国都香港研究部 电话：852-34180288 网址：www.guodu.com.hk 每日投资策略 · 2025 年 9 月 17 日 国都港股操作导航 海外市场重要指数 收市 幅度 道琼斯工业指数 45757.9 -0.27 标普 500 指数 6606.76 -0.13 纳斯达克综合指数 22333.96 -0.07 英国富时 100 指数 9195.66 -0.88 德国 DAX 指数 23329.24 -1.77 日经 225 指数 44902.27 0.30 台湾加权指数 25629.64 1.07 内地股市 上证指数 3861.87 0.04 深证成指 13063.97 0.45 香港股市 恒生指数 26438.51 -0.03 国企指数 9386.39 0.02 红筹指数 4282.43 -1.87 恒生科技指数 6077.66 0.56 AH 股溢价指数 118.81 -0.24 恒生期货 (9 月) 26612 0.56 恒生期货 (10 月) 26675 0.54 观望议息结果 港股后市续争持 市场等待中美元首通话结果，加上美国联储局议息在 即，市场观望气氛浓厚，港股昨日高开后反复低走， ...

· 2025 年 9 月 16 日 国都港股操作导航 科技股续强势，阿里巴巴(09988)升 2.3%，收 154.6 元； 小米(01810)升 1.9%，收 56.2 元；快手(01024)升 1%，收 76 元；腾讯(00700)平收 643.5 元；美团(03690)升 0.8%，收 97.35 元。 海外市场重要指数 收市 幅度 道琼斯工业指数 45883.45 0.11 标普 500 指数 6615.28 0.47 纳斯达克综合指数 22348.75 0.94 英国富时 100 指数 9277.03 -0.07 德国 DAX 指数 23748.86 0.21 日经 225 指数 44768.12 0.89 台湾加权指数 25357.16 -0.46 内地股市 上证指数 3860.5 -0.26 深证成指 13005.77 0.63 香港股市 恒生指数 26446.56 0.22 国企指数 9384.76 0.21 红筹指数 4364.23 -0.76 恒生科技指数 6043.61 0.91 AH 股溢价指数 119.1 -0.06 恒生期货 (9 月) 26523 0.17 恒生期货 (10 月) ...

· 2025 年 9 月 15 日 国都港股操作导航 | 海外市场重要指数 | 收市 | 幅度 | | --- | --- | --- | | 道琼斯工业指数 | 45,834.22 | -0.59% | | 标普 500 指数 | 6,584.29 | -0.05% | | 纳斯达克综合指数 | 22,141.10 | 0.44% | | 英国富时 100 指数 | 9,283.29 | -0.15% | | 德国 DAX 指数 | 23,698.15 | -0.02% | | 日经 225 指数 | 44,768.12 | 0.89% | | 台湾加权指数 | 25,474.64 | 1.03% | | 内地股市 | | | | 上证指数 | 3,870.60 | -0.12% | | 深证成指 | 12,924.13 | -0.43% | | 香港股市 | | | | 恒生指数 | 26,388.16 | 1.16% | | 国企指数 | 9,364.94 | 1.13% | | 红筹指数 | 4,397.57 | 0.42% | | 恒生科技指数 | 5,989.27 | 1.71% | | AH 股 ...

· 2025 年 9 月 12 日 国都港股操作导航 | 海外市场重要指数 | 收市 | 幅度 | | --- | --- | --- | | 道琼斯工业指数 | 46,107.79 | 1.36% | | 标普 500 指数 | 6,587.46 | 0.85% | | 纳斯达克综合指数 | 22,043.08 | 0.72% | | 英国富时 100 指数 | 9,297.58 | 0.78% | | 德国 DAX 指数 | 23,703.65 | 0.30% | | 日经 225 指数 | 44,640.50 | 0.60% | | 台湾加权指数 | 25,434.94 | 0.87% | | 内地股市 | | | | 上证指数 | 3,875.31 | 1.65% | | 深证成指 | 12,979.89 | 3.36% | | 香港股市 | | | | 恒生指数 | 26,086.32 | 0.43% | | 国企指数 | 9,436.22 | 1.90% | | 红筹指数 | 4,418.72 | 0.90% | | 恒生科技指数 | 6,023.11 | 2.28% | | AH 股溢价指数 | ...

· 2025 年 9 月 10 日 星期三 | 海外市场重要指数 | 收市 | 幅度 | | --- | --- | --- | | 道琼斯工业指数 | 45,711.34 | 0.43% | | 标普 500 指数 | 6,512.66 | 0.27% | | 纳斯达克综合指数 | 21,879.49 | 0.37% | | 英国富时 100 指数 | 9,242.53 | 0.23% | | 德国 DAX 指数 | 23,718.45 | -0.37% | | 日经 225 指数 | 43,695.00 | 0.54% | | 台湾加权指数 | 24,547.38 | 0.22% | | 内地股市 | | | | 上证指数 | 3,807.29 | -0.51% | | 深证成指 | 12,510.60 | -1.23% | | 香港股市 | | | | 恒生指数 | 25,938.13 | 1.19% | | 国企指数 | 9,242.40 | 1.32% | | 红筹指数 | 4,351.28 | 0.66% | | 恒生科技指数 | 5,828.74 | 1.30% | | AH 股溢价指数 | 1 ...

· 2025 年 9 月 9 日 国都港股操作导航 恒指收涨 215 点 两日累升 575 点 恒指昨日高开 22 点或 0.1%，报 25440 后一度最多 倒跌30点，低见25387后回升，其后大部分时间在25400 至 25500 水平上落。大市升幅一度扩大至最多 246 点， 高见 25664，全日最终升 215 点或 0.85%，报 25633。国 指升 64 点或 0.71%，报 9121；科指跑赢，全日升 66 点 或 1.17%，报 5753。大市全日成交 2860.43 亿元，北水 全日净流入 167.05 亿元。 88 只蓝筹股，58 只上升，23 只下跌。中信股份 (00267)升 6.8%，收 12.08 元；药明生物(02269)升 5.5%， 报 38.98 元；同系药明康德(02359)升 3.7%，报 117.4 元。汇控(00005)跌 0.4%，报 101.7 元；港交所(00388) 升 0.2%，收 436.2 元；联想(00992)跌 3%，报 10.67 元； 吉利汽车(00175)降 2%，收 18.31 元。 港股在台风下如常交易，大市延续上周涨 1.4%的强 ...

Market Overview - The Hang Seng Index rose by 359 points, closing at 25,417, an increase of 1.43% for the day and 1.4% for the week [3][4] - The total market turnover was 299.945 billion, with a net inflow of 5.623 billion from northbound trading [3] Key Companies Performance - Major tech stocks contributed to the market rise, with Tencent up 2.2% at 605.5, Alibaba up 1.5% at 131.8, and JD.com up 1.9% at 122.1 [4] - HSBC Holdings increased by 2.5% to 102.1, while Hong Kong Exchanges and Clearing rose by 0.8% to 435.6 [4] Macroeconomic and Industry Dynamics - The Hong Kong government is actively contributing to the Belt and Road Initiative, with a summit scheduled to discuss investment opportunities in various sectors [7] - The Hong Kong Stock Exchange is exploring T+1 settlement and expanding ETF connectivity to enhance liquidity and competitiveness [8] - The Ministry of Industry and Information Technology in China is focusing on accelerating the development of AI and robotics industries [9] Regulatory Changes - The China Securities Regulatory Commission is proposing to lower the maximum subscription fees for public funds, aiming to reduce investor costs [10] Corporate News - Ctrip's chairman plans to sell 1 million ADS valued at approximately 73.75 million USD [11] - Hong Kong Broadband announced a board restructuring, appointing a new chairman to enhance governance [12] - Singularity Future Technology is acquiring an AI company for 460 million HKD, with payment through share issuance [13] - Emperor International is selling properties in Macau for 90 million HKD, expecting a fair value loss of approximately 36.4 million HKD [14]

Group 1: Market Overview - The Hang Seng Index has faced pressure, dropping 284 points or 1.12% to close at 25058, marking a three-day decline totaling 558 points or 2.2% [3] - The index opened high at 25489, briefly rising to a mid-day high of 25494 before reversing direction and falling below the 20-day moving average [3] - The total market turnover for the day was 3022.33 million [3] Group 2: Company News - BYD has reportedly lowered its annual sales target by 16% to 4.6 million vehicles, indicating the slowest sales growth in nearly five years [11][12] - The revised sales target is below recent forecasts from several institutions, with Deutsche Bank estimating 4.7 million and Morningstar predicting 4.8 million [12] - Yum China plans to repurchase approximately 270 million USD of its common stock by the end of 2025, building on previous repurchase agreements [13]

Group 1: Market Overview - The Hong Kong stock market continues to experience fluctuations, with the Hang Seng Index closing at 25,343.43, down 153 points or 0.6%, after a day of volatility [3] - The trading volume decreased to below 30 billion HKD, indicating reduced market activity [3] Group 2: Macro & Industry Dynamics - The sustainable debt market in Hong Kong is projected to grow steadily, with an estimated issuance of 34.3 billion USD in the first half of 2025, representing a 15% year-on-year increase [6] - The total issuance of green and sustainable debt in Hong Kong is expected to reach 84.4 billion USD in 2024, a significant 61% increase from the previous year [6] - Goldman Sachs forecasts a substantial increase in global merger and acquisition (M&A) activity, predicting a total deal volume of approximately 3.1 trillion USD in 2025, rising to 3.9 trillion USD in 2026 [8] Group 3: Company News - WuXi AppTec plans to raise 2.731 billion HKD through a share placement at a price of 58.85 HKD per share, with approximately 90% of the proceeds allocated to expanding service capacity and production capabilities [10] - Zijin Mining International is expected to raise at least 3 billion USD (approximately 23.4 billion HKD) in its Hong Kong listing, which is 50% higher than the initial estimate [11] - Henderson Land Development's CFO indicated that residential property prices in Hong Kong are nearing a bottom, with expectations of increased demand due to immigration [12]

Core Insights - The Hang Seng Index closed down 304 points or 1.18% at 25,524, with significant selling pressure in the A-shares market contributing to the decline [3] - Among 85 blue-chip stocks, 66 declined while 18 rose, indicating a mixed performance in the market [4] - Domestic demand stocks showed strength, with notable gains in companies like Master Kong (00322) up 3.4% and Mengniu Dairy (02319) up 1.9% [4] Economic and Industry Dynamics - Hong Kong's exports in July increased by 14.3% year-on-year, surpassing expectations, with total export value reaching HKD 446.3 billion [7] - The import value for July also rose by 16.5% year-on-year, totaling HKD 480.4 billion, leading to a tangible trade deficit of HKD 34.1 billion [7] - The Investment Promotion Agency is actively working to attract high-quality technology companies to Hong Kong, emphasizing its role as an international financial center [8] Company News - Qingdao Beer (00168) reported a 7.2% increase in mid-year profit to RMB 3.904 billion, with revenue rising by 2.11% to RMB 20.491 billion [11] - Lingbao Gold (03330) announced a significant profit increase of 335% to RMB 664 million, with revenue up 82.02% to RMB 7.793 billion [12] - Zijin Mining (02899) reported a 54% increase in mid-year profit to RMB 23.292 billion, with revenue rising by 11.5% to RMB 167.711 billion [14]