当地时间12月23日（周二），美国股市三大股指小幅收涨，三大股指均录得四连涨。 贵金属市场方面，当天国际贵金属价格再暴涨，金银价格再创历史新高。截至发稿，现货黄金首次升破4500美元/盎司关口，今年累涨超1870美 元。 另外，国际市场上铂和钯期货价格再度暴涨，其中NYMEX铂期货主力合约涨幅超过11%。 美股三大股指均实现四连涨 当地时间12月23日（周二），美国股市三大股指小幅收涨，其中道琼斯工业指数涨0.16%，报48442.41点，标准普尔500指数涨0.46%，报 6909.79点，纳斯达克指数涨0.57%，报23561.84点。值得注意的是，美国股市三大股指均录得四连涨。 美股市场大型科技股多数上涨，其中，亚马逊、谷歌涨超1%，Meta、苹果、微软均小幅上涨，特斯拉小幅下跌，跌幅不足1%。 航空板块整体下跌，其中美国航空跌超4%，达美航空、美联航均跌逾2%，西南航空跌超1%。 芯片股多数上涨，费城半导体指数涨0.55%，英伟达涨超3%，迈威尔科技涨逾3%，博通涨逾2%，台积电、闪迪涨超1%，阿斯麦、高通、意法 半导体涨幅均不足1%。跌幅居前的芯片股方面，微芯科技、恩智浦半导体、ARM均跌逾1%。 ...

随着"AI发债潮"的来袭，投资者的态度开始出现分化。此前，受益于贸易紧张局势缓解和风险资产反 弹，夏季时美国顶级企业的借贷成本相对于美国国债的利差一度降至0.74个百分点，创下自上世纪末以 来的最低水平。然而，随着投资者由于市场涌入大量AI相关债券而产生警惕，该利差目前已小幅回升 至0.8个百分点上方。 市场普遍预期，未来的发债活动将更加频繁。除了AI建设的资金需求外，未来三年每年还将有超过1万 亿美元的债务到期，加上并购交易渠道的活跃，大规模的再融资和收购融资需求叠加，可能推动2026年 及以后的债券发行量突破历史峰值。 逼近历史峰值的融资狂潮 受人工智能基础设施建设融资需求激增的推动，今年美国投资级企业的发债规模已达到1.7万亿美元， 直逼2020年新冠疫情期间创下的历史最高纪录。 以Meta、Alphabet、亚马逊和甲骨文为首的大型科技集团正大举利用债券市场融资，以建设庞大的数据 中心及配套能源系统。高盛数据显示，AI相关借贷目前已占到美国投资级债券净发行量的约30%，尽 管市场对AI"超大规模计算企业"日益攀升的债务水平存在担忧，但这一融资趋势预计在2026年仍将持续 增长。 据行业协会Sifma截 ...

截至收盘，港股科技板块多数收绿：快手-W跌超3%，消息面上，快手突发严重网络安全事件，平台遭到黑灰产攻击，腾讯控股跌超2%，小米集团-W跌超 1%，中芯国际收平；上涨方面，商汤-W涨近4%，阿里巴巴-W、美团-W微涨。 同类唯一15BP最低档管理费的恒生科技ETF基金（513260）收跌0.64%，全天成交额超2.8亿元。资金面上，恒生科技ETF基金（513260）已连续38个交易日 获资金净申购，累计净流入超6.4亿元，最新规模达72.19亿元，基金最新融资余额超1.5亿元！ | 序号 | 代码 | 名称 | 估算权重 | 涨跌幅 | 成交额 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 0700 | 腾讯控股 | 8.10% | -2.03% | 94.48亿 | | 2 | 9988 | 阿里巴巴-W | 7.58% | 0.55% | 70.10亿 | | 3 | 1810 | 小米集团-W | 7.95% | -1.51% | 49.87亿 | | 4 | 1024 | 快手-W | 5.25% | -3.52% | 38.55亿 | | 5 | 0 ...

Market Overview - The Hong Kong stock market indices experienced a decline, with the Hang Seng Tech Index dropping by 0.69% to 5488.89, while the Hang Seng Index and the China Enterprises Index fell by 0.11% and 0.29% respectively, indicating cautious market sentiment [1][2]. Sector Performance - Large tech stocks showed mixed results, with Alibaba, Meituan, and JD.com gaining, while Kuaishou fell over 3%. Tencent and Xiaomi also declined [3][4]. - Wind power stocks maintained strong performance throughout the day, while building materials, cement, and most banking stocks saw increases. In contrast, mobile gaming, military, robotics, and semiconductor stocks faced collective downturns [3][4]. Individual Stock Movements - Kuaishou's stock price fell by 3.52% to 64.35, with a total market capitalization of 277.95 billion. Tencent's stock decreased by 2.03% to 602.00, with a market cap of 5.5 trillion [5][6]. - Semiconductor stocks experienced declines, with notable drops including Brainhole Technology down over 9% and Innodisk down over 4%. Counterpoint Research reported that the global wafer foundry market revenue reached $84.8 billion in Q3, a 17% year-on-year increase, with TSMC holding a 39% market share [6][7]. Commodity Performance - Gold and precious metals initially rose but later fell back. Spot gold reached a record high of $4490.88 per ounce, marking a year-to-date increase of over 71%. JPMorgan forecasts an average gold price of $5055 per ounce by Q4 2026 and $5400 by the end of 2027 [7][8]. Shipping and Port Stocks - Shipping and port stocks saw gains, with China Shipbuilding Leasing rising nearly 3% and COSCO Shipping Holdings increasing over 2% [9]. Capital Flows - Net buying from southbound funds amounted to 611 million HKD, with a net sell of 582 million HKD through the Shanghai-Hong Kong Stock Connect and a net buy of 1.193 billion HKD through the Shenzhen-Hong Kong Stock Connect [9]. Future Outlook - Huatai Securities noted that the market remains in a left-side layout phase, with the right-side turning point still unclear. There is strong consensus on the anticipation of a spring rally, but year-end supply and demand pressures create uncertainty regarding the "Santa rally." The first quarter may present a higher probability phase for investment [11].

Market Overview - The Hong Kong stock market opened slightly higher but weakened throughout the day, with all three major indices turning negative by the close. The Hang Seng Index fell by 0.11% to 25,774.14 points, with a total trading volume of HKD 157.13 billion [1] - Dongwu Securities suggests that while there may be short-term opportunities in the Hong Kong market, it is advisable to maintain a cautious stance. The current position is seen as attractive for medium to long-term allocation, with potential resonance between Hong Kong and US tech stocks, although upcoming unlocks may cause disturbances [1] Blue Chip Performance - CSPC Pharmaceutical Group (01093) led the blue-chip stocks, rising by 7.64% to HKD 8.88, contributing 8.08 points to the Hang Seng Index. The chairman increased his stake by acquiring 13.45 million shares at approximately HKD 8.20 each, totaling around HKD 110 million [2] - Other notable blue-chip movements include Tingyi (00322) up 2.07%, China Resources Power (00836) up 1.25%, while Tencent (00700) and China Unicom (00762) both fell by 2.03%, negatively impacting the index [2] Sector Highlights Gold Stocks - Gold stocks experienced volatility, with Shandong Gold (01787) closing up 4.64% at HKD 37.86. The price of gold reached new historical highs, with COMEX gold futures surpassing USD 4,500 per ounce and spot gold exceeding USD 4,480 per ounce, marking a year-to-date increase of over 70% [3] - Morgan Stanley forecasts that gold prices could rise above USD 4,000 by 2025 due to strong demand from ETFs and central banks, with potential for prices to reach USD 5,055 by the end of 2026 [3] Lithium Battery Stocks - Lithium battery stocks showed strong performance, with Ganfeng Lithium (01772) rising by 4.08% to HKD 56.15. The market anticipates a positive outlook for lithium prices due to recovering quarterly earnings and increasing demand from the new energy vehicle sector [4][5] - The China Nonferrous Metals Industry Association reported that lithium carbonate futures prices are gradually increasing, with market inventories decreasing and production levels fluctuating [4] Upcoming Unlocks Impact - The Hong Kong market is facing a wave of stock unlocks, with several companies experiencing significant declines. For instance, Yujing (02432) fell by 8.08% and Sanhua Intelligent Control (02050) dropped by 6.55% due to the expiration of lock-up periods for major shareholders [5][6] - Notably, Yujing's unlock involves 36 shareholders with approximately 193 million shares, while Sanhua's unlock includes 17 shareholders with around 196 million shares [6] Notable Stock Movements - New IPOs had mixed results, with Nobikang (02635) soaring by 363.75% on its debut, while Hansi Aitai-B (03378) plummeted by 46.25% [7] - Dongfang Electric (01072) showed strong performance, rising by 8.17% due to its focus on high-end energy equipment and positive trends in its core industries [8] - Cathay Pacific (00293) is expected to exceed previous year's net profit levels, projecting a profit of over HKD 9.88 billion, marking the potential for consecutive annual profit growth for the first time in a decade [9] - Tmall (06110) faced pressure, with a reported decline in retail and wholesale sales, indicating challenges in its business performance [10]

Market Overview - The Hong Kong stock market indices continued to decline in the afternoon, with the Hang Seng Tech Index dropping to a low of 1% before closing down 0.69%. The Hang Seng Index and the China Enterprises Index shifted from gains to losses, decreasing by 0.11% and 0.29% respectively, indicating cautious market sentiment after a series of rebounds [1] Sector Performance - Large technology stocks exhibited mixed performance, with Alibaba, Meituan, and JD.com showing gains, while Kuaishou fell over 3%. Tencent and Xiaomi also experienced declines [1] - Wind power stocks remained strong, supported by expectations of a 10%-20% growth in new domestic wind power installations next year. Dongfang Electric surged over 8% as it engages in potential sales discussions for gas turbine generator sets with U.S. clients [1] - The building materials and cement sector saw widespread gains, with Dongwu Cement reaching a historical high. Most Chinese bank stocks also rose, with major banks like ICBC, CMB, BOC, and CCB showing positive performance [1] Commodity and Other Stocks - Following a record high in gold prices, a significant technical pullback warning emerged, leading to some corrections in gold stocks. Copper and aluminum stocks opened high but closed lower [1] - Other sectors such as mobile gaming, military industry, robotics, and semiconductor stocks collectively faced declines [1] - The debut of Relax Health on the stock market saw a substantial increase of 158.8% on its first day [1]

Group 1 - The Hong Kong stock market opened with a general rise, with the Hong Kong Technology 30 ETF (513160) experiencing a slight decline of 0.33% and a trading volume exceeding 37 million yuan, indicating active trading with a premium rate of 0.10% [1] - Major constituent stocks of the ETF, including SenseTime-W and SMIC, saw gains of over 1%, while other notable stocks such as Kingdee International, Alibaba-W, China Communications Services, Lenovo Group, and Meituan-W also followed suit [1] Group 2 - The Hong Kong Technology 30 ETF (513160) recorded a net inflow of over 9.6 million yuan yesterday, marking 9 out of the last 10 trading days with net inflows, totaling over 530 million yuan [2] - The ETF closely tracks the Hang Seng Hong Kong Stock Connect China Technology Index, which includes mainland companies engaged in technology business and listed in Hong Kong, with top holdings including SMIC, Kuaishou-W, Tencent Holdings, Alibaba-W, and Xiaomi Group [2] Group 3 - A significant advancement in quantum computing was reported by the team led by Academician Pan Jianwei from the University of Science and Technology of China, achieving a milestone in quantum error correction with the superconducting quantum processor "Zuchongzhi 3.2," which is crucial for practical quantum computers [2] - This new technological route provides a more advantageous solution for constructing million-bit quantum computers, marking a key milestone in the global pursuit of practical quantum computing [2] Group 4 - Minyin Securities' outlook for the technology industry in 2026 highlights three major trends: the penetration of multimodal and agent technologies across more industries, a shift towards composite AI strategies by enterprises, and the emergence of AI-ready data as a foundational element for enterprise-level AI models [3] - The current market landscape is becoming clearer, with major participants categorized into five groups: 1) Internet technology giants; 2) AI+Data technology providers; 3) Technology transformers; 4) AI-native entrepreneurs; 5) Vertical field deep divers [3]

Group 1 - Since late November, net inflows of southbound funds have continued to shrink, with a net outflow observed in the second week of December. CICC suggests that the new public fund regulations may have led to a reallocation or outflow of funds, but this factor is expected to have only a short-term impact and should not be extrapolated indefinitely [1] - Looking ahead, CICC notes that the Hong Kong stock market is more sensitive to liquidity compared to A-shares and is structurally more responsive to fundamentals. The true support for the Hong Kong market and valuation elasticity comes from technology (especially AI) and consumption. The technology sector in Hong Kong is more focused on applications and internet platforms, particularly in the "application layer" of AI rather than the "hardware layer," where current hardware has higher short-term certainty. The consumption sector mainly consists of discretionary and new consumption, which currently shows weak sentiment and lacks catalysts [2] - Huatai Securities indicates that the current market is still in a left-side layout phase, with the right-side turning point not yet clear. There is a strong consensus expectation for an early spring rally, but the Hong Kong market still faces supply and demand pressures at year-end, leading to uncertainty regarding the "Christmas rally." The first quarter may present a higher probability phase for gains [2] Group 2 - For the first quarter's market layout in Hong Kong, several ETFs are highlighted: the Hang Seng Technology Index ETF (513180.SH), which tracks the largest technology index; the Hang Seng Internet ETF (513330.SH), focusing on internet giants and having the highest number of holders among Hong Kong ETFs; and the Hong Kong Stock Connect Technology ETF (159101.SZ), which covers a wide range of Hong Kong technology sub-sectors, including AI applications, innovative pharmaceuticals, robotics, and smart vehicles [3] - From December 15 to December 19, the Hong Kong market experienced a rebound after an initial decline, with the Hang Seng Technology Index showing a weekly decline of 2.82%. Southbound funds returned to net inflows, totaling 16.2 billion yuan, reversing the previous week's net outflow trend [4]

来源：格隆汇APP 格隆汇12月22日｜港股上午盘三大指数集体上涨，恒生科技指数涨势相对较强，午间收涨0.89%，恒生 指数、国企指数分别上涨0.2%及0.27%。大型科技股走势分化，百度、阿里巴巴上涨，小米跌超2%，腾 讯飘绿；金银价格再创新高！黄金白银股集体上涨，国家大基金三期布局IC载板领域，半导体芯片股强 势，龙头中芯国际涨超7%。另外，生物医药股、家电股、煤炭股走势低迷。印象大红袍上市首日午间 收跌25%破发，明基医院暴跌43%同样破发。(格隆汇) | 名称 | 最新价 | 涨跌幅 | | --- | --- | --- | | 恒生指数 | 25742.24 | +0.20% | | 800000 | | | | 国企指数 | 8925.39 | +0.27% | | 800100 | | | | 恒生科技指数 | 5528.05 | +0.89% | | 800700 | | | ...

来源：滚动播报 港股上午盘三大指数集体上涨，恒生科技指数涨势相对较强，午间收涨0.89%，恒生指数、国企指数分 别上涨0.2%及0.27%。大型科技股走势分化，百度、阿里巴巴上涨，小米跌超2%，腾讯飘绿；金银价格 再创新高！黄金白银股集体上涨，国家大基金三期布局IC载板领域，半导体芯片股强势，龙头中芯国际 涨超7%。另外，生物医药股、家电股、煤炭股走势低迷。印象大红袍上市首日午间收跌25%破发。 ...