[Table_Main] 证券研究报告 | 策略点评 2025 年 12 月 05 日 策略点评 证券分析师 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 相关研究 大金融强势领涨 [Table_Summary] 投资要点： 摘要。2025 年 12 月 5 日周五，A 股市场午后在大金融带领下强势上涨，成交额 放量至 1.7 万亿以上；国债期货市场震荡回暖；商品指数微涨，工业品延续偏弱。 一、市场行情分析 1）股票市场：放量上涨，大金融领涨 午后拉升，主要指数全线上行。今日 A 股核心指数集体走强，金融、成长与周期 板块形成合力，推动市场情绪持续回暖。上证指数低开高走后震荡回升，午后在金 融带动下突破 3900 点整数关口，收盘报 3902.81 点，涨幅 0.70%；深证成指表现 更强，全天维持上行态势，收报 13147.68 点，涨幅 1.08%；创业板指收 ...

【导读】大金融板块助力港股上涨，中国太平涨超7%，中国平安（601318）涨6.71%，金融监管总局发布利好消息 港股市场今日午后拉升，保险、科技股齐转涨。中国太平涨超7%，中国平安涨6.71%，百度涨超5%。 今日港股市场全天成交额为2105亿港元，南向资金净买入额为13亿港元。午后，大金融板块拉升，助力市场上行；科技股同时拉升，有色金属股继续活 跃，上涨的还有新消费、锂电池、钢铁等板块。此外，今日两只新股上市破发，遇见小面跌近28%，天域半导体跌超30%。 | 恒生指数 | 恒生国企 | 恒生科技 | | --- | --- | --- | | 26085.08 | 9198.30 | 5662.46 | | +149.18 +0.58% | +91.82 +1.01% | +47.03 +0.84% | | 恒指期货 | 港股通50 | 恒生生物科技 | | 26134 | 3918.28 | 15552.95 | | +183 +0.71% | +14.40 +0.37% | -22.96 -0.15% | | 式 オスタ の 1 0 6 / 7 | | 高白次全经贸 1 12/7 | 保险股集体拉升 ...

【导读】大金融板块助力港股上涨，中国太平涨超 7% ，中国平安涨 6.71%，金融监管总局发布利好消息 中国基金报记者 储是 港股市场今日午后拉升，保险、科技股齐转涨。中国太平涨超 7% ，中国平安涨 6.71% ，百度涨超 5% 。 消息面上，国家金融监管总局发布关于调整保险公司投资相关股票的风险因子的通知。市场认为，此举有利于推动保险资金入市。 港股午后拉升 恒生指数收复 26000 点 12 月 5 日，港股三大指数午后持续拉升转涨，全天呈现低开高走行情。截至收盘，恒生指数上涨 0.58% ，再度站上 26000 点；恒生国 企指数、恒生科技指数分别上涨 1.01% 、 0.84% 。 | W | | 恒生中国企业指数(HSCEI) 12-05 16:09:30 | | | | | --- | --- | --- | --- | --- | --- | | 9198.30 | | 昨收 | 9106.48 | 成交额 | 890.17亿 | | +91.82 | +1.01% | 今开 | 9077.14 | 成交量 | 25.92亿 | | 上涨 | 35 | 平盘 | TH | 下跌 | 14 | ...

12月5日，香港恒生指数收涨0.58%，恒生科技指数涨0.84%。 有色金属、国防军工、电气设备、传媒等板块涨幅居前，纺织服装、半导体、食品饮料等板块下跌。 保险板块午后涨幅扩大，中国太平涨超7%，中国平安涨超6%，中国太保、中国人寿涨超5%。 | < W | 恒生科技(HSTECH) | | | | --- | --- | --- | --- | | | 5662.46 47.03 0.84% | | | | 友就 成分 | 资讯 | 相关基金 | 月度收益 | | 名称 | | 现价 | 涨跌 -- | | 百度集团-SW | | 121.600 | 5.01% | | 9888.HK | | | | | 金蝶国际 | | 13.870 | 3.43% | | 0268.HK | | | | | 快手-W | | 69.200 | 2.52% | | 1024.HK | | | | | 小鹏汽车-W | | 77.950 | 2.30% | | 9868.HK | | | | | 蔚来-SW | | 40.220 | 2.13% | | 9866.HK | | | | | 小米集团-W | | 42.78 ...

12月5日，香港恒生指数收涨0.58%，恒生科技指数涨0.84%。 | 代码 | 名称 | 现价 涨跌 涨跌幅 | | --- | --- | --- | | HSI | 恒生指数 | 26085.08 149.18 0.58% | | HSTECH 恒生科技 | | 5662.46 47.03 0.84% | | HSBIO | 恒生生物科技 | 15552.95 -22.96 -0.15% | | HSCEI | 恒生中国企业指数 | 1.01% 9198.30 91.82 | | HSCI | 恒生综合指数 | 3991.13 18.82 - 0.47% | 有色金属、国防军工、电气设备、传媒等板块涨幅居前，纺织服装、半导体、食品饮料等板块下跌。 保险板块午后涨幅扩大，中国太平涨超7%，中国平安涨超6%，中国太保、中国人寿涨超5%。 | 代码 | 名称 | 现价 | 涨跌幅 ▼ | | --- | --- | --- | --- | | 0966 | 中国太平 | 18.710c | 7.10% | | 2318 | 中国平安 | 60.450 c | 6.71% | | 2628 | 中国人寿 | 2 ...

Core Viewpoint - The article emphasizes the importance of building a robust social credit system in Xiamen, which has become a model for integrating credit data into economic and social development, enhancing the city's soft power and business environment [1][2]. Group 1: Credit System Development - Xiamen has maintained the highest average comprehensive credit index among 36 provincial capitals and sub-provincial cities over the past 12 months, showcasing the effectiveness of its "Credit Luyuan" initiative [1]. - The city has implemented various innovative credit applications, such as "Credit Medical Services" and "Credit Loans," which have transformed abstract credit concepts into tangible benefits for citizens and businesses [1][3]. Group 2: Data Utilization - Xiamen has created a public credit information platform that integrates data from 68 departments, totaling 1.903 billion records, to enhance the accessibility and utility of credit data [2]. - The city aims to empower economic and social value from credit data, moving beyond mere collection to active utilization [2]. Group 3: Innovative Applications - The "Personal Credit White Egret Points" system allows citizens to access medical services without upfront payments, benefiting over 940,000 residents through 62 public medical institutions [4][5]. - Xiamen has launched over 120 credit-based convenience services, including credit parking and borrowing, to create a comprehensive credit ecosystem [5]. Group 4: Financial Support for Enterprises - The "Port and Shipping Credit Easy Loan 3.0" program has enabled companies like Xiamen Zhonghong Shipping Co. to secure significant loans, demonstrating how good credit can be leveraged for financial support [6][7]. - The "Torch Park Loan" product, developed in collaboration with local banks, helps technology-based SMEs access credit by utilizing public credit data [7][8]. Group 5: Regulatory Innovations - Xiamen has introduced a "Commitment-Based Market Entry" system, significantly reducing the documentation required for business permits and streamlining the approval process [9][10]. - The city employs a differentiated regulatory approach based on credit ratings, allowing for reduced oversight for trustworthy businesses while maintaining strict scrutiny for those with poor credit [13]. Group 6: Credit Repair Mechanisms - Xiamen has established a "Credit Repair One-Stop" service, enabling businesses to rectify credit issues efficiently, with over 5,500 entities benefiting from this initiative [14][15]. - The city emphasizes a proactive approach to credit repair, providing tailored support to businesses facing credit challenges [15].

Market Performance - The Hong Kong stock market saw all three major indices decline in the morning session, with the Hang Seng Index down by 0.25%, the Hang Seng China Enterprises Index down by 0.14%, and the Hang Seng Tech Index down by 0.2% [1] Sector Performance - Large technology stocks, which had rallied in the afternoon session yesterday, showed mixed performance today [1] - Airline stocks, gaming stocks, and shipping stocks experienced significant declines [1] - Copper prices reached new highs, with institutions remaining bullish, leading copper stocks to drive gains in the non-ferrous metals sector [1] - Jiangxi Copper Co. saw an increase of over 5% [1] - Semiconductor chip stocks and insurance stocks were mostly active [1]

Group 1 - The outlook for the US stock market in the coming year is optimistic, particularly for the technology and financial sectors, supported by corporate earnings performance and the prospect of interest rate cuts [1] - The Hong Kong stock market is currently trading at a price-to-earnings ratio of approximately 12.5 times, which is considered reasonable. There is a positive outlook for technology stocks and chip-related themes, bolstered by government policy support, with a high likelihood of stock price increases in the next six months, barring geopolitical events [1] - There is uncertainty regarding whether the Federal Reserve will cut interest rates in the first quarter of next year, as it coincides with the end of Chairman Powell's term. Bond prices may experience volatility due to related news, leading to a cautious preference for investments in bonds with a maturity of three years or less and investment-grade corporate bonds [1]

11月中旬以来，恒生科技再次到达并跌破120日均线，陷入横盘。综合多家机构观点，港股科技成长板 块短期赔率较高，静待流动性拐点出现。据广发证券，历史复盘显示，恒生科技每次运行到120日线附 近，都会出现一轮不错的上涨。叠加三季报，美团、阿里巴巴就暂停外卖补贴达成一致，相关亏损"达 峰"，充分反映到股价中，目前具有赔率（向上弹性大于向下调整的空间）。 中金公司（601995）也指出：港股科技新一轮行情的发动，或需要额外的产业进展或者流动性来催化。 华夏基金数量投资部也指出：日历效应来看，历史上恒生科技在每年的一季度表现普遍较好。港股科技 近两个月的回调，是流动性、基本面与估值等多重压力的集中体现，风险提前释放后，给了岁末年初重 新入场、布局2026年的契机。关注12月9日美联储12月议息会议降息能否落地，海外流动性可能迎来积 极催化。 投资工具方面，除了恒生科技，也可以关注港股通科技指数。与恒生科技指数相比，港股通科技指数差 异在于：行业覆盖更广、更具锐度，从而在反弹阶段更具弹性。相关ETF：恒生科技指数ETF （513180.SH）、港股通科技ETF基金（159101.SZ），一键把握港股科技的左侧布局机会。 ...

港股科技30ETF（513160）紧密跟踪恒生港股通中国科技指数，该指数跟踪可经港股通买卖，从事科技 业务并于香港上市的内地公司之表现。前十大重仓股包括中芯国际、快手-W、腾讯控股、阿里巴巴- W、小米集团-W等多只科技龙头股。 交银国际在科技行业2026年展望中表示，人工智能景气度或继续保持高位，我们认为本轮生成式人工智 能所带来的技术进步浪潮范围大，影响深远且牵涉产业链环节众多。我们认为AI基础设施建设至少在 2026年或继续强劲增长。 12月5日，恒指低开0.4%，恒生科技指数低开0.41%。 相关ETF中，港股科技30ETF（513160）截至发稿跌0.65%，成交额超3000万元，溢折率0.25%，盘中 频现溢价交易。 成分股中，东方甄选涨超4%，英诺赛科、金山云、越疆、比亚迪电子、联想集团、优必选等跟涨。 Wind金融终端数据显示，港股科技30ETF（513160）已连续两日获资金净流入，累计"吸金"超4200万 元，其中昨日"吸金"超3700万元。 ...