消息面上，美国白宫国家经济委员会主任哈塞特表示，如果特朗普提名他担任美联储主席，他将乐于效 劳。降息预期持续升温，据CME"美联储观察"数据，美联储12月降息25个基点的概率为87.4%，远高于 11月21日的39.6%。12月1日，现货黄金突破4230美元/盎司，日内涨0.26%。 高盛调查显示，超70%机构投资者预计黄金明年将继续上涨，36%预计明年年底前升破5000美元；受联 储降息预期提振，现货黄金年初至今累计上涨超60%。此外，在全球供应紧张与美联储降息预期推动 下，白银价格史上首次突破57美元/盎司。 紫金矿业 紫金矿业 灵宝黄金 中国黄金国际 中国白银集团 分时图 日K线 周K线 月K线 30.06 1.48 5.18% 7.24% 4.83% 2.41% 0.00% 2.41% 4.83% 7.24% 26.51 27.20 27.89 28.58 29.27 29.96 30.65 09:30 10:30 11:30/13:00 14:00 15:00 0 715万 1430万 2145万 黄金股涨幅居前，截至发稿，中国白银国际(00815)涨11.27%，报0.79港元；灵宝黄金(0333 ...

Group 1 - On December 1, 2025, Alibaba-W (09988), Xiaomi Group-W (01810), and Meituan-W (03690) ranked as the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 76.90 billion, 29.10 billion, and 27.80 billion respectively [1][2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Meituan-W (03690), and Tencent Holdings (00700) were the top three companies by trading volume, with amounts of 33.84 billion, 17.15 billion, and 16.53 billion respectively [1][2] Group 2 - The top active companies in the Southbound Stock Connect included Alibaba-W (09988) with a net buy of 5.44 billion, Meituan-W (03690) with a net buy of 4.27 billion, and Xiaomi Group-W (01810) with a net buy of 75.15 million [2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988) had a net buy of 7.77 billion, Meituan-W (03690) had a net buy of 1.67 billion, and Tencent Holdings (00700) had a net buy of 6.77 billion [2]

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of 21.48 billion HKD on December 1, 2023, indicating strong investor interest in certain stocks while others faced net sell-offs [1]. Group 1: Northbound Trading Activity - Northbound trading saw a net buy of 29.13 billion HKD through the Shenzhen Stock Connect and a net sell of 7.65 billion HKD through the Shanghai Stock Connect [1]. - The most bought stocks included Alibaba-W (09988), ZTE Corporation (00763), and Meituan-W (03690) [1]. - The most sold stocks were SMIC (00981), CNOOC (00883), and China Pacific Insurance (02328) [1]. Group 2: Individual Stock Performance - Alibaba-W (09988) had a net buy of 13.21 billion HKD, driven by the launch of Quark AI glasses and increased interest in Alibaba Cloud [4]. - ZTE Corporation (00763) saw a net buy of 6.06 billion HKD, with news of the Nubia M153 smartphone featuring the Doubao assistant technology [5]. - Meituan-W (03690) received a net buy of 5.94 billion HKD, reflecting positive market sentiment [6]. - Xiaomi Group-W (01810) had a net buy of 1 billion HKD, indicating stable investor confidence [6]. - CNOOC (00883) faced a net sell of 2.72 billion HKD, suggesting negative market sentiment [6]. - China Pacific Insurance (02328) experienced a net sell of 1.29 billion HKD amid rumors regarding its leadership [6]. - SMIC (00981) had a net sell of 3.02 billion HKD following the termination of an asset acquisition plan [6].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 紫金礦業集團股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601899 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,591,232,240 | RMB | | 0.1 | RMB | | 2,059,123,224 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 20,591,232,240 | RMB | | 0.1 | RMB | | 2,059,123,224 ...

截至月份: 2025年11月30日 狀態: 新提交 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 紫金礦業集團股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601899 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,591,232,240 | RMB | | 0.1 | RMB | | 2,059,123,224 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 20,591,232,240 | RMB | | ...

Market Performance - The Hang Seng Index closed at 26,033.26, up by 0.67%, recovering above the 26,000 mark [1][2] - The Hang Seng Technology Index increased by 0.82% [1][2] - Sectors such as non-ferrous metals, transportation, electrical equipment, and semiconductors showed significant gains, while sectors like environmental protection and pharmaceuticals experienced declines [2] Gold Stocks - Gold stocks performed strongly, with China Gold International rising over 11%, Zijin Mining and China Silver Group increasing by over 5%, and Lingbao Gold and Shandong Gold up by over 4% [3][4] - Specific stock performances include: - China Gold International: 165.500c, up 11.37% - China Silver Group: 0.750c, up 5.63% - Zijin Mining: 32.320c, up 5.28% - Lingbao Gold: 17.070c, up 4.21% - Shandong Gold: 35.980c, up 4.05% [4] Company Developments - ZTE Corporation saw a nearly 14% increase in its stock price [5] - ByteDance announced the release of a technical preview version of the Doubao Phone Assistant, developed in collaboration with mobile manufacturers, with ZTE being the only disclosed partner [5] - TATA Health resumed trading after more than 1.5 years, with an intraday increase exceeding 720%, closing up over 566% [6]

Market Overview - The Hong Kong stock market opened positively in December, with all three major indices rising. The Hang Seng Index closed at 26,033.26 points, up 0.67% or 174.37 points, with a total turnover of 2,008.84 million HKD [1] - The Hang Seng China Enterprises Index rose 0.47% to 9,172.84 points, while the Hang Seng Tech Index increased by 0.82% to 5,644.76 points [1] - Huatai Securities suggests that the market is nearing a "bad news fully priced" state, indicating limited downside potential at current levels [1] Blue Chip Performance - Sunny Optical Technology (02382) led blue-chip stocks, rising 6.22% to 67.45 HKD, contributing 4.34 points to the Hang Seng Index [2] - Other notable blue-chip performers included Zijin Mining (02899) up 5.28% and JD Health (06618) up 3.93% [2] - Li Auto (02015) and China Biologic Products (01177) experienced declines of 2.29% and 1.84%, respectively, negatively impacting the index [2] Sector Highlights - Large tech stocks mostly rose, with Alibaba increasing over 2% and Tencent over 1% [3] - Precious metals saw significant price increases, with silver and copper reaching record highs, benefiting related stocks like Jiangxi Copper, which surged over 10% [3][4] - The consumer electronics sector was active, with ZTE Corporation rising nearly 14% following the release of the Doubao mobile assistant [4][5] Cryptocurrency Market - The cryptocurrency market experienced a significant drop, with Bitcoin falling below 86,000 USD and Ethereum below 2,900 USD [6] - The People's Bank of China emphasized the illegal nature of virtual currency activities, reinforcing its prohibitive stance on cryptocurrencies [6] Notable Stock Movements - Guanghe Tong (00638) saw a strong performance, rising 14.55% due to the popularity of its AI toy launched in collaboration with Huawei [7] - Zhida Technology (02650) reached a new high, increasing 6.94% after securing a significant contract for charging stations in Saudi Arabia [8] - Cat's Eye Entertainment (01896) performed well, with its film "Zootopia 2" breaking box office records in China [9] - Kintor Pharmaceutical (01888) rose 5.39% amid increased demand for high-end PCB products driven by AI [10] - New Higher Education Group (02001) fell 10.81% after announcing no dividend despite a revenue increase [12]

Market Overview - The Hong Kong stock market opened positively on December 1, with the Hang Seng Index rising by 0.67% to surpass the 26,000-point mark, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index increased by 0.47% and 0.82%, respectively, indicating overall stable market sentiment [1][25]. Technology Sector - Major technology stocks experienced upward trends, with NetEase rising nearly 4%, Alibaba increasing over 2%, and Baidu and Tencent both gaining over 1.3% [1][3]. Commodities and Metals - Under the backdrop of rising expectations for a Federal Reserve rate cut in December, copper and silver prices reached new highs, while gold prices continued to recover. The non-ferrous metals sector saw significant gains, with China Silver Group surging by 14% and China Nonferrous Mining rising over 13% [1][5]. - The BDI index hit a nearly two-year high, leading to expanded gains in port shipping stocks [1][9]. Semiconductor and Apple-Related Stocks - Semiconductor stocks, Apple-related stocks, and lithium battery stocks showed active performance, with notable gains in companies like Honor Industrial and Sunny Optical Technology [1][7]. Shipping Sector - Shipping stocks generally rose, with China Merchants Energy and Pacific Shipping both increasing over 4%, and China Merchants Port rising over 3%. Analysts noted that the increase in European shipping rates could signal a positive short-term outlook for the shipping sector [1][9]. Aviation Sector - Airline stocks also saw gains, with China National Aviation rising by 4.9%, and both China Southern Airlines and China Eastern Airlines increasing over 2% [1][10]. Education Sector - Some mainland education stocks performed well, with China Oriental Education rising over 4% and New Oriental increasing by over 3% [1][12]. Entertainment Sector - The entertainment sector saw an uptick, with Maoyan Entertainment rising by 5.79% and Huayi Brothers increasing by 1.56% [1][14]. Oil and Gas Sector - Oil and gas stocks experienced upward movement, with China Oilfield Services and Shanghai Petrochemical both rising over 2% [1][15]. Cryptocurrency Sector - Cryptocurrency-related stocks collectively declined, with Huajian Medical dropping over 15% and Yunfeng Financial falling over 11% [1][16]. New Consumption Sector - New consumption stocks faced downward pressure, with Pop Mart falling over 4% and several other companies in the sector also declining [1][17]. Biopharmaceutical Sector - The biopharmaceutical sector showed weakness, with Rongchang Biopharmaceutical dropping by 4.9% and several other companies in the sector also experiencing declines [1][18]. Insurance Sector - Insurance stocks saw some declines, with China People's Insurance Group falling by 5.25% and China Pacific Insurance dropping by 2.72% [1][20]. Gas Sector - Gas stocks weakened, with China Gas dropping by 5% and other companies in the sector also declining [1][21]. Gaming Sector - Gaming stocks fell, with Macau Legend and Huicai Holdings both dropping over 4% [1][22]. Capital Flows - Southbound funds recorded a net inflow of HKD 2.148 billion, with the Hong Kong Stock Connect (Shanghai) seeing a net outflow of HKD 765 million and the Hong Kong Stock Connect (Shenzhen) recording a net inflow of HKD 2.913 billion [1][25].

Market Overview - The Shanghai Composite Index rose by 0.65%, closing at 3914.01 points, marking a return to the 3900-point level. The Shenzhen Component and ChiNext Index increased by 1.25% and 1.31%, respectively. The total trading volume in both markets reached 1.87 trillion yuan, an increase of 288.1 billion yuan compared to the previous Friday [6][4]. Sector Performance - The consumer electronics and non-ferrous metals sectors led the market gains. Silver prices surged over 5% due to short-term supply-demand imbalances, with the main silver futures contract showing strong performance [4][6]. - In the commodity futures market, most major contracts saw price increases, with silver, platinum, and polysilicon rising over 3%, while copper and coke increased by over 2% [6]. Fund Flow - Significant capital inflows were observed in several stocks, particularly in the communication equipment and semiconductor sectors, with net inflows exceeding 70 billion yuan for these sectors on December 1. Notable stocks included ZTE Corporation, Beijing Junzheng, and Guanghetong, with ZTE receiving over 5 billion yuan in net inflows [7][8]. - The top ten stocks by net capital inflow included ZTE Corporation, Zhaoyi Innovation, and Zijin Mining, all exceeding 800 million yuan in inflows [7]. Institutional Insights - CICC indicated that the AI industry requires additional industrial progress or liquidity to catalyze a new market cycle, despite high valuations and expectations in the sector [8]. - UBS's analyst Meng Lei projected that the overall A-share profit growth rate could rise from 6% this year to 8% by 2026, driven by nominal GDP growth, corporate revenue increases, and supportive policies [8]. - Huatai Securities suggested that the market may experience an early spring rally due to improving fundamentals and macro liquidity, alongside policy and industry theme catalysts [8]. - Industrial insights from various securities firms highlighted the potential for recovery in Chinese assets, driven by easing global risk aversion and favorable domestic conditions [9].

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of December 1, with Northeast Electric (00042) leading with a premium rate of 881.82% [1] - The article also lists the stocks with the highest and lowest deviation values, indicating significant discrepancies between their A-shares and H-shares [1] Summary of Top AH Premium Rates - Northeast Electric (00042) has the highest AH premium rate at 881.82%, followed by Hongye Futures (03678) at 274.55% and Sinopec Oilfield Service (01033) at 269.74% [1] - The top ten stocks with high premium rates include Zhejiang Shibao (01057) at 261.98% and Chenming Paper (01812) at 245.83% [1] Summary of Bottom AH Premium Rates - The stocks with the lowest AH premium rates include Ningde Times (03750) at -5.03%, China Merchants Bank (03968) at -1.36%, and Heng Rui Medicine (01276) at 1.50% [1] - Other notable mentions in the bottom list include Weichai Power (02338) at 6.45% and Midea Group (00300) at 7.66% [1] Summary of Deviation Values - The stocks with the highest deviation values are Guanghe Communication (00638) at 31.56%, Dazhong Public Utilities (01635) at 23.38%, and Beijing Jingcheng Machinery Electric (00187) at 20.11% [1] - Conversely, the stocks with the lowest deviation values include Jiangsu Ninghu Expressway (00177) at -13.73%, Junsheng Electronics (00699) at -12.81%, and China Life (02628) at -11.45% [1]