Group 1 - The Hong Kong stock market experienced a significant surge, with the Hang Seng Index rising nearly 2% and the Hang Seng Tech Index increasing by 2.5% [1] - Two main factors drove the rebound: the Federal Reserve's indication of a higher probability of interest rate cuts in December, which positively impacted U.S. stocks and subsequently Hong Kong stocks, and the strong performance of Alibaba's AI product, which achieved over 1 million downloads in just four days [1] - Technical factors also contributed, as the Hang Seng Tech Index showed signs of breaking through resistance levels, with the index having declined by 20% from its peak, making a rebound at this support level more likely [1] Group 2 - The A-share market mirrored the Hong Kong market's performance, with the Shanghai Composite Index showing signs of support near the 20-day moving average, leading to a rebound [4] - The brokerage sector exhibited strong performance, which played a crucial role in the upward movement of both the Shanghai Composite Index and the ChiNext Index, with the brokerage index rising nearly 1% in a short period [4] - Despite the positive factors, the overall market reaction was underwhelming, with the Shanghai Composite Index only gaining 1.88 points and the ChiNext Index rising by 0.31%, indicating lingering doubts among investors [4][5] Group 3 - The current focus is on whether the index can maintain its position, as avoiding sustained selling pressure could attract more capital into the market [6] - There is potential for the market to oscillate between 3,800 and 3,900 points if supportive policies and significant market players emerge [6] - However, there remains a possibility that the Shanghai Composite Index may test the 3,800-point level again in the near term [6]

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) ...

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]

Core Viewpoint - US stock market rebounded with the Dow Jones increasing by nearly 500 points, while Chinese concept stocks index rose by 1.23% [1] Group 1: Market Performance - Hong Kong's three major indices opened higher, with the Hang Seng Index rising by 0.92%, the National Index increasing by 0.81%, and the Hang Seng Tech Index up by 1.13% [1] - Major technology stocks such as Baidu, Xiaomi, and JD.com experienced significant gains, contributing to the overall market rebound [1] Group 2: Sector Performance - UBS warned of four potential risks in the coming year but maintained a positive outlook on gold as a safe-haven asset, leading to notable increases in gold stocks, with China Gold International rising by nearly 5% [1] - Automotive and lithium battery stocks showed strong performance, while wind power stocks, sports goods stocks, and rare earth concept stocks generally declined [1] - Innovation Industry had a strong debut, opening over 38% higher on its first trading day [1]

来源：中国商报 美联储降息预期突变。随着近日市场调整对美联储降息的预期，美元上涨，黄金价格震荡。高盛认为， 支撑黄金的因素直至明年都将继续提供支撑，尤其是考虑到各国央行仍是大买家。 美联储降息升温 据最新消息，美国劳工统计局取消了其10月CPI报告的发布，该部门称鉴于美国政府此前"停摆"，无法 追溯收集部分数据。 美国劳工统计局表示，它可以获取当月的部分价格数据，并将在11月的报告中"尽可能"发布10月的数 据。11月的CPI报告将于12月18日（美联储年内最后一次议息会议之后）发布。 另外，由于10月的数据缺失，11月发布的数据将不包括该月的月度百分比变化。 需要注意的是，美联储12月议息会议结果公布是在当月11日。此前，11月非农就业报告改期至12月16日 发布，这意味着，美联储官员在议息会议前无法获得关键的11月CPI报告及非农就业报告。 美国纽约联储主席约翰·威廉姆斯表示，随着劳动力市场的降温，美联储在近期仍有进一步降息的空 间，以将政策立场调整至更接近中性水平。 作为联邦公开市场委员会（FOMC）拥有永久投票权的副主席，威廉姆斯的表态被视为政策前瞻指引的 重要信号。分析人士认为，美联储官员的"鸽派" ...

2025.11.22 本文字数：1163，阅读时长大约2分钟 作者 |第一财经 胡弋杰 *三大股指全面走高 *威廉姆斯释放降息信号 *CPI、非农数据双双缺席 美国三大股指周五集体反弹，纽约联储主席释放年内进一步降息信号，推动市场情绪改善。不过，在科 技板块承压的背景下，三大指数本周仍录得明显跌幅。 截至收盘，道琼斯工业平均指数上涨493.15点，涨幅1.08%，收于46245.41点。纳斯达克综合指数上涨 0.88%，收于22273.08点。标普500指数上涨0.98%，收于6602.99点。 "科技七巨头"表现分化。谷歌涨幅居前，上涨3.53%；苹果和亚马逊分别上涨1.97%和1.63%，Meta上涨 0.87%。微软下跌1.32%，特斯拉下跌1.05%，英伟达下跌0.97%。 纳斯达克中国金龙指数上涨1.30%。网易有道上涨6.7%，阿特斯太阳能上涨5.3%，亚朵上涨4.9%，蔚来 上涨3.4%，腾讯音乐上涨2.6%，理想汽车上涨2.1%。另一方面，小马智行下跌1.3%。 尽管周五反弹，但在科技股估值压力和人工智能资本开支担忧影响下，三大指数全周仍下跌：纳斯达克 指数本周下跌2.74%；标普500指数下 ...

Market Performance - The three major U.S. stock indices closed higher, with the Dow Jones up 1.08% at 46,245.41 points, the S&P 500 up 0.98% at 6,602.99 points, and the Nasdaq up 0.88% at 22,273.08 points [1] - Most large tech stocks saw gains, with Google rising over 3%, Apple nearly 2%, Amazon over 1%, and Facebook close to 1%. However, Tesla and Microsoft fell over 1%, and Nvidia dropped nearly 1% [1] - Chinese concept stocks mostly increased, with Tuya Smart up nearly 7%, Canadian Solar up over 5%, Atour up nearly 5%, Tiger Brokers up over 4%, and NIO up over 3%. On the downside, iQIYI fell over 2%, Pony.ai dropped over 1%, and Daqo New Energy fell over 1% [1] European Market - European stock indices had mixed results, with Germany's DAX down 0.8% at 23,091.87 points, France's CAC40 up 0.02% at 7,982.65 points, and the UK's FTSE 100 up 0.13% at 9,539.71 points [1] Commodity Prices - U.S. oil futures fell 1.73% to $57.98 per barrel, while Brent crude oil futures dropped 1.42% to $62.48 per barrel [1] - International precious metal futures had mixed results, with COMEX gold futures up 0.07% at $4,062.80 per ounce, and COMEX silver futures down 1.27% at $49.66 per ounce [1] Currency and Bond Markets - The U.S. dollar index decreased by 0.07% to 100.15, while the offshore RMB against the U.S. dollar rose by 126.7 basis points to 7.1054 [1] - U.S. Treasury yields collectively fell, with the 2-year yield down 2.10 basis points to 3.507%, the 3-year yield down 2.24 basis points to 3.500%, the 5-year yield down 2.79 basis points to 3.619%, the 10-year yield down 2.12 basis points to 4.063%, and the 30-year yield down 1.19 basis points to 4.712% [1] - European bond yields also fell, with the UK 10-year yield down 3.9 basis points to 4.544%, France's 10-year yield down 1.6 basis points to 3.471%, Germany's 10-year yield down 1.3 basis points to 2.701%, Italy's 10-year yield down 1.4 basis points to 3.457%, and Spain's 10-year yield down 1.6 basis points to 3.207% [1]

美股大型科技股涨跌不一，谷歌-C、苹果、亚马逊、META均上涨，微软、特斯拉、英伟达均下跌。 当地时间11月21日，美股三大指数全线上涨，道琼斯工业指数涨逾1%，纳斯达克指数、标普500指数均涨近1%。 热门中概股多数上涨，纳斯达克中国金龙指数上涨1.23%，中金科工业涨逾21%，新氧涨逾7%，涂鸦智能、有道涨逾6%，阿特斯太阳能涨逾5%，阿里巴 巴等小幅下跌。 美联储官员密集发声，纽约联储主席约翰·威廉姆斯表示，鉴于当前政策略显紧缩，美联储在近期仍可降息。 美股三大指数全线上涨 当地时间11月21日，欧洲主要股指涨跌不一，截至收盘，英国富时100指数上涨0.13%，法国CAC40指数上涨0.02%，德国DAX指数下跌0.80%，意大利 MIB指数下跌0.60%，欧洲STOXX50指数上涨0.98%。 美股三大指数全线上涨，截至收盘，道琼斯工业指数、纳斯达克指数、标普500指数分别上涨1.08%、0.88%、0.98%。 大型科技股涨跌不一，美国科技七巨头指数上涨0.71%，谷歌-C上涨3.33%，苹果上涨1.97%，亚马逊上涨1.63%，META上涨0.87%，英伟达下跌0.97%， 特斯拉下跌1.05%， ...

人民财讯11月22日电，美股三大指数11月21日收盘全线上涨。截至收盘，美股三大指数收盘集体上涨， 道琼斯指数涨1.08%，标普500指数涨0.98%，纳斯达克综合指数涨0.88%。大型科技股涨跌互现，谷歌 涨超3%，英特尔涨超2%，苹果涨近2%，亚马逊涨超1%，甲骨文跌超5%，奈飞、微软、AMD、特斯拉 跌超1%，英伟达跌近1%。热门中概股多数上涨，纳斯达克中国金龙指数收涨1.23%。蔚来涨超3%，哔 哩哔哩、理想汽车涨超2%，京东涨近2%，小鹏汽车涨超1%。 ...