每日港股評析 港股早晨快訊 2026 年 1 月 28 日星期三 2012-01- 17 市場回顧 中港股市短期展望 恒指料挑戰 2025 年高位 27,381 點：美國 2026 年延續減息，內地放寬貨 幣政策的空間加大。2026 年為十五五規劃開局之年，市場預期內地第一 季政策發力，落實重點工作(擴內需、實現科技自主自強、反內卷)。內地 引導長錢長投，中證監重申推動各類中長期資金進一步提高入市規模比 例，近日滬深北交易所提高融資保證金比例，滬深北三市集體降槓桿，避 免短期過熱。儘管地緣政治不穩，影響風險偏好，但美匯指數明顯回落， 利好新興市場。加上，AI 大模型升級，業界融資活動火熱，支撐 AI 行情， 恒指有望刷新 2025 年高位 27,381 點。 短期看好板塊 今日市場焦點 聯儲局1月議息會議結果； 宏觀焦點 特朗普：不擔心美元貶值； 美軍宣布在中東舉行大規模空軍演習； 彭日飛 lewis.pang@cinda.com.hk 李芷瑩 edith.li@cinda.com.hk 陳樂怡 tracy.chan@cinda.com.hk 中國去年工業企業利潤增0.6%； 美消費者信心指數跌至12年低位， ...

高息股：近期市場風險偏好降低，資金料流入防守性板塊 今日市場焦點 中國12月工業利潤；香港12月進口、出口及貿易收支； 宏觀焦點 每日港股評析 港股早晨快訊 2026 年 1 月 27 日星期二 2012-01- 17 市場回顧 中港股市短期展望 恒指短期阻力參考 27,188 點：聯儲局 12 月一如預期減息 0.25 厘，市場 預期 2026 年主席換屆後貨幣政策立場轉鴿，預測減息 2 次，高於聯儲局 預測，惟仍需觀望經濟數據及其餘委員取態。美國延續減息，內地放寬貨 幣政策的空間加大。2026 年為十五五規劃開局之年，市場預期內地第一 季政策發力，落實重點工作(擴內需、實現科技自主自強、反內卷)，並可 能降準降息。中證監重申推動各類中長期資金進一步提高入市規模比例， 惟近日滬深北交易所提高融資保證金比例，滬深北三市集體降槓桿，短期 內可能會出現回調壓力。港股對於全球流動性的變化更為敏感，在地緣政 治不穩下，外資或減慢流入；同時，北水自去年第四季以來顯著減慢流入， 港股上升動能不足，恒指短期料受制 2025 年 11 月高位 27,188 點。 短期看好板塊 航空股：超長春節假期迎旅遊高峰，人民幣升值油價偏 ...

短期看好板塊 宏觀焦點 每日港股評析 港股早晨快訊 2026 年 1 月 26 日星期一 2012-01- 17 市場回顧 中港股市短期展望 恒指短期阻力參考 27,188 點：聯儲局 12 月一如預期減息 0.25 厘，市場 預期 2026 年主席換屆後貨幣政策立場轉鴿，預測減息 2 次，高於聯儲局 預測，惟仍需觀望經濟數據及其餘委員取態。美國延續減息，內地放寬貨 幣政策的空間加大。2026 年為十五五規劃開局之年，市場預期內地第一 季政策發力，落實重點工作(擴內需、實現科技自主自強、反內卷)，並可 能降準降息。中證監重申推動各類中長期資金進一步提高入市規模比例， 惟近日滬深北交易所提高融資保證金比例，滬深北三市集體降槓桿，短期 內可能會出現回調壓力。港股對於全球流動性的變化更為敏感，在地緣政 治不穩下，外資或減慢流入；同時，北水自去年第四季以來顯著減慢流入， 港股上升動能不足，恒指短期料受制 2025 年 11 月高位 27,188 點。 傳中國考慮收緊內地企業赴港IPO標準 內媒核實：「消息不實，境 外上市政策未變」； 中方據報批准阿里巴巴(9988)等準備下單英偉達H200晶片； 日央行行長植田和男： ...

每日港股評析 港股早晨快訊 2026 年 1 月 23 日星期五 2012-01- 17 市場回顧 中港股市短期展望 恒指短期阻力參考 27,188 點：聯儲局 12 月一如預期減息 0.25 厘，市場 預期 2026 年主席換屆後貨幣政策立場轉鴿，預測減息 2 次，高於聯儲局 預測，惟仍需觀望經濟數據及其餘委員取態。美國延續減息，內地放寬貨 幣政策的空間加大。2026 年為十五五規劃開局之年，市場預期內地第一 季政策發力，落實重點工作(擴內需、實現科技自主自強、反內卷)，並可 能降準降息。中證監重申推動各類中長期資金進一步提高入市規模比例， 惟近日滬深北交易所提高融資保證金比例，滬深北三市集體降槓桿，短期 內可能會出現回調壓力。港股對於全球流動性的變化更為敏感，在地緣政 治不穩下，外資或減慢流入；同時，北水自去年第四季以來顯著減慢流入， 港股上升動能不足，恒指短期料受制 2025 年 11 月高位 27,188 點。 短期看好板塊 航空股：超長春節假期迎旅遊高峰，人民幣升值油價偏軟利好盈利 高息股：近期市場風險偏好降低，資金料流入防守性板塊 今日市場焦點 日本、歐元區、美國1月製造業及服務業PMI；日本央行 ...

Market Overview - The Hang Seng Index faces short-term resistance at 27,188 points, with expectations of two interest rate cuts in 2026 following the Federal Reserve's December rate cut of 0.25 basis points [1] - The market anticipates policy initiatives in the first quarter of 2026 to boost domestic demand and achieve technological self-reliance, potentially leading to further monetary easing [1] - Recent adjustments in financing margin ratios by the Shanghai and Shenzhen stock exchanges may lead to short-term market corrections, impacting the inflow of foreign capital into Hong Kong stocks [1] Sector Focus - The report highlights a positive outlook for the biopharmaceutical sector, noting that the value of new drug licensing transactions in mainland China reached a record high last year, indicating sustained demand [5] - Defensive sectors are expected to attract capital as market risk appetite decreases, suggesting a shift towards high-yield stocks [5] Economic Indicators - The U.S. Federal Reserve's recent decision to cut rates aligns with market expectations, with GDP growth forecasted to rise by 0.5 percentage points to 2.3% for 2026 [2] - The report notes a significant increase in cross-border transactions using the euro, with payments rising by 22.8% last year, marking the highest growth in 15 years [7] - China's total electricity consumption surpassed 10 trillion kilowatt-hours for the first time, reflecting a 5% year-on-year growth, which is more than double the annual consumption of the U.S. [7] Corporate News - Xiaomi and OPPO have reportedly lowered their annual shipment forecasts by over 20% due to rising upstream storage costs, with Vivo also adjusting its expectations [8] - TCL Electronics anticipates a profit increase of up to 60% for the previous year, while KANAT Optical expects a profit growth of no less than 30% [2] - Yongbai Technology is under investigation by the China Securities Regulatory Commission for its dealings with CATL, involving orders exceeding 100 billion yuan [2] Regulatory Developments - The China Securities Regulatory Commission emphasizes the need for stable market conditions and timely counter-cyclical adjustments to prevent significant market fluctuations [7] - New regulations are being implemented to phase out Chinese suppliers from critical infrastructure, reflecting a shift in the EU's technology policy [6]

Market Overview - The Hang Seng Index (HSI) faces short-term resistance at 27,188 points, with expectations of two interest rate cuts in 2026 following the Federal Reserve's December decision to lower rates by 0.25 basis points [1] - The market anticipates policy initiatives in the first quarter of 2026 aimed at boosting domestic demand and achieving technological self-reliance, with potential for further monetary easing [1][2] - Recent adjustments in financing margin ratios by the Shanghai and Shenzhen stock exchanges may lead to short-term market corrections, impacting the inflow of foreign capital into Hong Kong stocks [1] Corporate News - Dongpeng Beverage plans a secondary listing in Hong Kong, aiming to raise over 7.8 billion HKD, with subscriptions expected to begin this month [3] - Alibaba has integrated its AI assistant "Qianwen" with Taobao and Alipay, enabling functionalities such as food delivery and flight bookings [3] - CK Hutchison is reportedly seeking a valuation of 30 billion USD for a potential IPO of Watsons Group [3][9] - WuXi Biologics intends to reduce its stake by 3.8%, raising approximately 5.8 billion HKD, and will no longer be a major shareholder [3][9] Macro Focus - The People's Bank of China (PBOC) has lowered the interest rate on structural monetary policy tools by 0.25 percentage points, aiming to enhance credit support for key sectors [7] - In December, new loans in China reached 910 billion CNY, exceeding expectations, while total social financing increased by 2.21 trillion CNY [7] - The National Development and Reform Commission has announced that fixed asset investment by the State Grid will reach 4 trillion CNY during the 14th Five-Year Plan, marking a 40% increase from the previous plan [7] Sector Insights - The biopharmaceutical sector in China has seen a record high in new drug licensing deals, indicating sustained demand in the industry [6] - Defensive sectors are expected to attract capital as market risk appetite decreases [6]

Market Overview - The Hang Seng Index (HSI) faces short-term resistance at 27,188 points, with expectations of two interest rate cuts in 2026 following the Federal Reserve's December decision to lower rates by 0.25% [2] - The market anticipates increased monetary policy support from mainland China in early 2026, focusing on expanding domestic demand and achieving technological self-reliance [2] - Recent adjustments in financing margin requirements by the Shanghai, Shenzhen, and Beijing stock exchanges may lead to short-term market corrections due to reduced leverage [2] Macro Focus - China's December trade data exceeded expectations, with exports rising by 6.6% and imports by 5.7%, resulting in a trade surplus of 114.14 billion USD [9] - The Chinese Ministry of Industry and Information Technology is regulating industry competition to resist disorderly price wars, particularly in the electric vehicle sector [9] - The Chinese government has extended tax refund policies for home purchases to stimulate the housing market, effective from January 1, 2026, to December 31, 2027 [9] Company News - Baidu is reportedly considering upgrading its Hong Kong listing status to primary listing to attract more mainland investors [11] - Alibaba's AI assistant, Qianwen, is set to release a significant product iteration, with its monthly active users surpassing 100 million [11] - Eastroc Beverage has passed the listing hearing for its IPO in Hong Kong, aiming to enhance its production capacity and brand presence [11] - Kuaishou plans to raise approximately 2 billion USD through its first offshore bond issuance [11] - Trip.com Group is under investigation for alleged monopolistic practices related to its pricing tools affecting hotel partners [11]

Market Overview - The Hang Seng Index (HSI) is expected to face short-term resistance at 27,188 points, with the Federal Reserve's recent interest rate cut of 0.25% aligning with market expectations for a dovish monetary policy stance post-2026 leadership transition [2] - The market anticipates that the first quarter of 2026 will see policy initiatives aimed at expanding domestic demand and achieving technological self-reliance, with potential for further interest rate cuts and reserve requirement ratio reductions [2] - The China Securities Regulatory Commission (CSRC) has reiterated its commitment to increasing the scale of medium- to long-term capital entering the market, which is expected to positively impact A-share liquidity [2] Sector Focus - The report highlights a positive outlook for the biotechnology sector, noting that the value of new drug licensing transactions in mainland China reached a record high last year, indicating sustained demand [8] - The semiconductor sector is also noted, with domestic GPU companies expected to list on the Hong Kong stock exchange [8] - The insurance sector is projected to benefit from strong A-share performance, leading to improved investment returns [8] Corporate News - XPeng Motors has confidentially submitted an IPO application for its flying car division, XPeng Huaitian, in Hong Kong, with plans to list as early as this year [11] - Strong Brain Technology has also submitted a confidential IPO application in Hong Kong, potentially becoming the first company from Hangzhou's "Six Little Dragons" to go public [11] - Honor Mobile is set to launch the industry's first "trendy toy" smartphone in collaboration with Pop Mart, targeting young consumers [11] - Alibaba's Tmall platform saw over 150,000 new merchants join last year, marking a record high, with significant growth opportunities identified in various sectors [11] Financial Performance - Rongchang Biopharmaceutical has signed an exclusive licensing agreement with AbbVie for its RC148 drug, which includes an upfront payment of $650 million and potential milestone payments of up to $4.95 billion [12] - WuXi AppTec expects a 103% increase in net profit for 2025, driven by its integrated CRDMO business model and investment gains from divesting certain business segments [11] - Huazhong Holdings reported a 6% year-on-year decline in solar power generation, with total generation at approximately 300,736 MWh [12] - China Resources Land reported a 10.5% decrease in total contract sales for the previous year, amounting to approximately 233.6 billion yuan [12]

Market Overview - The Hang Seng Index is expected to fluctuate around 26,000 points, with the Federal Reserve's recent interest rate cut and expectations of further cuts influencing market sentiment [2] - The Chinese economy is facing challenges with strong supply and weak demand, prompting discussions on stabilizing investments and boosting domestic demand [2] - The U.S. Federal Reserve's recent rate cut and its implications for monetary policy are critical factors to monitor in the near term [5] Macro Focus - China's CPI rose by 0.8% in December, aligning with expectations, while PPI fell by 1.9%, a smaller decline than anticipated [3][10] - The Chinese government is implementing measures to enhance consumer spending and optimize the consumption upgrade policy [10] - The State Council is coordinating fiscal and financial policies to stimulate domestic demand, emphasizing the importance of consumer spending and investment [10] Corporate News - Sunny Optical (2382) reported a 9% decline in smartphone lens shipments in December, attributed to customer inventory management [4][12] - Lens shipments for vehicles increased by 17.7% year-on-year, indicating a rise in demand from clients [12] - Lens module shipments for smartphones fell by 29.3% year-on-year, primarily due to high base effects from the previous year [12] Industry Insights - The biopharmaceutical sector in China saw a record high in new drug licensing transactions last year, indicating sustained demand [9] - The domestic electric vehicle market is projected to maintain sales levels similar to 2025, with significant growth in new energy vehicle sales [9] - The logistics index in China rose to 113.6 in December, driven by supply-side improvements, suggesting a stable demand environment [10] Investment Opportunities - The Chinese government is focusing on enhancing the market environment for long-term investments, with a significant increase in the market value held by long-term funds [10] - Companies like Merdeka Gold Resources are considering secondary listings in Hong Kong, aiming to raise between $200 million to $300 million [12] - The robotics sector is witnessing growth, with companies like Huichuan Technology considering a secondary listing in Hong Kong [12]

Market Overview - The Hang Seng Index is expected to fluctuate around 26,000 points in the short term, influenced by the Federal Reserve's recent interest rate cut and anticipated dovish monetary policy shifts in 2026 [2] - The U.S. Federal Reserve announced a 0.25% interest rate cut, marking the third consecutive reduction in 2025, with projections for one more cut in 2026 and 2027 [3] - The Chinese economy is facing challenges, with a focus on stabilizing growth and investment, as indicated by the recent Central Economic Work Conference [2] Company News - Baidu Group plans to spin off its Kunlun Chip business, aiming to raise up to $2 billion through an IPO [9] - Kuaishou is reportedly considering its first issuance of offshore bonds, joining the trend of Chinese tech companies tapping into global debt markets [9] - Alibaba's Gaode has upgraded its street view feature, providing immersive experiences for over one million merchants [9] - Lenovo has launched its first personal super intelligent device, Lenovo Qira, at the CES, enhancing AI integration across various platforms [9] Economic Indicators - China's foreign exchange reserves increased for five consecutive months, with a notable rise in gold purchases over the past 14 months [7] - The U.S. ADP reported a lower-than-expected increase in private sector jobs for December, with only 41,000 new positions added [8] - The JOLTS report indicated a decline in job openings in the U.S. to 7.146 million, below market expectations [8] Sector Focus - The biopharmaceutical sector in China saw a record high in new drug licensing transactions last year, indicating sustained demand [6] - The chip sector is witnessing domestic GPU companies entering the Hong Kong market, reflecting growth in the semiconductor industry [6] - The insurance sector is benefiting from strong A-share performance, leading to improved investment returns [6]