息缩表进 程。高企的利率环境极大地压制了成长型股票的估值，并促使国际资本从新兴市场向美元资产回流，这 对以科技股和金融股为权重股的恒生指数构成了持续的压力。 然而，这一紧缩周期已步入尾声。市场普遍预期，美联储的货币政策正从"限制性"向"中性"乃至"宽 松"缓慢过渡。一旦降息周期确认开启，全球流动性环境将迎来拐点。对于港元与美元挂钩的香港市场 而言，美债收益率的回落将直接减轻本地资产的估值压力，并为恒生指数提供最关键的流动性支撑。国 际资本有望重新配置估值处于历史相对低位的港股市场，这将是未来指数上行的重要引擎。 二、地缘政治格局的再平衡与风险溢价调整 地缘政治已成为影响市场不可或缺的变量。中美关系的动态，以及全球供应链的重构趋势，持续为市场 注入不确定性。一方面，某些领域的摩擦会阶段 ...

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【11月25日美股全线上扬，谷歌涨超6%引领反弹】11月25日周一，谷歌强势上涨带动美股全线上扬， 市场在经历人工智能牛市受挫下跌后，于感恩节假期周迎来反弹。谷歌股价当日表现亮眼，收涨超 6%，投资者对其在AI竞争格局定位转向乐观。谷歌上周发布升级版AI模型Gemini3，距推出Gemini2.5 仅八个月。不过，有投资决策研究人士表示，单一个股引领上涨未必意味市场基本面全面改善，难以成 市场持续上涨持久动力。未来几日交易量预计趋于清淡，且美联储12月政策会议前缺乏重要催化剂，市 场波动性可能加剧。若即将公布的9月零售销售和生产者价格指数等数据释放"滞胀环境"信号，或成新 波动诱因。 ...

Group 1 - The Hong Kong stock market experienced a significant surge, with the Hang Seng Index rising nearly 2% and the Hang Seng Tech Index increasing by 2.5% [1] - Two main factors drove the rebound: the Federal Reserve's indication of a higher probability of interest rate cuts in December, which positively impacted U.S. stocks and subsequently Hong Kong stocks, and the strong performance of Alibaba's AI product, which achieved over 1 million downloads in just four days [1] - Technical factors also contributed, as the Hang Seng Tech Index showed signs of breaking through resistance levels, with the index having declined by 20% from its peak, making a rebound at this support level more likely [1] Group 2 - The A-share market mirrored the Hong Kong market's performance, with the Shanghai Composite Index showing signs of support near the 20-day moving average, leading to a rebound [4] - The brokerage sector exhibited strong performance, which played a crucial role in the upward movement of both the Shanghai Composite Index and the ChiNext Index, with the brokerage index rising nearly 1% in a short period [4] - Despite the positive factors, the overall market reaction was underwhelming, with the Shanghai Composite Index only gaining 1.88 points and the ChiNext Index rising by 0.31%, indicating lingering doubts among investors [4][5] Group 3 - The current focus is on whether the index can maintain its position, as avoiding sustained selling pressure could attract more capital into the market [6] - There is potential for the market to oscillate between 3,800 and 3,900 points if supportive policies and significant market players emerge [6] - However, there remains a possibility that the Shanghai Composite Index may test the 3,800-point level again in the near term [6]