港股點評 2026年1月13日9:30 a.m 恒指升 376 點，滬指升 44 點，標普 500 升 10 點 藥明康德(02359.HK) 發盈喜，預期截至去年 12 月底止年度，營業收入及純利 將按年上升。公司預計，期內營業收入約 454.56 億元人民幣，按年增長約 15.84%， 其中持續經營業務收入按年增長約 21.4%；預期經調整非《國際財務報告準則》 下純利約 149.57 億元，按年增長約 41.33%；料扣除非經常性損益的淨利潤約 132.41 億元，按年增長約 32.56%；料純利約 191.51 億元，按年增長約 102.65%， 其中包含了出售聯營公司部分股權以及剝離部分業務所獲得的投資收益；每股 盈利約 6.7 元，按年增長約 104.27%。 重要通知及免責聲明 本報告所載的資料及意見由寶通證券亞洲有限公司（證券及期貨條例下的持牌法團(中央編號AGG778)）擬備。本報告 旨在由獲寶通證券亞洲有限公司提供本報告者收取﹐而不是旨在向在有關分發或使用會抵觸當地法律及規例的､或使 任何寶通證券亞洲有限公司､其控股公司及其控股公司的其他附屬公司､其聯屬公司及其另外的關聯公司受當地任何監 ...

1月9日【港股Podcast】恆指、匯豐、京東、招金、快手、洛陽鉬業 1、恆指：看好的投資者認為下週上至26400點，收回價選擇25800點；而看淡投資者表示：星期一直接25800，熊證過夜，收回價26480。 從目前的支撐位來看，和投資者的判斷差不多，支撐位大概在25,769點，和25,800點其實相當接近。而如果按照之前提到的可能漲到26,400點來看，當前的 阻力位如果真的能繼續上漲，可能就不止26,400點了，會漲到26,500點左右，甚至接近26,593點，這就是當前的阻力位。不過，從技術信號總結來看，目前 恆指暫時沒有明顯的方向，保持著中立的技術信號總結。也就是說，買入和賣出的信號差不多，反而中立的信號更多一些。所以簡單來說，恆指暫時沒有明 確的方向，大家可以參考相關建議進行操作。 另外要提醒一下，如果打算購買相關牛證的投資者，儘量選擇收回價稍遠一些的產品。比如剛才提到支撐位大概在25,769點，要是買牛證的話，可以選擇收 回價再稍遠一點的，比如25,400點或者接近25,200點左右的水準，這樣會相對合理一些，風險係數也會低一點。同樣地，要是購買熊證的投資者，目前的阻 力位大概在26,500點， ...

每日港股評析 港股早晨快訊 2026 年 1 月 12 日星期一 2012-01- 17 市場回顧 中港股市短期展望 恒指短期料於 26,000 點上落：聯儲局 12 月一如預期減息 0.25 厘，市場 預期 2026 年主席換屆後貨幣政策立場轉鴿，預測減息 2 次，高於聯儲局 預測，惟仍需觀望經濟數據及其餘委員取態。美國延續減息，內地放寬貨 幣政策的空間加大。12 月中央經濟工作會議談及國內供強需弱矛盾突出， 並要推動投資止跌回穩。相比政治局會議，在風險評估及經濟形勢的判斷 上，輕微增強穩增長訊號。重點領域如擴大內需，穩住樓市股市，以及反 內卷，政策思路未有明顯轉變。後續需跟進年初地方兩會及 3 月全國兩 會。中美關稅戰停戰，若然經濟形勢未有急劇轉變，內地短期政策加碼誘 因不大。預計政策重點提效，並具針對性。基於短期內港股企業盈利難有 明顯改善，以及聯儲局減息路徑未明，恒指短期料於 26,000 點上落。 企業消息 舜宇光學(2382)去年12月手機鏡頭出貨量跌9%； 藍思科技(6613)獨家承接強腦核心硬件模組量產； 外圍市況展望 美國聯儲局2025年12月宣布減息0.25厘，聯邦基金指標利率降低至3.5 ...

1月8日【港股Podcast】恆指、美團、嗶哩嗶哩、舜宇光學、中芯、比亞迪 1、恆指：看多投資者，博取明日小反彈，持有25900收回價的牛證，有看淡投資者表示尾盤熊證過夜，明天跌回25900點。 Simon：大家好呀，那又來和大家回顧一下港股的情況啦。可以看到今天（8日）恆指呢，還是繼續下跌了。是的，今天也一樣，盤中其實曾經跌得比較厲 害，不過好在最後收盤的時候，還能回升一點點，收在了26149點。當然啦，整體還是下跌的，這也沒辦法。我們來看看投資者的看法，能發現有部分投資 者是看好的，他們認為可能還是以搏反彈為主，不過未必能看到明顯的回升。也有一些投資者反過來，繼續持有熊證，就是想搏它明天再跌一點點。 我們先從技術分析來看。目前技術信號的總結還是以"賣出"信號為主，有8個賣出信號，6個買入信號，賣出信號稍微多一些。先給大家一個支持位作為參 考，現在的支持位大概在25600點。所以如果是打算搏反彈的投資者，或許可以參考25600點這個支持位，意思就是儘量選擇一些在25600點以下的產品。不 過有人可能會覺得，25600點距離現在有500點，還是有點擔心，覺得距離近了點。那再往下一個支持位大概在25100點左右 ...

Core Insights - The report indicates a positive outlook for the Hong Kong stock market in 2026, driven by factors such as the onset of a rate-cutting cycle in the US, moderate global inflation, and stable RMB, which are expected to facilitate valuation reassessment and capital inflow into Hong Kong stocks [9][13] - Key themes for 2026 include technology and AI, high-yield stocks, and state-owned enterprises, with a recommendation to gradually accumulate during market adjustments [9][13] - The report highlights the performance of major indices, with the Hang Seng Index closing at 26,338.47, up 707.93 points or 2.76%, and the Hang Seng Technology Index rising by 4.00% [15][17] Market Focus and Strategy - The US stock market showed mixed performance at the start of 2026, with the Dow Jones initially rising by 340 points before closing up 319 points, while the Nasdaq experienced fluctuations [11] - The report notes that geopolitical factors, such as OPEC+'s decision to maintain production cuts, are influencing oil supply dynamics, particularly concerning Venezuela [9] - The report emphasizes the importance of corporate earnings and capital flow for the Hong Kong market's performance in 2026, suggesting that stock selection will be crucial due to the challenging fundamentals of new economy stocks [13] Company-Specific Analysis - Baidu (09888) saw a significant increase of 20.33% following its application for a spin-off listing, indicating strong market interest [13] - NetEase (9999) reported a net income of approximately RMB 28.4 billion for Q3 2025, reflecting an 8.2% year-on-year growth, with a notable increase in gaming and related services revenue [21] - Xiaomi (01810) aims to deliver 550,000 vehicles in 2026, up from over 410,000 in 2025, showcasing its aggressive expansion in the automotive sector [13][21] Economic Data Overview - The report includes key economic indicators, such as the US manufacturing PMI for December at 48.4, indicating a contraction in the manufacturing sector [19] - Retail sales data from Singapore showed a year-on-year increase of 4.90% for November, reflecting consumer spending trends [19] Global Market Summary - The report provides a comprehensive overview of global market indices, with the Hang Seng Index and Hang Seng Technology Index showing strong gains, while the Shanghai Composite Index experienced a slight decline [15][14] - The report notes that the overall market turnover was HKD 140.86 billion, indicating active trading conditions [17]

Market Overview - The Hang Seng Index (HSI) showed a positive trend at the beginning of the year, with a significant rise last Friday, breaking through the upper band of the Bollinger Bands, which pleased many investors [1] - Today's performance saw a slight increase in the closing price, but the overall gain was not substantial, leading to some investor disappointment [2] - Despite the stable movement of the HSI, trading volume increased compared to previous periods, which typically suggests a potential for upward movement [2] Technical Signals - The HSI is currently at the upper band of the Bollinger Bands, with 9 sell signals and 4 buy signals indicating a bearish sentiment [3] - Support is estimated around 25,800 points, with a potential drop to 25,500 points if this level is breached, while resistance is at approximately 26,400 points [3] - For bullish investors, buying options below 25,500 points is considered safer, with some options having leverage ratios close to 20 times [4] Individual Stock Analysis Kuaishou (01024.HK) - Kuaishou's stock price has shown significant upward movement, closing at 73.6 HKD, with trading volume breaking previous records [8] - Technical signals indicate 8 sell signals and 5 buy signals, suggesting a bearish outlook in the short term, with a resistance level at 81.4 HKD [9] WuXi AppTec (02359.HK) - WuXi AppTec's stock price reached a high of 104.2 HKD before closing lower, with increased trading volume compared to recent days [13] - The resistance level is identified at 108.2 HKD, with a potential further increase to 112.3 HKD if this level is surpassed [13] AIA Group (01299.HK) - AIA's stock price closed at 89.9 HKD, showing a slight increase, but with a predominance of sell signals (8 sell vs. 6 buy) indicating a cautious outlook [17] - The stock needs to break the resistance at 85 HKD to have a chance of reaching 90.4 HKD [17] Xiaomi (01810.HK) - Xiaomi's stock price closed at 39.3 HKD, with increased trading volume but overall disappointing performance [20] - The support level is around 38.4 HKD, with a potential drop to 35.8 HKD if this level is breached, while resistance is noted at 40 HKD [20] Tencent (00700.HK) - Tencent's stock price saw a slight increase, with a resistance level at approximately 629 HKD, and potential further increase to 657 HKD if this level is surpassed [25] - The technical signals are currently neutral, indicating no clear direction for investors [25]

Market Overview - The Hang Seng Index is expected to fluctuate around 26,000 points due to anticipated interest rate cuts by the Federal Reserve and a cautious outlook on corporate earnings in Hong Kong [1] - The U.S. Federal Reserve announced a 0.25% interest rate cut, marking the third consecutive reduction, with projections for one more cut in 2026 and 2027 [3][5] - The Chinese service sector's PMI dropped to 52 in December, indicating the weakest expansion rate in six months, while the composite PMI slightly increased to 51.3 [7] Company News - Alibaba (9988) is applying visual AI technology in the restaurant sector to compete with Meituan (3690) for market share [9] - Sunny Optical (2382) is considering a spin-off of its automotive optical business for a separate listing in Hong Kong [9] - China National Airlines (0753) reduced its stake in Cathay Pacific (0293) by over 6%, realizing approximately 1.3 billion HKD [3] Sector Focus - The National Development and Reform Commission (NDRC) is promoting new economic growth points in quantum technology, hydrogen energy, and brain-computer interfaces [2][7] - The biopharmaceutical sector in China saw a record high in new drug licensing transactions last year, indicating sustained demand [6] - The insurance sector is benefiting from strong A-share performance, leading to improved investment returns [6] IPO Market Outlook - PwC forecasts that Hong Kong will see around 150 new IPOs in 2026, raising between 320 billion to 350 billion HKD, potentially ranking among the top three globally [7] Real Estate Market - In December 2025, Hong Kong recorded 8,999 property sale contracts, a 26.4% increase month-on-month, with a total value of 65 billion HKD [8] - The Centaline Property Index reached a 19-month high, reflecting ongoing positive sentiment in the real estate market [8]

Group 1: Market Overview - The Hang Seng Index closed at 25,774 points, down 0.11% with a year-to-date increase of 28.49% [5] - The US stock market saw gains with the Dow Jones up 0.2%, S&P 500 up 0.5% reaching a historical high, and Nasdaq up 0.6% [1] - The trading volume in Hong Kong decreased to HKD 157.1 billion [1] Group 2: Economic Outlook - The Hang Seng Index has short-term support at the 25,000 point level, with expectations of two interest rate cuts in 2026 following the Federal Reserve's recent rate cut of 0.25% [2] - The Chinese government is focusing on stabilizing investment and addressing supply-demand imbalances in the economy [2] - The US economy showed a strong third-quarter GDP growth rate of 4.3%, exceeding expectations [10] Group 3: Corporate Developments - ByteDance plans to invest approximately RMB 160 billion in AI development next year, a 6.67% increase from this year [11] - Semiconductor company SMIC has implemented a price increase of about 10% on some of its production capacity [11] - AEON Credit reported a net profit of HKD 353 million for the nine months ending in November, a growth of 28.1% [11] Group 4: Industry Trends - The domestic gaming market in China is projected to reach a sales revenue of RMB 350.79 billion this year, marking a year-on-year growth of 7.68% [9] - The lithium industry is optimistic about future price expectations, with market inventory decreasing and demand from new energy vehicles and energy storage showing strong performance [9] - The Chinese real estate market is expected to stabilize with new policies aimed at promoting the sale of existing properties and improving housing supply [9]

Market Overview - The Hang Seng Index closed at 25,690.53 points, up 0.75% for the day and 28.07% year-to-date[4] - The technology index rose by 1.12%, with a year-to-date increase of 22.63%[4] - The total trading volume increased by 36.2% to HKD 221.19 billion, driven by adjustments in the futures index[5] Key Stock Performances - Alibaba (9988.HK) increased by 0.8%, while Tencent (700.HK) rose by 1.5%[5] - Youjia Innovation (2431.HK) surged by 31.2% following recent approvals for Level 3 autonomous driving tests in mainland China[5] - Country Garden (2007.HK) announced a share issuance at HKD 0.4, a discount of approximately 12.09% from the previous closing price[7] Economic Indicators - Retail sales in mainland China grew by 6.9% year-on-year in October, marking the largest increase in 22 months[16] - The luxury goods market in mainland China outperformed the general market, with a year-on-year increase of 9.5%[16] Investment Recommendations - Hang Lung Properties (101.HK) is recommended for purchase at HKD 8.90, with a target price of HKD 9.50, reflecting a potential upside of 6.7%[15] - Tencent (700.HK) has a suggested buy price of HKD 600, with a target price of HKD 680, indicating a potential upside of 13.3%[13] Bond Market Trends - The yield on the 10-year U.S. Treasury bond decreased by 1.54 basis points to 4.1569%[24] - The yield on the 2-year U.S. Treasury bond fell by 1.39 basis points to 3.4876%[24]

Market Performance - Hang Seng Index (恒指) rose by 192 points, closing at 25,690 points, an increase of nearly 0.8%[1] - Shanghai Composite Index (滬指) increased by 14 points, closing at 3,890 points, up 0.4%[2] - S&P 500 gained 59 points, closing at 6,834 points, a rise of approximately 0.9%[2] - Total market turnover in Hong Kong was 221.186 billion HKD[1] Economic Indicators - The People's Bank of China adjusted the RMB/USD central parity rate up by 33 points to 7.0550, the highest in over 14.5 months[2] - The U.S. core CPI in November reached its lowest since early 2021, boosting market expectations for interest rate cuts by the Federal Reserve next year[1] - U.S. consumer confidence index rose from 51 in November to 52.9 in December, indicating slight improvement despite ongoing inflation concerns[3] Monetary Policy - The People's Bank of China maintained the Loan Prime Rate (LPR) for both 1-year and 5-year terms at 3% and 3.5% respectively[4] - The central bank conducted a net injection of 357 billion RMB through reverse repos on December 19[2] Corporate Developments - China Shenhua (中国神华) announced a total transaction value of 133.599 billion RMB, with 30% to be paid via share issuance and 70% in cash[6] - Alibaba's DingTalk is reportedly launching a secret project in the AI hardware sector, potentially introducing new products[5]