12月30日，基于美国经济分析局的数据，下图列出1949年/1982年/2000年/2025年美国投资总额达到峰值时占比最高的五大行 业。 1949年，美国投资主要集中在支撑快速扩张的工业化经济的行业。农业以12%的投资份额位居榜首，电力、铁路、电信和石 油天然气位列前五。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 1982年，投资重心转向石油天然气，占总投资的11%。电信和房地产也日益受到重视，银行业和电力行业亦跻身前五。 2000年，正值互联网泡沫鼎盛时期，电信业投资占比上升，计算机和电子产品也成为主要投资领域。房地产和银行业同样 占据重要地位。 2025年，信息和数据处理行业占据主导地位，但集中度降低。电力、化工产品和房地产紧随其后，各自占据总投资额的5% 至6%左右。 ...

智通财经记者 | 王思思 智通财经编辑 | 刘海川 过去一年，我们送别了在科研、学术领域做出伟大成就的杨振宁和许倬云，也道别了造血干细胞奠基人陆道培。原武汉大学校长、教育学家刘道玉的离去也 引得无数学子深切哀悼。41岁歌手方大同的猝然离世，同样令粉丝唏嘘和怀念。 每一次的告别都伴随着不舍与遗憾。回看这一年，无论是学界泰斗、科研专家，还是乐坛歌者，都曾以自己身上的光芒照亮他们所属的时代。 临近年底，智通财经带大家盘点2025年离我们远去的各领域名人，以作缅怀。 星河长明，那些照亮时代的身影 | 2025年逝者回顾 著名歌手、演员方大同 微博。 方大同。图片来自方大同 2025年2月21日，著名歌手、演员方大同因"气胸"病去世，年仅41岁。 方大同，1983年7月出生于美国夏威夷。2005年，22岁的他推出自己的首张专辑《SoulBoy》。自此出道后，方大同收获了"香港周杰伦""香港陶喆"等称谓。 后来凭借该专辑，方大同荣获2005叱咤乐坛流行榜颁奖典礼的"叱咤乐坛生力军男歌手"银奖。半年后，他又在第六届华语音乐传媒大奖中获得"最佳男新 人"奖提名。 但这并不是方大同第一次展露自己的才华。在此之前的很长一段时间， ...

展望2026年，中国资产具备全球相对配置吸引力，一方面中国股票尤其部分港股相对便宜，另一方 面当前全球整体低配中国，随着海外新一轮周期的启动，海外资金大概率会溢出到A股、港股优质股 票。同时，朱红裕也指出，居民风险偏好有待长期机制解决。过去一段时间老百姓的风险偏好没有明 显增加，数据显示权益方面增加的主要是波动相对较小的权益或是"固收+"，未来随着地产逐渐企 稳，有可能逐渐增加配置波动相对较大的权益资产。 日前，招商基金首席投资官朱红裕在红动中国2026财富前瞻论坛上发表了《预期差下的2026年权益 市场投资展望》的主题演讲。朱红裕认为，A股市场经过一轮周期性上涨，仍有部分板块与风格较为 低估，中国资产2026年具备全球配置吸引力，并重点关注四大主线机遇——具备全球竞争力的制造 业龙头、未来供需格局趋于改善的行业龙头、估值处于底部且基本面可能有较高变化的行业、长期盈 利回报较高且估值不匹配的行业龙头。 2026权益投资更注重安全边际与确定性 朱红裕指出，当前A股市场经过一轮周期性上涨后，部分板块与风格进入中后段。数据显示，当前A 股市场成交量和换手率比较活跃，但是现在这一轮行情中IPO发行、减持比较克制，因此 ...

Moneyfarm的分析师Richard Flax在一份报告中说，美国经济预计将在2026年实现稳健增长。他说，对人 工智能行业的大量投资、美联储降低利率以及政府的支持可能会促进经济增长。 另外，市场对地缘局势的担忧情绪有所回升，也吸引避险买盘支撑银价。当地时间12月29日，央视记者 获悉，美国总统特朗普在采访中表示，美军在委内瑞拉行动中摧毁了一座"大型设施"。但他没有提供有 关此次行动的更多细节。 同日，俄罗斯指责乌克兰对俄罗斯总统府在俄罗斯北部的住宅发动无人机袭击，这促使莫斯科重新考虑 其在和平谈判中的立场。 日图来看，纸白银昨日暴跌，今日价格持续回温上涨，目前涨超4%，布林带向上开口，表明目前处于 上涨轨道，一小时DMI显示警惕回调风险，MACD向零线倾斜，表明目前上涨动能减弱，纸白银走势下 方关注14.50-15.50支撑，上方关注16.50-17.00阻力。 今日周二(12月30日)欧盘时段，纸白银目前交投于16.694一线上方，今日开盘于16.071元/克，截至发 稿，纸白银暂报16.809元/克，上涨4.38%，最高触及16.891元/克，最低下探15.947元/克，目前来看，纸 白银盘内短线偏 ...

Investment Rating - The report indicates a shift in the central government's approach to the real estate market, emphasizing "stabilizing the market" rather than merely pushing for recovery [2][4][13] Core Insights - The real estate market is experiencing increased downward pressure, with the supply-demand relationship shifting from total shortage to basic balance, highlighting structural supply deficiencies [2][4] - The central economic work conference has outlined a policy framework focusing on supply-demand coordination, inventory reduction, and promoting quality housing [3][5] - The report notes that as of November 2025, the nationwide unsold commercial housing area stands at 753 million square meters, indicating a high inventory level that requires ongoing efforts for reduction [4][5] Summary by Sections Market Overview - The real estate market is under pressure, with new housing transaction volumes continuing to decline, while "good houses" are becoming the mainstay of market support [1] - The central government's focus has shifted to stabilizing the market, with an emphasis on addressing structural supply issues and enhancing the quality of housing [2][4] Policy Developments - The central economic work conference has introduced measures to control land supply, encourage the acquisition of existing housing for affordable housing, and promote the construction of quality housing [3][4] - The report highlights that local governments are expected to implement various policies, including purchase subsidies and tax reductions, to stimulate inventory reduction [4][5] Demand Dynamics - The demand side is seeing improvements, with the central government advocating for the removal of unreasonable restrictions in the housing market, particularly in core cities [5] - Recent policy changes in Beijing have aimed to optimize housing purchase restrictions, supporting families with multiple children and adjusting credit policies [5][8] Market Performance - In November 2025, the average price of new residential properties in 70 large and medium-sized cities showed a slight month-on-month increase, while the overall sales volume and value continued to decline year-on-year [5][8] - The second-hand housing market is experiencing a downward trend in prices, with significant declines noted in major cities, although transaction volumes are showing signs of recovery [8][9]

Market Overview - The Shanghai Composite Index increased by 0.11% today, with a trading volume of 1,004.34 million shares and a transaction value of 17,424.85 billion yuan, representing a 0.72% increase compared to the previous trading day [1]. Industry Performance - The top-performing industries included: - Oil and Petrochemicals: Up by 2.43%, with a transaction value of 162.59 billion yuan, led by Tongyi Co., which rose by 10.01% [1]. - Machinery Equipment: Increased by 1.38%, with a transaction value of 1,591.32 billion yuan, led by Buke Co., which surged by 20.00% [1]. - Automotive: Gained 1.35%, with a transaction value of 949.77 billion yuan, led by Tsinghua Technology, which rose by 30.00% [1]. - The worst-performing industries included: - Commercial Retail: Decreased by 1.66%, with a transaction value of 298.04 billion yuan, led by Baida Group, which fell by 10.00% [2]. - Social Services: Down by 1.13%, with a transaction value of 104.28 billion yuan, led by Tian Su Measurement, which dropped by 15.65% [2]. - Real Estate: Fell by 1.02%, with a transaction value of 180.88 billion yuan, led by Suzhou High-tech, which declined by 6.88% [2].

Overall Research - In December, A-shares showed a general increase, with the ChiNext Index rising by 6.3% and the Sci-Tech 50 Index increasing by 1.4%. The defense, communication, and non-ferrous metal sectors performed well, while financial real estate and consumer sectors lagged behind [1][7] - The Hong Kong stock market experienced volatility in December, influenced by expectations of US Federal Reserve interest rate cuts and fluctuations in US stocks. The Hang Seng Index fell by 0.2%, while the Hang Seng Technology Index dropped by 1.8% [1][10] A-share Insights - The A-share market is expected to experience a steady upward trend, supported by ongoing policy initiatives and increased capital inflows. Historically, a "spring rally" occurs almost every year in the A-share market, with 13 out of 14 years since 2012 (excluding 2022) witnessing such rallies [2][15] - The central economic work conference emphasized a "more proactive fiscal policy" and "moderately loose monetary policy," which is expected to provide a solid foundation for economic growth and capital market prosperity [2][15][16] - The report suggests focusing on growth and consumer sectors, particularly TMT and advanced manufacturing, which have historically shown greater elasticity during spring rallies. The consumer sector, currently underperforming, may attract "missed opportunity" funds [2][17][18] Hong Kong Insights - The Hong Kong market is anticipated to continue its upward trend due to domestic policy support and a weaker US dollar. Despite recent gains, overall valuations remain low, indicating high long-term investment value [3][20] - A "barbell" strategy is recommended, focusing on technology growth and high-dividend stocks. Key areas include self-sufficiency, chips, and high-end manufacturing, as well as stable dividend sectors like telecommunications and utilities [3][20] Stock Recommendations - For January 2026, the A-share stock selection includes: - Sunlord Electronics, Zhongji Xuchuang, Xinyi Sheng, SMIC, PetroChina, Sinopec, Haier Smart Home, Industrial and Commercial Bank of China, Zijin Mining, and Shanghai Lingang [2][22] - The recommended Hong Kong stocks for January 2026 are: - Alibaba-W, Tencent Holdings, SMIC, Hua Hong Semiconductor, Yujian, and Goldwind Technology [2][26]

又到年终总结季，是不是感觉忙忙碌碌一年，却不知道从何写起？本期"财米油盐"盘点2025年具有代表 性的经济社会热点。这些与国家发展、民生改善紧密相连的"大项目"，离不开"你"的参与。 第一，"新人"登场。 "具身智能"首次写入政府工作报告。机器人上舞台、下工厂，成了年度"最强新人"。训练它、操作它、 优化它的或许就是屏幕前的你。这个未来的万亿大市场，你不仅在观众席，更是在产业发展第一线。 第二，"苏超"出圈。 还记得赛场上的烧烤赞助吗？朴实无华的广告，映照出全民参与的热度。今年夏天，无数的你为了一场 球赛奔赴一座城，用一声声加油喊出江苏380亿元的消费活力。小门店、大景区，都留下过你的打卡身 影。 第三，"以旧换新"。 今年前11个月，消费品"以旧换新"带动相关商品销售额超2.5万亿元，惠及超3.6亿人次。你可能换了新 汽车、新手机，买了新电器、新家具。以旧换新不仅升级了你我生活，更拉动了循环经济。 第四，外贸逆袭。 这一年，中国在更加风云变幻的国际经贸环境中持续扩大制度型开放。是你深夜回复的外语邮件，还有 凌晨热闹的跨境直播间，撑起中国外贸逆风飞翔。 第五，企业"反内卷"。 光伏、汽车、电商"价格战"齐熄火 ...

2 l 宏观经济高频数据一览表 l 生产端 l 消费端 l 地产基建 l 进出口 l 物价通胀 l 交通运输 宏观经济 高频数据一览表 宏观经济 高频数据统计周报 2025.12.22-2025.12.28 分析师： 蒋开来 中央编号： BWL381 联系电话： 852-6430 1060 邮箱： jiangkl@cnzsqh.hk 1 目录 3 宏观经济高频数据一览表 | 指标名称 数据频率 | | | 更新时间 | 最新值 | 前值 | | 环比变动 | | --- | --- | --- | --- | --- | --- | --- | --- | | 生产 | | | | | | | | | 焦炉开工率(%) | | 周频 | 2025/12/26 | 70. 33 | 70. 48 | e | -0.15 | | 高炉开工率(%) | | 周频 | 2025/12/26 | 78. 3 | 78. 45 | P | -0. 15 | | PX开工率(%) | | 周频 | 2025/12/29 | 88. 40 | 89.21 | 3 | -0. 81 | | PTA开工率(%) | | 周频 | ...

今日周二(12月30日)亚盘时段，现货白银目前交投于73.52一线上方，今日开盘于72.19美元/盎司，截至 发稿，现货白银暂报73.92美元/盎司，上涨2.45%，最高触及73.99美元/盎司，最低下探71.12美元/盎 司，目前来看，现货白银盘内短线偏向看涨走势。 【要闻速递】 全美不动产协会(NAR)周一表示，随着住房可负担性改善吸引买家，11月美国成屋签约销售意外飙升至 近三年来最高水平。 美国11月成屋签约销售指数环比上涨3.3%，至79.2，为2023年2月以来的最高水平，预期为上涨1%，前 值从上涨1.9%上修至2.4%。11月成屋签约销售指数同比上涨2.6%。本次数据几乎好于媒体调查的所有 经济学家的预期。 NAR首席经济学家Lawrence Yun表示：住房可负担性的改善——主要得益于按揭贷款利率下降，以及工 资涨幅快于房价上涨，正在促使买家开始试水市场。与此同时，相比去年更充足的房源选择，也在吸引 更多买家进入市场。 分析指出，最新数据表明，正如许多经济学家所预期的那样，美国住房市场正在逐步改善，并有望延续 到2026年。今年5月一度接近7%的按揭贷款利率，目前已回落并稳定在6.3%–6. ...