每日投资策略-20251128

Global Market Overview - The Hang Seng Index closed at 25,946, with a slight increase of 0.07% for the day and a year-to-date increase of 29.34% [1] - The Shanghai Composite Index rose by 0.29% to close at 3,875, reflecting a year-to-date increase of 15.62% [1] - The US markets showed no change, with the Dow Jones at 47,427 and the S&P 500 at 6,813, marking year-to-date increases of 11.48% and 15.83% respectively [1] - European markets remained stable, with the DAX and CAC showing minor increases of 0.18% and 0.04% respectively [1] Sector Performance in Hong Kong - The Hang Seng Financial Index increased by 0.59%, with a significant year-to-date rise of 36.57% [2] - The Hang Seng Industrial Index decreased by 0.23%, but still shows a year-to-date increase of 26.78% [2] - The Hang Seng Real Estate Index saw a minor decline of 0.05%, with a year-to-date increase of 25.42% [2] - The Hang Seng Utilities Index increased by 0.29%, with a year-to-date rise of 5.79% [2] Chinese Market Dynamics - The Chinese stock market exhibited mixed results, with industrial profits declining by 5.5% year-on-year in October [3] - The Double Eleven shopping festival reported sales of 1.7 trillion RMB, surpassing last year's 1.44 trillion RMB, although the extended duration affected comparability [3] - The smartphone sales during the festival grew by 3% year-on-year, with Apple holding a 26% market share, while excluding Apple, sales actually declined by 5% [3] - Southbound capital saw a net inflow of 1.33 billion HKD, with notable net purchases in Alibaba, Pop Mart, and Meituan, while Xiaomi and Tencent experienced net sell-offs [3] Economic and Policy Insights - The Chinese government is focusing on regulating price competition and addressing issues of "involution" in various sectors [3] - The State Council highlighted emerging fields such as outer space, the internet, and artificial intelligence as new strategic focuses for development [3] - Recent research indicates that China's open-source AI models accounted for 17% of global downloads, surpassing the US's 15.8% [3] - Alibaba is entering the AI hardware market with its Quark AI glasses, priced starting at 1,899 RMB, integrating deep ecosystem services [3] International Market Reactions - European markets remained flat with low trading volumes, while the German stock exchange reported a significant rise in Allfunds shares following acquisition talks [3] - The UK bond yields slightly increased, and the pound experienced fluctuations against the dollar [3] - The US stock market was closed, with futures showing slight increases, while the dollar index hit a weekly low [3] - Oil prices fluctuated due to geopolitical developments, with OPEC+ maintaining its production pause, which supported oil prices [3]