陆家嘴金融沙龙 . 以下文章来源于陆家嘴金融沙龙 ，作者沙龙秘书处 旨在打造陆家嘴论坛常态化品牌，助力上海国际金融中心核心区建设，深化"五个中心"战略及金融领 域"五篇大文章"功能实现。 11月22日，"陆家嘴金融沙龙"第37期活动在上海浦东画上圆满句号。本期沙龙以"浪潮下的审视：赴 港上市的实践与思考"为主题，特邀来自券商、上市公司、投资机构及律所的专家，从资本运作、投 资逻辑、合规风控等多个维度，深入解析港交所上市带来的新机遇与挑战，帮助企业把握赴港上市 的节奏和路径选择。 今年香港IPO融资超300亿美金，上市公司数量超80家 2025年，香港市场恒生指数和恒生科技指数均出现了大幅提升。但是在陈奇看来，香港资本 市场的估值仍处于相对较低水平。从行业特征来看，各个板块在香港资本市场都表现良好，科 技和生物医药板块最受关注，原材料、有色金属板块涨幅更加明显。 "流动性是推动港股市场表现亮眼的最重要因素。"陈奇以数据佐证，去年港股日平均成交金额 约为1300亿港元，截至今年10月，这一指标已经接近翻番。 由于港股市场的强劲表现，A股和H股的价差在显著收窄。今年，港股通净买入金额超1.3万亿 港币。此外，香港资 ...

港股多个指数成份股进行调整。 11月21日，恒生指数公司宣布截至2025年9月30日的恒生指数系列季度检讨结果，相关变动将于2025年 12月5日（星期五）收市后实施，并于2025年12月8日（星期一）起生效。 根据相关调整，恒生指数成份股数目将进一步增加，由88只增加至89只。 港股市场多个指数调整成份股 11月21日，恒生指数公司宣布截至2025年9月30日的恒生指数系列季度检讨结果，恒生指数成份股数目 将由88只增加至89只，加入信达生物。 | 代号 | 公司 | 恒指分类指数 | | --- | --- | --- | | 1801 | 信达生物制药 | 恒生工商业分类指数 | 恒生中国企业指数成份股数目维持50只，加入中国宏桥、信达生物、百胜中国3只股票，同时剔除新奥 能源、海底捞、新东方-S。恒生中国企业指数成份股公司的变动亦适用于恒生中国企业精明指数。 | 代号 | 公司 | | --- | --- | | 1378 | 中国宏桥集团有限公司 | | 1801 | 信达生物制药 | | 9987 | 百胜中国控股有限公司 | | 代号 | 公司 | | --- | --- | | 9863 | ...

港股多个指数成份股进行调整。 11月21日，恒生指数公司宣布截至2025年9月30日的恒生指数系列季度检讨结果，相关变动将于2025年12月5日（星期五）收市后实施，并于2025年12月8日（星期 一）起生效。 根据相关调整，恒生指数成份股数目将进一步增加，由88只增加至89只。 港股市场多个指数调整成份股 11月21日，恒生指数公司宣布截至2025年9月30日的恒生指数系列季度检讨结果，恒生指数成份股数目将由88只增加至89只，加入信达生物。 | 代号 | 公司 | 恒指分类指数 | | --- | --- | --- | | 1801 | 信达生物制药 | 恒生工商业分类指数 | 恒生中国企业指数成份股数目维持50只，加入中国宏桥、信达生物、百胜中国3只股票，同时剔除新奥能源、海底捞、新东方-S。恒生中国企业指数成份股公司的变 动亦适用于恒生中国企业精明指数。 | · · · HE | | | --- | --- | | 代号 | 公司 | | 9863 | 浙江零跑科技股份有限公司 - H 股 | | 代号 | 公司 | | --- | --- | | 1378 | 中国宏桥集团有限公司 | | 180 ...

从全球局势来看，G2格局逐步确立，未来国际格局中，中美有望出现你追我赶、齐头并进的发展态 势，而非美国在科技上遥遥领先的局面。未来，中美在经贸领域还会继续在合作中竞争、在竞争中发 展。我国在硬件和软件两个方面均实现突破，特别是DeepSeek大模型横空出世，以及在芯片、半导体 方面实现的突破，都提升了全球资本对于中国科技创新的信心，这也是这轮牛市以科技为主线的重要原 因。虽然前期科技板块涨幅较大，一些投资者选择暂时获利了结，导致科技板块出现调整，但科技牛市 预计并没有结束。人工智能带来的科技进步以及生产力提升的趋势将会延续。结构性牛市以科技为主， 主要体现在资金集中投资于少数科技创新板块，如机器人、芯片、半导体、算法创新、固态电池等；到 了全面牛市阶段，更多板块可能会出现上涨，这或将会给市场带来赚钱机会。因此，预计2026年市场的 赚钱效应可能比今年更强，投资机会可能也更多，投资者的体验也可能会更好。 2025年，市场虽走出了牛市走势，但呈现出典型的哑铃型结构：一头是以银行为代表的低估值、高股息 板块，部分个股甚至创新高；另一头是代表新质生产力的科技股大幅上涨，而大多数板块没有明显表 现。2026年，如基本面 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 船舶贵金属领涨 A 股小幅上行 ——市场分析 相关报告 证券研究报告-市场分析 发布日期：2025 年 11 月 19 日 投资要点： ◼ A 股市场综述 《市场分析：传媒互联网领涨 A 股震荡整固》 2025-11-18 《市场分析：软件锂电行业领涨 A 股震荡整 理》 2025-11-17 《市场分析：光伏医药行业领涨 A 股小幅震 荡》 2025-11-14 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 周三（11 月 19 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指低 开后震荡上行，盘中沪指在 3958 点附近遭遇阻力，午后股指维持震 荡，盘中船舶制造、贵金属、能源金属以及银行等行业表现较好； 互联网服务、软件开发、文化传媒以及电子元件等行业表现较弱， 沪指全天基本呈现小幅震荡上行的运行特征。创业板市场周三震荡 上扬，创业板成分指数全天表现强于主板市场。 ◼ 后市研判 ...

Market Overview - The A-share market experienced a day of volatility with all three major indices continuing to decline, while sectors such as AI applications and software development saw gains, and sectors like batteries, coal, and steel faced losses [1] - The CSI A500 index fell by 0.8%, the CSI 300 index decreased by 0.7%, and the ChiNext index dropped by 1.2%, while the STAR Market 50 index rose by 0.3% [1] - The Hang Seng Index also saw a significant pullback, with major sectors including finance, internet, and innovative pharmaceuticals collectively declining, although the semiconductor sector showed some localized activity [1] Index Performance - The CSI 300 index, composed of 300 large and liquid stocks from the Shanghai and Shenzhen markets, recorded a decrease of 0.7% with a rolling P/E ratio of 14.1 times [3] - The CSI A500 index, which includes 500 stocks with larger market capitalization and liquidity, fell by 0.8% and has a rolling P/E ratio of 16.7 times [3] - The Hang Seng China Enterprises Index, tracking 50 large and actively traded mainland Chinese companies listed in Hong Kong, declined by 1.7% with a rolling P/E ratio of 10.7 times [7]

Market Overview - The Hang Seng Index opened down 1.52%, with the Hang Seng Tech Index falling 2.22%, led by declines in tech stocks such as Hua Hong Semiconductor down nearly 4%, Alibaba down over 3%, and Tencent Holdings down over 1% post-earnings [1] - Despite recent adjustments, the foundation for a bull market in Hong Kong stocks remains intact, with expectations of a "volatile upward trend" rather than a rapid increase [1][2] Investment Strategy - A barbell strategy is recommended, focusing on stable value assets, particularly H-shares with high AH premium, as a long-term base, while also considering growth assets in high-prosperity sectors [1] - The internet and high dividend sectors are highlighted as areas of interest, with the internet sector's valuation entering an attractive range after prolonged adjustments [2][4] Valuation Insights - The Hang Seng Internet Technology Index's latest PE ratio is 21.45, placing it in the 16.09% historical low range, indicating significant valuation recovery potential [2][3] - Hong Kong stocks are currently below the average PE ratio of the past decade, making it one of the cheapest markets in the Asia-Pacific region outside of ASEAN [5] Market Sentiment and Future Outlook - The market is expected to focus on policy implementation and interest rate trends, with potential for a rebound in the Hong Kong market if U.S. interest rates confirm a downward trend and domestic economic recovery signals become clearer [2] - Analysts maintain a cautiously optimistic view on the market's mid-term trajectory, despite short-term volatility, due to strong fundamentals and ongoing policy support [2][3][4]

Group 1 - Public funds have significantly increased their allocation to Hong Kong stocks, with the investment market value reaching 1.362211 trillion yuan by the end of Q3 2025, a 43.09% increase from 951.985 billion yuan at the end of Q2 2025 [1] - The market value of equity and index funds in Hong Kong stocks reached 1.231653 trillion yuan and 701.284 billion yuan, reflecting increases of 45.02% and 73.07% respectively [1] - The surge in public fund holdings in Hong Kong stocks indicates a structural transformation in asset allocation, driven by the attractiveness of technology and value stocks [1] Group 2 - The influx of funds into Hong Kong ETFs is attributed to three main reasons: valuation advantages compared to A-shares, the convenience and low cost of ETF trading, and risk diversification benefits [2] - The top Hong Kong stocks that public funds increased their holdings in include SenseTime-W, Alibaba Health, China Biologic Products, and others, primarily in the information technology and healthcare sectors [2] - A total of 38 cross-border ETFs attracted a net inflow of 49.561 billion yuan in Q3, with a year-to-date net inflow of 72.642 billion yuan as of November 12 [2]

Core Viewpoint - The continuous inflow of southbound funds into the Hong Kong stock market has reached a record high, indicating a significant transformation in market liquidity and activity, driven by strategic allocation needs from mainland investors seeking undervalued assets and high-quality stocks [1][2][4]. Group 1: Market Performance - As of November 10, southbound funds have net inflows of 66.54 billion HKD, bringing the total for the year to 1.305 trillion HKD, and cumulative inflows since the launch of the Hong Kong Stock Connect have surpassed 5 trillion HKD [2][3]. - Major indices in the Hong Kong market, including the Hang Seng Index, Hang Seng Tech Index, and Hang Seng China Enterprises Index, have all seen year-to-date increases of over 30%, ranking among the top global markets [2]. Group 2: Factors Driving Inflows - The influx of southbound funds is driven by five key factors: valuation discounts compared to A-shares, demand for technology leaders and high-dividend assets in a declining domestic interest rate environment, improved connectivity mechanisms, long-term investment needs from insurance and public funds, and global liquidity easing expectations [3][4]. - The phenomenon of "asset scarcity" is also noted, where abundant funds are seeking quality assets, leading to increased southbound investments in the Hong Kong market [4]. Group 3: Market Dynamics and Trends - Southbound funds accounted for approximately 34.64% of the total trading volume in the Hong Kong market in 2024, a significant increase from previous years [5]. - The market capitalization held by southbound funds is around 6.21 trillion HKD, representing 12.93% of the total market, with insurance and public funds making up over 40% of this capital [6]. Group 4: Future Outlook - The Hong Kong market is expected to benefit from a "positive cycle" as more mainland companies list in Hong Kong, attracting further capital inflows and enhancing liquidity [7]. - Despite significant gains this year, the valuation of the Hong Kong market remains attractive compared to global peers, providing further incentives for mainland investors to allocate capital southward [8].

Core Viewpoint - The Hong Kong stock market showed mixed performance with the Hang Seng Index rising by 0.63% while the Hang Seng Tech Index fell by 0.41% [1] Market Performance - The Hong Kong stock market closed with the Hang Seng Index up by 0.63% and the Hang Seng Tech Index down by 0.41% [1] - The Hong Kong Tech ETF (159751) remained flat, while the Hang Seng Hong Kong Stock Connect ETF (159318) increased by 1.04% [1] Sector Performance - The container and packaging sector, along with the life sciences tools sector, saw significant gains [1] - The building products sector, as well as the semiconductor products and equipment sector, experienced notable declines [1] Individual Stock Performance - Wanhua Media surged over 114% [1] - BeiGene rose by 7.7%, while Mixue Group increased by 4.99% [1] - Kelun-Bio gained 4.89%, China Resources Mixc Lifestyle rose by 4.38%, JD Health increased by 4.31%, and China Resources Land rose by 4.12% [1] - Fuyao Glass fell by 6.82%, and GCL-Poly Energy dropped by 10.56% [1] - Shanghai Auntie rose by 16.16%, and Brainstorm Cell Therapeutics-B increased by 11.01% [1]