恒生指数高开0.92%，恒生科技指数涨1.13%。科网股多数上涨，网易涨超3%，百度集团涨超2%，小米 集团涨超1%。零跑汽车涨超3%，公司被纳入恒生科技指数成份股，于2025年12月8日起生效。 广发证券表示，港股可能再次迎来布局良机。如果后续美国政府停摆结束、美联储12月降息表态重新转 鸽、美联储停止缩表甚至重启扩表，美元流动性得到缓解，港股可能会出现新一轮上涨。配置上，11月 基本面驱动效应强，仍然采用杠铃策略，以红利为底仓，科技成长博弹性。广发证券称，港股牛市的基 础并未破坏，但演进方式更可能呈现"震荡上行、重心缓升"的特征，而非单边快速上涨，港股的11月基 本面驱动效应强，仍然要重视高景气板块的价值。在配置上，仍然采用杠铃策略，港股稳定价值类资产 (尤其是AH溢价相对较高H股)作为底仓长期配置，港股景气成长类资产的产业逻辑依然坚实，震荡中孕 育机会。一旦上述Trigger出现，资金可能会流入中国最具备全球竞争优势的核心资产，例如恒生科技 (互联网、新能源车)等。 关于港股后市 华鑫证券表示，近期港股调整幅度相对较大，估值也相对更合理，进一步回调的空间有限。虽然年末风 险偏好不会过高，意味着没有全面行 ...

Core Viewpoint - Fund managers are focusing on defensive strategies while preparing for next year's investments, emphasizing the importance of maintaining gains achieved in the current year [1][2]. Group 1: Current Market Performance - As of November 19, the average net value growth rate for ordinary stock funds and mixed equity funds over the past year reached 29.35% and 29.49%, respectively [1]. - 15 funds have seen their net value grow by over 100% in the past year, with the top performer being Yongying Technology Smart Selection Mixed Fund A, which achieved a 210% increase [1]. Group 2: Defensive Strategies - Fund managers are adjusting their positions and styles, with a focus on sectors like insurance and non-ferrous metals, which are expected to have lower volatility compared to technology stocks [2]. - The current market logic suggests a long-term downtrend in risk-free interest rates, making dividend-paying assets a focal point for investment, with a need for careful selection based on industry cycles and future dividend stability [2]. Group 3: Investment Focus for Next Year - Key areas of interest for next year include the aviation sector, which is recovering from supply chain issues, and the Hong Kong stock market, particularly in insurance and internet sectors [3]. - The technology and innovative pharmaceutical sectors are also highlighted for their long-term potential, with a focus on AI technology and the ability of companies to deliver valuable new drugs [3].

Group 1 - The core viewpoint of the article emphasizes the new investment opportunities in the Hong Kong stock market amid China's asset revaluation, suggesting a "barbell strategy" for investors [1] - The Hong Kong stock market shows significant valuation advantages, with the Hang Seng Index's dividend yield at 3.04% and a forecasted price-to-earnings ratio of 11.19, lower than major global indices [1] - The AH share premium index is at a high level, indicating a valuation discount of 20%-30% for Hong Kong stocks compared to A-shares [1] Group 2 - For the "growth" side of the barbell strategy, the potential of Hong Kong growth stocks is being activated, supported by external factors like the Federal Reserve's interest rate cuts and easing export restrictions on chips to China [2] - Internally, domestic policies are strongly encouraging the development of new productive forces, providing targeted support for AI and industrial robotics [2] - The new consumption, innovative pharmaceuticals, and technological innovation sectors are identified as having superior allocation potential, with AI driving changes in innovative drug development [2] Group 3 - The article notes that overseas funds are increasingly enthusiastic about Chinese assets, with an expected influx of over $140 billion if global active funds allocate to Chinese assets [3] - The momentum of southbound capital inflows into Hong Kong stocks remains strong, particularly in sectors like retail, pharmaceuticals, and media [3] - As China's economy recovers and the attractiveness of the Chinese market increases, the scale of capital inflows is expected to expand, providing long-term growth momentum for the stock market [3]

中国平安资产管理（香港）有限公司董事总经理、全球机构业务负责人黄家乐在2025湾区财富大会上表 示，在中国资产重估的背景下，港股市场正迎来新的投资机遇，她建议投资者采用"杠铃策略"进行布 局，一端配置高息股以求稳健，另一端配置成长股以博收益。 对于港股市场，黄家乐表示，港股的估值优势显著，截至10月底，恒生指数股息率达3.04%，预期市盈 率仅11.19倍，低于全球主要指数。同时，AH股溢价指数处于高位，意味着港股相对A股存在20%-30% 的估值折扣。 11月20日，2025湾区财富大会在深圳会展中心举办，大会由21世纪经济报道、深圳金博会运营发展有限 公司联合主办。 而对于新消费领域，黄家乐指出，消费观念转变正在带动港股"新"消费时代崛起。新消费品牌正通过文 化赋能与产品创新构建核心护城河，以抢占由新世代消费主力所推动的情绪消费、性价比消费（如潮 玩、茶饮、悦己）等新兴趋势，从而提升市场份额。 她强调，港股成长股的性价比凸显。截至10月底，恒生科技指数预期市盈率相对盈利增长率（PEG）为 0.85，估值低于盈利增长率，成长潜力可期。她特别看好由AI大模型等技术驱动的科技创新板块，认为 其正迎来价值重估的机 ...

银河证券表示，临近年底，市场风险偏好趋于谨慎，港股或延续震荡走势。建议关注以下板块：(1)供 需格局变化下，下游商品价格上涨的周期股或持续反弹。(2)市场风险偏好下降，投资者或转向红利股 寻求防御。(3)中美贸易关系向好发展，中长期利好出海板块。 本文转载自"腾讯自选股"，智通财经编辑：李佛。 招商香港表示，港股在经历10月盘整后，悲观预期逐步出清。该机构认为，随着供需格局改善，中国经 济周期有望迎来景气拐点。科技产业的资本开支和研发投入将逐步转化为企业盈利，成为新的增长引 擎。而在美联储降息周期开启且结束QT缩表，中美政策"双宽松"共振，南向资金和外资将持续流入。 未来基本面改善，盈利预期上修叠加估值修复将驱动港股中长期上行，呈现慢牛趋势。 广发证券表示，港股可能再次迎来布局良机。如果后续美国政府停摆结束、美联储12月降息表态重新转 鸽、美联储停止缩表甚至重启扩表，美元流动性得到缓解，港股可能会出现新一轮上涨。配置上，11月 基本面驱动效应强，仍然采用杠铃策略，以红利为底仓，科技成长博弹性。广发证券称，港股牛市的基 础并未破坏，但演进方式更可能呈现"震荡上行、重心缓升"的特征，而非单边快速上涨，港股的11月 ...

Group 1 - The Hang Seng Index opened up by 0.65%, and the Hang Seng Tech Index rose by 0.7%. Brokerage stocks performed strongly, with China Galaxy, Orient Securities, and Everbright Securities all rising over 4%. However, new energy vehicle makers like Xpeng Motors saw a decline of 1.87% [1] - Huaxin Securities noted that the recent adjustment in the Hong Kong stock market has been relatively large, and valuations are more reasonable, indicating limited further downside. Although risk appetite may not be high towards year-end, sectors with high certainty for 2026 are expected to trend upwards [1] - According to招商香港, after the consolidation in October, pessimistic expectations for the Hong Kong market are gradually clearing. The firm believes that with improvements in supply-demand dynamics, the Chinese economic cycle may reach an inflection point [1] Group 2 - GF Securities suggested that the Hong Kong stock market may present a good opportunity for investment again, especially if the U.S. government shutdown ends and the Federal Reserve signals a dovish stance in December [2] - The firm emphasized a "barbell strategy" for investment, focusing on dividend stocks as a base and technology growth stocks for potential upside. They believe the foundation for a bull market in Hong Kong remains intact, but the market may experience a "volatile upward trend" rather than a rapid increase [2] - Galaxy Securities indicated that as the year-end approaches, market risk appetite is becoming cautious, and the Hong Kong stock market may continue its volatile trend. They recommend focusing on sectors such as cyclical stocks benefiting from rising downstream commodity prices and dividend stocks for defensive positioning [2]

Group 1 - The Hang Seng Index opened up 0.09%, and the Hang Seng Tech Index rose by 0.37%, with mixed performance among tech stocks, including Baidu Group up over 2% and Alibaba up 0.78% [1] - Huaxin Securities noted that the recent adjustment in Hong Kong stocks has been significant, leading to more reasonable valuations, with limited further downside expected. They anticipate that high-certainty sectors will continue to trend upwards despite low risk appetite towards year-end [1] - According to China Merchants Hong Kong, after a period of consolidation in October, pessimistic expectations for Hong Kong stocks are gradually being cleared. They believe that the supply-demand dynamics are improving, which may signal an economic turning point for China [1] Group 2 - GF Securities indicated that Hong Kong stocks may present a new opportunity for investment if the U.S. government shutdown ends and the Federal Reserve signals a dovish stance in December. They recommend a barbell strategy focusing on dividend stocks and tech growth for flexibility [2] - Galaxy Securities suggested that as the year-end approaches, market risk appetite may remain cautious, leading to continued volatility in Hong Kong stocks. They recommend focusing on sectors such as cyclical stocks benefiting from rising downstream commodity prices and dividend stocks for defensive positioning [2]

Core Viewpoint - The market is currently experiencing a shift towards price-driven themes, particularly in lithium resources, while the overall sentiment remains mixed with a lack of clear direction [1][3]. Market Analysis - The buying power today was over 1300, which is lower than last week's figures, indicating a potential decline in market enthusiasm [3]. - Selling pressure remains significant, with retail investors continuing to exit, while institutional investors appear to be hedging against the lithium market [3]. - The market is characterized by a "stronger remains strong" dynamic, suggesting that leading stocks continue to perform well despite overall market fluctuations [3]. Sector Performance - Lithium stocks have been a focal point, with futures hitting the limit up, driving interest in related mining resources [1]. - The market has seen a notable increase in speculative stocks, particularly in the ST (Special Treatment) category, with 15 stocks hitting the limit up today [5]. - The performance of micro-cap stocks has also been highlighted, with a notable rise in their index, indicating a potential investment opportunity [1]. Trading Strategy - A "barbell strategy" is suggested as a viable approach, focusing on both high-growth sectors like lithium and more stable investments [1]. - The current market environment requires careful analysis and a shift from previous strategies that relied on broad technology and AI investments [1]. - Investors are encouraged to identify opportunities early rather than waiting for broader market consensus, which could lead to missed chances [1]. Data Insights - The number of stocks experiencing consecutive declines has remained consistent, indicating a controlled market rhythm by major players [8]. - The data suggests two distinct market styles: one favoring upward trends in micro-cap stocks and another focusing on sector rotation in a volatile market [8].

关于港股后市 华鑫证券表示，近期港股调整幅度相对较大，估值也相对更合理，进一步回调的空间有限。虽然年末风 险偏好不会过高，意味着没有全面行情，但2026年确定性高景气板块仍会震荡向上。预计流动性有望缓 解，资金面信号显示外资交易盘开始重回港股，有望进入左侧布局春节前行情。 招商香港表示，港股在经历10月盘整后，悲观预期逐步出清。该机构认为，随着供需格局改善，中国经 济周期有望迎来景气拐点。科技产业的资本开支和研发投入将逐步转化为企业盈利，成为新的增长引 擎。而在美联储降息周期开启且结束QT缩表，中美政策"双宽松"共振，南向资金和外资将持续流入。 未来基本面改善，盈利预期上修叠加估值修复将驱动港股中长期上行，呈现慢牛趋势。 恒生指数低开0.49%，恒生科技指数跌0.71%。携程集团跌超4%，中国东方航空股份跌超3%，中国国航 跌近3%。 广发证券表示，港股可能再次迎来布局良机。如果后续美国政府停摆结束、美联储12月降息表态重新转 鸽、美联储停止缩表甚至重启扩表，美元流动性得到缓解，港股可能会出现新一轮上涨。配置上，11月 基本面驱动效应强，仍然采用杠铃策略，以红利为底仓，科技成长博弹性。广发证券称，港股牛市的基 ...

在投资的世界里，没有哪场对决比"黄金"与"科技股"的较量更引人入胜、更深刻地反映着时代的脉搏。这并非一场简单的资产价格竞争，而是一场关于价值 本质、时间取向和人类文明底层驱动力的哲学辩论。 投资科技股，是投资于"可能性"，是对人类智慧和进步的一种押注。它的逻辑是丰裕性逻辑——通过技术迭代，以更低的成本提供更强的性能，甚至创造全 新的需求。 简言之，黄金是"存在即价值"，科技股是"创造即价值"。 第二层：历史轨迹的交叉与背离——避险与风险的周期共舞 回顾2000年以来的历史，两者并非永远对立，而是在不同的经济周期中交替领跑，上演着一场精彩的"二人转"。 第一层：价值根基的截然相反——静态信任 vs. 动态创造 对决的根源，在于两者价值根基的截然不同。 黄金的价值是内向的、静态的，基于信任与共识。它的光芒，源于其物理特性：稀缺、稳定、永不腐蚀。千百年来，人类共同赋予它"终极价值储藏"的地 位。 它的价值不依赖于任何人的承诺或任何组织的运营，它就在那里。持有黄金，本质上是持有对整个人类文明信用体系的"保险"。当政府失信、货币超发、战 火纷飞时，黄金的價值便熠熠生辉。它的逻辑是稀缺性逻辑——总量有限，越挖越少。 科技 ...