值得关注的是，港股此轮回购潮中，龙头科技公司的带头引领作用更强。自今年11月份以来，港股市场回购金额居前两位 的公司是腾讯控股和小米集团。另外，快手、金山软件等科技公司近期回购金额也较多。 陈雳表示，本轮港股回购呈现显著特点，一是主体高度集中，以腾讯、小米为代表的科技龙头主导，单日回购规模超6亿 港元；二是力度持续攀升，11月份回购股数达7亿股，12月上旬超3亿股，头部企业连续回购已成常态；三是资金性质明确，均 使用闲置自有资金且未占用经营资金，形成"龙头大规模持续回购、中小企业阶段性回购"的分化特征。 本报记者 孟珂 今年11月份以来，龙头科技公司回购活跃，引领港股市场掀起新一轮回购潮。 据Wind资讯统计，今年11月份，港股市场上市公司合计回购股份数量超过7亿股，而8月份至10月份，港股市场每月回购股 份数量分别为2.6亿股、5.3亿股和5.3亿股。 进入12月份，港股市场回购活跃的趋势得以延续，仅12月上旬短短几个交易日累计回购股份数量已超过3亿股。 川财证券总裁助理、首席经济学家、研究所所长陈雳对《证券日报》记者表示，港股新一轮回购潮的核心原因在于，当前 股价与企业内在价值错配，企业通过回购直接向市场 ...

今日（12月11日），受美联储降息刺激，港股市场早盘一度高开。然而，后续发展不尽如人意，最终反弹告吹，各类指数小幅回落。 截至收盘，恒生指数报收于25530.51点，下跌10.27点，跌幅0.04%。从成交量看，港股今日全天仅成交1825亿港元，再次出现缩量。 恒生科技指数收报5534.59点，下跌46.51点，跌幅0.83%。 焦点公司方面，中兴通讯（HK00763）突发大跌，截至收盘，股价跌超13%。同时，中兴通讯A股（SZ000063）也以跌停报收。 资金方面，截至收盘，南向资金累计净买入港股超7亿港元。 后市展望： 招商国际认为，在美联储降息、AI投资等因素支持下，预计美国经济明年保持温和增长，维持对美股的战略性看多，但需关注结构性分化和一季度短期风 险。针对明年港股市场展望，该行表示，港股将从估值修复主导，迈向盈利增长主导。估值扩张可能减弱，但流动性宽松，不会形成拖累。2026年呈现盈利 驱动与流动性托底相结合的格局，通过"新供给创造新需求"，成为港股市场新动力。 招商国际还指出，新经济支撑港股走向基本面驱动；内外部政策环境向好；外资和南向资金的新供给增加，转化为对港股配置的新需求。基于股东权益回报 ...

Core Viewpoint - The food and beverage sector is experiencing a pullback, with the Food ETF (515710) showing a decline of 0.34% as of the latest update, driven by poor performance in consumer staples and certain liquor stocks [1] Group 1: Market Performance - The food and beverage sector has seen significant capital inflow, with over 96 million yuan invested in the Food ETF (515710) over the past five trading days [3] - Major liquor companies, Guizhou Moutai and Wuliangye, announced interim dividend distributions totaling approximately 40 billion yuan, with Moutai distributing 30 billion yuan and Wuliangye distributing 10 billion yuan [3] Group 2: Valuation and Investment Opportunities - The valuation of the food and beverage sector is at a historical low, with the price-to-earnings ratio of the Food ETF's underlying index at 19.99, placing it in the 4.7% percentile of the last decade [4] - Analysts suggest that the current market conditions present a favorable opportunity for left-side positioning in the sector, particularly in high-quality assets like liquor and consumer staples [4] - Recommendations include focusing on leading companies with stable demand and strong risk resilience, as well as those actively developing new products and channels [4] Group 3: ETF Composition - The Food ETF (515710) tracks the CSI Sub-Industry Food and Beverage Index, with approximately 60% of its holdings in high-end and mid-range liquor stocks, and nearly 40% in beverage, dairy, seasoning, and beer sectors [5] - The top ten weighted stocks in the ETF include major brands such as Moutai, Wuliangye, and Yili [5]

天风证券指出，资本市场方面，A股市场"科技叙事"逻辑日益清晰，险资有望持续加配高股息资 产，看好"科技+高股息"的中国"股市叙事"持续演绎，居民侧有望为市场提供增量资金。券商行业将强 化服务实体经济功能，从规模导向转向功能优先，支持头部机构适度提升杠杆，中小券商则需差异化发 展，打造精品投行或特色服务商。保险公司方面，风险因子调降将利好长期持仓的沪深300、中证红利 低波动及科创板股票，有助于提升权益投资弹性，同时引导险资强化长期投资能力，发挥耐心资本作 用。行业整体将聚焦稳市兴市、优化居民资产配置及专业服务能力提升。 证券ETF（512880）跟踪的是证券公司指数（399975），该指数从A股市场中选取从事经纪、投 行、资产管理等业务的证券公司证券作为指数样本，以反映证券行业相关上市公司证券的整体表现。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨 ...

Core Viewpoint - The Chinese real estate stocks experienced a strong rally in the afternoon, with significant price increases observed in several major companies, driven by expectations of policy easing due to further deterioration in the fundamentals of the sector [1] Group 1: Stock Performance - Vanke Enterprises (02202) saw a peak increase of 16.47%, reaching HKD 3.89 [1] - Sunac China (01918) rose by 12.56%, trading at HKD 1.39 [1] - Jin Hui Holdings (09993) increased by 11.56%, with a price of HKD 2.22 [1] - Shimao Group (00813) experienced a rise of 9.85%, priced at HKD 0.223 [1] - Agile Group (03383) climbed by 9.68%, reaching HKD 0.34 [1] Group 2: Analyst Insights - Caixin Securities indicated that the expectation of policy easing due to further declines in fundamentals could lead to a valuation recovery in the sector in the short term [1] - The firm suggested focusing on valuation recovery opportunities driven by policy easing in the short term, while in the medium to long term, attention should be on leading companies with core city resources and real estate operational capabilities [1] - Galaxy Securities highlighted that risks in real estate, small financial institutions, and local debts may be key areas for future policy focus [1]

Core Viewpoint - The Hong Kong stock market is experiencing a correction, with the Hang Seng Index and related ETFs facing downward pressure, yet there are signs of capital inflow indicating potential investment opportunities [1][4][10] Group 1: Market Performance - The Hong Kong market indices are down, with the Hong Kong Large Cap 30 ETF (520560) falling over 0.7%, reaching its lowest point since inception [1] - Despite the market downturn, the Hong Kong Large Cap 30 ETF has seen significant inflows, accumulating 47.44 million HKD in the last five days and 72.32 million HKD over the past 20 days [1][4] Group 2: Valuation and Investment Outlook - Citic Securities highlights that the Hong Kong stock market is forming a significant valuation gap, with the Hang Seng Index's expected EPS growth for 2026 at 8%, corresponding to a dynamic P/E ratio of only 12 times [3][8] - The influx of southbound capital has reached a record high of nearly 1.4 trillion HKD for the year, indicating strong demand for Hong Kong stocks [3][8] - The Hong Kong market is home to a complete AI industry chain, which is expected to benefit from technological breakthroughs and increased correlation with global tech indices [3][8] Group 3: Future Projections - Citic Securities anticipates a second round of valuation recovery for Hong Kong stocks by 2026, driven by internal policy support and external economic conditions [4][9] - The internal factors include the implementation of the "14th Five-Year Plan," ongoing anti-involution measures, and accelerated AI commercialization, which are expected to solidify corporate profit foundations [4][9] - External factors such as the U.S. midterm elections, potential monetary easing in Japan, and improved U.S.-China relations are likely to attract foreign capital back to the Hong Kong market [4][9] Group 4: Investment Strategy - For investors looking to balance technology exposure with lower volatility, the Hong Kong Large Cap 30 ETF (520560) and its associated funds are recommended, featuring a mix of high-growth tech stocks and stable dividend-paying companies [4][10]

2025年港股步入估值修复与结构重塑并行阶段，估值低估、资金错位与业绩分化成为核心特征。历经此 前三年调整，恒生指数形成显著的估值洼地，南向资金创纪录净流入与外资转向共同重塑资金格局。 日前，中信证券海外策略首席分析师徐广鸿在接受中国证券报记者专访时表示，2026年港股将在政策红 利与外部风险博弈中开启第二轮估值修复，内外因素共振有望进一步打开上行空间。在此背景下，投资 需紧扣"业绩确定性+估值弹性"主线，科技、医药、资源品与必选消费四大赛道，凭借政策支撑、产业 景气或供需优势，成为把握港股修复行情的核心方向。 美联储政策成为短期最大变量，徐广鸿认为，市场对12月"鹰派"降息存在担忧，但机构判断此次议息会 议或为"鹰派"恐慌顶点，后续随着美联储主席提名博弈展开，若未出现极端"鹰派"候选人，市场将重回 宽松交易逻辑。 估值洼地凸显 今年以来，港股三大指数震荡上行。Wind数据显示，截至12月9日，恒生指数、恒生中国企业指数、恒 生科技指数分别累计涨幅为49.20%、22.59%、24.32%。 "当前港股正处于估值修复与结构重塑的关键阶段，估值低估、资金错位与业绩分化构成市场核心特 征。"徐广鸿表示，从估值维度 ...

● 本报记者 谭丁豪 2025年港股步入估值修复与结构重塑并行阶段，估值低估、资金错位与业绩分化成为核心特征。历经此 前三年调整，恒生指数形成显著的估值洼地，南向资金创纪录净流入与外资转向共同重塑资金格局。 日前，中信证券海外策略首席分析师徐广鸿在接受中国证券报记者专访时表示，2026年港股将在政策红 利与外部风险博弈中开启第二轮估值修复，内外因素共振有望进一步打开上行空间。在此背景下，投资 需紧扣"业绩确定性+估值弹性"主线，科技、医药、资源品与必选消费四大赛道，凭借政策支撑、产业 景气或供需优势，成为把握港股修复行情的核心方向。 估值洼地凸显 今年以来，港股三大指数震荡上行。数据显示，截至12月9日，恒生指数、恒生中国企业指数、恒生科 技指数分别累计涨幅为49.20%、22.59%、24.32%。 "当前港股正处于估值修复与结构重塑的关键阶段，估值低估、资金错位与业绩分化构成市场核心特 征。"徐广鸿表示，从估值维度看，2021年春节后至2024年1月底，恒生指数经历了连续三年的"杀估 值"行情，累计下跌超50%，持续下跌累积的悲观情绪导致估值压制，甚至对潜在风险过度计价。2024 年起市场迈入估值与业绩双 ...

对于该板块，湘财证券指出，当前板块估值分位数处于历史低位，随着市场风格切换，已逐步显现相对 收益，建议关注基本面压力释放后的底部回暖机遇与估值修复潜力。消费变革下，既要关注品类、渠 道、消费场景的创新机会，又要关注传统消费领域中积极求变及低估值的配置机会。建议关注两条主 线：一是需求稳定、抗风险能力强的龙头；二是积极布局新品新渠道新场景、抢占高增长赛道的企业， 当前重点关注兼具战略前瞻性和执行力的优质企业。 食品饮料板块9日盘中震荡上扬，截至发稿，安记食品（603696）涨停斩获6连板，皇氏集团 （002329）、海欣食品（002702）午后亦涨停，一鸣食品（605179）涨近6%。 值得注意的是，安记食品已连续6个交易日涨停。公司8日晚间发布风险提示称，经自查，公司目前日常 经营活动正常，市场环境、行业政策没有发生重大变化或调整，内部生产经营秩序正常，不存在应披露 而未披露的重大信息。公司股票交易存在市场情绪过热情形及较高的炒作风险，可能存在短期涨幅较大 后的大幅下跌风险。敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 ...

Core Viewpoint - The A-share market is experiencing a strong rally led by the brokerage sector, with significant inflows and positive policy changes supporting this trend [1][4][10]. Group 1: Market Performance - The top-performing brokerage ETF (512000) opened high and saw a price increase of over 3%, closing up 2.1%, marking three consecutive days of gains [1][8]. - Individual brokerage stocks also performed well, with notable increases such as a nearly 7% rise for Industrial Securities and over 4% for Northeast Securities [1][8]. Group 2: Policy Support - The China Securities Regulatory Commission (CSRC) announced measures to expand capital space and leverage limits for brokerages, which is expected to enhance capital efficiency and profitability for leading firms [2][10]. - A recent adjustment in risk factors for insurance companies' investments in major indices is projected to release an additional 108.6 billion yuan into the market, providing substantial liquidity support [2][10]. Group 3: Financial Metrics - The net profit growth for the 49 listed brokerages in the first three quarters was 61.6%, while the price-to-book ratio stands at 1.47, indicating a relative undervaluation compared to historical levels [2][10]. - The brokerage sector is experiencing a divergence between high earnings growth and low valuations, creating potential for valuation recovery [2][10]. Group 4: Capital Inflows - Significant capital inflows into the brokerage sector were noted, with a net inflow of 5.946 billion yuan on December 5 and an additional 6.708 billion yuan recently [3][11]. - The brokerage ETF (512000) has seen a total net inflow of 1.881 billion yuan over the past 20 days, leading among similar ETFs [3][11]. Group 5: Investment Tools - The brokerage ETF (512000) and its linked funds provide an efficient investment tool that encompasses 49 listed brokerage stocks, catering to both large and small firms [6][13].