临近年末，美国投资机构Fundstrat Global Advisors研究主管汤姆·李在近期的一段视频中表达了对2026年美国股市的看法。他表示，在"全新"美联储的推动下 市场有望获得大约10%的涨幅，并指出新一届美联储不会想要扼杀牛市。 汤姆·李在视频中称，市场怀疑的情绪将筑起一道高墙。他提到，现任美联储主席鲍威尔的任期将于明年5月届满。此前，美国总统特朗普表示已决定由谁接 替鲍威尔，并将于明年初公布提名。 汤姆·李进一步解释称，尽管人工智能估值、可能需要一段适应美联储新主席的调整时间、对社会动荡的担忧以及最高法院可能取消美国关税的可能性也是 投资者担心的问题，但他认为市场尚未完全消化美联储明年的鸽派立场，这将是股市的一大利好因素。他还预计，人工智能和能源基础设施、华尔街向区块 链转型以及制造业回流将是盈利和增长的最大驱动力。 关于市场对美股能否在连续三年大幅上涨后继续保持势头的担忧，汤姆·李表示，根据历史数据，在连续三年涨幅超过20%之后，第四年的平均涨幅为12%， 他认为这已经"相当不错"。他预计，2026年的走势将与2025年类似，在年底开始反弹之前会有一段波动期。 汤姆·李的预测记录受到市场关注。 ...

Core Viewpoint - The article highlights the strategic move by Chen Guoqiang, a prominent figure in Hong Kong's capital market, to introduce Reynold Lemkins Group as a strategic investor in his last listed company, Dixiang Real Estate, marking a significant shift towards embracing the Web3 revolution in Hong Kong's old-money capital landscape [1][5]. Group 1: Background of Chen Guoqiang - Chen Guoqiang, known as the "shell king," built his wealth during Hong Kong's real estate boom, initially serving as a contractor for Li Ka-shing's projects, which laid the foundation for his extensive capital operations [3][4]. - His transition from real estate to capital markets in the 1990s involved acquiring underperforming listed companies, revitalizing them through asset injection or strategic partnerships, and selling them at a profit [3][4]. Group 2: Recent Developments - The recent announcement of Dixiang Real Estate issuing new shares to Reynold Lemkins Group at a price of HKD 0.70 per share, representing a 17.45% discount to the average price over the past five trading days, indicates a strategic partnership rather than a mere financing effort [5][6]. - The involvement of Huaxing Capital as the exclusive financial advisor adds a layer of significance to the transaction, reflecting the evolving landscape of Hong Kong's capital market [8]. Group 3: Transaction Structure and Implications - The issuance of new shares to Reynold Lemkins Group, allowing them to hold 10% of Dixiang Real Estate, is seen as a strategic move to position for future control rather than a simple capital increase [9][12]. - The funds raised will be directed towards integrating real estate with Web3 technologies, including the development of digital infrastructure and the tokenization of real-world assets (RWA), indicating a forward-looking strategy [10][14]. Group 4: Future Outlook - The transaction is viewed as the beginning of a broader strategy to reshape Dixiang Real Estate's governance and operational focus, with potential for further investment and restructuring in the coming years [12][13]. - The collaboration between traditional real estate resources and new investment strategies in the Web3 space could position Dixiang Real Estate as a leader in the evolving landscape of real estate and technology integration [14].

Group 1 - The report lists the top institutional investors by the number of shares held and their market value in millions of yuan as of the end of the first half of 2025 [1] - Hong Kong Wei Hua Electronics Co., Ltd. holds 1 share valued at 889,456.21 million yuan, making it the largest single shareholder [1] - Abu Dhabi Investment Authority is the second largest with 20 shares valued at 874,182.15 million yuan [1] - Barclays Bank holds 380 shares valued at 712,393.45 million yuan, ranking third [1] - Swiss UBS Group has 225 shares valued at 519,778.80 million yuan [1] - Morgan Stanley International holds 175 shares valued at 425,318.82 million yuan [1] - JPMorgan Securities has 105 shares valued at 245,988.88 million yuan [1] - Kuwait Government Investment Authority holds 8 shares valued at 197,988.85 million yuan [1] - Macau Monetary Authority has 9 shares valued at 189,510.88 million yuan [1] - Goldman Sachs International holds 68 shares valued at 169,183.45 million yuan [1] - Schroder Global Fund Series China A-Shares has 4 shares valued at 123,691.20 million yuan [1]