【年终盘点】港股收官！恒指全年飙升28%，有色领跑涨幅榜

Group 1 - The Hong Kong stock market experienced a strong performance in 2025, with the Hang Seng Index rising by 27.77% and the Hang Seng Tech Index increasing by 23.45% [2][4] - The trading volume in the Hong Kong market significantly increased compared to previous years, indicating heightened trading activity and a broad release of market profit potential [2] - The market's upward trend was driven by a clear rotation of sector leadership throughout the year, including AI technology, innovative pharmaceuticals, and the metals sector [4][6] Group 2 - The technology sector was a major contributor to market gains, with the Hang Seng Tech Index rising by 20.74% in Q1 2025, outperforming the Hang Seng Index's 15.25% increase during the same period [5] - Key drivers included investments in computing infrastructure, large model development, and AI applications, leading to significant valuation reassessments for companies like Alibaba [6] - The innovative pharmaceuticals sector gained momentum due to a surge in business development (BD) transactions, benefiting from improved global liquidity as the Federal Reserve began a rate-cutting cycle [6][7] Group 3 - The metals sector emerged as the strongest performer by year-end, with copper stocks rising by 261.85%, gold and precious metals by 197.85%, and other metals and minerals by 187.91% [9][10] - The rise in metal prices was attributed to multiple favorable factors, including the global trend of "de-dollarization," supply-demand imbalances, and domestic policies optimizing supply structures [9][11] - Notable individual stock performances included Zijin Mining rising by 162% and Shandong Gold increasing by over 183% [11] Group 4 - The overall strong performance of the Hong Kong stock market in 2025 was a result of a combination of valuation recovery, improved industry sentiment, and enhanced global liquidity [15][16] - Emerging industries such as AI, renewable energy, and innovative pharmaceuticals provided a wealth of high-growth investment opportunities, supporting long-term price increases [16] - Looking ahead to 2026, expectations remain positive for the Hong Kong market, with potential continued upward momentum driven by liquidity improvements and corporate profit recovery [16]