来源：环球市场播报 北京时间1月9日凌晨，美股周四尾盘涨跌不一。科技股遭到抛售，投资者继续将资金从科技股撤出转而 投入其他板块。 道指涨240.54点，涨幅为0.49%，报49236.62点；纳指跌150.94点，跌幅为0.64%，报23433.33点；标普 500指数跌6.24点，跌幅为0.09%，报6914.69点。 在标普500指数的11个板块中，信息技术板块是唯一出现显著下跌的板块，跌幅约为2%。 备受市场青睐的人工智能明星股英伟达成为投资者减持的对象之一，股价下跌逾2%。另一家人工智能 概念股甲骨文（Oracle）也回落近2%，而iPhone制造商苹果则下跌超过1%，正朝着连续第七个交易日 收跌的方向发展。 尽管如此，美国合众银行资产管理公司高级投资策略总监Rob Haworth认为，科技和人工智能仍将是 2026年的重要主题。但他指出，该交易能否继续成为推动市场上涨的动力，将取决于实际应用场景是否 开始出现，以及这些应用会出现在哪些行业。 他表示："我们在医疗保健领域已看到一些早期迹象。当我们思考机器人技术、保险、诊断等领域时， 所有这类公司都将成为早期受益者。我们认为，真正的增长故事就在这些地方 ...

过去几年，美国股市持续领先，一直是全球资本的焦点。然而2025年全球市场呈现出新的发展态势：欧洲市场的强劲表现和亚洲市场的亮眼数据，促使投 资者开始重新审视传统以美国为中心的投资布局。展望2026年，哪些区域市场更具潜力？哪些投资主题更值得深耕？又有哪些策略可以在波动中把握机 会、增强收益？ 本期财富交想"汇"，我们有幸邀请到 廖卓慧 摩根资产管理董事总经理 国际股票投资专家团队主管 匡正 汇丰私人银行及财富管理 中国首席投资总监 就2026年全球股市投资策略进行专业解读。 欧洲在绿色能源、可持续发展等前沿领域布局深厚，同时拥有一批世界级精品消费品牌，构成独特的投资吸引力。 未来一年，预计全球投资者会继续增加对环球市场的配置，以实现更好的风险分散。 估值优势显著： 即便在2025年经历不俗上涨后，欧股相比估值偏高的美股，仍然具备较好的性价比。 财政政策支持： 欧盟层面的财政政策有望持续为经济和就业提供支撑，有助于稳定市场，提振投资者信心。 独特板块机会： 欧盟在数据隐私和合规方面的严格法规，促使企业在AI应用中更加注重隐私安全，这有助于建立长期可持续的商业模式。同时，欧洲科技企业的估值也 相对更为合理。 AI ...

Group 1 - The company, Beikong Technology (600980), is actively expanding its overseas market, with products sold to over 50 countries and regions [1] - The company has reported that its export volume to EU countries has been relatively small in the past two years [1]

Core Viewpoint - The article discusses the shifting focus of global investors from the US stock market to European and Asian markets, highlighting potential investment opportunities and strategies for 2026 [1]. Group 1: Market Trends - Global investors are expected to continue increasing their allocation to global markets for better risk diversification [6]. - European stocks, despite a strong performance in 2025, still offer good value compared to the higher valuations of US stocks [7]. - EU fiscal policies are likely to continue supporting the economy and employment, which will help stabilize markets and boost investor confidence [8]. Group 2: Investment Opportunities - Europe has a strong foundation in green energy and sustainable development, along with a range of world-class consumer brands, making it an attractive investment destination [9]. - The demand for AI is robust, and while it has not reached speculative bubble levels, it requires higher stock-picking skills from investors, with a recommendation to focus on European AI opportunities [11]. - The AI ecosystem presents investment opportunities beyond just technology applications, encompassing energy manufacturing, chips, sensors, data storage, algorithm development, and system integration [15]. - The healthcare sector, despite a relatively flat performance in the past two years, is worth focusing on due to medical innovation and aging population demands [17]. Group 3: Investment Strategies - Active management is crucial as the tech sector enters a new phase characterized by increased vendor financing and rising corporate leverage, leading to concentration risks [12]. - A strategy involving selling index call options on a classic high-yield stock portfolio can generate stable option income while participating in market upswings [21]. - Backtesting shows that such strategies can achieve an annualized dividend yield of 7-9%, while controlling volatility at levels similar to the market, thus balancing returns and risks [22]. Group 4: Technological Empowerment - The company emphasizes the use of technology to enhance investment processes [23]. - A self-developed platform integrates global research, portfolio management, and risk analysis for efficient information sharing and investment decision-making [24]. - Data-driven research utilizes 40 years of internal data, employing machine learning and natural language processing to analyze vast amounts of unstructured information for investment insights [25]. - Real-time analysis of over 150 risk data points aims to accurately identify potential risks, striving for a flexible balance between macro and individual stock risks [26].

Group 1 - The core viewpoint of the articles highlights the optimistic outlook for the Chinese capital market in 2026, driven by supportive fiscal and monetary policies, as well as the rise of technology sectors [1][2][3] - The 2026 investment strategy conference by浦银安盛基金 will focus on equity investments and multi-asset allocation, featuring insights from industry experts [1] - The central economic work conference indicates a continuation of proactive fiscal and monetary policies, which are expected to maintain a low-interest-rate environment, enhancing the attractiveness of equity assets [2][3] Group 2 - The technology sector is identified as a key driver of market performance, with significant growth expected in AI and innovative pharmaceuticals, which are anticipated to continue their upward trajectory in 2026 [4][5] - The capital market's institutional development is seen as a solid foundation for long-term growth, with policies encouraging long-term investments and stability [3] - Multi-asset investment strategies are becoming increasingly important, with a focus on diversified asset allocation beyond traditional stock-bond ratios, utilizing FOF strategies and index investment tools [6][7]

Group 1 - The core viewpoint of the article highlights a significant pullback in the precious metals market, particularly in international silver prices, which fell by 4.23% [1][11][13] - On March 7, the S&P 500 and Dow Jones indices reached intraday historical highs but later showed a clear reduction in market momentum, leading to a mixed performance among the three major U.S. stock indices [5][6] - The banking sector experienced a collective pullback, with major banks like JPMorgan, Bank of America, and Wells Fargo each declining by over 2%, which notably impacted the overall market [5][6] Group 2 - In Europe, the three major stock indices also displayed mixed results, with the FTSE 100 down by 0.74%, while the DAX index increased by 0.92% [8] - The European Union's preliminary data indicated that the Eurozone inflation rate for December 2025 was 2.0%, slightly lower than the previous month's 2.1% [8] - The recent decline in international silver and gold prices is attributed to the upcoming annual weight rebalancing of the Bloomberg Commodity Index, which is expected to lead to significant adjustments in the weights of gold and silver, prompting technical sell-offs by funds tracking the index [13]

这对于我们A股投资者的策略启示在于： 首先，理性看待外部波动。美股的这种日内技术性调整，不应成为影响我们中长期判断A股的主因。我 们更应关注其产业趋势（如科技的韧性）而非短期指数波动。 其次，关注联动与分化。美股能源、金融板块的波动，可能会通过情绪和港股传导，影响A股相关板 块，需要观察其持续性。但A股有自身独立的政策和产业逻辑，如"人工智能+制造"，才是我们更应聚 焦的主场。 朋友们，美股昨晚的走势，给我们上了一堂生动的"过山车"体验课。道指和标普500在盘中再次刷新历 史纪录后，却没能坚持到终点，最终双双翻绿收盘。这种创新高后的回落，是牛市中一次健康的"技术 性呼吸"，还是预示着动能的衰竭？我是帮主郑重，咱们一起来拆解这背后的信号。 市场表现得很有意思，可以说是"几家欢乐几家愁"。拖累大盘的主要是年初表现强劲的金融和能源板 块。银行股普遍回吐涨幅，能源巨头如埃克森美孚、雪佛龙也显著下跌。这背后有一条清晰的传导链： 特朗普政府关于将开始"销售"委内瑞拉石油并可能无限期继续的明确表态，直接逆转了市场的短期预 期。油价应声下跌，能源股随之承压。这再次证明，在复杂的地缘政治面前，资本的神经是极其敏感 的，任何关于 ...

Group 1: Market Overview - The Hang Seng Index experienced a decline of 251 points or 0.94%, closing at 26,458 points after a strong start to the year with a cumulative rise of over 1,000 points in the first three trading days [3][4] - The market faced profit-taking pressure, particularly in e-commerce, technology, and automotive sectors, leading to significant sell-offs in major stocks like Alibaba, Tencent, and Meituan [3][4] Group 2: Economic and Industry Insights - Citigroup maintains its year-end target for the Hang Seng Index at 28,800 points, indicating a potential upside of approximately 9% from current levels, with a mid-year target of 27,500 points [7] - The outlook for Chinese stocks is cautious, with earnings performance being a key factor for future growth, particularly influenced by consumer confidence and property prices in mainland China [7] - Citigroup is optimistic about sectors such as technology, internet, insurance, healthcare, and consumer stocks, anticipating benefits from national policies and earnings growth [7] Group 3: Company-Specific Developments - Kuaishou is reportedly considering its first issuance of offshore bonds, joining the trend of Chinese tech companies raising funds in the global debt market [11] - GF Securities plans to raise approximately 6.125 billion HKD through a combination of new H-share placements and zero-coupon convertible bonds, aimed at supporting its international business development [12] - Busy Ming, a Chinese snack retail chain, has passed the listing hearing for an IPO on the Hong Kong Stock Exchange, showing significant growth with a GMV of 66.1 billion RMB, a 74.5% increase year-on-year [13]

Core Viewpoint - Shunde District is launching the "Yunlu Listing Town" development plan to enhance its position as a capital-driven region, aiming to cultivate a cluster of trillion-yuan market value enterprises and stimulate significant listing activity over the next decade [1][3]. Group 1: Development Plan - The Yunlu Listing Town will focus on ecological priority, industry support, and capital empowerment, integrating a wetland park with a vision for international development [1][3]. - The plan aims to create an ecosystem for listed and prospective listed companies, fostering a community that combines capital, talent, and innovation resources [3][6]. Group 2: Current Market Position - Shunde has seen a rapid increase in listed companies, growing from 20 to 44 in just 8 years, with a total of 44 companies representing 52% of the total listed companies in Foshan [3][6]. - There are currently 74 companies in the pipeline, 61 listed on the New Third Board, and 410 have completed share reform, indicating a robust listing ecosystem [3][6]. Group 3: Infrastructure and Services - The Yunlu Listing Town will cover 8.8 square kilometers, centered around the Yunlu Wetland, and will include high-end hotels, commercial spaces, and facilities for financial and creative events [6][7]. - The development will feature a diverse range of services, including venture capital support, legal and accounting services, and a focus on strategic emerging industries [7][9]. Group 4: Policy Measures - The Shunde government has established a dedicated task force to promote the listing of companies and has introduced measures to shift entrepreneurial mindsets from family-oriented to market-oriented approaches [9]. - The "Yunlu Listing Town Eight Measures" aim to support quality enterprises in accessing capital markets and enhancing regional economic competitiveness [9].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On January 7, 2026, the four major index futures contracts showed mixed performance. IF and IH declined, while IC and IM rose. The trading volume of index futures decreased, indicating a cooling of investors' trading enthusiasm. The total positions of IF, IH, IC, and IM also decreased [1][2]. 3. Summary by Relevant Catalogs 3.1. Index Futures Data Tracking - **Closing Prices and Fluctuations**: On January 7, the closing price of CSI 300 was 4776.7, down 0.29%; IF2601 closed at 4772.8, down 0.26%. The closing price of SSE 50 was 3145.1, down 0.43%; IH2601 closed at 3144.4, down 0.29%. The closing price of CSI 500 was 7875.1, up 0.68%; IC2601 closed at 7869.6, up 0.68%. The closing price of CSI 1000 was 7906.4, up 0.53%; IM2601 closed at 7882, up 0.43% [1]. - **Trading Volume and Positions**: The total trading volume of IF decreased by 23622 lots, IH by 14948 lots, IC by 17874 lots, and IM by 22592 lots. The total positions of IF decreased by 7604 lots, IH by 8228 lots, IC by 888 lots, and IM by 2026 lots [2]. - **Basis**: The basis of IF, IH, IC, and IM contracts varied. For example, the basis of IF2601 was -3.87, and that of IC2601 was -5.48 [1]. 3.2. Top 20 Member Positions in Index Futures - **IF Contracts**: The long - positions of IF2601 decreased by 3769 lots, IF2603 by 1732 lots, and IF2606 by 213 lots. The short - positions of IF2601 decreased by 3502 lots, IF2603 by 3798 lots, and IF2606 increased by 282 lots [5]. - **IH Contracts**: The long - positions of IH2601 decreased by 2731 lots, IH2603 by 3815 lots, and IH2606 increased by 83 lots. The short - positions of IH2601 decreased by 2879 lots, IH2603 by 3742 lots, and IH2606 increased by 162 lots [5]. - **IC Contracts**: The long - positions of IC2601 decreased by 3387 lots, IC2602 increased by 1349 lots, IC2603 increased by 1391 lots, and IC2606 increased by 1083 lots. The short - positions of IC2601 decreased by 3051 lots, IC2602 increased by 1484 lots, IC2603 decreased by 79 lots, and IC2606 increased by 1251 lots [5]. - **IM Contracts**: The long - positions of IM2601 decreased by 2700 lots, IM2602 increased by 2885 lots, and IM2603 decreased by 755 lots. The short - positions of IM2601 decreased by 2812 lots, IM2602 increased by 2946 lots, and IM2603 decreased by 2494 lots [5]. 3.3. Trend Intensity - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6]. 3.4. Important Drivers - **Policy**: The Ministry of Industry and Information Technology and other eight departments issued the "Implementation Opinions on the Special Action of 'Artificial Intelligence + Manufacturing'", aiming to achieve safe and reliable supply of key core technologies in artificial intelligence by 2027 [7]. - **Stock Market Performance**: A - shares fluctuated and rose, with the Shanghai Composite Index rising 0.05% to 4085.77 points, achieving a 14 - day consecutive rise. Hong Kong stocks fluctuated and declined, with the Hang Seng Index falling 0.94% to 26458.95 points. U.S. stocks closed mixed, with the Dow Jones Industrial Average falling 0.94%, the S&P 500 Index falling 0.34%, and the Nasdaq rising 0.16% [7][8].