Market Overview - The Hang Seng Index (HSI) has short-term support at the 25,000 point level, with recent hawkish signals from the Federal Reserve indicating limited rate cut space in 2026. Economic tensions between China and the US have eased temporarily, but corporate earnings in Hong Kong are unlikely to improve significantly in the short term due to a lack of strong policy signals from mainland China [2][4][6]. Economic Focus - China's exports in November increased by 5.9% year-on-year, surpassing expectations, while imports rose by 1.9%. The trade surplus for November was reported at USD 111.68 billion. For the first eleven months of the year, exports grew by 5.4%, and imports fell by 0.6%, resulting in a cumulative trade surplus of USD 1,075.848 billion [4][8]. - The Central Committee of the Communist Party of China emphasized the need for stable economic progress in 2026, advocating for a proactive fiscal policy and moderately loose monetary policy to enhance macroeconomic governance [4][8]. - The US Treasury Secretary projected a 3% GDP growth for the year, citing strong holiday season consumer spending [4][8]. Company News - Meituan (3690) launched the LongCat-Image model for image generation, aiming to provide high-performance options for developers [9]. - Chow Tai Fook Jewelry (1929) underwent a significant equity restructuring, with the Cheng family injecting HKD 47.3 billion worth of shares into the company [9]. - Vanke (2202) is facing investor concerns regarding its bond extension plan ahead of a crucial vote [9]. - New energy vehicles in China achieved a retail penetration rate of 59.3% in November, reflecting a 7 percentage point increase year-on-year [8][9]. Stock Market Performance - The Hang Seng Index closed at 25,765, down 1.23% year-to-date, while the Hang Seng Tech Index showed a year-to-date increase of 26.73% [5][6]. - The US stock market experienced slight declines, with major indices falling between 0.1% and 0.5% [6]. Sector Outlook - The AI sector, particularly companies involved in AI glasses and smartphones, is expected to benefit from recent product launches and market trends [7]. - The biopharmaceutical sector is also poised for growth due to rising flu cases and favorable financing conditions [7].

Report Information - The report is from Fubon Securities (Asia) and focuses on bond market information, with the date of December 2, 2025 [1] Key Information of Top 20 Active Bonds Oracle Corporation - Two bonds with coupon rates of 5.2% and 6.25%, issuance dates of September 24, 2025, and November 7, 2022, respectively, and maturities in 2035 and 2032. Another bond with a 3.25% coupon was issued on November 7, 2017, and matures in 2027. Market prices range from 97.494 - 98.096, 105.539 - 106.123, and 97.641 - 98.203. YTMs are 5.45%, 5.19%, and 4.22%, respectively. Issuance volumes are 4 billion, 2.25 billion, and 2.75 billion USD [4] Raytheon Technologies Corporation - A bond with a 5.75% coupon, issued on November 6, 2023, matures on November 8, 2026. Market price is 101.196 - 101.748, YTM is 3.82%, and issuance volume is 1.25 billion USD [4] Standard Chartered Group Limited - A perpetual bond with a 7% coupon, issued on November 4, 2025, with the next call date on November 14, 2035. Market price is 101.888 - 102.821, YTM is 7.33%, and issuance volume is 1 billion USD [4] Bangkok Bank Public Company Limited/Hong Kong - Two bonds with coupon rates of 5.082% and 4.507%, issued on November 19, 2025, maturing in 2035 and 2030. Market prices are 99.79 - 100.358 and 99.915 - 100.473. YTMs are 5.04% and 4.4%, respectively. Issuance volumes are 600 million and 500 million USD [4] HSBC Holdings plc - A bond with a 5.133% coupon, issued on October 30, 2025, matures on November 6, 2036. Market price is 100.138 - 100.704, YTM is 5.1%, and issuance volume is 2.25 billion USD [4] Amazon.com, Inc. - Two bonds with coupon rates of 4.65% and 4.35%, issued on November 17, 2025, maturing in 2035 and 2033. Market prices are 100.202 - 100.768 and 100.025 - 100.581. YTMs are 4.55% and 4.26%, respectively. Issuance volumes are 3.5 billion and 1.5 billion USD [4] Meta Platforms, Inc. - Two bonds with coupon rates of 4.6% and 4.875%, issued on October 30, 2025, maturing in 2032 and 2035. Market prices are 100.832 - 101.384 and 100.384 - 100.959. YTMs are 4.37% and 4.75%, respectively. Issuance volumes are 4 billion and 6.5 billion USD [4] Alphabet Inc. - A bond with a 4.7% coupon, issued on November 3, 2025, matures on November 15, 2035. Market price is 100.904 - 101.483, YTM is 4.51%, and issuance volume is 3.5 billion USD [4] Goldman Sachs Group, Inc. - A bond with a 3.5% coupon, issued on November 10, 2016, matures on November 16, 2026. Market price is 99.243 - 99.831, YTM is 3.68%, and issuance volume is 2.75 billion USD [4] Visa Inc. - A bond with a 4.15% coupon, issued on December 9, 2015, matures on December 14, 2035. Market price is 96.842 - 97.443, YTM is 4.47%, and issuance volume is 1.5 billion USD [4] Lloyds Banking Group plc - A perpetual bond with a 6.625% coupon, issued on October 27, 2025, with the next call date on September 27, 2035. Market price is 98.952 - 99.822, YTM is 7.35%, and issuance volume is 1 billion USD [4] Sumitomo Mitsui Aviation Capital Finance - A bond with a 5.25% coupon, issued on November 19, 2025, matures on November 26, 2035. Market price is 99.741 - 100.333, YTM is 5.21%, and issuance volume is 750 million USD [4] First Abu Dhabi Bank PJSC - A perpetual bond with a 5.875% coupon, issued on November 20, 2025, with the next call date on May 28, 2031. Market price is 100.494 - 101.237, YTM is 6.67%, and issuance volume is 1 billion USD [4] Vale Overseas Limited - A bond with a 6% coupon, issued on November 18, 2025, matures in 2056. Market price is 99.329 - 99.999, YTM is 7.15%, and issuance volume is 750 million USD [4] SoftBank Group Corp. - A perpetual bond with a 6.875% coupon, issued on July 12, 2017, with the next call date on July 19, 2027. Market price is 97.411 - 98.393, YTM is 9.09%, and issuance volume is 1.75 billion USD [4]

Simon：大家好，歡迎來到今天的港股直播。我們先從市場行情入手，看看今天的大盤走勢，再分析一些相關個股的具體表現，同時也瞭解一下投資者的不 同看法。 1、恆指：投資者表示牛證過夜，收回價25278點。也有看跌投資者認為一浪底一浪需調整了，保守見25400，開熊。 Simon：首先來說恆生指數，在昨天略有上漲的情況下，今天（3日）恆生指數掉頭下跌，以收盤價計算，大概在25760點左右。今天下跌的時候，一些做短 線的投資者會選擇買入牛證，搏取過夜反彈；但與此同時，也有投資者認為，目前指數走勢呈現一浪低過一浪的態勢，可能還會繼續調整，所以選擇做空， 這都是比較正常的情況。其實現在大盤並沒有明顯的方向，從技術信號來看，買入信號有7個，賣出信號也同樣是7個，各占一半。這也是為什麼投資者會有 不同的操作，有人買熊證，有人買牛證，雙方都有自己的依據。這裏給大家參考一下支持位和阻力位，尤其是短線投資者，可能會將這些點位作為牛熊證收 回價的依據。 短線來看，支持位大概在25400點左右，如果跌破25400點，接下來可能會到24700點。當前指數在25760點，距離24700點有1000點左右的空間，而25400點距 離當前點 ...

香港联交所最新资料显示，11月26日，Ping An Asset Management Co.,Ltd.增持招商银行（600036） (03968)770.4万股，每股作价52.6215港元，总金额约为4.05亿港元。增持后最新持股数目约为9.7亿股， 最新持股比例为21.13%。 ...

Core Viewpoint - HSBC Holdings (00005) has shown a steady upward trend in the Hong Kong stock market, with a recent price of HKD 109, reflecting a 1.3% increase and a trading volume of HKD 1.051 billion, indicating moderate capital inflow [1] Technical Analysis - HSBC is currently in a critical consolidation range, with support at HKD 104.7 and a stronger bottom line at HKD 100.5. The initial resistance is at HKD 112.6, with a potential challenge of the wave high at HKD 116.7 if broken [1] - The stock price remains above all major moving averages, with the 10-day moving average at HKD 108.54, the 30-day at HKD 107.42, and the 60-day at HKD 106.51, indicating strong support [1] - Technical indicators provide a neutral signal with a strength of 9, while the RSI is at 52, reflecting rational market sentiment. However, there is a divergence between the momentum oscillators, which signal a sell, and the MACD, which signals a buy [1] Derivative Products Performance - Recent performance in the warrants market shows significant differences, with UBS bull certificates soaring by 42% and 24% respectively, while the underlying stock rose only 1.69%, highlighting the leverage effect of bull certificates in a low-volatility stock like HSBC [3] - Investors bullish on the market can consider JPMorgan's call warrant (19085) with a strike price of HKD 118.98, offering a leverage of 20.2 times, and Bank of China's call warrant (19105) with a leverage of 19.8 times [6] - For bearish investors, JPMorgan's put warrant (22013) with a strike price of HKD 103.33 offers the highest leverage with low implied volatility, while UBS's put warrant (22223) provides a solid option with favorable leverage and implied volatility [6] Low Volatility Characteristics - HSBC has shown a low volatility of only 3.9% over the past five days, making it an attractive option for derivative product investors seeking a favorable risk-reward ratio [15] - The current technical positioning and the arrangement of major moving averages suggest that choosing the right entry point is crucial, especially given the conflicting signals from technical indicators [15]

匯豐控股近日走勢呈現區間震盪格局，股價在關鍵技術位間徘徊，為短線交易者提供了潛在的波動機會。目前股價處於107.6元水平，正處於尋找明確方向的關鍵階 段。您認為匯豐能否在短期內突破目前的整理格局，開啟新一輪趨勢行情？ 回顧昨日專欄【港股Podcast】中有投資者問 匯豐控股 (00005.HK)是否低於100內入才是安全的？窩輪市場上，投資者持有Put。Simon：匯豐控股此前表現不 錯，股價曾達到114.8元左右的高位，但近幾日出現了小幅回調，不過目前仍未跌破100元，今日收盤價為107.6元。需要注意的是，當前匯豐控股的股價處於 保利通道中線以下，這可能會對投資者的情緒產生一定影響。如果股價能夠回升至保利通道中線以上，投資者的心理層面會更有底氣；反之，若持續在中線 以下，投資者可能會擔心股價進一步回落。有投資者詢問，若考慮佈局匯豐控股，是否在100元以下買入會更安全。從技術信號來看，目前匯豐控股沒有明 顯的方向，呈現中立信號。從支撐位分析，若股價跌破103.7元，有可能會下探99.5元，不排除跌破100元的可能。所以對於長線看好匯豐控股的投資者，如 果希望等待更低的價位吸納，確實有機會等到100元以下的價 ...

1、恆指：看多投資者搏反彈持有收回價25688的牛證，看淡投資者認為收割25100點的肥牛，持有收回價27000的熊證，也有投資者選擇沒有收回價的認購證 Simon：大家好，歡迎來到今天(20日)的港股分享，現在和大家一起看看恆指以及港股今日的情況。和往常一樣，我們先從恆指說起。今日市場走勢到最後 變化其實不算大，恆指上漲了4點，收於25835點。雖然今天稍有回升，但整體來看，恆指仍在近期的低位區間運行。此前恆指曾觸及保利通道頂部後開始回 調，至今已經有了比較明顯的回落。 恆指最新的技術信號分析。當前恆指的技術信號整體略微偏向看好，呈現買入趨勢，其中有9個買入信號，5個賣出信號。阻力位方面，當前大概在26500點 左右，如果能突破26500點，後續有望上探26800點。所以之前提到的投資者買入收回價在27000點左右的熊證，從阻力位分析來看是比較合理的選擇，相對 安全一些。支撐位方面，大概在25300點，若跌破25300點，可能會下探24700點。因此，如果投資者想要買入牛證，建議選擇行使價在25000點左右，甚至接 近24700點的產品，這樣被收回的概率會相對較低。需要提醒投資者的是，在佈局牛熊證時，一定要 ...

匯豐控股股價近期呈現弱勢整理，下跌2.41%至109.4元，顯示市場觀望氣氛濃厚。從技術走勢觀察，股價目前正在測試重要支撐區域，MA10位於111.42元 形成短期阻力，而MA30在106.96元與MA60在105.72元共同構成下方支撐網。特別值得注意的是，隨機震盪指標已進入超賣區間並發出買入信號，多個技術 指標包括動量震盪指標和MACD都顯示看好，這種技術面的矛盾狀態反映出市場對銀行股走勢的分歧。 在關鍵價位分析方面，匯豐的短期支持位分別位於105.7元及101.5元，這兩個水準將是多頭防守的重要關卡；而阻力位則在113.6元及117.7元，若能收復這些 關口，將有助於重建市場信心。考慮到5日振幅為5.1%，股價波動性相對溫和，這為偏好穩健的投資者提供了操作空間。從上升概率54%來看，市場情緒略 偏向樂觀，但投資者需要關注利率走勢與銀行業基本面變化。 | 街貨比 1 | | 9.22% 溢 | 價 | -1.99% 距收回價 | | | 9.40% 街貨比 1 | | 4.18% 溢 | 僧 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Market Overview - The Hang Seng Index (HSI) is expected to find short-term support around the 100-day moving average at approximately 25,600 points due to a hawkish stance from the Federal Reserve and ongoing uncertainties in the US-China trade relations [2] - The recent meeting between the US and Chinese leaders has led to a temporary easing of tensions, but core issues remain unresolved [2] Company News - Xiaomi Group (1810) reported an adjusted profit increase of 81% in the last quarter, exceeding expectations, and its electric vehicle business recorded operational profitability [5] - Baidu Group (9888) disclosed a 36% decline in adjusted profit but reported a 50% growth in AI business revenue [5] - Pinduoduo's adjusted net profit rose by 14% in the third quarter, although management warned of ongoing financial volatility [5] - China Hongqiao (1378) saw its controlling shareholder increase their stake to 64.02% by purchasing shares worth approximately 230 million [5] - GBM Resources, an Australian mining company, plans a secondary listing in Hong Kong [5] Macroeconomic Focus - The unemployment rate in Hong Kong has decreased to 3.8%, lower than expected, with significant declines in various economic sectors [10] - Macau's GDP grew by 4.2% year-on-year in the first three quarters, with a notable increase in inbound tourists [10] - The Chinese government aims to establish around 200 high-standard digital parks by 2027, enhancing digital transformation across industries [9] - A report indicates that China is increasingly lending to high-income countries, with the US being the largest recipient of Chinese loans [9]

Market Overview - The Hang Seng Index closed at 26,572 points, down 500 points or 1.9% from the previous day, with a total turnover of HKD 232.79 billion, a decrease of 14% day-on-day[6]. - Year-to-date performance shows the Hang Seng Index has increased by 31.81%, while the Financial Index has risen by 19.00%[4]. Sector Performance - Technology stocks faced significant declines, with Baidu down 7.2%, JD Group down 6.0%, and Alibaba down 4.4%[6]. - Conversely, pharmaceutical stocks performed well, with Wangshan Wangshui up 23.9%, Gilead Sciences up 15.5%, and Laika Pharmaceuticals up 12.2%[6]. Economic Indicators - The unemployment rate is expected to decrease, although some scholars view this as overly optimistic[3]. - Foreign investment in Chinese stocks reached nearly HKD 400 billion in the first ten months of the year[3]. Company News - Financial One Account (6638.HK) announced that its privatization plan has been approved by the court, expected to take effect on November 19[6]. - Hope Education International Holdings (1765.HK) is selling its 100% stake in Xi'an Benos Education Management for RMB 10 million, with a total cash settlement of RMB 380 million[6]. Global Market Trends - The Dow Jones Industrial Average closed at 47,147 points, down 309 points or 0.65%, while the S&P 500 fell by 0.05% to 6,734 points[6]. - The Nasdaq Composite rose by 0.13% to 22,900 points, indicating mixed performance among major U.S. indices[6]. Commodity Prices - New York crude oil prices increased by 2.39% to USD 60.09 per barrel, while Brent crude rose by 2.19% to USD 64.39 per barrel[4].