天刚蒙蒙亮，西九龙高铁站的人潮尚未完全散去，一位中介已带着广州看房团匆匆奔赴楼盘——这样的奔忙让他每月能促成十余宗交易。另一边，来自深 圳的中介干脆"常驻"香港，"咨询电话被打爆，加班成了日常"。 售楼处里，南来北往的购房者摩肩接踵，其中既有扎根香港的普通家庭，也有近两年通过人才计划赴港的新市民，他们正趁着政策松动、利率下滑的窗口 期，实现从"租客"到"业主"的跨越。 楼盘的热销数据更直观地印证着这份热度：启德天玺·天第2期次轮推出的56个单位即日售罄，超额认购达37倍，实现连续两轮"日光"；湾仔春园街 SPRING GARDEN项目两小时内售罄，套现超5.6亿港元；九龙城瑧博首日开盘，115套房源瞬间沽清…… 一个个"日光"案例，将香港楼市久违的热度推至台前，仿佛按下了发展的"加速键"。 数据印证回暖：量价齐升的明确信号 市场的火热并非偶然，权威数据给出了坚实支撑。差饷物业估价署数据显示，香港9月私人住宅售价指数升至292.5，连续第四个月上涨，创下14个月以来 的新高。 豪宅市场的表现尤为亮眼。10月香港录得66宗成交金额逾5000万港元的大额房屋交易，较9月的33宗实现翻倍，创下一年来的新高。从全年数据 ...

Core Viewpoint - UBS warns of increased global market volatility in the coming year due to underwhelming AI revenue and geopolitical tensions, but remains optimistic about Chinese tech stocks and gold [2][3]. Group 1: AI and Market Sentiment - Prominent investors, including Michael Burry, have raised concerns about an AI bubble, exacerbated by Nvidia's stock price decline [3]. - UBS believes the current AI boom differs from the internet era, as global tech giants have strong cash flows and limited reliance on debt financing, allowing them to better withstand shocks [3]. Group 2: Chinese Tech Stocks - Chinese tech companies are expected to see profit growth of up to 37% next year due to their leading position in AI applications, and UBS asserts that Chinese tech stocks are still undervalued [4]. - UBS sets a target price of 7100 points for the Hang Seng Tech Index by the end of 2026, representing a nearly 27% increase from the recent closing price of 5598 points, with the index having risen nearly 30% this year [5]. Group 3: Broader Market Outlook - UBS anticipates the MSCI China Index could reach 100 points next year, approximately 19% higher than its latest closing price [6]. - High risks are associated with high returns, prompting UBS to encourage investors to diversify their portfolios to seize opportunities [7]. Group 4: Investment Recommendations - UBS recommends allocating at least 5% of investment portfolios to gold, predicting prices could reach $4900 per ounce [8]. - Fidelity International suggests that global fund managers will likely invest more in Asia next year, driven by a weaker dollar and a sustained AI investment cycle [8]. Group 5: Positive Sentiment Towards Chinese Market - Despite ongoing concerns about an AI bubble, several foreign investment banks, including Goldman Sachs, Morgan Stanley, and JPMorgan, have expressed bullish views on the Chinese stock market, particularly in the tech sector [10]. - JPMorgan has upgraded its rating on Chinese stocks to "overweight," indicating a higher likelihood of significant gains next year compared to potential downside risks [10].

香港联交所最新数据显示，11月25日，摩根士丹利减持三花智控（002050）(02050)56.3619万股，每股 作价32.2373港元，总金额约为1816.96万港元。减持后最新持股数目约为2837.98万股，持股比例为 5.95%。 ...

Group 1 - Morgan Stanley reduced its stake in Sanhua Intelligent Controls (02050) by 563,619 shares at a price of HKD 32.2373 per share, totaling approximately HKD 18.1696 million [1] - After the reduction, Morgan Stanley's latest holding amounts to approximately 28,379,800 shares, representing a stake of 5.95% [1]

·西太平洋银行：澳大利亚三季度GDP增速超预期，内需创12年最强 ·三菱日联银行：美联储主席人选更迭强化降息预期，美元承压 ·Investinglive分析师指出，日本最新数据显示，东京11月核心CPI同比上涨2.8%，连续高于央行2%的通 胀目标，叠加工业产出超预期回升，正强化市场对日本央行在未来数月重启加息周期的预期。日元跌至 10个月低点，加剧进口和食品价格上行压力；而政府内部对加息时机存在分歧，首相高市早苗部分顾问 主张在消费疲软与三季度经济萎缩背景下暂缓行动。在通胀顽固、日元疲软及薪资增长可信度提升的三 重支撑下，日本央行政策委员会倾向更早收紧货币政策。市场普遍预计，加息窗口已打开，可能于12月 或2026年初落地。 ·野村证券报告指出，印度通胀持续温和，为央行在12月5日政策会议上降息打开窗口。该行将此次会议 降息25个基点的概率上调至65%，维持利率不变的概率为35%。报告称，当前通胀水平已低于印度央行 的中期预测，且未来价格涨幅有望进一步放缓。不过，鉴于GDP增长仍具韧性、银行存贷比高企及外汇 市场波动风险，央行也可能选择观望，以择机最大化政策效果。野村维持对印度终端利率5.00%的预 测，意 ...

Group 1 - Media reports indicate that MediaTek has partnered with Alphabet's unit to design Tensor Processing Units (TPUs), which are seen as potential competitors to NVIDIA's chips in the AI application field [1] - MediaTek is known for smartphone chips, but faces pressure on gross margins due to uncertain demand, intense competition, and high R&D costs; however, AI-related news has provided some relief for its stock price, which has still declined by approximately 1.4% this year [1] - Morgan Stanley analysts upgraded MediaTek's rating from "Equal Weight" to "Overweight," citing that the growth of Google TPUs should offset headwinds in the smartphone market in the long term [1] Group 2 - UBS analysts raised their 2027 sales forecast for MediaTek's TPUs from $1.8 billion to $4 billion, predicting that these chips will account for 20% of the company's operating profit by 2028, contingent on MediaTek's execution with Google [2] - Recent interest has been fueled by reports that Meta is discussing the adoption of Google TPUs in data centers by 2027; UBS believes MediaTek has further growth potential in additional ASIC projects with Meta [2] - Overall, foreign investors remain optimistic about MediaTek, with 23 firms maintaining a "Buy" rating and 10 firms a "Hold" rating, while no firms have issued a "Sell" rating; analysts from Macquarie Group express a preference for investing in MediaTek and other Google partners over NVIDIA's supply chain [2]

Core Insights - The semiconductor industry is experiencing a recovery, with the semiconductor industry ETF rising by 12.01% over the past three months as of November 27, 2025 [1] - Google is shifting its strategy by marketing its Tensor Processing Units (TPUs) to clients, with Meta considering a significant investment in TPUs for data center construction, which could positively impact Google's sales and profits [1] - The semiconductor sector is expected to benefit from a new upcycle driven by AI demand, healthy inventory levels, and domestic capital expenditure [1] Industry Performance - As of November 28, 2025, the CSI Semiconductor Industry Index increased by 2.25%, with notable gains from stocks such as Jingyi Equipment (up 8.81%) and Tuojing Technology (up 6.74%) [1] - The semiconductor industry ETF (159582) reported a price of 2.07 yuan, with a trading volume of 13.78 million yuan and a turnover rate of 3.85% [1] - The top ten weighted stocks in the CSI Semiconductor Industry Index account for 78.04% of the index, including companies like Zhongwei Company and North Huachuang [2]

Group 1 - Morgan Stanley increased its stake in Ganfeng Lithium (01772) by 1,982,139 shares at a price of HKD 47.2105 per share, totaling approximately HKD 93.5778 million [1] - After the increase, Morgan Stanley's total holdings in Ganfeng Lithium amount to approximately 27,587,900 shares, representing a holding percentage of 6.18% [1]

来源：新浪港股 香港联交所最新数据显示，11月24日，摩根士丹利增持三花智控（02050）121.7515万股，每股作价 31.0423港元，总金额约为3779.45万港元。增持后最新持股数目约为2894.34万股，持股比例为6.07%。 ...

Core Viewpoint - Morgan Stanley increased its stake in Ganfeng Lithium (01772) by purchasing 1,982,139 shares at a price of HKD 47.2105 per share, totaling approximately HKD 93.5778 million, resulting in a new holding of about 27,587,900 shares, representing 6.18% ownership [1] Company Summary - Morgan Stanley's recent acquisition of shares in Ganfeng Lithium indicates a strategic investment move, reflecting confidence in the company's future performance [1] - The total amount invested by Morgan Stanley in this transaction is approximately HKD 93.5778 million, showcasing significant financial commitment [1] - Following the purchase, Morgan Stanley's total shareholding in Ganfeng Lithium has increased to approximately 27,587,900 shares, which constitutes 6.18% of the company's total shares [1] Industry Summary - The increase in stake by a major financial institution like Morgan Stanley may signal positive market sentiment towards the lithium industry, particularly in the context of growing demand for lithium in electric vehicle batteries and renewable energy storage [1]