按一下此處編輯母版標題樣式 文件名 产品及投资方案部 ｜2025年12月8日 每周投资策略 中信証券財富管理 (香港) CITIC Securities Wealth Management (HK) 投资策略 每周投资策略 上周环球 大类资产表现 (1) 美国市场焦点 预计美联储 本周再次降息 股票 "AI 泡沫"的中短期走向； Alphabet；亚马逊 ETF Invesco纳斯达克100 指数ETF (2) 澳大利亚市场焦点 通胀持续高企 令降息预期落空 股票 推荐原材料和红利板块； Northern Star； Woodside (3) 印度尼西亚 市场焦点 通胀缓解提供降息依据 股票 2026年谨慎乐观； 中亚银行 ；Telkom ETF VanEck印度尼西亚 指数ETF 资料来源：中信证券财富管理 (香港) 1 本周主要地区 经济数据公布日程 上周环球 股市表现 美国降息预期稳固，全球股市普遍向好 资料来源：彭博、中信证券财富管理 (香港) 注：截至2025年12月5日 3 上周环球 债市表现 美债收益率曲线熊市走陡 日本央行发表鹰派言论，日本国债遭抛售 | | | | | 上周环球债市表现 | ...

环球市场动态 欧 盟 更 新 经 济 安 全 战 略 股 票 中国市场周五午后集体拉升，监管 有望推动保险资金入市点燃市场情 绪；欧洲股市走势分化，市场谨慎 等待美联储议息；美国 9 月 PCE 数 据符合预期，巩固降息预期，美股 小幅收高。 外 汇 / 商 品 交易员关注俄乌停火谈判进展及其 对市场供应的潜在影响，上周五国 际油价上涨；市场观望美联储议息， 金价变动不大；铜、白银价格创历 史高位。 固 定 收 益 上周五美国国债下跌，收益率上涨 近 4 个基点。本周将迎来美联储利 率决议，以及 3 年期、10 年期和 30 年期美债拍卖。亚洲债市交投清淡， 利差收窄 2-3 个基点。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 12 月 8 日 ▪ 上周欧盟发布新版《加强欧盟经济安全》框架，对 2023 年《欧洲经济安全战略》框架进行了系统性更新。在 新版框架中，欧盟提出了六大类 "去风险" 政策工具，以提升欧盟的经济安全水平与全球竞争力，具体包括： 减少对商品和服务的战略依赖；吸引安全投资进入欧盟；支持欧洲国防和航天产业及其 ...

2025 年 10 月 VC/PE 市场数据报告 数据来源：投中嘉川 CVSource 报告时间：2025.11 2025 李洋洋 数据分析师 yangyang.li@chinaventure.com. | | 核心发现 2 | | | --- | --- | --- | | 李洋洋 | | | | 数据分析师 | 募资表现 2 | | | yangyang.li@chinaventure.com. | | | | cn | 新设基金数量 2 | | | | 基金新设地区情况 3 | | | | 基金新设及完成募资情况 | 4 | | 报告口径 | 投资表现 6 | | | 本报告图表数据来源均为  | | | | 投中嘉川 CVSource | 投资频次及投资规模 | 6 | | 新成立基金：于统计期限内，  | 热点地区投资交易数量及规模 | 7 | | 新注册成立的基金 | 热点行业投资热度 7 | | | 完成募集基金：于统计期限  | 投资轮次 9 | | | 内，宣布募集完成的基金 | 投资交易规模细分量级 | 9 | | 融资规模：统计市场公开披露  | | | | | 投资交易重点案例 ...

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index down 0.06% at 3,875 points, while the Shenzhen Component rose 0.4% and the ChiNext Index increased by 1.01%[15] - Hong Kong's Hang Seng Index rose 0.68% to 25,935 points, driven by strong performance in large tech stocks[11] - European markets saw gains, with the Euro Stoxx 600 index up 0.5%, supported by expectations of a Federal Reserve rate cut[9] Economic Indicators - Initial jobless claims in the U.S. fell to a three-year low of 191,000, below the expected 218,000, indicating a tightening labor market[29] - The U.S. dollar index decreased by 0.1% to 98.99, ending an eight-day losing streak[24] - Oil prices increased, with WTI crude rising 1.22% to $59.67 per barrel amid escalating geopolitical tensions[25] Sector Performance - In the U.S. market, the technology sector showed mixed results, with notable declines in cloud service company Snowflake's stock by 11.41% due to disappointing guidance[9] - The healthcare sector in the U.S. saw a significant drop of 0.73%, while the industrial sector rose by 0.51%[9] - In Hong Kong, the technology sector surged by 3.1%, with major players like DeepSeek and Xiaomi seeing substantial gains[11] Investment Recommendations - For A-shares, focus on sectors with strong fundamentals, particularly in resource and traditional manufacturing industries, while considering dividend stocks[6] - In the Hong Kong market, prioritize investments in technology, healthcare, and resource sectors, anticipating a "Davis Double" effect from internal and external catalysts[6] - The Indian market is recommended for investments in interest-sensitive companies and consumer sectors, given the backdrop of loose monetary policy[6]

Market Overview - A-shares declined on Wednesday, with the Shanghai Composite Index falling 0.51% to 3,878 points, while the Shenzhen Component Index dropped 0.78% and the ChiNext Index fell 1.12%[16] - The Hang Seng Index closed down 1.28%, falling below the 26,000-point mark, driven by weak sentiment in the property sector and declines in major tech stocks[11] - European markets showed mixed results, with the pan-European Stoxx 600 index rising 0.18% while the DAX and FTSE 100 experienced slight declines[9] Economic Indicators - The ADP employment report for November showed a surprising drop of 32,000 jobs, reinforcing expectations for a Federal Reserve interest rate cut, with a nearly 90% probability priced in for December[30] - China's November industrial output growth is expected to remain low, influenced by fewer working days compared to last year, while export growth may see a slight increase due to a low base effect from the previous year[6] Commodity and Currency Trends - Copper prices surged by 3.07% to a record high of $11,487.5 per ton, driven by increased warehouse delivery requests amid supply concerns[27] - The U.S. dollar index fell for the eighth consecutive day, down 0.5%, reflecting ongoing weakness in the dollar[26] - International gold prices rose, with New York gold futures increasing by 0.3% to $4,199.3 per ounce[27] Sector Performance - In the U.S. stock market, nine out of eleven S&P sectors rose, with the energy sector leading gains at 1.83% due to ongoing supply constraints from Russia[9] - The materials sector in the Latin American markets showed resilience, with the Brazilian IBOVESPA index rising 0.41%[9] Investment Insights - Companies with over 10% of their revenue from overseas and experiencing over 50% growth in that segment could see overall revenue growth increase by 5%, suggesting a focus on AI application companies with strong international sales[20] - The polyurethane industry is expected to benefit from rising MDI and TDI prices, with leading firms likely to see significant earnings elasticity[20]

11 月 发 达 经 济 体 经 济 成 色 如 昔 股 票 周二 A 股下挫，市场成交偏低；港 股冲高回落，三大指数走势分化； 欧洲股市分歧走势，市场关注俄乌 和谈进程；美股上涨，特朗普暗示 美联储下一任主席人选，市场预期 政策倾向较为鸽派，推动股市上行。 外 汇 / 商 品 交易员密切关注乌克兰和平谈判进 展，周二国际油价震荡下行；特朗 普表示计划明年初宣布美联储主席 人选，周一美元指数小幅下跌，离 岸人民币迈向 14 个月新高；铜价 从历史高点回落，白银维持在历史 高点附近，黄金下滑。 环球市场动态 固 定 收 益 美国国债涨跌不一，收益率曲线趋 陡。特朗普称计划明年初宣布美联 储主席人选，市场对哈塞特成为下 一任美联储主席的预期升温。亚洲 债市利差变动不大，中国投资级债 券利差多数走阔。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 12 月 3 日 ▪ 发达经济体 11 月经济成色依旧未有显著变化，延后发布的数据显示美国就业市场和消费动能走弱，市场对美 联储 12 月是否降息的预期经历 V 型反转。欧元区增长动能仍不强劲 ...

外 汇 / 商 品 日本央行鹰派言论推动交易员加大 12 月加息的押注，周一日元兑美元 等主要货币走强；受黑海码头遭袭 和美国与委内瑞拉局势紧张影响， 国际油价上涨；投资者担忧供应紧 张，白银和铜价再创新高。 固 定 收 益 周一美国国债全线下跌，收益率上 涨 4-个基点。近 160 亿美元的公司 债发行定价。日本央行行长暗示加 息，推升日债收益率，并拖累美债 表现。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 环球市场动态 预 计 中 央 经 济 工 作 会 议 政 策 定 调 更 积 极 股 票 中国市场 12 月开门红，消费电子 板块表现突出；欧洲股市普遍收低， 欧洲制造业活动低迷令市场出现获 利回吐；美股上涨势头暂停，加密 货币暴跌和日本央行暗示加息令资 金面出现波动。 2025 年 12 月 2 日 ▪ 今年 12 月中上旬内地即将召开中央政治局会议和中央经济工作会议，部署 2026 年经济工作。我们综合研判， 2025 年中央经济工作会议大概率在 "稳中求进" 总基调下，从消费扩张、科技创新、财政货币协调、房地产风 险化解等方面形 ...

按一下此處編輯母版標題樣式 文件名 产品及投资方案部 ｜2025年12月1日 每周投资策略 中信証券財富管理 (香港) CITIC Securities Wealth Management (HK) 投资策略 每周投资策略 上周环球 大类资产表现 (1) 欧洲市场焦点 通胀温和的状态 可能在明年延续 本周主要地区 经济数据公布日程 奢侈品行业三季度 积极信号显现； 历峰集团；LVMH (2) 印度市场焦点 经济维持较高增速 但难有显著提升 股票 等待情绪反转； Eternal；Hindalco ETF iShares安硕核心 SENSEX印度ETF (3) 菲律宾市场焦点 腐败丑闻对政府支出和 家庭消费造成打击 股票 东盟最便宜的市场； 罗宾逊地产 ； 国际集装箱码头服务 ETF iShares安碩MSCI 菲律賓ETF 1 股票 上周环球 股市表现 美联储12月降息预期大幅反弹，全球股市上涨 | | | | | | 环球主要股票市场表现 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Market Overview - A-shares collectively rose on Friday, with the Shanghai Composite Index up 0.34% to 3,888 points, while the Shenzhen Component Index increased by 0.85%[14] - The Hang Seng Index and the Hang Seng China Enterprises Index fell by 0.34% and 0.38%, respectively, indicating a mixed performance in the Hong Kong market[9] - European markets closed higher, with the Stoxx 600 index rising by 0.25%[8] Economic Indicators - China's manufacturing PMI for November was reported at 49.2, a slight increase of 0.2 from the previous month, while the non-manufacturing PMI fell to 49.5, down 0.6[5] - The manufacturing PMI is 1.2 points lower than the five-year average, indicating weaker manufacturing conditions compared to October[5] Commodity and Forex Market - International oil prices saw a slight decline, with NY crude oil down 0.17% to $58.55 per barrel, while gold prices rose by 1.25% to $4,254.9 per ounce[26] - The USD/CNY exchange rate appreciated slightly, closing at 7.074, with expectations for the yuan to strengthen to 6.8 in the coming year due to narrowing interest rate differentials and increased corporate settlements[26] Stock Performance - In the U.S. market, the Dow Jones Industrial Average closed at 47,716.4, up 0.6%, while the S&P 500 and Nasdaq rose by 0.5% and 0.7%, respectively[7] - The S&P Mexico IPC index increased by 1.44% to 63,596.8, with healthcare leading the sectors with a 2.96% rise[8] Sector Analysis - In the A-share market, the computing power sector continued to perform well, with stocks like Nanjing Light and New Energy rising by 20%[15] - The insurance and coal sectors faced declines, contributing to a mixed performance across various sectors[9]

Market Overview - China's industrial enterprises' profits fell by 5.5% year-on-year in October, a decline of 27.1 percentage points from the previous month, with revenue down by 4%[4] - The profit margin for industrial enterprises decreased due to insufficient demand, with notable divergence in profit growth across industries[4] Global Market Trends - Major European indices showed slight increases, with the Stoxx 600 up by 0.14% and the DAX rising by 0.18%, driven by optimism regarding potential interest rate cuts by the Federal Reserve[7] - The U.S. stock market was closed for Thanksgiving, leading to subdued trading activity in the bond market[3] Stock Performance - In Hong Kong, the Hang Seng Index rose marginally by 0.07%, while the Hang Seng Tech Index fell by 0.36%, reflecting mixed performance among major tech stocks[9] - A-share market saw the Shanghai Composite Index increase by 0.29%, with a total market turnover of 1.72 trillion yuan[13] Commodity and Forex Insights - The dollar index decreased by 0.1%, while the euro appreciated by 12% year-to-date against the dollar[23] - Brent crude oil prices rose by 0.33% to $63.34 per barrel, amid expectations that OPEC+ will maintain production targets[24] Fixed Income Market - The Chinese investment-grade bond market lagged, with spreads widening by 1-3 basis points, reflecting concerns over the performance of real estate companies[26] - U.S. Treasury yields remained stable, with the 10-year yield at 3.99%[25]