12月29日，港股早盘高开冲高后震荡回落，盘中恒指一度站上26000点，科指涨超2%，截止午盘，恒生 指数涨0.26%报25886.75点，恒生科技指数涨1.6%报5587.24点，国企指数涨0.77%报8983.59点，红筹指 数跌0.77%报4037.64点。 盘面上，大型科技股普遍走高，阿里巴巴涨0.34%，腾讯控股涨0.08%，京东集团涨0.98%，小米集团涨 0.15%，网易涨2.63%，美团涨2.23%，快手涨1.55%，哔哩哔哩涨1.98%；半导体股走强，上海复旦涨超 8%，中芯国际涨超1%，华虹半导体涨近3%。汽车股集体爆发，蔚来汽车、小鹏汽车、比亚迪股份涨超 6%，铜业股领衔有色金属股上涨，江西铜业股份大涨10%；脑机接口概念普涨，微创机器人涨超30%， 心玮医疗涨超10%；纸业股涨幅居前，玖龙纸业涨超4%；濠赌股下挫，美高梅中国大跌超13%刷新阶段 新低，电力股、三胎概念股普跌；其他个股中，泡泡玛特涨超2%；长和跌超3%，华润电力、银河娱乐 均跌超2%。 企业新闻 快手-W(01024.HK)：斥资约2998.96万港元回购46.4万股，回购价64.05至64.9港元。 中国银行(0398 ...

Group 1 - The Hang Seng Index rose by 0.65%, gaining 165 points to close at 25,663 points, while the Hang Seng Tech Index increased by 1.14% [1] - New listings in the Hong Kong stock market included Zhihui Mining (02546), which surged over 110% on its debut, and Xidi Zhijia (03881), which fell over 8% [1] - The U.S. Senate passed a revised version of the Biosecurity Act as part of the National Defense Authorization Act for fiscal year 2026, leading to a significant rebound in pharmaceutical stocks, with WuXi Biologics (02269) rising over 6% and 3SBio (01530) increasing by 3.7% [1] Group 2 - HAP Pharmaceuticals-B (02142) saw a nearly 7% increase after signing a business development deal worth over $1 billion with Bristol-Myers Squibb [2] - China Duty Free Group (01880) rebounded nearly 7% after winning bids for two major airport duty-free projects in Shanghai, with market attention on the results of the capital airport bidding [3] - Youjia Innovation (02431) rose over 12% as the large-scale rollout of L3 technology approaches, with the company having preemptively positioned itself for L2 and L4 technologies [4] Group 3 - Nine Dragons Paper (02689) increased by over 3% as the industry leader announced a series of shutdown plans to support price and inventory levels before the Spring Festival [5] - Southern Manganese (01091) rose over 9% due to multiple factors driving the continuous increase in electrolytic manganese prices [6] - Yangtze Optical Fibre and Cable (06869) surged over 10%, with a cumulative increase of over 30% in the past three days, driven by sustained demand for optical fibres and cables from AI [7] Group 4 - Ganwan (09890) increased by over 5% after issuing zero-coupon convertible bonds at a premium, raising HKD 450 million to enhance its "AI + gaming" initiatives [8] - Liqin Resources (02245) rose over 9% as Indonesia plans to significantly reduce its nickel ore production targets by 2026 [9] - Shenzhou International (02313) fell over 3% as its major client Nike reported a 32% year-on-year decline in net profit for the second fiscal quarter [10]

Core Viewpoint - The establishment of the Hainan Free Trade Port and its full closure starting December 18 will create significant opportunities for various industries, particularly in manufacturing and new materials, by implementing favorable tax policies such as "zero tariffs" for certain imported goods [2][3]. Group 1: Hainan Free Trade Port Overview - The full closure of Hainan Island will create a special customs supervision area, allowing for a series of liberalized policies that facilitate trade with foreign countries while managing imports from the mainland [2]. - The "zero tariff" policy will apply to certain goods imported into Hainan, significantly reducing costs for manufacturing enterprises that require large amounts of equipment and raw materials [2][3]. Group 2: Tax Policies and Economic Impact - The processing value-added exemption from import duties applies to goods produced by encouraged industries that either do not contain imported materials or have over 30% value added from processing in Hainan [3]. - The total value of goods sold domestically under the processing value-added exemption has exceeded 10 billion yuan, with over 800 million yuan in import duties exempted, enhancing the competitiveness of Hainan's manufacturing sector [3]. Group 3: Expansion of Zero Tariff Goods - The range of goods eligible for the "zero tariff" policy has expanded significantly from over 1,900 items to more than 6,600 items, increasing the proportion of zero-tariff goods from 21% to 74% of all tariff items [3]. Group 4: Benefiting Industries - The petrochemical new materials industry in Hainan is highlighted as a key beneficiary, with a historical high output value projected for 2024 and consistent double-digit growth over the past four years [4]. - The Hainan government is promoting a complete industrial chain from upstream exploration and development to downstream new materials production, focusing on olefins, aromatics, and natural gas [4]. Group 5: Key Enterprises in Hainan - The top enterprises in Hainan's manufacturing sector for 2024 include China Petroleum & Chemical Corporation (Sinopec) Hainan Refining & Chemical Co., with a projected revenue of 7.89 billion yuan, followed by Hainan Natural Rubber Industry Group Co. and Hainan Yisheng Petrochemical Co. [6][7].

华章科技(01673)公布，于2025年12月1日，卖方云南省资产管理有限公司于京东资产竞价网络平台 (https://zcpm.jd.com)挂拍，以公开招标收购债权人权利。该集团已参与公开竞价，并为最高出价者。于 2025年12月17日，该集团与卖方订立债权转让合同，代价2000万元。 董事会认为，鉴于该公告所述债务人公司正进行破产重整，收购其有抵押债务属战略性举措，原因为集 团作为债务人公司破产重整的投资者，将无论如何须根据重整计划向卖方支付与债权转让合同代价金额 相若的款项。参与公开竞价及预付款项为公司提供机会，可提前且更有效地控制债务人公司为担保其结 欠卖方的债务而以卖方为受益人抵押的资产(即若干土地及附属建筑物)。此外，卖方为债务人公司的五 名有抵押债权人之一，于即将召开的债权人会议上持有关键表决权，以批准重整计划，塬因为其已确认 债务申索价值约为人民币3832万元，占破产重整程序中有抵押债务总额约26.1%。透过订立债权转让合 同，该集团将向卖方收购其对债务人公司结欠卖方的未偿还债务的所有债权人权利，从而自卖方取得债 务人公司有抵押债权人类别会议上就重整计划的关键表决权。 此次收购的债权包含两部 ...

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index rising by 0.19% to 25,809.45 points, while the Hang Seng Tech Index increased by 0.58% to 5,567.23 points [1] - Major tech stocks exhibited divergent trends, with Alibaba down 0.26%, Tencent down 0.41%, and JD.com down 0.35%, while Xiaomi rose by 2.88% and Meituan increased by 2.03% [1] - The semiconductor sector saw significant gains, with InnoCare Pharma rising over 4% and the robotics sector led by Sanhua Intelligent Controls surging by 9% [1] Company News - InnoCare Pharma (02577.HK) announced a strategic cooperation agreement with Onsemi to accelerate the GaN industry ecosystem, potentially generating hundreds of millions in GaN sales in the coming years [2] - Agile Group (03383.HK) reported a pre-sale amount of approximately 8.08 billion, a year-on-year decline of 45.2% [3] - Jinke Property (01862.HK) recorded a contract sales amount of about 876 million, down 54.1% year-on-year [4] - Chint New Energy (00182.HK) is collaborating with insurance capital to establish a partnership worth 1.811 billion, aiming to promote renewable energy investments [4] - China Aluminum International (02068.HK) won a contract for a new electrolytic aluminum project valued at 3.03 billion [4] - Stone Pharmaceutical Group (01093.HK) received clinical trial approval for a selective 5-HT2A receptor agonist in the U.S. [5] - Fosun Pharma (02196.HK) obtained clinical trial approval for its subsidiary's FXS887 tablets [6] - Zai Lab (02617) had its Tazemetostat tablets included in the priority review list by the National Medical Products Administration [7] - Diligent Pharma (06996) received approval for its drug in Hong Kong for treating multiple myeloma and diffuse large B-cell lymphoma [7] - Kaisa Group (01813) postponed its liquidation hearing to December 8 [8] Institutional Insights - CCB International noted that internal demand policies are expected to drive market attention towards the upcoming "opening red" expectations, with a potential for a year-end rally in December [9] - Guotai Junan Securities indicated that the recent adjustments in the Hong Kong market may open up space for growth in 2026, with significant net inflows from southbound funds [9] - Everbright Securities highlighted that while there is considerable room for growth compared to previous bull markets, the current market may lack strong catalysts in the short term, leading to a period of consolidation [9]

港股三大指数盘初转跌后快速拉升回暖，恒生科技指数一度涨超1.1%，午间收涨0.58%，恒生指数、国 企指数分别上涨0.19%及0.38%。大型科技股涨跌不一，其中小米涨近3%，百度、腾讯、阿里巴巴飘 绿；据报特朗普政府力推机器人产业发展，机器人概念股爆发，龙头三花智控大涨9%；药品类股集体 拉升回暖，创新药概念股方向涨幅明显，半导体股、内银股多数活跃。另外，餐饮股、濠赌股、纸业股 普跌。(格隆汇) ...

Group 1 - Deguot terminated the planning of a major asset restructuring [2] - Guizhou Bailing's actual controller Jiang Wei received a notice of investigation from the Securities Regulatory Commission [2] Group 2 - The FTSE China A50 index includes Luoyang Molybdenum and Sungrow Power Supply [3] - The prices of tin in Shanghai and LME reached new highs since May 2022 [3] - Moer Thread is set to be listed on the Sci-Tech Innovation Board on December 5 [3] - Ideal released its first AI smart glasses Livis, with a starting price of 1699 yuan after subsidies [3] - Wanda reportedly faces pressure to repay 700 million USD in maturing bonds [3] - Muxi Co., Ltd. confirmed the issuance of 40.1 million shares at a price of 104.66 yuan per share [3]

一、停复牌 万隆光电：筹划购买中控信息控制权等事项，股票停牌。 2、格林达：参与认购沐曦股份76.44万股，认购金额约8000万元人民币。 3、赛微电子：全资子公司拟与初芯科技、吕朋钊共同投资设立初芯微科技。 4、中铝国际：控股子公司联合中标30.3亿元电解铝项目。 5、穗恒运Ａ：投资27.51亿元建设恒运电厂煤电机组等容量技改项目。 6、博汇纸业：拟17.01亿元投资化学木浆扩建项目。 7、*ST松发：下属公司签订造船合同，合同金额0.7亿-1亿美元。 8、浙江荣泰：泰国生产基地计划于2026年第一季度实现对机器人相关产品的稳定生产和供货能力。 二、回购 志邦家居：拟以8000万元-1.1亿元回购公司股份。 三、投资合作、经营状况 1、太钢不锈：拟与太钢集团签署92亿元原辅料供应框架协议。 9、三星医疗：预中标约1.52亿元国家电网项目。 10、亿嘉和：将与华为云CloudRobo具身智能研发团队共同组建联合创新团队，联合打造端云协同的云 原生机器人产品、发布解决方案。 11、豫能控股：公司及子公司获配65万千瓦风电项目建设指标。 12、宏润建设：公司上半年对镜识科技进行战略投资，下半年公司直接投资矩阵超智 ...

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]

天眼查App显示，近日，蔚来赴（深圳）纸业有限公司成立，法定代表人为王嘉蔚，注册资本10万人民 币，经营范围为一般经营项目是：纸制品销售；办公用品销售；包装材料及制品销售；塑料制品销售； 办公设备耗材销售；互联网销售（除销售需要许可的商品）；酒店管理；项目策划与公关服务；物业管 理；商业综合体管理服务；旅游开发项目策划咨询；园区管理服务；土地使用权租赁；住房租赁。（除 依法须经批准的项目外，凭营业执照依法自主开展经营活动），许可经营项目是：无。 ...