冲高回落后再度回暖，截至收盘三大指数均小幅收涨，其中道指上涨0.1%，纳指上涨0.59%，标指上涨 0.38%。盘面上，银行、科技双双反转，中概股六连跌，黄金持续反转。 中概股大幅低开后全天维持在低位盘整，截至收盘中国金龙下跌1.54%。其中小鹏汽车大跌6.41%，网 易下跌4.15%，哔哩哔哩下跌3.43%，蔚来下跌3.85%，爱奇艺逆势上涨2.75%。 COMEX黄金高开低走后冲高回落，截至收盘上涨0.27%报4078.3美元/盎司，盘中最低报4055.6美元/盎 司，最高报4134.3美元/盎司。 理财就是一场修行，有人修有人度，结果就是看谁踩准了点，把握住了机会。 银行股集体反转，其中阿莱恩斯西部银行上涨2.12%，齐昂银行上涨2.21%，花旗集团、高盛、摩根大 通、美国斯大林等股涨幅均在1%上方。 科技股延续分化，其中英伟达上涨2.85%，英特尔上涨2.27%，谷歌上涨3%，特斯拉、高通、苹果等股 均小幅收涨；奈飞逆势大跌3.58%，超威公司下跌2.93%，META下跌1.23%。 ...

Market Overview - The Hong Kong stock market opened high but experienced a decline, with the Hang Seng Index closing at 25,835.57 points, up 0.02% or 4.92 points, and a total turnover of HKD 245.136 billion [1] - The Hang Seng China Enterprises Index fell by 0.08% to 9,143.34 points, while the Hang Seng Tech Index decreased by 0.58% to 5,574.59 points [1] Sector Performance - Citic Securities predicts a rebound in the Hong Kong stock market by 2026, driven by a recovery in fundamentals and significant valuation discounts. They recommend focusing on five long-term sectors: technology, healthcare, resource products benefiting from inflation and de-dollarization, essential consumer goods, and sectors benefiting from RMB appreciation [1] - Blue-chip stocks showed mixed results, with Link REIT leading the decline, down 6.42% to HKD 38.8, while Techtronic Industries rose 5.36% to HKD 88.5 [2] Real Estate Sector - The real estate sector is highlighted as crucial for household asset allocation in China, with policies aimed at stabilizing housing prices to support economic circulation. High-quality residential properties are expected to see growth due to favorable policy changes [4] - Major real estate stocks like Sunac China and Vanke saw significant gains, with Sunac up 6.02% to HKD 1.41 [3] Technology Sector - Nvidia reported strong Q3 earnings, with revenue of USD 57 billion, a 62% year-on-year increase, and a net profit of USD 31.9 billion, up 65%. The data center business reached a record revenue of USD 51.2 billion, reflecting the ongoing AI trend [5] - Nvidia-related stocks were active, with companies like GigaDevice and Hongteng Precision seeing gains [4] Lithium Sector - Lithium stocks experienced volatility, with Tianqi Lithium and Ganfeng Lithium both closing down nearly 2%. Despite a strong demand outlook, market sentiment remains cautious due to high prices and supply concerns [6] Gold Sector - Gold stocks faced declines, with companies like Jinhai Resources and Lingbao Gold dropping over 2% [6] Notable Company Performances - Kingsoft saw a significant drop of 7.03% after reporting a 17% decline in revenue for Q3 [8] - CATL faced pressure, down 5.66%, as a large portion of its H-share IPO lock-up period ended [9] - WanGuo Data reported a 10.2% increase in net revenue for Q3, leading to a rise of 6.21% in its stock price [10] - Kingsoft Cloud's stock rose by 4.87% after reporting a 31.4% increase in total revenue for Q3 [11]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、担保情况概述 深圳市智微智能科技股份有限公司（以下简称 "公司"）于2025年3月7日召开第二届董事会第十六次会 议，于2025年3月24日召开2025年第一次临时股东大会，分别审议通过了《关于2025年度为子公司提供 担保额度预计的议案》，同意公司为纳入合并报表范围的子公司（含担保额度有效期内新设立或纳入合 并范围的子公司）向银行等金融机构申请综合授信、贷款、开具保函（含分离式）、开立信用证、银行 承兑汇票、开展融资租赁业务等融资担保、采购及其他日常经营所需，提供总额不超过人民币60亿元的 担保额度。上述担保额度的有效期自公司2025年第一次临时股东大会决议通过之日起十二个月内。具体 内容详见公司于2025年3月8日披露于巨潮资讯网（www.cninfo.com.cn）的《关于2025年度为子公司提 供担保额度预计的公告》（公告编号：2025-008）。 二、担保进展情况 近日，公司与中国工商银行股份有限公司东莞谢岗支行（简称"工商银行"）签订了《最高额保证 ...

总量团队联合展望 - 2026 年度策略报告汇报会议 20251119 摘要 2026 年中国经济预计将经历供给端升级和需求端提振，GDP 目标或设 定在 5%左右，财政政策稳健，货币政策支持国家战略，关注中美关系 和国内价格问题。 全球资本市场主线围绕中美科技与安全竞赛展开，科技资本开支增加， 看好铜铝等有色金属资产，以及中美科技股，美国中期选举对经济稳定 有诉求。 外需复苏可能缓解房地产市场跌势，预计 2026 年 PPI 同比增速转正， 风险资产优于避险资产，市场对房地产的悲观预期或将逆转。 2026 年固收投资策略倾向于保守票息策略，信用利差处于极低位置， 不建议信用加仓，关注元旦、春节前后信贷续接及非标债务续接等个体 性机会。 长周期对债券投资具指导意义，关注康波周期、库兹涅茨周期和朱格拉 周期变化，预计中长期利率中枢上移，政策精准针对经济堵点和痛点。 Q&A 未来一年中国宏观经济将会有哪些变化？哪些政策值得期待？ 未来一年，中国宏观经济将经历显著变化，主要体现在以下几个方面： 预计 2026 年货币政策接近尾声，十年国债利率下行空间有限，企业贷 款对制造业支持充分，土地部门风险出清依赖政府，反内卷 ...

比特币和股票市场正经历剧烈波动——投资者表示，未来可能还会出现更多动荡。 美国股市周二收低，延续了近期的跌势。道琼斯工业平均指数下跌499点，跌幅1.07%；标普500指数下 跌0.83%；纳斯达克综合指数下跌1.21%。 标普500指数连续第四个交易日收跌，创下自8月以来最长的单日连跌纪录。 自 10 月下旬创下历史新高以来，以科技股为主的纳斯达克指数已下跌 6.6%，市值在下跌过程中蒸发了 约2.6万亿美元。华尔街恐慌指数VIX周二飙升10%。CNN的恐惧与贪婪指数徘徊在"极度恐慌"区域，并 跌至4月初以来的最低水平。 加密市场也不例外。比特币进一步跌入熊市，周二一度跌至 89,368 美元，正式抹去了比特币自年初以 来的所有涨幅，这也是自 4 月份关税引发的抛售潮以来，比特币首次跌破 9 万美元大关。比特币今年迄 今最高上涨了35%，但本次下跌使其跌入负增长区间，截至目前，比特币2025年累计下跌了2%。 市值第二大的加密货币以太坊五个月来首次跌破3000美元。今年以来，以太坊的跌幅超过了比特币，预 计2025年将下跌8%。 "比特币之所以举步维艰，一方面是因为长期持有者获利了结带来的抛售压力，另一方面 ...

截至三季度末，H&H International Investment共持有11家公司股票，总市值约1044亿元人民币。苹果依然占据第一大重仓股地位，持仓市值88.69亿美元，占 比60.42%。伯克希尔·哈撒韦以26.1亿美元的持仓市值位列第二，占比17.78%。 | Stock | History | | Shares Held | Market Value | % of | Previous % of | Rank | Change in | 8 | 1/2 | Qtr 1st | Est. Avg | Qtr End | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | Sector | or Principal | → | Portfolio | Portfolio | | Shares | Change | Ownership | Owned | Price | Price | Price 1D | | | | | Amt | | | | | | | ...

澳门特区行政长官岑浩辉18日在立法会发表题为《锐意改革提效能 聚力攻坚促多元》的2026年施政报 告，总结回顾2025年施政工作，提出2026年施政总体方向为深化行政改革、加力促进多元、精准优化民 生、融入国家大局。 这是岑浩辉任内第二份施政报告，澳门社会各界纷纷表示支持，认为报告务实前瞻，有突破有亮点，彰 显本届特区政府的协调力和亲和力，相信"法治澳门、活力澳门、文化澳门、幸福澳门"愿景目标一定能 够实现。 改革举措—— 着力"精简、效能"目标 "改革成为关键词，报告通篇贯穿改革意识、改革举措。"立法会议员梁孙旭说，特别是公共行政改革力 度显著提升。 报告提出，重整部门职能架构，提高运作效能。研究将行政长官辖下部门的行政财政辅助工作改为统一 由政府总部事务局提供支援。重整市政署，将其相关职能分别拨归公共建设局及土地工务局。将地图绘 制暨地籍局并入土地工务局，明确土地工务局作为都市更新政策的主责部门。重组经济及科技发展局， 与消费者委员会、科学技术发展基金合并。重组澳门金融管理局。合并文化局、文化发展基金及体育 局。 岑浩辉强调，公共行政改革秉持澳门的事情"大家商量着办、大家一起办"的理念，解决过去长期以来存 ...

深圳市智微智能科技股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、担保情况概述 深圳市智微智能科技股份有限公司（以下简称 "公司"）于2025年3月7日召开第二届董事会第十六次会 议，于2025年3月24日召开2025年第一次临时股东大会，分别审议通过了《关于2025年度为子公司提供 担保额度预计的议案》，同意公司为纳入合并报表范围的子公司（含担保额度有效期内新设立或纳入合 并范围的子公司）向银行等金融机构申请综合授信、贷款、开具保函（含分离式）、开立信用证、银行 承兑汇票、开展融资租赁业务等融资担保、采购及其他日常经营所需，提供总额不超过人民币60亿元的 担保额度。上述担保额度的有效期自公司2025年第一次临时股东大会决议通过之日起十二个月内。具体 内容详见公司于2025年3月8日披露于巨潮资讯网（www.cninfo.com.cn）的《关于2025年度为子公司提 供担保额度预计的公告》（公告编号：2025-008）。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：001339 证券简称：智微智 ...

根据参与对象实际认购和最终缴款的验资结果，本次员工持股计划首次授予部分实际参与认购的人员共 计60人，实际缴纳的认购资金总额为33,210,800元，最终认购份额合计为33,210,800份，对应认购公司股 份数量为2,030,000股。股份来源为公司回购专用证券账户回购的公司A股普通股股票。 2025年11月19日，公司收到中国证券登记结算有限责任公司出具的《证券过户登记确认书》，公司回购 专用证券账户（证券账户号码：B885314356）中的2,030,000股公司股份已于2025年11月18日通过非交 易过户的方式过户至"亿嘉和科技股份有限公司-2025年员工持股计划"证券账户（证券账户号码： B887716384），过户价格为16.36元/股。截至本公告披露日，本次员工持股计划证券账户持有公司股份 2,030,000股，占公司当前总股本的0.988%。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603666 证券简称：亿嘉和 公告编号：2025-070 亿嘉和科技股份有限公司 关于2025年员工持股计划首次受让部分非交易过户完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚 ...

Core Viewpoint - The article discusses the recent fluctuations in the stock market, particularly focusing on the impact of liquidity tightening and the potential for future market rallies, emphasizing the characteristics of bull markets in A-shares and Hong Kong stocks. Market Performance - The overall market saw a slight decline, with the CSI All Share Index down by 0.28%, currently rated at 4.2 stars [1] - Large-cap stocks like the CSI 300 experienced minor gains, while small-cap stocks faced declines [2] - The previously overvalued CSI 2000 index saw a drop of 1.4% [3] - Value stocks demonstrated resilience against market downturns [4] - Indices related to undervalued sectors, such as Hong Kong and Shenzhen dividend and free cash flow indices, showed an increase [5] - Growth sectors, particularly the STAR Market, experienced more significant declines, with a correction of over 10% from their peak [6] Liquidity Concerns - Recent market volatility is attributed to concerns over the uncertainty of the Federal Reserve's interest rate cuts in December, leading to short-term liquidity tightening [12] - This liquidity tightening has resulted in a simultaneous decline across various asset classes, including stocks, gold, and cryptocurrencies [13] - Historical precedents for such liquidity crises were noted, with global stock indices experiencing an average pullback of approximately 3.9% from their highs [17] - The A-share market's decline was relatively modest at about 3.2% from its peak, with dividend-related stocks reaching historical highs last week [20] Future Liquidity and Market Outlook - The company anticipates that the Federal Reserve will eventually enter a phase of interest rate cuts, given the high interest burden on U.S. debt, which exceeds $1 trillion annually [23] - The timing of these cuts may vary, potentially being delayed by several months [23] - The article asserts that there will be future phases of market increases, particularly in A-shares and Hong Kong stocks [24] Characteristics of Bull Markets - Bull markets in A-shares and Hong Kong stocks are characterized by rapid increases rather than gradual rises, with significant gains occurring in short bursts [25] - Since September 2024, A-shares have risen by 40-50%, with most gains concentrated in the last two weeks of September and select days in August and September 2025 [26][27] - The fastest recorded increase in A-shares over the past decade occurred in late September 2024 [28] - The article emphasizes that substantial market gains typically occur in only about 7% of trading days, which contribute to the majority of returns [31] Investment Strategy - Investors are advised to be patient and prepared for potential waiting periods between market rallies, as significant increases may be separated by months of sideways movement [34] - The article highlights that despite the overall positive performance of A-shares and Hong Kong stocks, a significant portion of retail investors may still be at a loss due to poor timing in buying and selling [43] - The article concludes with a reminder that good investment returns come from a combination of quality assets, favorable pricing, and long-term holding strategies [46]