Market Performance - The Hong Kong stock market saw a rise in the afternoon, with sectors such as semiconductors, hardware equipment, and pharmaceuticals leading the gains [1] - The CSI Hong Kong Stock Connect Healthcare Index increased by 2.3%, the Hang Seng Stock Connect New Economy Index rose by 1.7%, the Hang Seng Technology Index went up by 1.5%, and the CSI Hong Kong Stock Connect Internet Index gained 1.2% [1] - The CSI Hong Kong Stock Connect Consumer Theme Index experienced a slight decline of 0.1% [1] Fund Inflows - According to Wind data, the Hang Seng Technology ETF (513010) and the Hong Kong Stock Connect Internet ETF (513040) saw net inflows of 620 million yuan and 190 million yuan, respectively, over the past week [1] Strategic Insights - CITIC Securities highlighted that the "14th Five-Year Plan" emphasizes the construction of a modern industrial system and accelerating high-level technological self-reliance, which may lead to new policy support for strategic emerging industries such as new energy, new materials, aerospace, and quantum technology [1] - Looking ahead to 2026, the Hong Kong stock market is expected to benefit from the internal catalysts of the "14th Five-Year Plan," with recommendations for investors to focus on investment opportunities in AI-related sectors and consumer electronics [1]

Group 1: Macroeconomic Insights - The Japanese central bank's potential interest rate hike in December could lead to an increase in government bond yields, influenced by high inflation and upcoming fiscal stimulus [2][3] - Global macroeconomic and policy expectations have been recalibrated, with service sector PMIs in the US, Europe, and Japan remaining high, while manufacturing PMIs have declined [3] - The market is experiencing fluctuations in response to the Federal Reserve's interest rate outlook, with mixed performances in US stock indices and a decline in oil prices [3] Group 2: Fixed Income Analysis - Cross-period price differences in interest rate derivatives are influenced by the CTD bond's coupon rate, full price, and three-month repo rates, along with market sentiment [4] - The movement of contracts during the roll period indicates strong participation in positive spreads, leading to an initial increase in cross-period price differences [4] Group 3: Consumer Sector Opportunities - The consumer sector is witnessing structural changes driven by technology and innovation, with new consumption trends emerging in areas like trendy toys, beauty products, and ready-to-drink beverages [6] - Investment strategies should focus on four main themes: the rise of domestic brands, technology-enabled consumption, emotional spending, and undervalued high-dividend blue-chip stocks [6] Group 4: Aerospace and Defense - The development of reusable rockets is crucial for reducing costs and increasing capacity in space activities, with companies like SpaceX leading the way [7] - China's advancements in reusable rocket technology, such as the Zhuque-3 and Long March 12, are expected to enhance space launch capabilities and reduce costs [7] Group 5: Energy Sector Analysis - Xin'ao Energy's privatization process is progressing, with key regulatory approvals completed, and the company is showing strong operational performance in natural gas retail [8] - The company's fundamentals are improving, supported by expanding projects and increasing customer penetration rates, leading to a positive long-term outlook [8] Group 6: Rating Changes - Recent adjustments in stock ratings include upgrades for companies like Hayuan Engineering and new buy ratings for firms such as Aerospace Intelligence Manufacturing and BOSS Zhipin, reflecting positive earnings forecasts [9]

Core Insights - The market experienced a collective decline in the afternoon, with sectors such as non-ferrous metals and energy showing gains, leading to an increase in related indices [1] - The Guozhen Free Cash Flow Index rose by 0.4%, while the Guozhen Value 100 Index increased by 0.3%, and the Guozhen Growth 100 Index fell by 1.0% [1] - The Free Cash Flow ETF (E Fund, 159222) has seen continuous net inflows for 16 trading days, totaling over 100 million yuan [1] Index Performance - The Guozhen Value 100 Index, which employs a "high dividend + high free cash flow + low price-to-earnings ratio" screening system, focuses on value stocks and has shown stable historical performance [1] - The Guozhen Free Cash Flow Index selects stocks based on free cash flow rates, combining high dividends with growth potential [1] - The Value ETF (159263) and Free Cash Flow ETF (E Fund, 159222) track the aforementioned indices, providing investors with opportunities to capitalize on related investment styles [1] Sector Composition - The Guozhen Growth 100 Index consists of 100 stocks with a significant focus on growth, with over 65% of its composition in information technology and materials sectors [3] - The Guozhen Value 100 Index is composed of 100 stocks with a strong value orientation, with over 65% in consumer discretionary, financials, and industrial sectors [3] - The Free Cash Flow Index includes 100 stocks with high free cash flow levels, with over 70% in industrials, materials, and consumer discretionary sectors [3]

Core Viewpoint - The Hong Kong stock market, particularly the technology sector represented by the Hang Seng Tech Index, has experienced a significant decline of over 15% in the past two months, prompting investors to reconsider their investment strategies as the year-end approaches [1]. Group 1: Market Performance - The Hang Seng Tech Index has seen a low of 5536.51 and a high of 5600.88, with a trading volume of 247.53 billion [1]. - The year-to-date performance of the index shows a return of 23.94%, despite the recent downturn [1]. - The index's 52-week high and low are 6715.46 and 4168.04, respectively, indicating a substantial range of price movement [1]. Group 2: Capital Flows - In November, southbound capital inflows reached 117.2 billion, demonstrating a strong willingness among Chinese investors to increase their positions in Hong Kong stocks despite market declines [2]. - The sectors attracting the most net buying from southbound funds include consumer discretionary, financials, and information technology [4]. Group 3: Investment Opportunities - The Hong Kong Information Technology ETF (159131), which focuses on the "Hong Kong chip" sector, has seen a recent influx of 29.5 million in capital over the past ten trading days, suggesting potential for a rebound in the market [6]. - The ETF's underlying index has a price-to-earnings ratio of 34.25, which is favorable compared to other major technology indices, indicating a strong investment value [7][9]. - The ETF is designed to capture the performance of the semiconductor and electronic sectors, with significant weights in companies like SMIC (20.27%) and Xiaomi (9.11%) [9].

研究报告 Research Report 2 Dec 2025 东南亚必需消费 & 可选消费 Southeast Asia Staples & Discretionary 东南亚消费行业 10 月跟踪报告：通胀温和且分化，消费需求结构性改善 Inflation Moderate and Differentiated; Consumption Structurally Improving [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 市盈率 P/E 股票名称 评级 目标价 PE(2025E) PE(2026E) 资料来源： Factset, HTI Related Reports 东南亚消费行业 9 月跟踪报告：区域经济延续复苏，消费板块普遍跑赢指 数 Regional economies recovered, and consumption beat the index. (3 Nov 2025) 80 100 120 140 160 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 HAI Southeast Asia Staples ...

Core Viewpoint - In November 2025, A-share listed companies in China executed 9 private placements, a decrease of 36% year-on-year, while the actual fundraising amount reached approximately 34.461 billion yuan, an increase of 147% year-on-year [1][2]. Group 1: Fundraising Activities - A total of 9 private placements were completed in November 2025, with a total fundraising amount of approximately 34.461 billion yuan, marking a year-on-year increase of 147% but a month-on-month decrease of 8% [2][4]. - The top three companies by fundraising amount were: - Yuanda Environmental Protection raised 23.576 billion yuan by issuing 359,938.93 million shares at 6.55 yuan per share [4][5]. - Hushi Silicon Industry raised 6.716 billion yuan by issuing 44,740.55 million shares at 15.01 yuan per share [4][5]. - Hubei Energy raised 2.9 billion yuan by issuing shares at 4.85 yuan per share [4][5]. Group 2: Planned Fundraising - In November 2025, 29 private placement proposals were disclosed, with a planned fundraising amount of approximately 28.779 billion yuan, reflecting a year-on-year decrease of 34.53% [1][6]. - The companies with the largest planned fundraising amounts included: - Energy-saving Wind Power with a maximum of 3.6 billion yuan for green power projects [9][11]. - Shengxin Lithium Energy and Demingli, each planning to raise 3.2 billion yuan for various projects [9][11]. Group 3: Industry Distribution - The industrial sector led the fundraising activities with 3 completed placements totaling approximately 23.919 billion yuan [6][7]. - The consumer discretionary sector also had 3 placements, but with a significantly lower total of 6.07 million yuan [6][7]. - The information technology sector followed with 2 placements, raising a total of 7.036 billion yuan [6][7].

短期内美元指数可能呈现下行趋势，但基于美国经济最快从二季度回温 的假设，预计美元指数将在一季度继续下行，然后从二季度起回升，在 下半年随着经济企稳和加息预期升温而加速上涨。 预计中国 2026 年经济增速约为 4.7%，政策重点转向供需并重，关注 扩大内需和促消费。财政赤字率或维持 4%，特别国债额度提升，地方 政府新增专项债额度或略高于今年。货币政策方面，预计央行可能降息 10~20 个基点，降准 50~100 个基点。 中国市场 2026 年的主题是"需求引领增长，拥抱新核心资产"，关注 出海、AI、新消费三大投资主题。预计市场将由流动性驱动转向盈利驱 动，成长风格相对更具优势，港股受益于流动性改善及基本面提升。 浦银国际 2026 年展望：拥抱新资产 20251201 摘要 美国经济动能预计在 2025 年四季度至 2026 年一季度减弱，随后在财 政刺激和货币政策放松的支持下改善，全年增速预计从 2025 年的 2% 小幅下滑至 1.8%。主要风险包括降息过慢、关税效应以及政策刺激效 果不及预期。 美国就业市场在 2025 年持续走弱，失业率上升，但劳动供给下降及货 币政策放松有助于避免经济衰退。预计 ...

Core Viewpoint - The A-share market experienced a volatile adjustment in November, with the Shanghai Composite Index down 1.67%, the Shenzhen Component down 2.95%, and the ChiNext Index down 4.23%. Various brokerages have released their investment portfolios for December, focusing on sectors such as finance, information technology, and consumer goods [1]. Group 1: Recommended Stocks - Dongxing Securities recommends stocks including Zhejiang Xiantong, Ganyuan Food, and Beijing Lier among others [2]. - Guotai Junan highlights Midea Group, Delijia, and China Merchants Bank as key picks [2]. - Huatai Securities lists Midea Group, Yaxin Integration, and Ningde Times as recommended stocks [2]. - The most frequently recommended stock is Midea Group, with four brokerages endorsing it, while Zhongji Aichuang received three recommendations [3]. Group 2: Market Trends and Insights - Multiple brokerages suggest that the A-share market may remain in a consolidation phase, recommending a focus on cyclical sectors, consumer goods, and manufacturing [5]. - Xinyi Securities believes that as overseas risks subside, Chinese assets may see recovery driven by enhanced competitiveness and stable economic fundamentals [5]. - Guotai Junan anticipates that the policy window at year-end may validate the "policy bottom," supporting economic growth into 2026 [5]. - Zhongtai Securities identifies three main lines of focus: technology sectors with low crowding, global pricing resources like gold and copper, and manufacturing benefiting from the overseas credit cycle [7].

今日早参 2025 年 11 月 27 日 陈慎 房地产行业首席研究员 座机：021 38476038 邮箱：chenshen@htsc.com 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 今日热点 房地产开发/房地产服务：地方政府的房贷贴息实践效果如何？ 戚康旭 SAC:S0570524120001 陈慎 SAC:S0570519010002 SFC:BIO834 今日深度 固定收益：回归价值逻辑——2026 年 REITs 市场展望 明年 REITs 市场趋势性机会有限，基本面分化或将更明显，投资策略应回归 价值逻辑，建议精选基本面稳健、估值合理的优质品种。低利率环境下， REITs 作为多元化配置的重要工具，其在大类资产配置中的价值将进一步凸 显。分资产来看，稳健型资产的分派率与 10 年期国债之间的利差锚或将进一 步强化，基本面走弱的项目波动或加剧，OCI 账户仍对高分红的经营权 REITs 有较高配置需求。一级市场方面，发行规模预计将稳步增长，扩募持 续推进，投资人打新将回归理性，一级报价或应给二级市场留出缓冲空间。 风险提示： ...

Group 1: Market Overview - The total number of companies repurchasing shares this week is 73, an increase of 17 from the previous week[10] - The total repurchase amount for the week is HKD 4.87 billion, up from HKD 3.96 billion last week[10] - Tencent Holdings (0700.HK) leads with a repurchase of HKD 2.54 billion, followed by Xiaomi Group (1810.HK) with HKD 811 million[10] Group 2: Industry Insights - The majority of repurchase amounts are concentrated in the Information Technology, Industrial, Consumer Discretionary, Consumer Staples, and Energy sectors[13] - The Information Technology sector has the highest number of repurchasing companies, with 21 firms participating[13] - The Healthcare sector ranks second with 18 companies engaging in share buybacks[13] Group 3: Individual Company Data - China Feihe (6186.HK) repurchased shares worth HKD 185 million, accounting for 0.48% of its total share capital[14] - Yum China (9987.HK) repurchased shares worth HKD 233 million, representing 0.17% of its total share capital[14] - Kuaishou Technology (1024.HK) repurchased shares worth HKD 105.98 million, which is 0.04% of its total share capital[14]