| 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 小米集团－Ｗ(01810) | +43.23亿元 | +10346.72万股 | | 盈富基金(02800) | +29.93亿元 | +11644.65万股 | | 零跑汽车(09863) | +10.16亿元 | +2051.66万股 | | 招商银行(03968) | +8.21亿元 | +1629.80万股 | | 比亚迪股份(01211) | +7.60亿元 | +777.90万股 | | 美团-W(03690) | +6.14亿元 | +613.64万股 | | 泡泡玛特(09992) | +5.06亿元 | +265.63万股 | | 恆生中国企业(02828) | +4.77亿元 | +520.34万股 | | 康方生物(09926) | +4.53亿元 | +387.80万股 | | 商汤-W(00020) | +3.89亿元 | +18009.70万股 | 3、港股通最近5个交易日减持榜（前10名） | 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 腾讯 ...

Market Overview - The Hong Kong stock market showed a gloomy sentiment on December 9, with all three major indices closing down: the Hang Seng Index fell by 1.29% to 25,434.23 points, the Hang Seng China Enterprises Index dropped by 1.62% to 8,936.41 points, and the Hang Seng Tech Index decreased by 1.90% to 5,554.68 points [2]. Company Performance - Major technology stocks experienced declines, with Baidu Group-SW and Xiaomi Group-W both falling over 3%, while Kuaishou-W and Meituan-W dropped more than 2%. Other notable declines included Netease-S, Alibaba-W, and JD Group-SW, which all fell over 1% [4]. - Heavy infrastructure stocks suffered significant losses, with China Metallurgical Group (China Zhongye) plunging over 21%, and Chalco International (China Aluminum International) dropping more than 4% [4][7]. - Semiconductor stocks also faced downturns, with Huahong Semiconductor falling over 5% and SMIC dropping more than 4% [4]. Specific Company News - China Metallurgical Group announced plans to sell its 100% stake in China Metallurgical Real Estate and related debts to Minmetals Land Holdings for approximately 60.7 billion yuan. Additionally, it will sell stakes in several subsidiaries to China Minmetals [7]. - In a separate development, Agile Group Holdings faced a significant drop in stock price, falling over 21% to a historical low of 0.3 HKD per share, ultimately closing down 18.42% at 0.31 HKD per share. This decline followed a petition for liquidation filed by a project partner [9].

【导读】 中国中冶重挫超 21% 中国基金报记者 伊万 12 月 9 日，市场情绪表现低迷，港股三大指数齐收跌。截至收盘，恒生指数跌 1.29% ，报 25434.23 点；恒生国企指数跌 1.62% ，报 8936.41 点； 恒生科技指数跌 1.90% ，报 5554.68 点。 盘面上，大型科网股普跌，百度集团 -SW 、小米集团 -W 跌超 3% ，快手 -W 、美团 -W 跌超 2% ，网易 -S 、阿里巴巴 -W 、京东 集团 -SW 跌超 1% ；重型基建股大跌，中国中冶重挫超 21% ，中铝国际跌超 4% ；半导体股下挫，华虹半导体跌超 5% ，中芯国际跌 超 4% ；此前大热的泡泡玛特跌超 5% ，老铺黄金跌近 3% 。 此外，保险股、石油股、航空股、军工股、中资券商股等纷纷走低。 | 泡泡玛特 | 190.300 | -5.04% | | --- | --- | --- | | 9992.HK | | | | 阿里巴巴-W | 150.900 | -1.63% | | 9988.HK | | | | 腾讯控股 | 602.500 | -0.41% | | 0700.HK | | | | 小 ...

随着免签政策持续放宽，能停留的时间变长了，"中国游"和"中国购"双双火热。据了解，华强北今年上半年日均接待外籍游客 超7000人次，同比2024年翻了一倍。不仅如此，今年，离境退税便利化水平全面提升，让"中国购"不仅体验感拉满，而且性价比 飙升，"即买即退"服务在全国推广，退税起征点由500元下调至200元，手续极大简化。在杭州，离境"一键退税"服务让外国游客只 需用手机"碰一下"，最快两分钟即可完成退税。 来得更方便、游得更舒心、买得更实惠，"带着空箱子来中国"的外国游客越来越多，带动入境消费潜力持续释放。国家税务 总局最新统计显示，今年前11个月，办理离境退税的境外旅客数量同比增长285%，退税商品销售额和退税额同比增长98.8%。 央视网消息：从北到南，不仅"中国游"热度持续攀升，"中国购"也火爆出圈。最近，"一定要带空箱子去中国！"这个实用小贴 士在海外社交平台讨论火热，空箱而来、满载而归，外国人来华买买买正成为跨境旅游新潮流。 在深圳华强北，巴西游客卢卡斯和父亲开启"采购模式"，除了刚刚拿下的这款搭载AI助手和GPS导航的智能眼镜，在两个大大 的行李箱里，他们还有不少收获，从物美价廉的日用品，到技术 ...

Economic Growth and Development - Guangzhou aims to elevate its economic scale, targeting a GDP of 3.1 trillion yuan by 2024, with an expected GDP increment of 700 billion yuan during the "14th Five-Year Plan" period [1] - The city has maintained a "double trillion, double growth" trend in social retail sales and foreign trade, becoming the third city in China to achieve this milestone [1] - The average annual disposable income growth for urban and rural residents is 5.13% and 6.95% respectively, both exceeding GDP growth [1] Talent and Employment - Guangzhou is implementing the "Million Talents Gather in South Guangdong" initiative, focusing on attracting high-level foreign talent, ranking among the top three in national talent attraction [1] - The city has added 1.634 million new jobs, emphasizing a strategy prioritizing employment [1] Technological Advancements - Guangzhou has made significant strides in technology, with its global ranking in the "Nature Index - Research Cities" rising to 6th, and the "Shenzhen-Hong Kong-Guangzhou" innovation cluster ranking first globally [1] - The city has developed key technologies, including the first domestically built ocean drilling vessel and a new flu drug, showcasing its commitment to national strategic technology [2] Infrastructure and Connectivity - The Nansha area has seen its GDP surpass 230 billion yuan, with a population nearing 1.3 million, attracting over 3,500 Hong Kong and Macau enterprises [2] - Baiyun Airport has become one of China's three comprehensive international aviation hubs, with passenger throughput increasing from 43.77 million in 2020 to 76.37 million by 2024, a growth of 74% [2]

来源：锋行链盟 港交所IPO聆讯是上市流程的核心环节之一，由港交所上市委员会（Listing Committee）对拟上市公司的申请材料、合规性及持 续经营能力进行实质性审核。聆讯的核心目标是确保公司符合《香港联合交易所有限公司证券上市规则》（以下简称《上市规 则》）的要求，并充分披露重大风险。以下从常见审核维度出发，梳理聆讯中高频问题及关注重点： 一、业务与商业逻辑 港交所重点关注公司业务的真实性、可持续性及核心竞争力，核心问题围绕"如何赚钱""能否持续赚钱"展开。 1. 商业模式与盈利逻辑 2. 市场地位与竞争优势 3. 业务可持续性与增长潜力 二、财务与会计合规性 财务数据是聆讯审核的核心，港交所关注真实性、准确性、可比性，尤其警惕财务操纵或粉饰。 1. 收入确认与审计 2. 成本与利润质量 收入来源：各业务线收入占比及驱动因素（如To B/To C、直销/分销）；是否存在依赖单一客户/供应商（如客户集中度超 50%需重点说明）。 定价机制：产品/服务定价的依据（成本加成、市场竞争、品牌溢价）；价格波动对利润的影响。 盈利模式：毛利率水平及波动原因（如原材料涨价、竞争加剧）；费用率（销售/管理/研发）的 ...

Market Overview - On November 28, the Hang Seng Index fell by 0.34%, closing at 25,858.89 points, with a total net inflow of southbound funds through the Stock Connect amounting to HKD 2.727 billion [1][3] - The total trading volume for the Stock Connect on the same day was HKD 60.238 billion, with a net buy of HKD 2.727 billion [1][3] Stock Performance - In the Shanghai Stock Connect, the total trading volume was HKD 37.898 billion, with a net buy of HKD 0.933 billion; in the Shenzhen Stock Connect, the trading volume was HKD 22.339 billion, with a net buy of HKD 1.794 billion [1][3] - The most actively traded stock in the Shanghai Stock Connect was Alibaba-W, with a trading volume of HKD 4.408 billion and a net buy of HKD 0.800 billion, closing up by 0.60% [1][2] - Tencent Holdings and Pop Mart were also among the top traded stocks, with trading volumes of HKD 1.528 billion and HKD 1.305 billion, respectively [1][2] Net Buy/Sell Analysis - In the Shenzhen Stock Connect, Tencent Holdings had the highest net buy amount of HKD 0.435 billion, while the stock closed flat [2] - The stock with the highest net sell amount was SMIC, with a net sell of HKD 0.162 billion, while its stock price increased by 0.66% [2]

Core Insights - A wave of tax payments has emerged among A-share listed companies, with over 60 companies announcing tax payments totaling more than 2.8 billion yuan, primarily for the years 2021 to 2024 [1][2] Group 1: Tax Compliance and Internal Control - The tax payment phenomenon has raised concerns regarding the tax compliance, internal control quality, and financial transparency of listed companies [1][2] - Most companies initiated self-inspections through tax bureau data checks, leading to tax payments primarily consisting of late fees rather than fines [1][2] - The tax payment issues are widespread across various industries, including 15 in pharmaceuticals, 11 in chemicals, 12 in semiconductors, and others [1] Group 2: Reasons for Tax Payments - Specific tax issues include adjustments in consumption tax policies for the energy and chemical industries, complex tax matters for pharmaceutical companies, and high-tech firms facing challenges related to tax incentives [1][2] - Some tax payments stem from foreign tax authorities' requirements due to differing interpretations of investment tax incentives [2] Group 3: Impact on Financial Performance - The direct impact of tax payments on financial statements and performance may pressure company operations and strategic implementation [2] - Tax payments and late fees typically affect current profits, leading to significant cash outflows that could strain operational funding [2] - Companies may face increased debt repayment pressure, and for those already experiencing tight cash flow, substantial tax payments could trigger liquidity crises [2] Group 4: Regulatory and Market Reactions - Frequent tax payment announcements may attract heightened scrutiny from regulatory bodies, leading to stricter requirements for internal controls, accounting practices, and information disclosure [3] - Investors are increasingly demanding transparency regarding tax risk management systems and potential tax disputes, prompting companies to enhance tax information disclosure [3]

Market Overview - The Hang Seng Index opened high but closed slightly up by 0.02%, indicating potential risks in the current market environment [1] - The U.S. Labor Department will not release the October non-farm payroll report due to data collection issues during the government shutdown, but will publish September's data on Thursday [1] - The Federal Reserve's October meeting minutes revealed significant divisions among members regarding interest rate cuts, leading to decreased expectations for rate reductions [1] - The People's Bank of China announced that the 5-year LPR remains at 3.5% and the 1-year LPR at 3%, indicating no signs of easing monetary policy [1] - Japan's stock market is rebounding with expectations of a substantial economic stimulus plan from the government [1] Real Estate Sector - A rumor about measures to stimulate the real estate market led to a surge in stocks like Sunac China, which rose over 6% [2] - Vanke's chairman mentioned efforts to mitigate risks, resulting in a nearly 4% increase in the stock price [2] - Other real estate stocks, including China Overseas Land and Investment, also saw gains of over 2% [2] NVIDIA and Related Stocks - NVIDIA reported record third-quarter revenue of $57 billion, exceeding analyst expectations and showing a year-over-year growth rate of 62% [2] - The company plans to use 12-inch silicon carbide substrates in its next-generation GPU packaging by 2027, benefiting suppliers like Tianyue Advanced [3] - Other NVIDIA-related stocks, such as Hongteng Precision Technology and Huiju Technology, also experienced gains of over 3% [3] Securities Industry - China International Capital Corporation (CICC) is set to merge with Dongxing Securities and Xinda Securities, which will enhance CICC's capital scale and operational capacity [4] - Xinda Securities' parent company, China Xinda, saw its stock rise over 6% following the merger announcement [4] Consumer Sector - Consumer stocks showed mixed performance, with companies like China Duty Free Group and sports brands Li Ning and Anta rising over 3% [5] - CATL's stock fell over 5% due to the unlocking of restricted shares for cornerstone investors [5] PCB Industry - The demand for high-end PCBs is surging due to AI, leading to price increases for key materials like copper-clad laminates [6] - Companies like Kingboard Laminates have raised product prices multiple times this year, driven by cost pressures and demand [6] Pharmaceutical Sector - Hansoh Pharmaceutical announced a global licensing agreement for its ADC drug, HS-20110, with Roche, indicating strong growth in its innovative drug sales [8] - The company's total revenue for the first half of 2025 reached 7.434 billion yuan, a year-on-year increase of 14.3% [8] - The sales of Amatinib, a third-generation EGFR TKI, have grown significantly, with a compound annual growth rate of 214% from 2020 to 2024 [9]

Group 1 - Nvidia's third-quarter earnings and revenue exceeded Wall Street expectations, with a projected revenue of approximately $65 billion for the current quarter, surpassing analysts' previous estimate of $61.66 billion [4] - Nvidia's net profit for the third quarter increased by 65% year-on-year, rising from $19.31 billion (earnings per share of $0.78) in the same quarter last year to $31.91 billion (earnings per share of $1.30) [4] - Analysts believe Nvidia's strong performance and guidance will alleviate market concerns about an AI bubble, positively impacting the earnings expectations for the entire sector, including major GPU suppliers like TSMC and memory suppliers like SK Hynix and Samsung Electronics [4] Group 2 - Asian markets surged on November 20, driven by technology stocks, with the Nikkei 225 index rising by 2.65%, the KOSPI index increasing by 1.92%, and the Taiwan Weighted Index gaining over 3% [2][3] - In South Korea, Nvidia's suppliers SK Hynix and Samsung Electronics saw their stock prices rise by 1.6% and 4.25%, respectively [4] - Tokyo Electron, a semiconductor manufacturing equipment manufacturer, rose by over 5%, while SoftBank Group, the parent company of Arm, jumped more than 8% in early trading [6] Group 3 - The A-share market experienced slight fluctuations, with the Shanghai Composite Index falling by 0.4%, the Shenzhen Component Index dropping by 0.76%, and the ChiNext Index declining by 1.12% [12] - Bank stocks continued to perform strongly, with China Bank and Industrial and Commercial Bank reaching new highs, reflecting a positive sentiment in the banking sector [12][15] - The real estate sector showed gains, supported by analyst comments on policies aimed at promoting new home sales and boosting development investment [12][16] Group 4 - Lithium mining stocks continued to strengthen, with Daway Co. hitting the daily limit [18] - Computing hardware stocks saw a surge, with Zhongfu Circuit reaching the daily limit [19] - Consumer stocks collectively declined, with several companies experiencing significant drops in their stock prices [20]