越秀证券：每日晨报-20250103

Market Performance - The Hang Seng Index closed at 19,623, down 2.18% for the day and 2.18% year-to-date [2] - The Hang Seng Technology Index fell to 4,357, a decrease of 2.47% [2] - The Shanghai Composite Index ended at 3,262, down 2.66% [3] - The Dow Jones Index closed at 42,392, down 0.36% [3] Economic Indicators - U.S. construction spending remained flat in November, missing expectations [5] - The U.S. manufacturing PMI for December was revised up to 49.4, indicating a slight contraction [5] - Initial jobless claims in the U.S. unexpectedly fell to 211,000, the lowest in eight months [5][41] - Eurozone M3 money supply growth in November was 3.8%, exceeding expectations [5][42] Company Developments - Innovent Biologics entered a significant collaboration with Roche worth $1.08 billion, accelerating its internationalization efforts [7][19] - Alibaba Cloud partnered with Zero One to establish a joint laboratory for large model applications [43] - Xiaomi acquired a 15% stake in a fitness company, AIDONG SPORT [48] Industry Trends - The automotive sector is seeing a push for "trade-in" subsidies, with companies like Li Auto and NIO offering cash incentives for customers [49][50] - The pharmaceutical industry is witnessing advancements with clinical trials for new vaccines and diabetes treatments [47][20]