每经编辑｜王瀚黎 王晓波 ↓国新办定于1月14日举行新闻发布会 2025年全年进出口情况 2 欧佩克公布月度原油市场报告 3 美国劳工统计局将于1月14日发布2( 和11月PPI数据 4 美国2025年12月成屋销售、2025f 数据公布 142 1 隔夜市场 美股三大指数集体收跌，道指跌0.8%，纳指跌0.1%，标普500指数跌0.19%；银行股普跌，KBW银行指数下跌1.3%，摩根大通下跌4.2%；科技股涨跌互 现，英特尔涨超7%并创近两年新高，AMD涨超6%，Meta、亚马逊、微软跌超1%。中概股多数下跌，纳斯达克中国金龙指数跌1.86%，拼多多跌超5%，蔚 来、小鹏汽车跌超3%，京东、理想汽车跌超1%，百度、哔哩哔哩跌超1%。 当地时间1月13日，美国财政部表示，受支出创纪录及福利支付时间调整影响，美国政府2025年12月录得1450亿美元财政赤字，同比增加67%，创下该月份 历史新高。 国际油价大幅走高，截至发稿时，美油主力合约涨2.61%，报61.05美元/桶；布伦特原油主力合约涨2.44%，报65.43美元/桶。 国际金价走低，截至发稿时，现货黄金跌0.26%，报4585.37美元/盎司；COM ...

来源：环球市场播报 周二美股成交额第1名英伟达收高0.47%，成交293.65亿美元。该公司表示并不要求客户为购买H200芯 片支付预付款。英伟达发言人在一份声明中表示，该公司"永远不会要求客户为未收到的产品付款"。 这一声明是针对媒体近日的一篇报道。该报道指出，英伟达对寻求购买其人工智能芯片的中国客户提出 了异常严格的条款，要求全额预付款，且不得取消订单、申请退款或在下单后更改配置。报道称，英伟 达这样的严苛要求主要是防范政策变化的风险，毕竟该公司尚未拿到可以在中国市场销售H200的许 可。 第2名特斯拉收跌0.39%，成交239.21亿美元。日前马斯克在X平台发帖称，未来一周内将向公众开放平 台推荐算法，此后每四周定期公开更新，并附有详细的开发者说明，旨在建立常态化的透明度机制。马 斯克称，X的推荐算法正逐步转向完全由人工智能驱动，尤其依赖其旗下AI聊天机器人Grok对每日上亿 条帖子进行分析筛选，以提升信息流质量。马斯克这一举动也被市场解读为要涉足GEO。传统搜索引 擎优化（SEO）的目标是提升网页在搜索引擎结果页（SERP）中的排名获取更多自然搜索流量。 第3名微软收跌1.36%，成交129.82亿美 ...

Group 1 - The core viewpoint of the news is that international investors are accelerating their allocation of Chinese assets, with the proportion of holdings by major institutions reaching a new high since 2023 [1][2] - UBS's analysis indicates that the interest in Chinese assets is increasingly based on optimism regarding industrial transformation and growth potential rather than short-term trading opportunities [1][2] - The Hong Kong IPO market is experiencing a positive cycle with over 300 companies having submitted listing applications, indicating a significant increase compared to previous years [3][4] Group 2 - Foreign investment in Chinese assets is particularly evident in the Hong Kong IPO market, with major international asset management firms participating as cornerstone investors in recent listings [2][3] - The investment style of foreign investors is evolving, with a shift from focusing solely on companies with stable earnings to also considering high-growth companies, indicating a broader acceptance of growth-oriented investments [3][5] - The outlook for Chinese assets remains strong, with key sectors such as AI, semiconductor equipment, brokerage firms, and companies benefiting from overseas expansion being highlighted as areas of interest for future investment [4][5]

Core Viewpoint - The southbound capital flow into the Hong Kong stock market reached a record net inflow of 1,404.84 billion HKD in 2025, continuing into 2026 with a cumulative net inflow of 41.296 billion HKD as of January 13, 2026, contributing to a strong performance in the Hong Kong stock market [1][2]. Group 1: Southbound Capital Flow - In 2025, southbound capital was the largest incremental funding source for the Hong Kong stock market, with a total net inflow of 1,404.84 billion HKD, setting a record for annual net inflow [1]. - As of January 13, 2026, southbound capital continued to increase, with a cumulative net inflow of 41.296 billion HKD in just seven trading days, with six of those days showing net inflows [2]. - The number of shares held by southbound capital reached 5,643.75 billion shares as of January 12, 2026, an increase of 6.39 million shares since the beginning of 2026, with a total market value of 6.33 trillion HKD [2]. Group 2: Market Performance - The Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Technology Index saw cumulative increases of 4.75%, 4.17%, and 6.41% respectively since the beginning of 2026 [4]. - Over 80% of the constituent stocks in the Hang Seng Index have risen, with notable increases in stocks such as Alibaba Health, WuXi Biologics, and JD Health, all exceeding 20% [4]. - The healthcare, materials, and conglomerates sectors led the market with increases of 15.46%, 12.86%, and 7.62% respectively, while only the telecommunications sector saw a decline of 0.49% [4]. Group 3: Valuation and Future Outlook - The rolling price-to-earnings ratio of the Hang Seng Index increased to 12.27 times as of January 13, 2026, up from 11.77 times at the beginning of 2026 [5]. - Analysts predict that the Hong Kong stock market will benefit from domestic policies and external economic conditions, with expectations of a second round of valuation recovery and further earnings growth in 2026 [6]. - Key investment themes include technology innovation, cyclical industries, and consumer sectors, with a focus on AI-related sectors, healthcare, and resource commodities [7].

Core Viewpoint - The Chinese technology sector has seen significant capital inflow in 2026, driven by strong performance in various technology-related ETFs and positive market sentiment towards the long-term growth potential of the sector [1][2][4]. Group 1: ETF Inflows - Several technology-focused ETFs have attracted substantial net inflows this year, with the Yongying Satellite ETF leading at 4.79 billion yuan, followed by the Guotai Semiconductor Equipment ETF at 3.014 billion yuan and the Fuguo Satellite ETF at 2.824 billion yuan [1][2]. - Other ETFs, including the Fuguo Hong Kong Internet ETF and Huatai-PB Hang Seng Technology ETF, have also seen significant inflows, with amounts exceeding 1 billion yuan [1][2]. Group 2: Market Performance - The performance of technology indices has been strong, with the Shenwan Computer and Shenwan Electronics indices rising by 14.13% and 5.7% respectively, while the Hang Seng Technology Index increased by 6.41% [2]. - In the U.S. market, Alibaba and Baidu stocks have outperformed the Nasdaq index, rising by 13.46% and 16.53% respectively, compared to the Nasdaq's 2.12% increase [2]. Group 3: Growth Potential - Foreign institutions express confidence in the long-term growth logic of the Chinese technology sector, highlighting the potential for continued market performance in 2026 [4]. - Key sub-sectors such as robotics, autonomous driving, and commercial aerospace are expected to experience significant growth, driven by technological advancements and increasing policy support [5][6]. Group 4: AI and Emerging Technologies - The integration of AI across various industries is anticipated to be a transformative process over the next 3 to 5 years, with core companies in the AI sector currently valued reasonably without entering bubble territory [5]. - Specific applications of AI, such as smart glasses and autonomous driving, are identified as having high growth potential, with ongoing technological breakthroughs and market expansion [6].

当地时间1月12日，谷歌在其官方博客发布一则联合声明，官宣将与苹果公司合作。 声明称，苹果和谷歌已达成多年合作协议，在此框架下，下一代苹果基础模型将基于谷歌的Gemini模型 和云技术。这些模型将助力未来的苹果人工智能功能，包括在今年将对Siri（苹果智能语音助手）进行 一次更"个性化"的升级。 声明还提到，经过仔细评估，苹果认定谷歌的AI技术为苹果基础模型提供了最强大的基础，并对其为 苹果用户解锁的创新体验充满期待。苹果智能将继续在苹果设备和私有云计算上运行，同时保持苹果行 业领先的隐私标准。 对此，苹果表示，"经过慎重评估，我们认为谷歌的技术为Apple Foundation Models提供了最强大的基 础，我们也对这将为用户解锁的全新创新体验感到兴奋。"此外，苹果承诺用户数据不会直接接触谷歌 系统。 转自：北京日报客户端 值得一提的是，这项合作引起了马斯克的不满，他在社交媒体X上写道，"考虑到Google已经拥有 Android和Chrome，这似乎是一种不合理的权力集中。" 据上证报报道，去年8月，曾有多家媒体报道苹果与谷歌的谈判，苹果计划每年支付约10亿美元使用 Gemini技术。随着协议落地，谷 ...

Core Viewpoint - The Chinese technology sector is experiencing significant capital inflow in early 2026, driven by strong performance in various sub-sectors such as robotics, autonomous driving, commercial aerospace, and smart glasses, supported by foreign institutional optimism regarding long-term growth potential [1][8]. Group 1: Market Performance - As of January 13, 2026, the Shenwan Computer and Shenwan Electronics indices have risen by 14.13% and 5.7% respectively, while the Hang Seng Technology Index has increased by 6.41% [2]. - In the U.S. market, Alibaba and Baidu have seen increases of 13.46% and 16.53% respectively, outperforming the Nasdaq index, which rose by only 2.12% during the same period [2]. Group 2: Fund Inflows - Multiple technology-focused ETFs in the A-share market have experienced significant net inflows, with the Yongying Satellite ETF, Guotai Semiconductor Equipment ETF, and Fuguo Satellite ETF attracting net inflows of 4.79 billion, 3.014 billion, and 2.824 billion respectively as of January 12, 2026 [2]. - Cross-border ETFs such as the Fuguo Hong Kong Internet ETF and Huatai-PB Hang Seng Technology ETF have also seen substantial net inflows of 2.7 billion and 2.174 billion respectively [2]. Group 3: ETF Asset Growth - The Invesco China Technology ETF's asset size reached $3.061 billion as of January 12, 2026, marking an 8.64% increase from $2.818 billion at the end of December 2025 [4][5]. - The China Overseas Internet ETF's asset size was $8.375 billion as of January 9, 2026, reflecting a 4.47% increase from $8.017 billion at the end of December 2025 [6]. Group 4: Long-term Growth Outlook - Foreign institutions believe that the long-term growth logic of the Chinese technology sector remains solid, with expectations for continued market performance in 2026 [7][8]. - The ongoing technological iterations and improvements in the industrial ecosystem are expected to enhance the profitability of various sub-sectors within the technology industry [8]. Group 5: Investment Opportunities - Key areas such as AI, robotics, autonomous driving, and commercial aerospace are anticipated to experience significant growth and investment opportunities in 2026, driven by technological breakthroughs and increased policy support [9]. - The AI sector is expected to reshape business processes and product forms over the next 3-5 years, with core companies in this space currently valued reasonably without entering bubble territory [9].

刚刚过去的2025年，香港楼市迎来了重要转折，"量价齐升"的背后内地买家"功不可没"。 美联物业最新公布的数据显示，2025年内地买家购入香港住宅总金额达1380亿港元，创历史新 高。楼市"撤辣"及人才引进计划推动相关置业需求，带动成交量同比增14.1%至1.39万宗。 美联物业研究中心的统计显示，内地买家更倾向购买一手物业，其中近六成资金流向新房物业。 美联物业分析师岑颂谦指出，香港作为资产配置及教育资源中心，持续吸引内地专才及高净值人 群。 "我们店从去年开始招聘了几位精通普通话的同事，专门对接内地客户。"黄经理在香港上水一家 房产中介门店从事房产经纪工作超过10年，"我经手了4位来自深圳的客户，有一半的客户选择全 款买房，然后出租。"记者还了解到，有大型地产中介机构自去年开始组建专业香港配置团队， 联动当地中介机构带客到香港买房，反响热烈。 对于租房，黄经理表示，通勤便利性会直接影响居住体验和未来流动性。如果考虑租金回报率， 则可关注九龙观塘、新界元朗等区域，但同时要注意香港的物业费会明显高于内地，对于租金收 益的影响要充分考虑。 美联物业的报告指出，香港高总价物业尤其受到内地客户的青睐，5000万港元 ...

每经AI快讯，1月13日，热门中概股多数走低，小马智行跌超6%，拼多多跌超5%，金山云、百度跌 4%，蔚来、理想汽车跌超2%。 ...

1月13日，快手科技宣布，可灵AI 2025年12月的当月收入突破2000万美元，对应年化收入运行率（简称 ARR）达2.4亿美元。2025年3月，可灵AI在正式上线的第10个月宣布ARR突破1亿美元。（第一财经记 者 吕倩） ...