今年以来，港股市场表现强劲，成为市场关注的焦点。不少投资者对其背后的驱动逻辑及2026年的延续 性尤为关注。Wind数据显示，截至11月25日收盘，恒生指数、恒生科技指数今年以来分别累计上涨 29.09%、25.60%。 中金公司研究部首席海外策略分析师刘刚日前在接受中国证券报记者专访时表示，2025年港股的优异表 现由流动性和情绪主导，其脉络是"过剩流动性"对"稀缺回报资产"的追逐。展望2026年，流动性充裕的 局面将延续，但"稀缺资产"难以大幅扩散，市场将更多由结构性景气驱动，投资者需在把握产业主线的 同时，警惕潜在风险，灵活布局。 流动性驱动下的"稀缺资产"追逐战 回顾2025年，港股在全球市场中一马当先。刘刚表示，尽管面临海外不确定性因素扰动，但港股市场在 AI产业趋势和国内经济基本面改善的背景下，内外部流动性的"叙事"显著放大。"今年港股市场的表 现，估值和情绪的贡献占据了主导，资金流入起到了助推作用。"他说。 刘刚进一步阐释了贯穿全年的核心脉络，即"过剩流动性"对"稀缺回报资产"的追逐。刘刚表示："当信 用周期收缩时，大部分资产缺乏回报，资金会涌向能提供固定回报的资产；而当信用周期局部修复时， 则 ...

中金公司（601995）研究部首席海外策略分析师刘刚日前在接受中国证券报记者专访时表示，2025年港 股的优异表现由流动性和情绪主导，其脉络是"过剩流动性"对"稀缺回报资产"的追逐。展望2026年，流 动性充裕的局面将延续，但"稀缺资产"难以大幅扩散，市场将更多由结构性景气驱动，投资者需在把握 产业主线的同时，警惕潜在风险，灵活布局。 今年以来，港股市场表现强劲，成为市场关注的焦点。不少投资者对其背后的驱动逻辑及2026年的延续 性尤为关注。数据显示，截至11月25日收盘，恒生指数、恒生科技指数今年以来分别累计上涨 29.09%、25.60%。 ● 本报记者 刘英杰 流动性驱动下的"稀缺资产"追逐战 对于市场普遍关注的美联储货币政策转向，刘刚认为，2026年上半年全球流动性环境将维持宽松，但下 半年存在变数。他预判美联储2026年可能降息3次，但长端利率中枢仍将维持在3.8%—4%的较高水平。 "美联储降息短期有利于提振港股流动性，但这并非决定性因素。"刘刚称，复盘港股市场历史，国内基 本面和政策的影响更为关键。他提出了两种放大降息利好的方式：一是借此窗口实施更大力度的国内宽 松政策，以支撑信用扩张；二是关注 ...

11月24日，恒生指数午盘上扬1.42%，恒生科技指数攀升1.65%，恒生中国企业指数走强1.22%，市场半 日成交额为1305.88亿港元。 科技板块方面，蔚来-SW上扬3.77%，腾讯音乐-SW走强3.54%，网易-S劲升5.67%，快手-W上扬 5.16%，阿里巴巴-W攀升4.13%。快手-W公司于11月21日回购75万股，近30日累计回购165万股，累计 回购金额1.06亿港元。 招商证券认为，港股短期震荡为主，上行斜率或放缓。短期宏观政策和产业面暂无更多利好消息，资金 进攻意愿较弱。但物价数据超预期，有利于市场阶段性反弹。港股科技短期上涨动能有限，仍需观察科 技互联网财报。中长期AI科技还是主线之一，当前位置具有吸引力。 聚焦互联网龙头——恒生互联网ETF(513330)。 中金公司（601995）认为，从中长期维度，在当前二元结构愈发割裂的大环境和中国资产重估的小周期 中，港股因此独特的卡位优势，反而可以借机强化资金和资产的交汇点。不论是越来越多A股和中国优 质资产赴港上市，还是南向资金持续涌入，以及从更大宏观维度作为离岸人民币和离岸金库的支点，这 一点对港股市场长期是大有裨益的。 【相关ETF】 ...

Core Viewpoint - XPeng Inc. reported significant growth in key financial metrics for Q3 2025, including revenue, delivery volume, and gross margin, while narrowing its losses, moving closer to its profitability target [1][4][12]. Financial Performance - Total revenue for Q3 2025 reached RMB 20.38 billion, representing a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5%, marking a record high for a single quarter [1][10]. - The automotive sales revenue was RMB 18.05 billion, up 105.3% year-on-year [1][10]. - Gross margin for the quarter was 20.1%, an increase of 4.8 percentage points compared to the same period in 2024 [10][12]. Delivery Metrics - Total delivery volume for Q3 2025 was 116,007 vehicles, a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.4%, setting a new record for single-quarter deliveries [1][5][9]. Loss Reduction - The net loss attributable to ordinary shareholders was RMB 380 million, a reduction of 79% year-on-year and a decrease from RMB 480 million in the previous quarter [12]. Future Outlook - XPeng anticipates Q4 2025 delivery volume to be between 125,000 and 132,000 units, representing a year-on-year increase of 36.6% to 44.3% [12]. - Total revenue for Q4 2025 is expected to be between RMB 21.5 billion and RMB 23 billion, reflecting an annual increase of approximately 33.5% to 42.8% [12]. Product Development - The company has recently launched several AI technology products, including the second-generation VLA physical world model, self-developed Robotaxi, flying car "A868," and the new generation IRON humanoid robot, which may drive future growth [12].

11月20日，恒生指数高开0.65%，恒生科技指数涨0.7%，港股通科技ETF基金（159101）开盘涨逾1%， 百度集团、华虹涨逾3%；小鹏汽车、理想汽车、蔚来股价走弱。 【相关ETF】 覆盖科技全产业链——港股通科技ETF基金（159101）； 聚焦AI应用端龙头——恒生互联网ETF（513330）。 从中长期维度看，在当前二元结构愈发割裂的大环境和中国资产重估的小周期中，港股因此独特的卡位 优势，可以借机强化资金和资产的交汇点。不论是越来越多A股和中国优质资产赴港上市，还是南向资 金持续涌入，以及从更大宏观维度作为离岸人民币和离岸金库的支点，这一点对港股市场长期是大有裨 益的。 招商证券认为，港股虽短期震荡，上行斜率放缓。但物价数据超预期，有利于市场阶段性反弹。中长期 AI科技还是主线之一，当前位置具有吸引力。 ...

今日（11月19日），连跌三天之后，港股市场早盘小幅高开。 小米集团（01810.HK）低开1.91%，股价创近期新低。公司也于昨日公布三季报。财报显示，今年第三 季度，小米集团总营收为1131.21亿元，同比增长22.3%，环比减少2.4%；实现净利润122.57亿元，同比 增长129.5%，环比增长3.2%；实现经调整净利润113.11亿元，同比增长80.9%，环比增长4.4%。此外， 第三季度，小米集团共交付108796辆新车，智能电动汽车及AI等创新业务分部实现收入290亿元，同比 增长199.2%，毛利率为25.5%，并首次实现单季度盈利，经营收益为7亿元。 关注其他公司财报。 微博（09898.HK）：三季度净收入约4.42亿美元，同比减少4.77%；净利润2.21亿美元，同比增长 69.33%。 BOSS直聘（02076.HK）：第三季度收入约为21.63亿元，同比增加13.2%；净利润为7.75亿元，同比增 加67.2%。预计四季度收入20.5亿~20.7亿元，同比增加12.4%至13.5%。 其他方面，盘面上，科网股涨多跌少，阿里巴巴、腾讯控股涨超1%，网易涨超1%；黄金股回暖，中国 黄金国 ...

Core Viewpoint - The article discusses the transformative changes in the Chinese automotive industry post-2020, highlighting the rise of new energy vehicles and the entry of tech companies into the automotive space, which poses significant challenges to traditional automakers [4][5]. Group 1: Industry Transformation - The penetration rate of new energy smart connected vehicles is rapidly increasing, while the traditional fuel vehicle market is shrinking [4]. - New entrants like NIO, Xpeng, and Li Auto, along with tech giants such as Huawei and Xiaomi, are reshaping the competitive landscape with an "ecosystem + technology" approach [5]. - GAC Group is initiating comprehensive reforms starting from the end of 2024, focusing on an integrated strategy called "Panyu Action" to address the challenges of transformation [6]. Group 2: GAC Group's Strategic Moves - GAC Group's product head, Zhang Xiong, emphasizes the need for automotive companies to understand their ultimate purpose in the industry [7]. - GAC has re-established and deepened its partnership with Huawei to create a new high-end smart electric vehicle brand called "Qijing," which will focus on the market above 300,000 yuan [10]. - The new collaboration with Huawei adopts an "embedded cooperation" model, where GAC handles manufacturing and service, while Huawei provides comprehensive smart solutions [10]. Group 3: Product Development and User-Centric Approach - GAC is reforming its product development process to be more user-centric, moving away from engineer-led definitions to a model that closely aligns with user needs [15]. - The company is actively engaging with users to gather feedback and improve products, demonstrating a commitment to listening to consumer voices [15]. - GAC is also repositioning its product lines to better meet the diverse and personalized demands of consumers [15]. Group 4: Future of Automotive Technology - The article discusses the critical role of battery technology in the automotive industry, with LFP batteries currently dominating the market due to their cost advantages [19]. - GAC is investing heavily in solid-state battery technology, which is seen as the next breakthrough in power batteries, although it faces challenges in industrialization [21]. - The integration of AI and smart manufacturing is highlighted as essential for the future of automotive companies, with GAC focusing on becoming a "technology-driven automotive group" [18]. Group 5: Autonomous Driving and AI Integration - GAC is making significant strides in autonomous driving, with plans to commercialize L3 and L4 level technologies, aiming for a large-scale rollout by 2026-2027 [27]. - The company is also working on integrating large models into vehicle systems to enhance user experience and operational efficiency [26]. - The future of automotive mobility is expected to shift towards more intelligent and shared transportation solutions, fundamentally changing traditional business models [28].

Core Insights - The capital market has shown steady growth this year, with equity funds experiencing significant gains driven by sectors like technology, innovative pharmaceuticals, and new energy [2][3] - Ordinary stock funds and equity fund indices have increased by approximately 30% year-to-date, outperforming the Shanghai Composite Index and CSI 300 Index [3] - The total scale of equity funds has surpassed 10 trillion yuan, an increase of over 2 trillion yuan since the end of last year [3] Investor Experience - Nearly 60% of surveyed investors reported profits this year, with 10% claiming substantial gains and 45.83% indicating modest profits [3][4] - Some investors have struggled with past losses affecting their current performance, with nearly 30% still facing losses this year [4][5] - A significant portion of investors (40%) are favoring full investment in equity funds without a structured allocation strategy [6][9] Fund Preferences - Index funds are the most favored type of investment, receiving 52.27% of votes, followed by active equity funds at nearly 30% [6] - The popularity of index funds is attributed to their clear logic, transparency, and low costs, which have gained investor confidence [7] - The total scale of domestic stock ETFs is projected to reach 2 trillion yuan by the end of 2024 and nearly 4 trillion yuan by November 2025 [6] Investment Strategies - Investors are increasingly adopting a diversified approach, with nearly 25% indicating they have made internal allocations within equity assets this year [10] - Recommendations suggest using bond funds as a base and selectively increasing equity fund allocations, particularly in domestic technology growth sectors [11] - The industry is moving towards a more rational allocation strategy to break the cycle of "funds making money while investors do not" [11]

Core Insights - Geely Automobile reported a record high revenue of 89.2 billion yuan for Q3 2025, marking a 27% year-on-year increase and a 15% quarter-on-quarter growth [1][3] - The net profit attributable to shareholders for Q3 2025 was 3.96 billion yuan, up 19% year-on-year and 25% quarter-on-quarter [3] - Geely's market share reached 10.2% in the first three quarters of 2025, reflecting a 28.1% year-on-year growth [3] Geely Automobile Financial Performance - Q3 2025 revenue: 89.2 billion yuan, a historical high, with a year-on-year increase of 27% and a quarter-on-quarter increase of 15% [3] - Q3 2025 core net profit: 3.96 billion yuan, showing a year-on-year growth of 19% and a quarter-on-quarter growth of 25% [3] - Cumulative revenue for the first nine months of 2025: 239.5 billion yuan, up 26% year-on-year [3] - Cumulative core net profit for the first nine months of 2025: 10.62 billion yuan, a significant increase of 59% year-on-year [3] - Geely's sales volume reached 2.477 million units by the end of October 2025, achieving 82.6% of its annual target of 3 million units [1] Geely's Product Performance - The Galaxy series has surpassed 1 million units in sales this year, with the Xingyuan model consistently selling over 40,000 units per month [3] - The Zeekr brand is performing well in the high-end market, with the Zeekr 9X model receiving over 10,000 orders within 13 minutes of its launch [3] - Geely is positioned to potentially become the top-selling domestic car manufacturer if the growth trend continues into the next year [4] Xiaopeng Automobile Financial Performance - Xiaopeng Automobile reported a revenue of 20.38 billion yuan for Q3 2025, a remarkable year-on-year increase of 101.8% [5][7] - The net loss for Q3 2025 was 380 million yuan, significantly reduced compared to previous periods [5] - Q3 2025 vehicle deliveries reached 116,007 units, reflecting a year-on-year growth of 149.3% [5][7] - The gross margin for Q3 2025 was 20.1%, an increase of 4.8 percentage points year-on-year [5][7] - Cash reserves reached a record high of 48.33 billion yuan, with a quarter-on-quarter increase of 7.6 billion yuan [5][7] Xiaopeng's Market Position - Xiaopeng's Q3 2025 results indicate a strong growth trajectory, with significant increases in revenue, delivery volume, and gross margin [10] - The company's advancements in AI technology, including the recent humanoid robot launch, have sparked discussions and increased attention, suggesting potential for future profitability [10]

Group 1: Market Overview - A-share market experienced fluctuations, with the Shanghai Composite Index hitting a new high before closing lower, while the ChiNext Index saw a significant pullback [1] - Weekly trading volume remained high, indicating ample liquidity, but funds shifted from high-valuation tech sectors to high-dividend and policy-benefiting sectors [1] - Industries such as textiles, retail, and beauty performed well, while electronics, communications, and computing lagged [1] Group 2: Macroeconomic Analysis - In October, major economic indicators in China showed a decline, with industrial, consumption, and investment growth rates slowing compared to September [2] - The need for policy support to counteract internal and external demand pressures is emphasized, with a focus on implementing existing policies and potentially introducing new ones [2] - Social financing growth continued to decline due to reduced government bond issuance, with a shift in policy focus towards the implementation of existing tools [2] Group 3: International Market Impact - Overseas markets, particularly US tech stocks, faced continued adjustments, affecting sentiment in A-shares [3] - Factors contributing to the decline in US stocks include the absence of key economic data during the government shutdown and hawkish statements from Federal Reserve officials regarding interest rate cuts [3] - The upcoming release of important economic data in December is anticipated to be a key variable for market direction [3] Group 4: Investment Strategy - Short-term focus on low-valuation tech recovery is suggested, as external disturbances may hinder A-shares from breaking through in the short term [4] - The market is entering a phase of total policy and profit window, with increased opportunities in low-valuation consumption and dividend sectors [4] - Long-term outlook remains positive due to structural economic transformation and the introduction of new technologies and industries [4] Group 5: Investment Themes - Emerging technologies are expected to be a main investment theme, with a focus on sectors that have seen prolonged corrections [5] - Specific areas of interest include technology growth, manufacturing expansion, cyclical consumption transformation, and financial services [5] - The cyclical consumption sector is viewed as forming a bottom, with potential opportunities in services and immediate consumption [5]