他指，仍然继续看好股市，行业部署会是科技股、互联网、保险、医疗保险以及消费类板块，预计有机 会受惠国策，以及自身盈利增长。至于今年恒指的升幅有限，他指主要是由于企业盈利尚未全面恢复， 虽然内房去年的销售有所改善，但仍然下降，预计今年的销售只会小幅回升。此外，内银在息差缩小的 情况下，盈利也会受到影响，而一些互联网企业则受到晶片出口限制的影响。这些因素使得中资企业的 估值受到折让。 来源：观点地产网 观点网 香港报道：1月7日，花旗银行投资策略及资产配置主管廖嘉豪指，預計恆指仍有適度的上升空 間，目标恒指今年6月底为27500点，至年底为28800点。 廖嘉豪亦看好人民币今年表现，估计美元兑人民币，今年3月及6月见6.9，9月及12月会升值至6.8，这主 要因为人民银行今年减息及降准空间有限，料人行全年减息20个基点，首季已减10个基点，而降准只有 50个基点。鉴于人民币走向国际化是中央国策，故料内地今年 GDP 有4.7%增长及投资者对投资中国资 产信心加大下、估计人民币全年会稳步升值。 另外，该行又预计2026年美元走势预计将呈先低后高格局。劳动力市场疲弱，失业率走高推升减息预期 是主要拖累因素。花旗分析员 ...

广发证券26年港股策略展望：日积跬步，水涨船高 广发证券指出，（1）本轮港股资产上涨具备基本面支撑，由于较A股更少的传统经济板块，自2024年 下半年开始，在内外需共同企稳、宏观政策发力托底的背景下，港股盈利已经出现结构性修复迹象，只 是阶段性被外卖补贴战打破。（2）中美战略性关键科技领域中，绝大部分核心公司在港股有上市。高 端制造业、科技的成长正从"单点突破"迈向"多点爆破"。映射至资本市场，港股正从传统的顺经济周 期，逐步转向AI应用、新能源、半导体等代表硬科技的主赛道。恒指新经济相关的权重从17%提升至接 近50%。（3）随着外卖补贴战退坡以及AI驱动的广告及云服务成为新的增长点，恒指2026年业绩增速 有望回升至10.8%，港股上涨可能从流动性驱动转向盈利和流动性共同驱动。 1月5日港股收盘，港股恒生指数涨0.03%，报26347.24点，恒生科技指数涨0.09%，报5741.63点，国企 指数跌0.22%，报9148.47点，红筹指数涨0.07%，报4086.74点。脑机接口概念股领涨，南京熊猫电子股 份大涨近40%，脑动极光涨超15%；内房股拉升，融信中国涨超6%，世茂集团涨超5%。新能源汽车股 ...

Market Overview - The Hong Kong stock market showed mixed results, with the Hang Seng Index up 0.03% to 26,347.24 points, the Hang Seng Tech Index up 0.09%, and the State-Owned Enterprises Index down 0.22% [1][7] Technology Sector - Internet stocks had varied performances, with Kuaishou rising over 11%, Bilibili up over 4%, Alibaba increasing over 2%, while NetEase and Xiaomi fell over 2% [1][7] Biopharmaceutical Sector - Biopharmaceutical stocks led the gains, with Rongchang Biopharmaceutical rising over 7%. The CDE announced that Rongchang's new indication for Vidi Xi Tuo monoclonal antibody is set to be included as a breakthrough therapy [3][9] - In 2025, China approved 76 innovative drugs for market entry, significantly surpassing the 48 approved in 2024, marking a historical high. The total value of innovative drug licensing transactions exceeded $130 billion, with over 150 transactions, also a record [3][9] Real Estate Sector - Real estate stocks strengthened, with Ronxin China rising over 6%. A recent article in the Communist Party's publication "Qiushi" has raised investor hopes for a policy shift, suggesting a more substantial approach to real estate policy this year [3][11] - Morgan Stanley noted that the commentary indicates a potential change in the official stance towards the real estate market, with the next policy windows being the March "Two Sessions" and the April Politburo meeting [11] Brain-Computer Interface Sector - The brain-computer interface sector saw significant gains, with Nanjing Panda Electronics rising over 39%. Elon Musk announced that his company Neuralink plans to begin large-scale production of brain-computer interface devices in 2026 [4][11] - According to Precedence Research, the global brain-computer interface market is expected to grow to approximately $12.4 billion by 2034, with a CAGR of 17% from 2025 to 2034 [4][11] Oil Sector - Oil stocks weakened, with PetroChina falling over 3%. The U.S. has launched military actions against Venezuela, with President Trump stating that U.S. oil companies will invest billions to repair Venezuela's oil infrastructure while maintaining a complete oil embargo [6][12] Automotive Sector - Automotive stocks faced declines, with Great Wall Motors dropping over 6%. CICC reported that the domestic automotive industry may face challenges under continued policy conditions, while overseas sales remain stable [6][12] - The investment strategy suggests focusing on auto parts over complete vehicles, with attention to opportunities in robotics, smart driving, and AI-related developments [12]

Market Overview - The Federal Reserve announced a rate cut of 25 basis points, lowering the target range for the federal funds rate to 3.50%-3.75%[9] - The S&P 500 index closed at 6,887, up 0.67% for the day and 17.09% year-to-date[3] - The Hang Seng Index closed at 25,541, with a daily increase of 0.42% and a year-to-date increase of 27.32%[3] Sector Performance - Gold and precious metal stocks surged, with Lingbao Gold rising over 9% and China Silver Group increasing over 7%[9] - Real estate stocks saw significant gains, with Vanke Enterprises up 13%[9] - Pork stocks also performed well, with WH Group rising over 10%[9] Commodity and Oil Prices - WTI crude oil futures fell by 1.07% to $58.25 per barrel, while Brent crude oil futures dropped by 0.88% to $61.94 per barrel[9] - The Baltic Dry Index decreased by 5.09%, reaching a new low since November 27, primarily due to falling freight rates across all vessel types[9] Investor Sentiment - Market sentiment improved following the Fed's announcement, with major indices rebounding sharply towards the end of the trading session[9] - Large tech stocks showed mixed performance, with Amazon up 1.69% and Microsoft down 2.74%[9] Economic Indicators - The U.S. third-quarter employment cost index showed the slowest growth in over four years, indicating a cooling job market that may help alleviate inflationary pressures[12]

智通财经获悉，港股恒生指数涨0.09%，涨22点，报25563亿；恒生科技指数跌0.65%。港股早盘成交 953亿港元。 第十届海上风电工程技术大会在武汉举行，风电股设备早盘走强。金风科技(02208)涨6.98%%，东方电 气(01072)涨4.67%。 长飞光纤光缆(06869)涨3%，公司配股净筹超22亿港元，用于发展海外业务。 易鑫集团(02858)再涨超6%，本周已涨超20%，公司成功纳入港交所科技100指数。 汇量科技(01860)涨超6%，公司规模效应逐步显现，机构看好AI持续赋能广告业务。 内房股普遍回落，雅居乐集团(03383)跌超6%。 红星美凯龙(01528)回吐逾9%，公司称经营情况未发生重大变化。 宁德时代(03750)涨2.33%，再获4GWh储能大单，印尼工厂可扩产至超15GWh。 本文源自：智通财经网 先瑞达医疗-B(06669)盘中涨超3%，近日微导管V-otter注册申请获批。 昭衍新药(06127)再涨超3%，实验猴价格迎来暴涨，供需缺口或持续放大。 一拖股份(00038)再涨2%，公司有望受益农机设备升级，出口业务占比有望扩大。 ...

2025 年 12 月 11 日 星期四 ➢ 每日大市点评 12 月 10 日，周三港股轻微反弹。虽然恒生指数高开 1 点，之后走势向下，曾最多跌 176 点，午后回升。恒生指数最终 收盘上升 106 点（0.4%），收报 25,540 点；恒生科技指数上升 26 点（0.5%），收盘报 5,581 点；全天大市成交额缩减 至 1,934 亿元。尽管周三港股反弹，但南向资金净流出 10.2 亿元。盘面上，内房股万科（2202 HK）债权人据报开会讨 论债券延期计划，万科大涨 13.2%；融创中国（1918 HK）和中国金茂（817 HK）上升 8.9%和 8.5%。科技股方面，阿里 巴巴（9988 HK）成立千问 C 端事业群，首要目标将千问打造成超级 APP，周三阿里上 1.5%，腾讯（700 HK）升 0.1%， 美团（3690 HK）升 2.7%。有色金属板块周三活跃，紫金黄金国际（2259 HK）涨 4.4%，灵宝黄金（3330 HK）涨 9.4%。 美股方面，在观望周四的议息结果时，周三美股开盘走弱。之后联储局宣布减息 0.25％，联邦基金利率降至 3.5％- 3.75％。主席鲍威而称买债水平在未来 ...

➢ 每日大市点评 12 月 9 日，投资者观望本周美联储议息结果，港股升势乏力。恒生指数高开后一路下跌，收盘下跌 331 点（1.3%），收 报 25,434 点；恒生科技指数下跌 107 点（1.9%），收盘报 5,554 点；全天大市成交额微增至 2,102 亿元。港股通净流入 减少至 5.3 亿元。盘面上，美国国会料通过法案，限制中资生物科技公司获得华府资助合约，生物科技医药股逆市造好， 药明生物（2269 HK）升 1.9%；药明康德（2359 HK）升 1.1%。特朗普允许英伟达向中国出售 H200 芯片，港股芯片板块 下跌，中芯国际（981 HK）和华虹半导体（1347 HK）下跌 4%-5%。内房股方面，雅居乐（3383 HK）被提出清盘呈请， 周二跌 18.4%，其他内房股受到拖累，龙湖（960 HK）跌 6%；华润置地（1109 HK）跌 3.7%；中海外（688 HK）跌 3.1%。 港股短期将维持震荡格局。 2025 年 12 月 10 日 星期三 国家统计局将于 12 月 10 日公布 11 月物价数据。市场预期，11 月食品价格上行将推动当月全国居民消费价格（CPI）同 比增速回升； ...

Market Overview - The Hang Seng Index closed at 25,946, up 0.07% for the day and 29.34% year-to-date[4] - The Nikkei 225 index rose 1.23%, driven by strong performance in technology stocks, with a year-to-date increase of 25.75%[11] - The S&P 500 remained unchanged, with a year-to-date gain of 15.83%[4] Sector Performance - Toy and leisure products led the gains in Hong Kong, with companies like Brio and Pop Mart rising over 6%[10] - Consumer electronics stocks also performed well, with TCL Electronics increasing by over 6%[10] - New energy vehicle stocks saw significant gains, with companies like Leap Motor and Chery Auto rising over 4%[10] Economic Indicators - China's industrial enterprises reported a total profit of 59,502.9 billion yuan, a year-on-year increase of 1.9%[15] - The automotive industry produced 27.33 million vehicles from January to October, reflecting an 11% year-on-year growth[15] - The profit margin in the automotive sector was reported at 4.4%, lower than the average of 6% for downstream industrial enterprises[16] Global Developments - President Putin expressed a willingness to negotiate peace regarding the Ukraine conflict, indicating potential future agreements[15] - The European Central Bank's October meeting revealed a consensus on maintaining the current 2% interest rate, though there were differing opinions on the need for further cuts[15] - Morgan Stanley forecasts that emerging markets will continue to rise, with expected returns of around 8% by mid-2026[15]

2025 年 11 月 21 日 星期五 ➢ 每日大市点评 11 月 20 日，港股缺乏向上推动力。除美国 12 月减息的不确定性外，中日关系紧张亦增加市场风险情绪，加上近期迎来 多达 28 只股份将陆续解禁，为港股带来调整压力。周四恒生指数最终收报 25,835 点，微涨 4 点（0.02%）；恒生科技指 数下跌 32 点（0.6%），收报 5,574 点；全天大市成交额稍稍扩大至 2,451 亿元。港股通净流入增长至接近 160 亿元，是 近一个月以来单日净流入金额最高。盘面上，市场传闻政府将推出新一轮房地产刺激措施，消息导致内房股周四造好， 碧桂园（2007 HK）涨 3.1%；万科（2202 HK）涨 3.7%；中海外（688 HK）涨 2.5%。11 月 19 日宁德时代（3750 HK）有 7,000 多万股 H 股解禁，周四股价下挫 5.7%。除了宁德时代，年底前还有曹操出行（2643 HK）、英诺赛科（2577 HK） 和药捷安康（2617 HK）等较大规模股份解禁。投资者警惕基金在假期前减持股份。 美股方面，英伟达季度业绩强劲，令市场对人工智能前景重启乐观情绪；加上延迟发布的美国 9 月非农 ...

Market Overview - Hong Kong's Hang Seng Index closed at 26,283, down 0.24% for the day but up 31.02% year-to-date[3] - The S&P 500 index closed at 6,822, down 0.99% for the day and up 15.99% year-to-date[3] - The Nasdaq index closed at 23,581, down 1.57% for the day and up 22.11% year-to-date[3] Sector Performance - Semiconductor stocks faced significant declines, with ZTE Corporation dropping over 11% and other major players like SMIC falling over 1%[9] - The coal sector continued its upward trend, with Yancoal Australia and Jinma Energy both rising over 5%[9] - The non-ferrous metals sector showed strong performance, with Ganfeng Lithium surging nearly 15% and China Aluminum rising over 10%[9] Company Highlights - Apple reported Q3 revenue of $102.47 billion, a year-on-year increase of 8%, with iPhone sales up 6.1%[12] - Meta Platforms saw a significant drop of 11.33% following its quarterly earnings report, raising concerns over increased capital expenditures in AI[9] - Amazon's Q3 revenue grew 13% to $180.2 billion, exceeding market expectations[14] Economic Indicators - The U.S. initial jobless claims fell to approximately 218,000, indicating a tightening labor market[12] - The Bank of Japan maintained its interest rate at around 0.5%, with no preset timetable for future rate hikes[12] - Fitch Ratings noted that the Chinese real estate market has not yet bottomed out, with ongoing pressure on prices and transaction volumes[9]