证券研究报告|宏观点评报告 [Table_Date] 2026 年 01 月 12 日 [Table_Title] 资产配置日报：又见天量成交 | | | 1 月 12 日，权益市场放量上涨。万得全 A上涨 1.72%，全天成交额 3.64 万亿元，较上周五（1 月 9 日）放 量 4922 亿元。港股方面，恒生指数上涨 1.44%，恒生科技上涨 3.10%。南向资金净流入 73.06 亿港元，其中快 手、腾讯控股分别净流入 22.45 亿港元和 20.12 亿港元，而中国移动净流出 10.30 亿港元。 成交额创历史新高，市场情绪积极。A 股成交额以 3.64 万亿元创历史新高，突破了 924 行情创下的前高 3.48 万亿元。值得注意的是，隐含波动率大幅上涨。截至 1月 12 日，沪 300ETF IV 指数处于 924 行情以来的 80%分 位数，反映投机情绪迅速升温，驱动行情走强的同时，短期波动的概率放大。本轮隐含波动率的走势与 25 年 8 月 相似，在当时的上涨行情中，隐含波动率的分位数迅速上升至 80%之上后回落，沪深 300 下跌约 3%。 题材方面，AI应用和商业航天为今日主线。AI应用的上 ...

【苹果选择谷歌Gemini驱动将于今年面世的AI版Siri】 苹果公司正与谷歌联手，为其计划于今年晚些时 候推出的Siri等产品提供人工智能功能支持。 一份声明显示，这项为期数年的合作伙伴关系将依托谷歌 的 Gemini 模型和云技术，来构建苹果未来的基础模型。 苹果在声明中写道："经过仔细评估，我们认 定谷歌的技术为'苹果基础模型（Apple Foundation Models）'提供了最强大的基础。我们非常期待这一 合作为用户开启的创新体验。"（CNBC） 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

格隆汇1月12日｜纳斯达克金龙中国指数盘初涨幅扩大至3%，热门中概股知乎涨超23%，金山云涨超 18%，阿里巴巴涨超7%，小鹏、百胜中国涨约4%，网易、百度涨超3%。 KWEB涨2.9%，CQQQ涨 2.8% ...

Core Viewpoint - The article highlights the positive outlook for Chinese assets, with foreign investment increasingly favoring the Chinese stock market, projecting significant growth in the coming years [4][5]. Group 1: Market Performance - As of January 12, U.S. stock indices opened lower, with the Dow Jones down 0.46%, S&P 500 down 0.21%, and Nasdaq down 0.19% [1][2]. - In contrast, Chinese concept stocks saw a significant rise, with the Nasdaq Golden Dragon China Index increasing over 3.2% [2]. Group 2: Foreign Investment Sentiment - Goldman Sachs released a report on January 5, recommending an overweight position in Chinese stocks for 2026, citing a significant valuation discount compared to global peers [4]. - Multiple foreign institutions expressed optimism for Chinese assets by the end of 2025, predicting annual growth of 15% to 20% for the Chinese stock market in 2026 and 2027 [4]. Group 3: Structural Investment Opportunities - Fidelity International noted that the Chinese market presents strong attractiveness in 2026, driven by ongoing policy support creating structural investment opportunities [5]. - The "anti-involution" policy is expected to help companies return to substantial profit growth, with local firms making rapid advancements in technology and innovation [5]. Group 4: Notable Stock Performances - Specific Chinese concept stocks experienced significant gains, including Zhihu up over 21%, Kingsoft Cloud up over 18%, Agora up nearly 10%, Alibaba up over 8%, and others showing increases of 3% to 8% [5][6].

Market Performance - On January 12, the Hang Seng Index rose by 1.44%, closing at 26,608.48 points, with a total net inflow of HKD 7.306 billion through the southbound trading channel [1] - The total trading volume for the southbound trading was HKD 147.494 billion, with a net buying amount of HKD 7.306 billion [1] Trading Activity - In the Shanghai-Hong Kong Stock Connect, the trading volume was HKD 86.413 billion, with a net buying of HKD 1.546 billion; in the Shenzhen-Hong Kong Stock Connect, the trading volume was HKD 61.081 billion, with a net buying of HKD 5.760 billion [1] - The most actively traded stock in the Shanghai-Hong Kong Stock Connect was Alibaba-W, with a trading amount of HKD 8.776 billion, followed by Tencent Holdings and Xiaomi Group-W, with trading amounts of HKD 3.590 billion and HKD 2.802 billion, respectively [1] Stock Performance - Tencent Holdings had the highest net buying amount of HKD 1.184 billion, with its stock price increasing by 1.96% [1] - The stock with the highest net selling amount was China Mobile, with a net selling of HKD 1.030 billion, while its stock price rose by 0.25% [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W led with a trading amount of HKD 6.830 billion, followed by Tencent Holdings and Meituan-W, with amounts of HKD 3.416 billion and HKD 2.100 billion, respectively [2] - Kuaishou-W had the highest net buying amount of HKD 1.298 billion, with its stock price increasing by 7.43% [2] - China Ping An had the highest net selling amount of HKD 0.342 billion, with its stock price decreasing by 2.14% [2]

证券时报·数据宝统计，腾讯控股在港交所公告显示，1月12日以每股614.000港元至627.000港元的价格 回购102.40万股，回购金额达6.36亿港元。该股当日收盘价623.000港元，上涨1.96%，全天成交额 170.95亿港元。 自2025年11月18日以来公司已连续37日进行回购，合计回购3844.20万股，累计回购金额235.22亿港元。 其间该股累计下跌2.12%。 今年以来该股累计进行7次回购，合计回购717.00万股，累计回购金额44.50亿港元。（数据宝） （文章来源：证券时报网） 腾讯控股回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2026.01.12 | 102.40 | 627.000 | 614.000 | 63568.82 | | 2026.01.09 | 103.90 | 616.000 | 610.500 | 63593.34 | | 2026.01.08 | 103.40 | 618.500 | 610.500 | 63561.6 ...

Market Overview - On January 12, the Hang Seng Index rose by 1.44%, with total southbound trading amounting to HKD 1,474.94 billion, including buy transactions of HKD 774.00 billion and sell transactions of HKD 700.94 billion, resulting in a net buy of HKD 73.06 billion [2][3]. Southbound Trading Details - The southbound trading through Stock Connect (Shenzhen) had a total transaction amount of HKD 610.81 billion, with buy transactions of HKD 334.20 billion and sell transactions of HKD 276.61 billion, leading to a net buy of HKD 57.60 billion [2]. - The southbound trading through Stock Connect (Shanghai) had a total transaction amount of HKD 864.13 billion, with buy transactions of HKD 439.80 billion and sell transactions of HKD 424.33 billion, resulting in a net buy of HKD 15.46 billion [2]. Active Stocks - The most actively traded stock by southbound funds was Alibaba-W, with a total transaction amount of HKD 156.07 billion, followed by Tencent Holdings and Xiaomi Group-W, with transaction amounts of HKD 70.06 billion and HKD 46.71 billion, respectively [2][3]. - Among the net buying stocks, Kuaishou-W had the highest net buy amount of HKD 22.45 billion, with a closing price increase of 7.43%. Tencent Holdings followed with a net buy of HKD 20.12 billion, and Southern Hang Seng Technology had a net buy of HKD 8.58 billion [2][3]. Continuous Net Buying and Selling - Three stocks experienced continuous net buying for more than three days, with Xiaomi Group-W leading at 8 days, followed by Tencent Holdings at 4 days and SMIC at 3 days. The total net buy amounts were HKD 63.26 billion for Xiaomi Group-W, HKD 62.43 billion for Tencent Holdings, and HKD 12.79 billion for SMIC [3]. - Two stocks faced continuous net selling, with China Mobile and Meituan-W having the highest net sell amounts of HKD 44.80 billion and HKD 10.76 billion, respectively [3].

25年Q1 即视感！ 有点热闹。从阿里到B站，到和大模型相关的idc ... ...

阿里巴巴(BABA.US)盘初涨幅扩大至超7%。消息上，摩根大通建议投资者可考虑逐步累积阿里巴巴的股份，对其未来6至12个月交易持建设性看 法。小摩预期，阿里云收入增长将在未来几季持续加速，因生成式AI工作负载将从试点阶段扩展到更广泛的部署，证明阿里有能力在中国捕捉并 实现AI驱动需求。小摩相信，连续几个季度稳定的云业务增长动能，应能将投资者的焦点从短期支出转向更高质引擎增长的持续性，从而支持估 值倍数扩张。 ...

中概股逆势大涨，中国金龙指数涨超2%，金山云涨超16%，知乎涨超15%，阿里巴巴涨近5%，小鹏汽 车涨逾4%，百度涨超3%。 编辑 ｜ 钉钉 | 美股指数 它 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 49105.15 | 23617.91 | 6944.28 | | -398.92 -0.81% | -53.44 -0.23% | -22.00 -0.32% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7892.47 | 25730.25 | 6965.50 | | +196.85 +2.56% | -208.00 -0.80% | -39.50 -0.56% | 科技股普跌，英特尔跌超3%，英伟达跌近1%。银行股集体下跌，美国运通跌超4%，摩根大通跌逾 2%。 1月12日，美股三大指数开盘下跌，截至发稿，道指跌0.81%，纳指跌0.23%，标普500指数跌0.32%。 ...