来源：第一财经 恒指报26359.19点，跌0.8%，恒生科技指数报5743.57点，跌1.19%。电气设备、有色金属、医药生物板 块跌幅居前；油气、煤炭股走强，半导体板块表现活跃，上海复旦涨超4%。（AI生成） ...

港股上午盘三大指数集体弱势，恒生指数午间收跌0.8%，国企指数、恒生科技指数分别下跌0.79%及 1.19%，并且均录得2连跌行情。作为市场风向标的权重科技股集体低迷拖累大市走低，黄金股、铜业 股等有色金属全线下跌，中资券商股、重型基建股等中字头多数表现低迷。另外，碳酸锂主力合约大涨 超4%，锂矿股走强明显，赣锋锂业、天齐锂业大涨，台积电Q3验证增长逻辑，半导体制造板块景气延 续，半导体芯片股多数活跃。(格隆汇) ...

港股午间收盘，恒生科技指数跌0.77%，恒生指数跌0.58%。港股科技ETF（159751）涨0.09%，恒生港 股通ETF（159318）跌0.28%。板块方面，金属与采矿、客运航空公司板块涨幅靠前；水务、酒店和度 假村REIT板块跌幅靠前。个股方面，赣锋锂业涨11.25%，百济神州涨6.96%，中国生物制药涨6.36%， 洛阳钼业涨5.95%，信达生物涨5.45%，科伦博泰生物-B涨5.13%，中国南方航空股份涨4.54%，中国铝 业涨4.22%；德昌电机控股跌13.62%，巨星传奇跌17.57%；新秀丽涨17.99%，龙蟠科技涨16.34%。 ...

隔夜美股三大指数涨跌不一，中概指数跌1.46%。港股三大指数集体低开，恒指跌0.53%，国指跌0.5%，恒生科技指数跌0.82%。权重科技股集体 走低，京东跌2.57%，快手跌2%，阿里巴巴跌1.85%，腾讯跌超1%，百度、美团跌0.79%；欧佩克将石油市场展望转为过剩，美国原油期货收跌约 4.2%，连续上涨的石油股回调，中国海洋石油跌2.35%，汽车股、濠赌股等多数下跌。另外，在美国政府停摆可能结束之前，金价持稳，黄金股 集体强势，赤峰黄金、灵宝黄金涨近3%。 （原标题：港股早评：三大指数低开，科技股普跌，黄金股集体强势） ...

Investment Rating - The report maintains an "Outperform" rating for the Hong Kong stock market [4] Core Insights - The overall market has rebounded, with the technology sector leading the gains, as evidenced by the Hang Seng Index rising by 3.6% and the Hang Seng Composite Index also increasing by 3.6% [1] - The valuation levels have returned to a relatively high level, with the Hang Seng Index's forward P/E ratio increasing by 3.4% to 12.1x [2] - Earnings expectations have been rapidly revised upwards, with the Hang Seng Index's EPS increasing by 0.5% [3] Summary by Sections Market Performance - The Hang Seng Index increased by 3.6%, with large-cap stocks outperforming mid and small-cap stocks [1] - The Hang Seng Internet Index rose by 5.9%, while the Hang Seng Biotechnology Index fell by 0.9% [1] Valuation Levels - The forward P/E ratio for the Hang Seng Index is now at 12.1x, reflecting a 3.4% increase [2] - The Hang Seng Internet Index saw a significant valuation increase of 5.9%, reaching 19.0x [2] Earnings Expectations - The EPS for the Hang Seng Index has been revised upwards by 0.5% [3] - The largest upward revision in EPS was seen in the Hang Seng Consumer Index, which increased by 1.8% [3]

Market Overview - The Hong Kong stock market saw all three major indices close higher, with the Hang Seng Index rising by 0.72%, the Hang Seng China Enterprises Index increasing by 0.83%, and the Hang Seng Tech Index up by 0.48% [3][5]. - The total trading volume reached 245.3 billion HKD, with net inflows from southbound trading amounting to 5.3 billion HKD [5]. Sector Performance - Oil stocks strengthened significantly, driven by rising international oil prices, with companies like Shandong Molong and Yanchang Petroleum International seeing increases of over 6% [6][8]. - Banking stocks also performed well, with Agricultural Bank of China achieving an 11-day consecutive rise, and other banks like Postal Savings Bank and Minsheng Bank rising by 4.59% and 2.39% respectively [9][10]. - Pharmaceutical stocks continued to decline, with the Hang Seng Biotechnology Index dropping by 1.46%, as 25 out of 30 constituent stocks fell [16]. Company Highlights - Pop Mart's stock price fell by 9.36%, marking a five-day decline, despite reporting a revenue growth of 245%-250% year-on-year for Q3 2025 [12]. - Meituan's stock rose by over 6% during the day, closing up 4.06%, following the announcement of key personnel changes aimed at enhancing its overseas business strategy [13][15]. - Major tech companies like Alibaba, Tencent, JD.com, and Baidu saw their stock prices increase by over 1% [14]. International Relations - The Chinese and U.S. governments are set to engage in trade discussions, with a delegation led by Vice Premier He Lifeng visiting Malaysia for talks [2][4].

Core Viewpoint - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 1.27% and the Hang Seng Tech Index dropping by 2.12% [1] Market Performance - The Hong Kong Technology ETF (159751) decreased by 2.37% - The Hang Seng Hong Kong Stock Connect ETF (159318) fell by 1.76% [1] Sector Performance - Industrial group enterprises and hotel and resort REITs showed positive performance, leading in gains - The automotive, metals, and mining sectors faced significant declines [1] Individual Stock Movements - Pop Mart International (泡泡玛特) rose by 4.23% - Shandong Molong Petroleum Machinery (山东墨龙) increased by 5.75% - Jiangxi Ganfeng Lithium (药捷安康-B) surged by 14.48% - Shang High Holdings (山高控股) dropped by 8.17% - Mongol Mining (MONGOL MINING) fell by 10.56% [1]

Core Viewpoint - The Hang Seng Index closed at 25,472.96 points, down 1.61%, while the Hang Seng Tech Index fell by 2.81%, indicating a bearish trend in the market with specific sectors showing varied performance [1] Sector Performance - The textile and apparel sector, along with gold and precious metals, led the gains in the market [1] - Conversely, the semiconductor, information technology equipment, general metals, and mining sectors experienced significant declines [1]

Core Points - The Hang Seng Index closed down by 1.52%, while the Hang Seng Tech Index fell by 1.82% [1] - The Hong Kong Tech ETF (159751) decreased by 3.09%, and the Hang Seng Hong Kong Stock Connect ETF (159318) dropped by 2.31% [1] Sector Performance - Hotel and resort REITs, along with personal care products, showed strong gains [1] - The automotive and insurance sectors experienced significant declines [1] Individual Stock Movements - Zijin Mining International rose by 9.2%, Ganfeng Lithium increased by 8.38%, and Hua Hong Semiconductor gained 8.01% [1] - Shandong Gold saw an increase of 7.11% [1] - Brainstorm Cell Therapeutics-B dropped by 11.03%, and Haotian International Construction Investment fell by 13.08% [1] - Kingsoft Corporation surged by 13.82%, and JinkoSolar increased by 13.07% [1]

Market Overview - The Hang Seng Index fell by 1.14%, down 304 points, closing at 26,447 points, while the Hang Seng Tech Index dropped by 2.45% [1] - The trading volume in the Hong Kong stock market reached HKD 180.3 billion in the morning session [1] Tea Beverage Sector - Tea beverage stocks performed strongly, with significant sales during the holiday period; companies are accelerating their overseas expansion [1] - Gu Ming (01364) rose by 13.23%, Nayuki (02150) increased by 7.26%, and Mixue Group (02097) gained 5.98% [1] Insurance Sector - Domestic insurance stocks collectively rose, driven by the return of dividend-type health insurance after 22 years, enhancing the attractiveness of insurance products [1] - New China Life Insurance (01336) increased by 3.11%, China Pacific Insurance (02601) rose by 3.02%, and China Life Insurance (02628) also gained 3.02% [1] Retail Sector - Xiao Cai Yuan (00999) saw a rise of over 9%, with impressive operational data during the National Day holiday, reporting a 21% year-on-year increase in customer traffic across its stores [1] New Product Launches - Blokku (00325) surged over 11% after launching new product lines "Building Cars" and "Building People" at the WF2025 exhibition [1] Construction Materials Sector - Jinju Group (02009) rose by over 5%, actively promoting new building materials and securing significant overseas project contracts [1] Graphite Sector - China Graphite (02237) surged by over 24% following export controls imposed by two departments on lithium battery and artificial graphite anode materials [1] Semiconductor Sector - Chip stocks continued to decline, with several brokerages adjusting the margin financing rates for SMIC, leading to a 5.6% drop in SMIC (00981) and a 4% decline in Hua Hong Semiconductor (01347) [1][3] Biotechnology Sector - Innovent Biologics (09969) fell over 9% after announcing a licensing collaboration with Zenas for three self-immune pipeline products [2] Battery Sector - Contemporary Amperex Technology Co. (03750) dropped over 7% as the cornerstone lock-up period is set to expire on the 19th of next month, with major brokerages downgrading the company's H-share rating [3]