配置上，逢低布局成长风格，红利风格注重阶段性、结构性机会。依然建议关注三条主线：1)景气成 长：AI技术领域经历3年高速发展，明年有望逐步进入产业应用兑现阶段，算力、光模块、云计算基础 设施层面仍有机会，但可能更偏国产方向；应用端关注机器人、消费电子、智能驾驶和软件应用等。此 外，创新药、储能、固态电池等方向也在步入景气周期。2)外需突围：出海仍然是当前较为确定性的增 长机会，结合出海趋势和对美敞口，建议关注家电、工程机械、商用客车、电网设备和游戏，以及有色 金属等全球定价资源品。3)周期反转：结合产能周期位置，建议关注供需问题临近改善拐点或政策支持 领域，关注化工、养殖业、新能源等。红利板块具有一定的防御属性，但可能仍偏阶段性和结构性机 会，建议从优质的自由现金流角度做自下而上选股。 人民财讯12月22日电，中金公司（601995）研报称，近期A股震荡调整，投资者在"跨年"阶段显现预期 分歧。短期来看，内外部因素对A股的阶段性影响可能已接近尾声，当前至明年一季度流动性环境仍偏 宽松，低利率资产荒背景下居民"存款搬家"趋势有望继续延续，指数前期回调为投资者提供了较好的逢 低布局"跨年"行情时机。 ...

笔记财经晨会 . 每个交易日早晨发布音频《笔记晨会》及文字《笔记早餐》。 【笔记大咖局|观点汇总】 1、如何看待后续权益市场？ 以下文章来源于笔记财经晨会 ，作者笔记小助手 ①全球主要经济体股市普遍下跌，核心扰动来自投资者对美联储降息节奏的预期反复摇摆和市场对AI资产是否存在泡沫的担忧。AI科技革命与能源革命 从上游原材料到中游制造形成了坚实的需求支撑成长产业在高景气将带动上市公司业绩持续改善。 ②年末需密切留意房地产促销费等相关领域的政策信号。 ③11月光伏各环节价格均环比持平，消费品领域传统消费景气度有待提振。 ④金融板块中行业银行凭借高股息属性吸引中长期资金配置。 中金公司： 聚焦人工智能应用落地环节， 关注国产算力光模块云计算基础设施以及机器人电子消费。 美元维持弱势震荡，两年期美债收益率可能在3.34到3.74之间震荡。十年期美债收益率可能在3.9到4.3之间震荡，汇率方面美元指数预计在97到101区间维 持弱势震荡。 美联储降息利好外部环境，国内限制放松有助于打开总量型政策空间。 ③债市和货币政策展望 浙商证券： 宽基指数多数实现上涨，其中创业板指涨幅居前。股票ETF呈现净流出，量化指标显示科创显 ...

（央视财经《天下财经》）当地时间12日有报道称，美国甲骨文公司将延迟交付为美国OpenAI公司建造的数据中 心。当天晚些时候，甲骨文方面驳斥了这一说法。 今年9月OpenAI在官网发布声明称，其与甲骨文公司和日本软银集团合作的"星际之门"项目将在美国新建5座人工 智能数据中心。OpenAI将与甲骨文公司在美国多地合作建造其中3座数据中心，设在得克萨斯州阿比林市的"旗 舰"数据中心也将扩容。双方在未来5年的合作总额将超过3000亿美元。 转载请注明央视财经 编辑：王昕宇 彭博社12日报道称，甲骨文公司为OpenAI公司建造数据中心的交付时间将从原来的2027年延迟至2028年，理由是 劳动力和材料短缺。这也导致甲骨文公司的股价在当天收盘时下跌近4.5%。12日晚些时候，甲骨文方面否认了这 一报道，并指出数据中心不会延迟交付，所有重要的程序都在正轨上。这些数据中心的选址和交付时间表是在协 议执行后与OpenAI密切协调确定的，且得到了双方的一致同意。不过，甲骨文方面并没有具体说明何时将为 OpenAI正式启用云计算基础设施。 ...

Group 1 - Oracle clarified reports regarding delays in the construction of data centers for OpenAI, stating that project timelines remain on schedule despite previous claims of delays to 2028 due to labor and material shortages [1] - Oracle's spokesperson emphasized that site selection and delivery timelines were confirmed in close coordination with OpenAI after the agreement was signed, and all milestones are progressing as planned [1] - OpenAI and Oracle have a five-year partnership worth over $300 billion, with Oracle's new co-CEO Clay Magouyrk affirming a strong collaborative relationship [1] Group 2 - Oracle, established for 48 years, has seen rapid expansion in its cloud infrastructure business, which now contributes over 25% of its revenue, although it still lags behind major cloud service providers like Amazon, Microsoft, and Google [2] - OpenAI is simultaneously pursuing multiple partnerships to meet future computing demands, including a letter of intent with NVIDIA to deploy at least 10 gigawatts of NVIDIA equipment, with the first phase expected to start in the second half of 2026 [2] - NVIDIA has indicated uncertainty in finalizing agreements related to OpenAI opportunities, highlighting OpenAI's reliance on NVIDIA's GPUs for products like ChatGPT [2] Group 3 - Broadcom's CEO revealed a collaboration timeline with OpenAI, indicating that the project is likely to focus on the period from 2027 to 2029, with a total scale of approximately 10 gigawatts [3] - The collaboration with OpenAI is seen as aligning with a respected and valuable customer, although contributions in 2026 are not expected to be significant [3]

智通财经获悉，甲骨文公司(ORCL.US)于美东时间12月10日盘后公布第二财季报告。报告显示，其在人 工智能数据中心及其他设备上的支出大幅增加，但这些不断上升的投入转化为云业务收入的速度未能达 到投资者期望，股价在盘后交易中暴跌逾10%。 该股在纽约常规交易时段收于223.01美元后，盘后交易一度跌至197.25美元低点。自9月10日投资者对甲 骨文云业务的热情推动股价创历史新高以来，该股已累计下跌约三分之一。截至发稿，该股盘后大跌 11.17%，报198.1美元。 尽管如此，华尔街对如此大规模AI基础设施建设的成本和时间要求仍存疑虑。甲骨文已举借巨额债务 并承诺租赁多个数据中心场地。 "甲骨文自身正面临日益严格的审视，外界对其债务驱动型数据中心建设、业务集中度风险以及AI支出 不确定性的担忧日益加剧，"Emarketer分析师Jacob Bourne表示，"此次营收不及预期可能会加剧本已谨 慎的投资者对其OpenAI交易及激进AI支出策略的担忧。" 在截至11月30日的第二财季，公司总营收增长14%至161亿美元，与市场平均预期基本持平。剔除特定 项目的每股收益为2.26美元，超出市场平均预期。 其中，该 ...

金融投资报记者 林珂 在经历短期的快速回调后，12月初A股市场延续震荡格局，进入"上有压制下有支撑"的空间当中。 对于12月的整体行情研判，市场机构的态度谨慎偏多。多家机构认为，震荡洗盘有利于后市运行，"冬 播"行情或将到来。 中金公司：成长风格相对占优 回顾11月，A股市场震荡调整，交易活跃度有所下降，风格演绎阶段性"高切低"，但持续时间短且主线 不清，红利风格略有相对表现。从全球范围看，主要经济体的股票市场出现普跌。投资者一方面对美联 储降息节奏的预期有所反复，另一方面则对当前AI资产是否已经出现泡沫、科技叙事持续性等担忧阶 段性升温。 展望后市，短期的风格切换较难持续，在中外流动性宽松周期共振的背景下，A股市场估值相对合理。 AI科技革命与能源革命支撑从上游原材料到中游制造的需求，成长产业高景气带动上市公司业绩改 善，震荡上行的趋势仍在延续。自当前时点至明年初，仍可重点关注大盘成长风格，而较长时间维度的 风格切换，可能出现在明年第一季度左右。自今年第四季度以来，通胀预期出现普遍下调，关注年末涉 及房地产、促消费等相关领域的政策信号。 12月建议关注如下配置思路：第一是人工智能应用仍在落地过程中，关注国产 ...

Core Viewpoint - Michael Burry, known for predicting the 2008 financial crisis, has withdrawn Scion Asset Management's registration with the SEC, indicating a divergence between his valuation judgments and market conditions [1][11]. Group 1: Background and Historical Context - Burry founded Scion Capital in November 2000 and made significant profits by shorting subprime mortgage bonds before the 2008 crisis, with exposure reaching $1 billion by Q2 2005 [2]. - His successful bets during the 2007-2008 market crash led to widespread recognition, culminating in the book and film "The Big Short" [3]. - After closing Scion Capital in 2008 due to lawsuits and IRS audits, Burry returned in 2013, renaming his firm Scion Asset Management and focusing on perceived index bubbles [4]. Group 2: Recent Developments and Investment Strategies - In 2021, Burry held substantial put options on Tesla, indicating concerns over its valuation, while also commenting on the speculative nature of GameStop's rise [5]. - Recently, Burry has expressed skepticism about AI-related stocks, particularly Nvidia and Palantir, and has taken short positions against them, reflecting caution towards the AI-driven market rally [9]. - He criticized the accounting practices of major tech firms, estimating that improper depreciation methods could understate depreciation by approximately $176 billion from 2026 to 2028, inflating reported profits [9][10].

Core Viewpoint - The A-share market is expected to continue its upward trend into 2026, driven by improving fundamentals and a more balanced market style between growth and value sectors [1][2][4]. Group 1: Market Performance and Outlook - The A-share market has experienced a significant upward trend since September 2024, supported by favorable policies and low valuations [2]. - Analysts predict that the overall profit growth for A-shares in 2026 could be around 4.7%, with non-financial profit growth expected to rise to approximately 8.2% [2][3]. - The market is currently in a high-level consolidation phase, with the Shanghai Composite Index fluctuating around the 4000-point mark [1]. Group 2: Sector and Style Analysis - The market is anticipated to see a rebalancing of styles in 2026, with both growth and value sectors presenting opportunities [4][5]. - High-growth sectors such as AI and semiconductors are expected to validate their performance, while advanced manufacturing sectors may begin to rebound [3][5]. - The current macroeconomic environment and innovation trends are still favorable for growth styles, but a more balanced approach is expected as cyclical industries approach supply-demand equilibrium [4][5]. Group 3: Investment Themes and Strategies - Key investment themes for 2026 include technology growth, overseas expansion, and cyclical recovery, with specific focus on AI applications, robotics, and renewable energy [6][7]. - Analysts suggest that investors should also pay attention to policy cycles, real estate cycles, and capital market reforms as potential investment clues [7]. - The sectors of interest include consumer electronics, automotive, innovative pharmaceuticals, and various cyclical industries like chemicals and aquaculture [6][7].

Group 1 - China Mobile has agreed to sell approximately 3.24% of its shares to comply with the minimum public holding requirement of 25% for Hong Kong Broadband, ensuring sufficient public shareholding without significant adverse impact on operations [2] - The sale of shares is aimed at meeting regulatory requirements while supporting the long-term development goals of Hong Kong Broadband [2] - Following the recent completion of the tender offer, China Mobile Hong Kong has acquired a total of 78.08% of Hong Kong Broadband shares, becoming its largest shareholder [2] Group 2 - The integration of China Mobile Hong Kong's 5G network resources and cloud computing infrastructure with Hong Kong Broadband's telecom operations is expected to create synergies and enhance market share [2] - Hong Kong Broadband is anticipated to enter a new phase of telecom business development, focusing on providing one-stop service capabilities for enterprise digital transformation [2]

Core Viewpoint - Hong Kong Broadband (01310) shares have risen over 11%, currently trading at HKD 8.11 with a transaction volume of HKD 481 million, following China Mobile's announcement to sell approximately 3.24% of its shares to meet the minimum public holding requirement of 25% [1] Group 1: Company Actions - China Mobile has agreed to sell about 3.24% of its shares in Hong Kong Broadband to comply with regulatory requirements, ensuring sufficient public shareholding without significantly impacting operations [1] - The sale is aimed at supporting the long-term development goals of Hong Kong Broadband while improving its financial status and maximizing synergies between the two companies [1] Group 2: Market Impact - China Mobile has completed its tender offer for Hong Kong Broadband, acquiring a total of 78.08% of its shares, making it the largest shareholder [1] - This acquisition is expected to usher Hong Kong Broadband into a new phase of telecom business development, integrating China Mobile's 5G network resources and cloud computing infrastructure [1] - The collaboration is anticipated to enhance Hong Kong Broadband's capabilities in providing one-stop services for enterprise digital transformation [1]