外 汇 / 商 品 日本央行鹰派言论推动交易员加大 12 月加息的押注，周一日元兑美元 等主要货币走强；受黑海码头遭袭 和美国与委内瑞拉局势紧张影响， 国际油价上涨；投资者担忧供应紧 张，白银和铜价再创新高。 固 定 收 益 周一美国国债全线下跌，收益率上 涨 4-个基点。近 160 亿美元的公司 债发行定价。日本央行行长暗示加 息，推升日债收益率，并拖累美债 表现。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 环球市场动态 预 计 中 央 经 济 工 作 会 议 政 策 定 调 更 积 极 股 票 中国市场 12 月开门红，消费电子 板块表现突出；欧洲股市普遍收低， 欧洲制造业活动低迷令市场出现获 利回吐；美股上涨势头暂停，加密 货币暴跌和日本央行暗示加息令资 金面出现波动。 2025 年 12 月 2 日 ▪ 今年 12 月中上旬内地即将召开中央政治局会议和中央经济工作会议，部署 2026 年经济工作。我们综合研判， 2025 年中央经济工作会议大概率在 "稳中求进" 总基调下，从消费扩张、科技创新、财政货币协调、房地产风 险化解等方面形 ...

智通财经APP获悉，博彩股悉数上扬，截至发稿，美高梅中国(02282)涨2.48%，报16.97港元；金沙中国 (01928)涨2.15%，报21.88港元；银河娱乐(00027)涨1.96%，报40.64港元；永利澳门(01128)涨1.54%，报 6.59港元。 消息面上，12月1日，澳门博彩监察协调局公布，11月份澳门幸运博彩毛收入为210.9亿澳门元，同比增 长14.4%。今年前11个月澳门博彩毛收入累计达2265.2亿澳门元，同比升8.6%。摩通大根此前研报认 为，澳门博彩收入略微强劲，但博彩股股价略低，看好博彩股在明年的趋势。 ...

Core Viewpoint - The Bank of Japan's indication of potential interest rate hikes has led to a rise in global bond yields, causing a significant drop in the US stock market, with the Dow Jones Industrial Average falling over 400 points. However, Chinese concept stocks showed resilience, and Hong Kong's major indices opened higher. Group 1: Market Reactions - The Hang Seng Index rose by 0.6%, the Hang Seng China Enterprises Index increased by 0.56%, and the Hang Seng Tech Index gained 0.76% [1] - Major technology stocks generally experienced gains, with Alibaba continuing to rise by over 3% [1] - The performance of automotive stocks was mixed following the release of November delivery data, with companies like NIO and Li Auto declining, while BYD and Seres saw increases of over 1% [1] Group 2: Sector Performance - Apple-related stocks, Chinese brokerage firms, paper industry stocks, gaming stocks, insurance stocks, and banking stocks mostly saw upward movement [1]

Market Performance - The Black Friday kickoff has significantly boosted overseas consumption, leading to a positive sentiment in the A/H-share consumer sectors[1] - Weekly performance of various sectors showed strong growth, with the gaming sector leading at 6.9%, followed by overseas sportswear at 6.8% and overseas cosmetics at 4.1%[11] - Year-to-date performance highlights jewelry as the top performer with a 133.9% increase, while overseas sportswear has seen a decline of 15.4%[11] Sector Analysis - The overseas sportswear sector is expected to have a PE ratio of 30.2x in 2025, which is 57% of the average PE over the past five years[15] - The domestic sportswear sector's expected PE is 14.7x, representing 77% of its historical average[15] - The gaming sector's expected PE is 17.2x, which is only 28% of its five-year average, indicating potential undervaluation[15] Company Highlights - Notable stock performances include Sands China up 11.2% and MGM China up 9.1%, driven by positive trends in Macau's gaming revenue[14] - Lululemon's stock surged by 9.5% due to strong demand for new winter apparel, with expectations for a positive Q3 2025 earnings report[14] - E.L.F. Beauty's stock rose by 8.7% following favorable analyst ratings and improved sales trends[14] Consumer Sentiment - The retail sector saw a 3.6% increase, with Walmart and Target benefiting from the Black Friday shopping season[14] - The luxury goods sector increased by 2.5%, supported by expectations of strong performance during the holiday shopping season despite high valuation levels[14] - Domestic cosmetics stocks rose by 2.2%, with significant growth reported by companies like Shiseido and Marubi[14]

证券时报·数据宝统计，美高梅中国在港交所公告显示，12月1日以每股16.440港元至16.590港元的价格 回购38.00万股，回购金额达627.46万港元。该股当日收盘价16.560港元，上涨0.24%，全天成交额 6892.68万港元。 今年以来该股累计进行38次回购，合计回购2980.54万股，累计回购金额4.66亿港元。（数据宝） | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.01 | 38.00 | 16.590 | 16.440 | 627.46 | | 2025.11.24 | 4.70 | 15.690 | 15.300 | 73.26 | | 2025.11.14 | 33.87 | 16.220 | 15.970 | 544.85 | | 2025.11.13 | 30.00 | 16.630 | 16.330 | 495.19 | | 2025.11.11 | 26.47 | 16.120 | 15.990 | 425.16 | | 2025. ...

Core Viewpoint - The company has announced the resignation of its auditor, Ernst & Young, due to a failure to reach an agreement on audit fees for the fiscal year ending December 31, 2025 [1] Group 1 - The board requested the resignation of Ernst & Young, effective December 1, 2025 [1] - The audit committee has recommended the appointment of Tianzhi Hong Kong Certified Public Accountants Limited as the new auditor, effective December 1, 2025 [1] - Tianzhi will serve until the conclusion of the next annual general meeting of the company [1]

智通财经APP讯，美高梅中国(02282)公布，2025年12月1日耗资约627.46万港元回购38万股股份。 ...

Market Overview - Hong Kong stocks experienced a volatile trend in November, with the index fluctuating between 25,178.63 and 27,188.81 points, failing to break the 27,000-point mark or drop below 25,000 points [1][2] - The market was initially buoyed by the anticipated end of the U.S. government shutdown and easing tensions between China and the U.S., but later faced declines due to concerns over potential interest rate cuts by the Federal Reserve and geopolitical tensions in the Taiwan Strait [1][2] Sector Performance - Bank stocks performed well, with several state-owned banks reaching historical highs, while innovative drug companies like BeiGene (06160) also saw significant gains [2] - Solid-state battery stocks showed strong performance, driven by trends in energy storage and price increases, with notable gains from companies like Longpan Technology (603906) and Weichai Power (000338) [2] Economic Indicators and Expectations - The Federal Reserve's December meeting is a key focus, with market expectations for a rate cut rising significantly, from about 30% to 80% following dovish comments from Fed officials [3] - Upcoming economic work meetings in December are expected to provide guidance on fiscal and monetary policies, with potential increases in deficit rates and special bond quotas [4] Currency and International Factors - The Chinese yuan continues to appreciate against the U.S. dollar, indicating strong domestic factors driving this trend, alongside positive sentiment from foreign investors towards Chinese assets [5] - The market is closely monitoring Japan's potential interest rate hike, which could lead to capital inflows into undervalued Hong Kong stocks [5] Investment Strategies - The investment strategy for December emphasizes following market expectations, particularly regarding policy changes and major events [7][8] - Key sectors to watch include technology, consumer goods, and innovative pharmaceuticals, with a focus on companies that are well-positioned to benefit from upcoming trends and events [8] Company Highlights - **Rongchang Bio (09995)**: Reported a revenue of 1.72 billion yuan for the first three quarters of 2025, a year-on-year increase of 42.3%, with a gross margin of 84.27% [11] - **Leap Motor (09863)**: Achieved a revenue of 19.45 billion yuan in Q3 2025, a year-on-year increase of 97.3%, with a net profit of 150 million yuan [14] - **TCL Electronics (01070)**: Reported a 8.7% increase in TV sales revenue for the first three quarters of 2025, with a significant rise in MiniLED TV sales [16][17] - **MGM China (02282)**: Announced a net income of 8.51 billion HKD in Q3 2025, a 17% year-on-year increase, driven by strong high-end demand [28][29] - **China Gold International (02099)**: Achieved a revenue of 925 million USD in the first three quarters of 2025, nearly doubling year-on-year, with a significant increase in gold and copper production [30][31]

Investment Rating - The report maintains a positive outlook on the AI technology sector, emphasizing strong performance from leading tech companies like Google, META, Microsoft, Alibaba, and Tencent [3] Core Insights - The report highlights a gradual return to stability in the market, with reduced concerns over the Federal Reserve's interest rate cuts in December, leading to improved liquidity and risk appetite [3] - The AI industry is expected to continue its growth trajectory, with a focus on operational cash flow from leading tech firms and the application of AI in various sectors [3] - The cryptocurrency market faces short-term pressures but remains optimistic in the medium to long term, particularly regarding blockchain and decentralized payment technologies [3] - The Macau tourism sector is seen as a valuable investment opportunity, benefiting from a favorable supply-demand dynamic and expected growth during holiday periods [3] - The report expresses a bullish stance on trading platforms, viewing any short-term pullbacks as opportunities to increase positions [3] Summary by Sections 1.1 Consumer & Internet - **Education**: The education index rose by 1.41%, outperforming several major indices. The number of college graduates is projected to increase by 480,000 to 12.7 million by 2026 [11][18] - **Luxury Goods & Gambling**: The luxury goods index increased by 3.90%, with notable gains from Sands China and MGM China. Macau's tourism is recovering well [20][28] - **Coffee & Tea**: The coffee sector remains robust, while the tea sector faces challenges due to reduced subsidies from delivery platforms [5][29] - **E-commerce**: The e-commerce sector is under pressure, affected by the consumption environment and tax impacts on advertising [5][33] 1.2 Platforms & Technology - **Streaming Platforms**: The media index rose by 4.54%, with key players like Netflix and Tencent Music showing positive performance [43] - **Virtual Assets & Internet Brokers**: The global cryptocurrency market capitalization reached $319.68 billion, with Bitcoin and Ethereum prices increasing by 6.9% and 9.7%, respectively [49][52] - **Automotive Services**: Japan plans to achieve a fleet of 10,000 autonomous vehicles by 2030, indicating a significant push in the automotive sector [61] 1.3 Media - The report notes a record high of 184 game approvals in November, with the domestic gaming market expected to generate revenues of 31.36 billion yuan by October 2025, reflecting a year-on-year growth of 7.83% [5][12]

智通财经APP讯，美高梅中国(02282)发布公告，于2025年11月28日, 公司就合资格人士行使根据公司购 股权计划所授予的购股权而发行合共43.13万股股份。 于同日注销220.88万股已购回股份。 ...