Core Viewpoint - On November 24, 2023, the company Xima Medical (03309.HK) announced a share buyback, spending HKD 342,000 to repurchase 200,000 shares [1] Group 1 - The total expenditure for the share buyback was HKD 342,000 [1] - The number of shares repurchased in this transaction was 200,000 [1]

| 总量研究 2 | | --- | | 上周观点 2 | | 重点报告 2 | | 行业研究 4 | | 上周观点 4 | | 重点报告 5 | | 公司研究 6 | | 重点报告 6 | | 重点报告摘要 7 | | 总量研究 7 | | 行业研究 9 | | 公司研究 11 | 一周观点 总量研究 上周观点 | 领域 | 一周观点 | 分析师 | | --- | --- | --- | | | 市场大方向或仍处在牛市中，不过短期或进入宽幅震荡阶段。与往年牛市相比，当前指数仍然 | | | 策略 | 有相当大的上涨空间，但是在国家对于"慢牛"的政策指引之下，牛市持续的时间或许要比涨 | 张宇生 | | | 幅更加重要。不过短期来看，市场可能缺乏强力催化，叠加年末部分投资者在行为上可能趋于 | | | | 稳健，股市短期或以震荡蓄势为主。 | | | | 上周黄金价格上涨，国内权益市场指数集体回调,医药主题基金表现占优，TMT 主题基金回撤 | | | 金工 | 明显。不同投资范围的 ETF 资金均呈现流入，TMT、科创主题 ETF 受被动资金加仓，以恒生 | 祁嫣然 | | | 互联网 ETF 为代表的港 ...

Core Viewpoint - The report from招商香港 indicates that the Hong Kong stock market is experiencing marginal benefits, with significant performance in the AI and non-ferrous metal sectors, driven by technological upgrades and global digitalization trends [1] Group 1: Industry Insights - The AI industry is showing strong growth momentum due to technological upgrades and the global digitalization trend [1] - The non-ferrous metal sector is benefiting from global supply chain restructuring and demand from the new energy sector, presenting structural opportunities [1] - There is a continued deepening of industry differentiation, with resilience observed in the service sectors such as healthcare and accommodation, while cyclical industries like manufacturing are showing signs of contraction [1] Group 2: Market Outlook - Overall, the Hong Kong stock market is expected to reach an upward turning point driven by the dual themes of AI and non-ferrous metals [1] - The Hong Kong Stock Connect 50 ETF (159712) tracks the Hong Kong Stock Connect 50 Index (930931), which consists of 50 leading companies in the Hong Kong market, selected based on market capitalization and liquidity [1] - The index encompasses both emerging sectors like new consumption and fintech, as well as traditional economic sectors, reflecting the overall performance of representative quality listed companies in the Hong Kong market [1]

Market Performance - The Hang Seng Index closed at 25,220, down 2.38% for the day and up 25.72% year-to-date [1] - The Hang Seng Tech Index fell 3.21% to 5,395, with a year-to-date increase of 20.76% [1] - The CSI 300 Index decreased by 2.44% to 4,453, with a year-to-date rise of 13.18% [1] - The Shanghai Composite Index closed at 3,834, down 2.45%, marking a year-to-date increase of 14.41% [1] - The Shenzhen Component Index dropped 3.41% to 12,538, with a year-to-date increase of 20.39% [1] Currency and Commodity Overview - The Renminbi Index stood at 97.830, up 0.52% over the past month and 1.35% over six months [2] - Brent crude oil price was $62.720 per barrel, up 2.62% month-on-month but down 1.29% over six months [2] - Gold price was $4,059.66 per ounce, down 1.68% month-on-month but up 22.36% over six months [2] - Bitcoin price fell to $83,560, marking a 7.02% decline, the lowest in over seven months [23] Hong Kong Stock Market Review - The Hong Kong stock market experienced significant declines, with the Hang Seng Index hitting a two-and-a-half-month low and recording its largest single-day drop in over seven months [5] - Major tech stocks like Alibaba and Baidu fell nearly 5%, while Meituan and JD.com dropped close to 3% [5] - The property sector saw significant declines, with Link REIT dropping about 7.5%, marking a near seven-month low [5] A-Share Market Review - The A-share market saw major indices drop between 2.5% to 4%, with the Shanghai Composite Index falling below 3,900 points [6] - The Shenzhen Component Index and ChiNext Index also reached approximately two-and-a-half-month lows [6] US Stock Market Overview - The US stock market indices closed up nearly 1%, with the Dow Jones rising 1.1% to 46,245 [7] - The Nasdaq Index increased by 0.9% to 22,273, while the S&P 500 rose by nearly 1% to 6,602 [7] - Major tech stocks showed mixed results, with Alphabet rising over 3% while Nvidia and Microsoft fell [7] European Market Overview - European stock markets showed mixed results, with the DAX Index down 0.8% and the CAC Index up slightly [8] - Over the week, German stocks fell nearly 3.3%, while French stocks declined close to 2.3% [8] Economic Indicators - The Central City Leading Index (CCL) in Hong Kong rose 0.54% week-on-week, reaching a near one-and-a-half-year high, with a year-to-date increase of 3.52% [11] - In mainland China, electricity consumption in October reached 857.2 billion kWh, a year-on-year growth of 10.4% [20] - Japan's exports to the US have declined for seven consecutive months, with a 3.1% year-on-year drop in October [19]

Group 1 - China's manufacturing sector is showing three new development characteristics: achieving breakthroughs in the entire chain of technological innovation, transitioning from processing trade to a domestic and international integrated industrial chain, and forming a higher level of openness under the domestic circulation framework [1] - The added value of China's manufacturing industry accounts for nearly 30% of the global total, with significant advancements in ten key manufacturing sectors, achieving "five leading and five parallel" positions [1] - There are three identified shortcomings in China's manufacturing: high resource consumption, low profit margins, and lower total factor productivity compared to developed countries [1] Group 2 - The "14th Five-Year Plan" emphasizes the development of new quality productivity, focusing on strategic emerging industries and future industries, which is expected to drive over one trillion yuan in investment [3] - The plan also highlights the importance of digitalization, intelligence, and green transformation in traditional industries, as well as the rapid development of the productive service sector as a foundation for high-quality manufacturing [3] Group 3 - The Guangdong-Hong Kong-Macao Greater Bay Area is positioned as a crucial driver for China's modernization and deep participation in global governance [10] - The economic scale of the Greater Bay Area has surpassed that of New York and San Francisco Bay Areas, and it is expected to become a leading global economic and innovation center by 2035 [10] - Key initiatives include building a collaborative innovation system, promoting efficient application of technological achievements, and enhancing the international competitiveness of the service sector [11] Group 4 - The development of the autonomous driving industry requires collaboration between government and enterprises, focusing on standards, infrastructure, and data security [9] - The autonomous driving sector has achieved over 10 million kilometers of public road driving during the "14th Five-Year Plan" period, enhancing consumer willingness to engage in offline activities [9] Group 5 - The deep-sea technology sector in China has made significant advancements, transitioning from merely entering the deep sea to possessing important detection capabilities [17] - The development of long-term observation systems is essential to address challenges in deep-sea exploration, with projects like the cold spring ecosystem research facility underway [18]

Core Viewpoint - The article discusses the recent volatility in global stock markets, the impact of liquidity crises, and the potential investment opportunities arising from market fluctuations. Group 1: Market Performance - Global stock markets experienced a significant decline of nearly 3% from Monday to Thursday, followed by a rebound on Friday, but still ended the week down over 2% [3][4]. - The volatility was more pronounced in the Asia-Pacific and European markets, with A-shares, Hong Kong stocks, Korean stocks, and Japanese stocks fluctuating over 4% during the week [5]. - Other asset classes also showed considerable volatility, with gold retreating 7-8% from its peak and commodities like oil experiencing even larger declines [7]. Group 2: Liquidity Crisis - Typically, different asset classes do not move in tandem, but liquidity crises can lead to simultaneous fluctuations across global assets [11]. - Recent concerns about the uncertainty of interest rate cuts in December have heightened fears of a liquidity crisis, especially as the year-end approaches [13][14]. - During liquidity crises, correlations between different asset classes tend to increase, with small-cap stocks, growth stocks, and cryptocurrencies being particularly sensitive to liquidity changes [15]. Group 3: Investment Opportunities - Despite the short-term volatility, liquidity crises usually do not last long and tend to resolve within a few weeks [17]. - Positive news regarding potential interest rate cuts in December led to a rebound in global markets on Friday, with some Chinese concept stocks listed in the U.S. also seeing gains [18]. - The article suggests that if global assets become undervalued due to short-term fluctuations, it presents a good investment opportunity [23]. Group 4: Global Stock Index Insights - The article mentions a star rating system for global stock markets, indicating that in previous years like 2018, 2020, and 2022, the markets were rated as undervalued [24]. - Currently, the global stock market is rated around 3.2 stars, indicating a moderate level of valuation [26]. - There are global stock index funds available in overseas markets, but currently, there are no such funds in mainland China. However, a global index advisory portfolio has been introduced to simulate similar effects [28][29]. Group 5: Book Promotion - The article promotes a newly released book titled "The Long-Term Investment Guide," which has gained significant popularity and is noted for its comprehensive insights into stock market investments [34]. - The book emphasizes the importance of including a certain proportion of stock assets in family portfolios for long-term wealth accumulation [35].

Market Overview - The US added 119,000 non-farm jobs in September, significantly exceeding the expected 51,000, while the unemployment rate rose to 4.4%[3] - The US dollar index increased by 0.87% to 100.2, indicating the end of a weak dollar environment[3] - Global risk assets mostly declined, with significant drops in equity markets, particularly in A-shares and the Hang Seng Tech Index[3] Fund Flows - In the week ending November 19, 2025, foreign capital inflows into the Chinese stock market totaled $318 million, while domestic capital inflows reached $3.677 billion[3] - The US equity market saw a substantial inflow of $11.8 billion, while fixed income funds in the US attracted $10.99 billion[15] Valuation Metrics - As of November 21, 2025, the Shanghai Composite Index's valuation percentile was at 81.9%, second only to the S&P 500 and France's CAC40, but still significantly lower than US equities[3] - The risk-adjusted return percentile for the S&P 500 decreased from 47% to 39%, while the Nasdaq's dropped from 46% to 35%[3] Risk Sentiment - The S&P 500 closed at 6,602.99, below the 20-day moving average, with an implied volatility trend on the rise[3] - The put-call ratio for the S&P 500 decreased to 1.03 from 1.14, indicating a marginal increase in market optimism[3] Economic Data - The probability of a 25 basis point rate cut by the Federal Reserve in December rose to 71% from 44.4% the previous week, with an 80% chance of rates falling to 3.5%-3.75% by January 2026[3]

Core Insights - The founder of Baichuan Intelligence, Wang Xiaochuan, expressed a long-standing commitment to the fields of life sciences and healthcare, which he clarified was not a search for direction but a waiting for technology to catch up [1] - In 2023, the company was established with a focus on the medical sector, despite initial investor skepticism regarding the commercial viability and technological prospects of this field [1] - There is a growing consensus among industry experts that within the next decade, it will be possible to cure all diseases and provide everyone with a personal doctor, marking 2025 as a pivotal year for this sector [1]

Group 1 - The U.S. added 119,000 jobs in September, significantly exceeding the expected 50,000, marking the largest increase since April [1][2] - The unemployment rate unexpectedly rose to 4.4%, the highest since October 2021, surpassing both expectations and the previous value of 4.3% [1] - Employment data for the previous two months was revised downwards, with August's job additions adjusted to a loss of 4,000 and July's to an increase of 72,000, totaling a downward revision of 33,000 jobs [1] Group 2 - Job growth in September was primarily driven by the healthcare, food service, and caregiving sectors [2] - From May to August, the average monthly job additions in the U.S. were below 30,000, representing less than one-fifth of the expected average monthly additions for 2024 [2] - The strong job market performance in September has cooled expectations for a Federal Reserve rate cut in December, with the probability dropping from 50% to below 40% [2]

智通财经APP讯，希玛医疗(03309)发布公告，该公司于2025年11月21日斥资41.76万港元回购24万股股 份，每股回购价格为1.73-1.75港元。 ...