Core Viewpoint - The A-share market is poised for a significant rally due to favorable conditions from the Federal Reserve and proactive measures from the National Development and Reform Commission (NDRC) [2][3] Group 1: Federal Reserve Actions - The probability of a Federal Reserve interest rate cut has surged to 85%-86%, indicating a strong expectation of monetary easing [2] - The upcoming announcement of a new Fed chair, expected to be a "super dovish" figure, is likely to further enhance liquidity in the market [2] - This environment is expected to drive investments into technology stocks and precious metals, as increased liquidity supports expansion and price increases [2] Group 2: NDRC Initiatives - The NDRC has announced extraordinary measures to support technological advancements, focusing on sectors like AI, commercial aerospace, humanoid robots, energy storage, and solid-state batteries [3] - The initiative includes financial support, land allocation, and expedited approvals, effectively providing a "policy insurance" for technology stocks [3] - Additionally, increasing residents' income is expected to boost domestic consumption across various sectors, including smart home products and food and beverage [3] Group 3: Market Dynamics - The recent market adjustment is viewed as a temporary pullback rather than a sign of a market peak, with key indices remaining above critical support levels [4][5] - The market is expected to rebound strongly if it maintains above the 3888-point level, with a target of filling the gap at 3927 points [6] - The current market environment favors specific sectors, particularly large technology and cyclical stocks, as well as new consumer spending driven by rising incomes [7][8]

Market Overview - As of November 28, 2025, the Hong Kong Stock Exchange has 2,664 listed companies with a total market capitalization of approximately HKD 48 trillion [1] - The Hang Seng Index and the Hang Seng Tech Index have increased by 29% and 25% respectively this year, indicating significant market rotation [2][3] - The overall valuation of Hong Kong stocks is currently within a reasonable range, with a focus on scarce assets such as internet leaders and innovative pharmaceuticals [1][8] Market Structure - The market is characterized by a high concentration of value in large-cap companies, with 65% of companies having a market cap of HKD 0-20 billion, but only accounting for 1.80% of the total market capitalization [2] - Institutional investors dominate trading, contributing 85% of the transaction volume, with international investors making up 60% of the market [1][2] Valuation Insights - The AH premium index is currently at 121, which is historically low, indicating that Hong Kong stocks are not significantly overvalued nor is there substantial room for valuation recovery [3] - The valuation of the Hang Seng Index is at a historically high level compared to the CSI 300, while the Hang Seng Tech Index remains relatively low in absolute valuation terms [3] Asset Highlights - Key scarce assets in the Hong Kong market include internet leaders, innovative pharmaceuticals, new consumption, and dividend stocks, while high-end manufacturing is relatively weak [4][7] - Internet leaders like Tencent and Alibaba are seen as core highlights, with significant capital expenditures and a strong user ecosystem [4][5] - The innovative pharmaceutical sector is viewed as a "first-tier market" with a higher "innovation content" compared to A-shares, benefiting from favorable listing rules for biotech companies [5][6] Investment Dynamics - The investor structure is increasingly international, with a notable inflow of southbound funds, which have reached a cumulative net inflow of HKD 13,820 billion this year, a 90% increase year-on-year [7][8] - Despite the presence of quality assets, the market has passed the high-return investment phase, and the uncertainty of incremental capital inflows suggests a mixed outlook for future market performance [8]

Core Insights - The 2025 China Enterprise Competitiveness Annual Conference will be held on December 9-10, 2025, focusing on the theme "Starting New, Steady Progress" to discuss the future development trends and paths for enterprises in the context of China's modernization process [1][4] Group 1: Conference Structure and Themes - The conference will feature a main forum and four parallel forums focusing on finance, data elements, new consumption, and health care, aiming to integrate macro trends with industry-specific discussions [2] - The main forum will address high-quality development, building a strong domestic market, and fostering new productive forces to support technological self-reliance [2][3] - The financial forum will explore profound changes in the financial system, focusing on technology finance, green finance, inclusive finance, and digital finance, among other topics [2][3] Group 2: Specific Forum Focus - The China Data Element High-Quality Development Forum will discuss the market-oriented reform of data elements, emphasizing the importance of data as a new production factor [3] - The China Consumption Trend Forum will delve into brand building, technology-market synergy, and new consumption scenarios in the context of enhancing domestic demand [3] - The China Pharmaceutical and Health Industry Forum will focus on innovation paths and global opportunities amid significant changes in the global pharmaceutical landscape [3] Group 3: Recognition and Impact - The conference will announce various case selections, including "2025 Excellent Financial Institution Cases" and "2025 Excellent Cases in Data Element Development," aimed at highlighting exemplary enterprises and individuals [4] - A blue paper on the application of real-world tokens will be released, aiming to bridge virtual applications with the real economy [4] Group 4: Communication and Outreach - The conference will utilize over 20 mainstream platforms for live broadcasting and diverse content formats to ensure broad dissemination of insights and industry perspectives [5] - The event aims to create opportunities for brand exposure and resource connection for participating enterprises and guests, enhancing the impact of discussions beyond the conference [5]

Group 1 - The Hong Kong consumer sector showed a fluctuating upward trend, with the Hong Kong Consumer ETF (513230) rising nearly 1% at one point and currently up about 0.5% [1] - Key stocks in the ETF include BYD, Galaxy Entertainment, Sands China, and Anta Sports, which saw significant gains, while stocks like Xpeng Motors, Laopu Gold, Meituan, and Bilibili experienced declines [1] - A joint implementation plan was released by six departments, including the Ministry of Industry and Information Technology and the National Development and Reform Commission, aimed at enhancing the adaptability of supply and demand in the consumer sector [1] Group 2 - The plan outlines a target to cultivate three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027, focusing on areas such as elderly products, smart connected vehicles, and consumer electronics [1] - The ten hundred-billion-level consumption hotspots include baby products, smart wearable devices, cosmetics, fitness equipment, outdoor products, pet food, civilian drones, trendy toys, jewelry, and domestic fashion [1] - Guojin Securities predicts that by 2030, a high-quality development pattern of positive interaction between supply and consumption will be established, with consumption's contribution to economic growth steadily increasing [2] Group 3 - The implementation plan emphasizes four main directions: promoting new technologies like AI in the consumer goods industry, accelerating the development of emerging consumption driven by emotional value, supporting domestic brands in international expansion, and encouraging new business models such as live e-commerce [2] - The consumer sector is evolving towards technological integration, emotional connection, global expansion, and channel innovation, presenting significant structural opportunities [2] - The Consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, encompassing a wide range of sectors in Hong Kong's consumer market, including leading new consumption companies and major internet e-commerce players [2]

今年，港股 IPO市场的持续升温，让VC/PE迎来期待已久的退出窗口期。 11月2 7日，安永发布2 0 2 5年《中国内地和香港IPO市场回顾及展望》报告。报告显示，2 0 2 5 年中国内地和香港IPO活动在全球呈现增长态势，A股和香港市场全年IPO数量和筹资额占全球 总量的1 6%和3 3%。其中，A股市场整体稳中有进，港交所以全年3 6 0亿美元融资额跃居全球交 易所榜首。 报告介绍， 2 0 2 5年港股IPO市场迎来强势复苏，IPO筹资额时隔四年再度突破2 0 0 0亿港元，重 回近五年第二高峰。大型IPO项目上市成为推动港股崛起的关键因素，其中来自内地的A+H及 A拆H企业贡献突出，全年预计超过2 0家A股公司在港首发上市，合计募资超过1 7 0 0亿港元。 " 曾几何时，投资人对上市退出的地点是有 '鄙视链'的，并不看好企业去港股上市。但风水轮 流转，今年以来港股破发率大大降低，消费、科技赛道的企业在港股市场都比较热，表现不 错，所以现在很多投资人都在催着被投企业去港股上市。"北京某VC机构投资总监对母基金研 究中心表示。 今年，新消费公司在港股市场大放异彩，被称作 "港股三朵金花"的蜜雪冰城 ...

杨成长、龚 芳、袁宇泽、曾培春 近年来，我国传统产业的组织形式和产业关联关系发生重大变革，新技术、新业态、新模式 不断涌现，成为我国经济高质量发展的重要组成部分。金融机构亟须构建匹配新经济产业发展需 求的金融服务新模式，重点服务好新消费、新科技、新数字、新终端及未来产业等五类新业态。 五类产业新业态对金融服务提出了全新要求：在新消费领域，金融服务的核心难点在于无形 资产估值和对商业模式的可持续性作出判断；在新技术领域，突出表现为技术路径判断难和信息 不对称；在新数字领域，亟待建立科学的估值体系和资本市场支持机制；在新终端领域，需要全 链条生态化金融解决方案；在未来产业领域，关键在于形成对共性基础技术突破和产业成果转化 的多元长期资金供给机制。 基于各业态的独特性，要加快形成五类产业金融服务模式：一是以多元价值和新型供求关系 为核心，形成新消费产业金融服务模式；二是以科技创新风险分配为核心，形成新技术产业金融 服务模式；三是以数字集成和人工智能为核心，形成新数字产业金融服务模式；四是以全链条融 合化为核心，形成新终端产业金融服务模式；五是以"三突破三风险"为核心，形成未来产业金融 服务模式。 近年来，伴随我国要 ...

Market Overview - The Hong Kong stock market showed a mixed performance with the Hang Seng Index rising by 0.81% to 26,068.05 points, the Hang Seng Tech Index up by 0.99% to 5,654.62 points, and the National Enterprises Index increasing by 0.64% to 9,188.61 points [1] - Major technology stocks performed well, with Alibaba up 3.3%, Tencent up 0.82%, and JD Group up 1.29%, while Xiaomi and Meituan saw declines of 2% and 1.46% respectively [1] - The non-ferrous metals sector experienced significant gains, with Minmetals Resources and China Gold International leading the increases [1] - The People's Bank of China made a significant move to stabilize the currency, leading to declines in cryptocurrency-related stocks [1] Company News - Meituan reported third-quarter revenue of 95.5 billion yuan, a year-on-year increase of 2%, but its core local business operating profit turned negative with a loss of 14.1 billion yuan [2] - China Gas announced revenue of 34.481 billion HKD and a profit of 1.334 billion HKD for the six months ending September 30, 2025 [3] - Yingtong Holdings reported a revenue of 1.028 billion RMB, a decrease of 3.42%, but a net profit increase of 15.4% to 133 million RMB [3] - Jihai Resources achieved a revenue of 450 million RMB, a year-on-year increase of 23.41%, with a net profit of 88.127 million RMB, up 2.98% [3] - Yuhua Education reported an annual revenue of 2.497 billion RMB, a 5.4% increase, and a net profit of 930 million RMB, a significant increase of 133.2% [3] - Huitai Textile reported a revenue of 2.524 billion HKD, a decrease of 6.72%, and a net profit of 79.322 million HKD, down 25.77% [3] - New Higher Education Group reported an annual revenue of 2.599 billion RMB, a 7.78% increase, and a net profit of 829 million RMB, up 9.67% [3] - Huaxin Handbag International reported a revenue of 432 million HKD, a year-on-year increase of 22.55%, and a profit of 48.262 million HKD, up 78.88% [4] - Bay Area Development reported toll revenue for October from various highways, showing a year-on-year decrease [4] Institutional Insights - Huatai Securities indicated that the market is nearing a "bad news fully priced" state, suggesting limited downside potential and pointing to left-side layout opportunities [11] - GF Securities noted that the foundation of the Hong Kong bull market remains intact, with a potential for a "volatile upward" trend rather than a rapid increase, highlighting three key triggers for future performance [12] - Dongwu Securities mentioned that short-term risk factors in the Hong Kong market are decreasing, but a rebound confirmation requires catalysts, with current positions being attractive for long-term allocation [12]

Core Insights - The transformation of traditional industries in China has led to the emergence of new technologies, business models, and industries, which are crucial for high-quality economic development [10][11] - Financial institutions need to develop new service models that align with the demands of new economic industries, focusing on five categories: new consumption, new technology, new digital, new terminals, and future industries [10][13] Group 1: New Economic Industries - New economic industries are becoming a significant driving force for economic development, with the added value of the new economy reaching 24.3 trillion yuan in 2024, accounting for 18.01% of GDP, an increase of 0.43 percentage points from the previous year [11] - As of June 2025, there are 25.36 million registered new economy enterprises in China, representing over 40% of the total number of enterprises, with a year-on-year growth of 6.6% [11] Group 2: Financial Service Requirements - The five new economic categories present unique requirements for financial services, including challenges in intangible asset valuation and sustainable business model assessment in new consumption, technology path judgment and information asymmetry in new technology, and the need for a scientific valuation system in new digital industries [10][12] - Financial institutions must accelerate the formation of tailored financial service models for each of the five new economic categories, focusing on diverse value creation and innovative supply-demand relationships [10][12] Group 3: New Consumption Financial Services - New consumption industries are crucial for expanding domestic demand, with a shift towards service, value, cultural, and green consumption, maintaining over 10% growth in sectors like leisure and tourism despite overall consumption pressure [14] - Financial institutions face challenges in serving new consumption industries due to the intangible nature of core assets, lack of market comparables for valuation, and the non-linear growth paths of new consumption enterprises [15][16] Group 4: New Technology Financial Services - New technology industries are vital for innovation-driven development, with over 500,000 high-tech enterprises in China as of 2024, marking an 83% increase since 2020 [18] - Financial institutions encounter challenges in serving new technology industries, including limited understanding of technological innovation, information asymmetry regarding non-financial metrics, and differing valuation logic across various technology sectors [19][20] Group 5: New Digital Financial Services - The digital economy is rapidly growing, with its added value exceeding 43% of GDP in 2024, driven by sectors like industrial internet and smart manufacturing [21][22] - Current financial services for new digital industries are insufficient, with low representation in the A-share market and a need for improved valuation and pricing capabilities [22][23] Group 6: New Terminal Financial Services - New terminal industries, characterized by deep integration of manufacturing, digital, and technology, require financial services that respond to complex ecological collaboration relationships [24][25] - Financial institutions must optimize value assessment capabilities and provide integrated financial solutions for the entire industrial chain, focusing on collaboration with leading enterprises [25][26] Group 7: Future Industry Financial Services - Future industries are marked by breakthroughs in common technologies and face significant risks, including feasibility of technology paths and market demand realization [27][28] - Financial institutions should innovate comprehensive financial service models to address the uncertainties faced by future industries, leveraging government funds and private equity investments to support development [29]

适应产业变革 打造类型化产业金融服务新模式 □ 杨成长 龚 芳 袁宇泽 曾培春 □ 近年来，我国传统产业的组织形式和产业关联关系发生重大变革，新技术、新业态、新模式不断涌 现，成为我国经济高质量发展的重要组成部分。金融机构亟须构建匹配新经济产业发展需求的金融服务 新模式，重点服务好新消费、新科技、新数字、新终端及未来产业等五类新业态 □ 五类产业新业态对金融服务提出了全新要求：在新消费领域，金融服务的核心难点在于无形资产估值 和对商业模式的可持续性作出判断；在新技术领域，突出表现为技术路径判断难和信息不对称；在新数 字领域，亟待建立科学的估值体系和资本市场支持机制；在新终端领域，需要全链条生态化金融解决方 案；在未来产业领域，关键在于形成对共性基础技术突破和产业成果转化的多元长期资金供给机制 □ 基于各业态的独特性，要加快形成五类产业金融服务模式：一是以多元价值和新型供求关系为核心， 形成新消费产业金融服务模式；二是以科技创新风险分配为核心，形成新技术产业金融服务模式；三是 以数字集成和人工智能为核心，形成新数字产业金融服务模式；四是以全链条融合化为核心，形成新终 端产业金融服务模式；五是以"三突破三风险"为 ...

鹏扬基金吴西燕： 在稳健与创新之间寻找平衡 ◎记者 闫刘梦 近日，鹏扬基金股票投资部基金经理吴西燕在接受上海证券报记者采访时，对消费行业演进、传统产业 价值、市场估值偏好等热点问题进行了分析。 对于受周期影响的传统行业，吴西燕以烟机灶具和车灯为例，称其投资价值源于行业格局与效率提升。 烟机灶具行业虽增长缓慢且受地产周期制约，但行业竞争格局良好，带来了较高的ROE。 "头部公司不断推陈出新、提价销售，各家公司在各自的领域深耕，形成了很好的行业秩序，大家在保 障业务的同时也享有较高的利润率。"她说。 吴西燕还表示，车灯行业受益于新能源车升级，"单车价值量提升"与"工程师红利"共同推动企业份额和 利润率增长。此外，有的公司提前布局新能源车领域并积累订单，随着自身产能利用率提高和行业整体 价值量增大，进一步推高了利润率。 坚守基本面 面对当前市场对高成长赛道的偏好和蓝筹股估值承压的情况，吴西燕坦言，追逐热点的主题投资是一种 对于高成长的偏好，是投资者对市场情绪和远期基本面风险的暴露。她也表示："这是市场生态的一部 分，要以开放审慎的态度对待。" 吴西燕认为，未来投资须在政策导向与产业基本面中寻找平衡点，尤其关注高端制 ...