智通财经APP获悉，港股恒生指数涨0.18%，涨47点，报25848点；恒生科技指数跌0.42%；港股早盘成 交872亿港元。 东岳集团(00189)盘中涨近4%，26年配额发布，有望支撑HFCs供需偏紧。 新股上市，诺比侃(02635)首挂上市，涨超330%；轻松健康（02661）涨超140%；翰思艾泰-B(03378)破 发跌超40%； 黄金现货+期货价格再创历史新高。理事建议美联储采取更鸽派立场，机构指黄金配置价值依旧突出。 山东黄金(01787)涨6%；招金矿业(01818)涨4%。 今早碳酸锂期货2605合约一度涨4%，最高见118580元/吨。锂业股延续涨势。赣锋锂业(01772)涨超 4%，天齐锂业(09696)涨4%。 力勤资源(02245)再涨超3%，印尼供应扰动不断发酵，镍供给过剩情况有望得到缓解。 昭衍新药(06127)涨超5%，上游实验猴供给端紧张，公允价值变动有望贡献利润。 国泰航空(00293)涨超7%，国泰航空预计十年来首次实现连续年度盈利增长。 华芢生物-B(02396)上市次日再挫逾17%，较招股价已跌逾四成。 药捷安康-B(02617)跌超15%，今日迎基石解禁，累计解禁股 ...

瑞银发表研报指，尽管基数已处于高位，国泰航空管理层预计2025全年综合财务表现将超越去年，虽然 管理层并未具体说明2025财年盈利增长的幅度，但瑞银认为该预测可视为优于预期。国泰去年纯利96亿 港元，为2011年以来的最高水平。瑞银相信，国泰2025财年盈利超出预期，将预示每股股息也可能胜预 期。根据公司的股息政策，约一半的利润(扣除非现金特殊项目)将以股息形式派发。该行另预期国泰股 价将对2025财年盈利预测超预期而作出正面反应，并重申国泰为其在亚太航空板块中的首选股份之一， 予其目标价14港元，评级"买入"。 ...

Group 1 - Cathay Pacific's passenger volume in November 2025 increased by 26% compared to November 2024, with available seat kilometers rising by 22%. Year-to-date passenger volume for the first eleven months of 2025 increased by 27% compared to the same period in 2024 [1] - The load factor reached 87%, marking a two-year monthly high, driven by strong demand on Northeast Asia routes, particularly from Hong Kong, Europe, and Southeast Asia [1] - Cargo volume for Cathay Pacific in November 2025 increased by 10% year-on-year, with available cargo ton kilometers rising by 7%. Year-to-date cargo volume for the first ten months of 2025 also saw a 10% increase compared to the previous year [1] Group 2 - Hong Kong Express recorded a passenger volume of nearly 640,000 in November 2025, a 27% increase from November 2024, with available seat kilometers increasing by 18%. Year-to-date passenger volume for the first eleven months of 2025 increased by 30% compared to the previous year [2] - The load factor exceeded 83%, an increase of nearly 6 percentage points compared to the same month in 2024. However, demand for Japan routes has slowed due to various factors, resulting in losses that partially offset positive trends [2] - The group anticipates that the second half of the year will be driven by increased capacity, stable passenger load factors, and resilient cargo demand, with overall financial performance expected to surpass last year's robust results [2]

今年首11个月，国泰航空载客量2613.1万人次，增加27%；香港快运载客量713.1万人次，增加30.4%； 国泰货运载货量152.5万公吨，增加9.8%。 12月23日，国泰航空(0293.HK)涨超7%报12.9港元，股价创逾10年新高。消息面上，公司预期下半年业 绩将超过上半年，今年全年业绩将超过去年。集团预期下半年业绩表现理想，主要受运力提升、乘客运 载率稳健以及货运需求保持韧性所推动；但香港快运主要因日本航线受多项因素影响而需求放缓，录得 亏损，部分抵消利好因素。 另外，国泰公布11月客货运量数据，国泰航空载客量为253万人次，按年增加25.9%，平均载客率增加 3.5个百分点至87%；香港快运11月接载乘客63.91万人次，按年增加27.1%，运载率升5.8个百分点至 83.4%。 本文源自：格隆汇 ...

今年首11个月，国泰航空载客量2613.1万人次，增加27%；香港快运载客量713.1万人次，增加30.4%；国泰货运载货量152.5万公吨，增加9.8%。 国泰航空(0293.HK)涨超7%报12.9港元，股价创逾10年新高。消息面上，公司预期下半年业绩将超过上半年，今年全年业绩将超过去年。集团预期下半年 业绩表现理想，主要受运力提升、乘客运载率稳健以及货运需求保持韧性所推动；但香港快运主要因日本航线受多项因素影响而需求放缓，录得亏损，部 分抵消利好因素。 另外，国泰公布11月客货运量数据，国泰航空载客量为253万人次，按年增加25.9%，平均载客率增加3.5个百分点至87%；香港快运11月接载乘客63.91万 人次，按年增加27.1%，运载率升5.8个百分点至83.4%。 ...

Market Performance - The Hang Seng Index (HSI) rose by 111 points or 0.4%, closing at 25,801 points after reaching a high of 25,859 points during the day[1] - The Shanghai Composite Index increased by 26 points or 0.7%, closing at 3,917 points, with a total trading volume of 7,898 billion yuan[2] - The S&P 500 Index gained 43 points or 0.6%, closing at 6,878 points[2] Economic Indicators - The People's Bank of China maintained the 5-year and 1-year Loan Prime Rate (LPR) at 1.4%[2] - The Consumer Price Index (CPI) for November 2025 increased by 1.2% year-on-year, matching the previous month's increase[4] - The core inflation rate, excluding government relief measures, was 1% year-on-year, consistent with the previous month[4] Corporate Developments - Hong Kong's IPO market led globally with a total financing amount of 274.6 billion HKD from 106 companies listed as of December 19, 2025[4] - Cathay Pacific expects strong performance in the second half of the year, driven by increased capacity and stable passenger load factors[5] - Tmall reported a high single-digit decline in total sales for its retail and wholesale business in Q3 of the 2025/26 fiscal year[6]

Core Viewpoint - Cathay Pacific Airways (00293) is expected to achieve its first consecutive annual profit growth in a decade by 2025, with net profit projected to exceed the previous year's level of HKD 9.88 billion (USD 1.3 billion) [1] Group 1 - Cathay Pacific's stock rose over 5% in early trading, currently up 4.99% at HKD 12.62, with a trading volume of HKD 45.8831 million [1] - The airline attributes its anticipated profit growth to strong performance in the second half of the year, improved financial results from its subsidiaries, and non-recurring income from an unnamed supplier [1]

Core Viewpoint - Cathay Pacific Airways (00293) is expected to achieve its first consecutive annual profit growth in a decade, with projected net profit exceeding the previous year's level of HKD 9.88 billion (USD 1.3 billion) by 2025, driven by strong performance in the second half of the year and improved financial results from its affiliates [1][1][1] Group 1 - Cathay Pacific's stock rose over 5% in early trading, reaching HKD 12.62, with a trading volume of HKD 45.88 million [1][1][1] - The airline anticipates a significant increase in profitability due to robust performance in the latter half of the year and non-recurring income from an unnamed supplier [1][1][1] - The company has indicated that its financial outlook is bolstered by the continuous improvement in the performance of its subsidiaries [1][1][1]

Market Overview - The Hong Kong stock market opened slightly higher on December 23, with the Hang Seng Index rising by 0.29% to 25,875.85 points, the Hang Seng Tech Index increasing by 0.14% to 5,534.54 points, the National Enterprises Index up by 0.29% to 8,966 points, and the Red Chip Index gaining 0.45% to 4,093.81 points [1] Sector Performance - Large technology stocks showed mixed performance, with Alibaba up by 0.2%, Tencent down by 0.16%, JD.com up by 0.36%, Xiaomi down by 0.25%, NetEase up by 0.84%, Meituan up by 0.88%, and Bilibili up by 0.26% [1] - The lithium battery sector was active, with Tianqi Lithium rising over 2% [1] - Automotive stocks saw some gains, with Geely Auto increasing by over 1% [1] - Gold and chip stocks have been strong in recent days, while consumer electronics, shipping, and power stocks declined [1] Notable Company News - Country Garden Holdings (万科企业) extended the grace period for the repayment of its 2022 fourth phase medium-term notes (total principal of 2 billion yuan) to 30 trading days [2] - Cathay Pacific (国泰航空) reported 2.5304 million passengers in November, a year-on-year increase of 26% [3] - Shan Gao New Energy (山高新能源) signed an EPC contract worth 405.5 million yuan with China Railway 17th Bureau [3] - China General Nuclear Power (中广核电力) adjusted the expected operational dates for its Huizhou Units 1 and 2 to the first and second halves of 2026, respectively [3] - Lehua Entertainment (乐华娱乐) entered a business cooperation framework agreement with Youku Information Technology [4] - Dipu Technology (滴普科技) signed a strategic cooperation agreement with Muxi Co., focusing on AI applications in key industries [4] - Nanshan Aluminum International (南山铝业国际) increased its annual production capacity for alumina to 4 million tons [7] Analyst Insights - Huatai Securities noted that the market is still in a left-side layout phase, with the right-side turning point not yet clear. There is strong consensus on an early spring rally, but year-end supply and demand pressures create uncertainty for a "Santa rally" [10] - China International Capital Corporation highlighted the significant operational needs in China's infrastructure market, with drones reshaping engineering operation services [11] - CITIC Securities emphasized the rapid upgrades in GPU and ASIC technology, leading to increased demand for higher bandwidth network hardware in AI data centers [11]

Major Events - Xiansheng Pharmaceutical (02096) subsidiary signed an exclusive licensing agreement with Ipsen for SIM0613 (LRRC15 antibody-drug conjugate) [1] - Cloudwalk Technology (09678) released the "Shanhai·Zhi Medical Model 5.0" version, a large model for the medical field [1] - Zhongchuang Zhiling (00564) plans to establish Zhongchuang Zhiling (Zhengzhou) Industrial Investment Partnership for external investment activities [1] - Brain Dynamics Aurora-B (06681) participates in a national key research project and has been approved for a key laboratory in digital healthcare for cognitive disorders in Beijing [1] - Dipo Technology (01384) entered into a strategic cooperation agreement with Muxi Co., Ltd. [1] - Shimao Services (00873) intends to establish a partnership with Huludao Yongsheng [1] - Hansai Aitai-B (03378) received 3,074.09 times subscription for its public offering in Hong Kong, with a share price of HKD 32 [1] - Qingsong Health (02661) received 1,421.47 times subscription for its public offering in Hong Kong, with a share price of HKD 22.68 [1] - Nobi Kan (02635) received 188.74 times subscription for its public offering in Hong Kong, with a share price of HKD 80 [1] Operating Performance - Sanhua Intelligent Controls (02050) issued a profit warning, expecting annual net profit attributable to shareholders to increase by 25%-50% year-on-year [1] - Cathay Pacific Airways (00293) reported 2.5304 million passengers in November, a year-on-year increase of 26% [1] - Tobo (06110) reported a high single-digit decline in total sales for retail and wholesale business in the third quarter year-on-year [1]