Market Performance - The Hang Seng Index closed at 25,976, up 1.75% for the day and up 29.50% year-to-date [1] - The Hang Seng Tech Index rose 1.87% to 5,638, with a year-to-date increase of 26.18% [1] - The A-share market showed strength in the afternoon, with the Shanghai Composite Index closing at 3,889, up 0.41% [5] Currency and Commodity Trends - The Renminbi Index stood at 97.650, with a 1M increase of 0.04% and a 6M increase of 1.76% [2] - Brent crude oil price was $61.770 per barrel, down 1.09% over the past month and down 7.18% over six months [2] - Gold prices increased by 2.82% in the last month, reaching $4,313.61 per ounce, with a significant 27.40% rise over six months [2] Automotive Industry Insights - In November, China's automotive production exceeded 3.5 million units for the first time, marking a year-on-year increase of 2.8% [15] - New energy vehicles (NEVs) saw production and sales of 1.88 million and 1.82 million units respectively, both up 20% year-on-year [16] - NEVs accounted for 53.2% of total new car sales, indicating a strong market trend towards electric vehicles [16] Regulatory and Economic Developments - The Chinese Ministry of Finance emphasized the continuation of a more proactive fiscal policy to address external shocks and internal risks [11] - There are indications that regulatory bodies may not intervene to rescue Vanke, which is facing a debt crisis involving over $50 billion [12] - OpenAI's CEO expressed excitement about the company's plans to launch its own AI chips, indicating a competitive edge in the AI sector [14]

Market Performance - The Hang Seng Index closed at 25,530, down 0.04% for the day, with a year-to-date increase of 27.27% [1] - The Hang Seng Technology Index fell by 0.83% to 5,534, with a year-to-date increase of 23.87% [1] - The Dow Jones Index rose by 1.34% to 48,704, with a year-to-date increase of 14.48% [1] Currency and Commodity Trends - The Renminbi Index is at 97.650, showing a 1M increase of 0.04% and a 6M increase of 1.76% [2] - Brent crude oil prices decreased by 5.26% over the past month, currently priced at $61.48 per barrel [2] - Gold prices increased by 2.21% over the past month, currently at $4,215.31 per ounce, with a significant 25.72% increase over the past six months [2] Key News - TSMC reported a 24.5% year-on-year increase in November revenue, totaling approximately NT$343.614 billion, despite a month-on-month decline of 6.5% [4][11] - The China Academy of Information and Communications Technology reported a year-on-year increase of 8.7% in smartphone shipments for October, totaling 32.267 million units [4][13] - The World Bank forecasts China's economic growth at 4.9% for this year, slowing to 4.4% next year, influenced by weak labor markets and declining housing prices [4][16][17] Automotive Industry Insights - In the first eleven months of the year, China's automotive production and sales exceeded 31 million units, with a year-on-year increase of over 10% [4][18] - New energy vehicle production and sales approached 15 million units, reflecting a year-on-year increase of over 30% [4][18] Construction Sector Updates - The nominal value of completed construction projects in Hong Kong for the third quarter was HK$73.4 billion, a decrease of 1.5% year-on-year [4][19] - The nominal value of private land construction projects fell by 18.1% year-on-year, while public land construction projects saw a nominal increase of 7.7% [4][19][20]

每日晨报│2025 年 12 月 10 日 -主要市场指数表现 | | 收市价 | 上个交易日升 | YTD 升跌 | | --- | --- | --- | --- | | 恒生指数 | 25,434 | -1.29% | +26.79% | | 恒生科技指数 | 5,554 | -1.90% | +24.32% | | 国企指数 | 8,936 | -1.62% | +22.59% | | 沪深 300 | 4,598 | -0.51% | +16.86% | | 上证综合指数 | 3,909 | -0.37% | +16.64% | | 深证成份指数 | 13,277 | -0.39% | +27.49% | | 中小板指 | 8,006 | -0.51% | +25.45% | | 道琼斯指数 | 47,560 | -0.38% | +11.79% | | 标普 500 指数 | 6,840 | -0.09% | +16.30% | | 纳斯达克指数 | 23,576 | +0.13% | +22.09% | | 伦敦富时指数 | 9,642 | -0.03% | +17.97% | | CAC40 ...

每日晨报│2025 年 12 月 5 日 主要市场指数表现 | | 收市价 | 上个交易日升 | YTD 升跌 | | --- | --- | --- | --- | | 恒生指数 | 25,935 | +0.68% | +29.29% | | 恒生科技指数 | 5,615 | +1.45% | +25.68% | | 国企指数 | 9,106 | +0.86% | +24.92% | | 沪深 300 | 4,546 | +0.34% | +15.54% | | 上证综合指数 | 3,875 | -0.06% | +15.63% | | 深证成份指数 | 13,006 | +0.40% | +24.89% | | 中小板指 | 7,904 | +0.26% | +23.85% | | 道琼斯指数 | 47,850 | -0.07% | +12.47% | | 标普 500 指数 | 6,857 | +0.11% | +16.59% | | 纳斯达克指数 | 23,505 | +0.22% | +21.72% | | 伦敦富时指数 | 9,710 | +0.19% | +18.82% | | CAC40 指数 ...

每日晨报│2025 年 12 月 4 日 主要市场指数表现 | | 收市价 | 上个交易日升 | YTD 升跌 | | --- | --- | --- | --- | | 恒生指数 | 25,760 | -1.28% | +28.42% | | 恒生科技指数 | 5,534 | -1.58% | +23.88% | | 国企指数 | 9,028 | -1.68% | +23.85% | | 沪深 300 | 4,531 | -0.51% | +15.15% | | 上证综合指数 | 3,878 | -0.51% | +15.70% | | 深证成份指数 | 12,955 | -0.78% | +24.40% | | 中小板指 | 7,883 | -0.77% | +23.53% | | 道琼斯指数 | 47,882 | +0.86% | +12.55% | | 标普 500 指数 | 6,849 | +0.30% | +16.46% | | 纳斯达克指数 | 23,454 | +0.17% | +21.46% | | 伦敦富时指数 | 9,692 | -0.10% | +18.59% | | CAC40 指数 ...

Market Performance - The Hang Seng Index closed at 26,033, up 0.67% for the day and up 29.78% year-to-date [1] - The Hang Seng Tech Index rose by 0.82% to 5,644, with a year-to-date increase of 26.33% [1] - The Shanghai Composite Index increased by 0.65% to 3,914, with a year-to-date rise of 16.77% [1] - The Dow Jones Index fell by 0.90% to 47,289, with a year-to-date increase of 11.15% [1] Currency and Commodity Overview - The Renminbi Index stands at 97.920, with a 1-month increase of 0.38% and a 6-month increase of 1.79% [2] - Brent crude oil is priced at $63.570 per barrel, down 0.98% over the past month but up 3.13% over the past six months [2] - Gold is priced at $4,256.22 per ounce, with a 1-month increase of 6.37% and a 6-month increase of 25.87% [2] Company News - Kangji Medical's privatization plan has been approved by the Grand Court, with the plan expected to take effect on December 5, 2025 [19] - HashKey Holdings has passed the listing hearing with plans to raise $500 million and seek a listing this month [16] - The real estate crisis in China continues, with major data providers instructed to halt the release of sales data for property companies [17] Economic Indicators - China's official manufacturing PMI for November recorded at 49.2, below market expectations of 49.3 [13] - The non-manufacturing PMI for November was reported at 49.5, also below expectations of 50 [10] - Hong Kong's retail sales value for October increased by 6.9% year-on-year, with online sales rising over 27% [15]

每日晨报│2025 年 11 月 26 日 | 主要市场指数表现 | | | | | --- | --- | --- | --- | | | 收市价 | 上个交易日升 | YTD 升跌 | | 恒生指数 | 25,894 | +0.69% | +29.09% | | 恒生科技指数 | 5,612 | +1.20% | +25.60% | | 国企指数 | 9,158 | +0.87% | +25.63% | | 沪深 300 | 4,490 | +0.95% | +14.12% | | 上证综合指数 | 3,870 | +0.87% | +15.46% | | 深证成份指数 | 12,777 | +1.53% | +22.69% | | 中小板指 | 7,794 | +1.81% | +22.13% | | 道琼斯指数 | 47,112 | +1.43% | +10.74% | | 标普 500 指数 | 6,765 | +0.91% | +15.03% | | 纳斯达克指数 | 23,025 | +0.67% | +19.24% | | 伦敦富时指数 | 9,609 | +0.78% | +17.58% | ...

Market Performance - The Hang Seng Index closed at 25,220, down 2.38% for the day and up 25.72% year-to-date [1] - The Hang Seng Tech Index fell 3.21% to 5,395, with a year-to-date increase of 20.76% [1] - The CSI 300 Index decreased by 2.44% to 4,453, with a year-to-date rise of 13.18% [1] - The Shanghai Composite Index closed at 3,834, down 2.45%, marking a year-to-date increase of 14.41% [1] - The Shenzhen Component Index dropped 3.41% to 12,538, with a year-to-date increase of 20.39% [1] Currency and Commodity Overview - The Renminbi Index stood at 97.830, up 0.52% over the past month and 1.35% over six months [2] - Brent crude oil price was $62.720 per barrel, up 2.62% month-on-month but down 1.29% over six months [2] - Gold price was $4,059.66 per ounce, down 1.68% month-on-month but up 22.36% over six months [2] - Bitcoin price fell to $83,560, marking a 7.02% decline, the lowest in over seven months [23] Hong Kong Stock Market Review - The Hong Kong stock market experienced significant declines, with the Hang Seng Index hitting a two-and-a-half-month low and recording its largest single-day drop in over seven months [5] - Major tech stocks like Alibaba and Baidu fell nearly 5%, while Meituan and JD.com dropped close to 3% [5] - The property sector saw significant declines, with Link REIT dropping about 7.5%, marking a near seven-month low [5] A-Share Market Review - The A-share market saw major indices drop between 2.5% to 4%, with the Shanghai Composite Index falling below 3,900 points [6] - The Shenzhen Component Index and ChiNext Index also reached approximately two-and-a-half-month lows [6] US Stock Market Overview - The US stock market indices closed up nearly 1%, with the Dow Jones rising 1.1% to 46,245 [7] - The Nasdaq Index increased by 0.9% to 22,273, while the S&P 500 rose by nearly 1% to 6,602 [7] - Major tech stocks showed mixed results, with Alphabet rising over 3% while Nvidia and Microsoft fell [7] European Market Overview - European stock markets showed mixed results, with the DAX Index down 0.8% and the CAC Index up slightly [8] - Over the week, German stocks fell nearly 3.3%, while French stocks declined close to 2.3% [8] Economic Indicators - The Central City Leading Index (CCL) in Hong Kong rose 0.54% week-on-week, reaching a near one-and-a-half-year high, with a year-to-date increase of 3.52% [11] - In mainland China, electricity consumption in October reached 857.2 billion kWh, a year-on-year growth of 10.4% [20] - Japan's exports to the US have declined for seven consecutive months, with a 3.1% year-on-year drop in October [19]

主要货币表 | | 汇率 | 1M 升跌 | 6M 升跌 | | --- | --- | --- | --- | | 人民币指数 | 97.830 | +0.52% | +1.35% | | 美汇指数 | 100.229 | +1.67% | +0.11% | | 港币/人民币 | 0.914 | +0.29% | +0.89% | | 人民币/美元 | 0.141 | -0.09% | -1.41% | | 欧元/美元 | 1.152 | -1.06% | +2.09% | | 美元/日元 | 157.260 | -4.13% | -8.10% | | 英镑/美元 | 1.306 | -2.54% | -2.46% | | 美元/瑞士法郎 | 0.806 | -1.67% | +2.77% | 微信扫码关注【越秀证券】 越秀证券公众号 越秀证券研究订阅号 | 主要商品表 | | | | | --- | --- | --- | --- | | (货币：美元) | 最新价 | 1M 升跌 | 6M 升跌 | | 布伦特原油(桶) | 63.910 | +4.99% | +0.28% | | 天然气(1mnBtu ...

Market Performance - The Hang Seng Index closed at 25,830, down 0.38% for the day but up 28.77% year-to-date [1] - The Hang Seng Tech Index closed at 5,606, down 0.69% for the day and up 25.49% year-to-date [1] - The CSI 300 Index closed at 4,588, up 0.44% for the day and up 16.60% year-to-date [1] - The S&P 500 Index closed at 6,642, up 0.38% for the day and up 12.93% year-to-date [1] Currency and Commodity Overview - The Renminbi Index is at 97.830, up 0.52% month-on-month and up 1.35% over six months [2] - Brent crude oil is priced at $64.310 per barrel, up 5.25% month-on-month and up 1.21% over six months [2] - Gold is priced at $4,088.47 per ounce, down 6.14% month-on-month but up 26.61% over six months [2] Company News - Xiaomi's SU7 Ultra and YU7 models have begun free activation of built-in ETC functions, previously costing 50 RMB [12] - Kuaishou-W reported a profit of 4.5 billion RMB for Q3 2025, up from 3.3 billion RMB in Q3 2024, with revenue increasing by 14.2% to 35.6 billion RMB [20] - Nvidia's Q3 net profit rose 65% year-on-year to $31.91 billion, with revenue increasing 62.5% to $57.006 billion, exceeding market expectations [21] Economic Indicators - China's retail sales for October increased by 2.9% year-on-year, totaling 4.63 trillion RMB, with a year-to-date growth of 4.3% [18][19] - The UK inflation rate for October was reported at 3.6%, down from 3.8% previously [16] - Japan's central bank is unlikely to raise interest rates before March, as the government needs to confirm that stimulus measures are effectively boosting domestic demand [17]