腾讯控股回购数量103.90万股，回购金额6.36亿港元，回购最高价为616.000港元，最低价为610.500港 元，年内累计回购金额38.14亿港元；小米集团-W回购数量400.00万股，回购金额1.51亿港元，回购最 高价为37.920港元，最低价为37.740港元，年内累计回购金额7.90亿港元；舜宇光学科技回购数量84.00 万股，回购金额5398.94万港元，回购最高价为64.750港元，最低价为63.650港元，年内累计回购金额 1.08亿港元。 | 02598 | 连连数字 | 13.00 | 90.18 | 6.980 | 6.780 | 364.90 | | --- | --- | --- | --- | --- | --- | --- | | 01600 | 天伦燃气 | 20.00 | 61.12 | 3.060 | 3.030 | 591.56 | | 02416 | 易点云 | 26.05 | 59.97 | 2.330 | 2.270 | 353.80 | | 06831 | 绿茶集团 | 7.24 | 48.61 | 6.800 | 6.610 | 500.24 | | 006 ...

Investment Rating - Goldman Sachs upgrades the investment rating for the Asia-Pacific region, specifically the MX APJ index, with a 12-month target raised to 825 points, indicating a 14% price return in USD and a total return of 17% [1][2]. Core Insights - The macroeconomic environment is viewed as constructive, with U.S. GDP growth expected to exceed market consensus at 2.6%, and the Federal Reserve likely to cut interest rates twice before mid-year, which typically benefits Asian markets [3][4]. - Earnings growth for 2026 is projected to be strong, increasing from 10% to 19%, with significant contributions from North Asia, India, and cyclical sectors [1][5]. - Valuations are considered reasonable but slightly high, with a forecasted slight compression from 15x to 14.6x, indicating that corporate earnings will be the primary driver of stock market returns [6]. Summary by Sections Macroeconomic Outlook - The macroeconomic outlook is positive, with U.S. GDP growth at 2.6% and AEG growth around 4.8%. The Federal Reserve is expected to lower interest rates twice this year, leading to a weaker dollar, which is favorable for Asian markets [3][4]. Earnings Expectations - Earnings growth is anticipated to rise significantly, with overall growth expected to reach 19%. The recovery in quarterly earnings is attributed to easing base effects, and the ERI indicator suggests a positive outlook for earnings revisions [5]. Valuation Perspective - Current valuations are slightly above historical averages, with the region's price-to-earnings ratio at 1.2 standard deviations above the long-term mean. Earnings will be crucial for driving stock market returns this year [6]. Fund Flow Trends - There has been a significant outflow of approximately $100 billion from overseas investors, with current mutual fund allocations 75 basis points below benchmarks, indicating potential for rebuilding positions in the region [7][8]. Sector and Industry Focus - Investment in large-scale enterprises is expected to grow by 34% to approximately $550 billion, benefiting sectors such as hardware, semiconductors, and AI. The "Asian Energy Upgrade" theme is highlighted, focusing on nuclear power, electricity, and renewable energy [9]. - The geopolitical tension between the U.S. and China presents opportunities for U.S. re-industrialization, with countries like South Korea and Japan increasing investments in response to U.S. demand [10]. China Market Outlook - The Chinese stock market is expected to remain robust, with the MSCI China index projected to rise by 15%-17% and the CSI 300 index by about 10%. Profit growth is forecasted to increase significantly from 4% to 14% [13][14]. India Market Strategy - The Indian market rating has been upgraded to "overweight," with expected earnings growth of around 15%. Key sectors include finance, consumer goods, and industrials, particularly in defense and energy security [16][19].

1月12日，港股集体高开，其中恒生指数涨0.55%，报26376.84点，恒生科技指数涨0.88%，报5737.43 点，国企指数涨0.75%，报9116.01点，红筹指数涨0.68%，报4129.13点。 盘面上，大型科技股多数走高，阿里巴巴涨0.27%，腾讯控股涨0.82%，京东集团涨0.87%，小米集团跌 0.21%，网易涨0.37%，美团涨2.84%，快手涨1.47%，哔哩哔哩涨2.06%；贵金属板块多股高开，赤峰黄 金涨4%，紫金矿业涨2.72%；商业航天概念继续活跃，亚太卫星涨超5%；芯片股高开，天数智芯涨超 3%；今日豪威集团登陆港交所，首日高开逾3%。 企业新闻 舜宇光学科技(02382.HK)：12月手机镜头出货量为9559.2万件，同比减少8.9%。车载镜头出货量为747.7 万件，同比增长17.7%。手机摄像模组出货量为3774.4万件，同比减少29.3%。主要受客户年底的库存管 控、圣诞节假期等因素影响。 东方海外国际(00316.HK)：截至2025年12月31日止第4季度的航线收入较去年同期减少17.2%，报20.81 亿美元。总载货量上升0.8%，运载力上升4.5%。整体运载率较 ...

客户端 美股上周五造好，美国最新职位增长逊预期，未有影响市场气氛，三大指数均录得升幅收市。美元走势 向上，美国十年期债息维持于4.17厘水平，金价表现理想，油价走势亦向好。 今日港股三大指数集体高开，恒指开盘涨0.55%，报26376.84点，恒科指涨0.88%，国企指数涨0.75%。 盘面上，科网股普涨，美团、百度、哔哩哔哩涨超2%，快手涨超1%；黄金股普涨，赤峰黄金涨4%；商 业航天概念继续活跃，亚太卫星涨超5%；芯片股高开，天数智芯涨超3%；今日豪威集团登陆港交所， 首日高开逾3%。 美股上周五造好，美国最新职位增长逊预期，未有影响市场气氛，三大指数均录得升幅收市。美元走势 向上，美国十年期债息维持于4.17厘水平，金价表现理想，油价走势亦向好。 今日港股三大指数集体高开，恒指开盘涨0.55%，报26376.84点，恒科指涨0.88%，国企指数涨0.75%。 盘面上，科网股普涨，美团、百度、哔哩哔哩涨超2%，快手涨超1%；黄金股普涨，赤峰黄金涨4%；商 业航天概念继续活跃，亚太卫星涨超5%；芯片股高开，天数智芯涨超3%；今日豪威集团登陆港交所， 首日高开逾3%。 | 名称 | 最新价 | 涨跌幅 へ | ...

Group 1 - The core driver of the A-share market's strong performance at the beginning of 2026 is the "excess liquidity" chasing "scarce return assets," rather than significant changes in the macroeconomic fundamentals [2][11] - The A-share market has shown a clear structural preference for sectors like commercial aerospace, non-ferrous metals, and brain-computer interfaces, with small-cap stocks outperforming large-cap stocks [2][3] - The A-share market's gains have primarily been driven by valuation expansion, while traditional consumer stocks have lagged behind due to their closer correlation with domestic demand fundamentals [2][5] Group 2 - The Hong Kong stock market has underperformed due to a lack of attractive structural opportunities and a weaker funding environment, reflecting a deteriorating fundamental backdrop [10][13] - The absence of significant inflows from southbound capital has been noted, with December's average daily inflow dropping to 10.9 million HKD, significantly lower than the 60 million HKD average for the entire year [18][20] - The Hong Kong IPO market remains active, with a total of 2,858 million HKD raised in 2025, but the overall market performance has been muted compared to A-shares [20][21] Group 3 - Historical analysis indicates that the "spring market" effect is more pronounced in A-shares than in Hong Kong stocks, with A-share indices showing an average increase of 4.6% during the period from early December to early March, compared to only 0.5% for Hong Kong stocks [23][24] - The A-share market has consistently outperformed the Hong Kong market in terms of sector performance, particularly in technology, military, and home appliance sectors, which have shown average gains around 10% [23][24] Group 4 - The structural differences between A-shares and Hong Kong stocks lead to varying earnings growth rates, with A-shares expected to see a growth rate of 4%-5% in 2026 compared to 3% for Hong Kong stocks [30] - A-shares benefit from a more favorable micro liquidity environment, while Hong Kong stocks face multiple constraints, including potential declines in southbound capital inflows [33][34] - The unique structural opportunities in Hong Kong, such as high dividend yields and sectors like internet and innovative pharmaceuticals, provide a complementary investment avenue despite the overall market underperformance [35][36]

Group 1 - The Hong Kong stock sentiment index has fallen to 28.6, entering the panic zone for the first time in four months, indicating a potential investment opportunity as historical data shows a 100% success rate for Hong Kong stocks in the following month after entering this zone [1] - The AH premium index has risen to a peak of 122.7, reflecting a significant divergence between the performance of A-shares and Hong Kong stocks, with the latter showing historically low sentiment scores [1] - Huatai Securities suggests that Hong Kong stocks may enter a relative return period, driven by factors such as increased liquidity, inflows from southbound capital nearing 30 billion yuan, and upward revisions in earnings expectations [1] Group 2 - The Hang Seng Technology Index ETF (513180.SH) serves as a benchmark for Hong Kong's technology sector, covering internet, hard technology, and new energy vehicle companies [2] - The enhanced Hang Seng Technology ETF (159101.SZ) adds exposure to the biotechnology sector and increases the weight limit for individual component stocks to 15% [2] - The Hang Seng Internet ETF (513330.SH) focuses on software applications and internet media, with major holdings including Alibaba, Tencent, and Meituan, which together account for nearly 40% of the index [2] - The Hang Seng Pharmaceutical ETF (159892.SZ) targets innovative drugs and leading CXO companies, currently characterized by low valuations and low crowding [2]

Core Insights - Google is introducing new personalized advertising features in its AI shopping tool, marking a significant step in the monetization of AI [1] - The initiative allows advertisers to offer exclusive deals to consumers preparing to purchase through Google's AI model, driven by the Gemini model [1][2] - This move represents a major shift from Google's traditional advertising model, aiming to provide value to retailers at critical moments to facilitate transactions [1][2] Group 1: New Advertising Features - The new advertising functionality enables brands to deliver highly personalized ads, such as discount codes, through its chatbot, advancing Google's position against AI competitors [2] - Retailers can set desired offers, with Google using AI to determine the optimal timing for displaying these deals to potential customers [2] - Initial focus during the pilot phase is on discounts, with plans to expand to other types of offers, such as bundled sales and free shipping [2] Group 2: Competitive Landscape - Google is leveraging its significant market share in online search to showcase its AI model to billions of users, despite its Gemini chatbot lagging behind ChatGPT in popularity [3] - Competitors like OpenAI, Microsoft, and Perplexity are racing to introduce e-commerce features in their chatbots to generate revenue from their costly AI products [3] - OpenAI has paused internal discussions on advertising products due to concerns about competitors narrowing the technological lead [3] Group 3: Industry Trends - Microsoft has launched Copilot Checkout, which provides recommendations and checkout services in its AI chat, resulting in a 53% increase in purchases within 30 minutes for users utilizing the feature [4] - Google’s CEO Sundar Pichai emphasized the need for collaboration in this transformative period for the industry, suggesting significant growth potential if executed well [4] Group 4: General Business Agreement - Google has introduced a "Universal Commerce Agreement" that allows shopping agents to research products and complete purchases without leaving its platform, developed in collaboration with major retailers like Walmart, Target, and Shopify [5]

Group 1 - Global capital allocation towards Chinese assets has surged since the beginning of 2026, with foreign investments showing strong confidence in the resilience and value of the Chinese economy [1] - Morgan Stanley has invested over 1 billion HKD in multiple Hong Kong-listed companies, reflecting a bullish sentiment towards the market [1] - Goldman Sachs predicts that the Chinese stock market will expand further in 2026, driven more by profit growth rather than mere valuation increases, with internet and hardware companies expected to see around 20% annual profit growth [1] Group 2 - CITIC Securities attributes the market excitement at the start of 2026 to a concentration of previously cautious funds entering the market, indicating a "desire for growth" among investors [4] - The current market heat is considered high, but sentiment indicators have not shown signs of weakening, suggesting that the upward trend in thematic and small-cap stocks may continue until after the Two Sessions [4] - Analysts recommend focusing on structural investment opportunities and suggest that investors take advantage of dips in the market, particularly before the important window for 2025 annual performance forecasts [4]

美国总统特朗普去年12月29日说，他预计2026年1月宣布美国联邦储备委员会主席鲍威尔的继 任人选。鲍威尔将于今年5月结束任期。 自去年1月第二次出任美国总统以来，特朗普一直敦促美联储降息，希望借此提振经济，降低 政府借贷成本。因不满美联储未能积极降息，特朗普多次要求鲍威尔辞职。 据央视新闻报道，当地时间1月11日，知情官员透露，美国哥伦比亚特区联邦检察官办公室已 对美国联邦储备委员会主席鲍威尔展开刑事调查，调查内容涉及美联储对其华盛顿总部大楼的 翻修工程，以及鲍威尔是否就该项目的范围向国会撒谎。 △美国联邦储备委员会主席鲍威尔（资料图） 该知情官员表示，这项调查包括对鲍威尔公开声明的分析以及对支出记录的审查，并于去年11 月获得哥伦比亚特区联邦检察官珍妮娜·皮罗的批准。皮罗是特朗普的长期盟友，去年被任命 为该办公室负责人。 来源丨央视新闻 编辑丨张嘉钰 贵金属大涨！黄金再创新高，白银猛拉2%，油价直线拉升，中东局势紧张，乌克兰首都响起强 烈爆炸声 小米二手车价大跳水：SU7半年跌5万元 天才少年姚顺雨入职腾讯后首次公开发声 SFC 21君荐读 2 悦 读 · 智能 权 威 . r7 o 扫码点击下载 ...

Group 1 - The core view is that A-shares are expected to outperform Hong Kong stocks in 2026 due to relative advantages in fundamentals and liquidity, while Hong Kong stocks still hold structural appeal [1][34] - A-shares are projected to have an overall profit growth rate of approximately 4%-5% in 2026, compared to about 3% for Hong Kong stocks, driven by differences in sector composition [34][42] - Key sectors for A-shares include technology hardware, manufacturing, and cyclical industries, while Hong Kong stocks are characterized by dividend, internet, innovative pharmaceuticals, and new consumption sectors, which are less favored in the current market [1][42] Group 2 - The strong performance of A-shares at the beginning of the year is attributed to excess liquidity chasing scarce return assets, rather than significant changes in macro fundamentals [2][12] - The market structure has shown that small-cap stocks have significantly outperformed large-cap stocks, continuing the trend from 2025 [2][3] - A-shares have seen record high margin trading balances and daily trading volumes, indicating strong investor interest and liquidity [8][9] Group 3 - Hong Kong stocks have lagged due to a lack of attractive structural opportunities and weaker liquidity, reflecting a deteriorating fundamental outlook [12][15] - The absence of significant foreign capital inflows and the impact of high U.S. Treasury yields have constrained Hong Kong's liquidity environment [17][20] - The IPO market in Hong Kong remains active, with a total of 2,858 million HKD raised in 2025, but the demand for capital is expected to increase further in 2026 [23][24] Group 4 - The historical cross-year effect shows that A-shares tend to perform better than Hong Kong stocks during the spring season, with A-shares averaging a 4.6% increase compared to 0.5% for Hong Kong stocks over the past 20 years [27][28] - The analysis indicates that A-shares have a higher probability of positive returns during the spring season, particularly in sectors like technology and consumer goods [28][29] Group 5 - The liquidity environment for A-shares is expected to benefit from domestic micro liquidity changes, while Hong Kong stocks face multiple constraints [40][41] - The structural characteristics of Hong Kong stocks, such as dividends and innovative sectors, provide unique investment opportunities that are not easily replicated in A-shares [42][46] - The investment strategy should focus on sectors aligned with credit expansion, including AI, dividends, cyclical, and consumption sectors, with A-shares generally having an advantage in technology and cyclical sectors [45][46]