Market Overview - The Hong Kong stock market has experienced continuous fluctuations since October, with the Hang Seng Index dropping from 27,000 points to nearly 25,000 points, a decline exceeding 2,000 points [2][4] - On October 21, the market showed signs of recovery, with the Hang Seng Index rising by 0.65% to 26,027.55 points, and the Hang Seng China Enterprises Index increasing by 0.76% to 9,302.66 points [2] Sector Performance - On October 21, most of the 12 comprehensive industries within the Hang Seng Index saw gains, particularly in industrial, non-essential consumer, and financial sectors, all rising over 1% [2] - Strong performances were noted in the electrical equipment, semiconductor, and non-bank financial sectors, with notable stock increases such as Huiju Technology up 11.65% and Ding Shi Capital up over 33% [2][3] Southbound Capital - Despite the market's adjustments, southbound capital maintained a net inflow, with cumulative net purchases exceeding 45 billion HKD as of October 20 [3] - Key stocks that saw significant increases in holdings included GCL-Poly Energy, Agricultural Bank of China, and Industrial and Commercial Bank of China, each gaining over 200 million shares [3] Long-term Outlook - The long-term upward trend of the Hong Kong stock market remains intact despite short-term volatility, with some analysts suggesting that the market's reaction to international trade tensions may be excessive [4][5] - Analysts from China Merchants Securities (Hong Kong) believe that the current adjustments in U.S. trade policies could provide a more favorable environment for the Hong Kong market in the future [4] Investment Strategy - Recommendations include diversifying investments between risk assets and safe-haven assets, focusing on undervalued sectors such as essential consumer goods, and identifying high-dividend stocks as stable investments [4][5] - The anticipated easing of U.S. monetary policy, including potential rate cuts, is expected to support foreign capital inflows into the Hong Kong market [5][6]

● 赵中昊 谭丁豪 10月以来，港股市场持续震荡调整，恒生指数一度从27000点下探至近25000点。10月21日，市场迎来回 暖，三大指数高开高走，工业、非银金融等板块表现强势。值得注意的是，虽然本月市场持续调整，但 南向资金仍保持净流入。 业内人士表示，南向增量资金尚处于持续入市进程中，有望继续发挥支撑作用，港股短期波动未改长期 上行趋势。 市场回暖 港股三大指数自10月2日站上年内高点后，便进入震荡调整。恒生指数失守27000点，一度调整至近 25000点，调整幅度超2000点。 10月21日，港股市场三大指数高开高走，市场迎来回暖。恒生指数涨0.65%，报26027.55点；恒生中国 企业指数涨0.76%，报9302.66点；恒生科技指数涨1.26%，报6007.94点。 11.65%、哈尔滨电气涨超4%、宁德时代涨逾3%。半导体板块中，中芯国际涨超3%，美佳音控股、英 诺赛科均涨超1%。非银金融板块中，鼎石资本涨超33%、众淼控股涨逾10%、中国人寿涨超6%、新华 保险涨近5%。 南向资金方面，尽管本月市场持续回调，但南向资金仍保持净流入。Wind数据显示，截至10月20日， 本月南向资金累计净买入 ...

英搏尔等公司第三季度业绩突增；珠免集团：拟将格力房产100%股权转让至投捷控股预计构成重大资 产重组；盈新发展：筹划收购长兴半导体控制权；协创数据：拟向多家供应商采购服务器合同总金额预 计不超40亿元…… 今日看点 ▼聚焦一：英搏尔等公司第三季度业绩突增 英搏尔：披露三季报。公司2025年前三季度实现营业收入23.58亿元，同比增长46.7%；实现归属于上市 公司股东的净利润1.49亿元，同比增长191.18%；基本每股收益0.57元。其中，第三季度实现归属于上 市公司股东的净利润1.12亿元，同比增长580.62%。 实益达：披露三季报。公司2025年前三季度实现营业收入4.85亿元，同比增长7.26%；实现归属于上市 公司股东的净利润3030.88万元，同比增长12.37%；基本每股收益0.0525元。其中，第三季度实现归属 于上市公司股东的净利润1484.44万元，同比增长471.34%。 中材科技：披露三季报。公司2025年前三季度实现营业收入217.01亿元，同比增长29.09%；实现归属于 上市公司股东的净利润14.8亿元，同比增长143.24%；基本每股收益0.8818元。其中，第三季度实现归 ...

2025.10.21 本文字数：3357，阅读时长大约6分钟 作者 |第一财经 周楠 A股三大指数21日集体收涨，上证指数再次收复3900点。多家外资近日表态，继续看好中国市场，有国 际大行喊出"超配中国"。 瑞银日前公开表示，在新兴市场中继续给予中国超配评级，理由是，与另一新兴市场印度相比，中国 （企业）营收增长更快，每股收益增长同样较快，"即使忽略中国的AI及互联网股票，MSCI中国指数中 其余股票的资本回报率（ROIC）也在改善"。 瑞银证券中国股票策略分析师孟磊21日对第一财经记者表示，10月以来，A股经历了从"科技成 长"向"价值红利"的风格切换，影响因素包括中美贸易再次出现摩擦、投资者对组合进行再平衡，科技 板块前期涨幅较大、部分投资者获利了结等。但他认为，A股中期表现依然向好，"成长"风格可能跑 赢"价值"风格。 第一财经同时了解到，外资高度关注中国"十五五"规划，特别是"反内卷"、促消费、高质量增长和发展 新质生产力等方面的情况。 第一财经记者梳理上市公司三季报时还发现，部分外资三季度确实在行动，"瞄准"A股龙头股跑步入 场，部分个股的外资持股比例维持较高水平。比如，思源电气（002028.S ...

Group 1 - The core viewpoint of the report indicates that the Hong Kong stock market continues its upward trend, with significant gains in hard technology sectors, driven by strong performance from industry leaders and positive signals regarding US-China trade relations [2][5][7]. - On October 21, 2025, the total trading volume in the Hong Kong stock market reached HKD 264.66 billion, with net inflows from southbound funds amounting to HKD 1.171 billion [2][7]. - The Hang Seng Index rose by 0.65% to close at 26,027.55, while the Hang Seng Technology Index saw a notable increase of 1.26%, closing at 6,007.94 [5][11]. Group 2 - In terms of industry performance, the Wind Hong Kong Electric Equipment Index showed strong gains, reflecting heightened demand expectations for energy storage and power battery sectors following robust third-quarter earnings from industry leaders [5][7]. - The semiconductor sector in Hong Kong experienced a strong rebound, driven by positive sentiment from the third-quarter earnings of major US chip companies, indicating renewed expectations for global AI industry demand [5][7]. - The report highlights three potential directions for future growth in the Hong Kong stock market: the continued inflow of southbound funds, the impact of US interest rate cuts on global liquidity, and the positive effects of "anti-involution" policies on supply-side improvements [5][7].

证券日报网讯10月21日晚间，禾望电气（603063）发布公告称，公司不存在违规担保、逾期担保的情 形。 ...

（文章来源：证券日报） 证券日报网讯 10月21日晚间，英搏尔发布公告称，公司于2025年10月20日召开第四届董事会第十一次 会议，审议通过了《关于作废部分已授予尚未归属的第二类限制性股票的议案》。 ...

Group 1 - UBS maintains an overweight rating for China in emerging markets, citing faster revenue and earnings growth compared to India, and improving capital return rates in the MSCI China index [1][3] - A-share indices collectively rose, with the Shanghai Composite Index recovering above 3900 points, indicating positive sentiment from foreign investors towards the Chinese market [1][3] - Foreign investors are focusing on China's 14th Five-Year Plan, particularly on themes like "anti-involution," consumption promotion, high-quality growth, and the development of new productivity [1][10] Group 2 - Foreign capital has been actively entering the A-share market, particularly targeting leading stocks, with significant foreign ownership in companies like Siyuan Electric and Huaming Equipment, where foreign holdings exceed 24% [2][6] - The A-share market has shown structural differentiation since October, with foreign investors not overly concerned about the impacts of recent tariff changes, suggesting that A-shares still hold high allocation value [3][4] - UBS and other institutions believe that the current market fluctuations present opportunities for long-term investors, especially in sectors with stable earnings growth [9][10] Group 3 - Leading stocks remain the favorite among foreign investors, with significant foreign institutional holdings in companies like Kweichow Moutai and Ping An Insurance, indicating strong interest in industry leaders [6][7] - As of the end of September, foreign holdings in A-shares exceeded 100 billion yuan for 42 stocks, with CATL leading at 265.66 billion yuan, highlighting the preference for high-value companies [7][8] - The focus on growth stocks is expected to continue, with UBS suggesting that growth styles may outperform value styles in the medium term, providing a favorable risk-return profile for investors [9][10] Group 4 - The upcoming 14th Five-Year Plan is anticipated to emphasize supply-side measures and demand stimulation, with a focus on enhancing consumer income and improving the social security system [11] - The "anti-involution" theme is expected to drive cyclical improvements across various industries, potentially impacting the overall earnings targets for the CSI 300 index by 2025 [10][11]

截至今年上半年，上海民营经济经营主体达到320万户，占全市总量的90%以上。 科技创新离不开高水平的科技人才，《条例》提到支持高等学校、职业院校、科研院所以及各类职业技能培训机构等与民 营经济组织合作，培育符合产业高质量发展需求的专业人才和产业工人，对傅利叶的发展也至关重要。 10月20日，《上海市民营经济促进条例》（简称《条例》）正式生效实施。当天，上海市政府副秘书长、市发展改革委主 任顾军召开民营企业座谈会。可以说，民营经济是上海就业主渠道、科创生力军和出海主力军。 激发民营活力 近年来，上海持续打造市场化、法治化、国际化一流营商环境，一系列举措密集落地。尤其是今年以来，从发布营商环境 8.0版、出台《新时代新征程促进民营经济高质量发展的若干措施》，到此次通过《上海市民营经济促进条例》，上海正以制度 创新为民营经济注入强大信心。 面对复杂多变的外部环境和日益激烈的市场竞争，上海民营企业展现出强大的韧性与创新活力。 "《条例》回应了当前民营经济发展面临的突出问题和核心关切，以立法形式为民营经济发展注入了强心剂。"千寻位置副 总裁李戈杨表示。 千寻位置是一家成立于2015年的时空智能科技公司，目前已建成全球最 ...

智通财经APP讯，英威腾(002334.SZ)发布2025年三季度报告，该公司前三季度营业收入为31.08亿元， 同比减少1.12%。归属于上市公司股东的净利润为1.48亿元，同比减少3.26%。归属于上市公司股东的扣 除非经常性损益的净利润为1.28亿元，同比减少18.58%。基本每股收益为0.1837元。 ...