Core Viewpoint - The market is currently focused on the high probability of a rate cut by the Federal Reserve in December, which has risen to nearly 90% from about 30% three weeks ago, indicating a shift in investor sentiment towards a potential "Santa Rally" in the stock market [1][2]. Group 1: Interest Rate Expectations - The market anticipates a third consecutive rate cut of 25 basis points, lowering the federal funds rate to a range of 3.5%–3.75% [2]. - Concerns about the labor market are driving the rationale for rate cuts, with the unemployment rate rising to 4.4% and the unemployment rate for college graduates aged 20-24 reaching 8.5%, up 3.5 percentage points from 2022 [2][3]. - The Federal Reserve's balance sheet has decreased to $6.5 trillion, with bank reserves at $2.9 trillion, leading to speculation about the potential resumption of quantitative easing to enhance market liquidity [3][4]. Group 2: Market Sentiment and Seasonal Trends - Despite a surprising sell-off in November, traders are preparing for a "Santa Rally," as December typically shows strong seasonal performance for U.S. stocks [5]. - The Nasdaq 100 index has historically outperformed other indices in December, with an average increase of 1.7%, and if it records positive returns, the average gain could rise to 6% [6]. - The Russell 2000 index has shown even stronger performance, with a December average return of 2.3% and a monthly average positive return of 4.3%, indicating its stability and potential for higher returns compared to major benchmarks [6]. Group 3: Long-term Market Outlook - Major Wall Street firms maintain a positive outlook for the market heading into 2026, with Morgan Stanley projecting the S&P 500 to reach 7800 points, supported by strong earnings growth and operational leverage [7]. - Bank of America adopts a more cautious stance, forecasting the S&P 500 to end 2026 at 7100 points, citing concerns over liquidity and the shift in capital expenditure priorities [8]. - There is a consensus among institutions regarding the ongoing earnings divergence, with AI leaders showing resilience while smaller companies may have greater recovery potential [8].

美国股指期货下跌，投资者等待美联储政策决议，科技权重股回吐盘前涨幅。 美国股指期货下跌，投资者等待美联储政策决议，科技权重股回吐盘前涨幅。 纳斯达克100指数期货一度下跌0.3%，标普500指数期货跌0.2%。 英伟达股价盘前下跌0.2%，此前曾上涨约0.4%。 谷歌和微软股价盘前下跌约0.2%，苹果股价下跌0.3%。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：王许宁 纳斯达克100指数期货一度下跌0.3%，标普500指数期货跌0.2%。 英伟达股价盘前下跌0.2%，此前曾上涨约0.4%。 谷歌和微软股价盘前下跌约0.2%，苹果股价下跌0.3%。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：王许宁 ...

每经记者｜徐肖逍 每经编辑｜刘艳美 12月9日，"2025最具幸福感城市"调查推选结果在"2025幸福城市论坛"上发布。成都、杭州等11个省会及计划单列市，温州、无锡等11个地级市，北京市 西城区等5个直辖市辖区，宁波市鄞州区、成都市双流区等10个城区，太仓、乐清等11个县级市当选。 "最具幸福感城市"调查推选活动由《瞭望东方周刊》主办，累计推选出100余座幸福城市（区），成为目前最具影响力的城市主题活动之一。至此，成都 已连续17年获评"最具幸福感城市"。这一成绩背后，是对成都"幸福城市"建设实践成效的认可。 置身于成都，人们既能触摸到布局未来的产业雄心，又能沉浸于温暖可亲的人间烟火。这看似相异的特质在成都如何完美相融？探寻其打造"幸福城市"的 核心密码，正是解读这份成绩单的关键。 经济活力是坚实根基：平均每年跨越一个千亿台阶 成都的活力与幸福，根植于幸福城市建设的物质基础——经济持续健康发展。数据显示，成都GDP从2019年的1.7万亿元跃升至2024年的2.35万亿元，平均 每年跨越一个千亿台阶。2025年前三季度，成都GDP同比增速达5.8%，经济运行呈现"稳中有进、稳中向好"的态势。 在这背后，营商 ...

转自：新华财经 新华财经上海12月10日电（葛佳明 杨婧淑）12月9日，由中国公共外交协会与上海公共外交协会联合主办的第十二次中国企业走出去研讨会在上海举行。与 会专家学者深入探讨中企从"走出去"到"融进去"的转型路径，普遍认为"出海"已不再是简单的商品出口或产能转移，而是迈向以本地化运营、生态协同、制 度型开放为核心的全球化新阶段。在此背景下，面对日益复杂的国际法律与监管环境，构建覆盖投资全周期的合规体系，已成为中国企业实现高质量、可持 续国际化发展的关键支撑。 从"走出去"到"融进去"：中企全球化进入新阶段 随着全球经济的深度融合，中国企业的对外直接投资（ODI）在经历低谷后出现明显回升。根据《2024年度中国对外直接投资统计公报》显示，2024年中国 对外直接投资的资金流量1922亿美元，同比增长8.4%，占全球份额11.9%，连续13年稳居全球前三；存量达3.14万亿美元，连续8年位列全球前三。 在上海美国商会会长郑艺看来，中国企业出海正经历着从单纯"资金走出去"到"产业全球化"的战略升级。"中国企业对外直接投资以资本输出为主，包括股 权投资、并购等方式，随着海外市场环境的变化以及中国政策的支持，企业 ...

Group 1 - The core viewpoint of the news is that China's sovereign wealth fund, the China Investment Corporation (CIC), is increasing its investment in global technology stocks while maintaining stable annualized returns despite changing external investment environments [2][3]. Group 2 - CIC's annualized net return on foreign investments over the past decade is 6.92% in USD, exceeding performance targets by 61 basis points [2]. - The annualized net return since its establishment is 6.39% in USD [2]. - The investment performance is evaluated over a 10-year cycle, with rolling annualized returns showing consistent outperformance against targets [2]. Group 3 - CIC's asset allocation includes alternative assets, public market equities, fixed income, and cash products, with alternative assets being the largest category [4]. - The allocation to alternative assets over the past five years has been 43%, 47%, 53.21%, 48.31%, and 48.49% respectively [4]. - The investment in public market equities has varied, with proportions of 38%, 35.4%, 28.60%, 33.13%, and 34.65% over the last five years [5]. Group 4 - The focus sectors for CIC's stock investments include information technology, finance, consumer discretionary, healthcare, industrials, communication services, and consumer staples, with notable shifts in investment proportions [7]. - Since 2020, the investment in information technology has consistently exceeded that in finance, maintaining over 20% in most years [7]. - The investment proportions in information technology from 2020 to 2024 are 20.39%, 22.76%, 19.55%, 21.91%, and 25.85%, while finance proportions are 12.94%, 13.89%, 15.54%, 15.02%, and 16.41% [7]. Group 5 - Geographically, developed economies are the primary focus for CIC's stock investments, although there has been a trend of increasing allocations to emerging markets [8]. - The investment proportions in U.S. stocks from 2020 to 2023 are 57%, 61.48%, 59.18%, and 60.29%, while non-U.S. developed regions are 31%, 25.39%, 26.81%, and 25.58% [8]. Group 6 - In fixed income assets, developed sovereign debt is a key focus, with increasing allocation trends compared to emerging sovereign debt [9]. - The allocation to developed sovereign debt from 2020 to 2024 is 55%, 51.63%, 52.75%, 66.02%, and 64.4% [9]. - The report highlights challenges in the global macroeconomic environment, including high interest rates and inflation, while also noting opportunities arising from technological and industrial transformations [9].

人民财讯12月10日电，港股午间收盘，恒生指数跌0.43%，恒生科技指数跌0.68%。港口运输股下跌， 太平洋航运跌超9%；黄金股逆势上涨，灵宝黄金涨超10%。 ...

Market Overview - The Hang Seng Index has short-term support at the 25,000 point level, with recent hawkish signals from the Federal Reserve indicating limited rate cut space in 2026. Economic conditions in mainland China are cooling, and corporate earnings in Hong Kong are unlikely to improve significantly in the short term [2][3] - The Hang Seng Index closed at 25,434, down 1.29% year-to-date, with a cumulative increase of 26.79% [5] Sector Focus - The AI sector is gaining attention with the launch of AI glasses and smartphones, benefiting related stocks [7] - The biopharmaceutical sector is expected to thrive due to rising flu cases and favorable financing conditions [7] - The insurance sector is seeing improved investment returns driven by strong A-share performance [7] Corporate News - Vanke (2202) is reportedly willing to pay some interest to bondholders to facilitate debt extension negotiations [10] - Xiaomi (1810) is undergoing personnel adjustments in China and plans to close unprofitable stores [10] - Longi Green Energy (6869) is raising over HKD 2.2 billion through a nearly 15% discounted share placement [10] - SenseTime (0020) reports double-digit growth in domestic chip computing power and plans to launch a new generation of AI models in spring [10] - Novartis (NVS) has reached a USD 1.7 billion drug target collaboration agreement with UK biotech company Relation [10] - Midea (0300) has completed its share repurchase plan, buying back 135 million A-shares for approximately CNY 10 billion [10] Economic Indicators - The U.S. job openings reached 7.67 million in October, the highest in five months, alleviating concerns about labor market deterioration [8] - China's urban rail transit completed a passenger volume of 2.83 billion in November, showing a 4.4% year-on-year increase [8] - The Chinese express delivery development index for November was 478.1, up 3% year-on-year, indicating a positive trend in the industry [8] Investment Sentiment - Approximately half of the surveyed companies in Hong Kong are optimistic about the economic outlook for next year, a significant increase from 18% last year [9] - The Hong Kong government is planning to implement an automatic exchange of tax information related to cryptocurrency transactions starting in 2028 [9]

卡位布局投资机会 超120只基金冲刺年底发行 时至年末，新基金发行掀起小高潮，超120只基金正在或即将发行。从基金布局发力点看：一是面向高风险偏好投资者的权益类基金；二是聚焦稳健投资需 求的"固收+"产品。在业内人士看来，年末的发行热潮与新品的密集上报，既体现机构对当前市场机会的看好，亦是其对明年投资机会的卡位布局。（上海 证券报） 上市公司踊跃参设产业并购基金 今年以来，A股上市公司参与设立产业并购基金的热情持续高涨。同花顺iFinD数据显示，截至12月9日记者发稿，年内A股市场上市公司参与设立产业并购 基金达336只，预计募集规模上限合计达2790亿元。北京天驰君泰律师事务所上海分所合伙人孙军伟认为，上市公司积极参设产业并购基金，有助于发现、 培育优质标的，为上市公司在目标行业的扩张或发展进行资产储备。（证券日报） 瞄准中国科技股 全球资金寻找AI"新战场" 为应对市场集中度过高以及高估值带来的风险，不少国际资金已将目光瞄准美国之外的AI赛道。其中，中国科技股以其独特的产业基础、增长潜力和市场 多元化优势，成为部分全球资本进行战略布局与分散风险的重点目标。景顺集团首席投资总监马磊透露，目前已有南美大型基金 ...

香港交易所集团行政总裁陈翊庭表示："我们很高兴能推出香港交易所科技100指数，这是集团指数及数 据业务发展的一个重要里程碑。这支宽基指数涵盖了多个重塑港股市场格局的创新行业，也突显了香港 市场在推动这些新兴产业发展方面的关键角色。这一指数为投资者提供了一个有效且全面的投资工具， 帮助他们把握科技和新兴领域的投资机遇。" 此外，香港交易所同时宣布，已与中国内地资产管理公司易方达基金管理有限公司（易方达基金）签订 协议，授权其在中国内地推出追踪港交所科技100的交易所买卖基金（ETF）。 12月9日，港交所宣布，为进一步拓展指数业务，持续推动区内资本市场生态圈发展，集团于即日推出 「香港交易所科技100指数」(港交所科技100)，正力新能作为港股重点科技企业成功入选首批成分股。 充分体现了公司在发展潜力、市值、流动性、财务状况等方面满足严格标准获得官方认可，有助于企业 品牌声誉与市场公信力提升，并进一步助力公司提升股票流动性与交易活跃度。 据悉，港交所科技100是港交所正式推出的首只港股指数，为宽基股票指数，追踪100家在香港交易所上 市的市值最大的科技公司的表现，指数的成分股皆为港股通合资格股票，以满足国际和中 ...

引子 最近资本市场出了件新鲜事，让我这个量化交易老手都忍不住多看了两眼。沃尔玛这个零售业的老家伙，居然要从纽交所搬家到纳斯达克去了！这可不是什 么小打小闹，8531亿美元的市值啊，创下了美股历史上规模最大的上市地迁移纪录。说实话，看到这个消息时我第一反应是：这老家伙葫芦里卖的什么药？ 一、传统巨头的科技野心 作为一个在量化交易领域摸爬滚打多年的人，我深知市场定位的重要性。沃尔玛这步棋下得妙啊！从纽交所这个"老钱俱乐部"跳到纳斯达克这个"科技新 贵"的地盘，明摆着是要给自己换个马甲。 记得我在复旦读书时研究过企业转型案例，但像沃尔玛这样体量的公司主动求变还真是少见。他们首席财务官John David Rainey说得好："我们正在为全渠 道零售树立新标准。"这话翻译成人话就是：我们不再是那个只会打折卖货的土老帽了！ 看看这些数据： 这不就是赤裸裸的科技公司配置吗？难怪阿肯色大学的教授说这是向亚马逊宣战。要我说，这招比直接跟亚马逊硬刚聪明多了——既然打不过你，我就变成 你！ 二、交易所选择的玄机 说到交易所选择，这里面门道可多了。纽交所和纳斯达克的差别，就像陆家嘴和张江高科的区别——一个住着西装革履的银行家，一个 ...