Market Overview - The Hang Seng Index (HSI) showed a positive trend at the beginning of the year, with a significant rise last Friday, breaking through the upper band of the Bollinger Bands, which pleased many investors [1] - Today's performance saw a slight increase in the closing price, but the overall gain was not substantial, leading to some investor disappointment [2] - Despite the stable movement of the HSI, trading volume increased compared to previous periods, which typically suggests a potential for upward movement [2] Technical Signals - The HSI is currently at the upper band of the Bollinger Bands, with 9 sell signals and 4 buy signals indicating a bearish sentiment [3] - Support is estimated around 25,800 points, with a potential drop to 25,500 points if this level is breached, while resistance is at approximately 26,400 points [3] - For bullish investors, buying options below 25,500 points is considered safer, with some options having leverage ratios close to 20 times [4] Individual Stock Analysis Kuaishou (01024.HK) - Kuaishou's stock price has shown significant upward movement, closing at 73.6 HKD, with trading volume breaking previous records [8] - Technical signals indicate 8 sell signals and 5 buy signals, suggesting a bearish outlook in the short term, with a resistance level at 81.4 HKD [9] WuXi AppTec (02359.HK) - WuXi AppTec's stock price reached a high of 104.2 HKD before closing lower, with increased trading volume compared to recent days [13] - The resistance level is identified at 108.2 HKD, with a potential further increase to 112.3 HKD if this level is surpassed [13] AIA Group (01299.HK) - AIA's stock price closed at 89.9 HKD, showing a slight increase, but with a predominance of sell signals (8 sell vs. 6 buy) indicating a cautious outlook [17] - The stock needs to break the resistance at 85 HKD to have a chance of reaching 90.4 HKD [17] Xiaomi (01810.HK) - Xiaomi's stock price closed at 39.3 HKD, with increased trading volume but overall disappointing performance [20] - The support level is around 38.4 HKD, with a potential drop to 35.8 HKD if this level is breached, while resistance is noted at 40 HKD [20] Tencent (00700.HK) - Tencent's stock price saw a slight increase, with a resistance level at approximately 629 HKD, and potential further increase to 657 HKD if this level is surpassed [25] - The technical signals are currently neutral, indicating no clear direction for investors [25]

智通財經APP獲悉，花旗發佈研報稱，國家財政部和稅務總局日前出臺《關於保險合同準則轉換有關企 業所得稅處理事項的公告》，由於上市保險公司已於2023年初採用國際財務報告準則第17號，預料是次 需反映首次採用該準則時對留存收益的一次性影響，以及2023年至2025年期間基於新舊準則下應納稅額 差異等，相關調整可選擇在2026財年全額反映， 或自今年起計五個財政年度內平均分攤。 花旗認爲準則轉換將提升險企財務數據的透明度，設有五年的過渡期預料可緩和相關影響。對於2023年 初已轉用新準則、但稅務處理仍沿用舊規的內險公司，預料需進行相應的稅務調整，花旗估計稅務影響 的程度將取決於多項因素，包括首次採用新規時留存收益變動的稅務影響、2023至2025年間新舊準則差 異、2026年及未來五年淨利潤的預期趨勢，以及遞延所得稅資產的金額與合資格狀況，相信僅屬一次性 影響。 该信息由智通财经网提供 ...

投資價值型基金 以應對市場波幅----2025 年 12 月 22 日 文匯報 其中，國際金融板塊仍存在着許多估值吸引的價值股選擇。近年來，隨着人工智能（AI）熱潮的到來，資 金持續流入增長型科技股，價值股在一定程度上被忽略。然而，近日市場的波動開始使部分資金重新整 理，可能在明年再度流向這些被低估的價值股。 美國利率前景未明 宜提升防守力 美國在今年總共減息 3 次，根據芝商所最新利率期貨顯示，明年仍有一次減息機會。根據以往的歷史數 據，減息通常有利於增長股，而對價值股的影響則相對較弱。儘管如此，未來美國若在市場預期之外進行 減息，或是減息幅度超出預期，則有可能對某些價值股造成影響。因此，選擇具防守性的價值股，有助於 分散投資組合的風險，為投資者提供一個相對穩定的回報來源。其中，金融相關企業相對資訊科技股而 言，金融股通常為市場中歷史悠久的公司，這些公司往往偏向於價值型的投資。特別是在中國市場，許多 銀行股和保險股的估值被低估，具有長期上漲潛力。 在這種背景下，首源集團推出的 RQI 全球價值基金應運而生。該基金專注於擁有吸引價值和防守特性的 股票，以減少市場波動所帶來的風險，並為投資者提供穩定的回報。基金 ...

Group 1: Stock Performance and Technical Analysis - AIA's stock price has shown typical range-bound fluctuations, currently at HKD 81.2 with a rise of 2.78% [1] - Technical indicators are neutral with a strength of 9, while several oscillation and trend indicators signal a sell, indicating insufficient short-term momentum [1] - The stock remains above the 60-day moving average of HKD 76.25, with the bull-bear power indicator signaling a buy, suggesting medium to long-term support [1] - Key support levels are at HKD 77 (Support 1) and HKD 75.2 (Support 2), with resistance levels at HKD 81.3 (Resistance 1) and HKD 83.1 (Resistance 2) [1] - The overall probability of an upward movement is 56%, with expected short-term price action between HKD 77 and HKD 81.3 [1] Group 2: Market Sentiment and Analyst Ratings - Market sentiment towards AIA is generally positive, with Citigroup reaffirming a "Buy" rating and a target price of HKD 99, recognizing the company's stable performance and resilience amid market changes [3] - AIA's ongoing expansion in China's personal pension insurance sector and corporate social responsibility initiatives support its long-term image [3] - There is a notable divergence in investor sentiment regarding short-term trends, with some optimistic investors setting profit-taking points around HKD 95, while more conservative investors believe the stock must first surpass HKD 85 to establish a stronger upward trend [3] Group 3: Derivative Products and Market Dynamics - Recent performance of AIA-related derivatives illustrates how structural differences among products affect price movements, with HSBC bull certificates rising by 36% compared to 19% and 15% for other call options [4] - The differences in performance stem from the inherent structure and leverage characteristics of various derivative tools, with bull certificates offering higher leverage and clearer profit-loss structures [4] - For bullish investors, call options with an exercise price around HKD 88.9 are recommended, with specific options providing high leverage and low premium [4] - For bearish investors, put options with an exercise price of HKD 77.88 and bear certificates with redemption prices between HKD 84 and HKD 85 are suggested, offering substantial leverage [9]

為方便投資者可隨時閱讀我們的報告，我們已將相關報告上載 於公司網站，投資者可透過以下鏈接參閱： https://www.ebshkfg.com/tc/research-wealthManagement 2025 年 12 月 16 日 報告重點: 上 周 回 顧 美股走勢 美股三大指數個別發展 港股走勢 恒指上周輕微失守 26,000 點關口 商品市場表現 紐約期油按周下挫 | | | 一周市場摘要 | | | --- | --- | --- | --- | | 股票指數 | 收市 | 升跌 | % | | 恒生指數 | 25,976.79 | -108.29 | -0.42% | | 金融指數 | 47,941.71 | 296.24 | 0.62% | | 公用事業指數 | 37,900.00 | -49.77 | -0.13% | | 地產指數 | 18,141.21 | -284.01 | -1.54% | | 工商指數 | 14,326.23 | -131.64 | -0.91% | | 國企指數 | 9,079.35 | -118.95 | -1.29% | | 紅籌指數 | 4,150.40 | ...

Market Overview - The Hang Seng Index is expected to find short-term support around the 25,000 point level, with the Federal Reserve's recent interest rate cut of 0.25% leading to market expectations of two additional rate cuts in 2026, which is higher than the Fed's own forecast [2][4] - Despite the Fed's rate cuts and increased monetary policy space in mainland China, the economic situation remains stable with no significant changes anticipated in the short term [2][4] - The focus of policy is expected to be on efficiency and targeted measures, particularly in light of the 14th Five-Year Plan's emphasis on expanding domestic demand and promoting technological self-reliance [2][4] Sector Focus - The macroeconomic focus includes Xi Jinping's article emphasizing the strategic importance of expanding domestic demand, with a notable decline in commodity housing sales in mainland China [3][9] - The real estate sector has seen a significant drop in sales, with a reported 11% decrease in commodity housing sales in the first 11 months of the year [9] - Fitch Ratings predicts that the Chinese real estate sector will continue to contract in 2026, with new residential sales expected to decline by 7% to 8% [9] Corporate News - Vanke (2202) is seeking to extend the grace period and postpone principal repayment, proposing more favorable terms to creditors [10] - Meituan (3690) has decided to suspend its group purchasing business to focus on exploring new retail formats [10] - Guo Xia Technology (2655) has seen a significant increase of over 80% in its dark market trading ahead of its listing [10] Economic Indicators - The U.S. Federal Reserve's recent rate cut has brought the federal funds target rate down to a range of 3.5% to 3.75%, marking the third consecutive cut this year [4] - The Fed has adjusted its GDP forecast for 2026 upwards by 0.5 percentage points to 2.3%, while lowering the inflation forecast by 0.2 percentage points to 2.4% [4] - China's industrial production and retail sales data for November fell short of expectations, indicating ongoing economic challenges [9] Investment Opportunities - The AI sector is highlighted as a growth area, with projections indicating that the core AI industry in mainland China could exceed 1.2 trillion yuan by 2025, driven by significant growth in application cases [9] - The biopharmaceutical sector is also poised for growth due to rising flu cases and favorable financing conditions for global biotech investments [7][9]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責 其準確性或完整性亦不發表任何聲明 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 概不對因本公告全部或任何部分 中 國 人 壽 保 險 股 份 有 限 公 司 中 國 人 壽 保 險 股 份 有 限 公 司 CHINA LIFE INSURANCE COMPANY LIMITED CHINA LIFE INSURANCE COMPANY LIMITED CHINA LIFE INSURANCE COMPANY LIMITED （於中華人民共和國註冊成立之股份有限公司 於中華人民共和國註冊成立之股份有限公司） （股份代號：2628） 關於總 總保費逾人民幣 7,000 億元的公告 中國人壽保險股份有限公司 保費超過人民幣 7,000 億元。 中國人壽保險股 ...

衍生工具市場的歷史表現，清晰地揭示了槓桿產品的威力。回顧12月2日的行情，當中國人壽正股下跌3.00%時，相關看淡工具獲得了驚人的回報。法興熊 證(53450)和瑞銀熊證(53368)在兩日內均飆升23%，而認沽證如摩通認沽證(22245)亦有16%的進賬。這再次強有力地證明，在正股出現明確方向性波動時， 衍生工具憑藉其內置槓桿，能將正股有限的波動轉化為工具本身顯著的價格變動，從而放大投資回報。 對於接下來的部署，市場為多空雙方均提供了選擇。若投資者認同動量指標的買入信號並看好突破，可關注兩類產品。認購證方面，摩利認購證(19256) 以 其同類最低的溢價，以及較為理想的引伸波幅與槓桿組合，成為成本效益突出的看漲選擇；瑞銀認購證(18990) 則提供了溢價相對較低的另一選項。牛證方 面，滙豐牛證(53264) 和瑞銀牛證(53357) 提供超過8倍的實際槓桿，是追蹤上漲的高效工具，其收回價設於24元，與現價保持了一定安全距離。 中國人壽(02628)股價近期展現出企穩跡象，目前於26.68元水準整固，升幅1.37%，股價報26.68元。同板塊的中國平安(02318.HK)升幅0.27%，股價報56.55 元； ...

Core Viewpoint - AIA Insurance's stock price has shown a rebound, rising by 1.15% to 78.85 HKD, approaching a key resistance area, indicating a strengthening mid-term trend despite short-term inconsistencies in technical indicators [1][3]. Technical Analysis - The stock price has successfully surpassed the MA30 at 76.21 HKD and MA60 at 74.81 HKD, while still facing resistance at MA10 of 81.26 HKD, creating a divergence between short-term and mid-term trends [1]. - The RSI is at a neutral to strong level of 55, with stochastic indicators signaling a buy, while momentum oscillators indicate a sell, reflecting mixed technical signals [1][16]. - Immediate support levels are at 75.2 HKD and 72.8 HKD, with primary resistance at 82.8 HKD, and a potential target of 84 HKD if the resistance is broken [3]. Market Volatility and Derivative Products - AIA's short-term upward probability is estimated at 54%, with a five-day volatility of 7.6%, providing opportunities for short-term traders [3]. - Recent performance of bearish products has been notable, with HSBC's bear certificate recording a 67% increase during a 4.12% drop in AIA's stock price, highlighting the leverage effect of derivatives in volatile markets [3]. Selected Derivative Products - For bullish investors, HSBC's call option (29501) with a strike price of 88.88 HKD offers an 8.1x leverage, while Bank of China's call option (17336) at 88.93 HKD provides the highest leverage in the market at 8x [6]. - For bearish strategies, UBS's put option (19351) and Bank of China's put option (18984) both have a strike price of 66.94 HKD, offering leverage of 4.1x and 4.2x respectively, suitable for investors expecting a pullback at key resistance levels [6]. Bull and Bear Certificate Strategies - UBS's bull certificate (61825) and HSBC's bull certificate (61902) are noteworthy, both with a redemption price set at 66 HKD and providing a leverage of 5.6x, appealing to investors who are bullish on AIA's future [13]. - For bearish positions, Société Générale's bear certificate (52361) offers a redemption price of 85 HKD with a leverage of 12.1x, while HSBC's bear certificate (53010) provides a leverage of 11.8x, both advantageous in volatile market conditions [13].

1、恆指：看多投資者搏反彈持有收回價25688的牛證，看淡投資者認為收割25100點的肥牛，持有收回價27000的熊證，也有投資者選擇沒有收回價的認購證 Simon：大家好，歡迎來到今天(20日)的港股分享，現在和大家一起看看恆指以及港股今日的情況。和往常一樣，我們先從恆指說起。今日市場走勢到最後 變化其實不算大，恆指上漲了4點，收於25835點。雖然今天稍有回升，但整體來看，恆指仍在近期的低位區間運行。此前恆指曾觸及保利通道頂部後開始回 調，至今已經有了比較明顯的回落。 恆指最新的技術信號分析。當前恆指的技術信號整體略微偏向看好，呈現買入趨勢，其中有9個買入信號，5個賣出信號。阻力位方面，當前大概在26500點 左右，如果能突破26500點，後續有望上探26800點。所以之前提到的投資者買入收回價在27000點左右的熊證，從阻力位分析來看是比較合理的選擇，相對 安全一些。支撐位方面，大概在25300點，若跌破25300點，可能會下探24700點。因此，如果投資者想要買入牛證，建議選擇行使價在25000點左右，甚至接 近24700點的產品，這樣被收回的概率會相對較低。需要提醒投資者的是，在佈局牛熊證時，一定要 ...