Key Points - The article summarizes significant events during the New Year holiday and the latest assessments from major brokerage firms regarding market trends and investment opportunities [1] Group 1: Major Events - The U.S. military operation led to the capture of Venezuelan President Nicolás Maduro and his wife, with implications for U.S. involvement in Venezuela's oil industry [3] - Hong Kong's stock market opened strongly on January 2, with the Hang Seng Index rising by 2.76% and the Hang Seng Tech Index increasing by 4% [4] - The public fund fee reduction reform has been fully implemented, expected to save investors approximately 51 billion yuan annually, with a 20% decrease in comprehensive fund fee rates [5] - Warren Buffett officially retired as CEO of Berkshire Hathaway, continuing as chairman [7] - The National Integrated Circuit Fund increased its stake in SMIC from 4.79% to 9.25% [8] - Baidu plans to spin off its Kunlun chip business and apply for an IPO in Hong Kong [9] - Tesla lost its title as the world's top electric vehicle seller, delivering 1.636 million vehicles in 2025, while BYD sold 2.257 million vehicles, a 27.86% increase from 2024 [10] - Shanghai aims to become a global hub for eVTOL (electric vertical takeoff and landing) aircraft, targeting an industry scale of 80 billion yuan by 2028 [11] - Moutai launched its products on the iMoutai platform, with significant sales during the holiday period [12] - New guidelines for high-quality development of the power grid were released, aiming for a new grid platform by 2030 [13] Group 2: Brokerage Insights - CITIC Securities noted that 2025 was a strong year for market performance, driven by a reassessment of China's technological capabilities and external demand resilience, with a focus on balancing external and internal demand in 2026 [14] - Shenwan Hongyuan highlighted a favorable window for risk appetite, with potential catalysts from upcoming events such as the Spring Festival and the Two Sessions [15] - Guojin Securities pointed out that the market's internal driving logic is changing, with a focus on fundamental signals and lower volatility assets [16] - Hua'an Securities emphasized the importance of macro policies and the AI industry as key investment themes for January [17] - CITIC Jiantou expressed optimism for the cross-year market, focusing on sectors like semiconductors, AI, and new energy [18] - Cinda Securities suggested a gradual start to the spring market, with a need for economic data to support further index breakthroughs [19] - Everbright Securities advised patience regarding the spring market, noting historical patterns of index performance [21] - Guotai Haitong forecasted a stable market environment supported by favorable liquidity and policy measures [22] - Zhongtai Securities recommended cautious optimism for the technology sector, focusing on specific sub-sectors with strong fundamentals [23] - Galaxy Securities indicated that the holiday period's positive market sentiment could lead to an early spring rally, while remaining cautious of geopolitical risks [24]

Group 1 - The core viewpoint of the article is that structural changes in the Chinese market are expected to drive continued upward momentum in Chinese stocks, particularly in the technology sector, with significant inflows into ETFs tracking these stocks [2][9]. - In 2025, the MCHI index, which tracks the MSCI China Index, achieved a return rate exceeding 30%, while the S&P 500 index returned approximately 16.39% during the same period [2]. - The total scale of 53 Chinese ETFs listed in the US is approximately $31.47 billion (about 220 billion RMB), with the largest being KWEB at $8.02 billion and MCHI at $7.78 billion [4]. Group 2 - The CQQQ ETF saw over $2 billion in inflows in 2025, making it a significant winner among Chinese ETFs, while KWEB and MCHI also received substantial inflows of $1.973 billion and $871 million, respectively [4]. - The interest in non-US ETFs, including Chinese ETFs, is expected to continue growing in 2026, driven by attractive valuations compared to US stocks [7]. - UBS forecasts that advanced manufacturing and technology will be new growth engines for the Chinese economy, with R&D spending expected to grow at a compound annual growth rate of at least 7% by 2030 [9].

此外，美图公司表示拟将该所得款项净额用于一般商业用途。 （编辑 张昕） 美图公司在2025年5月份发布的公告显示，阿里巴巴将以可转债形式投资美图，本金总额2.5亿美元，阿 里巴巴可按每股6港元的价格转换为美图公司股票。根据公告，美图公司和阿里巴巴将在电商、大模 型、云计算等领域展开战略合作。 在本次公告中，美图公司方面也透露了合作进展，已于2025年12月30日同阿里巴巴签订业务合作协议， 后续会进一步通过专项协议落实具体安排。 本报讯 （记者袁传玺）2025年12月31日，美图公司（1357.HK）发布公告，宣布与阿里巴巴此前签署的 2.5亿美元可转债已完成交割，并根据认购协议条款向阿里巴巴发行本金为2.5亿美元的可转股债券。 ...

Investment Rating - The report maintains a positive outlook on the AI industry, particularly highlighting the acquisition of Manus by Meta as a significant trend [2]. Core Insights - The coffee and tea beverage sector remains vibrant, with brands actively opening new stores despite seasonal fluctuations [4]. - E-commerce is facing pressure due to the domestic consumption environment, but the continuation of national subsidies in 2026 is expected to benefit the sector [4]. - The music streaming platform is identified as a high-quality internet asset driven by domestic demand, suggesting continued investment interest [4]. - The automotive service sector is seeing new franchise policies from major players like JD and Tuhu, indicating growth potential in the aftermarket [4]. - The Robotaxi segment is gaining traction with Tesla's recruitment for its autonomous ride-hailing project, presenting investment opportunities [4]. - The AI and cloud sectors are expected to thrive, with a focus on companies with strong operational cash flow, such as Google, Microsoft, Tencent, and Alibaba [4]. - The media sector anticipates a strong year in 2026 with several major game releases, particularly during the upcoming holiday season [4]. Summary by Sections 1.1 Consumer & Internet - The Hang Seng non-essential consumer index increased by 2.15%, outperforming the Hang Seng index [9]. - Notable stock performances include Tims (+15.07%) and Luckin Coffee (+3.30%), while some brands like Tea Baidao saw declines [9][10]. 1.2 Platform & Technology 1.2.1 Streaming Platforms - The Hang Seng media index rose by 6.14%, significantly outperforming other indices [20]. - Key stock performances include iQIYI (+6.28%) and Tencent Music (+1.36%) [20]. 1.2.2 Virtual Assets & Internet Brokers - The global cryptocurrency market cap reached $309.02 billion, with Bitcoin and Ethereum prices increasing by 3.0% and 6.7% respectively [27]. - Notable stock performances include Tiger Brokers (+15.10%) and Futu Holdings (+8.03%) [29]. 1.2.3 Automotive Services - The Hang Seng composite index saw a slight increase of 0.44%, with mixed performances among automotive service stocks [32]. - Companies like Meidong Auto (+7.76%) performed well, while others like AutoZone saw declines [32]. 1.2.4 O2O - The Hang Seng internet technology index decreased by 0.46%, with mixed stock performances [36]. - Notable performances include Beike (+2.04%) and Didi Global (+0.91%) [36]. 1.2.5 AI & Cloud - The Nasdaq internet index fell by 1.52%, with significant stock movements among major tech companies [42]. - Baidu saw a notable increase of 20.43%, while companies like Tesla experienced declines [42]. 1.3 Media - The media index increased by 2.1255%, with advertising and marketing sectors performing well [45]. - Key stock performances include NetEase (+7.32%) and Tencent (+3.32%) [45].

重大事项： 百度集团-SW(09888)：建议分拆昆仑芯于香港联合交易所有限公司主板独立上市 中国宏桥(01378)：宏拓实业成为宏创控股全资子公司 脑动极光-B(06681)附属与北京健国医疗正式签署《认知数字疗法项目合作协议》 龙蟠科技(02465)拟投建年产24万吨磷酸铁锂生产基地 总投资不超20亿元 中证国际(00943)拟6250万港元收购美容行业数字化解决方案公司 1月5日复牌 科伦博泰生物-B(06990)：ITGB6 ADC SKB105新药临床试验申请获国家药品监督管理局批准 达力普控股(01921)全资子公司-达力普国际工业公司，已获得MIMR颁发的《临时工业许可证》 国富氢能(02582)已向其客户完成交付合共424套车载高压供氢系统 石药集团(01093)：乙磺酸尼达尼布吸入粉雾剂在中国获临床试验批准 花样年控股(01777)与Splendid Fortune订立重组协议，拟452.84万美元出售4.09亿股彩生活股份 ...

证券研究报告 | 2026年01月04日 港股 1 月投资策略 优于大市 春季行情徐徐启动 美国：通胀压力降低，后续更加关注就业。12 月降息之后，市场预期下一 次降息将推迟到 4 月下旬。在政府停摆时间里，不少经济数据的质量受到 了严重的影响，需要更多的信息发布来客观揭示当下的经济情况。房地产市 场的清淡加之就业市场的相对疲弱，使得未来一段时间通胀的压力可控，重 点是观察就业情况。委内瑞拉事件短期增加了地缘政治的不确定性，但对油 价中期的影响仍需观察后续局势进展。 国内：关注 AI 与 PPI 两个方向。进入到 2026 年，我们认为改变市场预期 的可能是两条主线，其一是十五五规划在两会上的发布，其二是 PPI 的 持续改善。前者围绕着未来五年的增长预期，以及更加具体、可计算的 市场容量和增速；后者则围绕着企业盈利与景气度，是体量资金必然关 注的方向。 港股：修复行情已经开启。 我们看好 2026 年上半年由美元指数走弱驱动的海外资金回流+国内春季 资金面改善的双驱动行情。建议关注 AI+PPI 双主线，板块方面： 1、AI 方向：AI 方向依然是 2026 年的重中之重，既有十五五推动半导 体硬件国产化加 ...

隔夜美股走势分化，道指、标普500指数尾盘拉升，纳指下跌。多只中概股大涨超10%。 鼎锋优配作为一家专注于港股和A股交易的券商，鼎锋优配为投资者提供一站式的投资服务。其交易平台功能强大、操作便捷，能够满足不同投资者的需 求 明星中概股普涨，百度收涨15%，哔哩哔哩、网易涨超7%，阿里巴巴涨超6%，京东涨近3%。 1月2日，美股三大指数收盘涨跌不一，纳指高开低走，收跌0.03%，标普500指数微涨0.19%，道指涨0.66%。 特斯拉为连续七个交易日下跌，该公司宣布第四季度交付量同比下降16%且低于分析师预期。 纳斯达克中国金龙指数迎来"开门红"，收涨4.38%，本周累计上涨2.23%。 明星科技股走势分化，存储芯片概念股大涨，美光科技涨超10%，阿斯麦涨近9%，股价均创历史新高。AMD涨超4%，英伟达涨超1%，谷歌微涨；特斯 拉、微软跌超2%，亚马逊跌近2%，Meta跌超1%，苹果微跌。 | 名称 | 现价 | 涨跌 | 涨跌幅 * | | --- | --- | --- | --- | | MICROALGO | 5.120 | 0.700 | 15.84% | | 百度集团 | 150.300 | 19. ...

北京三快在线科技有限公司成立于2011年5月，法定代表人为穆荣均，注册资本约50.5亿美元，经营范 围包括计算机软硬件及辅助设备批发、计算机软硬件及辅助设备零售、信息系统集成服务等。股东信息 显示，该公司由美团香港有限公司全资持股。 1月4日，天眼查天眼风险信息显示，近日，北京三快在线科技有限公司新增一则股权冻结信息，股权所 在企业为北京三快信息科技有限公司，冻结股权数额325万人民币，冻结期限为3年，执行法院为北京市 海淀区人民法院。 ...

[Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX 1 for English summary) 上周我们认为， A 股或再度尝试上行，港股也有望跟随补涨，但 A 股进一步上行将面临年度高点的压力，在成交未 出现明显放量之前，直接突破难度较大，全周走势或呈现冲高回落。本周 A 股上证综指小幅上行 0.1%，创业板指跌 1.3%，港股在周五明显补涨的带动下全周表现较强，恒生指数涨 2%，恒生科技涨 4.3%。 [Table_Title] 研究报告 Research Report 4 Jan 2026 中国策略 China Strategy 半导体主线逐步确立，维持逢低配置思路 Semiconductors Emerging as a Core Theme; Continue to Accumulate on Pullbacks 周林泓 Amber Zhou 黄雨昕 Yuxin Huang amber.lh.zhou@htisec.com yx.huang@htisec.com 上周我们提到，国际贵金属进入投机加速阶段 ...

港股周报 meta 收购 manus，百度昆仑芯拆分上市，港股迎来"开门红" glmszqdatemark 2026 年 01 月 04 日 [Table_Author] 分析师 孔蓉 执业证书： S0590525110014 邮箱： kongrong@glms.com.cn 分析师 杨雨辰 执业证书： S0590525110015 邮箱： yangyuchen@glms.com.cn 分析师 曹睿 执业证书： S0590525110018 邮箱： caorui@glms.com.cn 分析师 刘诗雨 执业证书： S0590525110017 邮箱： liushiyu@glms.com.cn 分析师 樊程安吉 执业证书： S0590525110016 邮箱： fanchenganji@glms.com.cn 分析师 赵融 执业证书： S0590525120005 邮箱： zhaorong@glms.com.cn 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 本周（2025 年 12 月 29 日-2026 年 1 月 2 日，全文同）恒生指数涨 2.01%，恒生科技指 ...