[Table_Page] 投资策略|专题报告 2025 年 12 月 10 日 证券研究报告 [Table_Title] 港股市场下跌点评 ——市场点评 报告摘要： ⚫ 结论：周一晚间，市场预期的下任美联储主席哈赛特，发表鹰派降息表 述，而港股 12 月面临限售股解禁高峰、分子端基本面承压，所以受到 流动性的冲击更大。潜在反弹时间点关注 12 月中下旬、明年 1 月初。 技术面，在牛市情况下，恒科跌破 120 日均线，说明下跌动能释放已 经比较充足，在 120~250 日均线之间随时有反弹可能性，截至 12 月 9 日，距离 250 日均线只差 2.7%。 ⚫ 昨天港股大幅下跌的原因 因为川普不满鲍威尔降息表述，市场预期下任联储主席偏鸽派，目前最 有可能担任主席的哈赛特，在周一晚间表述：认同鲍威尔的工作，不能 提前公布未来六个月利率政策；应该"紧盯经济数据，适度、谨慎的下 调利率"。这和市场的鸽派预期出现差异，所以外资净流出新兴市场， 作为一个验证，可以看到印尼、印度、新兴市场等跌的较多，而南向是 净流入港股的。 ⚫ 为什么港股跌最大，并且 11 月中旬以来加速下跌？ 港股基本面看中国内地，流动性看海外。A ...

Group 1 - A-share market experienced a significant rally, with the ChiNext Index surpassing 3000 points for the first time in over three years, and the Sci-Tech 50 Index seeing an intraday increase of over 5% [2][4] - Key stocks in the Sci-Tech board, such as Haiguang Information and Cambricon Technologies, saw substantial gains, with Haiguang Information hitting a historical high of 220.84 yuan and a market capitalization exceeding 510 billion yuan [4][5] - The ChiNext Index recorded a rise of 4.31%, reaching 3029.58 points, with a total trading volume of approximately 419.48 billion yuan [5] Group 2 - The Hong Kong stock market showed a slight decline in the morning, with notable stocks like Semiconductor Manufacturing International Corporation and China Hongqiao Group performing well, while others like CSPC Pharmaceutical Group faced losses [6] - In the Hong Kong market, Longi Green Energy and other stocks saw significant intraday increases, with Longi Green Energy rising over 19% [6] - The announcement of clinical trial results for Tinengotinib by Yaojie Ankang-B indicated promising outcomes for breast cancer treatment, contributing to the stock's strong performance [7]