港股晨报 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 流入 2.01 亿。板块方面，本地地产、软件、5G 概念板 块跌幅靠前；黄金股逆市走强。 2026 年 1 月 2 日，新年首个交易日港股迎开门 红，恒生指数高开高走收涨 2.76%，报 26338.47 点；恒生科技指数大涨 4.00%；恒生中国企业指 数大涨 2.86%。主题行业指数方面，Wind 香港半 导体上涨 7.87%，Wind 香港国防军工上涨 7.78%。百度集团涨超 9%，旗下昆仑芯已向港交 所提交主板上市申请。网易-S 上涨 6.6%，《燕 云》登顶 iOS 国区游戏畅销榜，公司游戏产品储 备丰富。 美股市场 市场展望 港股大盘再次陷入宽幅震荡之际，南下资金保持 规模净流入。港股通南下资金在 202 ...

2026开年股市第一天，港股恒生指数涨2.18%，涨559点，报26189点；恒生科技指数涨3.38%；港股早 盘成交768亿港元。 蓝箭航天科创板IPO获受理，商业航天领域资本化进程提速。商业航天板块大涨，金风科技（002202） (02208)涨超17%；亚太卫星(01045)涨超32%；航天控股(00031)涨超18%；中航科工(02357)涨4%。 网易-S(09999)涨超5%，《燕云》登顶iOS国区游戏畅销榜，公司游戏产品储备丰富。 西锐(02507)再涨超8%，美国将先进空中交通列为国家战略，西锐美国市场深耕多年。 创维集团(00751)再涨近10%，创维光伏意大利10MW分布式光伏电站项目正式签约。 理想汽车-W(02015)涨超5%，累计交付量突破150万，据报公司产品线将调整。 壁仞科技(06082)首挂上市，早盘高开82.14%，午盘涨72%。公司聚焦自研GPGPU芯片及智能算力解决 方案。 华虹半导体(01347)拉升逾10%，拟斥资82.7亿元人民币收购华力微电子股权。 机器人概念继续走高。近期产业链交流频繁，市场预热特斯拉Optimus发包。力劲科技(00558)涨超6%； 三花智 ...

西锐(02507)再涨超8%，美国将先进空中交通列为国家战略，西锐美国市场深耕多年。 创维集团(00751)再涨近10%，创维光伏意大利10MW分布式光伏电站项目正式签约。 理想汽车-W(02015)涨超5%，累计交付量突破150万，据报公司产品线将调整。 壁仞科技(06082)首挂上市，早盘高开82.14%，午盘涨72%。公司聚焦自研GPGPU芯片及智能算力解决 方案。 智通财经APP获悉，2026开年股市第一天，港股恒生指数涨2.18%，涨559点，报26189点；恒生科技指 数涨3.38%；港股早盘成交768亿港元。 蓝箭航天科创板IPO获受理，商业航天领域资本化进程提速。商业航天板块大涨，金风科技（02208） 涨超17%；亚太卫星（01045）涨超32%；航天控股（00031）涨超18%；中航科工（02357）涨4%。 华虹半导体(01347)拉升逾10%，拟斥资82.7亿元人民币收购华力微电子股权。 机器人概念继续走高。近期产业链交流频繁，市场预热特斯拉Optimus发包。力劲科技(00558)涨超6%； 三花智控(02050)涨6.37%；德昌电机控股(00179)涨4.1%。 百度集团-SW( ...

Macro Overview - In September, the US added 119,000 non-farm jobs, exceeding Bloomberg's consensus estimate of 51,000, while the unemployment rate rose by 0.1 percentage points to 4.4% [2] - Hourly wage growth slowed to 0.2% month-on-month, below the expected 0.3%, and weekly hours remained stable at 34.2 hours, meeting expectations [2] - The strong job growth alleviated concerns about recession or economic slowdown, leading to increased expectations for interest rate cuts by the Federal Reserve [2] Fixed Income - October tax revenues continued to show strong performance, while narrow spending cooled due to high base effects [3] - Land transfer income was weak, and quasi-fiscal projects have not yet formed financial expenditures, leading to a negative year-on-year change in government fund expenditures [3] - The necessity for fiscal stimulus remains, with attention on the pace of budgetary fund expenditures and local fiscal space [3] Utilities and Environmental Protection - The year 2025 marks the second year of the action plan to replace hidden debts, with 4 trillion yuan of the 6 trillion yuan special debt limit issued by the end of August 2025 [4] - Since Q3, the environmental sector has seen better-than-expected national subsidy repayments for waste incineration and biomass power generation [4] - Price adjustments for sewage and waste treatment fees are expected to enhance cost recovery for related companies [4] Transportation - In October, despite being the e-commerce peak season, retail sales growth slowed due to the reduction of "old-for-new" subsidies and high base effects from the previous year [5] - The industry saw a slowdown in package volume growth, with year-on-year growth rates of 12.7% in September and 7.9% in October [5] - The "anti-involution" pricing strategy is expected to continue, with moderate growth in package volume and improved profitability for leading companies like Zhongtong Express [5] Key Companies - NetEase reported Q3 revenue of 28.4 billion yuan, an 8% year-on-year increase, with deferred revenue exceeding expectations due to contributions from "Fantasy Westward Journey" [5] - Nvidia's Q3 results showed strong demand for AI-related products, with a significant order visibility and a rebuttal to AI bubble concerns [10] - iQIYI's Q3 revenue was 6.7 billion yuan, down 7.8% year-on-year, but management noted positive impacts from new regulations and improvements in membership services [13] E-commerce and Advertising - Kuaishou's Q3 revenue increased by 13% to 35.6 billion yuan, with a notable improvement in gross margin and adjusted net profit [14] - Youdao's Q3 revenue reached 1.63 billion yuan, growing 3.6% year-on-year, driven by accelerated growth in advertising business [6]

Investment Rating - The report maintains an "Overweight" rating for the internet media industry, indicating an expectation for the industry to outperform the overall market [3][11]. Core Insights - Tencent and NetEase have exceeded expectations in Q1 2025, with AI applications enhancing operational efficiency in gaming and advertising. Despite concerns over a decrease in capital expenditure, the commitment to AI-driven growth remains strong [3]. - The gaming sector continues to thrive with established titles like Tencent's "Honor of Kings" and "Peacekeeper Elite" driving revenue growth, while NetEase's new mobile game "Yanyun" contributes to a 12.1% year-on-year increase in net income from gaming and related services [3]. - The report highlights the strong gross margin of NetEase Cloud Music at 36.7% in Q1 2025, reflecting a robust growth trajectory in paid subscriptions and user engagement among younger demographics [3]. - The report emphasizes the importance of shareholder returns, with differentiated competition in gaming products supporting stock buybacks and dividends [3]. - The report identifies potential short-term profit margin pressures from competition in instant retail affecting e-commerce and local lifestyle platforms [3]. Summary by Sections Gaming Sector - Tencent's Q1 2025 capital expenditure is 15% of revenue, while Alibaba's AI initiatives are accelerating cloud revenue. The gaming sector is expected to benefit from AI innovations, enhancing user engagement and retention [3]. - A-share gaming companies are projected to see growth driven by new product cycles and AI innovations, with current valuations around 15x [3]. Key Recommendations - The report recommends investments in AI cloud computing and cost-effective AI applications, highlighting companies such as Tencent, Alibaba, and Kingsoft Cloud [3]. - It also suggests focusing on consumer platforms targeting younger audiences, including Pop Mart and Meitu, as well as companies in the film industry like Alibaba Pictures [3]. - The report notes improved competitive dynamics for companies like Focus Media and suggests high dividend-paying publishing companies as attractive investments [3]. Valuation Table - The report includes a valuation table for key companies, indicating projected revenues and net profits for 2025 and 2026, with Tencent's market cap at 43,014 million RMB and a PE ratio of 17 for 2025 [5].