Group 1 - On December 10, 2025, Alibaba-W (09988), Tencent Holdings (00700), and Yangtze Optical Fibre and Cable (06869) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 2.987 billion, 2.301 billion, and 1.943 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and Xiaomi Group-W (01810) also ranked as the top three companies by trading volume, with trading amounts of 3.340 billion, 2.247 billion, and 1.303 billion respectively [1] Group 2 - In the Southbound Stock Connect, the top ten active trading companies included Alibaba-W (09988) with a net buy of 0.198 billion, Tencent Holdings (00700) with a net sell of 0.567 billion, and Yangtze Optical Fibre and Cable (06869) with a net buy of 0.161 billion [2] - In the Shenzhen-Hong Kong Stock Connect, the top ten active trading companies included Alibaba-W (09988) with a net buy of 0.144 billion, Tencent Holdings (00700) with a net sell of 0.038 billion, and Xiaomi Group-W (01810) with a net buy of 0.767 billion [2]

12月10日午后，长期沉寂的房地产板块突然爆发，A股与港股市场同步上演了一场强势反弹。 行情由龙头房企万科引爆，其A股午后强势封上涨停板，成交额突破30亿元；H股万科企业盘中涨幅一度超过18%。受此提振， 截至收盘，A股市场中，世联行、财信发展、华夏幸福等多只地产股集体涨停，保利发展、金地集团等涨幅均超5%。港股内房 股同步走高，截至收盘，万科企业股价涨超13%，正荣地产、融创中国涨超8%，融信中国、雅居乐集团、当代置业等涨超5%。 | | ▼指 代码 名称 | | 涨幅% | 现价 | 涨跌 | 头价 | | 卖价 AB股总市值 | 流通市值 | 总金额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 002285 世联行 | | R 10.07 | 3.17 | 0.29 | 3.17 | 3.17 | 63.17亿 | 62.63亿 | 5.66 Z | | 2 | 000002 万科A | R | 10.06 | 5.25 | 0.48 | 5.25 | 5.25 | 510.52 Z | 510. ...

【导读】香港交易所确认与香港证监会就上市申请相关事宜联合致函保荐人，万科企业午后"狂飙" 中国基金报记者 郭玟君 12月10日，港股探底回升，恒生指数收涨0.42%，报25540.78点；恒生科技指数上涨0.48%，报5581.10 点；恒生中国企业指数上涨0.20%，报8954.69点。市场成交额为1933.92亿港元，较前一交易日2102.36 亿港元有所减少。 恒生指数成份股中43只上涨，42只下跌。其中，万洲国际上涨5.01%，海底捞上涨3.45%，石药集团上 涨3.19%，领涨蓝筹。 | 序号 | 名称 | 代码 | 现价 | 涨跌 | 涨跌幅 ▼ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 万洲国际 | 0288 | 8.590 c | 0.410 | 5.01% | 6.69亿 | 65.77% | | 2 | 海底捞 | 6862 | 14.100 c | 0.470 | 3.45% | 3.77亿 | -6.10% | | 3 | 石药集团 | 1093 | 7.770 c | 0.240 | ...

12月10日，深交所、上交所收盘数据显示，万科境内债全线飙升。核心品种"21万科06"收报涨幅42%，成交18万手；"23万科01"紧随其后涨40%，成交22万 手；"21万科04"涨35%，成交15万手；其余"22万科02""21万科02""22万科04""22万科06"分别上涨31%、28%、24%、18%，合计成交突破85万手，为近半年 最高。 "股债联动"引人关注。粤开证券的认为：市场对政策工具箱进一步扩容抱有合理预期。尤其是针对行业核心矛盾的政策，被认为可能在近期逐步落地。 房企直击 12月10日午后，万科A直线拉升涨停，港股万科企业暴涨约15%。 ...

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index down by 0.23% closing at 3900.50 points, while the Shenzhen Component Index increased by 0.29% to 13316.42 points [1][2] - The total market turnover was 1.79 trillion yuan, a decrease of 126 billion yuan compared to the previous trading day, with over 2800 stocks declining [1] Index Performance - The ChiNext Index fell by 0.02% to 3209.00 points, while the STAR Market 50 Index decreased by 0.03% to 1346.70 points [2] - The CSI 300 Index dropped by 0.14% to 4591.83 points, and the CSI 500 Index rose by 0.49% to 7155.99 points [2] Sector Performance - The education sector led the gains with an increase of 3.81%, followed by the motorcycle sector at 3.30% [2] - The real estate sector saw a midday surge, with stocks like Vanke A and Caixin Development hitting the daily limit [3] - The diamond cultivation sector experienced a decline, with Huifeng Diamond dropping over 6% [3] - Other sectors such as precious metals, shared economy, and commercial retail also showed positive performance, while the power equipment sector fell, with Haibo Sichuang down over 8% [3]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The 12th Politburo meeting emphasized the continued implementation of a more proactive fiscal policy and a moderately loose monetary policy, leveraging the integrated effects of existing and incremental policies and strengthening counter - cyclical and cross - cyclical adjustments. The government aims to enhance the adaptability of consumer goods supply and demand to promote consumption. The financial sector should work towards building a financial powerhouse [1][10]. - The government will implement a more effective and forceful proactive fiscal policy, with the issuance of local government bonds exceeding 10 trillion yuan for the first time [2][13]. - The central bank focuses on cross - cyclical balance, with net purchases of 50 billion yuan of treasury bonds in November, slightly lower than market expectations [3][14]. - Financial regulators have launched a pilot program for commercial real estate REITs and lowered the risk factors for insurance companies' stock investments [4][18]. - In the real estate sector, Vanke is seeking an extension of its domestic bonds, and Shenzhen has introduced new rules for housing provident fund withdrawals to support home purchases [5][23]. 3. Summary by Directory 3.1 Macro - tone - The Politburo meeting on December 8 proposed that next year's economic work should continue to implement a more proactive fiscal policy and a moderately loose monetary policy, leveraging the integrated effects of existing and incremental policies, strengthening counter - cyclical and cross - cyclical adjustments, focusing on domestic demand, and promoting innovation - driven development [10]. - On November 26, six departments jointly issued a plan to enhance the adaptability of consumer goods supply and demand, aiming to form three trillion - level consumption sectors and ten billion - level consumption hotspots by 2027 and establish a high - quality development pattern of supply and consumption interaction by 2030 [10][12]. - On December 3, Wang Jiang proposed accelerating the construction of a financial powerhouse, developing diversified financing methods such as equity and bond financing, and steadily promoting the development of futures, derivatives, and asset - backed securities [11]. 3.2 Fiscal Policy - On December 2, Minister of Finance Lan Fuan emphasized the implementation of a more effective and forceful proactive fiscal policy, expanding domestic demand, and optimizing government investment. The government should also prevent and resolve local government debt risks [13][15]. - As of December 2, the issuance scale of national local government bonds reached approximately 10.1 trillion yuan, breaking through the 10 - trillion - yuan mark for the first time [2][13][15]. 3.3 Monetary Policy - On December 4, Central Bank Governor Pan Gongsheng mentioned that the central bank should focus on cross - cyclical balance, avoid excessive policy adjustments, and use various monetary policy tools to smooth economic fluctuations [14][17]. - In November, the central bank net - bought 50 billion yuan of treasury bonds, slightly lower than market expectations. However, the need for banks to increase bond purchases significantly is limited. The central bank's bond - buying may still be an important tool for liquidity injection next year [3][14][17]. 3.4 Financial Supervision - On December 6, CSRC Chairman Wu Qing encouraged leading institutions to build world - class investment banks through mergers and acquisitions, and "moderately loosen restrictions" on high - quality securities firms, while the Asset Management Association of China may cut the salaries of underperforming fund managers [18][21][22]. - On November 28, the CSRC issued a draft announcement for a pilot program of commercial real estate investment trust funds, specifying product definitions, registration, and management requirements [19][21]. - On December 5, the National Administration of Financial Regulation adjusted the risk factors for insurance companies' stock investments, reducing the risk factors for certain stocks held for a certain period [20][21]. 3.5 Real Estate Policy - On November 26, Vanke sought an extension of its 2 billion yuan domestic bond due on December 15, 2025. The proposed extension plan includes a one - year extension of principal and interest payments, with the interest rate remaining unchanged [23][26]. - On December 5, Shenzhen introduced new rules for housing provident fund withdrawals, increasing the support for home purchases, including different withdrawal limits for the first, second, and subsequent homes [24][26]. - On December 6, a media outlet under the Ministry of Housing and Urban - Rural Development stated that the vitality of the real estate market is crucial for high - quality development. Local governments should actively resolve the risks of troubled real estate enterprises [24][25][26].

Market Overview - A total of 57 stocks hit the daily limit, while 28 stocks faced limit down, resulting in a sealing rate of 67%. Longzhou Co. achieved a six-day limit, while Dongbai Group and Xiamen Port achieved four consecutive limits. The market showed signs of recovery after hitting a low, with the Shenzhen Component Index and ChiNext Index turning positive during the day, despite the latter previously dropping over 2% [1][3] - The total trading volume in the Shanghai and Shenzhen markets was 1.78 trillion, a decrease of 125.4 billion compared to the previous trading day. Despite the recovery, over 2800 stocks in the market declined [1][3] - The Shanghai Composite Index fell by 0.23%, while the Shenzhen Component Index rose by 0.29%, and the ChiNext Index fell by 0.02% [1] Stock Performance Analysis - The consecutive limit-up rate for stocks rose to 47.06%, maintaining a peak of six limits. However, there was significant differentiation among high-level stocks, with Junya Technology and Hai Xin Food both hitting limit down after previous gains. The market's enthusiasm for "map speculation" remained, particularly with the Hainan sector benefiting from the upcoming closure announcement on December 18 [3][4] - The retail sector continued to show strength, with stocks like Dongbai Group, Yonghui Supermarket, and Meikailong achieving consecutive limits. However, many food and beverage stocks experienced pullbacks after initial gains [7][8] Sector Highlights - The commercial aerospace sector was invigorated by SpaceX's IPO plans, aiming to raise over $30 billion with a target valuation of approximately $1.5 trillion. This news led to renewed activity in related stocks such as Longzhou Co. and Zaiseng Technology [5][20] - The light communication industry remains hot, with stocks like TeFa Information and Changfei Fiber both hitting limits due to ongoing supply-demand tightness in upstream components [6][15] - The real estate sector saw a resurgence, with major players like Vanke A and Poly Development experiencing significant gains, driven by recent housing subsidy policies in cities like Guangzhou and Nanning [8][9] Key Stock Movements - Longzhou Co. achieved a six-day limit with a gain of 9.96%, while Meikailong recorded a 10.03% increase over 12 days with seven limits [10][19] - Stocks in the Hainan sector, such as Shennong Agriculture and Hainan Development, also saw notable gains, reflecting the positive sentiment surrounding the region [12][13] - The retail sector's performance was bolstered by the National Retail Innovation Development Conference, emphasizing the importance of retail in fostering domestic demand [7][14]

Market Overview - On December 10, both A-shares and Hong Kong stocks experienced a rebound after an initial decline, with the Shenzhen Dividend, CSI 500, and STAR 200 indices rising by 0.64%, 0.49%, and 0.38% respectively [1] - In the sector themes, real estate, retail (consumption), and telecommunications led the gains [1] - In the ETF market, real estate and tourism ETFs showed the highest increases [1] - In Hong Kong, the CSI Hong Kong Stock Connect Technology and Hang Seng Technology indices rose by 0.58% and 0.41% respectively [1] Technology Sector - Alibaba's Qianwen AI application became the fastest-growing AI application globally, surpassing 30 million monthly active users within 23 days of public testing [2] - Xiaomi Group is actively recruiting for AI education-related positions, indicating a strategic move towards a systematic educational content ecosystem [2] - CICC's strategy analyst Liu Gang highlighted the need for new catalysts in the AI industry chain, with hardware visibility being more significant than applications [2] Consumer Sector - The Consumer Price Index (CPI) rose by 0.7% year-on-year in November, the highest since March 2024, with the core CPI increasing by 1.2% [3] - Sales revenue in the home appliance and telecommunications retail sectors, supported by the old-for-new consumption policy, grew by 26.5% and 20.3% respectively from January to November [3] - The government plans to maintain a proactive fiscal policy and moderately loose monetary policy in 2024, focusing on new economic investments and enhancing consumer spending [3] Real Estate Sector - Vanke held its first bondholders' meeting regarding the extension of its 22 Vanke MTN004 bonds, which is crucial for the company's financial recovery [4] - Following the announcement, Vanke's A-shares hit the daily limit, and its Hong Kong shares rose by 15%, indicating strong market expectations for fiscal support to stabilize the real estate market [4] - The Vanke-related bonds also showed active trading in the market [4] Related ETFs - The real estate ETF rose by 2.95% on the same day [5] - Other ETFs related to tourism and entertainment also saw price increases of 1.46% and 1.11% respectively [3][5]

Market Overview - After two consecutive days of decline, the Hong Kong stock market experienced a strong rebound on December 10, with the Hang Seng Index closing at 25,540.78 points, up 106.55 points, or 0.42% [1] - The Hang Seng Technology Index also saw an increase, closing at 5,581.10 points, up 26.42 points, or 0.48% [2] Sector Performance - The real estate sector was particularly notable, with Vanke Enterprises (HK02202) surging over 13%, leading other property stocks higher. Other companies such as China Overseas Land, Sunac China, and China Jinmao saw increases of over 8%, while Greenland Hong Kong and Agile Group rose over 5% [4] - The non-ferrous metals sector was active, with Lingbao Gold (HK03330) rising over 9%, Tongguan Gold up over 7%, and China Silver Group increasing over 7% [5] Corporate Actions - Lingbao Gold announced a plan to acquire 50% plus one share of St Barbara Mining Pty Ltd for AUD 370 million (approximately CNY 1.735 billion). This acquisition will enhance Lingbao Gold's ownership of a gold mine in Papua New Guinea, which has a JORC-standard gold resource of 153 tons and a reserve of 81.2 tons [6] Market Sentiment and Future Outlook - According to Dongwu Securities, the Hong Kong market is still in a left-side phase, and further rebounds are anticipated. The mid-term positioning appears attractive, especially for AI technology leaders, which may see significant rebounds if new catalysts emerge [9] - Huaxia Fund believes that the previous irrational panic in the tech sector has eased, and the future looks promising for AI development, suggesting a left-side layout while waiting for industry or liquidity catalysts [9] - Guoxin Securities predicts that the Hong Kong market will open up space for growth in 2026, with expectations for the Hang Seng Index to run between 30,000 and 32,000 points [9]

证券之星消息，12月10日房地产开发板块较上一交易日上涨2.24%，万 科Ａ领涨。当日上证指数报收于 3900.5，下跌0.23%。深证成指报收于13316.42，上涨0.29%。房地产开发板块个股涨跌见下表： 从资金流向上来看，当日房地产开发板块主力资金净流入14.9亿元，游资资金净流出2.95亿元，散户资 金净流出11.95亿元。房地产开发板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...