蓝筹股表现 创科实业(00669)领涨蓝筹。截至收盘，涨3.15%，报94.9港元，成交额6.08亿港元，贡献恒指6.66点。花 旗发布研报称，对创科实业开启30天正面催化观察，以反映该行预计联储局至2026年第一季将累计减息 3次；感恩节及黑色星期五网上销售表现强劲。 其他蓝筹股方面，万洲国际(00288)收涨1.8%，报8.47港元，贡献恒指1.97点；中国人寿（601628） (02628)收跌3.59%，报26.32港元，拖累恒指11.43点；华润啤酒(00291)收跌2.78%，报27.32港元，拖累 恒指1.96点；阿里巴巴-W(09988)收跌2.178%，报153.6港元，拖累恒指51.47点。 热门板块方面 盘面上，美联储降息预期持续升温，贵金属及铜铝板块逆市走高，比特币创两周新高，亦带动部分加密 货币概念股上扬。另一边，车市翘尾行情遇冷，汽车股继续下跌；三生制药配股继续拖累创新药概念。 此外，保险股，游戏股跌幅居前。 1. 有色金属股涨幅居前。截至收盘，创新实业(02788)涨4.14%，报18.12港元；中国铝业（601600） (02600)涨4.09%，报11.21港元；中国大冶有色 ...

12月3日，港股今日低开低走，午后维持震荡下行态势，截止收盘，恒生指数跌1.28%报25760.73点，恒 生科技指数跌1.58%报5534.92点，国企指数跌1.68%报9028.55点，红筹指数跌0.9%报4239.39点。 盘面上，大型科技股集体走低，阿里巴巴跌2.17%，腾讯控股跌0.97%，京东集团跌0.43%，小米集团跌 1.18%，网易跌2.94%，美团跌0.62%，快手跌2.25%，哔哩哔哩跌3%；生物技术板块走弱，歌礼制药跌 超12%，药明合联跌超3%；新能源汽车股下跌，小鹏汽车跌超4%，蔚来跌超3%；应用软件板块跌幅居 前，微盟集团跌3.09%；内房股走弱，世茂集跌超3%；保险股下跌，中国人寿跌超3%；有色金属板块 上涨，中国铝业涨超4%，洛阳钼业涨近3%；今日两只新股上市，乐摩科技涨超36%，金岩高岭新材涨 超2%。 企业新闻 黑芝麻智能(02533.HK)：拟斥资约4亿-5.5亿元获取珠海亿智电子科技有限公司多数股权，预期收购事项 将于2026年第一季度完成。 中国秦发(00866.HK)：非全资附属SDE与浙江能源亚太订立供煤协议，将提供15万公吨的印度尼西亚燃 料煤。 复宏汉霖(0 ...

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling 1.28% to close at 25,760.73 points, marking a loss of 334.32 points. The total trading volume was 164.36 billion HKD [1] - The Hang Seng China Enterprises Index dropped 1.68% to 9,028.55 points, while the Hang Seng Tech Index fell 1.58% to 5,534.92 points [1] Blue Chip Performance - Techtronic Industries (00669) led the blue-chip stocks, rising 3.15% to 94.9 HKD, contributing 6.66 points to the Hang Seng Index. Citigroup initiated a 30-day positive catalyst observation for the company [2] - Other notable blue-chip movements included WH Group (00288) up 1.8% to 8.47 HKD, while China Life (02628) fell 3.59% to 26.32 HKD, dragging the index down by 11.43 points [2] Sector Highlights - Precious metals and copper-aluminum sectors saw gains amid rising expectations for Federal Reserve interest rate cuts. Bitcoin reached a two-week high, boosting some cryptocurrency stocks [3] - The automotive sector continued to decline, with companies like XPeng Motors (09868) down 4.25% and GAC Group (02238) down 2.35%, reflecting weak market demand [4] Cryptocurrency Stocks - Several cryptocurrency-related stocks rose, including Boyaa Interactive (00434) up 5.19% and New Horizon Health (01611) up 2.3%, driven by increasing Bitcoin prices and a shift in institutional attitudes towards cryptocurrency [4] New Listings - Two new stocks debuted, with Lemo Technology (02539) surging 36.25% to 54.5 HKD, and Jinyan Kaolin New Materials (02693) rising 2.19% to 7.46 HKD. Lemo Technology is ranked first in the Chinese massage service market by transaction volume [5][6] Notable Corporate Announcements - Longpan Technology (02465) saw a significant increase of 12.21% to 16.54 HKD after announcing a long-term procurement agreement with Sunwoda for lithium iron phosphate cathode materials, expected to generate sales of approximately 4.5 to 5.5 billion CNY [7] - China Pacific Insurance (02328) continued to decline, down 4% to 17.04 HKD, amid rumors regarding the status of its executives [9]

关联产品： 全指现金流ETF鹏华（512130） 关联个股： 截至12月03日14:15，全指现金流ETF鹏华（512130.SH）上涨0.75%，其关联指数中证现金流 （932365.CSI）上涨0.65%；主要成分股中，中国铝业上涨4.25%，TCL科技上涨4.08%，洛阳钼业上涨 2.33%，云铝股份上涨4.77%。 今日，有色金属板块涨幅居前，带动全指现金流ETF鹏华（512130.SH）关联指数中证现金流 （932365.CSI）成分股表现活跃，其中中国铝业、云铝股份分别上涨4.25%和4.77%，TCL科技、洛阳钼 业涨幅超2%。板块走强或受大宗商品价格波动及供需预期改善影响。 券商研究方面，湘财证券指出年末红利资产行情具备韧性，煤炭、石油石化等行业因供需格局改善及高 股息特性成为配置重点。其研报显示，煤炭行业受益于冬储补库逻辑，头部企业现金流充裕且股息率维 持高位。 有机构指出，维持A股年末休整期的判断，短期涨跌空间有限，建议以守为攻，风格上强调平衡配置， 适当关注回调充分且产业逻辑清晰的成长类品种。期待市场在12月重磅会议前后逐步企稳，明年一季度 有望迎来向上合力，春季躁动提前，科技成长和资源 ...

数据显示，截至2025年11月28日，中证800自由现金流指数(932368)前十大权重股分别为中国海油 (600938)、美的集团(000333)、格力电器(000651)、中远海控(601919)、五粮液(000858)、洛阳钼业 (603993)、中国铝业(601600)、牧原股份(002714)、TCL科技(000100)、陕西煤业(601225)，前十大权重 股合计占比58.6%。 现金流ETF800(516460)，场外联接(A：024655；C：024656；I：024657)。 截至2025年12月3日 13:54，中证800自由现金流指数(932368)上涨0.98%，成分股杰瑞股份(002353)上涨 10.00%，云铝股份(000807)上涨5.29%，天山铝业(002532)上涨4.60%，中国铝业(601600)上涨4.54%， TCL科技(000100)上涨4.32%。现金流ETF800(516460)上涨0.98%，最新价报1.24元。 临近年末，价值风格逆势走强，机构指出，维持A股年末休整期的判断，短期涨跌空间有限，建议以守 为攻，风格上强调平衡配置，适当关注回调充分且产业逻辑 ...

Core Insights - COMEX gold, silver, and copper prices experienced a decline, while aluminum prices rose over 3%, indicating strong performance in aluminum-related stocks [1] - As of the end of November, COMEX gold has appreciated over 52% this year, but the volatility has increased significantly, leading to a widening divergence in market sentiment [1] - Central bank activities regarding gold purchases or sales are identified as the primary explanatory variable for current gold prices, with recent sales by the Philippine and Russian central banks raising concerns about overvaluation [1] Group 1 - COMEX gold prices have seen a significant increase of over 52% year-to-date as of November [1] - The volatility in gold prices has intensified, with a notable increase in market divergence [1] - Central banks' gold purchasing and selling activities are crucial factors influencing gold price movements, with recent sales by the Philippine and Russian central banks indicating potential overvaluation [1] Group 2 - The outlook for central bank gold purchases and increased investment demand is expected to support higher precious metal prices in the medium to long term [2] - Short-term factors such as low inventory levels and potential demand release are likely to increase price elasticity, with silver recently reaching new highs [2] - Key resistance levels for London gold are identified at 4250 and 4400, with support at 4000 [2]

【环球网财经报道 记者谭雅文】在低利率与"资产荒"的市场环境下，银行理财市场发生转变，近期含权类产品发行悄然升温，成为理财 公司提升收益弹性的探索。然而，权益市场震荡也影响产品净值波动。理财公司如何在收益与风险间取得平衡，是市场关注的焦点。 含权理财的 " 双面性 " 11月中下旬以来，银行理财市场含权类产品发行升温。仅在11月17日至18日，市场就新发行13只权益类产品，其中华夏理财推出了12只 指数型产品，杭银理财发行1只。记者查询中国理财网数据，目前银行理财市场存续权益类理财产品共63只。 在业内看来，含权理财发行升温反映出在"资产荒"和利率下行的环境下，理财公司面临传统固收产品收益空间受限的困境。中国城市发 展研究院投资部副主任袁帅表示，为满足投资者对收益的追求，提升产品吸引力，增配权益资产成为一种探索方向，试图通过权益资产 的潜在高收益来提升产品收益弹性。 增配权益资产如何创造理财产品收益弹性？中国企业资本联盟副理事长柏文喜进一步分析谈到，从供给端来看，8月以来混合类、"固收 +"发行同比增50%以上，11月继续沿用"指数为主"的模式，可在短久期内把业绩基准抬高30-50bp，应对客户对2.5%以上 ...

12月3日早盘，沪指窄幅震荡整理，创业板指冲高回落；港股走势疲弱，恒生指数、恒生科技指数盘中 均跌超1%。 具体来看，沪指盘中围绕3900点窄幅震荡，深证成指、创业板指震荡回落，北证50指数相对强势。截至 午间收盘，沪指微跌0.09%报3894.22点，深证成指跌0.19%，创业板指跌0.5%，北证50指数涨0.59%， 沪深北三市合计成交10756亿元。 银河证券认为，2025年美国加征关税、中国反制措施及其他资源国矿产资源管制等政策下的供应链扰 动、美联储降息周期中的流动性宽松，使有色金属价格与行业业绩增速持续提升，确立了有色金属行业 进入新一轮上行周期。2026年上述逻辑有望继续推动有色金属商品价格上涨与提升有色金属企业的盈利 能力，延续有色金属行业的景气上行行情。 培育钻石概念爆发 培育钻石概念盘中大幅走高，截至午间收盘，四方达涨近15%，惠丰钻石涨超10%；黄河旋风涨超9%， 盘中一度涨停；力量钻石涨超5%，国机精工涨超2%。 场内超3500股飘绿，地产、半导体、酿酒等板块疲弱；有色板块逆市拉升，华阳新材、鑫科材料涨停； 煤炭板块上扬，大有能源、安泰集团、新大洲A涨停；培育钻石概念活跃，四方达、惠丰 ...

Group 1 - The China Nonferrous Metals Industry Index (399395) has seen a strong increase of 1.65%, with notable gains in stocks such as Zhongfu Industrial (600595) up 7.17%, Xiyang Co. (000960) up 6.46%, and Yun Aluminum (000807) up 5.49% [1] - The cumulative production of alumina in China from January to October 2025 reached 75.36 million tons, reflecting a year-on-year increase of 6.77%, indicating a significant oversupply situation [1] - The operating capacity of electrolytic aluminum has reached 44.449 million tons, with a capacity utilization rate of 99.41%, approaching the policy ceiling of 45 million tons, suggesting limited supply elasticity [1] Group 2 - China Galaxy Securities noted that the market's expectation for a Federal Reserve rate cut in December has risen above 80% following dovish comments from New York Fed President Williams and a weak labor market report [2] - The ongoing easing of liquidity conditions is likely to continue supporting the prices of gold and silver [2] - The Nonferrous ETF fund closely tracks the China Nonferrous Metals Industry Index, which reflects the overall performance of listed companies in the nonferrous metals sector [2] Group 3 - As of November 28, 2025, the top ten weighted stocks in the China Nonferrous Metals Industry Index include Zijin Mining (601899), Luoyang Molybdenum (603993), and Northern Rare Earth (600111), collectively accounting for 52.34% of the index [3]

| | 恒生科技ETF | 0.731 | | --- | --- | --- | | 513010 | 恒生科技ETF易方达 | 0.762 | | | 港股通创新药ETF | 1.718 | | 159740 159570 | | | ETF涨幅榜上，近期铜价上涨，带动了有色金属板块今日反弹，多只有色相关ETF今日上午涨幅超1%。其中，工业有色ETF（560860）半日涨幅近2.5%，领 涨整个ETF市场。 | 代码 | 名称 | 涨幅 (%) | 现价 | 换手(9 | | --- | --- | --- | --- | --- | | 560860 | 工业有色ETF | 2.48 | 1.447 | 2.05 | | 516650 | 有色金属ETF基金 | 1.41 | 1.728 | 3.93 | | 159881 | 有色60ETF | 1.37 | 1.696 | 3.48 | | 512400 | 有色金属ETF | 1.33 | 1.754 | 2.15 | | 159652 | 有色50ETF | 1.33 | 1.527 | 1.89 | | 159876 | 有色龙头ETF | 1 ...