FSMOne(香港)总经理陈家朗表示，AI发展将继续成为美股的主要推手，当地半导体销售持续强劲，加 上科技企业资本支出预期维持高位，AI相关投资将继续支撑整体经济增长，并有助抵消消费放缓所带 来的压力。不过，近月美国劳动力市场出现疲态，而且美联储官员将会继续换马，来自特朗普政府的政 治压力将促使当局进一步减息。 他又称，考虑到服务通胀黏性较高、工资增长持续高企等结构性因素仍未消除，未来核心通胀或会反 弹，未必能顺利回落至2%的政策目标，通胀忧虑重燃届时将会限制货币政策进一步放宽的空间，因此 预料美联储于2026年将会减息两次。 另一方面，流动性成为支撑港股表现的重要因素。在环球金融市场波动加剧的背景下，充足的资金流入 提升市场深度和投资者信心，支撑整体市场表现。去年北水持续流入港股，净流入总额超过万亿港元， 反映内地投资者对港股的投资热情。同时，受惠于政策鼓励内地龙头企业两地上市，港股去年IPO集资 额超过2858亿港元，位居全球交易所首位。 谢祐轩称，尽管港股去年已录得显著升幅，但鉴于AI应用持续扩张推动科技企业发展，叠加北水及IPO 提升市场流动性，预计港股的结构性投资机会仍然存在，可被视为2026年重点 ...

来源：中国能源网 天眼查工商信息显示，近日，地平线征程（上海）科技有限公司发生工商变更，注册资本由40亿人民币 增至60亿人民币，增幅50%。 该公司成立于2018年3月，法定代表人为余凯，经营范围含信息系统集成服务、计算机软硬件及辅助设 备批发、计算机软硬件及辅助设备零售、电子产品销售、货物进出口、技术进出口等。股东信息显示， 该公司由北京地平线机器人技术研发有限公司全资持股。 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 南向资金：规模加速扩张，市场定价力量显著增强 资金规模与持股占比的结构性提升：自沪深港通开通以来，南向资金累计净流入超 5 万亿港元，截至 2025 年 11 月末，持股市值升至 6.27 万亿港元，占港股总市值 13.05%，创历史新高，显示境内资金跨境配置意 愿长期增强。 二级行业层面，资金风格由价值取向向科技与新消费主导的成长风格演进，并在近年叠加防御与资源因 子，形成多因子并存格局。 净流入结构与持仓变化高度一致，再度验证南向资金已由套利型跨境资金成长为具备前瞻性与稳定性的长 期配置力量，对港股中长期定价的影响持续提升。 2025 年以来南向资金配置格局 总量层面：净流入加速，定价权持续上移。截至 2025 年 11 ...

截至12月19日，共有106家公司在香港交易所上市，融资总额达到2746亿港元，其中四家公司更跻身2025年全球十大新股之列。在香港交易所上市的公司 通过再融资筹集了660亿美元，彰显香港资本市场的活力和深度。 转自：新华财经 新华财经香港12月29日电（记者林迎楠）2025年收官之际回看，在全球主要市场波动加剧、地缘政治与货币政策不确定性并存的背景下，港股并未复制此 前"估值塌陷—情绪低迷"的单边曲线，而是呈现出资金回流、板块轮动与制度效应逐步显现的复杂图景。 市场观点认为，港股市场表现出结构性上涨与阶段性调整并存的特征，资金流、IPO活跃度和政策环境是推动涨势的核心动力，而宏观不确定性与外部风 险则是短期波动的主因。 IPO回暖与制度效应显现 作为国际金融中心的重要组成部分，一级市场的变化为2025年的港股注入新变量。 2025年港股IPO节奏明显回暖，科技、先进制造、生物医药等领域的新股占比提升。与前些年"数量恢复但质量分化"不同，2025年市场对上市企业的筛选 标准也更为严格。 港交所数据显示，2025年，香港新股市场融资额位居全球第一，融资额较去年明显上升，平均每日成交额更创下历史新高。现货市场20 ...

据港交所文件：上海合合信息科技股份有限公司向港交所提交上市申请书。 来源：滚动播报 ...

2025 年 12 月 24 日 招银国际环球市场 | 市场策略 | 招财日报 全球市场观察 全球市场观察 每日投资策略 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 25,774 | -0.11 | 28.49 | | 恒生国企 | 8,914 | -0.29 | 22.28 | | 恒生科技 | 5,489 | -0.69 | 22.85 | | 上证综指 | 3,920 | 0.07 | 16.95 | | 深证综指 | 2,492 | -0.02 | 27.32 | | 深圳创业板 | 3,205 | 0.41 | 49.65 | | 美国道琼斯 | 48,442 | 0.16 | 13.86 | | 美国标普 500 | 6,910 | 0.46 | 17.48 | | 美国纳斯达克 | 23,562 | 0.57 | 22.01 | | 德国 DAX | 24,340 | 0.23 | 22.26 ...

统计数据显示，在这一轮行情中，九成以上主动权益类基金年内实现正收益，其中有超50只基金净值翻倍，永赢科技智选A以高 达231.72%收益领跑，遥遥领先其他基金，基本提前锁定今年的冠军宝座。 展望2026年，永赢基金权益投资部联席总经理李文宾预计AI投资机会或将继续向新技术、新趋势、新模式扩散。景顺长城基金 则表示对市场持乐观判断，尤其是权益市场，认为科技仍将是未来市场主线，同时资源品和顺周期领域或有细分机会，而红利 则在低利率环境下，依旧是组合的稳定器。 21世纪经济报道记者李域 距离2025年收官仅剩6个交易日，公募基金年终排名进入了关键的冲刺阶段。 今年A股市场整体呈现震荡上行的慢牛走势，上证指数一度突破4000点，市场活跃度显著提升。贯穿全年的最强主线是科技成长 板块，受益于AI技术突破、新能源产业链复苏等多重利好，相关领域上市公司盈利预期显著改善，成为驱动市场上行的引擎。 | 序号 | 基金代码 | 基金简称 | 今年以来 | 最近三年 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 总回报(%) | 息回报(%) | ...

Core Viewpoint - The article discusses the journey of the founder of Lanma Technology, Zhou Jian, from a promising AI entrepreneur to facing significant challenges, including company bankruptcy and personal crises, and his ongoing efforts to rebuild and redefine his future in the AI industry [4][32]. Group 1: Company Challenges - Lanma Technology began experiencing salary arrears in October 2024, leading to a series of substantial defaults by March 2025, ultimately resulting in the company's collapse and the departure of nearly all team members [5]. - Zhou Jian has been placed under a consumption restriction order due to outstanding debts to employees, which has severely limited his mobility and options for future endeavors [10][11]. - Despite attempts by two listed companies to acquire Lanma, negotiations have failed, leaving the company in a precarious state with unresolved debts and ongoing risks [12][24]. Group 2: Personal Struggles - Zhou Jian faced a dual crisis in October 2025, marked by the death of his mother and the sudden collapse of his marriage, which compounded his feelings of despair and loss [16][19]. - The pressures of his past achievements, particularly as an ACM champion, have led to a crisis of identity, as he grapples with the realization that his previous skills may no longer hold the same value in the rapidly evolving AI landscape [21][22]. Group 3: Recovery Efforts - Zhou Jian has adopted an intense work ethic, coding for long hours and attempting to leverage his technical skills to regain control over his situation, emphasizing the importance of proving his value in the current AI era [6][22]. - His recovery strategy includes a phased approach: initially focusing on debt repayment through teaching and workshops, followed by developing a new recruitment system that leverages AI to improve talent matching [26][27]. - Zhou Jian envisions a future for Lanma that transcends its previous incarnation, aiming to create an AI-native infrastructure that addresses the limitations of current data systems [28][29].

专题：第二十二届中国国际金融论坛 12月19日-20日，"第二十二届中国国际金融论坛"在上海举行，主题为：数字经济时代的智能金融生态 构建。上海帆立信息科技有限公司首席信息官谢立出席并演讲。 谢立谈到，当前，电信网络诈骗在金融领域呈现出愈发复杂的演化态势，传统反诈手段逐渐暴露出难以 逾越的短板：（一）响应滞后，难以追平诈骗迭代速度；（二）数据割裂，信息孤岛阻碍风险识别； （三）诈骗升级，持续化隐蔽化特征显著； 他指出，这些复杂的交易数据本质上是天然的图数据结构。图神经网络的信息传递机制，恰好能打破数 据孤岛，构建节点间的真实关联，让隐藏在网络深处的欺诈风险无处遁形——这也成为帆立科技AI反 诈方案的核心技术出发点。 谢立介绍到，经过持续技术迭代，帆立科技的欺诈检测模型已发展至第四代，实现了从被动应对到主动 破解的跨越式升级：一代至二代模型：以快制变，提速风险响应；三代模型：以不变应万变，聚焦用户 行为防护；四代模型：穿透伪装，精准"捕狼"； "帆立科技四代模型采用生成式图欺诈AI检测技术，如同精准捕狼的猎手，核心目标是穿透伪装、看清 真相，专门揪出隐藏在'羊群'中的'狼'，彻底破解自适应欺诈难题。" 他以缅北 ...

Macro Economic Overview - The US economy shows signs of slight weakening in employment, with October non-farm payrolls significantly declining due to the end of government layoffs, although private employment continues to expand [2] - November non-farm payrolls rebounded better than market expectations, primarily in construction, healthcare, and education services, while the unemployment rate unexpectedly rose to 4.6%, the highest in nearly four years [2] - The overall job market is weakening but not severely deteriorating, with initial and continuing claims for unemployment benefits showing slight improvement [2] - The economic growth rate and unemployment rate are expected to stabilize by 2026, with inflation anticipated to decrease before rising again, and the Federal Reserve may lower interest rates once in June [2] Global Market Performance - The Hang Seng Index closed at 25,469, up 0.92% year-to-date, while the Hang Seng Tech Index rose 1.03% [2] - The Shanghai Composite Index increased by 1.19%, and the Shenzhen Composite Index saw a rise of 1.68% [2] - In the US, the Dow Jones fell by 0.47%, and the S&P 500 decreased by 1.16%, while the Nasdaq dropped by 1.81% [2] - The DAX in Germany and CAC in France also experienced slight declines, while the FTSE 100 in the UK rose by 0.92% [2] Sector Performance in Hong Kong - The Hong Kong stock market saw a rebound, with materials, information technology, and financial sectors leading the gains, while utilities, telecommunications, and real estate lagged [4] - Southbound capital recorded a net inflow of HKD 7.909 billion, with Xiaomi, Meituan, and Alibaba being the top net purchases, while China Mobile and CNOOC saw significant net sales [4] - The Hang Seng Financial Index rose by 1.03% year-to-date, while the Hang Seng Industrial Index increased by 0.94% [3] Chinese Market Developments - The Chinese market regulatory authority warned that requiring merchants to offer "lowest prices online" could constitute monopoly behavior, encouraging platform companies to develop algorithm screening to prevent algorithmic monopolies [4] - The Hainan Free Trade Port is set to launch full island closure, focusing on "one line open, one line controlled" to promote trade and investment liberalization, significantly reducing business operating costs [4] US Market Insights - The US stock market continued to decline, with technology, industrial, and communication services sectors leading the losses, while energy, consumer staples, and materials sectors saw gains [4] - The AI sector faced continued sell-offs, with Nvidia and Caterpillar experiencing significant declines [4] - The Federal Reserve's latest survey indicated that CFOs expect a 4.2% increase in US prices next year, significantly higher than the Fed's forecast of inflation returning close to 2% [4]