港股2025年终盘点：恒指涨近28%领跑全球、华虹大涨240%，阿里领衔互联网反攻、南向资金狂买1.4万亿

Core Viewpoint - The Hong Kong stock market concluded 2025 with its best annual performance in five years, driven by a "valuation recovery" trend throughout the year, with significant contributions from southbound capital inflows and a strong IPO market [1][2]. Market Performance - The Hang Seng Index rose from approximately 19,600 points at the beginning of the year to 25,630 points, achieving a 27.77% annual increase, marking its best performance in five years [2][3]. - The Hang Seng Tech Index and the Hang Seng China Enterprises Index also saw substantial gains, with increases of 23.45% and 22.27% respectively, outperforming major global indices such as the Nasdaq and S&P 500 [2][3]. Capital Inflows - Southbound capital inflows reached a record high of 1.41 trillion HKD in 2025, significantly up from approximately 807.9 billion HKD in 2024, serving as a key support for market liquidity [3][4]. IPO Market - The IPO market in Hong Kong was robust, with total IPO proceeds reaching 286.3 billion HKD, reclaiming the top position globally. Notably, 19 A-share companies listed in Hong Kong, raising around 140 billion HKD, which accounted for about half of the total IPO fundraising [4][5]. Sector Performance - The materials sector, particularly precious metals, showed exceptional performance, with the sector's index rising nearly 200%. Notable stocks included Zhu Feng Gold, which surged by 1,286.36% [5][6]. - The semiconductor and healthcare sectors also performed well, with the semiconductor sector increasing by 139% and the healthcare sector by over 89% [7]. Notable Stocks - A total of 379 Hong Kong stocks doubled in price during 2025, with 13 stocks increasing over tenfold. The standout was Base Champion Group, which skyrocketed over 4,164% [8][9]. - In the technology sector, Huahong Semiconductor led with a rise of over 240%, while Alibaba and XPeng Motors also saw significant increases of over 76% and 70% respectively [9][10]. Outlook for 2026 - Multiple institutions have optimistic forecasts for the Hong Kong stock market in 2026, anticipating continued upward momentum driven by improved liquidity and corporate earnings recovery. Citic Securities expects the market to benefit from the "15th Five-Year Plan" and external economic easing policies [10].