以中国资产为核心的港股配置价值再度凸显，建 议继续关注：1)人工智能及应用、半导体、工业 软件等新质生产力等科技板块；2）仍属较低估值 和较高股息的各细分行业的央国企龙头公司板 块；3)受益于美联储降息预期且中报业绩继续较 好表现的上游有色金属板块；4)受益于"人工智 能+"赋能的科网板块及各行业龙头公司。 港股晨报 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 流入 2.01 亿。板块方面，本地地产、软件、5G 概念板 块跌幅靠前；黄金股逆市走强。 周一港股股指单边下行，恒生指数收跌 1.34%， 报 25628.88 点；恒生科技指数下挫 2.48%；恒生 中国企业指数下挫 1.78%。全日市场成交额 2042.89 亿港元，南向资金净买入 36.54 亿港 元。恒生指 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. Long-term competition opportunities are expected in the e-commerce express delivery sector. Companies like SF Express and JD Logistics are likely to benefit from cyclical recovery and ongoing cost reductions, with significant potential for both performance and valuation increases [16] - In the shipping sector, oil transportation is expected to benefit from increased crude oil production and demand driven by the Federal Reserve's interest rate cuts. The market is anticipated to see significant improvement in 2026, with companies like China Merchants Energy and COSCO Shipping Energy being recommended for attention [16] - The aviation sector shows stable demand growth, with supply constraints and cost improvements expected to create a favorable environment for investment. Companies such as China Southern Airlines and Air China are suggested for early positioning [16] Summary by Sections Express Logistics - The Black Friday logistics demand in emerging markets is showing robust growth, with J&T Express in Brazil achieving record daily collection volumes, with non-platform customer orders increasing nearly 40% month-on-month [5] - The Shentong Changde Transit Center is set to process 500 million packages annually upon full operation, significantly enhancing logistics efficiency in the region [6] Aviation - The International Air Transport Association (IATA) forecasts a net profit of $41 billion for global airlines in 2026, despite ongoing supply chain bottlenecks. The net profit margin is expected to remain at 3.9% [7] - The easing of group travel visa restrictions between China and South Korea is anticipated to stimulate inbound demand [7] Shipping and Ports - The SCFI composite freight index increased by 7.8% week-on-week, indicating rising export container freight rates [10] - The BDI index for bulk shipping decreased by 8.1% week-on-week, reflecting a decline in shipping rates across various categories [11] Road and Rail - National logistics operations are running smoothly, with rail freight volume at 80.19 million tons, down 2.35% week-on-week [14] - The revenue from tolls on the Zhongyuan Expressway increased by 3.8% year-on-year, indicating stable traffic flow [15]

Investment Rating - The industry investment rating is "Buy" [2] Core Views - The industry is experiencing a robust supply and demand growth, with November data showing a year-on-year increase in both supply and demand. The passenger load factor has improved, particularly in domestic routes, which have seen a significant increase compared to 2019 levels. In November, the total supply and demand for six listed airlines increased by 7.1% and 10.3% year-on-year, respectively, reaching 110.4% and 116.7% of the levels seen in the same period of 2019. The passenger load factor rose by 2.5 percentage points to 85.6%, which is 4.6 percentage points higher than in November 2019 [6][6][6]. Summary by Sections Supply and Demand Dynamics - In November, domestic routes saw supply and demand increase by 4.2% and 6.8% year-on-year, respectively, achieving 113.3% and 118.2% of the levels from 2019. The passenger load factor for domestic routes improved by 2.1 percentage points to 86.6%, which is 3.6 percentage points higher than in 2019. International routes experienced a more significant increase, with supply and demand rising by 15.0% and 20.7% year-on-year, reaching 104.8% and 113.5% of 2019 levels. The passenger load factor for international routes increased by 3.9 percentage points to 83.4%, which is 6.4 percentage points higher than in 2019 [6][6]. Airline Performance - Performance among airlines varied, with Spring Airlines and Eastern Airlines leading in passenger load factors. In November, the three major airlines reported a year-on-year increase in supply and demand of 6.7% and 10.3%, respectively, continuing their recovery trend. Domestic routes for these airlines have returned to 111.6% and 116.6% of 2019 levels. Eastern Airlines had the highest passenger load factor, increasing by 3.0 percentage points to 87.4%, while China National Airlines showed the fastest recovery, with a 3.9 percentage point increase to 83.3% [6][6]. External Factors - External events continue to disrupt demand, particularly on the China-Japan route, which is experiencing short-term weakness. However, the long-term recovery trend for international routes remains intact. Recent policy changes have extended the free cancellation and modification policy for flights on this route until March 28, 2026. Despite the current challenges, the demand for international flights is expected to recover in the medium to long term, supported by resilient ticket prices [6][6].

新华网河内12月16日电（记者邹学冕 刘颍）中国冬季旅游推广活动"你好！中国"近日在越南河内 举行。活动由河内中国文化中心联合中国国航系各航司共同举办。 国航、深航、澳航、山航驻河内总经理分别介绍了各航司2025年发展成果和2026年航线拓展与服务 升级规划，并表示将持续优化越南河内、胡志明市至中国北京、上海、广州、成都、深圳等多地的航线 网络，为越南游客赴华旅游、商务、探亲构建更加高效、顺畅的空中通道，为推动双方民心相通和旅游 合作迈上新台阶提供坚实的交通保障。 此次活动生动展现了中国冬季旅游资源的多样性，通过资源整合与多方联动，进一步点燃了越南游 客赴华旅游的热情。 张德山在活动中推介了中国北方冬季旅游风光和"入境游"便利政策。他表示，近年来，中国冬季旅 游产品异彩纷呈，冰雪旅游、文艺体育、民俗节庆、休闲体验、特色美食不断融合创新。他诚邀越南朋 友到中国赴一场冰雪之约。 河内中国文化中心主任张德山、中国国际航空公司、深圳航空公司、澳门航空公司、山东航空公司 四家航空公司驻河内负责人以及越南当地旅行商、旅游机构、行业协会相关人员等共100名左右嘉宾出 席活动。 活动当天，会场外"冰雪梦、华夏行"中国冬季旅游 ...

12月16日，港股三大航空股盘初快速拉升，中国东方航空一度涨超4%，中国国航涨3.3%，中国南方航 空涨近3%。 消息上，中泰证券发布研报称，展望2026年，民航国内市场运力投放增速缓慢不改，需求将延续温和复 苏态势，推动客座率再创新高、票价趋势性上涨;国际市场将受益于免签政策以及企业出海利好效应持 续释放，需求乐观增长或比预期更强，从而带动量价表现持续向好。该行预计2026年将是民航市场量价 正循环效应持续显现并被市场广泛认知的一年；也是增长引擎逐步从国内市场切换到国际市场，从而推 动行业量价上涨的一年。 此外，正值2025年冬春航季，多家航司近日表示将持续加大运力投入，新开国际航线。2013-24年，内 地航空公司在中国国际航线的客运量市场份额，从42%上升到66%；截止2025年11月，航班量市场份额 高达70%。内地航司在国际线攻城略地，展现强大的竞争力。 | 代码 | 名称 | | 最新价 涨跌幅 v | | --- | --- | --- | --- | | 00670 | 中国东方航空股 | 4.880 | 4.05% | | 00753 | 中国国航 | 6.580 | 3.30% | | 0 ...

| 代码 | 名称 | 最新价 涨跌幅 v | | | --- | --- | --- | --- | | 00670 | 中国东方航空股 | 4.880 | 4.05% | | 00753 | 中国国航 | 6.580 | 3.30% | | 01055 | 中国南方航空股 | 5.340 2.89% | | 此外，正值2025年冬春航季，多家航司近日表示将持续加大运力投入，新开国际航线。2013-24年，内 地航空公司在中国国际航线的客运量市场份额，从42%上升到66%；截止2025年11月，航班量市场份额 高达70%。内地航司在国际线攻城略地，展现强大的竞争力。 港股三大航空股盘初快速拉升，中国东方航空一度涨超4%，中国国航涨3.3%，中国南方航空涨近3%。 消息上，中泰证券发布研报称，展望2026年，民航国内市场运力投放增速缓慢不改，需求将延续温和复 苏态势，推动客座率再创新高、票价趋势性上涨;国际市场将受益于免签政策以及企业出海利好效应持 续释放，需求乐观增长或比预期更强，从而带动量价表现持续向好。该行预计2026年将是民航市场量价 正循环效应持续显现并被市场广泛认知的一年；也是增长引擎逐步从国内市 ...

Market Overview - The Hang Seng Index closed at 25,628.88, down 347 points or 1.34%, with 66 out of 89 blue-chip stocks declining [3][4] - The total market turnover was 204.29 billion, with a net inflow of 3.655 billion from northbound trading [3] Company News - China National Airlines reported a 10.1% year-on-year increase in passenger turnover for November, with an average seat occupancy rate of 83.3%, up 4 percentage points [12] - SenseTime launched its Seko 2.0 platform for series production, significantly improving production efficiency by reducing the time required for animated series by 80% to 90% [13] - Meituan announced the suspension of its "Tuan Hao Huo" business to focus on exploring new retail formats, indicating a strategic shift in its operations [14] - Vanke's bondholder meeting resulted in the rejection of all three proposals regarding debt repayment arrangements, leading to a second meeting scheduled for December 17 [15] Industry Dynamics - The Hong Kong General Chamber of Commerce signed three memorandums of cooperation in Hangzhou to enhance collaboration in innovation and technology between Hong Kong and Hangzhou [7] - The credit demand outlook for Hong Kong remains cautiously optimistic, with signs of stabilization in retail credit, although challenges persist in commercial loans [8] - Germany's trade and investment agency predicts that China will fall out of the top five export destinations for Germany for the first time in 15 years, with a projected 10% decrease in exports to 81 billion euros (approximately 740 billion HKD) [9] - The China Securities Regulatory Commission is deepening reforms in the capital market to enhance stability and promote high-quality development in the private equity fund sector [10]

12月16日，港股集体低开，其中恒生指数跌0.32%报25547.92点，恒生科技指数跌0.56%报5467.76点， 国企指数跌0.35%报8886.24点，红筹指数涨0.11%报4129.18点。 盘面上，大型科技股普遍走低，阿里巴巴跌1.14%，腾讯控股跌0.08%，京东集团跌0.26%，小米集团跌 1.29%，网易跌0.83%，美团跌0.69%，快手跌0.16%，哔哩哔哩跌0.88%；航空股低开，中国国航跌超 1%；黄金股回调，紫金黄金国际跌超2%；汽车股、建材水泥股、消费电子概念股普跌。另外，港口及 海运股上涨明显，海丰国际大涨近15%，重卡股中国重汽涨4.4%。今日果下科技上市，首日涨超89%。 中国东方航空股份(00670.HK)：11月客运运力投入同比上升6.51%；旅客周转量同比上升10.35%，客座 率为87.37%，同比上升3.04个百分点。 中国南方航空股份(01055.HK)：11月客运运力投入同比上升8.68%，旅客周转量同比上升10.42%，客座 率为86.29%，同比上升1.36个百分点。 新华保险(01336.HK)：前11月累计原保险保费收入为人民币1888.5亿元，同比增 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 美股周一延续跌势，科技股表现疲弱，三大指数均录得跌幅收市。美元持续偏软，美国十年期债息回落 至4.17厘水平，金价走势强劲，油价则表现受压。 今日港股三大指数集体低开，恒指开盘跌0.32%，报25547.92点，恒科指跌0.56%，国企指数跌0.35%。 盘面上，科网股普跌，小米、百度、阿里巴巴跌超1%；航空股低开，中国国航跌超1%；黄金股回调， 紫金黄金国际跌超2%；今日果下科技上市，首日涨超89%。 美股周一延续跌势，科技股表现疲弱，三大指数均录得跌幅收市。美元持续偏软，美国十年期债息回落 至4.17厘水平，金价走势强劲，油价则表现受压。 今日港股三大指数集体低开，恒指开盘跌0.32%，报25547.92点，恒科指跌0.56%，国企指数跌0.35%。 盘面上，科网股普跌，小米、百度、阿里巴巴跌超1%；航空股低开，中国国航跌超1%；黄金股回调， 紫金黄金国际跌超2%；今日果下科技上市，首日涨超89%。 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | | 恒生指数 | 25547.92 | -0.32% | | ...

看公告，小e抢先报！ 12月15日晚间上市公司公告精选： 【热点】 6连板再升科技：公司股票换手率近期波动较大，击鼓传花效应明显。 3连板百大集团：公司股价近期涨幅较大，存在后续下跌风险。 2连板风范股份：控股股东目前正在办理协议受让17.32%公司股份事项。 康斯特：SpaceX在2016年—2024年各年度采购的校准测试产品订单金额较小，对公司业绩影响非常有 限。 臻镭科技：卫星领域营收主要受商业航天行业发展和客户需求影响，存在一定不可预见性。 平潭发展：目前公司的生产经营正常，经营情况及内外部经营环境未发生重大变化。 航天机电：公司主营业务不涉及商业航天。 广西广电：目前公司主营业务收入构成不涉及人工智能等相关热门概念。 沐曦股份：公司股票将于12月17日在科创板上市。 法尔胜：公司不涉及"可控核聚变""超导""商业航天"等相关业务。 飞沃科技：公司在商业航天领域的业务现处于初期阶段，目前在主营业务收入中占比不足1%。 【业绩】 南方航空：11月旅客周转量同比上升10.42%。 吉祥航空：11月旅客周转量同比上升8.92%。 【增减持】 科华控股（维权）：股东拟减持不超3%公司股份。 华峰铝业：控股股东 ...