证监许可【2011】1292号 叶倩宁 Z0016628 2025年12月12日星期五 行情导读：隔夜，美联储降息叠加启动RMP债券购买的偏鸽派行动对市场影响持续发酵叠加COMEX白银交割月行情的演绎，海外市场情绪高 涨的带动内外盘白银价格继续摸高。12月12日，日盘，沪银主力合约AG2602涨幅接近4%，收盘报14892元/千克，价格持续上涨带来波动率的 走强，白银VIX波动率指数维持在40%的高位。 数据来源：文华财经 驱动分析一：美国储宽松预期持续升温，流动性改善支持资金流向贵金属 美联储周四凌晨如期宣布降息25个基点将联邦基金利率目标区间下调至3.5%-3.75%，年内累计降息达75个基点。值得注意的是决议上宣布当月 启动400亿美元的短期国债购买用于准备金管理，在关键时间保障市场流动性。从市场反应来看，本次降息叠加启动 RMP债券购买的偏鸽派行 动具有重要意义，尽管区别于购买长债的QE扩表，但美联储的 RMP短债购买措施将持续到明年二季度，购债规模可能维持较高水平，都意味 着货币供应的实质性增加从而缓和了前期市场流动性的紧张。此外美国高频就业数据方面，截至12月6日当周感恩节假期后，首次申请失业救 ...

野村东方国际证券指出，险资、平准基金和指数化配置资金已成为A股资金面的主导力量，推动流动性 环境显著改善。其中保险资金对高自由现金价值企业的持续增配是重要驱动力之一，预计未来险资若将 股票和基金配置比例回升至2020年末水平，将带来约2500亿元增量资金。同时，平准基金通过宽基ETF 入市有助于稳定市场流动性，若年增持7500亿元可有效对冲再融资和减持压力，形成长期资金支持。这 种流动性改善趋势将系统性抬升A股估值水位，尤其利好权重股和具备稳定现金流的企业。 （文章来源：每日经济新闻） 投资者可关注现金流ETF（159399）。市场表现来看，标的指数富时现金流指数2016年至2024年连续9 年跑赢中证红利指数和沪深300指数。现金流ETF（159399）的标的指数聚焦大中市值，标的指数央国 企占比高于同类现金流指数，月月可评估分红，感兴趣的投资者或可持续关注。 ...

华宝证券指出，港股市场迎来企稳修复，受全球市场情绪改善影响，恒生科技指数反弹幅度较大，但波 动也明显更高，整体来看市场或正处于情绪回暖、风格切换阶段。海外流动性风险缓和，叠加美联储降 息预期升温，市场风险偏好回升，科技股"泡沫"担忧逐渐消化，权益市场重返震荡上行通道。展望后 市，随着春季行情临近，市场情绪有望进一步回升，港股科技板块或受益于流动性改善及风险偏好提 升。 港股通科技指数相比恒生科技指数超配新能源车、创新药、半导体等行业，从业绩表现来看，从2014年 底基日开始至2025年10月底，港股通科技指数累计收益256.46%，相对恒生科技指数（96.94%）超额近 160%，长期跑赢恒生科技指数、沪港深互联网指数、恒生互联网科技业指数、恒生医疗保健指数等同 类指数。 港股科技ETF（513020）跟踪的是港股通科技指数（931573），覆盖"互联网+半导体+创新药+新能源 车"等港股核心资产，集中体现多元化科技产业特征与港股市场核心科技企业的整体表现。 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 ...

Core Viewpoint - The recent surge in gold prices is attributed to a combination of rising expectations for interest rate cuts, improved liquidity, and escalating geopolitical risks [1][5]. Gold Market Performance - On November 25, international gold prices rose sharply, reaching a peak of $4155.916 per ounce before retreating to around $4130 per ounce [1]. - COMEX gold futures also showed an upward trend, increasing by 0.71% to $4123.2 per ounce, with an intraday high of $4133.5 [3][4]. Factors Influencing Gold Prices - Market expectations for a Federal Reserve interest rate cut in December have risen to 80%, the highest since the October meeting, contributing to the strength of precious metals [5]. - The U.S. government's reopening and a decrease in the Treasury General Account (TGA) balance have injected liquidity into the market, leading to a decline in overnight financing rates [5]. - Geopolitical tensions, particularly the slow progress in peace talks between Russia and Ukraine, have heightened demand for gold as a safe-haven asset [5][6]. Future Outlook - Analysts expect gold prices to continue their upward momentum, potentially challenging the $4200 per ounce mark in the short term [6]. - The long-term outlook remains positive due to ongoing central bank gold purchases and the irreversible trend of de-dollarization, which is expected to support gold prices [6].

Core Viewpoint - The recent surge in gold prices is attributed to a combination of rising expectations for interest rate cuts, improved liquidity, and escalating geopolitical risks [1][5]. Gold Market Performance - On November 25, international gold prices peaked at $4155.916 per ounce before retreating to around $4130 per ounce, maintaining high volatility [1]. - COMEX gold futures also showed an upward trend, rising by 0.71% to $4123.2 per ounce, with an intraday high of $4133.5 [3]. Domestic Gold Consumption - Domestic gold consumption is on the rise, with major retailers in Shanghai reporting prices for gold jewelry at approximately 1315 CNY per gram, marking recent highs [5]. Factors Influencing Gold Prices - Market expectations for a Federal Reserve interest rate cut in December have surged to 80%, the highest since the October meeting, contributing to the strength of precious metals [5]. - The reopening of the U.S. government and a decrease in the Treasury General Account (TGA) balance have injected liquidity into the market, further supporting gold prices [5]. - Geopolitical tensions, particularly the slow progress in peace talks between Russia and Ukraine, have heightened demand for gold as a safe-haven asset [5]. Future Outlook - Analysts predict that gold prices may continue to rebound in the short term, potentially challenging the $4200 per ounce mark [6]. - The long-term outlook remains positive due to ongoing central bank gold purchases and the irreversible trend of de-dollarization, which is expected to support upward movement in gold prices [6].

Group 1 - The core viewpoint of the report indicates that Minhua Holdings' performance for the first half of the fiscal year ending September exceeded expectations, with a slight net profit increase of 0.6% to HKD 1.146 billion, which is 7% higher than the bank's forecast [1] - Total revenue decreased by 3% year-on-year, primarily due to a 6% decline in revenue from the Chinese market, while the US and European markets experienced mild growth of 0.3% and 4% respectively [1] - The gross profit margin remained stable at 40.4%, also surpassing expectations [1] Group 2 - The bank maintains a "neutral" rating on Minhua Holdings, expressing optimism about the resilience of its business profit margins and a dividend yield of 6%, which can partially offset uncertainties related to tariff policies and domestic demand [1] - Considering the impact of the latest tariff policies, the bank has slightly lowered its net profit forecast for Minhua for the fiscal year 2026 by 2%, while raising the target price from HKD 4.6 to HKD 5.3 to reflect improved liquidity [1]

Core Viewpoint - Plug Power's stock price increased over 6% to $2.82 following the announcement of liquidity improvement measures totaling over $275 million through asset sales, releasing restricted cash, and reducing maintenance expenses [1] Group 1: Liquidity Improvement Measures - The company expects to achieve over $275 million in liquidity improvement through asset sales, releasing restricted cash, and reducing maintenance expenses [1] - Plug Power has signed a letter of intent with an unnamed U.S. data center developer to sell its power usage rights in New York and another location [1] Group 2: Strategic Partnerships - The collaboration with the data center developer aims to utilize Plug's advanced fuel cell technology to provide auxiliary and backup power solutions for data centers [1] - The data center developer is actively expanding its platform, indicating a growing market for reliable and sustainable energy solutions [1] Group 3: Reallocation of Resources - The company announced a pause on activities related to the U.S. Department of Energy (DOE) loan program, reallocating funds to higher-return opportunities within the hydrogen network [1] - CEO Andy Marsh emphasized that asset sales will strengthen the balance sheet and that partnerships with large data center projects will allow Plug to enter a rapidly growing market focused on reliability, resilience, and sustainability [1]

Core Viewpoint - Plug Power's stock price increased over 6% to $2.82 following the announcement of liquidity improvement measures totaling over $275 million through asset sales, releasing restricted cash, and reducing maintenance expenses [1] Group 1: Liquidity Improvement Measures - The company expects to achieve over $275 million in liquidity improvement through asset sales, releasing restricted cash, and reducing maintenance expenses [1] - Plug Power has signed a letter of intent with an unnamed U.S. data center developer to sell its power usage rights in New York and another location [1] Group 2: Strategic Partnerships - The collaboration with the data center developer aims to utilize Plug's advanced fuel cell technology to provide auxiliary and backup power solutions for data centers [1] - The data center developer is actively expanding its platform, indicating a growing market for reliable and sustainable energy solutions [1] Group 3: Reallocation of Resources - The company announced a pause on activities related to the U.S. Department of Energy (DOE) loan program, reallocating funds to higher-return opportunities within the hydrogen network [1] - CEO Andy Marsh emphasized that asset sales will strengthen the balance sheet and that partnerships with large data center projects will allow Plug to enter a rapidly growing market that values reliability, resilience, and sustainability [1]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 佈 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Cultural Tourism and Agriculture Group Limited 中 國 文 旅 農 業 集 團 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：542） 解決不發表意見一事的計劃及措施的落實進展 中國文旅農業集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）謹此提供有關本集團為減緩本集團的流動性壓力及解決本公司 核 數 師 就 持 續 經 營 不 發 表 意 見 一 事 落 實 的 計 劃 及 措 施（「計 劃 及 措 施」， 具 體 內 容 載於本公司截至二零二 四年十二月三十一日止年度的年報（「年報」）第37頁 ）的進 展。除另有界定外，本公佈所用詞彙與年報所界定者具有相同涵義。 自刊發本公司日期為二零二五年七月三十一日的最新進展公佈當日起 ...

Core Insights - The Hong Kong stock market is experiencing a strong rebound, particularly in the Hang Seng Technology Index and the biopharmaceutical sector, driven by long-term economic transformation and short-term liquidity improvements [3][4]. Group 1: Market Structure Changes - Over the past decade, the Hong Kong market has shifted from being dominated by financial and real estate sectors to a focus on technology companies, aligning with China's economic structural upgrades [3][4]. - The introduction of various institutional innovations has attracted more unique and high-quality companies to list on the Hong Kong Stock Exchange [3]. Group 2: Factors Driving Market Growth - Improved liquidity is identified as the most direct driving force, with a significant recovery in market conditions since last year, leading to a narrowing of the valuation gap between Hong Kong and A-share markets [4]. - Many companies are increasingly focusing on shareholder returns, with major blue-chip companies achieving annual shareholder yields of 5% to 10% through dividends and buybacks, reflecting a recognition of long-term value [4]. - The surge in the technology and biopharmaceutical sectors is closely linked to collaborations and acquisitions by international pharmaceutical companies with Chinese firms, supported by China's strong new drug pipeline [4][5]. Group 3: Market Resilience and Future Outlook - The risk of delisting for Chinese companies in the U.S. has pressured the market, but Hong Kong has successfully attracted many of these companies for secondary or dual listings, alleviating concerns and drawing international investment [5]. - The rise of the Hang Seng Technology and biopharmaceutical sectors is seen as a result of market structure optimization and a renewed prosperity in China's capital markets, indicating the start of a new development cycle [6].