今日（11月24日），港股市场终于迎来强势反弹。 其他方面，盘面上，科网股普涨。除了阿里外，快手涨超7%，网易涨超5%，百度涨超4%，美团、腾讯涨超2%。创新药概念走强，恒瑞医药涨超5%，药明 康德涨超4%；汽车股回暖，广汽集团涨超12%；军工股全天强势，中船防务涨超13%；黄金股尾盘拉升，潼关黄金涨超5%；创新实业上市首日涨超32%。 芯片股跌幅居前，华虹半导体跌超5%，中芯国际跌超1%。 资金方面，截至收盘，南向资金累计净买入港股超85亿港元。 截至收盘，恒生指数报收于25716.50点，上涨496.48点，涨幅1.97%。 今天，港股市场的最大看点来自阿里巴巴（HK09988），在前期累计跌幅近20%之后，阿里今日最大涨幅一度接近6%，最终收涨4.67%。 恒生科技指数报收于5545.56点，上涨150.07点，涨幅2.78%。 消息面，有报道称阿里旗下的AI助手千问App公测一周，下载量已突破1000万次，超越ChatGPT、Sora、DeepSeek等，成为史上增长最快的AI应用。报道显 示，千问App上线后仅三天，就冲入苹果App Store免费总榜前三，一周便突破1000万下载量。"千问恐慌"也 ...

一、大势观察 今日A股走出"惯性下探、探底回升、缩量普涨"的止跌修复行情。经历上周五的大跌后，市场情绪迎来 技术性反抽。截至收盘，沪指微涨0.05%，深成指涨0.37%，创业板指涨0.31%。两市全天成交1.7万亿 元，较上周五大幅缩量2433亿元，显示场外资金依旧谨慎，更多是场内资金的自救与调仓。 截至11月24日收盘数据 | 指数。 | 指数点位。 | 涨跌幅2 | 成交金额( | | --- | --- | --- | --- | | 上证指数。 | 3.836.77€ | +0. 05%+ | 7, 155 亿e | | 深证成指« 12,585.08 | | +0. 37%+ | 10, 122 亿+ | | 创业板指。 | 2, 929. 04+ | +0. 31%+ | 4,823 亿元 | | 科创 50g | 1. 296. 60+ | +0. 84%+ | 508 亿e | 技术面上，沪指在3800点上方收出缩量十字星，小阳线，属于典型的急跌后技术性抵抗。虽然个股普 涨，但权重股表现疲软，且量能未能跟进，表明反弹基础尚不牢固。当前核心观察点在于：缩量反弹能 否延续？AI应用能否接力硬件成为 ...

多位美联储高级官员"放鸽"，12月降息预期再次升温。港股三大指数今日集体走高，恒指盘中涨超 2%，恒科指数一度涨超3%。截止收盘，恒生指数涨1.97%或496.48点，报25716.5点，全日成交额为 3026.42亿港元；恒生国企指数涨1.79%，报9079.42点；恒生科技指数涨2.78%，报5545.56点。 华泰证券认为，近期市场波动率上升，流动性、情绪和风险偏好是主要原因。在市场波动放大的情况下 部分投资者再度担忧转弱的经济数据与股市之间"背离"问题，该行对此并不悲观。国内资产重估主线脉 络未变，资金寻找核心资产的诉求也未变，但估值向盈利的切换和内外资的重新平衡要求配置思路需要 更加去伪存真。港股本轮调整相对 A 股更早、跌幅也更深，当前位置已经开始具备性价比。 蓝筹股表现 阿里巴巴-W(09988)表现亮眼。截至收盘，涨4.67%，报154.5港元，成交额307.21亿港元，贡献恒指 104.44点。阿里巴巴微信公众号今早发消息称，公测一周，千问APP下载量突破1000万。据悉，该应用 超越ChatGPT、Sora、DeepSeek，成为史上增长最快的AI应用。 其他蓝筹股方面，快手-W(0102 ...

今天，港股市场的最大看点来自阿里巴巴（HK09988），在前期累计跌幅近20%之后，阿里今日最大涨 幅一度接近6%，最终收涨4.67%。 今日（11月24日），港股市场终于迎来强势反弹。 截至收盘，恒生指数报收于25716.50点，上涨496.48点，涨幅1.97%。 恒生科技指数报收于5545.56点，上涨150.07点，涨幅2.78%。 消息面，有报道称阿里旗下的AI助手千问App公测一周，下载量已突破1000万次，超越ChatGPT、 Sora、DeepSeek等，成为史上增长最快的AI应用。报道显示，千问App上线后仅三天，就冲入苹果App Store免费总榜前三，一周便突破1000万下载量。"千问恐慌"也成为海外社交媒体讨论的热词。 东方证券最新研报指出，阿里通过千问APP加大AI应用布局力度，看好AI应用布局完善后阿里的全栈AI 优势强化，且千问APP可与集团其他生活服务双向赋能，实现流量共享与收入提速，看好千问APP在阿 里业务内的多方向增长潜力。东方证券维持上次估值及目标价206.11港元，维持"买入"评级。 招商证券（香港）则认为，千问APP的发布，彰显阿里C端AI原生应用的野心。阿里作为全 ...

Market Overview - The Hong Kong stock market showed a rebound with the Hang Seng Index rising by 1.97% to close at 25,716 points, the Hang Seng China Enterprises Index increasing by 1.79% to 9,079 points, and the Hang Seng Tech Index climbing by 2.78% to 5,545 points, ending a streak of declines [1][2]. Sector Performance - Major technology stocks experienced a collective recovery, with Kuaishou rising over 7%, NetEase and Bilibili increasing over 5%, and Alibaba, Baidu, Meituan, Tencent, JD.com, and Xiaomi all showing gains [4][5]. - The defense sector saw significant gains, with China Shipbuilding Industry Corporation surging nearly 13%, and other defense stocks like AVIC and Aerospace Holdings also rising [6][7]. - The biopharmaceutical sector performed well, with notable increases in companies such as Innovent Biologics and Hengrui Medicine, reflecting a growing interest in quality Chinese biotech firms [5][6]. Investment Insights - Analysts from Guotai Junan Securities noted that the AI wave is not over, and the inflow of new capital along with the gathering of quality assets may continue to support a bullish trend in the Hong Kong stock market [4]. - The real estate sector showed strength, with companies like Country Garden and China Overseas Development rising over 2%, as analysts remain optimistic about the recovery of core cities and the potential for value reassessment in commercial properties [7][8]. International Influences - Semiconductor and chip stocks faced downward pressure, particularly after news that the U.S. may allow the sale of Nvidia's H200 chips to China, impacting companies like Hua Hong Semiconductor and SMIC [9][10]. - Oil stocks declined as international crude oil prices continued to fall, with major oil companies like CNOOC and PetroChina seeing losses due to ongoing market assessments of geopolitical developments [8][9]. Capital Flows - Southbound capital saw a net inflow of HKD 2.604 billion, indicating continued interest from mainland investors in Hong Kong stocks [10]. Future Outlook - China Galaxy Securities suggested that investor sentiment is heavily influenced by expectations of U.S. Federal Reserve interest rate cuts and geopolitical tensions, with a potential for continued volatility in the market [12].

Market Performance - The Hong Kong stock market saw significant gains on November 24, with the Hang Seng Index rising by 1.97% to 25,716.5 points, the Hang Seng Tech Index increasing by 2.78% to 5,545.56 points, and the National Enterprises Index up by 1.79% to 9,079.42 points [1] - Major technology stocks performed well, with Alibaba up 4.67%, Tencent Holdings up 2.38%, JD Group up 1.9%, Xiaomi up 1.52%, NetEase up 5.87%, Meituan up 2.72%, Kuaishou up 7.11%, and Bilibili up 5.67% [1] - Defense stocks showed strong performance, with China Shipbuilding Industry Corporation rising over 13% [1] - Gold stocks saw a late surge, with Tongguan Gold increasing over 5% [1] - Innovative drug concepts gained traction, with WuXi AppTec rising over 5% [1] - Lithium battery stocks led the decline, with Ganfeng Lithium down over 5%, and semiconductor stocks also fell, with Hua Hong Semiconductor down nearly 5% and SMIC down over 1% [1] Company News - Huya Technology reported Q3 revenue of $532 million, a year-on-year increase of 27.6%, with adjusted EBITDA reaching $47.05 million, up 37.3% [2] - Changjiang Garment announced a mid-term performance report for the six months ending September 30, 2025, with revenue of HKD 85.59 million, a 13.67% increase, but a loss of HKD 53.31 million, widening by 67.8% year-on-year [2] - Maple Leaf Education expects a net profit of no less than RMB 300 million for the fiscal year ending August 31, 2025 [3] - Nanxuan Holdings reported revenue of approximately HKD 2.8305 billion for the six months ending September 30, 2025, a 1.6% increase, with a net profit of HKD 336 million, up 12.7% [3] Corporate Actions - Tencent Holdings repurchased 1.042 million shares for HKD 636 million at prices between HKD 606.5 and HKD 614.5 [8] - Xiaomi Group repurchased 8 million shares for HKD 303 million at prices between HKD 37.64 and HKD 38.04 [8] - China Feihe repurchased 12.3 million shares for HKD 51.4 million at prices between HKD 4.14 and HKD 4.2 [8] - Various companies, including China Petroleum & Chemical Corporation and CNOOC, also engaged in share repurchases, indicating a trend of companies returning capital to shareholders [9][10] Institutional Insights - Guotai Junan noted that the Hong Kong stock market has entered a correction phase due to previous gains and tightening dollar liquidity, but the bull market is expected to continue with inflows of new capital and quality assets [11] - Huatai Securities suggested that the Hong Kong market is entering a phase for positioning, with left-side investors gradually building positions despite increased volatility [12] - CITIC Securities highlighted that the volatility in global risk assets is primarily due to liquidity issues, with concerns about the sustainability of AI infrastructure in North America exacerbating market corrections [12] - Dongwu Securities indicated that while short-term fluctuations are expected, the current positioning in the Hong Kong market is attractive for long-term investments [12]

市场情绪回升，港股今日高开高走，且午后涨幅进一步扩大。截止收盘，恒生指数涨1.97%报25716 点，国企指数涨1.79%，恒生科技指数涨2.78%，三者均止步连跌行情。盘面上，连续走低的大型科技 股集体回暖，其中，快手涨超7%，网易涨超6%，百度、小米、美团、阿里巴巴、京东皆上涨；受地缘 政治影响，军工股尾盘加速上涨，中船防务大涨近13%大幅领先表现十分抢眼；生物医药股、黄金股、 濠赌股、家电股、内房股、苹果概念股、餐饮股等纷纷上涨。另一方面，美国拟允许英伟达H200芯片 对华销售，芯片半导体股逆势下跌，龙头中芯国际跌超1%，12条中日航线取消全部航班，航空股低 迷，国际原油延续跌势，三桶油集体走低。(格隆汇) ...

巨丰投顾：周一市场震荡运行，中船系板块涨幅居前。从市场整体韧性来看，本轮上行趋势保持稳定， 长期资金持续托底使得市场节奏相对健康，叠加杠杆资金得到合理控制，出现连续大幅下跌的概率较 低。在政策刺激下，A股与经济有望同步出现向上的拐点。具体投资方向上，建议关注维持高景气度的 半导体、消费电子、人工智能、机器人、低空经济等领域的增量机会。 中信证券：全球风险资产的波动表面是流动性问题，本质是风险资产对于AI单一叙事过于依赖，当产 业发展速度（尤其是商业化）跟不上二级市场的节奏时，适当的估值修正也是一种纾解风险的方式。美 国非农就业数据的公布以及年内美联储降息预期的下修触发了高位资产估值的修正，市场对于北美AI 基础设施可持续性的焦虑也因降息推后的预期而放大。AI拓宽商业化场景、成本端硬件让利、金融稳 定风险上升迫使美联储提前降息都可能会打破当前僵局。 东方财富证券：全球AI产业叙事质疑与担忧上升，但倾向于认为目前美国离"AI泡沫破裂"仍有距离；而 国内的AI投资则仍处起步阶段，周期有明显差异。近期海外AI投资的关注点从算力竞赛转至投入产出 考量，这并不意味着AI产业趋势暂停，而是定价会出现分化，一些科技巨头基于表 ...

Market Overview - The Hong Kong stock market showed strong performance with the Hang Seng Index rising by 1.42% to 25,578.88 points, the Hang Seng Tech Index increasing by 1.65% to 5,484.46 points, and the National Enterprises Index up by 1.22% to 9,028.24 points [1] - Major technology stocks experienced gains, with Alibaba up 4.13%, Tencent up 2.13%, JD.com up 1.45%, and NetEase up 5.67% [1] - The defense sector saw active trading, with China Shipbuilding Industry Corporation rising nearly 7% and AVIC Industry Company up over 3% [1] - Biopharmaceutical stocks also rose, with Hengrui Medicine up over 6% and 3SBio up over 5% [1] - Automotive stocks surged, led by GAC Group which increased by over 13% [1] - Semiconductor stocks declined, with Hua Hong Semiconductor down over 9% and SMIC down over 5% [1] - The "three barrels of oil" collectively fell, with CNOOC down over 2% and PetroChina down over 1% [1] - Airline stocks were weak due to the cancellation of all flights on 12 Japan-China routes [1] Company News - Huimai Technology reported Q3 revenue of $532 million, a year-on-year increase of 27.6%, with adjusted EBITDA reaching $47.05 million, up 37.3% [2] - Changjiang Garment announced a mid-term revenue of HKD 85.593 million, a 13.67% increase, but reported a loss of HKD 53.314 million, widening by 67.8% year-on-year [2] - Virginie expects a comprehensive profit increase of no less than 100% for the six months ending September 30, 2025 [3] - Maple Leaf Education anticipates a net profit of no less than RMB 300 million for the fiscal year ending August 31, 2025 [4] - Nanshu Holdings reported revenue of approximately HKD 2.8305 billion for the six months ending September 30, 2025, a 1.6% increase, with a net profit of HKD 336 million, up 12.7% [4] - Yongyi International expects a significant reduction in mid-term net loss to no more than HKD 110 million [5] - China Aluminum announced a total cash or asset capital increase of HKD 906 million for Yunnan Aluminum Foil [6] - Hisense Home Appliances subscribed to insurance financial products worth HKD 1.738 billion [7] Stock Buybacks - Tencent repurchased 1.042 million shares for HKD 636 million at prices between HKD 606.5 and HKD 614.5 [9] - Xiaomi repurchased 8 million shares for HKD 303 million at prices between HKD 37.64 and HKD 38.04 [10] - China Feihe repurchased 12.3 million shares for HKD 51.404 million at prices between HKD 4.14 and HKD 4.2 [11] - Techtronic Industries repurchased 500,000 shares for HKD 43.0814 million at prices between HKD 85.2 and HKD 87.25 [12] - COSCO Shipping Holdings repurchased 3 million shares for HKD 40.5895 million at prices between HKD 13.43 and HKD 13.63 [13] - Sinopec repurchased 825,000 shares for HKD 36.7777 million at prices between HKD 4.42 and HKD 4.56 [14]

本文字数：1789，阅读时长大约3分钟 作者 | 第一财经 钱小岩 2025.11. 20 海军陆战队乐队演奏、陆军骑兵仪仗队挥舞着美国和沙特国旗、六架战机以V字形编队飞越白宫上 空，美国总统特朗普以超规格的礼仪，来欢迎到访的沙特阿拉伯王储兼首相穆罕默德•本•萨勒曼。 这是沙特王储时隔7年后再度访美。白宫在11月18日当天发表声明说，特朗普已批准一项面向沙特 的"重大国防销售方案"，包括未来向沙方交付F-35战斗机。当晚特朗普还宣布，将沙特列为美国的非 北约主要盟友。 沙特也投桃报李，穆罕默德王储承诺将对美国的投资从今年5月特朗普访问沙特时承诺的6000亿美 元，进一步增加到1万亿美元。不过，就像5月份一样，他依然没有提供任何细节或时间表。 正在进行飞行表演的美军F-35战斗机 （来源：新华社） F-35战机 今年5月，特朗普与穆罕默德在沙特首都利雅得会面时，双方签署了价值近1420亿美元的"史上最大 军售协议"，当时外界最关注的就是协议中是否包括沙特渴望已久的F-35。 F-35战机由美国洛克希德-马丁公司制造，是世界先进隐形多功能喷气式战斗机之一，在美国和以色 列在内的20个国家配备使用。目前，美国只向长 ...