Core Insights - The distribution of bear and bull certificates indicates a significant increase in bear certificates in the 26,900-26,999 range, with a total of 697 certificates, up by 368 from the previous trading day [1][2] - The bull certificates are concentrated in the 25,800-25,899 range, totaling 1,565 certificates, which is an increase of 387 from the previous trading day [1][2] Bear Certificates Summary - The heaviest concentration of bear certificates is in the 27,000-27,099 range, with 992 certificates, an increase of 60 from the previous day [1][2] - The 26,900-26,999 range saw the most significant increase in bear certificates, with a total of 697, reflecting a rise of 368 [1][2] Bull Certificates Summary - The bull certificates are primarily found in the 25,800-25,899 range, with 1,565 certificates, which is an increase of 387 from the previous trading day [1][2] - The 25,700-25,799 range also saw an increase, with 393 certificates, up by 86 [2] Market Overview - The current index price is 26,458.95, reflecting a decrease of 251.50 or 0.9% [2] - The overall ratio of bull to bear certificates is 63.19% to 36.81%, with 12,818 bull certificates and 7,465 bear certificates [2]

Core Viewpoint - The distribution of bull and bear certificates indicates a shift in market sentiment, with an increase in bear certificates in the 27,200-27,299 range and a notable rise in bull certificates in the 25,800-25,899 range [1][2]. Group 1: Bear Certificates - The heavy concentration of bear certificates is in the 27,000-27,099 range, with a total of 932 certificates, which is a decrease of 8 from the previous trading day [1]. - The most significant increase in bear certificates occurred in the 27,200-27,299 range, where the total reached 928 certificates, an increase of 438 from the previous day [1][2]. Group 2: Bull Certificates - The heavy concentration of bull certificates is in the 25,800-25,899 range, with a total of 1,178 certificates, reflecting an increase of 139 from the previous trading day [1]. - The bull certificates in the 25,700-25,799 range decreased by 100, totaling 307 certificates, indicating a mixed sentiment in this segment [2].

Core Viewpoint - The distribution of bull and bear certificates indicates a shift in market sentiment, with a notable increase in bear certificates in the lower price ranges and a decrease in bull certificates in the higher ranges [1][2]. Group 1: Bear Certificates - The heavy concentration of bear certificates is in the range of 26,300 to 26,399, with a total of 663 certificates, which is a decrease of 18 from the previous trading day [1]. - The most significant increase in bear certificates occurred in the range of 26,000 to 26,099, where the total number rose by 42 to reach 393 certificates [1][2]. - The overall bear certificate count is 8,072, representing 40.80% of the total relative to the index [2]. Group 2: Bull Certificates - The heavy concentration of bull certificates is in the range of 25,000 to 25,099, totaling 1,063 certificates, which is a decrease of 29 from the previous trading day [1]. - The most significant increase in bull certificates was observed in the range of 25,600 to 25,699, where the total number increased by 50 to reach 50 certificates [1][2]. - The overall bull certificate count is 11,713, accounting for 59.20% of the total relative to the index [2].

Group 1 - The distribution of bear certificates shows a significant concentration in the range of 26,300-26,399, with the latest count at 681, an increase of 106 from the previous trading day [1] - The highest increase in bear certificates was observed in the range of 26,700-26,799, where the latest count reached 575, up by 209 from the last trading day [1] - Bull certificates are predominantly concentrated in the range of 25,400-25,499, with a total of 1,212, reflecting an increase of 471 from the previous trading day [1] Group 2 - The ratio of bull to bear certificates is 59.55% to 40.45%, with 12,272 bull certificates and 8,335 bear certificates [2] - The index area of 26,800-26,899 saw a slight increase of 6 bull certificates, totaling 131 [2] - The range of 26,600-26,699 experienced an increase of 45 bull certificates, bringing the total to 237 [2]

截至12月19日，恒指最新的牛熊街货比例为57:43。 牛证街货重货区在25000-25099区间，该区间最新牛证数量为1326张，较上一交易日减少285张；最多新增在25200-25299 区间，该区间最新牛证数量为82张，较上一交易日增加82张。 | 過往記錄 | 最新 | 2025-12-17 | 2025-12-16 | 2025-12-15 | 2025-12-12 | | | √ 顯示己收回 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 牛證街貨 | | | | - 恒指牛熊證期指張數比例 - | | | | 能證街貨 | | 57.11% | | | | | | | | 42.89% | | (11,374張) | | | | (以相對期指張數計算) | | | | (8,543張) | | 指數區域 | | 相對期指張數[括號內為一日變化] | | | | | 信證精選 | 實際積桿 | | 26,400 - 26,499 | | 244(+6) | | | | | 55864 # | 26.6 | | 26,300 - ...

| 牛證街貨 | | | - 恒指牛熊證期指張數比例- | | | 熊證街貨 | | --- | --- | --- | --- | --- | --- | --- | | 63.84% | | | | | | 36.16% | | (12,708張) | | | (以相對期指張數計算) | | | (7,199張) | | 指數區域 | 相對期指張數[括號內為一日變化] | | | | 信證精選 | 實際槓桿 | | 26,700 - 26,799 | 126(-34) | | | | 54865 HE | 20.9 | | 26,600 - 26,699 | 163(-74) | | | | 55112 能 | 21.8 | | 26,500 - 26,599 | 593(-103) | | | | 55113 能 | 24.6 | | 26,400 - 26,499 | 300(-66) | | | | 55864 HE | 26.6 | | 26,300 - 26,399 | 512(+2) | | | | 55466 点 | 29.7 | | 26,200 - 26,299 | 375(-69) | ...

截至12月10日，恒指最新的牛熊街货比例为66:34。 牛证街货重货区在25100-25199区间，该区间最新牛证数量为1703张，较上一交易日减少64张；牛证街货最多新增在 25200-25299区间，该区间最新牛证数量为1061张，较上一交易日增加716张。 | 牛證街貨 | | | - 恒指牛熊證期指張數比例 - | | | 能證街貨 | | --- | --- | --- | --- | --- | --- | --- | | 65.78% | | | | | | 34.22% | | (12,965張) | | | (以相對期指張數計算) | | | (6,746張) | | 指數區域 | 相對期指張數[括號內為一日變化] | | | | 信證精選 | 實際積桿 | | 26,700 - 26,799 | 161(-24) | | | | 54865 # | 19.7 | | 26,600 - 26,699 | 236(-22) | | | | 55112 能 | 20.5 | | 26,500 - 26,599 | 696(+41) | | | ■重信 | 55113 龍 | 22.9 | | 2 ...

| 牛證街貨 | | - 恒指牛熊證期指張數比例 - | | | 能證街貨 | | --- | --- | --- | --- | --- | --- | | 63.69% | | | | | 36.31% | | (12,416張) | | (以相對期指張數計算) | | | (7,077張) | | 指數區域 | 相對期指張數[括號內為一日變化] | | | 信證精選 | 實際槓桿 | | 26.900 - 26.999 | 162(-34) | | | 55110 RE | 22.0 | | 26,800 - 26,899 | 175(-69) | | | 54534 RE | 23.6 | | 26,700 - 26,799 | 197(-91) | | | 54865 BE | 25.8 | | 26,600 - 26,699 | 316(-108) | | | 55112 NE | 27.1 | | 26.500 - 26.599 | 712(-415) | | 車息區 | 55113 原 | 32.2 | | 26.400 - 26.499 | 423(-8) | | | 55864 BE | ...

Group 1 - The latest bull-bear ratio for the Hang Seng Index is 71:29 as of November 21 [1] - The heavy area for bear certificates is in the range of 26,500 to 26,599, with the latest number of bear certificates at 487, an increase of 76 from the previous trading day [1] - The most significant increase in bear certificates occurred in the range of 26,300 to 26,399, with the latest number at 424, an increase of 424 from the previous trading day [1] Group 2 - The heavy area for bull certificates is in the range of 25,100 to 25,199, with the latest number of bull certificates at 1,326, an increase of 132 from the previous trading day [1] - The most significant increase in bull certificates occurred in the range of 25,400 to 25,499, with the latest number at 1,301, an increase of 302 from the previous trading day [1] - The overall number of bull certificates is 13,578, while bear certificates total 5,660, indicating a bullish sentiment in the market [2]

Core Insights - As of November 19, the Hang Seng Index (HSI) has a bull-bear ratio of 69:31, indicating a predominance of bullish sentiment among investors [1][2] Bullish and Bearish Certificates - The distribution of bear certificates shows a significant concentration in the 27,200-27,299 range, with 649 certificates, a decrease of 181 from the previous trading day [1][2] - The most notable increase in bear certificates occurred in the 26,600-26,699 range, which saw an addition of 337 certificates, bringing the total to 413 [1][2] - In contrast, the bull certificates are heavily concentrated in the 25,100-25,199 range, totaling 1,202 certificates, an increase of 262 from the previous day [1][2] - The largest increase in bull certificates was observed in the 25,700-25,799 range, which added 556 certificates, reaching a total of 699 [1][2] Market Performance - The current price of the Hang Seng Index is 25,930.03, reflecting a decline of 454.25 points or 1.7% [2] - The highest and lowest prices for the afternoon session are not applicable, indicating a lack of significant intraday volatility [2]