格隆汇12月9日｜据投行人士透露，受美股接近历史高点的吸引，企业正积极筹备上市，美国IPO市场 幕后的活动已达到白热化程度。由于此前美国政府停摆，许多公司被迫推迟上市计划，如今正加紧与投 行敲定承销安排。市场还期待一些全球最大的私营科技公司可能启动IPO，使2026年成为继过去三年逐 步复苏后的"爆发之年"。摩根大通美洲ECM联席主管Keith Canton表示："你会看到明年一季度开局良 好，因为不少原定四季度上市的公司已转向一季度。我们持审慎乐观态度，这将是IPO规模连续第四年 稳步上升。"明年最大变数在于SpaceX等高估值私营科技巨头是否终于启动期待已久的IPO。虽然尚无 确定性，但业内越来越认为，至少一两家头部企业将看到上市的益处。 ...

Core Viewpoint - Walmart's migration from the New York Stock Exchange to the Nasdaq marks the largest exchange migration in U.S. history, reflecting a strategic shift towards a technology-oriented narrative in the retail sector [3][4]. Group 1: Company Strategy - Walmart aims to position itself as a tech-driven retail company by integrating automation and artificial intelligence, enhancing customer experience and setting new standards for omnichannel retail [3][5]. - The migration to Nasdaq is seen as a move to align Walmart with high-growth tech companies, potentially increasing its valuation and attracting passive fund investments [3][6]. - Over 60% of Walmart's goods are transported through automated distribution centers, with more than half of online orders completed in automated facilities, showcasing its commitment to technological advancement [5][6]. Group 2: Market Positioning - By choosing to compete with Amazon rather than traditional retailers like Costco or Target, Walmart signals a paradigm shift in the retail industry, emphasizing technology over store count [5][6]. - The move to Nasdaq is expected to enhance Walmart's brand as a "tech retail" entity, allowing it to be compared directly with tech giants and potentially increasing investor interest [4][6]. - The lower costs associated with listing on Nasdaq, while minor for Walmart, align with the company's ethos of cost-saving, further supporting its strategic decision [6].

文 | 银行螺丝钉 （转载请注明出处） 大中小盘股下跌，中小盘股下跌稍多。 价值风格整体下跌； 成长风格中，创业板指略微上涨。 市场还是风格轮动的。 10-11月，成长风格下跌超15%，价值风格下跌约5%上下。 到了12月，成长风格这几天比较强势，价值风格低迷。 风水轮流转。 港股今天也下跌。 波动比A股还大一些。 今天下跌后，港股科技、恒生科技也重新回到低估。 今天大盘整体下跌，截止到收盘，还在4.2星。 目前处在刚进入低估的位置。 1. [大吉大利，今天吃基] 第393期的螺丝钉定投实盘来啦。 时间：2025年12月9日 方案：定投买入 品种： 指数增强投顾组合： 回到正常估值，暂停定投，继续持有。后面回到低估后继续。 主动优选投顾组合：9553元 月薪宝投顾组合：10000元 最近市场上涨，本周发车金额有所降低 。 本周： · 指数增强组合回到正常估值，暂停定投，继续持有。后面回到低估后继续。 · 主动优选组合正常定投。不过主动优选距离正常估值也不远。 · 增加月薪宝组合投资，月薪宝底层是40%的股票+60%的债券。 月薪宝本身自带「低买高卖」的股债再平衡策略，自带止盈。本身波动风险小，比较稳健的参与市 ...

该行续指，明年影响美股的重要变量包含关税演变、货币政策、劳动市场与期中选举。预期第一季受关 税不确定性、货币政策不如预期、景气下行及就业转弱的影响可能最明显，股市偏震荡下行;第二季开 始反映特朗普为选情考虑而减轻关税，以及经济逐渐走向见底、货币政策趋于明朗而股市回升;并在第 四季选举前后开始有望录得较可观的升幅。 对于亚洲市场，该行对日股明年展望正面，因日本终于摆脱通缩心态，进入通胀环境下的经济正常化， 企业敢加价、家庭愿意消费，有助企业收入和盈利改善，资本效率提升亦推动估值上调和外资进驻。企 业改革也确实见到成效，股本回报率(ROE)、资产回报率(ROA)、市帐率(PBR)、股息支付率皆上升，交 叉持股下降，以及企业持续增加股票回购等。 智通财经APP获悉，凯基发布12月最新市场走势分析，对于中国市场，2026年中国资产重估仍有望延 续，港股将继续受惠。凯基指，香港经济正摆脱困境，金融业率先回暖，出口展现韧性，房市逐步走出 阴霾，旅游业加速复苏;美联储减息趋势不改，利好港股表现;港股估值仍低，恒生指数当前动态PE只有 11.5倍，离历次上升趋势高点仍有较大差距，且随着中概股回归以及A股科技企业纷纷加速在港二 ...

【导读】瑞银发布《2025年亿万富豪报告》：亚太区亿万富豪增幅居全球之首 12月9日，瑞银发布了《2025年亿万富豪报告》(以下简称《报告》)，对全球亿万富豪客户(拥有超过10 亿美元资产)的财富创造驱动因素、资产配置偏好转变等市场关注问题进行了解析。 报告显示，2025年全球亿万富豪的财富水平创下历史新高，其中亚太区亿万富豪财富增长11.1%至4.2万 亿美元，且中国内地保持领先地位(1.8万亿美元)。 全球亿万富豪财富水平再创历史新高 对此，瑞银财富管理中国区主管吕子杰对记者表示："越来越多的投资者，特别是这些亿万富豪将眼光 放在亚太区，特别是大中华区去寻找未来的机会，从未来展望来看，他们对大中华区投资的信心有非常 显著的增长，超三成受访富豪在未来12个月以及近半数富豪认为在未来五年内对大中华区是看好的，与 去年相比较，这是非常大的增长。" 此外，在资产配置方面，61%的亚太区亿万富豪计划增加对冲基金、发达市场股票(50%)及黄金/贵金属 (48%)的投资。《报告》指出，他们对新兴市场股票及私募股权(直接投资及基金/组合型基金)亦表现浓 厚的兴趣。 展望未来，《报告》表示，随着财富代际转移持续加快，全球亿 ...

中国基金报记者 马嘉昕 12 月 9 日，瑞银发布了《 2025 年亿万富豪报告》（以下简称《报告》），对全球亿万富 豪客户（拥有超过 10 亿美元资产）的财富创造驱动因素、资产配置偏好转变等市场关注问题 进行了解析。 【 导读 】瑞银发布《 2025 年亿万富豪报告》：亚太区亿万富豪增幅居全球之首 报告显示， 2025 年全球亿万富豪的财富水平创下历史新高，其中亚太区亿万富豪财富增长 11.1% 至 4.2 万亿美元，且中国内地保持领先地位（ 1.8 万亿美元）。 全球亿万富豪财富水平再创历史新高 《报告》显示， 2025 年全球亿万富豪的人数增加 8.8% 至 2919 人，总财富达到创纪录的 15.8 万亿美元，增幅为 13% 。其中，亚太区于 2025 年迎来显著回升，亿万富豪人数从 981 人增至 1036 人，增幅居全球之首，亚太区 79% 亿万富豪为白手兴家，并在所有地区 中占比最高。 从财富增量来看， 2025 年，亚太区富豪财富增长 11.1% 至 4.2 万亿美元。整体来讲，中 国内地仍在亚太区占据领先地位，新增财富为 3214 亿美元，总额达 1.8 万亿美元。中国内 地新增 70 位亿 ...

转自：新华财经 但美国银行和贝莱德等华尔街大型机构近期也开始质疑"AI泡沫论"，称此次AI热潮并非互联网泡沫 2.0，而将继续由真正的企业投资、收益和生产率增长所推动。 新华财经上海12月9日电（葛佳明）2025年美股经历了此轮牛市以来完整的第三年，三大股指均创下历 史新高。而与此同时，年初迄今，美股的表现逊于日本、德国、中国等主要市场，MSCI美国指数也跑 输MSCI全球、发达与新兴市场指数，美股相对于非美股市的优势有所弱化。 多位接受新华财经采访时均表示，对于2026年的美股市场走势，建议保持谨慎乐观的态度，宽松预期与 AI主线驱动的科技领涨行情有望延续至2026年上半年，但下半年或随着降息预期兑现，美国或将面临 更多政策变数与扰动。 美股科技股2026年泡沫争论或加剧 2025年年初，在DeepSeek横空出世和贸易摩擦导致科技股大跌后，美股很快重拾动能，科技主导的"K 型分化"延续。从交易主线来看，美股走势先后经历了第一季度关税担忧的升温、第二季度关税落地后 的衰退交易与"去美元"交易的影响、第三季度美国政府减税法案，以及第四季度美国政府关门造成的流 动性冲击与AI泡沫担忧的升温的扰动。 截至2025 ...

Group 1: Hainan Free Trade Port Development - Hainan is set to enter a new phase of open development with the full operation of the free trade port on December 18, marking a significant milestone for the island [1] - The "zero tariff" policy will be fully implemented post-closure, positioning consumption as the core engine for Hainan's high-quality development [1] - The "2025 14th Annual Conference on Listed Company Development" will be held in Haikou, focusing on new consumption opportunities in Hainan post-closure [1] Group 2: Cultural Empowerment in Consumption - The shift in consumer demand from "having" to "quality and preference" highlights the importance of "story value" in influencing purchasing decisions [2] - Ren Zhonglun, a prominent figure in the film industry, will share insights on how cultural empowerment can enhance consumer experiences at the upcoming forum [2] - IMAX CHINA's CEO will discuss the integration of technology and cultural content to create more engaging consumer experiences [2] Group 3: Youth Consumer Market - Engaging young consumers is a perpetual challenge for the industry, with companies focusing on understanding the unique characteristics of the post-95 and post-00 generations [4] - Subway's CEO highlighted the success of their university town locations, which cater to young consumers with a relaxed atmosphere and stylish design [4] - CFB Group's CEO emphasized the importance of understanding Gen Z's preferences to create a brand that resonates with their desire for enjoyable experiences [4] Group 4: Community Engagement and Cultural Narratives - Xiaohongshu's VP noted the platform's success in engaging Gen Z users, who excel in creating relatable cultural narratives [5] - The upcoming consumption trend report by Daily Economic News and QuestMobile aims to provide actionable insights for brands targeting the free trade port and young consumers [5] - The event serves as a platform for industry leaders to collectively strategize the future of the consumption landscape in Hainan [5]

Group 1 - The Hang Seng Index fell by 1.3%, the Hang Seng China Enterprises Index decreased by 1.6%, and the CSI Hong Kong Stock Connect China 100 Index dropped by 1.5% [1] - China Galaxy Securities' report suggests that the upcoming important domestic meetings in December and the Federal Reserve's interest rate meeting are expected to provide medium to long-term policy direction and short-term liquidity signals for the Hong Kong stock market [1] - The report recommends focusing on sectors such as precious metals, domestic consumption, and technology growth for investment opportunities [1]

Core Insights - Walmart is migrating from the New York Stock Exchange to the Nasdaq, marking the largest exchange migration in U.S. history, which has garnered global attention [1] - The move reflects Walmart's strategy to align itself with high-tech narratives, as it aims to present itself as a company that integrates traditional retail with AI automation [1][3] - This transition is expected to enhance Walmart's valuation and attract passive investment funds by potentially including it in the Nasdaq-100 index [1][3] Company Strategy - Walmart has historically been viewed as a traditional retail giant, but it is now emphasizing its investments in automation and AI to reshape its image [3][5] - The company aims to position itself as a direct competitor to Amazon rather than other discount retailers like Costco or Target, indicating a shift in retail paradigms where technology is becoming more critical than store count [5][6] - In its third-quarter earnings call, Walmart reported that over 60% of its goods are transported through automated distribution centers, and more than 40% of new software code is generated or assisted by AI [5][6] Market Implications - The migration to Nasdaq is seen as a strategic move to signal to traders and investors that Walmart is a serious competitor in the tech-driven retail space [3][5] - By joining Nasdaq, Walmart is expected to attract more passive capital and enhance its brand as a "tech retail" entity, aligning itself with other tech giants [6] - The cost of listing on Nasdaq is generally lower than on the NYSE, which aligns with Walmart's cost-saving ethos, even if the financial impact is minimal for such a large company [6]