Core Insights - The Haikou Fuxing City Internet Information Industry Park is experiencing significant growth and activity following the implementation of the Hainan Free Trade Port's customs closure, attracting both existing and new businesses [2][3][6] Group 1: Existing Businesses - The company Qiduo Bang has seen a surge in business inquiries, with nearly 100 new service enterprises registered since the customs closure, and foreign clients making up 10% of their new business [3] - The company has successfully facilitated the residency process for 20 high-demand talents, a significant increase from the previous rate of one per month [3] - The company Lian Nian Zhe (Hainan) Technology Co., Ltd. is actively exploring the development of AI technologies in response to the new market opportunities presented by the customs closure [3] Group 2: Upcoming Projects - The International Data Industry Innovation Development Conference held in December 2025 led to the signing of five key cooperation projects, including the Hainan International Digital Nomad Community, aimed at enhancing the data industry ecosystem [4][5] - The establishment of the "Hainan Short Drama Export Industry Base" is expected to promote the export of digital content, leveraging the benefits of the Free Trade Port [4][5] - Over 50 key enterprises have signed agreements with the Fuxing City Park, covering sectors such as international data, artificial intelligence, and cross-border e-commerce [5] Group 3: Future Prospects - There is a notable increase in interest from international companies looking to explore opportunities in Hainan, with representatives from countries like Singapore, the Philippines, and Sweden expressing strong interest in the Free Trade Port's potential [6] - The Fuxing City Park plans to develop a "3579" industrial development system focusing on artificial intelligence, integrated circuits, and data cross-border flow to support businesses [6]

【导读】英伟达亮相CES，黄仁勋：在AI下一个前沿重塑存储堆栈！黄金、白银大涨！ 中国基金报记者 郭玟君 大家早上好！昨夜今晨，又有很多大事发生。 道琼斯工业平均(DJI) W 01-05 16:20:01 48977.18 昨收 48382.39 0.00 成交额 +594.79 +1.23% 48475.81 成交量 0 今开 12 上涨 18 平盘 0 下跌 最高价 49209.95 30.57 2.35% 市盈率 近20日 8.81 最低价 48449.62 市净率 1.90% 今年来 关闭4 五日 周K 月K 更多 日K [0] 均价: -- 叠加 49209.95 71% 47554.83 -1.71% 16:00 09:30 标普500(SPX) 01-05 16:20:01 6902.05 昨收 6858.47 0.00 成交额 +43.58 6892.19 成交量 0 今开 +0.649 上涨 339 161 下跌 本留 2 29.26 最高价 0.66% 6920.38 近20日 市盈率 0.83% 最低价 5.53 6891.56 市净率 今年来 સ્ત્ર B4 更多 更目 日K 周K ...

其二，短期仍然需控制港股仓位，春节前后行情或更好。该行主要担心一月美股科技有回调风险，间接 影响港股。市场对一月中下旬美股科技财报仍持谨慎观察态度，投资者会对企业Capex和ROI会更为严 格。如不及预期，美股科技可能会有回调，港股科技反弹会受阻。 其三，港股从现在进入震荡上行期，仍需将红利作为底仓，把握上半年的科技成长行情。南向潜在增量 资金保险和固收+会继续增配价值红利。考虑估值，AH对比视角，南向资金整体会增配港股科技成长 股票，但港股科技行情仍会受海外降息节奏和美股科技行情影响，需动态观察。 美股：本周纳指领跌1.5%，道指下跌1.3%，标普下跌1.0%。行业上，能源、公用事业领涨，信息技 术、金融领跌。美国服务业及制造业PMI双放缓，但就业稳健及房地产回暖、AI全面加速落地、特朗 普暂缓部分关税征收，美股整体收跌。具体来看： 其一，美国PMI放缓，制造业和服务业双双低于预期。美国12月Markit综合PMI初值降至53，为六个月 来的最低水平，低于预期的53.9和前值54.2。其中，制造业PMI初值为51.8，创五个月新低；服务业PMI 初值为52.9，创六个月新低，两项均不及市场预期。12月的PM ...

美东时间周一，美国三大股指全线收涨，道指深夜狂飙近600点，最终收涨逾1%报48977.18点，再创历史新高；芯片股表现亮眼，中概股多数上涨，脑再 生科技表现强劲，收盘涨幅达31%；受地缘政治局势影响，国际油价、金价银价继续走强。 | 美股指数 它 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 48977.18 | 23395.82 | 6902.05 | | +594.79 +1.23% +160.19 +0.69% | | +43.58 +0.64% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7898.24 | 25578.25 | 6943.50 | | +38.60 +0.49% | +193.00 +0.76% | +43.00 +0.62% | 大型科技股涨跌互现，美国科技七巨头指数上涨0.41%。个股方面，特斯拉涨超3%，亚马逊涨近3%，脸书涨超1%，谷歌涨0.44%，苹果跌超1%，英伟达 跌0.39%，微软跌0.02%。 芯片股涨跌不一，费城半导体指数涨1.07%，科天半导体涨超6%，应用材料涨逾5%，阿斯麦涨 ...

Market Performance - The US stock indices all closed higher, with the Dow Jones soaring nearly 600 points, closing up over 1% at 48,977.18, marking a new historical high [1] - The Nasdaq and S&P 500 also saw gains, with the Nasdaq closing at 23,395.82 (+1.23%) and the S&P 500 at 6,902.05 (+0.64%) [2] Sector Performance - Large tech stocks showed mixed results, with the US Tech Giants Index rising by 0.41%. Notable individual performances included Tesla up over 3%, Amazon nearly 3%, and Facebook over 1%, while Apple and Nvidia saw declines [3] - The Philadelphia Semiconductor Index increased by 1.07%, with significant gains in companies like Applied Materials (+5%) and ASML (+5%), while Broadcom and Micron Technology experienced declines [3] - The S&P 500 Energy sector index rose by 2.7%, driven by major players like ExxonMobil and Chevron [3] Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 0.49%, with notable performances from Chinese stocks, including Brain Rejuvenation Technology, which surged by 31% following news of Neuralink's plans to increase production significantly by 2026 [3] Commodity Prices - International oil prices strengthened, with both WTI and Brent crude oil rising nearly 2% [5] - Gold and silver prices opened slightly higher, with London gold at 4,450.15 (+0.07%) and silver at 76.755 (+0.29%) [6][7] Cryptocurrency Market - The cryptocurrency market saw a collective surge, with Bitcoin surpassing $94,000, marking a 3.36% increase [8]

Core Viewpoint - Foreign capital continues to be optimistic about the Chinese stock market, with Goldman Sachs recommending a high allocation to Chinese stocks by 2026, predicting annual growth of 15% to 20% for the Chinese stock market in 2026 and 2027 due to significant undervaluation compared to global peers [1][8]. Group 1: Market Performance - On January 5, the A-share market opened strong, with the Shanghai Composite Index rising over 1% to return to 4000 points, achieving a 12-day consecutive increase [3]. - The market saw a total trading volume of 2.57 trillion yuan, an increase of nearly 500 billion yuan compared to the previous trading day [3]. Group 2: Company Earnings Forecasts - Multiple companies released earnings forecasts, with significant growth expected in sectors like PCB and new energy. For instance, Ding Tai Gao Ke anticipates a net profit increase of 80.72% to 102.76% for 2025 [4]. - Zhongcai Technology expects a net profit growth of 73.79% to 118.64%, driven by product optimization and increased sales in wind power blades [4]. - Whirlpool forecasts a net profit increase of around 150% for 2025, attributed to strengthened customer cooperation and increased orders [4]. - Huayou Cobalt anticipates a net profit growth of 40.80% to 55.24%, benefiting from integrated operations and rising metal prices [4]. - Dalian Heavy Industry expects a net profit increase of 11.97% to 23.92%, with projected revenue growth of over 8% [5]. Group 3: Investment Sentiment and Trends - Analysts believe that the optimistic outlook for AI development in Asia and expectations for more stimulus policies in China are driving capital inflows into emerging markets [6]. - The weak dollar and domestic policy support are expected to attract more overseas and long-term funds into the A-share market, enhancing market sentiment [2][7]. - The market is supported by improved corporate earnings structures, particularly in advanced manufacturing and companies expanding overseas, which are stabilizing A-share returns [7].

Core Viewpoint - The report from Shenwan Hongyuan indicates a significant positive correlation between the Renminbi (RMB) and Hong Kong stocks historically, but recent rapid appreciation of the RMB has not translated into gains for Hong Kong stocks due to weak earnings and the absence of revaluation and foreign capital allocation effects [1][2]. Group 1: RMB and Hong Kong Stocks Relationship - Historically, there has been a notable positive correlation between the RMB and Hong Kong stocks, particularly since 2016, with a correlation coefficient of -0.54 between the Hang Seng Index and the USD/RMB exchange rate [2]. - When the RMB appreciates by more than 1.5% in a month, the Hang Seng Index has a 93.5% probability of rising; however, since November 13, the RMB has appreciated by 1.9%, while the Hang Seng Index has declined by 4.8%, indicating a significant divergence [2][3]. Group 2: Factors Affecting Hong Kong Stocks - The weak performance of key sectors in Hong Kong stocks has limited the positive impact of RMB appreciation on earnings, with the Hang Seng Index's expected earnings per share (EPS) continuing to decline since Q4 2025 [3]. - The appreciation of the RMB can amplify both profits and losses for Hong Kong stocks, but recent declines in property and oil prices have hindered the asset revaluation logic that typically benefits the market [3]. Group 3: Future Outlook for Hong Kong Stocks and RMB - The potential for a return to a positive correlation between Hong Kong stocks and the RMB hinges on improvements in earnings and the restoration of foreign capital allocation effects [4]. - The combination of upward earnings growth expectations for the next fiscal year and downward expectations for the current fiscal year may signal a recovery in profit expectations for Hong Kong stocks [4]. - As the year-end profit-taking period concludes, the January effect is expected to be strong, and the resilience of the RMB may continue, supported by the gradual restoration of revaluation and allocation effects [4].

Company - Nvidia CEO Jensen Huang discussed automotive AI at CES, highlighting increasing competition in the sector [8] - Qualcomm released a new robotics chip architecture, betting on "physical AI" [8] - Goldman Sachs launched a secondary market consulting specialty in Europe, the Middle East, and Africa [8] - Multi-strategy hedge funds achieved significant returns last year, with Point72 reporting double-digit returns [8] - OpenAI's household robot is priced at $20,000 [8] - AT&T plans to relocate its headquarters from downtown Dallas to the suburbs, joining the trend of corporate relocations [9] Industry - The CES event showcased robots as the main highlight of the year [10] - The copper price in the U.S. reached a new high since the tariff surge last summer [10] - The oil price increased as traders assessed the impact of the Venezuelan situation on oil supply [10] - The Bloomberg Dollar Index in the New York foreign exchange market erased earlier gains due to the ISM manufacturing index [10]

Core Viewpoint - The Ministry of Commerce and nine other departments have issued a notification to implement green consumption promotion actions, outlining a clear roadmap for enhancing green consumption during the 14th Five-Year Plan period, which will significantly benefit industries such as home appliances, automotive, and others [1][2]. Group 1: Green Consumption Promotion Actions - The notification proposes 20 specific measures across seven areas, including enriching the supply of green products, enhancing green service consumption, innovating green consumption models, promoting green recycling, optimizing the green consumption environment, solidifying the foundation for green consumption, and increasing policy support [1][2]. - Specific actions include promoting green home appliances, encouraging green automotive consumption, facilitating the recycling and reuse of waste products, developing second-hand goods circulation, and increasing credit investment [1][2]. Group 2: Impact on Industries - The notification is expected to expand the consumption of new energy vehicles, benefiting the entire manufacturing chain, including vehicle manufacturing, power batteries, charging stations, and related industries [2]. - The construction of a recycling system for waste materials is anticipated to enhance resource recycling and support the growth of a multi-trillion yuan industry [1][3]. Group 3: Financial Support and Policy Synergy - The notification emphasizes increasing credit investment and innovating financial products to support green consumption, aligning with the newly added "green consumption" category in the Green Finance Support Project Directory [4][5]. - This alignment is expected to lower the financing identification costs in the green consumption sector and enhance the efficiency of financial resource allocation [5].

Core Viewpoint - The Ministry of Commerce and nine other departments have jointly issued a notice to promote green consumption, outlining 20 specific measures across seven areas to support the development of a green economy and society. Group 1: Green Consumption Initiatives - The notice proposes the establishment of a green consumption infrastructure project library to regularly recommend quality projects to financial institutions [1] - It supports the issuance of Real Estate Investment Trusts (REITs) for eligible projects in the infrastructure sector [1] - The Ministry of Commerce will guide localities in implementing green consumption initiatives and summarizing successful practices to further expand green consumption [1] Group 2: Promotion of Green Products - The notice emphasizes promoting green consumption in the automotive sector, supporting the purchase of new energy vehicles, and exploring the potential of the second-hand car market and new consumption models like RV camping and car-sharing [1] - It encourages the purchase of certified green smart home appliances and green building materials, focusing on energy efficiency and sustainability [1] Group 3: Green Agricultural Products - The initiative encourages enterprises to expand the procurement of green food, organic products, and geographical indication products, and to establish dedicated sales areas for these products [2] - It promotes direct sourcing activities between green agricultural production bases and large supermarkets or restaurants to increase market supply [2] Group 4: Innovation in Green Consumption Models - The notice advocates for the integration of artificial intelligence with green consumption to innovate smart products and enhance resource utilization through advanced technology [2] - It calls for stronger policy integration to support green consumption initiatives alongside modern commerce and retail innovations [2] Group 5: Financial Support for Green Consumption - The notice encourages financial institutions to increase support for green consumption loans and to provide convenient services for users with good green consumption records [2] - It promotes the development of insurance products for green consumption and the establishment of a project library for green consumption infrastructure [3]