来源：新浪基金 今日（12月16日）A股三大指数集体回调，沪指跌逾1%，创业板指跌超2%，全市场超4300只个股下 跌，仅千余只个股收涨，沪深两市成交额1.72万亿元，较昨日小幅缩量。 为何市场深度回调？发生了什么？从全球的角度来看，最大的变数可能是日本央行加息箭在弦上，利率 料升至30年新高！日本央行12月18日-19日将召开金融政策决定会议，最可能的方案是加息0.25%至 0.75%，达到1995年以后30年来的最高利率水平。 ①重仓互联网龙头的——港股互联网ETF（513770）近8日狂揽8.26亿元； ②100%创新药研发标的——港股通创新药ETF（520880）近6日连续吸金超2亿元； ③自带"科技+红利"哑铃策略的——香港大盘30ETF（520560）近9日连续获资金净流入，合计金额7089 万元； ④全市场首只聚焦"港股芯片"产业链的——港股信息技术ETF（159131）继昨日资金净流入639万元， 今日盘中再获实时净申购500万份。 盘面上港股市场持续走弱的表现，可能与日元套息交易走弱存在一定关系。多数人士认为，日本央行加 息不会对当下的市场造成太大的冲击。虽然日本央行可能出售 ETF，但套息 ...

Group 1 - The core viewpoint of the news highlights a significant rise in financial technology stocks, particularly those related to digital currency, amidst a general decline in the A-share market [1][3] - Notable stocks such as Cuiwei Co., Hengbao Co., and Chuangshi Technology saw substantial gains, with some reaching the daily limit increase [1] - The largest financial technology ETF (159851) experienced a rise of 0.75% despite market downturns, indicating active buying interest [1][4] Group 2 - The surge in digital currency stocks may be influenced by a recent policy announcement encouraging the use of digital RMB to boost consumption [3] - Regulatory changes have lowered risk factors for insurance companies, potentially increasing their investment capacity in A-shares, which could stabilize and invigorate the capital market [3] - Analysts suggest that the financial technology sector will see opportunities in the short term due to ongoing market activity and in the medium term as financial IT companies benefit from policy support and improved fundamentals [3] Group 3 - The financial technology ETF (159851) and its associated funds are recommended for investment, covering a wide range of sectors including internet brokerage and AI applications [4] - As of December 15, the financial technology ETF has a scale exceeding 9 billion, with a daily average trading volume of 800 million over the past six months, indicating strong liquidity [4]

Market Overview - The A-share market experienced a collective pullback, with the Shanghai Composite Index dropping over 1% and the ChiNext Index falling more than 2%, as over 4,300 stocks declined while only about 1,000 stocks rose [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.72 trillion yuan, slightly lower than the previous day [1] Global Influences - The potential interest rate hike by the Bank of Japan is a significant factor, with expectations of an increase of 0.25% to 0.75%, reaching the highest level in 30 years [1] - The weakening of the Hong Kong stock market may be related to the decline in yen carry trades, although many believe the impact of the Bank of Japan's rate hike will be limited [1] Fund Flows - There is a notable inflow of capital into quality Hong Kong stocks, with several ETFs attracting significant investments: - The Hong Kong Internet ETF (513770) has seen inflows of 826 million yuan over the past eight days [1] - The Hong Kong Innovation Drug ETF (520880) has attracted over 200 million yuan in six days [1] - The Hong Kong Large Cap 30 ETF (520560) has received a total of 70.89 million yuan in net inflows over nine days [1] - The Hong Kong Information Technology ETF (159131) has also seen net inflows [1] Sector Focus - The Hong Kong Medical ETF (159137) is currently being launched, focusing on 48 leading companies in the medical sector, with 39 being exclusive to the Hong Kong market [3] - The market is viewed as being at a strategic opportunity point, with valuations at a global low and strong capital inflows, suggesting limited downside and significant upside potential for long-term investors [3] Digital Currency and Financial Technology - The promotion of digital RMB smart contracts is enhancing consumption policies, with the largest financial technology ETF (159851) rising against the market trend, gaining 0.75% [5][6] - The financial technology sector is expected to see increased activity due to regulatory changes that encourage insurance companies to invest more in A-shares [8] Innovation Drug Sector - The Hong Kong Innovation Drug ETF (520880) has been under pressure, reaching a new low, with 29 out of 37 covered companies declining [10] - Despite the downturn, there is a significant net inflow into the ETF, indicating a potential buying opportunity as the sector adjusts [11][13] AI and Internet Sector - The Hong Kong Internet ETF (513770) has experienced a decline of 21% from its yearly high, but remains attractive for long-term investment due to its relatively low valuation compared to other indices [21] - The ETF has seen continuous inflows, indicating strong buying interest despite recent market volatility [18][23]

Core Viewpoint - The recent controversy surrounding the Dachen Fund's Hang Seng Technology ETF (159740) reflects a significant divergence in investor sentiment, occurring as the Hang Seng Technology Index has fallen over 16% from its year-to-date high, indicating a potential value reassessment phase for the asset [1] Group 1: Market Sentiment and Valuation - Investor opinions are sharply divided, with some believing that the valuation bottom has been reached and others cautioning against potential losses [1] - The current PE (TTM) of the Hang Seng Technology Index is 23.72, which is at a low percentile compared to the past decade, suggesting a window for rational investors to reassess their allocation [1][3] Group 2: Index Composition and Growth Potential - The Hang Seng Technology Index tracks leading technology stocks listed in Hong Kong, focusing on sectors such as internet, fintech, cloud computing, e-commerce, and digital business, representing core assets of China's new economy [2] - Historical data shows that the index's high growth is often accompanied by periodic adjustments, with a 45% increase in the first three quarters of 2025 followed by a normal market correction [2] Group 3: Investment Efficiency and Risk Management - The index employs a quarterly adjustment mechanism and an 8% weight cap for component stocks, ensuring a focus on quality technology assets while effectively diversifying investment risk [2] - The top ten constituents of the index include major companies like Meituan, Tencent, and Alibaba, with a balanced weight distribution [2] Group 4: Valuation Advantage and Long-term Support - The Hang Seng Technology Index's current valuation provides a safety margin for long-term investors, with a PE of 23.72 compared to the Nasdaq 100's 35.75, indicating a clear valuation advantage [3] - Factors such as accelerated AI commercialization, supportive policies from the 14th Five-Year Plan, and continuous inflow of southbound capital provide long-term support for the index [3] Group 5: Passive Investment Products and Timing Strategies - In a volatile market, passive investment products are becoming effective tools for investors to implement timing strategies due to their high liquidity [4] - The Dachen Hang Seng Technology ETF (159740) ranks first in trading volume in the Shenzhen market, with a circulating share count of 25.133 billion as of December 12 [4] Group 6: Benefits of High Liquidity - High liquidity offers three main advantages for investors: immediate trading capability, cost control through narrow bid-ask spreads, and price stability that aligns closely with index movements [5] - The ETF's closing price of 0.739 yuan on December 12 indicates a minimal tick change of 0.135%, facilitating frequent adjustments without significant transaction costs [5] Group 7: Transparency and Decision-making - The transparency of passive investment products reduces the complexity of timing decisions, allowing investors to focus on market trends rather than product uncertainties [6] - The dynamic optimization mechanism of the index, with a maximum individual stock weight of 8%, ensures it accurately reflects the performance of core technology assets, serving as a reliable market indicator [6]

智通财经APP讯，联易融科技-W(09959)发布公告，该公司于2025年12月16日斥资86.22万港元回购38万 股股份，每股回购价格为2.25-2.29港元。 ...

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) of the State Council is conducting research on enhancing the penetrating supervision of state-owned enterprises, with China Telecom's Yipay participating as a key support unit, showcasing its capabilities in digital technology for intelligent regulatory transformation [1][2]. Group 1: Research and Development - China Telecom's Yipay has formed a specialized research team that integrates data, technology, and business fields to support the development of a penetrating supervision system [2]. - The research focuses on two main directions: "system construction" and "data responsibility," aiming to create a systematic implementation plan for intelligent penetrating supervision [2]. Group 2: Implementation Pathway - The "Yufeng" platform is developed based on research and practice, featuring a six-step implementation path that includes organizational support, top-level design, infrastructure preparation, data foundation construction, model platform development, and operational supervision [3]. - The platform aims to address governance challenges by providing a real-time, automated warning system for penetrating supervision [3]. Group 3: Technological Capabilities - The "Yufeng" platform operates on a data-driven, risk-insight, and intelligent supervision philosophy, featuring a core architecture that enables comprehensive risk visibility and intelligent early warning [5]. - It has the capacity to process EB-level massive data, integrating over 300 million business entities and more than 2 billion relational data points, significantly enhancing model inference speed by up to 6.5 times [5]. Group 4: Practical Outcomes and Recognition - The "Yufeng" platform has received multiple authoritative recognitions, including being selected as a high-value scenario for artificial intelligence by SASAC and winning the Wu Wenjun Artificial Intelligence Science and Technology Progress Award [6]. - The platform has effectively improved risk prevention capabilities for over 30 central enterprises, addressing key risk scenarios such as illegal affiliations and false trade [6].

Core Viewpoint - Guangzhou Shurong Internet Microfinance Co., Ltd. has appointed Fang Gang as the deputy general manager, which is part of the regulatory compliance process under various financial management guidelines [1] Group 1: Company Overview - Guangzhou Shurong Internet Microfinance Co., Ltd. is a wholly-owned subsidiary of BaiRong Cloud Creation Technology Co., Ltd. (stock code: 06608.HK) [1] - BaiRong Cloud Creation is a leading AI technology service company that utilizes large language models, natural language processing (NLP), deep machine learning, privacy computing, and cloud computing [1] Group 2: Financial Performance - BaiRong Cloud Creation reported a revenue of 2.929 billion yuan for 2024, representing a year-on-year growth of 9% [2] - The revenue from Model as a Service (MaaS) was 932 million yuan, with a year-on-year increase of 5% [2] - The revenue from Business as a Service (BaaS) reached 1.997 billion yuan, showing a year-on-year growth of 12% [2] - The net profit for the year was 266 million yuan, a decline of 21% compared to the previous year, with the net profit margin decreasing from 13% to 9% [2]

如今在回归千亿美元市值的路上起起伏伏。 被称为东南亚 "腾讯+阿里"的 Sea Limited（冬海集团） ，在经历了 2021年股市高光时刻、市值超过 2000亿美元之后进入狂跌，在2023年8月甚至被腰斩到1成。 其实2025年9月11日， Sea的ADR价格曾一度摸高至199美元，总市值超过1100亿美元。但三个月后又跌 去37%，如今最新在720亿美元附近。当然，比起22年23年谷底时已经明媚很多。 在这几年的股价爬升又跌宕的过程中， "超长期投资者" Baillie Gifford 不离不弃，在大跌后的 2022年上 半年开始持续加仓，直到2023年9月底成为二级市场的第一大机构持有人。 这 是一家让国内外顶级机构都 "重注"过的公司。早年，腾讯是其最大股东，曾持有超过20%的股份，并为 其核心游戏《Free Fire》提供了初期的产品和技术支持。 公开信息显示，腾讯 2022年 初 大幅减持后，转为长期财务投资者，影响力和控制权明显下降，目前持股 比例 18. 7 %。 Sea 的股东中不乏 挪威央行主权基金 、普信集团、 景林资产等 知名机构， 值得一提的是，张坤 管理的易 方达 亚洲精选 基金 ...

12月15日盘后，东方财富（300059.SZ）发布系列公告。根据公告，东方财富12月15日先后召开股东会 及董事会。新一届高管名单正式出炉，并明确了管理架构改革。 来源：东方财富 根据公告，其实继续担任东方财富董事长，东方财富原财务总监、董秘黄建海升任副董事长、总经理， 郑立坤卸任东方财富总经理后，继续担任子公司东方财富证券董事长。 组织架构方面，东方财富将不再设置监事会和合规总监，撤销内控合规部，其部分职能并入审计监察 部。 "70后"接任"80后" "女将"黄建海获任总经理 除黄建海升任东方财富副董事长、总经理外，此次东方财富还公告聘任杨浩为公司董事会秘书；聘任程 磊、杨浩为公司副总经理；聘任程慧为公司财务总监；聘任黄丽鸣担任公司证券事务代表，协助董事会 秘书工作。 此番被任命为副董事长、总经理的黄建海，是业内少有的女高管，目前其在东方财富的职位已仅次于董 事长、创始人其实。 从履历来看，黄建海出生于1973年12月，曾任职于普华永道中天会计师事务所（特殊普通合伙）、 Merrill Lynch (Asia Pacific) Limited、Lehman Brothers Asia Limited、绿城 ...

Nick Straatsma LSEG AlphaDesk 高级产品经理 在当今市场中，电子表格正在拖累投资公司。我们的洞察探讨了资产管理人如何通过用集成的投资组 合与订单管理系统（P/OMS）取代人工、易出错的工作流程，从而释放"运营阿尔法"。 在追求阿尔法的过程中，投资公司自然而然地专注于复杂的策略、严谨的研究和市场洞察。然而，对 相当多的资产管理人而言，业绩表现中最显著的拖累并非来自市场，而是源自他们自身的运营流程。 造成这种摩擦的往往是无处不在的电子表格——这一工具虽然灵活，但当其被用作机构投资组合管理 的核心时，却在效率、可扩展性和风险管理方面制造了天花板。 依赖拼凑的电子表格和人工流程引入了持续性的运营风险，而这一风险已不容忽视。在市场复杂性不 断增加、监管审查日益严格以及客户需求不断提升的环境下，那些未能投资于稳健运营基础设施的公 司，不仅仅是在冒低效的风险，更是在主动危及自身的竞争力与成长能力。从这些脆弱的人工系统转 向集成的投资组合与订单管理系统（P/OMS），已不再是奢侈选择，而是战略上的必然要求。 现状的隐性成本 电子表格的吸引力在于其熟悉度和灵活性。然而，这种灵活性代价高昂，带来了贯穿 ...