12月8日，港股开盘走势分化，其中恒生指数跌0.07%报26067.86点，恒生科技指数涨0.08%报5666.99 点，国企指数平开报919860点。红筹指数涨0.05%报4262.26点。 盘面上，大型科技股多数走低，腾讯控股跌0.41%，京东集团涨0.26%，小米集团涨0.33%，网易跌 0.09%，美团跌0.66%，快手跌0.65%，哔哩哔哩跌0.49%，百度涨3.29%；九方智投涨9.5%，创新药概念 多数上涨，康方生物涨超2%；中资券商股普遍上涨，华泰证券涨超3%；今日两只新股上市，卓越睿新 涨超23%，纳芯微平开。 世茂集团(00813.HK)：前11个月累计合约销售总额约224.32亿元，同比减少28.03%。 中梁控股(02772)前11个月合约销售额约112.2亿元，同比减少31.75% 时代中国控股(01233.HK)：前11个月累计合同销售金额约为47.87亿元，同比减少43.09%。 正荣地产(06158.HK)：前11个月累计合约销售金额约40.09亿元，同比减少33.07%。 喜相逢集团(02473.HK)：附属与哈啰租车签订业务合作协议 拟于指定城市以"联名店"模式开展汽车租赁 ...

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints of the Report - The A-share technology sector rebounded last week, driven by both policy and overseas factors, and the market is expected to continue its oscillatory recovery, but the height and pace depend on whether the key domestic and foreign driving factors can continue [6][7] - The report maintains a positive view on the upward trend of technology and the index before the Spring Festival, with robotics and brokerage as the main lines, and there may be phased trading opportunities in some high - elasticity sectors [7] Summary by Relevant Catalogs Market Review - **Market Performance**: Most major market indices rose last week, with ChiNext 50 having the largest increase of 4.68%. Among the major industries, the information technology index and the telecommunications service index performed relatively well, with weekly changes of 5.71% and 3.41% respectively, while the energy index and the financial index performed weakly, with weekly changes of - 0.53% and 0.04% respectively. Among the 30 Shenwan primary industries, 26 industries rose, with large - gain industries including communication, electronics, and media, rising 8.70%, 6.05%, and 4.23% respectively; large - loss industries included petroleum and petrochemicals, banks, and coal, falling 0.73%, 0.59%, and 0.51% respectively [8][12][16] - **Trading Heat**: The average daily trading volume of Wind All - A last week was 1736.923 billion yuan (the previous value was 1865.036 billion yuan), at a relatively high historical level (82.30% of the three - year historical quantile) [18] - **Valuation Tracking**: As of November 28, 2025, the valuation (PE_TTM) of Wind All - A was 21.69, an increase of 0.41 from the previous week, at the 88.20% quantile of the past 5 - year history. Among the 30 Shenwan primary industries, 27 industries' valuations (PE_TTM) were repaired [23] Market Observation - **Analysis of the Rebound of the Technology Sector Last Week**: The market hotspots last week were concentrated in technology sectors such as TMT. The technology sector rebounded after being oversold, with communication equipment, electronic components, games, and consumer electronics leading the market. The weekly increases of the communication, electronics, and media industries were 8.70%, 6.05%, and 4.23% respectively, all recovering the previous week's losses. The rebound was driven by both policy and overseas factors. Domestically, positive signals were released by macro - economic data and regulatory agencies, and investors expected the upcoming Central Economic Work Conference to introduce more explicit measures for stable growth and industrial support. Overseas, Sino - US relations and the Fed's interest - rate cut expectations provided a loose external environment [6] - **Outlook for the Future Market**: The market is expected to continue its oscillatory recovery, but the height and pace depend on whether the key domestic and foreign driving factors can continue. Domestically, the Central Economic Work Conference in mid - December is regarded as a guide for next year's economic policies. Externally, the Fed's December interest - rate meeting is approaching, and the expectation of an interest - rate cut will support sectors such as technology growth, consumer leaders, and non - ferrous metals. From the perspective of capital flow, there was a net outflow in various channels last week, indicating a short - term preference for taking profits [7] - **Investment Suggestions**: The report maintains a positive view on the upward trend of technology and the index before the Spring Festival. However, institutional funds are generally cautious approaching the year - end assessment period, and some funds still face outflow pressure. Therefore, the index is likely to maintain an oscillatory pattern in the future. Before the Spring Festival, robotics and brokerage are considered the main lines, and if the fiscal deficit ratio is "passively raised" in the policy - expectation game centered on the Central Economic Work Conference, there may be phased trading opportunities in some high - elasticity sectors such as consumption and real estate [7] Global Economic Calendar - The economic data and important events at home and abroad from December 1 to December 5 are listed, including China's Caixin Manufacturing PMI, China's Caixin Services PMI, the US ISM Manufacturing PMI, the US ADP employment change, the US initial jobless claims, and the Fed Chairman Jerome Powell's speech [25]

如何看待本周科技板块反弹？ 证券研究报告/策略定期报告 2025 年 11 月 30 日 分析师：徐驰 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 分析师：张文宇 执业证书编号：S0740520120003 Email：zhangwy01@zts.com.cn 相关报告 1、《重视科技资金动能增强的信号》 2025-11-29 2、《A H 股市场周度观察（11 月第 4 周）》2025-11-29 3、《12 月金股报告》2025-11-27 报告摘要 一、如何看待本周科技板块反弹？ 本周市场热点集中在 TMT 等科技板块，科技板块在超跌背景下迎来反弹，通信设备、 电子元件、游戏、消费电子等领涨两市。通信、电子、传媒行业周度涨幅分别达到 8.70%、6.05%、4.23%，均已收复上周跌幅，其中通信已强势接近 10 月底高点。 在申万二级行业中，通信设备、电子元件、游戏、消费电子尤其强势，周涨幅均在 5%以上。光模块 CPO、光芯片、光通信、光电路交换机 OCS、6G 等多个通信主题 指数涨幅超过 10%。光库科技、通宇通讯、特发信息等产业链个股单周涨超 30% ...