以下文章来源于二鸟说 ，作者二鸟说 二鸟说 . 专注于基金投资，秉承长期投资，价值投资，稳健投资的原则，合理进行大类资产配置，科学的择基， 适当择时，实现资产长期稳健增值。 2025年年初至今，港股一扫过去几年的颓势，展现出了强劲的上涨势头，恒生指数上涨16.06%， 宛如一颗闪耀的明珠，在全球资本市场中格外夺目。 （来源：Choice，截至2025.5.26） 图：全球主要股票市场指数涨跌幅 来源：Choice，2025.1.1至5.26 港股和A股之间存在许多相同的行业和个股，都受到内地经济基本面的影响，因此港股的强劲走势 对A股起到了显著的正面拉动作用，为A股估值的抬升提供了有力支撑。 为什么同样是人民币资产重估的宏大叙事，港股的风头却强于A股呢？下面就来探寻一下这背后的 原因。 供给层面： 现象级股票频出，赚钱效应扩散 一 股市的持续上涨需要一种引领作用，即有一些股票作为"旗手"，展现出持续强劲的走势，带动市 场的风险偏好和投资热情，增强投资者对市场的信心。年初至今，港股中的新兴消费、互联网、 创新药、红利板块均走势强劲，代表性个股超额收益明显，赚钱效应显著。 表：代表性港股涨跌幅 根据统计，2024 ...

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [2]. Core Insights - The report highlights the regulatory advancements in stablecoin policies in the US and Hong Kong, indicating a shift towards the formalization of cryptocurrency applications, particularly stablecoins [10][11]. - It emphasizes the growing adoption of stablecoins for cross-border payments and the increasing demand for AI applications, which are driving the need for enhanced computational liquidity [12][13]. Summary by Sections Investment Strategy - The US Senate has advanced the "Stablecoin Unified Standards Guarantee Act" with a vote of 66 to 32, mandating that all stablecoins must be backed 1:1 by high-quality, low-risk liquid assets [10]. - Hong Kong has introduced the "Stablecoin Ordinance," effective August 1, 2025, requiring entities to obtain licenses for issuing stablecoins, with stringent financial and compliance requirements [14]. - The global issuance of stablecoins has surpassed $240 billion as of May 3, 2025, indicating a significant market presence [11]. - AI applications are experiencing rapid growth, with ChatGPT reaching 620 million monthly active users, surpassing traditional social media platforms [12][13]. Industry News - The "Stablecoin Ordinance" in Hong Kong aims to regulate stablecoin activities and establish a licensing system, which is expected to accelerate the compliance and formalization of stable currencies [14]. - The Ministry of Industry and Information Technology has released the "Computational Power Interconnection Action Plan," aiming to standardize and enhance the interconnectivity of computational resources by 2026 [15][16]. - China Mobile has announced the winners of its AI general computing device procurement, with a total estimated procurement of 7,058 units [17]. - The successful launch of the fourth batch of low-orbit satellites for the "GW Constellation" marks a significant step in China's satellite internet capabilities [18]. Market Review and Focus - The telecommunications sector saw a 5.06% increase this week, outperforming major indices, with significant gains in optical modules and AI computing indices [19][20]. - The report suggests focusing on investment opportunities in the digital currency and computational power sectors, highlighting companies such as Chutianlong and Hengbao [23].

6月9日，A股三大指数高开高走，创业板领涨。 IP经济概念持续走高 医药股爆发，CRO、创新药方向领涨；券商、军工涨幅靠前；稀土永磁、AI应用、足球产业、数字货币、固态电池题材活跃。 港股方面，恒生指数涨超1%，恒生科技指数涨近3%。中国稀土（000831）涨超40%，信达生物涨超8%，泡泡玛特盘中股价再创新高，一度涨逾3%。 港股汇彩控股暂停交易 港股汇彩控股今日午后放量闪崩，公司宣布临时停牌。截至停牌前，汇彩控股跌47.54%，报0.96港元，成交额2420.12万港元。 资料显示，汇彩控股是一家主要从事提供娱乐场管理服务业务的投资控股公司。公司通过两个业务分部进行运营。娱乐场服务分部从事向澳门娱乐场提供 管理服务业务。博彩系统分部从事开发、提供及销售电子博彩系统业务。该公司也通过其子公司从事市场开发、软件开发业务。 消息面上，近日媒体报道，澳门特区政府修改《2025年财政年度预算案》，建议将今年全年博彩毛收入估算从原来的2400亿澳门元下调至2280亿澳门元， 并以此作为修改后预算的主要财政收入基础。因全年博彩毛收入估算下调，澳门特区政府将本年度一般综合预算收入修改为1165亿澳门元，开支总额修改 为1 ...

Group 1 - The A-share market has shown a rebound due to a combination of domestic and international factors, including a significant reverse repurchase operation by the central bank and a call between the US and Chinese leaders [1] - Market sentiment has improved, with a shift from consumer stocks to TMT (Technology, Media, and Telecommunications) stocks in the latter half of the week, indicating a preference for growth sectors over cyclical and financial stocks [1] - The current liquidity environment and expectations for policies aimed at stabilizing employment and the economy have strengthened short-term support for the market, despite concerns about potential adjustments due to low trading volumes [1] Group 2 - Looking ahead, the external trade environment is expected to remain stable, and there may not be significant policy actions from the domestic side until early Q3, which could limit the confidence and enthusiasm in the A-share market [2] - Structural opportunities are anticipated, with a focus on assets that can hedge against tariff and geopolitical impacts, such as gold and military stocks, as well as sectors with strong growth potential like new consumption and innovative pharmaceuticals [2] - The banking sector has shown sustained gains following the release of a high-quality development action plan for public funds, indicating a structural shift in the market [2]

Group 1 - The Hang Seng China Enterprises Index and the Hang Seng Tech Index have both broken through significant technical levels, marking a rebound of over 20% since April, officially entering a technical bull market [1] - On June 9, the Hong Kong stock market opened strongly, with the Hang Seng Index rising by 0.78% and the Hang Seng Tech Index initially increasing by 0.97%, later expanding to a peak of 3% during the day [1] - Individual stocks showed a broad-based rally, with Kingdee International rising nearly 5%, and other tech stocks like Tencent Music and Meituan increasing by over 4% [1] Group 2 - The Hang Seng China Enterprises Index includes 50 H-shares companies, such as CITIC Limited, China Life, and Ping An Insurance, and is calculated using a market capitalization weighting method [2] - The Hang Seng Tech Index focuses on the technology sector, featuring major internet companies like Tencent, Alibaba, and Meituan, benefiting significantly from the development of AI applications and the profit release of internet enterprises [2]

Group 1 - The core viewpoint highlights the recent rebound in technology sectors, particularly in military, pharmaceutical, and TMT industries, with the Sci-Tech Innovation Board ETF (589630) rising nearly 1.5% [1] - The A-share merger and acquisition market has been active this year, with significant participation from Sci-Tech Innovation Board companies, especially in sectors like biomedicine, semiconductors, and new-generation information technology [1] - Data indicates that out of 86 major restructuring events in 2025, 18 involved Sci-Tech Innovation Board companies, showing a significant increase compared to the same period last year [1] Group 2 - Dongwu Securities emphasizes the importance of self-reliance in technology, focusing on sectors such as artificial intelligence, autonomous control, new energy technology, aerospace information technology, and data elements [1] - In aerospace information technology, areas like low-altitude economy, satellites, and commercial space are highlighted as key focus points [1] - The report suggests that the AI sector should concentrate on AI agents, AI applications (like standalone software and smart terminals), humanoid robots, and autonomous driving [1] Group 3 - Western Securities notes that the level of merger and acquisition activity reflects the direction of the industrial cycle, with the highest number of mergers occurring in the automotive, electronics, and machinery sectors in 2024 [2] - The report indicates that the trends in automotive intelligence, semiconductor self-control, and high-end manufacturing are accelerating technological upgrades and industry evolution [2] - It is suggested that if AI commercialization leads to performance improvements through mergers and acquisitions, it could create a mainline market trend; otherwise, it may only represent a short-term thematic opportunity [2] Group 4 - The Sci-Tech Innovation Index ETF from Guotai (code: 589630) tracks the Sci-Tech Innovation Index (code: 000680), which includes representative stocks from the Sci-Tech Innovation Board, with an average market capitalization of approximately 11 billion [2] - The index focuses on technology innovation companies, covering more early-stage innovative firms and emphasizing hard technology sectors [2] - Investors without stock accounts can consider Guotai's linked ETFs for the Sci-Tech Innovation Board Comprehensive ETF [2]

今年以来， D S 、国产人形机器人的集体亮相，极大提振了投资者对中国科技的信心，在资本市场 也掀起了较大的波澜。对于科技股而言，摆在投资者面前的，或许从来不是投或不投的选择题，而是 应该怎么投的必答题。 对于这个问题，无论是卖方研究，还是买方机构，今年都在尝试给出自己的回答，尤其是一些公募基 金公司，纷纷 "组团出道"，向外界全面展示自家科技投研团队的最新研究成果和投资方法论。 日前，来自财通资管的 9 位资深科技投研人员，以"投资中国科技的底气"为主题开展了一场线上直 播，就市场普遍关心的热门话题，比如半导体、人工智能、智能驾驶、人形机器人、 A I 应用等领域 的产业趋势、投资机会，分别从各自擅长的领域分享了自己的观点和看法，从中不难看出他们研究的 深度、广度和颗粒度。 据了解，财通资管权益公募团队中，目前拥有多位主投科技成长方向的基金经理，比如硬核科技左侧 选手包斅文、偏好中上游通用型环节的均衡选手李晶、主投机器人等先进制造领域的新生代基金经理 徐竞择等。同时，在财通资管超 2 0 人的权益研究团队中，泛科技方向的研究员达 9 位。 在财通资管投研团队看来，研究的深度决定了认知的高度，最终会影响到投资 ...

恒生指数高开0.78%，恒生科技指数涨0.97%。科网股领涨，美团涨超2%，快手涨超1%。 关于港股后市 中信证券发布研报表示，港股目前的成交依旧相对活跃，核心互联网龙头公司估值还在正常估值区间的 中上水平。港股的资产质量也在出现系统性提升。除了现有的具备独占性的新经济龙头资产，A股公司 赴港上市带来大批优质制造业龙头公司，18C制度更加吸引专精特新企业，美股中概股也有望加速回 归。 广发证券发布研报称，2025年香港IPO市场或迎来全面复苏。截至2025年5月31日，港交所IPO数量达28 家，较2024年同期增长7.1倍，中概股回归港股、A股公司发行H股等也将进一步带动市场热度。 国泰海通海外策略团队发布研报称，今年港股跑赢A股，成为本轮牛市主战场。宏观偏弱下，港股稀缺 资产更具吸引力，似2012-2014年移动互联浪潮时港股先崛起情况。该团队指出，互联网等板块稀缺资 产在港股集中，与AI应用等产业趋势关联度高。外部扰动减缓、国内政策发力及南下资金增量，下半 年港股望进一步向上，恒生科技结构更优。 建银国际证券表示，今年以来港股韧性增强，熊牛切换进一步走向深入，主要体现在两个方面：港股底 部持续抬升，成交 ...

-20 -10 0 10 20 30 40 50 (%) 传媒 沪深300 资料来源：Wind，华鑫证券研究 关注 AI 应用撬动传媒新增量 即梦 AI 月活超 3000 万 推荐(维持) 投资要点 | 分析师：朱珠 | | S1050521110001 | | | --- | --- | --- | --- | | zhuzhu@cfsc.com.cn | | | | | 行业相对表现 | | | | | 表现 | 1M | 3M | 12M | | 传媒(申万) | 3.4 | -3.8 | 33.0 | | 沪深 300 | 0.7 | -1.8 | 8.4 | | 市场表现 | | | | 相关研究 2025 年 06 月 09 日 1、《传媒行业动态研究报告：2025 年端午单日票房同比增 30%电影院线 布局新业务可期》2025-06-02 2、《传媒行业动态研究报告： 52TOYS 递表看 IP 撬动潮玩及渠道新 增量》2025-05-25 3、《传媒行业周报：政策护航持续 护航 AI 应用与可选消费双轮驱动》 2025-05-18 ▌ AI 应用从硬件到内容均可看 商业化持续 2G2B2C 均 ...

□本报记者王鹤静 陈聪的成长风格并不激进。即使看好进攻性标的，若确定性不足，他也不会过多押注；当持仓品种超涨 或市场风格极致时，他会兑现部分盈利以备战下一次机会。 经历过2022年至2024年上半年成长风格的逆风期，他还储备了偏价值风格的标的。"如果市场偏好转向 红利或者短期抢机构低配的标的，需快速调整配置，争取达到'进可攻、退可守'的状态。"陈聪表示， 在仓位分配上，大部分持仓来自他擅长的四到五个行业；另设灵活仓位应对市场逆风环境。 聚焦四大投资方向 从港股到A股，陈聪聚焦互联网、创新药、新消费、科技硬件四大方向。 在AI应用时代下，陈聪认为，互联网龙头公司是确定性最高的收益品种，AI应用有望在今年下半年到 明年逐步落地。近期，AI软件的市场情绪有所收敛，很多标的估值已经回落到值得长期配置的水平。 此外，在AI加持下，游戏产业或已进入新发展阶段。 谈到创新药板块，陈聪表示："创新药板块经历了2022年至2024年深度调整后，虽然今年股价显著反 弹，但很多质地好的龙头公司估值依然低于估值模型给出的合理数值。"陈聪认为，下半年创新药板块 的行情可能还将延续。 近期热度高企的还有新消费板块。在陈聪看来，港股因新消 ...