2025 年 11 月 27 星期四 每日大市点评 港股昨日高开后涨幅缩小，最终恒生指数与国企股指数昨日分别上涨 0.1%与 0.04%，恒生科技股指数上涨 0.1%，但主板 成交萎缩约一成。近期市场情绪好转，但交投比较谨慎，呈多空争持状态。周大福（1929 HK）上半财年的业绩差于彭博 预测，股价下跌 6.1%。蔚来（9866 HK）第三季度净亏损收窄幅度胜预期。但管理层对第四季度展望略微保守，股价下 跌 6.2%。美团（3690 HK）上涨 5.7%。阿里巴巴（9988 HK）预计闪购业务的整体投入会在下个季度收缩，市场认为对美 团有利。恒瑞医药（1276 HK）自身免疫领域 1 类新药上市申请获受理，股价上涨 4.6%，并引领创新药板块上涨。 美国股市三大指数分别上涨 0.7%-0.8%。截至 11 月 15 日，持续申领失业救济人数 196 万人，高于前值 195.3 万人。市场 预期储局大有机会 12 月减息，芝商所（CME Fedwatch）料 12 月减息几率升至 83%。 我们认为美国减息及中美加强沟通的预期利好近期港股投资情绪，对龙头医疗保健及科网股有利，但预计目前市场也仍 会比较谨慎。 宏 ...

Group 1: Property Price Trends - The private residential price index in Hong Kong for March 2025 is reported at 284.2 points, a decrease of 0.49% from February's 285.6 points, marking a continuous decline for four months and a cumulative drop of 2.50%, reaching the lowest level in over 8.5 years since August 2016 [1] - Compared to the historical peak of 398.1 points in September 2021, property prices have decreased by 28.61% [1] - The first quarter of this year saw a cumulative price drop of 1.73%, with March's decline slightly narrowing to 0.49%, reflecting a slight improvement in market conditions in late February and early March, although prices remain low due to new developments being launched at lower prices [1] Group 2: Future Market Outlook - Looking ahead to April, despite a relatively decent market in late March, the overall sentiment may be hindered by a sharp decline in global and Hong Kong stock markets, potentially leading to a further price drop of around 0.8% in April [1] - There are expectations that a slowdown in the trade war and potential interest rate cuts by the US in May or June could provide some support to the property market, with hopes for a narrowing of price declines in May and stabilization in June [1] - The second quarter is anticipated to see an additional decline of approximately 1.3%, with an overall expected drop of about 3% in property prices for the first half of the year [1] Group 3: Rental Market Trends - The rental index in Hong Kong for March has increased by 0.1% month-on-month, marking a total increase of 0.73% over four consecutive months, reaching a six-month high, indicating a stable upward trend in the rental market [2] - The influx of professionals and a significant number of international students expected to seek rental properties in the second quarter are anticipated to drive the rental index up, with a projected increase of 1.71% for the quarter, outperforming the first quarter [2] - For the first half of the year, rental prices are expected to rise by 2.13% [2]