港股创五年最佳：恒指涨33%创新高，南向资金破纪录，机构看好2026年前景

Group 1 - The Hong Kong stock market is expected to achieve its best annual performance in five years by 2025, driven by policy support, improved liquidity, and structural investment opportunities [1] - The Hang Seng Index rose by 33.25% in 2025, closing at 25,690.53 points, while the Hang Seng Tech Index increased by 25.74%, closing at 5,479.04 points [1] - Southbound capital inflow exceeded 1.38 trillion HKD, marking a historical high, with its trading volume accounting for an average of 61% of the total market turnover [1] Group 2 - The gold sector led the market, with Zhenfeng Gold achieving a remarkable increase of 1,195.45% during the year [1] - The new energy vehicle sector also performed well, with XPeng Motors rising by 64.46%, linked to the recent approval of L3 autonomous driving models [1] - The technology sector benefited from AI narratives, with significant stock price increases for companies like Alibaba and Kuaishou [2] Group 3 - The insurance and brokerage sectors showed strong performance, with New China Life and China Life increasing by 162.98% and 102.10%, respectively, driven by policy benefits and fundamental improvements [2] - Multiple institutions are optimistic about the Hong Kong stock market's outlook for 2026, with Standard Chartered predicting the Hang Seng Index to trade between 28,000 and 30,000 points [2] - Morgan Stanley forecasts that A-shares and Hong Kong stocks may rise nearly 20% next year [2] Group 4 - Emerging markets are gaining global attention, with analysts indicating a shift in sentiment as pessimism fades [3] - JPMorgan's investment strategy emphasizes holding emerging market local currency bonds, anticipating double-digit returns for hard currency emerging market bonds in 2025 [3]