港股收评：恒指微跌0.05%、科指跌0.81%，科技股走势分化，芯片及医药股走低

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.05% to 25,528.85 points, the Hang Seng Tech Index down by 0.81% to 5,535.64 points, and the National Enterprises Index decreasing by 0.23% to 8,933.69 points [1] - Major technology stocks showed mixed performance, with Alibaba down 1.5%, Tencent up 0.17%, JD.com down 0.44%, Xiaomi up 0.91%, Meituan up 0.8%, Kuaishou down 0.15%, and Bilibili down 0.1% [1] - Chip stocks declined significantly, with ZTE Corporation down 13.08%, Hua Hong Semiconductor down 4.8%, and Shanghai Fudan down 2.55% [1] - The pharmaceutical sector also faced losses, with Sihuan Pharmaceutical down over 7% and Genscript Biotech down over 5% [1] - Wind power stocks led the gains, with Goldwind up over 5% and Dongfang Electric up over 4% [1] - Solar energy stocks generally fell, with GCL-Poly Energy down over 7% [1] Company News - Sunny Optical Technology (02382.HK) reported a mobile lens shipment of approximately 119 million units in November, a month-on-month decrease of 2.3% but a year-on-year increase of 7.5% [2] - Q Technology (01478.HK) saw its mobile camera module sales drop to 38.05 million units in November, down 13.6% month-on-month and 5.6% year-on-year [2] - Yuanyuan Group (00551.HK) reported a net operating income of approximately $660 million in November, a decrease of 3.1% year-on-year [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 an 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 of approximately 23.79 billion yuan over the first 11 months [5] - Jianye Real Estate (00832.HK) reported a total property contract sales of 7.168 billion yuan over the first 11 months, down 16.3% year-on-year [6] - Yuzhou Group (01628.HK) reported a cumulative sales amount of 6.196 billion yuan over the first 11 months [7] - COFCO Joycome (01610.HK) reported a pig slaughter 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) received approval from the Shenzhen Stock Exchange for the acquisition of Hongtu Industrial [11] - CICC (03908.HK) plans to issue perpetual subordinated bonds not exceeding 3 billion yuan [12] Institutional Insights - Everbright Securities noted that compared to previous bull markets, the current index still 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 rally in 2026, with over 110 billion yuan of net inflow from southbound funds in November [13] - CITIC Securities projected that the Hong Kong market will experience a second round of valuation recovery in 2026, focusing on sectors with performance certainty and valuation elasticity [14]