港股點評 2025年8月22日9:30 a.m 恒指跌 61 點，滬指升 4 點，標普 500 跌 25 點 金管局通過貼現窗口向銀行提供 7,700 萬元流動性，美科技股續回吐，港股進 入業績高峰期，大市偏軟，恒指高開 50 點後反覆下跌，午後曾跌 165 點低見 25,000 點，尾市跌幅收窄，全日跌 61 點或 0.2%，收 25,104 點；國指跌 38 點或 0.4%，收 8,974 點；恒生科技指數跌 42 點或 0.8%，收 5,498 點。大市全日成交 總額 2,394.87 億元。 人民銀行 21 日公開市場開展 2,530 億元人民幣七天期逆回購操作，操作利率持 平於 1.4%。有 1,287 億元逆回購到期，單日淨投放 1,243 億元。人民幣兌美元中 間價上調 97 點至 7.1287。A 股三大指數早市穩升，午後個別發展。滬指全日收 報 3,771 點，升 4 點或 0.1%，成交額 9,977 億元；深證成指收報 11,919 點，跌 6 點或 0.06%，成交額 1.43 萬億元；創業板指收報 2,595，跌 12 點或 0.5%，成交 額 6,480 億元。 美國 8 月次周首 ...

藥明合聯(02268.HK) 公布 6 月止六個月中期業績，收益 27.01 億人民幣，按年 增加 62.2%，主要是全球抗體偶聯藥物(ADC)及更廣泛生物偶聯藥物市場持續活 躍發展，推動客戶數量及項目數量增加，以及集團 ADC CRDMO 服務提供商的 市場份額升。錄得純利 7.46 億元，增長 52.7%，每股盈利 62 分。不派息。 港股點評 2025年8月19日9:30 a.m 恒指跌 93 點，滬指升 31 點，標普 500 跌 1 點 港股先升後回。恒指高開 23 點後升幅擴大，曾升 196 點高見 25,466 點，午後回 吐，以全日低位 25,176 點收市，跌 93 點或 0.4%；國指跌 5 點，收 9,033 點；恒 生科技指數升 36 點或 0.6%，收 5,579 點。大市全日成交總額 3,127.83 億元，錄 自 7 月 31 日以來最高水平。北水交易總成交額 1,818.28 億元，而南向資金今日 淨流入 13.87 億元，較上周五淨流入 358.76 億元大降 96%。 人民銀行 18 日公開市場開展 2,665 億元人民幣七天期逆回購操作，操作利率持 平於 1.4%。有 1 ...

Market Performance - The Hang Seng Index opened 197 points lower and closed 249 points or 1% down at 25,270, with a daily trading volume up over 15% to HK$312.687 billion [1] - The Shanghai Composite Index rose 30 points or 0.8% to 3,696, with a turnover of RMB960.6 billion; the Shenzhen Component Index rose 183 points or 1.6% to 11,634, with a turnover of RMB1.28 trillion; the ChiNext Index rose 64 points or 2.6% to 2,534, with a turnover of RMB652.2 billion [2] - The Dow Jones Industrial Average rose 34 points or 0.1% to 44,946; the S&P 500 Index fell 18 points or 0.3% to 6,449; the Nasdaq Composite Index fell 87 points or 0.4% to 21,622 [2] Central Bank Operations - The People's Bank of China conducted a 7 - day reverse repurchase operation worth RMB238 billion at an unchanged rate of 1.4% on the 15th, with a net injection of RMB116 billion after RMB122 billion of reverse repurchases matured. It also carried out a 6 - month buy - out reverse repurchase operation worth RMB500 billion [2] - The central parity rate of the RMB against the US dollar was lowered by 34 points to 7.1371 [2] Corporate News - Huahong Semiconductor is planning to acquire the controlling stake of Shanghai Huili Microelectronics by issuing shares and paying cash, and is currently in contact with potential transaction parties [4] - Argo Biopharma is considering an IPO in Hong Kong, aiming to raise about US$300 million (equivalent to about HK$2.34 billion) [4] - China Shenhua plans a mid - 2025 profit distribution, with the amount not less than 75% and not more than the attributable net profit to shareholders in the first half of the year [4] - Longfor Group issued a profit warning, expecting a 45% drop in profit and a 70% drop in core profit for the six months ended June compared to last year due to the decline in the real estate industry [5] - China Hongqiao reported a 10.1% year - on - year increase in revenue to RMB81.039 billion and a 35% increase in net profit to RMB12.361 billion for the six months ended June, with no interim dividend [5] - Sands China reported a 23.7% year - on - year drop in net profit to US$413 million for the six months ended June, with an interim dividend of HK$0.25 [5] International News - US President Trump and Russian President Putin met in Alaska but did not reach a consensus on a cease - fire in Ukraine. Trump said they discussed land transfer and security guarantees in Ukraine and were close to an agreement, pending Ukraine's approval [3] - Based on the results of the meeting, Trump said he did not think it was necessary to take action regarding China's purchase of Russian oil for the time being and might reconsider in two to three weeks [3] Banking Data - In the first half of 2025, commercial banks in China achieved a cumulative net profit of RMB1.2 trillion. At the end of the second quarter of 2025, the average return on capital was 8.19% and the average return on assets was 0.63% [4]