回顾全年港股走势，在2024年上涨17.67%的基础上，恒生指数2025年累计上涨27.77%，恒生科技指数同样 迎来两年连涨，2025年累计涨幅23.45%。 每日经济新闻消息，12月31日，因元旦假期，今日港股只交易上午半天。 截至收盘，恒生指数报收于25630.54点，下跌224.06点，跌幅0.87%。 恒生科技指数报收于5514.98点，下跌62.40点，跌幅1.12%。 编辑：陈艳琦 责编：吴光亮 审核：廖异 资金方面，2025年港股市场迎来南向资金大规模涌入，全年净买入港股金额超1.4万亿港元，南向资金累计 净买入金额已突破5万亿港元。截至收盘，今日南向资金净卖出港股超34亿港元。 展望2026年，业内普遍认为，全球流动性宽松可期，在加快科技创新、扩大内需等利好政策带动下，港股 上市公司盈利水平有望实现实质性提升，市场将迎来盈利与估值均上涨的格局。 原标题：2025年港股收官 恒指年涨幅27.77% "深港指数"领涨全球 横向对比全球重要指数，恒生指数年涨幅仅落后深成指（截至午间收盘，深成指年内涨幅30%），位居第 二。 | 序号 | 证券代码 | 加蒙简称 | 年涨跌幅 | | | --- | ...

Core Insights - The Hong Kong stock market closed 2025 with the Hang Seng Index rising by 27.77%, marking its best annual performance since 2017 [1] - Among the constituents of the Hang Seng Index, China Hongqiao surged by 203.72%, leading the gains, followed by Zijin Mining at 162.29%, and SMIC at 124.69% [1][2] Group 1: Performance Highlights - China Hongqiao's stock price reached 32.620 with a year-to-date increase of 203.72% [2] - Zijin Mining's stock price was 35.660, reflecting a year-to-date rise of 162.29% [2] - SMIC's stock price stood at 71.450, with a year-to-date increase of 124.69% [2] - Hansoh Pharmaceutical increased by 113.33% year-to-date, with a stock price of 36.080 [2] - Pop Mart's stock price was 37.700, showing a year-to-date rise of 111.46% [2] - Innovent Biologics saw a year-to-date increase of 108.33%, with a stock price of 76.250 [2] - Chow Tai Fook's stock price was 12.390, reflecting a year-to-date increase of 100.16% [2] - China Biologic Products had a stock price of 6.180, with a year-to-date rise of 98.71% [2] - JD Health's stock price was 55.500, showing a year-to-date increase of 97.51% [2] - China Life's stock price stood at 27.380, with a year-to-date increase of 96.60% [2] Group 2: Sector Analysis - The performance of the top stocks reflects four main themes: cyclical resources, hard technology, innovative pharmaceuticals, and niche consumption [1] - Stocks like China Hongqiao and Zijin Mining benefited from global inflation and industrial demand [1] - SMIC represents the core of domestic substitution and technological self-reliance [1] - Companies like Hansoh and Innovent are being valued for genuine innovation and international pricing [1] - Niche consumption sectors, represented by Pop Mart, Chow Tai Fook, and JD Health, demonstrate strong vitality even in a weak recovery environment [1]

Market Overview - The Hang Seng Index closed at 25,855, down 0.86% for the day but up 28.89% year-to-date[1] - The Hang Seng Technology Index rose 1.74% to 5,578, with a year-to-date increase of 24.85%[1] - The Hang Seng China Enterprises Index increased by 1.12% to 8,991, with a year-to-date rise of 23.34%[1] Sector Performance - Baidu's stock surged nearly 9% due to advancements in AI and smart cloud business, with significant growth in its self-developed AI chip and smart driving orders[7] - The semiconductor sector saw strong gains, with InnoTek rising over 15% and SMIC up more than 4% following Nvidia's announcement of partnerships for a new power architecture[7] - Robotics stocks were active, with Yujing Technology up over 13% and Sanhua Intelligent Control up over 12%, supported by a significant increase in industrial robot production[7] Oil and Entertainment - Oil stocks continued to perform well, with CNOOC rising nearly 4% as international oil prices increased due to geopolitical tensions[7] - The entertainment sector saw a boost, with Emperor Culture Industries rising nearly 9% as the 2025 New Year box office surpassed 5.3 billion yuan, a near eight-year high[7] Economic Indicators - The WTI crude oil price surpassed $58 per barrel, while Brent crude approached $62 per barrel, driven by rising geopolitical risks[7] - The US Federal Reserve indicated potential future interest rate cuts if inflation continues to decline, as noted in the December meeting minutes[11]

Core Viewpoint - The AI industry is expected to transition from divergence to consensus in performance trends by 2025, with 2026 anticipated to be a significant year for domestic hard technology advancements [2] Group 1: AI Industry Trends - The AI large model's reasoning capabilities are continuously iterating, forming a closed loop with edge applications, while the demand for computing and storage hardware remains high [1] - The electronic industry's downturn since 2021 is showing signs of recovery, with a notable performance boost driven by AI innovations [2] - The global capital expenditure of the eight major cloud service providers (CSPs) is projected to grow by 40% to over $600 billion by 2026, with AI server shipments expected to increase by 20.9% [3] Group 2: Computing and Storage - Domestic chip manufacturers are actively updating their products, with Huawei planning to launch the Ascend 950PR in Q1 2026 and the Atlas 950 SuperPoD in Q4 2026 [4] - The demand for DRAM is expected to increase by 26% year-on-year in 2026, driven by AI needs, while NAND shortages are anticipated to persist, with prices rising over 40% from September to December 2025 [4] Group 3: Power and Connectivity - The optimization of data transfer and communication within servers is becoming a crucial breakthrough for enhancing computing power, with the global high-speed interconnect chip market expected to grow at a CAGR of 21.2% from 2024 to 2030 [5] - The power consumption of data center chips is projected to increase significantly, necessitating advancements in power supply architectures towards HVDC solutions [6] Group 4: AI Edge Applications - The evolution of AI from a tool to an autonomous agent capable of understanding user intent is reshaping human-computer interaction, with various consumer electronics expected to integrate these capabilities [7] - Major tech companies are expected to drive market sentiment and investment consensus through continuous exploration and innovation in AI hardware [7] Group 5: Semiconductor Industry - China's semiconductor sales are projected to account for 28% of the global market by 2024, but the domestic supply ratio remains low at 4.5% [8] - The semiconductor sector is experiencing a recovery phase, with significant growth expected in AI data centers and applications like autonomous driving and humanoid robots [8] Group 6: Key Companies to Watch - Companies such as Semiconductor Manufacturing International Corporation, Industrial Fulian, and Cambrian are highlighted as key players in the semiconductor and AI sectors [9]

| 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 中芯国际(00981) | +11.08亿元 | +1528.03万股 | | 招商银行(03968) | +10.56亿元 | +1992.38万股 | | 香港交易所(00388) | +7.92亿元 | +193.91万股 | | 小米集团－Ｗ(01810) | +6.33亿元 | +1608.82万股 | | 三花智控(02050) | +6.32亿元 | +1645.09万股 | | 阿里巴巴－W(09988) | +5.30亿元 | +366.55万股 | | 长江基建集团(01038) | +5.17亿元 | +883.75万股 | | 农业银行(01288) | +4.48亿元 | +7716.84万股 | | 越疆(02432) | +4.29亿元 | +1114.44万股 | | 匯丰控股(00005) | +4.21亿元 | +342.34万股 | 备注：以上数据由智通机器人根据港交所数据，经过人工智能运算后自动生成，并不保证数据100%准 确；持股额变动=变动持股数*昨日收盘价。 3、港股通最 ...

Group 1: Automotive Industry - Chinese automotive manufacturers are expected to surpass Japanese manufacturers in global new car sales by 2025, with an estimated 17% year-on-year growth in 2023, reaching approximately 27 million vehicles sold [2] - Japan's automotive sales are projected to remain flat compared to last year, slightly below 25 million vehicles, indicating a significant shift in market leadership [2] - In 2023, China became the world's largest automotive exporter with 4.91 million vehicles exported, marking a pivotal moment in the global automotive landscape [2][3] - The rise of Chinese domestic brands is attributed to increased recognition both domestically and internationally, alongside intense competition within the Chinese automotive industry [2] Group 2: Aviation Industry - 吉祥航空 and 春秋航空 announced orders for a total of 55 Airbus A320 series aircraft, valued at approximately $8.2 billion, to be delivered between 2028 and 2032 [4] - The orders are seen as a coordinated purchase strategy to secure better pricing, reflecting a trend in the aviation sector towards bulk purchasing [4] - The domestic aviation market is characterized by high passenger load factors but low ticket prices, aligning with the operational strategies of 吉祥航空 and 春秋航空 [5] Group 3: AI Industry - Meta has acquired AI startup Manus for several billion dollars, marking its third-largest acquisition to date [6] - Manus focuses on practical AI applications, providing tools for tasks such as resume screening and travel planning, which enhances user experience in AI applications [6][7] - The acquisition is expected to bolster Meta's capabilities in AI product applications, an area where it has previously been less competitive [7] Group 4: Robotics Industry - 宇树科技 opened its first offline store in Beijing, allowing customers to experience and purchase robotic products directly [8] - The store aims to reduce consumer apprehension towards complex technology by providing hands-on experiences and facilitating immediate purchases [8][9] - The offline presence is part of a broader strategy to explore various business models, including rentals and experiences, as the robotics market matures [9] Group 5: Semiconductor Industry - 中芯国际 plans to acquire 49% of 中芯北方 for approximately 40.6 billion yuan, aiming to enhance asset quality and business synergy [12] - The acquisition reflects a trend of consolidation within the Chinese semiconductor industry, focusing on high-quality development rather than mere scale [12][13] - Full control over 中芯北方 is expected to stabilize cash flow and improve operational efficiency for 中芯国际 [12] Group 6: Precious Metals Market - Silver prices experienced a significant intraday drop of 16%, while gold and palladium also saw notable declines, despite strong annual performance [14][15] - The fluctuations in precious metal prices are attributed to speculative trading in the Chinese futures market, impacting global prices [14] - Industrial demand has driven silver prices up throughout the year, with both gold and silver expected to achieve their best annual performance since 1979 [15]

长江商报记者注意到，中芯北方是中芯国际旗下重要的12英寸晶圆代工厂。在当前资本市场为并购重组提供良好 环境以及国家大力支持半导体行业发展的背景下，通过本次重组，中芯国际将持有中芯北方100%股权，进而提高 上市公司资产质量、增强业务上的协同性。 同日，中芯国际披露另一家重要子公司增资扩股计划，包括中芯控股、国家集成电路基金三期、上海集成电路基 金二期等在内的投资方将向中芯南方集成电路制造有限公司（以下简称"中芯南方"）增资77.78亿美元，以降低中 芯南方的资产负债率，构建集团更为稳健的财务结构。 拟收购中芯北方剩余49%股权 中芯国际重组中芯北方取得新进展。 长江商报消息 ●长江商报记者 徐佳 作为中国大陆集成电路制造领军企业，中芯国际（688981.SH、00981.HK）持续推进旗下核心业务整合与财务结 构优化。 12月29日晚间，中芯国际披露重组草案。公司拟作价406亿元，向国家集成电路基金等5名交易对手方购买中芯北 方集成电路制造（北京）有限公司（以下简称"中芯北方"）49%股权。 截至2025年8月末，中芯北方资产总额452.83亿元，负债总额34.75亿元，归母净资产418.08亿元。 12月2 ...

Core Insights - Strong One Co., Ltd. (688809.SH) officially listed on the Sci-Tech Innovation Board, becoming the 600th company, marking a significant milestone in the board's growth since its inception in 2019 [1] - The Sci-Tech Innovation Board has established itself as a key platform for empowering hard-tech enterprises, reflecting China's commitment to innovation-driven development and the cultivation of new productive forces [1] Financial Performance - In the first three quarters of 2025, companies on the Sci-Tech Innovation Board achieved a total operating revenue of 1,105.01 billion yuan, representing a year-on-year growth of 7.9% [2] - Net profit reached 49.27 billion yuan, with an 8.9% year-on-year increase, while the net profit after deducting non-recurring items was 31.97 billion yuan, up 5.5% [2] - R&D investment totaled 119.75 billion yuan, 2.4 times the net profit, with a median R&D intensity of 12.4%, indicating a strong focus on technological innovation [2] Industry Development - The Sci-Tech Innovation Board has formed a distinctive hard-tech industry cluster, particularly in the semiconductor sector, which includes over 100 companies, accounting for about 60% of the total in the A-share market [3] - Revenue in the integrated circuit industry grew by 25% year-on-year, with net profit increasing by 67% [3] - The biopharmaceutical sector saw the approval of nine Class 1 new drugs and potential total transaction amounts exceeding 13 billion USD from 16 outbound BD deals, enhancing industry competitiveness [3] Future Outlook - The emergence of the 600th company is seen as both a summary of past achievements and a starting point for future development [3] - The Sci-Tech Innovation Board aims to deepen reforms and enhance support for hard-tech enterprises, fostering the growth of high-quality tech companies through capital [3] - The board is expected to attract and cultivate more world-class technology enterprises, leading to the emergence of more innovative company stars in the future [3]

67元支持 vs 74元阻力：中芯國際震盪中的輪證策略 隨著全球半導體行業在人工智慧（AI）等新興應用的驅動下市場情緒回暖，港股半導體板塊近期備受關注。作為行業龍頭，中芯國際（00981）在12月22日 一度漲超8%，收盤漲逾5%，成交額活躍。然而，在急漲之後，股價正逼近關鍵的技術分水嶺，短線走勢進入敏感時刻。截止今日（29日）股价最新报72 元，升幅1.34%。以下將結合截至12月29日的最新技術圖表、市場多空觀點及衍生工具數據，為投資者提供一份聚焦短線的分析與部署策略。 技術分析與關鍵價位 從技術面審視，中芯國際的股價正處於多空力量相互角力的關鍵位置。截至12月24日的數據顯示，股價在強勁反彈後，已成功收復10天移動平均線（約 66.64元），並正挑戰作為短期生命線的30天均線（約69.13元）。市場上一個廣泛的共識是，能否有效企穩於30日均線之上，將是判斷此輪反彈能否延續的 核心依據。根據分析，股價下方的兩級重要支持位分別位於67.2元（第一支持）和更為關鍵的64.3元（第二支持）。上行空間方面，能否有效突破74.1元的 第一阻力位至關重要，若能成功，下一目標將指向77.8元。 | | | 多個技術指標 ...

| 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 00981 | 中芯国际 | 港股通(沪) | 351678.88 | 34913.87 | 4.24 | | 09988 | 阿里巴巴-W | 港股通(沪) | 303154.80 | 30491.96 | 0.84 | | 00981 | 中芯国际 | 港股通(深) | 253217.00 | 41028.97 | 4.24 | | 09988 | 阿里巴巴-W | 港股通(深) | 234722.00 | -79781.45 | 0.84 | | 00700 | 腾讯控股 | 港股通(沪) | 220199.57 | -61168.26 | 0.59 | | 00941 | 中国移动 | 港股通(沪) | 182904.39 | -99213.87 | 0.37 | | 01398 | 工商银行 | 港股通(沪) | 171741.58 | 35664.34 | 0.64 | | 09880 | 优必选 | 港股通(沪) ...