1. 對於看好美團後續反彈、計畫佈局認購證的投資者，中銀認購證（19960）是優選。其杠杆倍數達10倍，行使價116港元，核心優勢在於杠杆及引伸波幅較 為理想。當前美團處於震盪築底階段，若後續突破阻力位，穩定的引伸波幅能減少額外波動風險，10倍杠杆也能在正股上漲時充分享受收益。 回顧近期美團的異動行情，其股價波動已在窩輪市場引發強烈反響。我們複盤12月12日的相關數據發現，當美團在兩日後股價下跌2.83%時，相關窩輪卻呈 現爆發式上漲：摩根大通熊證（53743）兩日漲幅達40%，瑞銀熊證（61628）同步上漲39%，瑞銀認沽證（18354）和中銀認沽證（16361）也分別錄得22% 和18%的漲幅。 昨日（16日）早盤，美團（03690）全天收報99.5港元，單日下跌1.39%，成交額達31.98億港元，盤中在96.3港元（支撐位1）至102.9港元（阻力位1）區間 窄幅震盪，下方93港元（支撐位2）形成強支撐，上方則需突破106港元（阻力位2）才能打開上行空間。 從技術面來看，美團當前上漲概率為55%，RSI指標處於49的中立區間，技術指標總信號為"買入"，強度8級，但MA10、MA30、MA60分別位於9 ...

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]

Company Recommendations - China Telecom (0728) is recommended for purchase with a target price of 6.50 HKD, indicating a potential upside of 15.0% from the current price of 5.65 HKD [2][11] Market Overview - The Hang Seng Index (HSI) closed at 25,976 points, with a year-to-date increase of 29.50% [4] - The market is currently observing a short-term support level around 25,000 points, influenced by the Federal Reserve's expected interest rate cuts and the economic outlook in China [2] Financial Performance - For the first three quarters of 2025, China Telecom reported a slight revenue increase of 0.6% year-on-year, with service revenue growing by 0.9% [7] - EBITDA increased by 4.2%, and net profit attributable to shareholders rose by 5.0% year-on-year [7] - In Q3 2025, revenue slightly declined by 0.9% year-on-year, while service revenue grew by 0.5% [7] Cloud Services - China Telecom's Tianyi Cloud is in a transitional phase, with revenue growth slowing down; however, AI-driven smart computing services saw a significant increase of 62.3% year-on-year [8][9] - The company did not disclose Tianyi Cloud's revenue for Q3 2025, but it reported 57.3 billion RMB in revenue for the first half of 2025, reflecting a 3.8% year-on-year growth [8] Government Policies and Economic Outlook - The government is expected to encourage the application of AI-related cloud computing technologies during the 14th Five-Year Plan period, which may benefit China Telecom's cloud business [9] - The anticipated rise in Chinese government bond yields is expected to be limited, making China Telecom a relatively attractive high-dividend stock choice [10] Financial Projections - Revenue projections for China Telecom are as follows: 5,342.9 billion RMB for FY25 and 5,466.6 billion RMB for FY26 [11] - The forecasted net profit attributable to shareholders is 349.6 billion RMB for FY25 and 370.2 billion RMB for FY26 [11]

Market Overview - The Hang Seng Index (HSI) has short-term support at the 25,000 point level, with recent hawkish signals from the Federal Reserve indicating limited rate cut space in 2026. Economic tensions between China and the US have eased temporarily, but corporate earnings in Hong Kong are unlikely to improve significantly in the short term due to a lack of strong policy signals from mainland China [2][4][6]. Economic Focus - China's exports in November increased by 5.9% year-on-year, surpassing expectations, while imports rose by 1.9%. The trade surplus for November was reported at USD 111.68 billion. For the first eleven months of the year, exports grew by 5.4%, and imports fell by 0.6%, resulting in a cumulative trade surplus of USD 1,075.848 billion [4][8]. - The Central Committee of the Communist Party of China emphasized the need for stable economic progress in 2026, advocating for a proactive fiscal policy and moderately loose monetary policy to enhance macroeconomic governance [4][8]. - The US Treasury Secretary projected a 3% GDP growth for the year, citing strong holiday season consumer spending [4][8]. Company News - Meituan (3690) launched the LongCat-Image model for image generation, aiming to provide high-performance options for developers [9]. - Chow Tai Fook Jewelry (1929) underwent a significant equity restructuring, with the Cheng family injecting HKD 47.3 billion worth of shares into the company [9]. - Vanke (2202) is facing investor concerns regarding its bond extension plan ahead of a crucial vote [9]. - New energy vehicles in China achieved a retail penetration rate of 59.3% in November, reflecting a 7 percentage point increase year-on-year [8][9]. Stock Market Performance - The Hang Seng Index closed at 25,765, down 1.23% year-to-date, while the Hang Seng Tech Index showed a year-to-date increase of 26.73% [5][6]. - The US stock market experienced slight declines, with major indices falling between 0.1% and 0.5% [6]. Sector Outlook - The AI sector, particularly companies involved in AI glasses and smartphones, is expected to benefit from recent product launches and market trends [7]. - The biopharmaceutical sector is also poised for growth due to rising flu cases and favorable financing conditions [7].

港股點評 2025年12月8日9:30 a.m 濟數據、貨幣政策預期等因素影響，美匯指數下跌，全球金融資產價格漲跌互 現。匯率折算和資產價格變化等因素綜合作用，當月外匯儲備規模上升。中國 經濟保持總體平穩、穩中有進發展態勢，為外匯儲備規模保持基本穩定提供支 持。 百度集團－ＳＷ(09888.HK) (BIDU.US) 公布，12 月 5 日有媒體報道公司擬分 拆非全資附屬昆侖芯(北京)進行獨立上市。就此，公司澄清，目前正就擬議分拆 及上市進行評估。 重要通知及免責聲明 本報告所載的資料及意見由寶通證券亞洲有限公司（證券及期貨條例下的持牌法團(中央編號AGG778)）擬備。本報告 旨在由獲寶通證券亞洲有限公司提供本報告者收取﹐而不是旨在向在有關分發或使用會抵觸當地法律及規例的､或使 任何寶通證券亞洲有限公司､其控股公司及其控股公司的其他附屬公司､其聯屬公司及其另外的關聯公司受當地任何監 管規定限制的任何司法管轄區或國家的任何人士或實體分發或由其使用。任何管有本報告或打算作出行動或依賴其所 載的資料的人士或實體﹐必須確保其本身不受任何對其作出有關行動有所限制或禁止的本地規定所限制。本報告所載 的任何資料或任何意見 ...

Group 1 - The core viewpoint of the article highlights the mixed performance of tech stocks, particularly focusing on Xiaomi's stock price movements and potential investment opportunities [1][2] - Xiaomi's stock price is currently around 40.22 HKD, showing signs of seeking a new balance after adjustments, with short-term momentum indicators suggesting a possible rebound [1][2] - Recent data indicates that Xiaomi's stock has support at 38.6 HKD and resistance at 42.6 HKD, with the potential for upward movement if these levels are breached [2][12] Group 2 - Xiaomi's recent performance includes a significant milestone, with over 500,000 electric vehicles delivered, surpassing the initial target of 350,000 for the year, which is expected to positively impact the company's stock [1] - The article discusses various derivative products related to Xiaomi, including call and put options, highlighting their leverage and potential returns, particularly in the context of current market conditions [4][7] - Investors are advised to consider different derivative tools based on their risk tolerance and market outlook, with specific products mentioned that offer high leverage and low premiums [7][12]

Simon：大家好，歡迎來到今天的港股直播。我們先從市場行情入手，看看今天的大盤走勢，再分析一些相關個股的具體表現，同時也瞭解一下投資者的不 同看法。 1、恆指：投資者表示牛證過夜，收回價25278點。也有看跌投資者認為一浪底一浪需調整了，保守見25400，開熊。 Simon：首先來說恆生指數，在昨天略有上漲的情況下，今天（3日）恆生指數掉頭下跌，以收盤價計算，大概在25760點左右。今天下跌的時候，一些做短 線的投資者會選擇買入牛證，搏取過夜反彈；但與此同時，也有投資者認為，目前指數走勢呈現一浪低過一浪的態勢，可能還會繼續調整，所以選擇做空， 這都是比較正常的情況。其實現在大盤並沒有明顯的方向，從技術信號來看，買入信號有7個，賣出信號也同樣是7個，各占一半。這也是為什麼投資者會有 不同的操作，有人買熊證，有人買牛證，雙方都有自己的依據。這裏給大家參考一下支持位和阻力位，尤其是短線投資者，可能會將這些點位作為牛熊證收 回價的依據。 短線來看，支持位大概在25400點左右，如果跌破25400點，接下來可能會到24700點。當前指數在25760點，距離24700點有1000點左右的空間，而25400點距 離當前點 ...

Market Overview - The Hang Seng Index has short-term support at the 25,000 point level, with recent hawkish signals from the Federal Reserve indicating less room for interest rate cuts than previously expected. The meeting between the US and Chinese leaders in October has temporarily eased tensions, but core issues remain unresolved. The Chinese economy showed further signs of cooling in Q3, with the 15th Five-Year Plan emphasizing the expansion of domestic demand and technological self-reliance, aligning with expectations. However, there are no strong signals for short-term policy adjustments, making it difficult for Hong Kong companies to see significant profit improvements. The Hang Seng Index has seen substantial gains this year, leading to profit-taking incentives as year-end approaches [2][4]. Company Focus - Meituan's performance is a key focus for the market today [3]. Macro Focus - In October, industrial profits in mainland China fell by 5.5%, with total profits for the first ten months reaching 5.95 trillion yuan, a year-on-year increase of 1.9%. The mining sector saw a significant profit decline of 27.8%, while manufacturing profits grew by 7.7% [4][8]. - The State Administration for Market Regulation is enhancing antitrust enforcement in key areas to promote fair competition and optimize the business environment [8]. - In November, 178 domestic online games were approved, including titles from Baidu and Bilibili [8]. - OPEC+ is expected to maintain its oil production policy unchanged in the first quarter of next year [9]. Company News - Anta Sports is reportedly considering a bid for Puma, but has not commented on the speculation [10]. - Bosideng reported a mid-term net profit of 1.189 billion yuan, an increase of 5.3%, aligning with expectations [10]. - Luk Fook Holdings announced a mid-term net profit of 619 million yuan, up 42.5%, meeting profit guidance [10]. - UBTECH Robotics secured an order worth 143 million yuan for humanoid robots, bringing total orders for the year to 1.3 billion yuan [10]. - Vitasoy's mid-term profit fell by 68%, leading to a dividend cut [10]. - DYNAM JAPAN reported a mid-term net profit of 3.072 billion yen, an increase of 40.3% [10]. - Alibaba and ByteDance are training AI models overseas to circumvent US export restrictions, utilizing Nvidia chips [10].

Market Overview - The Hang Seng Index closed at 25,220.02 points, down 615 points or 2.4% on the day, with a year-to-date increase of 25.72%[4] - The total turnover was HKD 285.70 billion, an increase of 16.6% compared to the previous day[6] - The technology index fell by 3.21%, with a year-to-date increase of 20.76%[4] Sector Performance - The financial index decreased by 2.12%, with a year-to-date increase of 14.41%[4] - The property index dropped by 2.45%, with a year-to-date increase of 8.70%[4] - The utility index fell by 0.91%, with a year-to-date increase of 21.09%[4] Key Company Updates - Kingsoft Cloud (3896.HK) reported a revenue of RMB 2.478 billion for Q3, up 31.4% year-on-year, with adjusted net profit turning positive at RMB 287.33 million[14] - AI business revenue for Kingsoft Cloud surged by 120% year-on-year, significantly boosting EBITDA margin from 9.8% to 33.4%[14] - Meituan (not mentioned in detail) and other tech stocks faced selling pressure, with notable declines in share prices[6] Economic Indicators - The U.S. 10-year Treasury yield decreased to 4.0633%, reflecting a decline of 50.57 basis points year-to-date[24] - The U.S. dollar index stood at 100.28, down 7.56% year-to-date[24] Investment Recommendations - Kingsoft Cloud is recommended for purchase at around HKD 6.00, with a target price of HKD 6.60 and a stop-loss at HKD 5.50[16] - Investors are advised to monitor the psychological support level of 25,000 points for the Hang Seng Index, as a breach could lead to further declines[10]

Market Overview - The Hang Seng Index closed at 25,830.65 points, down 0.38% for the day and up 28.77% year-to-date[6] - The market experienced a total decline of 1,242 points over four consecutive days[3] - The total trading volume was 211.43 billion HKD, a decrease of 12.8% from the previous day[8] Company Performance - Kuaishou expects annual revenue to reach 1 billion USD[3] - Lenovo Group reported a net profit of 846 million USD for the first half of the year, a year-on-year increase of 40.53%[8] - ZTO Express announced a net profit of 6.455 billion RMB for the first three quarters, a slight increase of 0.33% year-on-year[8] Sector Performance - The Financial Index decreased by 0.49%, with a year-to-date increase of 17.75%[6] - The Technology Index fell by 0.69%, with a year-to-date increase of 25.49%[6] - Oil stocks saw gains, with Sinopec up 2.9% and CNOOC up 1.2%[8] Global Market Trends - The Dow Jones Industrial Average rose by 47 points, ending a four-day losing streak[8] - The S&P 500 increased by 0.38%, while the Nasdaq rose by 0.59%[8] - The US dollar index decreased by 0.10%, down 7.70% year-to-date[6] Commodity Prices - New York crude oil fell by 2.14%, closing at 59.44 USD per barrel[8] - Gold-related stocks performed well, with Zijin Mining up 6.2%[8] - New York gold futures increased by 0.40%, with a year-to-date rise of 55.41%[6]