炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 港股速报 | 2025年港股收官 恒指年涨幅27.77% "深港指数"领涨全球 每经记者|曾子建 每经编辑|袁东 12月31日，因元旦假期，今日港股只交易上午半天。 截至收盘，恒生指数报收于25630.54点，下跌224.06点，跌幅0.87%。 回顾全年港股走势，在2024年上涨17.67%的基础上，恒生指数2025年累计上涨27.77%，恒生科技指数同样迎来两年连涨，2025年累计涨幅23.45%。 横向对比全球重要指数，恒生指数年涨幅仅落后深成指（截至午间收盘，深成指年内涨幅30%），位居第二。 就港股个股表现来看，年内黄金及有色金属板块涨幅亮眼，珠峰黄金（HK01815）全年涨幅超1200%，灵宝黄金（HK03330）年内涨超570%；半导体板块 表现突出，华虹半导体（HK01347）涨超240%，中芯国际（HK00981）涨超120%；券商股方面，国泰君安国际年内涨超140%；生物医药板块亦表现活跃， 药捷安康年内涨幅超770%；因行业调整，地产、教育等板块表现较弱。 今日港股盘面上，受节日因素影响，市场整体表现清淡。科网股跌 ...

Market Overview - The Hong Kong stock market indices collectively rose, with the Hang Seng Index increasing by 0.44% to 25,749.19 points, the Hang Seng Tech Index up by 1.04%, and the National Enterprises Index rising by 0.67% [12][16] - Technology stocks saw significant gains, with Baidu rising over 6% and both NetEase and JD.com increasing by over 1% [12][16] Semiconductor Sector - The semiconductor sector showed strong performance, highlighted by InnoCare Technologies' stock rising over 9% [3][14] - According to Galaxy Securities, the semiconductor industry is experiencing a structural market driven by price increases in the supply chain, sustained AI demand, and strengthened domestic substitution logic [3][14] - The long-term trend emphasizes supply chain security and self-sufficiency, particularly in upstream equipment and materials under the domestic substitution framework [3][14] Oil Sector - The oil sector also performed well, with CNOOC's stock increasing by over 4% [4][12] - CNOOC reported that the Hainan offshore oil and gas field group is expected to exceed 10 million tons of oil equivalent production by 2025, marking five consecutive years of production growth and setting a new record for the field group [4][6] - The "Deep Sea No. 1" Phase II project has been fully operational this year, significantly boosting the overall production capacity of the field group [4][6] New Listings - Six new stocks were listed today, with notable performances including InnoCare Technologies rising over 34%, Meilian Shares increasing by over 30%, and Wuyi Vision up by over 18% [12][16] - Other new listings included Lin Qingxuan, which rose by over 14%, while Woan Robotics remained flat and Xun Ce saw a slight decline [12][16]

恒生指数开平，恒生科技指数涨0.38%。盘面上，锂矿、贵金属跌幅靠前，赣锋锂业跌5.75%，紫金矿 业跌2.23%；新能源汽车活跃，蔚来涨5.21%；科网股强势，百度集团涨3.11%。 关于港股后市 银河证券表示，假期临近，市场交投活跃度较低，预计港股持续窄幅震荡。建议关注以下板块：（1） 科技板块仍是中长期投资主线，经历前期调整后估值回落，在多重利好因素提振下，有望反弹回升。 （2）消费板块有望获得较大力度政策支持，且当前估值处于相对低位，中长期上涨空间较大，后续需 关注政策落地力度及消费数据改善情况。 本文转载自"腾讯自选股"，智通财经编辑：黄晓冬。 中信证券认为，2026年投资全景图指出，港股方面，受益于内部的"十五五"催化以及外部主要经济体 的"财政+货币"双宽松，港股2026年有望迎来第二轮估值修复以及业绩进一步复苏的行情，建议关注科 技、大医疗、资源品、必选消费、造纸和航空板块。 ...

Group 1: Market Overview - The overall market is experiencing narrow fluctuations with accelerated capital rotation as the year-end approaches, with the Hang Seng Index rising by 0.17% and the Hang Seng Tech Index increasing by 0.19% [2][3] - Market sentiment is cautious, with a balance between advancing and declining stocks, and a total market turnover of HKD 92.5 billion, with short selling accounting for approximately 15.83% of total trading [2][3] - Southbound capital saw a net outflow of about HKD 1.2 billion on December 24, with notable net purchases in stocks like SMIC and Agricultural Bank of China, while major sell-offs occurred in China Mobile and Tencent [2][3] Group 2: Sector Performance - Semiconductor stocks emerged as the day's highlight, benefiting from sustained global AI computing demand and deepening domestic substitution logic, leading to significant gains among leading semiconductor companies [3] - The performance of large tech stocks showed divergence, lacking a unified direction, while the cyclical and energy sectors exhibited clear internal discrepancies, with power stocks performing strongly due to winter electricity demand expectations [3] - The lithium battery supply chain continued to show weakness, while the non-ferrous metals sector saw gains due to a rebound in commodity prices and supply constraints, particularly in aluminum and copper mining companies [3] Group 3: Industry Insights on Hainan Free Trade Port - The Hainan Free Trade Port has entered a new phase of operation with a focus on "one line open, one line controlled, and free flow within the island," significantly reducing trade barriers with foreign countries [7][8] - The range of "zero tariff" goods has expanded from 1,900 to approximately 6,600 tax items, benefiting various enterprises and allowing for free circulation of imported goods among eligible entities [8] - The implementation of new duty-free shopping policies has led to a surge in duty-free sales, with significant increases in shopping amounts and visitor numbers since the policy's introduction [8][9] Group 4: Future Opportunities in Duty-Free Market - The second growth curve for duty-free sales is expected to come from city duty-free stores, with new policies allowing travelers to purchase without limits, enhancing consumer shopping willingness [10] - The Hainan Free Trade Port's closure is anticipated to significantly expand the types of duty-free imported goods, releasing local consumption potential [10] - The influx of inbound tourists is seen as a new growth opportunity for the duty-free market, with higher spending per capita compared to domestic tourists [11]

12月29日消息，港股三大指数集体上涨。截至午间收盘，恒生指数涨0.26%，报25886.75点，恒生科技 指数涨1.60%，国企指数涨0.77%。盘面上，科网股普涨，网易、美团涨超2%，百度、联想、快手、哔 哩哔哩涨超1%；汽车股走强，蔚来涨超6%；脑机接口概念普涨，心玮医疗涨超10%；纸业股涨幅居 前，玖龙纸业涨超4%。 | 名称 | | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 但生科技指数 | NY | 5587.24 | +1.60% | | 800700 | | | | | 国企指数 | ี | 8983.59 | +0.77% | | 800100 | | | | | 恒生指数 | 200 | 25886.75 | +0.26% | | 800000 | | | | 汽车股走强，蔚来涨超6%。方正证券发布研报称，中央经济工作会议及财政部明确优化"两新"政策， 多地遴选以旧换新平台企业。据媒体披露，2026年国补将延续，单车最高补3万元，聚焦淘汰老旧高排 放车辆，同时提升新能源补贴与混动车型纯电续航门槛。 脑机接口概念普涨，心玮医疗涨超10%。光大证券发布 ...

Group 1 - The Hang Seng Index opened slightly higher by 0.02%, while the Hang Seng Tech Index rose by 0.07%. Semiconductor stocks showed strength, with SMIC up over 2% and Hua Hong Semiconductor up over 1%. Conversely, tech stocks like Meituan experienced declines, falling nearly 1% [1] - Huatai Securities indicated that the market is still in a left-side layout phase, with the right-side turning point not yet clear. There is strong consensus on an early spring rally, but year-end supply and demand pressures remain, leading to uncertainty regarding the "Santa rally." The first quarter may present a higher probability phase for gains [1] - Guotai Junan Securities noted that as the "Christmas rally" window approaches, historical data shows that U.S. stocks often perform strongly at year-end. Despite ongoing disagreements regarding interest rate hikes and inflation paths for 2026, the recent financing capabilities and capital expenditure commitments from tech giants have instilled confidence in institutional investors regarding the ongoing AI-driven growth narrative [1] - Galaxy Securities recommended focusing on the technology sector as a long-term investment theme, which has seen valuation corrections after previous adjustments and is expected to rebound due to multiple favorable factors. The consumer sector is also anticipated to receive significant policy support, with current valuations at relatively low levels, indicating substantial medium to long-term upside potential [1] Group 2 - GF Fund stated that liquidity disturbances are likely to have a short-term impact, but the adjusted Hong Kong stock market may still be worth monitoring. Amid weak economic data and the upcoming change in the Federal Reserve chair, a rate cut cycle by the Fed is likely to continue next year. Short-term pressures from the Bank of Japan's rate hike signals and significant unlocking pressures in the Hong Kong market may temporarily dampen risk appetite [2] - The upward trend in the AI industry cycle remains unchanged, and if the short-term factors suppressing the Hong Kong market are alleviated, the market structure is expected to remain intact, driven by the influx of new capital and the advantages of scarce assets [2]

Market Performance - The Hong Kong stock market indices experienced a collective adjustment, with the Hang Seng Index down by 0.11% to 25,774.14 points, the Tech Index down by 0.69% to 5,488.89 points, and the National Enterprises Index down by 0.29% to 8,913.83 points [2] Sector Performance - Food stocks showed resilience, with notable gains from companies such as Master Kong Holdings (up 2.07%), Uni-President China (up 1.46%), and Crayon Shin-chan Foods (up 0.50%) [4][5] - The electric equipment and lithium battery sectors performed strongly, with Dongfang Electric rising by 8.17%, Harbin Electric by 5.04%, and China Electric by 1.02% [6][7] - The demand for gas turbine generators in the U.S. data center market is strong, which is positively impacting Dongfang Electric's sales prospects [8] - The lithium battery sector is expected to see a significant growth cycle, with a projected 75% increase in global shipments from Chinese manufacturers this year [9] Underperforming Sectors - The optical communication sector faced pressure, with stocks like Yangtze Optical Fibre and Cable falling by 5.13% and Huizhou Technology down by 4.34% [10][11] - Despite rising fiber prices indicating demand recovery, concerns about valuation risks have emerged due to high rolling P/E ratios and a mismatch between supply-demand expectations and actual business structures [11] - The tech sector saw declines, with Kuaishou down by 3.52% and Tencent Holdings down by 2.03%, influenced by negative sentiment following a content-related incident on Kuaishou's platform [12][13] Notable Stock Movements - Rongda Technology surged by 14.83% after announcing plans to acquire Shenzhen Yanke Digital for up to 65 million RMB [14] - Xinjiang Xin Mining rose by 2.81% amid expectations of reduced nickel ore production targets from Indonesia, which could impact market balance [15]

12月23日消息，港股三大指数涨跌不一。截至午间收盘，恒生指数涨0.18%，报25848.99点，恒生科技 指数跌0.42%，国企指数涨0.11%。盘面上，科网股涨跌不一，京东、联想涨近1%，快手跌超3%，小 米、腾讯跌超1%；风电股涨幅居前，东方电气涨超5%；黄金股延续涨势，山东黄金涨超5%；锂电池板 块涨幅居前，赣锋锂业涨超4%；今日翰思艾泰、轻松健康、诺比侃上市 | 代码 | 名称 | | 最新价 涨跌幅 > | | | --- | --- | --- | --- | --- | | 01072 | 东方电气 | 0 | 25.260 5.34% | | | 00658 | 中国高速传动 | | 1.500 1.35% | | | 00579 | 京能清洁能源 | | 2.360 | 1.29% | | 00916 | 龙源电力 | | 6.770 1.20% | | | 02208 | 全风科技 | | 13.910 0.72% | | 黄金股延续涨势，山东黄金涨超5%。亚洲早盘，现货黄金涨超1%，最高至4490.88美元/盎司，续创历 史新高。摩根大通指出，关税不确定性，叠加ETF与各国央行的强劲需 ...

客户端 美股周一表现向好，科技股普遍造好，带动大市上升，三大指数均录得升幅收市。美元走势向下，美国 十年期债息回升至4.16厘水平，金价持续强势，油价低位亦有所反弹。 今日港股三大指数集体高开，恒指开盘涨0.29%，报25875.85点，恒科指涨0.14%，国企指数涨0.29%。 盘面上，科网股涨跌不一，美团涨近1%，快手跌超3%；黄金股延续涨势，山东黄金涨超3%；锂电池板 块活跃，天齐锂业涨超2%；汽车股部分上涨，吉利汽车涨超1%。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 责任编辑：郝欣煜 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：郝欣煜 美股周一表现向好，科技股普遍造好，带动大市上升，三大指数均录得升幅收市。美元走势向下，美国 十年期债息回升至4.16厘水平，金价持续强势，油价低位亦有所反弹。 今日港股三大指数集体高开，恒指开盘涨0.29%，报25875.85点，恒科指涨0.14%，国企指数涨0.29%。 盘面上，科网股涨跌不一，美团涨近1%，快手跌超3%；黄金股延续涨势，山东黄金涨超3%；锂电池板 块活跃，天齐锂业涨超2%；汽车股部分上涨，吉利汽车涨超 ...

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The net inflow of funds through the Hong Kong Stock Connect was HKD 484 million, with the Shanghai Stock Connect contributing HKD 283 million and the Shenzhen Stock Connect contributing HKD 201 million [1] - The US stock market saw all three major indices rise, with the Dow Jones up 0.38%, the Nasdaq up 1.31%, and the S&P 500 up 0.88% [2] Sector Performance - In the Hong Kong market, local real estate, software, and 5G concept sectors saw significant declines, while gold stocks performed well [1] - In the US market, large technology stocks generally rose, with Oracle up over 6%, Nvidia up nearly 4%, and Broadcom up over 3% [2] - The biopharmaceutical sector in Hong Kong saw a general increase, with WuXi Biologics rising over 4% [1] Investment Opportunities - The report emphasizes that low-valued high-dividend sectors remain attractive for investment in Hong Kong stocks, particularly in December, which saw a net inflow of HKD 24.2 billion [3] - Key sectors to watch include artificial intelligence applications, semiconductors, and industrial software, which are expected to benefit from long-term growth opportunities [3] - The report suggests focusing on leading companies in the semiconductor and robotics sectors, as well as state-owned enterprises with low valuations and high dividends [3] Notable Company Developments - Changan Automobile received the first L3 autonomous driving license in China, marking a significant step towards commercial application of L3 autonomous driving technology [9] - The report highlights the launch of new GPU architectures by Moore Threads, which could enhance the domestic semiconductor industry [9] - Companies such as BYD and XPeng Motors are recommended for their potential in the electric vehicle market, particularly as AI applications in driving technology expand [9]