Market Overview - The Hong Kong stock market opened high but experienced fluctuations, with the Hang Seng Index up 0.09% at 25,563.05 points, while the Tech Index fell 0.65% to 5,544.57 points [1] - Major tech stocks showed mixed performance, with Alibaba down 0.78%, Tencent down 0.08%, and JD.com down 0.44%, while Xiaomi rose 0.81% and Meituan increased by 0.8% [1] - Lithium battery stocks performed well, with CATL rising over 2%, while chip stocks weakened, with ZTE down over 9% [1] Company News - Sunny Optical Technology (02382.HK) reported November mobile lens shipments of approximately 119 million units, a month-on-month decrease of 2.3% but a year-on-year increase of 7.5% [2] - Q Technology (01478.HK) saw November mobile camera module sales of 38.05 million units, down 13.6% month-on-month and down 5.6% year-on-year [2] - Yuanyuan Group (00551.HK) reported a net operating income of approximately $660 million in November, a year-on-year decrease of 3.1% [2] - Baoshan International (03813.HK) reported a net operating income of 1.172 billion yuan in November, down 5.1% year-on-year [3] - Morning News Technology (02000.HK) reported unaudited revenue of 44.3 million HKD in November, up 48.4% month-on-month and 19.73% year-on-year [4] - Ocean Group (03377.HK) reported a cumulative contract sales amount of approximately 23.79 billion yuan for the first 11 months [5] - Jianye Real Estate (00832.HK) reported a total property contract sales amount of 7.168 billion yuan for the first 11 months, a year-on-year decrease of 16.3% [6] - Yuzhou Group (01628.HK) reported a cumulative sales amount of 6.196 billion yuan for the first 11 months [7] - COFCO Joycome (01610.HK) reported a pig slaughtering volume of 559,000 heads in November, a month-on-month decrease of 4.44% [8] - CSPC Pharmaceutical Group (01093.HK) received clinical trial approval in the U.S. for its fully human anti-ACTRIIA/IIB monoclonal antibody (JMT206) [9] - China Digital Technology (01796.HK) entered into a strategic cooperation agreement with Xinhua Pharmaceutical [10] - China Hongqiao (01378.HK) announced that the acquisition of Hongtu Industrial by Hongchuang Holdings was approved by the Shenzhen Stock Exchange's M&A Review Committee [11] - CICC (03908.HK) plans to issue perpetual subordinated bonds of no more than 3 billion yuan [12] Institutional Insights - Everbright Securities noted that compared to previous bull markets, the current index has significant upside potential, but the duration of the bull market may be more important than the magnitude of the increase [13] - Guosen Securities indicated that the recent adjustments in the Hong Kong market could open up space for a market rise in 2026, with over 110 billion yuan of net inflow from southbound funds in November [13] - CITIC Securities predicted a second round of valuation recovery for the Hong Kong market in 2026, emphasizing the need to focus on "earnings certainty + valuation elasticity" in sectors like technology, pharmaceuticals, resources, and essential consumption [13]

中信建投：未来PCB将更加类似于半导体 价值量将稳步提升 昨日市场探底回升，沪深两市成交额1.78万亿，较上一个交易日缩量1254亿。板块方面，海南、贵金 属、零售等板块涨幅居前，培育钻石、银行、有机硅等板块跌幅居前。截至昨日收盘，沪指跌0.23%， 深成指涨0.29%，创业板指跌0.02%。 本文转载自"智通财经"，智通财经编辑：徐文强。 在今天的券商晨会上，中金公司指出，美联储1月可能按兵不动，下一次降息或在3月；中信建投认为， 未来PCB将更加类似于半导体，价值量将稳步提升；银河证券表示，二片罐提价预期充分，期待行业价 值回归。 中信建投认为，随着正交背板需求、Cowop工艺升级，未来PCB将更加类似于半导体，价值量将稳步提 升。其次，亚马逊、META、谷歌等自研芯片设计能力弱于英伟达，因此对PCB等材料要求更高，价值 量更有弹性。随着短距离数据传输要求不断提高，PCB持续升级，并带动产业链上游升级，覆铜板从 M6/M7升级到M8/M9。伴随国内PCB公司在全球份额持续提升，并带动上游产业链国产化，从覆铜板 出发，并带动上游高端树脂、玻纤布、铜箔等国内份额进一步提升。 银河证券：二片罐提价预期充分，期待 ...

与此同时，鲍威尔的表态并不强硬，加之美联储宣布将启动短期国库券（T-bills）购买操作，帮助缓和 了市场的担忧。此前被充分计入的"鹰派降息"预期出现反转，加剧了市场波动。 【大河财立方消息】12月11日，中金公司研报指出，美联储如预期在12月会议上降息25个基点，但反对 降息的官员增至两人，显示进一步降息的门槛正在抬高。 展望未来，鉴于经济与就业仍面临下行压力，中金公司研报预计美联储或将在2026年继续降息；但考虑 到通胀粘性犹存，降息节奏趋于放缓。1月可能按兵不动，下一次降息或在3月。 责编:陶纪燕 | 审核:李震 | 监审:古筝 ...

每日经济新闻 每经AI快讯，12月11日，中金公司研报指出，美联储如预期在12月会议上降息25个基点，但反对降息 的官员增至两人，显示进一步降息的门槛正在抬高。与此同时，鲍威尔的表态并不强硬，加之美联储宣 布将启动短期国库券（T-bills）购买操作，帮助缓和了市场的担忧。此前被充分计入的"鹰派降息"预期 出现反转，加剧了市场波动。展望未来，鉴于经济与就业仍面临下行压力，我们预计美联储或将在2026 年继续降息；但考虑到通胀粘性犹存，降息节奏趋于放缓。明年1月份可能按兵不动，下一次降息或在 明年3月份。 ...

中金研究 2025年，理财行业在存款搬家、存续浮盈释放的背景下，实现了超预期的增长。进入2026年，理财机构将拥有多资产布局、居民储蓄率进一步下行的 发展机遇，但同时也将面对平滑估值整改的压力。本篇报告我们基于存款搬家、居民风偏、产品货架、监管导向、资产配置等多维度进行拆解，以期 为理财行业呈现一个更全面的叙事逻辑。 Abstract 摘要 居民风险偏好的启示。 基于现阶段中国居民资产负债表的表现、以及日本低利率时代居民金融资产变迁的历史，我们认为在2026年居民具备风险偏好小 幅上行的条件， 居民资产配置将呈现存款活期化、产品资管化的特征；含权产品增量可期、但现阶段的增长弹性可能并算不上显著， 预计银行渠道将循 序渐进丰富产品货架。风偏的快速改善还需要依靠居民资产负债表的修复。 存款搬家具备潜力。 25年各期限零售存款平均降幅约30bp，同时居民定期存款增量明显放缓，而居民活期存款、银行理财、非货基金、非银存款规模增 长提速，呈现资金跷跷板特征。向前看，在呵护银行净息差背景下26年存款成本具备进一步下行的条件；另外，26年也将有合计32万亿元2年期及以上居 民定存到期（同比多增4万亿元），重定价幅度在70- ...

◎记者 汤立斌 开源证券非银金融行业首席研究员高超分析称，收购后中金公司总资产、净资产分别达10096亿元和 1715亿元，总资产、净资产排名均升至行业第4，公司资本实力显著增强，综合实力向国际一流投行迈 进。 作为直接融资的主要"服务商"、资本市场的重要"看门人"、社会财富的专业"管理者"，证券行业服务实 体经济质效持续提升。中国证监会主席吴清近日在中国证券业协会第八次会员大会上表示，四年多来， 证券公司助力近1200家科技创新企业上市，服务各类企业境内股债融资超过51万亿元，承销科创债、绿 色债券等产品规模超过2.5万亿元。 在业内人士看来，证券行业正从"交易通道"进化为"价值创造平台"，其扮演的角色也从传统中介机构演 变为综合金融服务生态的构建者。未来，具备专业能力、科技基因与全球视野的证券公司，将在资本市 场高质量发展中占据核心地位。 今年以来，证券行业加速从规模驱动向功能优先转型，深度融入"科技—产业—金融"良性循环。在债券 融资方面，证券公司科技创新公司债券承销规模持续扩容，承销债券金额超过7000亿元，同比增长了 58%。同期，证券公司服务战略性新兴产业并购重组交易单数显著提升，有力推动了产业整 ...

特别提示 本次发行的高价剔除比例：初步询价结束后，发行人和保荐人（主承销商）根据剔除不符合要求的投资 者初步询价结果，对所有符合条件的网下投资者所属配售对象的报价按照申购价格由高到低、同一申购 价格上按配售对象的拟申购数量由小到大、同一申购价格同一拟申购数量的按申报时间（申报时间以深 交所网下发行电子平台记录为准）由晚到早、同一拟申购价格同一拟申购数量同一申报时间上按深交所 网下发行电子平台自动生成的委托序号顺序从后到前排序，剔除报价最高部分配售对象的报价，剔除的 拟申购量不超过所有符合条件的网下投资者拟申购总量的３％，本次发行执行３％的最高报价剔除比 例。当拟剔除的最高申报价格部分中的最低价格与确定的发行价格相同时，对该价格上的申购不再剔 除。剔除部分的配售对象不得参与网下申购。 内蒙古双欣环保材料股份有限公司（以下简称"双欣环保"、"发行人"或"公司"）根据中国证券监督管理 委员会（以下简称"证监会"）《证券发行与承销管理办法》（证监会令〔第２２８号〕）（以下简 称"《管理办法》"）、《首次公开发行股票注册管理办法》（证监会令〔第２０５号〕），深圳证券交 易所（以下简称"深交所"）发布的《深圳证券交易所首 ...

Core Viewpoint - The China Securities Regulatory Commission has issued a notice regarding the overseas issuance and listing of shares by OmniVision Technologies, allowing the company to issue up to 73.67 million shares for listing on the Hong Kong Stock Exchange [1] Group 1: Company Overview - OmniVision Technologies, established in 1995, is a fabless semiconductor company primarily engaged in the design and development of high-performance integrated circuits (ICs) [1] - The company operates in three main product lines: image sensor solutions, display solutions, and analog solutions [1] - According to Frost & Sullivan, OmniVision is one of the top ten fabless semiconductor companies globally by revenue in 2024 [1] Group 2: Market Position - OmniVision is recognized as a pioneer in image sensor technology and ranks as the third-largest supplier of digital image sensors globally based on revenue in 2024 [1] - The company is one of the few integrated circuit design firms with a comprehensive product line and strong design capabilities [1] Group 3: IPO Details - OmniVision submitted its prospectus to the Hong Kong Stock Exchange on June 27, 2025, with UBS, CICC, China Ping An Capital, and GF Securities acting as joint sponsors [1]

Core Points - GigaDevice Semiconductor Inc. has received approval from the China Securities Regulatory Commission for its overseas listing, allowing it to issue up to 51.7969 million shares on the Hong Kong Stock Exchange [2] - The company, established in 2005, is a leading global multi-chip design firm, specializing in Flash, niche DRAM, MCU, analog chips, and sensor chips, with a comprehensive range of systems and solutions [2] - GigaDevice is recognized as a market leader in several sectors, ranking among the top ten global integrated circuit design companies in NOR Flash, SLC NAND Flash, niche DRAM, and MCU by revenue in 2024 [2] Company Overview - GigaDevice was listed on the A-share market on August 18, 2016, and submitted its prospectus to the Hong Kong Stock Exchange on June 19, 2025, with CICC and Huatai International as joint sponsors [2] - The company has achieved full-category coverage in consumer electronics, industrial applications, communications, and automotive electronics [2] Financial Information - The face value of each H-share is set at RMB 1.00, with various fees applicable during the application process [5]

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. ...