在近期市场整体波动的背景下，经营稳健、分红确定性高的港股高股息龙头公司展现出较强的避险属性 和配置价值。其核心吸引力在于其标的指数——恒生港股通高股息低波动指数具备突出的股息率优势， 当前近12个月股息率高达6.5%，与当前约1.85%的10年期国债收益率形成显著利差，为投资者提供了具 吸引力的稳健收益来源。 从政策环境看，引导长期资金入市是明确方向，公募基金、保险及养老金等增量资金有望为高股息板块 提供持续的配置需求。产品设计上，该ETF以0.2%的全市场最低综合费率、月度分红评估机制和T+0交 易特性，提升了长期持有的成本优势和资金效率。其持仓聚焦金融、能源等成熟行业，并通过严格的风 险分散规则（如个股权重上限5%）来规避"股息率陷阱"，增强了组合的稳定性。场外投资者可通过其 联接基金（A类：024029 / C类：024030）参与投资。 风险提示：基金有风险，投资需谨慎。 12月18日，港股高股息板块表现稳健，截至上午10时11分，港股红利低波ETF(520550)上涨0.33%。资金 面上，该产品热度不减，截至12月17日已实现连续20个交易日资金净流入，累计净流入约1.8亿元。若 从年初至今统计， ...

泡沫观察 2023 年 4 月沉寂后，伯里于 10 月底重返 X，发言集中在对 AI 历史性泡沫的担忧。 （原标题："大空头"伯里沉寂多年突然7周高频发声：做空英伟达、Palantir，押注AI泡沫两年爆裂!） 智通财经APP获悉，过去七周，一向神秘的迈克尔·伯里(Michael Burry)突然走到台前，就比特币、迷因 股、AI 热潮到美联储等话题接连发声。 这位因《大空头》出名的投资人，以往习惯在 X(原推特)上发一些简短难懂的警告，随后秒删，并销声 匿迹数月甚至数年。 如今，他彻底对外关闭自己的对冲基金，不再接受外部资金，把重心放在 Substack 上，写个人投资笔 记并分享财务分析。 这篇文章系统梳理了他在Substack平台发表的文章、X社交平台的动态内容以及近期与作家迈克尔·刘易 斯进行的那场播客访谈，从中提炼并归纳出其至今公开披露的核心观点与关键细节。 他称 OpenAI 是"我们时代的网景"，但账上正血流不止，并披露已押注英伟达和Palantir(PLTR.US)下 跌，预计 AI 泡沫两年内破裂。他建议，在热门资产上大赚的投资者应及时落袋。 据其Substack平台内容显示，在与作家迈克尔 ...

Group 1 - The core viewpoint of the news is that the official launch of the Hainan Free Trade Port's full island closure operation marks a new stage in China's opening-up strategy, establishing Hainan as a significant gateway for foreign trade [1] - The "zero tariff" policy has been significantly expanded, with the range of zero-tariff goods increasing to approximately 6,600 items, resulting in 74% of imported goods entering Hainan being exempt from import duties, VAT, and consumption tax [1] - The closure operation is seen as a new starting point for industrial upgrades, with plans to develop a modern industrial system characterized by Hainan's unique advantages [1] Group 2 - The four main industries targeted for development include tourism, modern services, high-tech industries, and tropical efficient agriculture, with a focus on optimizing and upgrading these sectors [2] - Investment opportunities are identified in modern service industries such as tourism, exhibition, transportation, and finance, as well as in specialized sectors like marine economy, aerospace, duty-free shopping, and high-end healthcare [2] - Companies with significant foreign trade operations in Hainan, infrastructure firms benefiting from the free trade port's development, tourism-related businesses, and local enterprises enjoying tax benefits are expected to see substantial gains [2]

Market Overview - The U.S. stock market experienced a decline, with the Dow Jones Industrial Average falling by 0.47% to close below 48,000 points, the Nasdaq dropping by 1.81%, and the S&P 500 decreasing by 1.16% [1] - The VIX, a measure of market volatility, surged by 6.9% to 17.62, indicating increased investor anxiety [1] Technology Sector Performance - Major tech stocks saw significant declines, with Nvidia down 3.8%, Microsoft down 0.1%, Amazon down 0.6%, Apple down 1.0%, Meta down 1.2%, Google down 3.1%, and Tesla down 4.6% [2] - The Philadelphia Semiconductor Index fell by 3.3%, with notable drops in chip manufacturers such as Broadcom down 4.4% and AMD down 5.3% [3] Corporate Developments - Oracle's stock dropped by 5.4% following news that its largest data center partner, Blue Owl Capital, would no longer fund a $10 billion data center project, raising market concerns despite Oracle's clarifying announcement [3] - Warner Bros. Discovery's stock fell by 2.3% after the board rejected a $108.4 billion hostile takeover bid from Paramount-DreamWorks, opting instead for a more certain offer from Netflix [3] Commodity Market Movements - International oil prices rebounded significantly, with WTI crude oil increasing by 1.21% to $55.94 per barrel and Brent crude oil rising by 1.29% to $59.68 per barrel [3] - Precious metals saw gains driven by risk-averse sentiment, with COMEX gold futures rising by 1.00% to $4,347.50 per ounce and COMEX silver futures increasing by 5.64% to $66.237 per ounce, both reaching historical closing highs [3] Regulatory and Policy Updates - The Ministry of Finance reported that from January to November 2025, stamp duty revenue reached 404.4 billion yuan, a year-on-year increase of 27%, with securities transaction stamp duty at 185.5 billion yuan, up 70.7% [3] - The National Development and Reform Commission, along with five other departments, issued a notice promoting clean and efficient coal utilization, encouraging upgrades and modifications to existing projects to meet benchmark levels [4]

12月13日，在2025年粤港澳大湾区人工智能与机器人产业大会暨广东省人工智能与机器人技能大赛（下称"XAIR大会"）现场，农行展位上一 个可爱的人形机器人备受关注。这是来自广州高擎机电科技有限公司（下称"高擎机电"）的Mini Pi Plus人形机器人，全身搭载着高擎机电自研 的高精度伺服关节模组，可以完成上下楼梯、踢足球、后空翻等高难度动作。 这家正处于产品研发和市场开发关键阶段的高科技企业，今年获得了农行一笔大额信用贷款，加速了企业的研发进程。 "十五五"规划建议提出，要加快建设现代化产业体系，巩固壮大实体经济根基。2025年中央经济工作会议强调，建设粤港澳大湾区国际科技创 新中心，并提出实施新一轮重点产业链高质量发展行动，深化拓展"人工智能+"，完善人工智能治理，创新科技金融服务。 农行广东分行紧跟国家战略，融入产业发展大局，主动对接人工智能与机器人产业发展规划的相关政府部门、行业协会及龙头企业等主体，将 服务科技创新的产品和服务深度融入产业生态圈，为产业链上下游企业提供全方位金融服务。 赋能人工智能产业链创新 作为粤港澳大湾区规格最高的人工智能与机器人产业盛会，本届XAIR大会吸引逾600家行业代表 ...

这几年我们能明显感受到，一些二三线城市正在经历人口的流失。不是说这些地方不好，而是它们逐渐成为了一个奇怪的现 象：年轻人来了以后待不久，最后还是会选择离开。有些是回到家乡，有的是去往更大的城市，也有人干脆放弃了城市生活。 政府部门其实也注意到了这个问题，不少城市都推出了各种吸引人才的政策，给大学毕业生补贴、放宽落户条件、提供住房支 持等等。可是再好的政策好像也难以留住那些真正沮丧的打工人。 我们有必要冷静下来看一看，到底是哪几座城市在面临这样的困境。这不是在说这些地方有什么问题，只是在客观描述一个现 象。有些城市的工资水平与生活成本的比例确实显得很不匹配。 小李在南昌一家软件公司工作了3年，月薪8000块。他租住在老城区一个15平的房间里，每月房租要1500块。买房的梦想对他来 说早就成了奢望。去年年底，他终于决定回到老家三线城市，虽然工作机会少了一些，生活成本却降低了太多。他的故事在我 们的朋友圈里激起了不少共鸣。很多在大城市打拼的人都在经历同样的困境：拼命工作却越来越看不到希望。 我们的一个朋友在长沙工作了4年，最后还是决定去往北京。他说不是长沙不好，只是他在那里看不到5年以后的自己会是什么 样子。他算了 ...

海南海口海定河世纪大桥。 图虫创意/供图 证券时报记者 康殷 "十四五"时期，海南自由贸易港建设实现从"开局起步"到"成型起势"的关键跨越，并在2025年12月18日 迎来全岛封关运作的历史时刻。 在自贸港政策红利与资本市场改革深化的双重驱动下，海南资本市场交出了一份规模与质量双升的亮眼 答卷：五年来累计实现直接融资788.21亿元，上市公司总市值较"十三五"末增长85%，达4621.11亿元， 百亿级市值企业扩容至14家，并购重组规模突破800亿元，累计分红同比增长86%。这些实打实的数 据，不仅为旅游业、现代服务业、高新技术产业等注入强劲金融动能，更筑牢了自贸港高质量发展的资 本根基。 资本活水精准滴灌 产业升级蹄疾步稳 "十四五"时期，海南资本市场充分发挥资源配置核心功能，通过股权融资、债券发行、并购重组等多元 化工具，将金融活水精准导入实体经济重点领域，推动产业结构优化升级，为自贸港"三区一中心"战略 定位提供坚实支撑。 直接融资规模大幅增长，为企业发展注入"真金白银"。五年来，海南企业通过发行股票、公司债券、资 产支持证券等方式实现直接融资788.21亿元（含H股上市融资12亿元），其中股权融资26 ...

Group 1 - Hainan Island will officially open to global investors and consumers with a new policy of "one line open, two lines controlled, and free movement within the island" starting from December 18, 2025 [1][3] - The number of zero-tariff goods will increase from 1,900 to 6,600, raising the coverage rate to 74% [1][6] - Enterprises will benefit from a unified corporate income tax rate of 15%, and 85 countries' citizens will be able to enter Hainan visa-free [1][6] Group 2 - The infrastructure for Hainan's closure has been completed, including the world's largest new roll-on/roll-off hub at Haikou Port, capable of handling 35 million passengers and 5.6 million vehicles annually [3] - Three airports on the island can accommodate an annual passenger throughput of 68 million, supported by a matrix of eight open ports and ten "second-line ports" [3][4] Group 3 - The term "closure" signifies a higher level of openness, allowing free movement of goods and people between Hainan and foreign countries, while implementing precise management with the mainland [4][6] - The policy will significantly relax import and export management, effectively reducing costs for enterprises [4][6] Group 4 - The zero-tariff policy will cover 6,600 categories of goods, with tax exemptions potentially amounting to hundreds of billions of RMB post-closure [6][15] - Consumers will have access to a wider range of duty-free products, with authorities considering a positive list management for imported goods for residents [7][15] Group 5 - Hainan's closure is part of China's broader opening-up strategy, aiming to explore and accumulate beneficial experiences for institutional opening [15][16] - The island will establish a trade management system for free movement, improve financial policies, and enhance entry and exit management [15][16] Group 6 - In the short term, Hainan may compete with Hong Kong in tourism and shopping, benefiting consumers with more competitive duty-free products [16][18] - Long-term cooperation is expected, leveraging Hainan's manufacturing and consumption advantages alongside Hong Kong's expertise in finance and professional services [16][18]

【重点关注】 ·财政部：前11个月全国一般公共预算收入同比增长0.8% ·市场监管总局：平台要求商家"全网最低价"可能构成垄断 ·六部门：充分利用现有政策工具和工作机制，加大煤炭清洁高效利用市场调节和督促落实力度 【国内要闻】 ·财政部12月17日发布数据显示，今年前11个月，全国一般公共预算收入200516亿元，同比增长0.8%。 其中，前11个月，全国税收收入164814亿元，同比增长1.8%；非税收入35702亿元，同比下降3.7%。分 中央和地方看，前11个月，中央一般公共预算收入88464亿元，同比下降1%；地方一般公共预算本级收 入112052亿元，同比增长2.2%。 ·云南省人民政府办公厅印发《关于加快完善生育支持政策体系推动建设生育友好型社会的十五条措 施》，其中提出，健全生育补贴等制度。深入实施国家育儿补贴制度，稳妥推进省级政策与国家政策精 准衔接，将云南省二孩、三孩每孩每年800元育儿补助统一并轨至国家每孩每年3600元育儿补贴。 ·深圳市人力资源和社会保障局等部门近日印发《关于加强青年人才来深发展服务保障的若干措施》， 其中提出，青年人才可以申请租住过渡性住房，租金标准为市场参考租金的6 ...

Employment Data Overview - In November, the U.S. added 64,000 non-farm jobs, exceeding the expected 50,000[2] - The unemployment rate rose to 4.6%, higher than the anticipated 4.4%[2] - In October, non-farm employment decreased by 105,000, primarily due to a reduction of 157,000 jobs in the government sector[4] Sector Performance - The private sector added 52,000 jobs in October, while November saw an increase of 69,000 jobs[3] - Education and healthcare sectors were significant contributors, adding 65,000 jobs in November[8] - The construction sector improved with an addition of 28,000 jobs in November[8] Labor Market Dynamics - The labor force participation rate increased, contributing to the rise in the unemployment rate[14] - The unemployment rate for Black or African American individuals rose significantly, indicating structural issues in the labor market[14] - Average duration of unemployment decreased, suggesting some easing in re-employment pressures[16] Wage Trends - Average wage growth showed signs of slowing, with service sector wages dropping to approximately 3.4% year-on-year[20] - Wage growth in the goods-producing sector remained stable at around 4.0%[20] Monetary Policy Implications - Following the employment data release, the market slightly increased expectations for a rate cut in January, now at 26%[23] - The Federal Reserve is likely to consider a 25 basis point rate cut in March, contingent on further employment data[23]