港股11月交易今日正式收官，三大指数月初冲高挑战阶段新高未果，随即持续回落走低，总体呈现震荡 行情。恒生指数微幅下跌0.18%，国企指数跌0.42%，唯独恒生科技指数跌幅相对较大，月跌5.23%。其 中，恒指本月在26000点反复，最终仍旧失守关键点位。 板块方面，航空股、石油股、保险股、银行股板块涨幅较为可观，其中，三大航空股涨幅均超10%以 上，中国东方航空涨幅更是达到15%，三桶油亦表现不俗，中国石油股份涨超8%，中国海洋石油不断 创新高！另外，中国人寿涨9.54%，中国人民保险月内创新高，工商银行、农业银行亦刷新历史新高。 另外，稀土板块跌幅较大，锂电池股、苹果概念股、半导体股、中资券商股、光伏股板块走低。其中， 芯片龙头中芯国际跌超8%。 大型科技股方面，京东跌8.7%，阿里巴巴跌8.24%，二者跌幅相对较大；快手跌6.29%，小米跌5.5%， 百度跌3.23%，腾讯跌2.78%，网易跌1.38%，美团小幅上涨0.49%。(格隆汇) ...

Core Viewpoint - The Hong Kong stock market showed mixed performance with the Hang Seng Index and the Hang Seng China Enterprises Index declining by 0.34% and 0.38% respectively, while the Hang Seng Tech Index saw a slight increase of 0.02 [1] Group 1: Market Performance - The Hang Seng Index briefly returned above 26,000 during trading [1] - Major technology stocks exhibited divergent trends, with Meituan down 1.44%, while Baidu, Alibaba, and JD.com showed gains [1] - The aerospace and defense sector saw a boost due to a private company in Sichuan developing hypersonic missiles, leading to a rise in related stocks [1] Group 2: Sector Movements - Wind power stocks performed strongly, with Dongfang Electric rising nearly 7% [1] - Gaming stocks remained active, with New World Development and Sands China achieving five consecutive days of gains [1] - Expectations for a Federal Reserve rate cut in December led to a collective rise in gold and copper stocks, with China National Gold and China Nonferrous Mining among the top gainers [1] Group 3: Weak Performers - Insurance, oil, and banking stocks generally underperformed, dragging the market down, with China Life and China Pacific Insurance both falling by 3% [1] - China Petroleum & Chemical Corporation declined by 1.34% [1] - Real estate stocks continued their downward trend, with property management stocks also mostly declining [1] Group 4: New Listings - Haiwei Co., upon its debut, experienced a significant drop of nearly 23% [1]

天眼查App显示，近日，深圳互动宽频科技有限公司成立，法定代表人为陈志勇，注册资本100万人民 币，经营范围为一般经营项目是：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广； 网络技术服务；咨询策划服务；企业形象策划；市场调查（不含涉外调查）；社会调查（不含涉外调 查）；信息咨询服务（不含许可类信息咨询服务）；信息技术咨询服务；品牌管理；电影摄制服务；电 影制片；广告设计、代理；广告制作；广告发布；数字广告发布；会议及展览服务；数字创意产品展览 展示服务；娱乐性展览；市场营销策划；非物质文化遗产保护；电子产品销售；计算机软硬件及辅助设 备批发；计算机软硬件及辅助设备零售；宗教场所用品销售；文艺创作；专业设计服务；互联网销售 （除销售需要许可的商品）。（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：电影放映；电影发行；互联网信息服务；网络文化经营。（依法须经批准的项目，经相关 部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

Core Viewpoint - The Hong Kong stock market is experiencing a positive shift, with a notable recovery in investor sentiment and a significant decrease in short-selling activity, indicating a more optimistic outlook for the market [1][2]. Short Selling Data Overview - The total short-selling amount in the Hong Kong stock market dropped from HKD 58.805 billion on November 20 to HKD 36.639 billion on November 27, a decline of 37.7% [2]. - The number of stocks involved in short-selling decreased from 840 on November 20 to 795 on November 27, reflecting a clear reduction in bearish sentiment [2]. Performance of Technology Giants - Alibaba's short-selling ratio fell from 21.97% on November 20 to 16.86% on November 27, with the number of shares short-sold decreasing by over 47% from 32.8467 million shares to 17.4202 million shares [4]. - The short-selling amount for Alibaba also halved, dropping from HKD 5.062 billion to HKD 2.651 billion during the same period [4]. - Tencent Holdings showed a similar trend, with its short-selling ratio declining from 17.57% on November 21 to 9.90% on November 27, and the short-selling amount decreasing from HKD 2.545 billion to HKD 0.942 billion, a reduction of 63% [4]. Market Logic Behind Short Selling Decline - The significant drop in short-selling data is attributed to multiple factors, including a rebound in the Hong Kong stock market prompting investors to cover short positions to avoid further losses [6]. - Recent positive policy signals from mainland China, such as support for platform economies and measures to alleviate the real estate market, have improved market expectations and reduced pessimism among investors [6]. - The long-term low valuation of Hong Kong stocks has attracted value investors, leading to capital inflows that have pushed up stock prices and squeezed short-selling opportunities [7]. Technical and Fund Flow Indicators - The Hang Seng Index has broken through key resistance levels, creating a positive technical pattern that further boosts market confidence [7]. - Continuous net inflows from southbound funds have provided substantial support for the Hong Kong stock market, making it difficult for short-sellers to maintain high positions [7]. Conclusion on Market Sentiment - The overall decline in short-selling data is a significant indicator of the recovery in market sentiment, suggesting a potential phase of market stabilization [7]. - The combination of policy support and valuation advantages is expected to sustain the recovery trend in the Hong Kong stock market [7].

Group 1: Precious Metals Performance - As of Thursday's close, New York spot gold decreased by 0.11% to $4157.61 per ounce, while spot silver increased by 0.07% to $53.3991 per ounce [1] - COMEX gold futures fell by 0.28% to $4153.60 per ounce, while COMEX silver futures rose by 0.47% to $53.165 per ounce [1] - Spot platinum rose by 1.58% to $1614.24 per ounce, and spot palladium increased by 1.36% to $1436.28 per ounce [1] Group 2: U.S.-EU Relations - The European Union criticized the U.S. for allegedly coercing the EU to weaken its technology regulations, labeling it as "blackmail" [2] - U.S. Commerce Secretary linked digital regulatory adjustments to the reduction of steel and aluminum tariffs, suggesting that the EU must change its tech regulations to receive tariff relief [2] Group 3: U.S. Federal Reserve Leadership - Kevin Hassett is reported as the leading candidate for the next chair of the Federal Reserve, viewed as a close ally of President Trump who may support his interest in interest rate cuts [3] - Current Fed Chair Jerome Powell's term ends in May 2026, and Trump has expressed dissatisfaction with Powell's reluctance to lower rates [3] Group 4: Federal Reserve Rate Cut Probabilities - The probability of a 25 basis point rate cut by the Federal Reserve in December is 86.9%, with a 13.1% chance of maintaining current rates [4] - By January, the cumulative probability of a 25 basis point cut is 67.3%, while the chance of maintaining rates is 9.6% [4] Group 5: Russia-Venezuela Cooperation - Russia and Venezuela signed multiple cooperation agreements across ten sectors, including energy, agriculture, healthcare, transportation, sports, culture, and finance [5] - Venezuelan officials emphasized their commitment to peace and cooperation despite external pressures [6] Group 6: Israeli Military Actions - The Israeli Defense Forces reported the destruction of Hezbollah infrastructure in southern Lebanon, citing violations of the ceasefire agreement [7] - Israeli airstrikes targeted multiple Hezbollah sites, leading to significant damage and fires in the region [7] Group 7: Egg Futures Market - Recent trends show a rebound in egg futures prices after a prolonged decline, attributed to improved expectations and stabilization in spot prices [8] - The average price of eggs in major markets increased from 2.80 yuan to 2.91 yuan per pound between November 20 and November 26 [9] Group 8: Egg Inventory Trends - Egg inventories shifted from increasing to decreasing, with production enterprise inventory days dropping from 1.11 to 1.01 days [9] - The price of culling hens has decreased, indicating a potential acceleration in culling activity [10] Group 9: Egg Production Insights - The number of laying hens in production showed a slight decrease in October, with projections indicating a stable inventory level for November [11] - Current culling rates suggest that the market may be approaching a point of reduced production capacity [11] Group 10: Market Outlook for Eggs - The egg market is expected to experience short-term price stability, with pressures from high inventory levels limiting upward price movement [12] - Analysts suggest that while there is support for prices, the overall supply-demand balance remains fragile [12]

Core Viewpoint - The European Commission's Executive Vice President, Teresa Ribeiro, criticized the U.S. government for using "extortion" tactics to pressure the EU into weakening its technology regulations [1] Group 1: EU's Stance on Technology Regulations - Ribeiro stated that the EU's digital rules are unrelated to trade negotiations and are a matter of sovereignty [1] - The EU respects the U.S. rules for its market and asserts its right to establish and implement its own regulatory measures [1] Group 2: U.S. Position on Trade and Technology - U.S. Commerce Secretary Gina Raimondo linked the adjustment of EU technology regulations to the reduction of tariffs on steel and aluminum products [1] - The U.S. believes that the EU's Digital Markets Act discriminates against American tech companies such as Microsoft, Google, and Amazon [1]

Market Overview - The U.S. stock market showed a significant upward trend, with major indices rising for the fourth consecutive trading day, indicating a recovery in market sentiment[9] - The CBOE Volatility Index (VIX) dropped approximately 35% over four days, marking its largest decline since mid-April[9] - The Hang Seng Index closed at 25,928, up 0.13% for the day and 29.25% year-to-date[3] Sector Performance - Large tech stocks exhibited mixed results, with Meituan surging 5.65% while Kuaishou fell nearly 3%[9] - Paper stocks led gains, with Nine Dragons Paper up 5% and Lee & Man Paper up 4.88%, driven by price hikes in packaging and cultural paper products[9] - Airline stocks performed strongly, with China Eastern Airlines rising nearly 7%[9] Economic Indicators - The Federal Reserve's Beige Book indicated a further decline in U.S. consumer spending, reflecting a stagnant economic activity[13] - Initial jobless claims in the U.S. fell to 216,000, the lowest level since mid-April, suggesting a tightening labor market[13] - Morgan Stanley economists adjusted their rate predictions, now expecting a rate cut from the Fed in December rather than January[13] International Markets - The Nikkei 225 index in Japan rose by 1.9%, driven by strong tech sector performance and expectations of a potential rate hike by the Bank of Japan[13] - The Singapore Straits Times Index showed a year-to-date performance of 0.00%, indicating a stagnant market[3]

Market Overview - The Hong Kong stock market experienced a volatile trading session, with the Hang Seng Index rising by 0.07% and the Hang Seng China Enterprises Index increasing by 0.03%, while the Hang Seng Technology Index fell by 0.36% [4][5] - Southbound capital recorded a net inflow of 1.3 billion HKD [4] New Consumption Concept Stocks - New consumption concept stocks surged despite the overall market decline, driven by favorable government policies [10] - The State Council has outlined plans to optimize the supply structure of consumer goods by 2027, aiming to cultivate three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [11] - Companies like Pop Mart, Lao Pu Gold, and Miniso saw significant stock price increases of over 6%, 4.45%, and 2.73% respectively [12] Technology Sector Performance - Major technology stocks showed mixed performance, with Xiaomi, JD.com, and Meituan rising by 2.49%, 1.22%, and 0.19%, while Alibaba, Baidu, and Tencent fell by 2.71%, 1.57%, and 1.29% respectively [8][9] - Analysts from Dongwu Securities noted that the AI industry trend is irreversible, and leading tech companies in Hong Kong are expected to benefit significantly [8] Innovative Pharmaceutical Sector - The innovative pharmaceutical sector showed signs of recovery, with stocks like Lai Kai Pharmaceutical and Sanleaf Bio rising by 16.07% and 10.08% respectively [14][15] - The industry is entering a new development phase, with Chinese pharmaceutical companies gaining global competitiveness in advanced technology fields [14] Non-ferrous Metals Sector - The non-ferrous metals sector remained active, with stocks like China Silver Group and Jihai Resources increasing by 3.08% and 3.03% respectively, driven by rising expectations of a Federal Reserve interest rate cut [16][17] IPO Performance - The online market operator Quantitative派 saw its stock price surge by 88.78% on its first day of trading, raising approximately 131 million HKD through its IPO [20]

Core Viewpoint - Zhejiang Commercial Bank and Alibaba Group have signed a strategic cooperation agreement to enhance financial services through technology innovation, focusing on intelligent upgrades in financial services and building a collaborative fintech ecosystem [1] Group 1: Strategic Cooperation - The partnership aims to leverage both parties' strengths in finance and "cloud + AI" to deepen cooperation in technology innovation [1] - The agreement will enable Zhejiang Commercial Bank to upgrade its retail, corporate, and inclusive financial service systems by utilizing Alibaba's extensive business scenarios [1] Group 2: Technological Advancements - Zhejiang Commercial Bank will implement intelligent upgrades in key areas such as core business processes, customer service, risk management, and operational decision-making, utilizing Alibaba's advantages in AI technology [1] - The introduction of innovative products like intelligent assistants will facilitate the application of AI technology in financial scenarios [1] Group 3: Previous Achievements - Prior to this agreement, Zhejiang Commercial Bank and Alibaba had already achieved significant breakthroughs in fintech collaboration, including the creation of a unified, efficient, and scalable data platform for centralized data management and intelligent application [1] - The partnership has also led to the successful migration of big data to the cloud within the financial industry [1] - In the AI domain, both parties have utilized the advantages of the Tongyi large model to enhance internal office efficiency and promote the application of AI technology in financial business scenarios [1]

Market Overview - The Hang Seng Index experienced a slight increase of 0.07%, while the Hang Seng Tech Index fell by 0.36% [1] Real Estate Sector - The real estate stocks generally declined, with Vanke Enterprises dropping nearly 8% to a historical low, and Longfor Group falling over 3%. Other companies like China Jinmao, Sunac China, and Yuexiu Property also saw declines [2] - Specific stock performances include: - Vanke Enterprises: 3.580, down 7.73% - Longfor Group: 9.750, down 3.66% - China Jinmao: 1.390, down 2.80% - China Overseas Development: 13.680, down 2.70% [2] Technology Sector - The technology stocks showed mixed performance, with Xiaomi rising over 2% and Meituan slightly increasing, while Alibaba fell nearly 3% and Tencent Holdings dropped over 1% [3] - Specific stock performances include: - Alibaba: 150.600, down 2.71% - Tencent Holdings: 611.500, down 1.29% - Xiaomi: 41.100, up 2.49% - Meituan: 104.000, up 0.19% [4]