港股25年收官：铜、黄金等有色板块大涨，大金融、半导体、创新药集体活跃

Core Viewpoint - The Hong Kong stock market in 2025 has shown significant performance across various sectors, with the copper sector leading the gains, followed by gold and semiconductors, indicating a strong market response to global re-inflation and geopolitical factors [1] Group 1: Market Performance - The copper sector has seen a remarkable increase of 261.85% year-to-date [2] - Gold stocks have also performed well, with a year-to-date increase of 169.01% [2] - The semiconductor sector has experienced a growth of 143.02% [2] - Other strong performers include biopharmaceuticals (81.78%), innovative drug concepts (64.88%), and insurance stocks (55.33%) [2] Group 2: Market Themes - The strongest theme identified is Resources and Inflation, which includes copper, gold, oil, coal, and steel, reflecting a re-evaluation of the long-term value of resources amid global re-inflation and energy transition [1] - The core theme is Technology and Innovation, represented by semiconductors, innovative concepts, biopharmaceuticals, and lithium batteries, indicating a focus on national industrial upgrades and self-sufficiency [1] - The defensive theme is Financials and Heavy Assets, including insurance, banking, electricity, and infrastructure, which provide stable earnings and high dividend yields amid uncertainty [1]