Market Overview - The Hong Kong stock market opened slightly higher on December 24, with the Hang Seng Index rising 0.02% to 25,780.09 points, the Hang Seng Tech Index up 0.07% to 5,492.83 points, the National Enterprises Index increasing by 0.09% to 8,922.07 points, and the Red Chip Index gaining 0.19% to 4,075.35 points [1] Company News - Pacific Basin Shipping (02343.HK) plans to acquire four newly built small handy bulk carriers for USD 119 million [2] - Xinyi Energy (03868.HK) intends to acquire 100% equity of Jinzhai Xinyi Wind Power for HKD 62 million [3] - Tianjin Port Development (03382.HK) proposes to sell 60% equity of China Railway Storage and Transportation for HKD 22.52 million, primarily engaged in coal sales [4] - Shandong Xinhua Pharmaceutical (00719.HK) has received a drug registration certificate for its Oseltamivir phosphate dry suspension [5] - Yiyuan Yuan (08223.HK) has entered into a strategic cooperation framework agreement with Pengfeng Technology to explore digital transformation opportunities in the traditional Chinese medicine industry [5] - Yihua Tong (02402.HK) completed a placement of 8.88 million shares, raising HKD 198 million, primarily for repaying bank loans [7] - Runge Interactive (02422.HK) plans to place up to 160 million shares at a discount of approximately 19.44%, raising about HKD 68.6 million [8] - Tencent Holdings (00700.HK) repurchased 1.051 million shares for HKD 636 million at prices between HKD 602.5 and HKD 613.5 [9] - Kuaishou-W (01024.HK) repurchased 2.7176 million shares for HKD 174 million at prices between HKD 63.7 and HKD 64.65 [10] - Xiaomi Group-W (01810.HK) repurchased 3.75 million shares for HKD 147 million at prices between HKD 39.1 and HKD 39.28 [11] - COSCO Shipping Holdings (01919.HK) repurchased approximately HKD 65.48 million worth of shares, totaling 4.7215 million shares at prices between HKD 13.75 and HKD 13.93 [12] - Huaxin Cement (06655.HK) shareholder Huaxin Group plans to increase its holdings in the company's A-shares by HKD 200 million to HKD 400 million [13] Institutional Insights - Dongwu Securities suggests that while there may be short-term opportunities in the Hong Kong market, it is advisable to maintain a cautious stance. The current position is seen as attractive for medium to long-term allocation, with potential for a "Christmas rally" in US tech stocks that could resonate with Hong Kong tech stocks, although there are concerns about stock unlocks affecting the market [14] - Founder Securities highlights strong demand for energy storage, benefiting both power batteries and energy storage batteries, with expected growth rates of over 15% and 40% respectively by 2026. The lithium market is also expected to see a gradual recovery in supply-demand dynamics, with prices likely to rise [14] - CICC forecasts that global tungsten production will increase from 82,800 tons in 2025 to 89,900 tons by 2028, while demand will rise from 102,100 tons to 110,000 tons, indicating a persistent supply-demand gap. The demand for tungsten-based new materials is expected to grow due to advancements in manufacturing and new applications [15]

截至收盘，标普500指数涨0.46%，报6909.79点，刷新了12月11日的纪录高位；道琼斯指数涨0.16%，报48442.41点；纳斯达克综合指 数涨0.57%，报23561.84点。 | 省标 | | 電新价 | | THE OF THE | | --- | --- | --- | --- | --- | | 道現期情数 | | 48442.41 | +79.73 | 0.16% | | 标普500指数 | (D) | 6909.79 | +31.30 | 0.46% | | 纳斯达見綜合指数 | | 23561.84 | +133.02 | 0.57% | 大型科技股整体走强，英伟达涨超3% ，博通涨逾2%，谷歌、亚马逊涨超1%，带动纳指跑赢道指和标普。"恐慌指数"VIX继续走低，收于 14，为一年来最低。 盘前，美国商务部公布的首次预估数据显示，今年第三季度美国国内生产总值（GDP）环比按年率计算增长4.3%，高于第二季度的3.8%和 市场预期的3.2%。 受该数据影响，市场对美联储明年的降息幅度预期有所降低，导致美股早盘小幅走低，但随后有所回升。 eToro分析师Bret Kenwell评论道，尽 ...

Group 1 - The Hong Kong stock market has experienced increased volatility since the fourth quarter, with investors speculating on the potential for a "Christmas rally" similar to the A-share "spring rally" [1][2] - Analysts suggest that while the "Christmas rally" narrative may drive a rebound from oversold conditions, its investment guidance may be limited due to changing market dynamics and the predominance of passive over active funds [2][3] - The Hang Seng Index and other major indices have shown fluctuations, with a recent net inflow of over 6 billion HKD from southbound funds, totaling more than 240 billion HKD since the fourth quarter [2] Group 2 - The current market sentiment indicates that the Hong Kong stock market is still in a left-side layout phase, with strong expectations for an early spring rally, but supply and demand pressures remain at year-end [3] - Analysts believe that the market's basic fundamentals are expected to improve, driven by favorable macroeconomic conditions and a potential shift in liquidity as the Federal Reserve's policies evolve [3][4] - The "14th Five-Year Plan" is expected to catalyze growth in emerging industries such as solid-state batteries, brain-computer interfaces, and quantum technology, which could lead to a sustainable upward trend in revenue and profits for Hong Kong stocks [4][5] Group 3 - Investment recommendations include focusing on upstream resources in the power chain, travel chain leaders, and domestic AI leaders, with an emphasis on sectors that may benefit from policy developments and economic recovery [4][5] - Long-term investment strategies should consider technology sectors, particularly AI and consumer electronics, as well as healthcare, resources benefiting from inflation expectations, and undervalued consumer staples [5]

Group 1 - The Hong Kong stock market has experienced increased volatility in the fourth quarter, with investors speculating on the potential for a "Christmas rally" similar to the "spring market" in A-shares [1][2] - Despite the potential for a rebound narrative, the actual investment guidance may be limited, as the market is still under supply and demand pressure, and the right-side turning point remains unclear [3][4] - The Hang Seng Index and other major indices have shown signs of fluctuation, with net inflows from southbound funds exceeding 240 billion HKD in the fourth quarter, indicating a shift in market dynamics [2][3] Group 2 - The market is expected to benefit from a favorable macroeconomic environment and a potential easing of overseas liquidity, which could enhance risk appetite and stabilize the Hong Kong stock market [3][4] - Key sectors for investment include upstream resources in the power chain, travel-related stocks, and leading domestic AI companies, which are seen as having significant layout value [1][4][5] - Emerging industries such as solid-state batteries, brain-computer interfaces, and biotechnology are anticipated to gain momentum, supported by the "14th Five-Year Plan" and improving macroeconomic conditions [4][5]

2025.12.23 本文字数：2538，阅读时长大约4分钟 作者 |第一财经 韦薇 经历了"AI抛售潮"洗礼的美股宛如劫后重生，"圣诞反弹"虽迟但到，全球交易员似乎已经准备喜迎2026 年的开门红交易。 反弹始于上周四，据第一财经了解，华尔街投行交易台的信息显示，上周五几乎成为美国市场历史上成 交量最高的交易日。本月迄今，标普500在上周四、周五回升后大致维持平盘，市场很可能正朝着"回补 赢家头寸"以实现圣诞行情的方向发展。例如，此前抛压最重的AI概念股Coreweave、甲骨文等都出现双 位数反弹。 宏观背景一锤定音——美联储降息和日本央行鸽派加息共同提振了年末的市场信心，美元走弱推动全球 股市、大宗商品走强。不仅是美股，不少亚洲股市亦将受益于当前的环境，高盛最新发布报告提及，人 民币汇率向7关口迈进，当汇率上升时（无论是对美元还是一篮子货币），中国股市往往表现良好，这 与大多数亚洲新兴市场的交易模式一致。 美元指数继续震荡下行跌破99关口，非美货币集体上涨。美元的走弱不仅推动全球股市反弹，更是助燃 了贵金属的疯狂表现。黄金单日上涨2.4%至4443美元，白银劲升2.8%突破69美元，两者在同一天刷新 历 ...

2025.12. 23 本文字数：2538，阅读时长大约4分钟 作者 | 第一财经 韦薇 经历了"AI抛售潮"洗礼的美股宛如劫后重生，"圣诞反弹"虽迟但到，全球交易员似乎已经准备喜迎 2026年的开门红交易。 反弹始于上周四，据第一财经了解，华尔街投行交易台的信息显示，上周五几乎成为美国市场历史上 成交量最高的交易日。本月迄今，标普500在上周四、周五回升后大致维持平盘，市场很可能正朝 着"回补赢家头寸"以实现圣诞行情的方向发展。例如，此前抛压最重的AI概念股Coreweave、甲骨 文等都出现双位数反弹。 宏观背景一锤定音——美联储降息和日本央行鸽派加息共同提振了年末的市场信心，美元走弱推动全 球股市、大宗商品走强。不仅是美股，不少亚洲股市亦将受益于当前的环境，高盛最新发布报告提 及，人民币汇率向7关口迈进，当汇率上升时（无论是对美元还是一篮子货币），中国股市往往表现 良好，这与大多数亚洲新兴市场的交易模式一致。 年末反弹或已启动 本周一（22日），主要资产价格同步上扬，美联储降息和日本央行鸽派加息的推动效果显著。 美国三大指数本周录得开门红，但成交量低于30天平均水平。大型科技股普遍收涨，其中英伟达上 涨 ...

Group 1 - European markets are experiencing mixed performance, with major indices either flat or down due to China's announcement of a 43% tariff on EU dairy products [1] - The FTSE 100 index, which is heavily weighted towards energy and mining stocks, failed to rise despite increases in energy and metal prices [1] - The tension between Europe and China is exacerbated as Chinese producers shift exports to markets outside the US, including Europe, intensifying the cost-of-living crisis in Europe [1] Group 2 - European automotive manufacturers, particularly in France and Germany, are lagging in the electric vehicle transition and facing pressure from competitively priced Chinese electric vehicles [3] - The European AI sector is falling behind, lacking major tech platforms and significant innovations, while facing strict regulatory environments and dwindling funding [3] - The imposition of tariffs on Chinese goods by Europe may backfire, as China retaliates, potentially dragging down economic growth in Europe next year [3] Group 3 - The global trade landscape is being affected by trade strategies reminiscent of Trump's policies, with Europe lacking the technological investments that the US has to offset growth weaknesses [4] - European luxury goods, such as watches and cars, heavily depend on consumers from the US and China, and any disruption in these markets could have severe consequences [4] - The defense sector, which has supported stock market gains, may not sustain growth due to fiscal constraints, contrasting with the tech sector's potential [4] Group 4 - The British economy is struggling, with a third-quarter growth rate of only 0.1%, indicating stagnation [4] - The performance of the British pound does not reflect the recent interest rate cuts by the Bank of England or weak economic indicators, largely due to a general weakness in the US dollar [5] - The outlook for the US dollar remains pessimistic, with few bullish predictions, raising questions about whether its weakness is already priced in [6] Group 5 - Attention is focused on upcoming US economic data, including third-quarter GDP revisions and PCE inflation data, which could influence Federal Reserve policy [7] - Stronger economic growth and rising inflation may reactivate hawkish sentiments within the Fed, impacting market expectations for interest rate cuts [7] - The market is currently leaning bullish for the year-end "Santa Rally," with historical average gains of about 1.6% during this period [7]

年末反弹或已启动。 经历了"AI抛售潮"洗礼的美股宛如劫后重生，"圣诞反弹"虽迟但到，全球交易员似乎已经准备喜迎2026 年的开门红交易。 反弹始于上周四，据第一财经了解，华尔街投行交易台的信息显示，上周五几乎成为美国市场历史上成 交量最高的交易日。本月迄今，标普500在上周四、周五回升后大致维持平盘，市场很可能正朝着"回补 赢家头寸"以实现圣诞行情的方向发展。例如，此前抛压最重的AI概念股Coreweave、甲骨文等都出现双 位数反弹。 尽管如此，交易员似乎仍对市场的进一步复苏充满信心。一位美资投行主经纪业务交易员对第一财经提 及，此前的AI抛售主要源于对冲基金的降杠杆抛售，但从上周的下半周开始，AI相关板块的买盘重新 出现，寻求对半导体、广义科技和成长因子的敞口。消费可选板块净买入最多（3周来首次），而对冲 基金则在14周来首次净卖出美国医疗保健股（全部为空头），此前医疗保健被视为AI抛售潮下的避险 主题。 宏观背景一锤定音——美联储降息和日本央行鸽派加息共同提振了年末的市场信心，美元走弱推动全球 股市、大宗商品走强。不仅是美股，不少亚洲股市亦将受益于当前的环境，高盛最新发布报告提及，人 民币汇率向7关口 ...

截至收盘，港股科技板块多数收绿：快手-W跌超3%，消息面上，快手突发严重网络安全事件，平台遭到黑灰产攻击，腾讯控股跌超2%，小米集团-W跌超 1%，中芯国际收平；上涨方面，商汤-W涨近4%，阿里巴巴-W、美团-W微涨。 同类唯一15BP最低档管理费的恒生科技ETF基金（513260）收跌0.64%，全天成交额超2.8亿元。资金面上，恒生科技ETF基金（513260）已连续38个交易日 获资金净申购，累计净流入超6.4亿元，最新规模达72.19亿元，基金最新融资余额超1.5亿元！ | 序号 | 代码 | 名称 | 估算权重 | 涨跌幅 | 成交额 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 0700 | 腾讯控股 | 8.10% | -2.03% | 94.48亿 | | 2 | 9988 | 阿里巴巴-W | 7.58% | 0.55% | 70.10亿 | | 3 | 1810 | 小米集团-W | 7.95% | -1.51% | 49.87亿 | | 4 | 1024 | 快手-W | 5.25% | -3.52% | 38.55亿 | | 5 | 0 ...

Market Performance - The Hong Kong stock market opened high but experienced fluctuations, closing with the Hang Seng Index down 0.11% at 25,774.14 points, the Hang Seng Tech Index down 0.69% at 5,488.89 points, the National Enterprises Index down 0.29% at 8,913.83 points, and the Red Chip Index down 0.19% at 4,067.53 points [1] Sector Performance - Large tech stocks showed mixed performance: Alibaba rose 0.55%, Tencent fell 2.03%, JD.com increased by 0.45%, Xiaomi dropped 1.51%, NetEase decreased by 0.65%, Meituan rose 0.39%, Kuaishou fell 3.52%, and Bilibili decreased by 0.05% [1] - Gold stocks continued to rise, with WanGuo Gold Group up over 5%, Shandong Gold up over 4%, and Zhaojin Mining up over 2% [1] - Wind power stocks led gains, with Dongfang Electric up over 8% [1] - Biotech stocks declined, with Yaojie Ankang down over 18% [1] - Chinese brokerage stocks opened high but closed lower, with Dongfang Securities down over 1% [1] Company News - Cathay Pacific reported 2.5304 million passengers in November, a year-on-year increase of 26% [2] - Shandong High New Energy's subsidiary signed an EPC contract worth RMB 405.5 million [2] - China General Nuclear Power's units are in testing, with adjusted operational timelines for 2026 [2] - Lehua Entertainment signed a business cooperation framework agreement with Youku [3] - Dipo Technology entered a strategic cooperation agreement with Muxi Co., focusing on enterprise-level AI applications [4] - Nanshan Aluminum's alumina design capacity has been increased to 4 million tons [7] Institutional Insights - Huatai Securities noted that the market is still in a left-side layout phase, with supply and demand pressures expected to persist into the year-end [10] - Guotou Securities highlighted the historical strength of U.S. stocks at year-end, despite uncertainties regarding interest rates and inflation paths for 2026 [10] - Galaxy Securities recommended focusing on the tech sector as a long-term investment theme, anticipating a rebound due to multiple favorable factors [10]