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。 周四港股股指震荡下挫，科网股普跌。恒生指数 收跌 1.17%，报 26149.31 点；恒生科技指数下跌 1.05%；恒生中国企业指数下跌 1.09%。市场成交 额 2682.75 亿港元。"全球大模型第一股"智谱 上市首日收涨超 13%。恒生指数成分股中 28 只上 涨，59 只下跌，其中联想集团下跌 5.59%；康师 傅控股下跌 4.18%，消费需求疲软影响股价。煤 炭股普涨，26 年行业业绩仍具备修复空间。 美股市场 1. 周四美股三大指数收盘涨跌不一，道指涨 0.55%，标普 500 指数涨 0.01%，纳指跌 0.44% ...

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。 周三港股股指震荡走低，科网股多数回调，医 药、芯片股走强。恒生指数收跌 0.94%报 26458.95 点；恒生科技指数下跌 1.49%；恒生中 国企业指数下跌 1.14%。市场成交额为 2761.34 亿港元。恒生科技指数成分股中 9 只上涨，20 只 下跌，其中腾讯音乐-SW 下跌 5.50%；蔚来-SW 下 跌 3.34%；网易-S 下跌 2.88%。涨幅方面，华虹 半导体上涨 5.00%；地平线机器人-W 上涨 1.52%。 美股市场 1. 周三美股三大指数收盘涨跌不一，纳指涨 0.16%，标普 500 指数跌 0.34% ...

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1] - On the previous trading day, the Hang Seng Index rose by 1.38% to 26,710.45 points, driven by gains in technology stocks and financial sectors [1] Key Industry Insights - The report emphasizes the importance of "technological self-reliance" as a core theme for future developments in the Hong Kong stock market, suggesting active investment in technology sectors such as semiconductors and robotics [3] - The report highlights the potential for growth in sectors supported by domestic consumption policies, particularly in sports apparel and non-essential services [3] - It also points out the attractiveness of state-owned enterprises with low valuations and high dividends, as well as upstream non-ferrous metals benefiting from anticipated interest rate cuts by the Federal Reserve in 2026 [3] Company Performance - Tencent has been identified as a leading player in the global mobile game publishing market, achieving significant revenue growth and maintaining its position as the top publisher [9] - The report notes that Tencent's flagship product, "Honor of Kings," continues to lead the iOS mobile game sales chart in China, with annual revenue exceeding 2 billion USD [9] - The report suggests that companies involved in AI development and applications, particularly those with a gaming focus, should be closely monitored for investment opportunities [9]

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。 周一港股股指震荡微涨，生物科技、半导体行业 走强，新能源车概念股调整。恒生指数微涨 0.03%，报 26347.24 点；恒生科技指数微涨 0.09%；恒生中国企业指数下跌 0.22%。市场成交 额 2834.62 亿港元，南向资金净买入高达 187.2 亿港元。恒生指数成分股中 38 只上涨，49 只下 跌，其中快手-W 上涨 11.1%，AI 模型可灵在海外 广受欢迎，可灵 AI 功能迭代带来商业化空间进一 步提升；信达生物上涨 6.1%。 美股市场 1. 美股周一收高。道指涨 1.23%，报 48977.18 点； 纳指涨 ...

Group 1: Global Stock Market Performance - The global stock indices in 2025 exhibited a clear "divergent upward" trend, with the South Korean Composite Index leading at 75.6% growth, significantly higher than other markets[4] - The second tier of performance was concentrated in Hong Kong and Northeast Asian markets, including the Hang Seng Index and Nikkei 225, with growth rates ranging from 23.0% to 31.1%[4] - European markets showed moderate performance, while global benchmarks and U.S. tech-related indices remained relatively strong[4] Group 2: Hong Kong Stock Market Insights - The Hong Kong Hang Seng Industry Index displayed a "strong structure, weak diffusion" characteristic, with materials leading at 161.3% growth, while defensive sectors like utilities and telecommunications lagged[6] - In 2025, the Hong Kong IPO market welcomed 117 new listings, raising approximately HKD 285.7 billion, with notable first-day performance from Nobikang (2635.HK) at 363.75%[9] - The largest fundraising project was CATL (3750.HK), which raised around HKD 41 billion, while 685 companies announced additional share placements, expected to raise about HKD 361.8 billion, mainly in TMT and financial sectors[9] Group 3: U.S. Economic Overview - In Q3 2025, the U.S. GDP growth rate was 4.3%, exceeding expectations of 3.3%, driven by resilient private consumption and improved net exports[10] - Personal consumption expenditures contributed 2.4 percentage points to GDP growth, indicating strong consumer resilience despite tariff impacts[10] - Market expectations for interest rate cuts have shifted to April and July 2026, with anticipated reductions of 25 basis points each[10] Group 4: Chinese Economic Trends - Industrial profits in China showed a slight year-on-year increase of 0.1% from January to November 2025, with notable growth in high-tech manufacturing sectors[11] - The solar and semiconductor industries are experiencing a new wave of growth, supported by policy adjustments and rising prices in key materials[11] - The government initiated a venture capital fund of HKD 100 billion to stimulate investment in high-tech sectors, including AI and quantum technology[11]

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 ...

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。 周二港股股指震荡走高，半导体、机器人产业链 走强。恒生指数收涨 0.86%，报 25854.6 点；恒 生科技指数上涨 1.74%；恒生中国企业指数上涨 1.12%。市场成交额 1997.69 亿港元。恒生指数成 分股中 57 只上涨，29 只下跌，其中百度集团-SW 上涨 8.9%，百度无人车布局英国，自研 AI 芯片 昆仑芯有望进入放量期；中芯国际上涨 4.2%；中 国海洋石油上涨 4.0%。 美股市场 1. 美股在今年最后一个全日交易日表现反覆，周二 整体微跌，但跌幅不大。标普 500 指数及纳指均 在持平附近徘徊，道指跌 ...

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。 周一港股股指冲高回落，恒生指数收跌 0.71%， 报 25635.23 点；恒生科技指数微跌 0.30%；恒生 中国企业指数微跌 0.26%。市场成交额 2245.08 亿港元。恒生指数成分股中 22 只上涨，67 只下 跌，其中京东健康下跌 3.42%，长和下跌 3.35%。 涨幅方面，比亚迪股份上涨 3.74%；吉利汽车上 涨 3.43%，公司近 30 日累计回购 2243.4 万股， 合计 3.85 亿港元。 美股市场 1. 受科技股下跌拖累，美股周一回落。标普 500 指 数上周刚创历史新高后出现调整，全日下跌 24 点 ...

Group 1: Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market saw a decrease in trading volume, with total turnover dropping to 82.799 billion [1] - The net inflow of funds through the Hong Kong Stock Connect was 484 million, with Shanghai and Shenzhen contributing 283 million and 201 million respectively [1] Group 2: Sector Performance - Local real estate, software, and 5G concept sectors faced significant declines, while gold stocks performed well [1] - Nuclear power and semiconductor sectors showed strong performance, with China General Nuclear Power rising over 5% and SMIC increasing by 3.12% [1] Group 3: US Market Insights - The US stock market saw slight declines, with the Nasdaq down 0.09%, Dow Jones down 0.04%, and S&P 500 down 0.03% [2] - Major tech stocks had mixed results, with Tesla dropping over 2% and Nvidia rising over 1% [2] - The Nasdaq China Golden Dragon Index rose by 0.72%, with notable gains in companies like Xpeng and NIO [2] Group 4: Future Market Outlook - The Hong Kong stock market is expected to continue experiencing wide fluctuations, but southbound funds have maintained a net inflow of 26.7 billion HKD in December [3] - Low valuation and high dividend sectors remain attractive for investment, particularly in technology and state-owned enterprises [3] - Key areas for investment include artificial intelligence, semiconductors, and industrial software, as well as upstream non-ferrous metals benefiting from anticipated interest rate cuts [3] Group 5: Investment Recommendations - The report highlights the potential of companies in the infrastructure sector, with China Railway (0390.HK) showing promising performance despite a slight decline in traditional business revenue [10] - The mining sector is noted for its strong performance, with a significant increase in revenue and profit margins [10] - The report suggests a focus on companies that are well-positioned to benefit from advancements in AI and technology [9]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61%. The market turnover decreased to 82.799 billion [1][5] - The US stock market reacted positively to the unexpected annualized GDP growth rate of 4.3% for Q3, with the Dow Jones rising 0.2% to 48,442 points, and the Nasdaq increasing by 0.6% to 23,561 points, marking a new historical high for the S&P 500 [2][11] Sector Performance - In the Hong Kong market, local real estate, software, and 5G concept sectors saw significant declines, while gold stocks performed well [1][5] - Technology-related sectors, including short video concepts, mobile games, cloud computing, and artificial intelligence, showed weak performance, with notable declines in stocks like Kuaishou-W (-3.52%) and Tencent Holdings (-2.03%) [1][5] Investment Opportunities - The report emphasizes the attractiveness of low-valuation, high-dividend sectors in the Hong Kong market, suggesting that these areas remain appealing for capital allocation [3] - Key sectors to watch include artificial intelligence applications, semiconductors, and industrial software, which are expected to benefit from long-term growth opportunities [3] - The report highlights the potential for companies in the semiconductor and robotics sectors to continue attracting investor interest [3] Company Highlights - The report mentions that the aircraft leasing industry remains in an upward cycle, with a focus on a specific company, China Aircraft Leasing Group (2588.HK), which is expected to achieve a revenue of USD 2.557 billion in 2024, reflecting a year-on-year increase of 3.9% [10] - The company is projected to have a net profit of USD 924 million in 2024, up 20.9% year-on-year, with a return on equity (ROE) of 15.3% [10] Key Developments - The report notes that ByteDance's Volcano Engine has successfully upgraded its models, indicating a strong growth trajectory in the AI sector, with significant increases in token usage [9] - The Chinese AI industry is forming a commercial closed loop from upstream GPU chips to downstream large model applications, suggesting a robust growth environment for related companies [9]