Core Insights - Morgan Stanley's report emphasizes the opportunities and risks faced by various sectors in a K-shaped economy driven by AI, highlighting a constructive but selective investor sentiment [1][3] Group 1: Investment Themes - Key investment themes for 2026 include long-term growth driven by AI and data center expansion, infrastructure development, and a shift towards high-quality growth and operational resilience [1][4] - Companies with strong pricing power, long-term growth drivers, robust balance sheets, and those benefiting from transformative trends like data center expansion and infrastructure investment are recommended [1][4] Group 2: Sector Recommendations - Selected stocks for 2026 include Arista Networks, Broadcom, Guidewire Software, and Palo Alto Networks among others across various sectors [2] - The report anticipates that the U.S. will remain a global growth engine, fueled by a resilient economy and an AI-driven supercycle leading to record capital expenditures and rapid earnings expansion [2][6] Group 3: Economic Outlook - The K-shaped economy is creating distinct winners and losers, with market sentiment indicators likely to remain volatile [3][4] - Despite concerns over AI bubbles and valuation, current high multiples are seen as justified by expected above-trend earnings growth and capital expenditure [4][5] Group 4: Earnings Projections - Morgan Stanley projects S&P 500 earnings growth of 13%-15% over the next two years, with an expected EPS of $315 in 2026 [5][10] - The anticipated capital expenditure cycle may extend beyond AI, with significant investments expected to address infrastructure and computing power imbalances [7][10] Group 5: Market Dynamics - The concentration of high-quality growth stocks is at a historical peak, with AI narratives mitigating concerns over macroeconomic weakness [8] - The U.S. business cycle is slowing but not indicating an end to the expansion, with various factors expected to support economic activity in the near term [9] Group 6: Policy Environment - A dynamic policy environment is expected to drive differentiation among stock themes, with ongoing U.S.-China competition and support for AI and electrification benefiting strategic resources [11] - Regulatory easing is anticipated to gain momentum, particularly in finance and energy sectors, which could foster growth and reduce deficits [11]

Core Insights - AIGC software company Wanjing Technology (300624.SZ) hosted an investor meeting in Shenzhen, attended by nearly 40 institutional and individual investors, to discuss product strategies, large model development, and operational strategies [1] Group 1: Product Development and AI Integration - Wanjing Technology has established a strong presence in the digital creative software sector, focusing on video, drawing, and document products, while advancing mobile and AI capabilities [1] - The company has launched Wanjing Tianmu 2.0, which ranks among the top three globally in the VBench-2.0 evaluation for text-to-video models, achieving the highest scores in camera motion and motion rationality [1] - The company has partnered with Shenzhen Broadcasting, Hubei TV, and Dayibo ONLINE to implement AI creative practice cases, gaining widespread industry recognition [1] Group 2: Model Utilization and Cost Management - The company employs a "dual-model drive" strategy, investing in its self-developed Wanjing Tianmu large model while integrating high-quality third-party models such as Google Veo3 and OpenAI Sora2 [2] - The self-developed model's usage has surpassed that of third-party models, with over 800 million calls to AI servers expected by the third quarter of 2025, indicating a growing user willingness to utilize AI features [2] - The overall gross margin of the company remains stable at over 90%, with expectations for further cost reductions as the Wanjing Tianmu continues to support AI functionalities across more products [2] Group 3: Business Strategy and Recognition - Wanjing Technology is focusing on three strategic directions: leveraging AIGC for application opportunities, enhancing mobile product development, and improving internal efficiency through AI tools [3] - Since its establishment in 2003 and listing in 2018, the company has strengthened its communication with investors and received multiple awards for governance and innovation [3] - The company operates in over 200 countries and regions, with over 2 billion active users, and is recognized as a "Chinese version of Adobe" [3]

摩根大通发布研报称，首次覆盖聚水潭(06687)，予"增持"评级，目标价37港元。该行指，聚水潭在中 国日益分散的电商行业中脱颖而出，使其增长速度超越大多数软件同业及其所处的垂直领域，同时保持 强劲的盈利能力。作为中国少数具备高客户留存率的SaaS供应商之一，该行相信公司的收入增长及盈利 可持续，料2024至27年的收入年均复合年增长率为23%，2027年非国际财务报告准则净利润率达29%。 同时，该行认为公司估值吸引，将其列为行业首选股份之一。 ...

Core Argument - The article discusses the contrasting approaches of tech companies towards government contracts, particularly focusing on Palantir and its CEO Alexander Karp, who advocates for a deeper integration of technology companies with national defense and government initiatives [1][3][24]. Group 1: Palantir's Background and Philosophy - Palantir was founded in 2003 with the aim of serving government and military clients, in stark contrast to other Silicon Valley companies that focus on consumer markets [5][6]. - The name "Palantir" is derived from "seeing stones" in "The Lord of the Rings," symbolizing the company's mission to provide insights and intelligence [3][5]. - Karp's background as a law and philosophy graduate, along with his connection to influential figures like Peter Thiel, shapes his unique perspective on the role of technology in society [3][4]. Group 2: Historical Context and Shift in Focus - The article highlights a historical shift where Silicon Valley, once a hub for military and defense technology, has increasingly focused on consumer products and services [8][11]. - Karp notes that in the past, engineers played a crucial role in national decision-making, but their presence in political spheres has diminished significantly [10][12]. - The article cites a survey indicating that only 1.3% of state legislators in the U.S. are scientists or engineers, reflecting a broader trend of talented individuals moving away from public service [10][11]. Group 3: Critique of Current Trends - Karp criticizes the current tech landscape for prioritizing consumer-oriented innovations over significant societal contributions, such as advancements in defense technology [14][20]. - He argues that many of today's innovations are trivial and lack meaningful impact, as they focus on optimizing user engagement rather than addressing pressing global challenges [14][34]. - The article references Karp's call for a new "Manhattan Project" for AI, emphasizing the need for a national commitment to technological advancement in defense [21][22][24]. Group 4: Cultural and Ethical Considerations - Karp expresses concern over the lack of genuine belief and conviction among contemporary American elites, suggesting that this cultural shift undermines the ability to make impactful decisions [27][28]. - The article discusses the implications of this cultural shift, where expressing strong beliefs is often discouraged, leading to a lack of direction in leadership [27][28]. - Karp's critique extends to the tech industry's tendency to dismiss consumer technology as trivial, failing to recognize its potential contributions to broader societal goals [32][34].

Core Viewpoint - The company, Wanxing Technology, is actively engaging with investors to showcase its advancements in AI-driven digital creative software and its strategic focus on large model development and product innovation [1][3]. Group 1: Company Overview - Wanxing Technology, established in 2003 and listed on the Shenzhen Stock Exchange in 2018, specializes in digital creative software, covering over 200 countries and regions with more than 2 billion active users [3]. - The company has developed a range of products including video, drawing, and document software, and is committed to enhancing mobile and AI capabilities [1][3]. Group 2: AI Model Development - The company employs a "dual model drive" strategy, investing in its proprietary Wanxing Tianmu large model while also integrating high-quality third-party models such as Google Veo3 and OpenAI Sora2 [2]. - As of the first three quarters of 2025, the cumulative call volume of the company's AI servers exceeded 800 million, indicating a growing user willingness to utilize AI features [2]. Group 3: Business Strategy - Wanxing Technology is focusing on three main areas: leveraging AIGC (AI Generated Content) opportunities, promoting multi-end collaborative development, and enhancing internal efficiency through AI tools [3]. - The company has received multiple awards for its governance and innovation, reflecting its commitment to transparency and investor communication [3].

12月19日，A股股指集体上涨，受海外稳定币消息催化，金融科技及软件开发板块表现相对强势，创业 板软件ETF华夏（159256）涨幅扩大至近1%，其持仓股四方精创、彩讯股份大涨超5%，航天智装、创 业慧康、中科创达等股领涨。 消息方面，Visa在美国启动基于USDC的稳定币结算服务，允许美国发卡行和收单行通过Solana区块链 完成VisaNet交易的结算，实现7×24小时、近乎实时的资金清算，提升流动性管理效率。 在AI产业链中，软件行业主要处于中游技术层和下游应用层，扮演着核心技术支撑和应用落地的关键 角色。具体来看，软件行业在中游技术层主要提供AI框架、开发平台和算法模型，这些技术是AI应用 开发的基础。在下游应用层，软件行业通过将AI技术与各行业结合，推动AI应用的落地。 长江证券分析指出，在中美科技博弈加剧的背景下，基于供应链安全考量，在关键领域实现完全自主可 控是我国科技发展的必由之路。随着2025年等关键政策考核年份临近，国产操作系统、基础软件等信创 产业链方向值得重点关注。 （文章来源：每日经济新闻） ...

Core Viewpoint - Morgan Stanley initiates coverage on 聚水潭 with an "Overweight" rating and a target price of HKD 37, highlighting its standout growth in China's fragmented e-commerce sector and strong profitability [1] Group 1: Company Performance - 聚水潭 is noted for its ability to outperform most software peers and its vertical market, maintaining robust profitability [1] - The company is one of the few SaaS providers in China with a high customer retention rate, indicating sustainable revenue growth and profitability [1] Group 2: Financial Projections - Revenue is expected to grow at a compound annual growth rate (CAGR) of 23% from 2024 to 2027 [1] - By 2027, the non-International Financial Reporting Standards (IFRS) net profit margin is projected to reach 29% [1] Group 3: Valuation and Market Position - The valuation of 聚水潭 is considered attractive, positioning it as one of the preferred stocks in the industry [1]

恒生科技指数由港股上市公司中与科技主题高度相关的、市值最大的30只股票组成，聚焦半导体、机器 人、软件、互联网、智能驾驶等科技板块，权重股包括美团、腾讯控股、阿里巴巴、中芯国际等龙头企 业。从估值来看，指数当前滚动市盈率为22.9倍，位于2020年发布以来30%分位以下。 恒生科技ETF易方达（513010）最新规模超260亿元，在同类ETF中居前，产品近一月日均成交额超10 亿元，流动性较好且支持T+0交易，可助力投资者布局港股科技板块估值修复机遇。 今日早盘，港股科技板块震荡拉升，汽车股领涨，AI软硬件方向涨幅居前，截至10:13，恒生科技指数 上涨1.1%，成份股中，地平线机器人-W涨超7%，小鹏汽车-W涨超4%，理想汽车-W、零跑汽车涨超 2%。相关产品持续受市场关注，Wind数据显示，恒生科技ETF易方达（513010）已连续9个交易日获资 金净流入，合计约15亿元。 中国银河证券表示，重要会议定调明年经济工作，强调要继续实施更加积极的财政政策和适度宽松的货 币政策，因此，在流动性宽松环境叠加政策利好影响下，港股有望震荡上行。配置方面，科技板块仍是 中长期投资主线，经历前期调整后估值回落，在多重利好 ...

Core Insights - Wanjing Technology has launched an upgraded version of its AI video conversion and quality enhancement tool, Wanjing Youzhuan 2026, which integrates new AI algorithms to optimize video format conversion, quality enhancement, intelligent compression, and recording [1][2] - The company is recognized as a leading player in the digital creative software sector in China, with a wide product range and significant revenue, often referred to as the "Chinese version of Adobe" [1] - Wanjing Technology is accelerating its large model technology layout, having released the Wanjing Tianmu multimedia large model 2.0, which ranks in the top 4 domestically on the SuperCLUE global leaderboard [1] Company Overview - Wanjing Technology operates in over 200 countries and regions, with flagship products including Wanjing Miaoying, Wanjing Naotu, Wanjing Tushi, and Wondershare Selfyz AI [1] - The upgraded Wanjing Youzhuan 2026 aims to lower the barriers for professional video processing, representing an innovative application of cutting-edge AI technology in the audio and video processing field [2] - The AIGC creative tools, exemplified by Wanjing Youzhuan, are expected to empower a broader range of creators and drive the digital creative industry into a more efficient and intelligent new phase [2]

Group 1: Platinum Jewelry Prices - The price of platinum jewelry has surpassed 800 yuan per gram, with the price reaching 815 yuan for foot platinum 999 on December 18 [1] - In the Shenzhen Shui Bei market, the price of platinum jewelry has increased to around 470 yuan per gram, up from approximately 300 yuan in June [1] - On the domestic futures market, platinum futures saw a significant increase, with a closing price rise of 5.32% on December 18 [1] Group 2: Chinese Technology ETFs - The KraneShares China Internet ETF (KWEB) has attracted $2.3 billion in inflows this year, potentially marking its best annual performance since 2021 [1] - The Invesco China Technology ETF (CQQQ) has also seen $2.1 billion in inflows, aiming for its best annual performance in history [1] Group 3: HBM3e and DDR5 Pricing Trends - The price of conventional DRAM has surged due to supply shortages, while HBM3e prices are also rising due to increased orders from GPUs and ASICs [1] - It is expected that the average selling price (ASP) gap between HBM3e and DDR5 will narrow significantly over the next year [1] Group 4: UK Home Security Market Growth - The number of households in the UK using professional home security monitoring services is projected to grow by 31% by 2025, reaching 542,600 households [2] - This growth indicates a significant market shift as consumers increasingly adopt smart technology for home security [2] Group 5: Chinese Photovoltaic Exports - China's photovoltaic product exports saw a total of $24.42 billion from January to October 2025, with a year-on-year decline of 13.2%, a significant improvement from the 34.5% decline in the same period of 2024 [2] - The stabilization of export prices reflects the effectiveness of industry self-regulation [2] Group 6: Hainan Free Trade Port - The Hainan Free Trade Port officially began operations on December 18, with international flight bookings to Haikou for the Spring Festival expected to double year-on-year [2] - Flight bookings for the New Year period also saw significant increases, with a 19% rise for Haikou and a 51% rise for Sanya [2] Group 7: Chow Tai Fook Price Increase - Chow Tai Fook announced a price increase for some products effective December 19, with most products seeing price hikes between 4% and 16% [3] - For example, a gold bracelet weighing approximately 32.35 grams increased in price from 56,800 yuan to 65,800 yuan, reflecting a 15.8% increase [3] Group 8: AI Framework for Disease Treatment - A research team from Jilin University has developed an AI framework called SpatialEx, which integrates spatial multi-omics data to aid in the diagnosis and treatment of diseases like breast cancer and Parkinson's [3] Group 9: MiniMax IPO Plans - MiniMax, a domestic AI model company, has passed the Hong Kong Stock Exchange hearing and plans to list in January 2026, potentially becoming the fastest AI company to IPO globally [6] - The company has served over 210 million users across more than 200 countries and regions [6] Group 10: Corporate Leadership Changes - The CEO of Master Kong, Chen Yingrang, will retire, with Wei Hongcheng appointed as the new CEO effective January 1, 2026 [5] - Wang Weidong has resigned as general manager of Songyang Resources, with Cai Jiantao taking over the position [6]