Core Viewpoint - The Hong Kong stock market is experiencing a downturn, but the technology sector is seeing a counter-trend investment as the AI sector moves towards value creation and commercialization, indicating potential for future profit growth [1] Group 1: Market Trends - Despite the recent weakness in the Hong Kong stock market, there is a notable influx of funds into the technology sector, reflecting market recognition of the long-term fundamentals [1] - Since November 2025, ETFs tracking the Hang Seng Technology Index have seen a total of 27 billion yuan in net inflows, with the Hang Seng Technology ETF (513130) attracting 4.7 billion yuan and increasing its shares by 6.2 billion [1] - The Hang Seng Technology Index's current price-to-earnings (P/E) ratio is 23.13, which is at a mid-low percentile level compared to the past five years [2] Group 2: Comparative Valuation - The valuation of the Hang Seng Technology Index is lower than that of major technology indices in the A-share and US markets, such as the Nasdaq Index at 41.09 and the Sci-Tech Innovation 50 Index at 156.57 [2] - The recent market correction has released some risk factors, making the technology sector's valuation more attractive for investment [2] Group 3: Future Outlook - With the anticipated interest rate cuts by the Federal Reserve and improving overseas liquidity, along with stable performance from domestic tech leaders since Q3 2025, the long-term investment value of the Hong Kong technology sector is expected to increase [2] - The Hang Seng Technology ETF (513130) closely tracks the Hang Seng Technology Index, which includes 30 leading Hong Kong internet and tech companies across various sectors, providing comprehensive exposure to the AI industry chain [2] Group 4: Investment Tools - The Hang Seng Technology ETF (513130) offers advantages such as large scale, good liquidity, and support for T+0 trading, making it a key tool for investors looking to access core assets in the Hong Kong technology sector [3] - Investors can also consider the off-market linked funds (Class A 015310, Class C 015311) for additional investment opportunities [3]

每经AI快讯，诚迈科技（SZ 300598，最新价：43.82元）12月16日午间发布公告称，公司于2025年12月 15日召开第四届董事会第二十次会议，审议通过了《关于拟继续为子公司申请银行综合授信提供担保的 议案》，为满足子公司智达诚远科技有限公司（以下简称"智达诚远"）经营发展的资金需求，公司董事 会同意为智达诚远向相关银行申请综合授信提供合计不超过人民币2.5亿元的担保，担保额度的授权期 限为2026年度，在上述期限内担保额度可循环使用。智达诚远少数股东为智达诚远员工持股平台及执行 董事，本次少数股东未同时提供担保。截至目前，公司对智达诚远申请银行综合授信提供担保实际额度 为人民币1.7亿元，将于2025年12月23日到期，本次拟进行的担保事项为前期对智达诚远担保额度到期 后的延续和扩大。上述事项还需提交公司股东会审议。 每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ （记者 王晓波） 截至本公告披露日，除相关为智达诚远申请银行综合授信提供的2.5亿元担保外，公司及全资/控股子公 司没有对外提供担保，也没有涉及诉讼的担保，累计提供担保总余额占公司最近一期经审计净资 ...

人民财讯12月16日电，中信证券研报称，三季度以来，受AI威胁论、宏观预期的扰动等影响，美股软 件板块表现较为疲软，其中应用软件尤为明显。三季报显示，板块需求环境趋于稳定，企业业绩及指引 超预期比例亦进一步上升。同时预计后续"降息+宽财政"的组合将持续推动欧美企业软件支出的回暖， 而经历自2024年四季度以来的准备、测试之后，AI+软件货币化效果亦有望在2026年逐步落地。当前时 点，看好美股软件板块中期投资机会，建议关注：低位企稳回升的应用软件，以及持续高景气度的信息 安全(平台化)、基础软件(数据管理方向)。 ...

每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ （记者 曾健辉） 每经AI快讯，达华智能（SZ 002512，收盘价：6.84元）12月15日晚间发布公告称，基于公司战略发展 与实际经营情况考虑，公司拟将持有参股公司福建福米科技有限公司12.2%股权以人民币约1.8亿元（对 应注册资本金为人民币约1.8亿元）转让给长鼎电子材料（绍兴）有限公司，本次股权转让前，公司持 有福米科技48.41%股权，转让完成后公司持有其36.21%股权，福州新投创业投资有限公司持有其 46.51%股权，长鼎电子持有其12.2%股权，炎武实业发展（上海）有限公司持有其5.08%股权，福米科 技仍为公司参股公司。 2025年1至6月份，达华智能的营业收入构成为：电子元器件制造业占比81.1%，软件业占比15.45%，其 他占比3.45%。 截至发稿，达华智能市值为76亿元。 ...

截至发稿，用友网络市值为433亿元。 2024年1至12月份，用友网络的营业收入构成为：软件行业占比98.19%，其他业务占比1.81%。 每经AI快讯，用友网络（SH 600588，收盘价：12.66元）12月15日晚间发布公告称，用友网络科技股份 有限公司控股股东北京用友科技有限公司持有公司股份约9.21亿股，占公司总股本26.96%，本次股份质 押及解除质押后，北京用友科技累计质押公司股份约3.45亿股，占其持股总数的37.47%，占公司总股本 的10.1%。截至2025年12月15日，北京用友科技及其一致行动人上海用友科技咨询有限公司、北京用友 企业管理研究所有限公司持有公司股份约14.21亿股，占公司总股本的41.59%。本次质押及解除质押 后，北京用友科技及其一致行动人累计质押数量约为4.22亿股，占其持股数量的29.67%，占公司总股本 的12.34%。 每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ （记者 曾健辉） ...

每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ （记者 王晓波） 每经AI快讯，达华智能（SZ 002512，收盘价：6.84元）12月15日晚间发布公告称，公司第五届第十一 次董事会会议于2025年12月15日在公司会议室召开。会议审议了《关于转让参股公司部分股权的议案》 等文件。 2025年1至6月份，达华智能的营业收入构成为：电子元器件制造业占比81.1%，软件业占比15.45%，其 他占比3.45%。 截至发稿，达华智能市值为76亿元。 ...

Core Viewpoint - Hunan Province has announced the list of companies eligible for the 2025 R&D financial subsidies, with Wanxing Technology (300624.SZ) receiving a notable subsidy of 6.1242 million yuan due to its high R&D investment, highlighting its status as a prominent tech enterprise [1][3]. Group 1: Financial Support and Recognition - The 2025 R&D financial subsidies aim to strengthen policy support for enterprises' R&D efforts, encouraging increased investment and contributing to the realization of Hunan's "three highs and four new" development blueprint [3]. - A total of 2,085 companies are set to receive subsidies in 2025, with the total funding exceeding 500 million yuan [3]. - Wanxing Technology's inclusion in the subsidy list is a recognition of its past innovation achievements and provides strong support for its future technological advancements [3]. Group 2: Technological Achievements - In 2023, Wanxing Technology achieved significant breakthroughs in the AIGC field, including the release of the Wanxing Tianmu audio-video multimedia model 2.0, which ranked among the top four in China on the SuperCLUE global leaderboard [3]. - The overseas version ToMoviee 2.0 AI scored among the top three globally in the VBench-2.0 evaluation, achieving first place in key metrics related to camera motion and rationality [3]. - Wanxing Tianmu was also recognized in the "2025 Hunan Province First Edition Software Product Recognition List," representing a significant achievement in Hunan's emerging software sector [3]. Group 3: Talent Acquisition Strategy - Wanxing Technology has launched a global campus recruitment initiative for 2026, offering an average annual salary of 500,000 yuan for fresh graduates, with R&D talents potentially earning up to 1 million yuan in their first year [4]. - The recruitment strategy aims to attract high-quality young talent globally, promoting a work-life balance in Changsha while engaging in global AI projects [4]. - The company has invested nearly 1 billion yuan in building the first digital creative science park in Changsha, further enhancing its appeal to mid-to-high-end talent [4]. Group 4: Policy Support and Industry Context - Wanxing Technology's rapid growth aligns with Hunan Province's recent policies aimed at encouraging R&D innovation and enhancing enterprises' independent innovation capabilities [5]. - Hunan has implemented a comprehensive support network for R&D, including upfront investment subsidies, key project support, and post-innovation rewards, to stimulate innovation and development [5]. - Wanxing Technology is recognized as a leading player in China's digital creative software sector, with a wide product range and a significant global presence, serving over 200 countries and regions with more than 2 billion active users [6].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中信建投证券研究 文|周君芝 杨振辉 上周金银表现强势，其他风险资产偏弱。 2025年大类资产，金银代表的贵金属一骑绝尘。 2025年贵金属行情可分三段，一季度交易特朗普加税；4~7月交易全面关税引发全球失序担忧；8月至 今交易美联储宽松。 与历史其他时期不同，当前美国经济隐含三个长周期因素，科技革命、财政扩张和供应链脱钩，所以美 国增长和通胀分化，经济和政治复杂性空前。 面对中期选举，美联储独立性不得不被搁置，即便面临压不下的通胀中枢，美国依然选择宽松。也就有 了美联储宽松预期不止，美债长短期限利差走扩，贵金属强势。 展望2026年，我们需要关注货币和财政回归之后全球经济走向。接力金银的下一个大宗品种，应该是 铜。 本周关注： 重要会议落地后，债市开启一轮小的修复。 美联储鸽派降息，美元走弱，长端美债收益率上行。 一、中国股市：A股震荡反复，H股小幅下跌。 中国AH股回顾： A股：本周沪指围绕3900点反复震荡，创业板指领涨。中信一级行业方面，通信、国防军工和电子板块 领涨，煤炭、石油石化和纺织服装板块领跌。 H股：本周港股呈V型走势 ...

向阳花开，乘势而上——2026 年 A 股年度策略 20251214 摘要 2025 年市场由流动性驱动，万得全 A 指数上涨 25%，估值提升贡献 20%，盈利支撑仅占 5%，主要受益于国家队支撑、险资流入及居民存 款转移等增量资金。 预计 2026 年 PPI 将回升，中性预期下年底或达-0.7 左右，与全 A 非金 融企业盈利增速和 ROE 一致，盈利增速有望达 10%左右。 PPI 弱回升情境下，沪深 300 指数 ERP 可能降至负一倍标准差，对应指 数涨幅约 10%，即从 4,000 点涨至 4,500 点左右。 微观流动性依赖外资和居民存款搬家，外资回流受限，需依赖银行理财 到期及收益率下行吸引居民资金入市，券商启动是关键。 券商板块对引导散户资金入市至关重要，券商股短期快速上涨通常伴随 市场中小单净流入量占比提升，预计 2026 年一季度可能重现。 2026 年一季度是全年确定性最强窗口，政策发力、经济预期乐观、流 动性宽松及事件催化，是布局净值最佳时机，下半年市场或震荡。 春季躁动行情或提前至 2025 年底至 2026 年 1 月上旬，成长风格胜率 高，关注软件、传媒中的游戏、机器人、创新 ...

Core Viewpoint - Broadcom (NASDAQ: AVGO) reported record revenue of $18.015 billion for FY2025 Q4, driven by strong performance in AI semiconductor and VMware businesses, with a year-over-year growth of 28% and a quarter-over-quarter growth of 13% [3][4] Financial Performance - FY2025 Q4 revenue reached a historical high of $18.015 billion, exceeding previous guidance of approximately $17.4 billion, with a gross margin of 77.9%, slightly above the guidance of 77.7% [3][4] - The company has an unprecedented backlog of $162 billion in unfulfilled orders, with AI business orders significantly outpacing non-AI orders [3][4] - The semiconductor segment generated $11.072 billion in revenue, accounting for 61% of total revenue, with a year-over-year growth of 35% and an operating profit margin of 59% [4][10] AI Business Growth - AI revenue reached $6.5 billion, marking a 74% year-over-year increase, continuing a trend of over 10 consecutive quarters of growth [4][10] - The company expects AI revenue to double year-over-year to $8.2 billion in FY26 Q1, driven by strong demand and a backlog of over $73 billion in AI orders [5][6][10] Software Segment Performance - Infrastructure software revenue was $6.943 billion, representing 39% of total revenue, with a year-over-year growth of 19%, exceeding previous expectations [4][13] - The gross margin for the infrastructure software segment was 93%, reflecting strong performance and successful integration of VMware [4][13] Future Guidance - For FY26 Q1, the company projects revenue of approximately $19.1 billion, a year-over-year increase of 28%, with semiconductor revenue expected to reach $12.3 billion, a 50% increase [5][17] - The company anticipates continued acceleration in customer AI spending, with a significant portion of the backlog expected to be fulfilled within the next 18 months [6][17] Operational Insights - The company reported a free cash flow of $7.5 billion for the quarter, representing 41% of revenue, with a focus on maintaining strict inventory management [15][22] - Broadcom's cash and cash equivalents stood at $16.2 billion, with total debt of $67.1 billion, indicating a strong liquidity position [15][22] Market Dynamics - The company is experiencing robust demand for AI-related products, with significant orders from major clients, including a recent $11 billion order from Anthropic [6][11] - The competitive landscape is evolving, with customers increasingly exploring custom AI accelerators, although Broadcom remains confident in its market position [18][21]