（文章来源：每日经济新闻） 华泰证券表示，近期人民币汇率加速升值是国内经济金融数据中的一抹亮色。该机构认为，汇率升值对 出口企业股价造成压力的"常识"并不受数据支持，反而适度升值在本轮资本流动浪潮、人民币实际有效 汇率较低和中外通胀差的存在下有利于企业表现。目前重申港股处在布局区，短期建议关注流动性拐点 和此前调整较多且负面压力逐渐出清的科技和医药，左侧关注大众消费品的α机会，中期（二季度左 右）依然维持成长与顺周期的均衡配置观点。 12月8日，港股三大指数临近午盘集体转跌。恒生指数、国企指数分别下跌1.1%及1.15%，恒指跌近300 点再失26000点，恒生科技指数下跌0.24%，盘中曾冲高至0.8%。大型科技股普遍表现低迷，受行业涨 利好消息影响的中资券商股、保险股保持涨势。另外，铜、铝、黄金等有色金属股集体弱势，石油股、 银行股部分权重走低大市承压。热门ETF方面，恒生ETF（159920）、恒生国企ETF（159850）午盘持 续下挫，均跌超1%，打开低位布局通道。 ...

恒生科技指数报5690.54点，上涨28.08点，涨幅0.50%。 焦点板块方面，受消息面刺激，今日内资券商股全线上扬。 12月8日早盘，港股市场小幅高开。 截至发稿，恒生指数报26103.08点，上涨18点，涨幅0.07%。 上周末，证监会主席吴清发表重要致辞，围绕"十五五"时期证券行业的使命责任、一流投资银行与投资机构建设两大核心议题，系统提出9条关键要求。吴 清指出，"十五五"是推进中国式现代化、加快建设金融强国的关键时期，证券行业作为直接融资的主要"服务商"、资本市场的重要"看门人"、社会财富的专 业"管理者"，发展空间广阔、大有可为，必须主动呼应时代召唤，自觉担负四大使命责任。 今日早盘表现来看，宏业期货（HK03678）大涨超8%，国泰海通（HK02611）、华泰证券（HK06886）涨超5%，中信证券、招商证券、国联民生涨超4%， 其余内资券商股涨幅在2%~4%区间。ETF方面，香港证券ETF早盘涨超3%。 后市展望： 华泰证券最新观点表示，近期人民币汇率加速升值是国内经济金融数据中的一抹亮色。华泰证券认为，汇率升值对出口企业股价造成压力的"常识"并不受数 据支持，反而适度升值在本轮资本流动浪潮 ...

来源：市场资讯 （来源：华泰证券研究所） 策略: 港股正在进入布局区(2025-11-23) ▽ 点击一键直达 ▽ 近期市场波动率上升,流动性、情绪和风险偏好是 主要原因。港股本轮调整相对A股更早、跌幅也更 深,当前位置已经开始具备性价比。1)短期资金避 险和高低切可能延续,建议关注今年以来表现排名 靠后的消费者服务、建筑、纺织服装、家电。2)8月以 来的第三轮重估中,部分行业涨幅有限但近期跌幅 反而较大,有更大被"错杀"概率,关注电子、医药、 汽车、轻工制造等。3)港股科技近期回调较多,在风 险偏好回落下对正面催化敏感度下降,流动性环境 改善后仍有重估机会。 策略: 高低切下哪些行业还有补涨空间? (2025-11-16) ▽ 点击一键直达 ▽ 上周行业间高低切演绎较为极致,今年以来相对滞 涨的板块上周涨跌幅排名靠前。在盈利数据并未明 显改善的情况下资金提前切换,或因当前流动性承 压、主线不清晰等交易性因素。若资金高低切持续, 短期建议关注今年以来表现排名靠后的消费者服 务、建筑、纺织服装、家电以及具有防御属性的红利 方向。此外,12月开始港股流动性压力边际暂缓,切 换或难一帆风顺,依然建议均衡配置。 策略 ...

Market Overview - The Hong Kong stock market opened higher today, with the Hang Seng Index at 25,452.87 points, up 232.85 points, a rise of 0.92% [1] - The Hang Seng Tech Index reached 5,456.61 points, increasing by 61.12 points, or 1.13% [3] Company Updates - The Shenzhen Stock Exchange announced adjustments to the Hong Kong Stock Connect eligible securities list, effective from November 24, 2025, adding SANY Heavy Industry (HK06031) and Cambridge Technology (HK06166), both of which listed on the Hong Kong Stock Exchange on October 28 [5] - SANY Heavy Industry saw a slight increase of nearly 1%, while Cambridge Technology experienced a rise of over 6% during the morning session [6] Sector Performance - Technology stocks generally rose, with NetEase up over 3% and Baidu up over 2%. Major companies like Alibaba, Tencent, JD.com, Lenovo, Kuaishou, and Xiaomi all saw increases of over 1% [8] - Gold stocks were active, with China Gold International opening up 4%. The innovative drug sector also saw gains, with Hengrui Medicine rising over 3% [8] - Lithium battery stocks opened higher, with CATL increasing by over 3%. Automotive stocks were broadly up, with GAC Group rising over 9% [8] Future Outlook - Huatai Securities indicated that the sentiment indicator for Hong Kong stocks remains in a pessimistic range, suggesting that the market is entering a "layout zone" where left-side investors can gradually build positions [9] - The outlook for Hong Kong companies' fundamentals is not pessimistic, with a forecasted increase in non-financial profit growth for overseas Chinese stocks from 10% this year to around 15% by 2026 [9] - CITIC Securities noted that A-shares and Hong Kong stocks may experience a pattern similar to U.S. stocks, with "sharp declines followed by slow recoveries," presenting an opportunity for investors to reallocate towards A-shares and Hong Kong stocks as they prepare for 2026 [9]

Group 1 - The core viewpoint is that recent market volatility is primarily driven by liquidity, sentiment, and risk appetite, but the overall outlook remains optimistic despite concerns about economic data diverging from the stock market [1] - The domestic asset revaluation theme remains unchanged, with a persistent demand for core assets, necessitating a more discerning allocation strategy as valuations shift towards earnings [1] - Hong Kong stocks have experienced an earlier and deeper adjustment compared to A-shares, indicating a potential for value at the current position [1] Group 2 - Short-term capital may continue to seek safety and shift between high and low sectors, with a recommendation to focus on consumer services, construction, textiles, and home appliances, which have underperformed this year [1] - In the third round of revaluation since August, certain industries have seen limited gains but significant recent declines, indicating a higher probability of being "wrongly punished," with a focus on electronics, pharmaceuticals, automotive, and light manufacturing [1] - The technology sector in Hong Kong has faced considerable pullbacks, and while sensitivity to positive catalysts has decreased amid falling risk appetite, there remains a revaluation opportunity once liquidity conditions improve [1]

Core Viewpoint - The Federal Reserve has announced a 25 basis point interest rate cut, lowering the federal funds rate target range to 3.75%-4.00%, marking the second consecutive rate cut and the fifth since September 2024 [1] Group 1: Federal Reserve Actions - The Federal Reserve's cautious stance, as expressed by Powell, suggests a potential pause in rate cuts in December, indicating that the situation is "far from certain" [1] - Market reactions were significant, with traders reducing the December rate cut expectations to 65%, leading to a drop in U.S. stocks and a surge in U.S. Treasury yields [1] Group 2: Impact on Hong Kong Market - Continuous rate cuts by the Federal Reserve are generally favorable for the Hong Kong stock market, as lower interest rates alleviate liquidity pressures, particularly benefiting interest-sensitive sectors like technology and finance [1] - A potential soft landing for the U.S. economy could enhance global growth expectations, thereby boosting market sentiment in Hong Kong [1] Group 3: Investment Opportunities - Despite Powell's signals of a possible pause causing short-term volatility, the overall direction of the rate cut cycle remains unchanged, presenting a mid-to-long-term investment opportunity in Hong Kong stocks, which are currently valued at relatively low historical levels [1] - Investors are encouraged to focus on interest-sensitive, undervalued quality stocks, such as the Hong Kong Stock Connect Financial ETF (513190), while remaining cautious of volatility risks stemming from global economic uncertainties [1]