秉持"让每个人获得爱与归属感"的理念，米连科技始终将技术优势与公益实践深度融合，构建起覆盖乡 村与城市、涵盖文化传承与民生保障的多元公益体系，在多个公益领域留下温暖足迹。 在乡村振兴领域，米连科技在内蒙古通辽市科尔沁左翼后旗，聚焦特殊教育与留守儿童成长痛点，通过 捐赠物资、搭建关爱平台等举措，为特殊儿童送去温暖关怀，为留守儿童筑牢成长防护网；在贵州省黔 西南布依族苗族自治州普安县，不仅以乡村帮扶为核心抓手，通过赞助专业足球训练装备、定向捐赠专 项公益资金等方式助推当地青少年足球事业发展，为乡村青少年成长赋能。 12月27日，2025世界企业慈善公益500强暨中国企业慈善公益500强发布大会在北京隆重举行。本次大会 由北京理工大学共同富裕与人力资源开发研究中心主办，以"财富与责任——企业的价值"为主题，梳理 并展示了上年间中国企业在慈善公益领域取得的丰硕成果。米连科技凭借在公益事业中的探索与实践， 顺利入围"2025中国高新技术企业慈善公益500强"和"2025中国企业乡村振兴500强"榜单，用实际行动诠 释了当代互联网企业的责任与担当。 中国企业慈善公益500强系列榜单已连续发布9年，始终致力于展现中国企业慈 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 资讯早班车-2025-12-30 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20251020 | 2025/09 | GDP:不变价:当季同比 | % | 4.80 | 5.20 | 4.60 | | 20251130 | 2025/11 | 制造业 PMI | % | 49.20 | 49.00 | 50.30 | | 20251130 | 2025/11 | 非制造业 PMI:商务活 动 | % | 49.50 | 50.10 | 50.00 | | 20251212 | 2025/11 | 社会融资规模增量:当 | 亿元 | | 24885.00 8161.00 | 23288.00 | | | | 月值 | | | | | | 20251212 | 2025/11 | M0(流通中的现金):同 比 | % | 10.60 | 10.60 | 12.70 | | 202512 ...

智通财经12月30日讯（编辑 史正丞）昨夜今晨，随着今年获利颇丰的贵金属交易员挥洒筹码，美股市 场在科技蓝筹萎靡不振的影响下走弱。国际油价则在乌克兰问题谈判仍显分歧的背景中走强，成为昨夜 为数不多上涨的大宗商品。 在芝商所提高黄金、白银、铂金、钯金等热门金属期货保证金要求的背景下，贵金属期货周一的异动下 跌成为市场焦点。根据统计，现货黄金日内最多下跌5%，是自10月21日以来的最大日内跌幅，白银跌 幅一度下挫接近11%，为自2020年9月以来的最大日内跌幅。 当交易所提高保证金要求时，交易者必须拿出更多现金来维持持仓。一些投机者没有额外资金，只能被 迫缩减或平仓。 | 标的 | 周一涨跌 | | --- | --- | | ICE布油 | 1.66% | | COMEX黄金 | -4. 45% | | 伦敦金现 | -4. 42% | | 伦敦银现 | -9.08% | | NYMEX铂金 | -14. 52% | | NYMEX知金 | -15. 79% | | LME铜 | 0. 21% | | CBOT大豆 | -0. 82% | | CBOT玉米 | -1.67% | | CBOT小麦 | -1. 2 ...

与此同时，特朗普关祱政策对物价的影响预计将在 2026 年上半年达到峰值。美联储政策制定者愈发认 为，此后物价压力将逐步缓解。若事实果真如此，薪资增长跑赢通胀的空间将进一步扩大，从而进一步 改善家庭财务状况。 得益于唐纳德・特朗普总统的减税政策、关祱相关不确定性减弱、人工智能热潮持续推进以及美联储年 末开启的降息周期，经历了 2025 年跌宕起伏的美国经济，有望在 2026 年迎来更强劲的增长。 特朗普签署的《宏伟美好法案》还为企业提供了多项税收抵免与优惠政策，其中包括允许企业对投资相 关支出全额税前扣除。这一政策有望推动企业资本支出，覆盖范围将突破数据中心及其他人工智能相关 领域。 经济学家指出，经济增速回升的最大驱动力之一，是退税金额增加与薪资预扣税额减少，这两项利好预 计将提振作为美国经济支柱的消费支出。 毕马威首席经济学家黛安・斯旺克表示："单是财政刺激这一项，就有望为 2026 年一季度国内生产总值 （GDP）增速贡献 0.5 个百分点甚至更多。" 此外，2025 年经济增长的核心引擎 —— 人工智能基础设施相关的企业支出，预计将延续增长态势。亚 马逊、谷歌母公司字母表等科技巨头均已承诺未来将加大相 ...

盘面上，权重科技股午后普遍走低拖累大市下行，其中，阿里巴巴跌近2%，小米跌1.6%，快手、腾 讯、京东皆下跌；濠赌股跌幅较大，大摩称明年牌照费升至每月收益3.5%，美高梅中国大跌超17%表现 最差；金银价格大肆回落，现货钯金重挫12%，黄金股全线下跌，紫金黄金国际、山东黄金等多股跌超 5%；中资券商股、影视娱乐股、家电股、半导体股、保险股、内房股多数表现低迷。 另一方面，财政部明年继续安排资金支持消费品以旧换新，汽车股表现活跃，蔚来、小鹏、比亚迪涨幅 靠前，铜价持续创新高，铜业股成唯一强势的有色金属股，江西铜业股份收涨6.5%，内银股多数上 涨，农行、招行、建行、中行等权重皆有涨幅。(格隆汇) 港股三大指数午后持续走低均由涨转跌，且呈现高开低走的单边回落行情。截止收盘，恒生指数跌 0.71%26000点得而复失，国企指数跌0.26%，恒生科技指数跌0.3%盘初曾大涨至2.2%。 ...

Core Insights - The article presents a forecast for the financial market in 2026, emphasizing the importance of adjusting investment strategies in light of ongoing market trends and economic conditions [2][4]. Group 1: Investment Philosophy - Emphasis on the unprecedented low interest rate environment and the importance of quality equity investments [3][4]. - Investors are advised to avoid the temptation of quick profits and to extend their investment horizons [5]. - The article highlights the cyclical nature of markets, suggesting that after a prolonged bull market, a period of consolidation or correction is likely [5]. Group 2: Key Trends for 2026 - The end of the global interest rate reduction cycle is anticipated, with varying impacts on stocks, bonds, and currencies [8][20]. - De-globalization remains a dominant trend, with fiscal policies being a common response to this phenomenon [9][30]. - The A-share market is expected to focus on relative value within asset classes, with a significant wave of fixed income products emerging [10][38]. - The Hong Kong stock market is projected to show increasing valuation advantages [11][60]. - The financial industry is expected to experience accelerated differentiation and consolidation [12][68]. - The wealth management sector is entering a new era of diversified asset allocation [13][71]. - The AI sector is entering a phase of significant differentiation, with a focus on who can build effective ecosystems [14][81]. - The trend of "anti-involution" is expected to continue, impacting investment strategies [15][90]. - A new era of outbound investment for Chinese companies is emerging, driven by global supply chain restructuring [16][94]. - Two significant trends are identified: accelerated asset securitization by local governments and societal K-shaped economic divergence [17][101]. Group 3: Market Implications - The anticipated end of the interest rate reduction cycle suggests that the valuation uplift from declining rates will slow, making profit-driven sectors more critical [26][25]. - The article discusses the expected impacts on various asset classes, including U.S. stocks, A-shares, and bonds, highlighting the need for strategic adjustments in investment positions [27][28][29]. - The A-share market is seen as a critical area for investment, with a focus on its relative value compared to other asset classes [43][48]. - The article emphasizes the importance of understanding the core role of the stock market in economic development and its potential as a wealth reservoir [49][50].

港股上午盘三大指数集体上涨，尤其是恒生科技指数一度涨至2.2%，午间收涨1.6%，恒生指数、国企 指数分别上涨0.26%及0.77%，恒指一度重回26000点上方。作为市场风向标的大型科技股拉升助力大市 上涨，其中，美团涨超2%，百度涨1.6%；财政部明年继续安排资金支持消费品以旧换新，汽车股齐 涨，铜价持续创新高，铜业股领衔有色金属股上涨，江西铜业股份大涨近10%领衔；脑机接口概念股、 航空股、纸业股纷纷上涨。另外，濠赌股下挫，美高梅中国大跌超13%刷新阶段新低，电力股、三胎概 念股普跌。(格隆汇) ...

12月29日，港股开盘，恒指涨0.43%，恒生科技指数涨0.88%。 | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | | 恒生指数 | 25928.89 c | 0.43% | | 恒生科技 | 5547.79 c | 0.88% | | 恒生生物科技 | 14705.87 c | 0.32% | | 恒生中国企业指数 | 8967.79 c | 0.59% | | 恒生综合指数 | 3961.34 c | 0.49% | 新能源汽车股集体走强，小鹏汽车涨超5%，零跑汽车涨超4%，比亚迪股份、理想汽车、蔚来涨逾3%。 编辑｜心一 | 资料 | 成分 | 资讯 | 相关基金 | 月度收益 | | --- | --- | --- | --- | --- | | 小鹏汽车-W | | 80.000 | 5.12% | 0.009 | | 9868.HK | | | | | | 零跑汽车 | | 52.000 | 4.12% | -0.769 | | 9863.HK | | | | | | 蔚来-SW | | 39.880 | 3.75% | 1.019 | | 9866.HK | | | ...

对于硅谷的裁员，乔杜里分析称，这一现象已持续约三到四年，其背后并非完全源于纯粹的AI创 新。"在某些领域，比如开发者群体中，AI确实显示出替代效应。它取代初级开发者的能力已相当先 进，且这类案例正在增多。"她随后强调，"但同样值得关注的是，所有这些公司都投入了数千亿美元开 发一项尚未实现盈利的技术，因此它们必须在其他地方节省开支。我不能完全确定所有这些裁员都是纯 粹由自动化驱动的。" AI自动化研究所创始人贝格（Hamza Baig）在一篇名为《美国企业大规模裁员背后：AI洗白还是经济 现实？》的文章中写道，当前许多裁员"实质上是将传统重组包装成AI驱动的创新"，但企业需要区分真 正的AI转型与以自动化为名、掩盖运营低效的行为。 IBM首席执行官克里希纳（Arvind Krishna）也在本月公开承认，近期的裁员更像是一场"自然修正"。 他认为人们在就业上"暴饮暴食"了，当前的调整主要是为了解决过度招聘的问题，而非完全由AI导致。 近期硅谷更像是用AI来洗白裁员的决策，长期来看，AI会带来更多工作岗位。 根据职场咨询公司Challenger, Gray&Christmas的数据，2025年美国约有5.5万次裁 ...

Core Viewpoint - The core narrative of the Hong Kong stock market in 2025 was driven by AI, with significant structural trends observed in the technology sector, highlighted by a notable increase in the Hang Seng Tech Index and substantial inflows of capital into AI-related stocks [2][6][33]. Group 1: AI as a Growth Driver - AI technology transitioned from a speculative concept to a value-realization phase, becoming a critical growth driver for the technology industry [6][14]. - The performance of major tech companies like Alibaba and Tencent was significantly enhanced by their AI strategies, with Alibaba's stock rising over 80% and Tencent's by over 46% due to successful AI implementations [7][9]. - The overall market sentiment towards AI remained strong, with a projected $10 trillion market opportunity for the global tech industry over the next five years due to AI penetration [13][14]. Group 2: Individual Company Performance - Alibaba's AI-related revenue saw triple-digit growth for multiple quarters, with a 34% revenue increase in Q3 2025, reflecting strong market expectations [16][18]. - Tencent's AI initiatives, including the launch of over 30 new models, contributed to a 19% year-on-year increase in adjusted net profit, although its valuation expansion was less pronounced compared to Alibaba [18][21]. - Xiaomi's stock performance lagged behind its peers, with a 13% increase, attributed to a slower realization of AI value despite significant R&D investments exceeding 100 billion RMB over five years [19][20]. Group 3: Valuation Disparities - The valuation of AI-related companies showed clear differentiation, with Alibaba's AI value fully reflected in its stock price, while Xiaomi's AI capabilities had not yet translated into market consensus [21][22]. - AI vertical companies like SenseTime experienced high valuation premiums, with stock prices increasing over 80% due to their technological advancements [18][19]. - The market has yet to fully price in the AI value of leading Hong Kong tech companies, indicating potential for upward valuation adjustments [20][21]. Group 4: Future Outlook - The investment focus for 2026 is expected to shift from "technological breakthroughs" to "commercialization," with a faster pace of value realization anticipated [33]. - Companies that can effectively integrate AI into their business models and demonstrate scalable applications are likely to continue releasing growth value [33]. - The deep integration of AI with the physical world is seen as an irreversible trend, suggesting that the Hong Kong tech sector will continue to evolve and present investment opportunities [33].