下面是今天的其他大新闻 马斯克宣布下周开源 X 最新推荐算法 今天是 1 月 11 日 农历冬月廿三 今天突然来了兴致 想把吃灰了几个月的 客制化键盘组了 拆开一看 配件包里少了两样零件 一整个裂开。。。 （ IT之家）1 月 11 日消息，马斯克今日宣布，将在一周内正式开源 X 平台最新的内容推荐算法。 马斯克称，本次开源将覆盖"所有用于决定向用户推荐自然内容和广告内容的代码"，并强调这只是第一步。后续将每四周更新一次代码，同时附带开发者 说明，标注算法和逻辑上的改动内容。 这意味着，外界或将首次系统性地看到 X 如何决定向用户推荐自然内容与广告内容，并进一步理解信息流中争议性内容频繁出现的技术原因。 ：这就是源神吗？ 印度拟要求智能手机制造商向政府共享源代码 完了！电源、散热器也要大涨价 （ IT 之家）1 月 11 日消息，据路透社报道，印度拟出台一系列安全措施，要求智能手机制造商向政府共享源代码并进行多项软件修改，此举引发了苹 果、三星等科技巨头的私下反对。 据四位知情人士透露，以及路透社对政府和行业机密文件的审阅，这些科技公司反驳称，这份包含 83 项安全标准的新规 —— 其中还要求企业就重大软件 ...

Group 1 - The core idea of the news is that Kuaishou Group is actively promoting internal technological innovation through initiatives like the "National AI Application Challenge," which has engaged thousands of employees and 313 teams from various core business lines [1] - The competition aims to optimize the advertising material generation process using AI, providing a platform for employees to implement creative ideas and directly apply innovative results to production [1] - The Kuaishou Group's labor union plays a crucial role in fostering employee growth by integrating technical skills training into daily activities, enhancing digital literacy and skills for high-quality corporate development [1] Group 2 - In addition to promoting technological innovation, Kuaishou Group's labor union is also focused on employee welfare, organizing comprehensive service activities that cover health management, psychological support, and family protection [2] - The union has transformed traditional policy communication into engaging, participatory actions, allowing employees to better understand various service guarantees through interactive experiences [2] - The labor union is enhancing service facilities, with daily medical consultations exceeding 50 visits, and providing various psychological health resources, ensuring a supportive environment for employees [2] Group 3 - Kuaishou Group's labor union emphasizes a dual approach of "innovation empowerment + service guarantee," strengthening its role as a bridge between the company and employees, and enhancing overall employee satisfaction and security [3] - The union's efforts are aimed at continuously improving service systems and levels, contributing to the long-term development and innovation of the company [3]

Group 1 - The core viewpoint of the articles indicates that the Hong Kong stock market is facing challenges, particularly in terms of liquidity and performance compared to the A-share market, with a focus on value investment and risk management strategies [1][3][6] - In 2025, the Hong Kong stock market saw significant activity in sectors like innovative drugs and artificial intelligence, but by the end of the year, these sectors experienced a downturn, leading to a lack of high-performing funds in these themes [2][3] - The liquidity issues in the Hong Kong market are characterized by a concentration of trading in large-cap stocks, while small-cap stocks suffer from low trading volumes, leading to a disparity in market performance [3][4] Group 2 - Fund managers emphasize the importance of focusing on fundamental performance and quality of companies when investing in the Hong Kong market, as external factors and macroeconomic conditions heavily influence market dynamics [5][6] - The outlook for the Hong Kong market suggests that sectors such as technology and consumer goods may become key investment themes, with a belief that the market's valuation remains attractive compared to global peers [7][8] - There is a growing interest in high-quality consumer brands and innovative companies within the tea beverage sector, which are expected to achieve stable long-term growth due to their competitive advantages [8]

来源：市场资讯 （来源：华泰证券策略研究） 在经历一个月的悲观区间盘整后，港股情绪指数上周五正式落入恐慌区间。历史上进入该区间后未来1 月上涨概率大幅提升。除此之外，当前市场面临海外流动性宽松预期升温、资金面流入再加速、盈利预 期上修的三因素共振，且AH情绪比较再度进入港股悲观、A股乐观的极端值。后续港股或重演追涨行 情，从11月底的布局期逐渐进入收获期。 情绪突破"恐慌"区间，布局性价比大幅上行 2023年底以来进入"恐慌区间"布局港股未来1个月胜率100%。2026年1月9日，港股情绪指数回落至 28.6，时隔四个月再次落入恐慌区间（<30）。2020年至今情绪指数共21次落入恐慌区间，首次进入30 天后恒指平均上涨概率76%，平均/中位数上涨幅度均为3%；2023年10月底至今的七次信号胜率更是达 到100%，平均恒指上涨幅度4%。若完全参考2023年以来经验，恒指未来1个月在27000点以上，但目前 期权市场隐含恒指在1月底、2月底上涨到27000点的概率仅为25%、39%，存在正向预期差。 流动性、资金面和盈利预期等多因素共振上行 交易拥挤度视角下，食品饮料、公用事业、汽车、银行、消费者服务拥挤度较 ...

Group 1: Market Performance - A-shares have successfully broken through 4100 points, while H-shares show relative weakness[1] - The Shanghai Composite Index rose by 2.79% from January 3 to January 10, while the Hang Seng Index fell by 0.41% during the same period[13] - The AH premium index remains in the range of 115-120 points, indicating a preference for high-quality H-shares over A-shares[12] Group 2: Market Structure and Liquidity - A-shares are driven by "new economy" sectors such as semiconductor equipment and aerospace, benefiting from policy support and improved liquidity[1] - H-shares are still dominated by traditional sectors, leading to concerns over excessive competition among internet companies like Alibaba and Meituan[1] - Increased leverage by individual investors and concentrated allocation by long-term funds in A-shares have supported trading volumes, especially amid the appreciation of the RMB[1] Group 3: Economic Indicators - Fixed asset investment has decreased by 2.60% year-on-year, while retail sales increased by 1.30% year-on-year[5] - The M2 money supply grew by 8.02%, and exports rose by 5.90% year-on-year[5] Group 4: Inventory and Fund Behavior - Recent oil inventory stands at 44,355 million tons, up by 2.78 million tons from the previous week[3] - The latest gold ETF scale is 3,422 million ounces, a decrease of 20,000 ounces from the previous week[28]

盖；④在个股机构关注度排行中，盐湖股份首次上榜，前五名依次为中国巨石>贵州茅台>比亚迪>盐湖股 份>天赐材料。 前言 财联社倾力打造王牌栏目《风口研报》，替您"扒一扒"市场含金量超高的研报、调研信息。以机构视 角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催化"和"价值洼地"。 ①沪指16连阳后如何应对；②国内互联网大厂IDC招投标活动重启，分析师看好当前芯片供给边际改善 +国产AI应用需求爆发，算力落地需求将带动IDC订单修复与业绩兑现；③今日全市场机构研报共发布302 篇，大地海洋评级得到上调，12家公司获得首度覆盖，其中凌云股份、青木科技获新财富分析师深度覆 ...

[Table_Title] 研究报告 Research Report 10 Jan 2026 中国策略 China Strategy 坚持半导体主线，积极参与春季行情 Maintain the Semiconductor Theme and Actively Participate in the Spring Rally 周林泓 Amber Zhou 黄雨昕 Yuxin Huang amber.lh.zhou@htisec.com yx.huang@htisec.com [Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX 1 for English summary) 上周我们明确半导体主线，本周在 CES 等催化带动下，全球半导体板块持续走强，A 股半导体设备指数单周上涨 17%。我们认为，半导体行情尚未结束，后续操作上，建议在半导体设备板块回落至关键均线附近时择机加仓；A 股科创芯片整体仍处于相对低位，配置价值依然突出；恒生科技此前回调幅度较为充分，在互联网龙头资本开支 预期上修的背景下，存在补涨空间。市场层面， ...

Market Performance - The Hong Kong stock market experienced volatility, with the Hang Seng Index closing down 0.41% or 106 points, ending at 26,231 points, and total trading volume reaching approximately 1.36 trillion HKD [1][5] Sector and Stock Movements - The technology sector saw most stocks decline, with the Hang Seng Tech Index dropping 0.86% to 5,687.14 points. Notable declines included Tencent down 1.93% to 611.0 HKD, Alibaba down 1.68% to 146.50 HKD, and Meituan down 5.83% to 98.50 HKD. However, Bilibili rose 11.87% to 223.40 HKD, and Trip.com increased by 2.32% to 596.50 HKD [3][4] - Gold prices surpassed 4,500 USD/ounce, attracting interest as a safe-haven asset, which positively impacted gold stocks such as Zijin Mining up 3.57% and Shandong Gold up 11.27% [3][4] Innovation and IPO Market - Reports indicate that China will enhance support for innovative drugs, leading to a rise in the biotech sector. Notable stock increases included Rongchang Biopharma up 28.51% and Jinfang Biopharma up 44.85% [4] - The IPO market in Hong Kong was active, with six new stocks listed, all recording gains on their debut. MiniMax saw a remarkable first-day increase of 109%, reaching a market value exceeding 100 billion HKD [4][7] Economic Indicators - China's December CPI data was released at 0.8%, the highest in nearly two years, while PPI showed a narrower decline, indicating positive price changes in some sectors [5] - The recent IPO activity and adjustments in Hong Kong Stock Connect are expected to attract additional southbound capital, creating a favorable trading environment [5][7]

AI时代的搜索是"搜索辅助的AI"，而不是"有AI能力的搜索"。 人要做决策，必须首先获得信息，然后理解信息、产生认知。 在互联网时代，信息的获取主要是通过搜索。搜索从本质上讲跟图书馆的检索系统非常相似，不同之处 在于其更庞大、更智能。搜索系统的建立分两步：首先得找到尽可能多的信息（网页爬取），其次要把 这些信息整理得易于查找（索引）。做好这些基础准备工作，用户输入了搜索需求，就可以提取关键词 （查询解析）去和索引好的数据库做匹配（检索），最后进行关键的一步：对初步匹配的结果进行打分 （根据相关度、质量、权威性、用户反馈等进行相关性计算），排序输出，呈现给用户。 正是由于有了搜索，互联网上的海量信息才能为人所用。可以说，没有搜索，互联网的使用价值就会大 打折扣。 说到搜索，人们一般想到谷歌、必应、百度等搜索引擎，但实际几乎所有的重要互联网公司的业务都离 不开搜索，用户在淘宝、京东购物，在海量的商品中找到想买的东西需要搜索；在抖音和小红书上，用 户除了"刷"视频和帖子，也会去搜索"怎么做红烧肉"；用美团或饿了么搜吃喝玩乐；在微信中则通过搜 索聊天记录、公众号、视频号、小程序，找到相关的信息。 像谷歌、百度这样的 ...

Report Overview - The report is a weekly strategy report on overseas equity (Hong Kong and US stocks) by Guotai Junan Futures, dated January 11, 2026 [1][2] 1. Investment Ratings - No specific industry investment ratings are provided in the report 2. Core Views - For US stocks, maintain an optimistic outlook, continue with the technology + cyclical allocation strategy, and expect a more balanced market style in 2026 with a "shrinking circle" structure in the technology sector [3] - For Chinese stocks, in the short term, A-shares have better profit - making effects than Hong Kong stocks, and attention should be paid to the subsequent catch - up opportunities in Hong Kong stocks. In the medium term, Hong Kong stocks maintain a barbell strategy [4][7] 3. Summary by Sections US Stocks - **Market Performance and Outlook**: This week, cyclical sectors led the rise in US stocks, and the technology sector continued its "shrinking circle" structure. Next week, the US stock market will face earnings season and inflation data. The outlook remains optimistic, and the technology + cyclical allocation strategy continues [3] - **2026 Allocation Ideas**: The market style will be more balanced, and the K - shaped divergence between technology and non - technology, large - cap and small - cap stocks is expected to converge. Focus on AI technology, healthcare, utilities, finance, materials, and consumer sectors. Prioritize upstream infrastructure in AI technology over downstream software, and pay attention to theme investment opportunities in physical AI [3] - **Valuation**: US stock valuations are still relatively high overall [14] - **AI Bubble**: It is a local rather than a systematic bubble. The market is punishing individual companies with aggressive capital expenditures. Currently, it may be close to the 1997 position from the perspective of the technology industry's ROIC. Monitor the "ROIC - WACC" convergence trend and the divergence between "financing growth" and "profit growth" [20][22] Chinese Stocks - **Market Performance and Outlook**: This week, A - shares outperformed Hong Kong stocks. A - shares' performance was strong in some sectors with high performance certainty and theme - concept sectors. Southbound funds' entry momentum increased, and the pattern may be A - shares leading and Hong Kong stocks catching up. February is the month with the highest winning rate for A - shares historically [4][6][7] - **Short - term Allocation**: Defensively allocate sectors with high performance certainty (AI hardware, new energy leaders, and non - ferrous metals), and offensively allocate valuation - driven sectors (Hang Seng Technology, Hong Kong innovative drugs, commercial aerospace, and robotics) [7] - **Medium - term Allocation for Hong Kong Stocks**: Adopt a barbell strategy, focusing on technology assets with clear industrial trends supported by policies, some new energy sectors with supply - side clearance and demand - side improvement, and non - ferrous sectors benefiting from supply shortages, strong structural demand, and interest rate cuts [7] Odds Analysis - **Hong Kong Stocks**: The forward PE of the Hang Seng Index is 11.8 times, approaching the mean + 1STD since 2015. The forward PE of the Hang Seng Tech Index is 21.4 times, approaching the mean of the past 5 years. The Hang Seng Index ERP is 4.9%, and the Hang Seng Tech Index ERP is 1.1% [9][10]