智通財經APP訊，時代中國控股(01233)發佈公告，2026年1月6日，於2025年11月28日發行的2027年到期 的不計息強制可轉換債券("強制性可換股債券I"及"強制性可換股債券II")而發行合計2.01億股。 ...

智通財經APP獲悉，摩根士丹利發佈研報稱，將香港地產業的行業觀點上調至"吸引"，預期三個細分領 域，包括香港住宅樓價、中環寫字樓租金及香港零售銷售，將自2018年以來首次同步實現按年正增長。 寫字樓方面，雖然空置率仍然高企，但該行認爲市場將會復甦，預期今年中環寫字樓的租金將上升 3%，因終端用戶對優質寫字樓物業的需求提升，主要來自資產管理公司、對沖基金及財富管理機構。 近期的大型成交、預租活動、新股市場活躍和成交量增加，均爲正面信號。 香港零售銷售方面，該行預計今年將按年增長3%，主要受訪客量增加所帶動。不過，該行憂慮線上零 售銷售額持續上升，以及深圳較低廉的產品和服務帶來的挑戰。同時，內地免稅銷售擴張亦構成潛在壓 力。 住宅方面，該行認爲樓價自2018年下跌30%後，已於2025年見底，預計2026年樓價將上升10%，並於 2027年進一步上漲。因政府已於2024年2月撤銷針對外籍人士及內地人士購房的印花稅，將推動內地客 戶南下置業。來自內地的移民人數顯著增加（疫情後每年達14萬人，較2012至2019年間的每年7萬人翻 倍），帶動人口正增長。去年強勁的股市表現（恆指2025年上漲28%）亦提升了市場情緒。 ...

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]

中港股市短期展望 恒指短期支持參考 25,000 點關口：聯儲局 12 月一如預期減息 0.25 厘， 市場目前預期 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走勢及其餘委員取態。儘管美國延續 減息，內地放寬貨幣政策的空間加大，但中美關稅戰停戰，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。 十五五規劃提出擴大內需及促進科技自立自強，短線觀望中央經濟工作會 議的部署。而港股年內至今累積升幅較大，年底獲利誘因較大，大市交投 縮減，北水動能放緩，恒指短期支持參考 25,000 點關口。 短期看好板塊 中國12月1年及5年期LPR；日本11月CPI；香港11月綜合CPI； 每日港股評析 港股早晨快訊 2025 年 12 月 222012 日星期一 -01-17 市場回顧 彭日飛 lewis.pang@cinda.com.hk 宏觀焦點 商務部召開黨組擴大會議，大力提振消費； 發改委等3部委發布互聯網平台價格行為規則，明年4月10日起施行； 商務部：前11個月社會消費品零售總額45.6萬億元，增長4.0%； 發改委:經濟循環仍有不少 ...

Market Performance - The Hang Seng Index (HSI) rose by 233 points or 0.9%, closing at 25,468 points, driven by gains in the mainland market[1] - The Shanghai Composite Index increased by 45 points or 1.2%, closing at 3,870 points, with a total turnover of 766.8 billion yuan[2] - The total market turnover in Hong Kong decreased to 183.141 billion yuan[1] Currency and Monetary Policy - The RMB/USD central parity rate was adjusted up by 29 points to 7.0573[2] - The People's Bank of China conducted a 468 billion yuan reverse repo operation at a rate of 1.4%, resulting in a net withdrawal of 143 billion yuan for the day[2] Real Estate Financing - In November, the total bond financing in the real estate sector reached 62.04 billion yuan, a year-on-year increase of 28.5%[3] - The average bond financing interest rate was 2.66%, down by 0.07 percentage points year-on-year[3] Technology Development - Chinese scientists have built a prototype extreme ultraviolet lithography (EUV) machine, aiming to produce operational chips by 2030[4] Strategic Partnerships - Minth Group announced a strategic cooperation agreement with a leading Chinese robotics company to develop intelligent robots in Europe over three years[5] - China Duty Free Group won the operating rights for duty-free shops at Shanghai Pudong and Hongqiao airports for a period of 5+3 years starting in 2026[5]

為方便投資者可隨時閱讀我們的報告，我們已將相關報告上載 於公司網站，投資者可透過以下鏈接參閱： https://www.ebshkfg.com/tc/research-wealthManagement 2025 年 12 月 16 日 報告重點: 上 周 回 顧 美股走勢 美股三大指數個別發展 港股走勢 恒指上周輕微失守 26,000 點關口 商品市場表現 紐約期油按周下挫 | | | 一周市場摘要 | | | --- | --- | --- | --- | | 股票指數 | 收市 | 升跌 | % | | 恒生指數 | 25,976.79 | -108.29 | -0.42% | | 金融指數 | 47,941.71 | 296.24 | 0.62% | | 公用事業指數 | 37,900.00 | -49.77 | -0.13% | | 地產指數 | 18,141.21 | -284.01 | -1.54% | | 工商指數 | 14,326.23 | -131.64 | -0.91% | | 國企指數 | 9,079.35 | -118.95 | -1.29% | | 紅籌指數 | 4,150.40 | ...

Company Recommendations - China Telecom (0728) is recommended for purchase with a target price of 6.50 HKD, indicating a potential upside of 15.0% from the current price of 5.65 HKD [2][11] Market Overview - The Hang Seng Index (HSI) closed at 25,976 points, with a year-to-date increase of 29.50% [4] - The market is currently observing a short-term support level around 25,000 points, influenced by the Federal Reserve's expected interest rate cuts and the economic outlook in China [2] Financial Performance - For the first three quarters of 2025, China Telecom reported a slight revenue increase of 0.6% year-on-year, with service revenue growing by 0.9% [7] - EBITDA increased by 4.2%, and net profit attributable to shareholders rose by 5.0% year-on-year [7] - In Q3 2025, revenue slightly declined by 0.9% year-on-year, while service revenue grew by 0.5% [7] Cloud Services - China Telecom's Tianyi Cloud is in a transitional phase, with revenue growth slowing down; however, AI-driven smart computing services saw a significant increase of 62.3% year-on-year [8][9] - The company did not disclose Tianyi Cloud's revenue for Q3 2025, but it reported 57.3 billion RMB in revenue for the first half of 2025, reflecting a 3.8% year-on-year growth [8] Government Policies and Economic Outlook - The government is expected to encourage the application of AI-related cloud computing technologies during the 14th Five-Year Plan period, which may benefit China Telecom's cloud business [9] - The anticipated rise in Chinese government bond yields is expected to be limited, making China Telecom a relatively attractive high-dividend stock choice [10] Financial Projections - Revenue projections for China Telecom are as follows: 5,342.9 billion RMB for FY25 and 5,466.6 billion RMB for FY26 [11] - The forecasted net profit attributable to shareholders is 349.6 billion RMB for FY25 and 370.2 billion RMB for FY26 [11]

Market Overview - The Hang Seng Index has short-term support at the 25,000 point level, with recent hawkish signals from the Federal Reserve indicating limited rate cut space in 2026. Economic conditions in mainland China are cooling, and corporate earnings in Hong Kong are unlikely to improve significantly in the short term [2][3] - The Hang Seng Index closed at 25,434, down 1.29% year-to-date, with a cumulative increase of 26.79% [5] Sector Focus - The AI sector is gaining attention with the launch of AI glasses and smartphones, benefiting related stocks [7] - The biopharmaceutical sector is expected to thrive due to rising flu cases and favorable financing conditions [7] - The insurance sector is seeing improved investment returns driven by strong A-share performance [7] Corporate News - Vanke (2202) is reportedly willing to pay some interest to bondholders to facilitate debt extension negotiations [10] - Xiaomi (1810) is undergoing personnel adjustments in China and plans to close unprofitable stores [10] - Longi Green Energy (6869) is raising over HKD 2.2 billion through a nearly 15% discounted share placement [10] - SenseTime (0020) reports double-digit growth in domestic chip computing power and plans to launch a new generation of AI models in spring [10] - Novartis (NVS) has reached a USD 1.7 billion drug target collaboration agreement with UK biotech company Relation [10] - Midea (0300) has completed its share repurchase plan, buying back 135 million A-shares for approximately CNY 10 billion [10] Economic Indicators - The U.S. job openings reached 7.67 million in October, the highest in five months, alleviating concerns about labor market deterioration [8] - China's urban rail transit completed a passenger volume of 2.83 billion in November, showing a 4.4% year-on-year increase [8] - The Chinese express delivery development index for November was 478.1, up 3% year-on-year, indicating a positive trend in the industry [8] Investment Sentiment - Approximately half of the surveyed companies in Hong Kong are optimistic about the economic outlook for next year, a significant increase from 18% last year [9] - The Hong Kong government is planning to implement an automatic exchange of tax information related to cryptocurrency transactions starting in 2028 [9]

Market Overview - The Hang Seng Index (HSI) has short-term support at the 25,000 point level, with recent hawkish signals from the Federal Reserve indicating limited rate cut space in 2026. Economic tensions between China and the US have eased temporarily, but corporate earnings in Hong Kong are unlikely to improve significantly in the short term due to a lack of strong policy signals from mainland China [2][4][6]. Economic Focus - China's exports in November increased by 5.9% year-on-year, surpassing expectations, while imports rose by 1.9%. The trade surplus for November was reported at USD 111.68 billion. For the first eleven months of the year, exports grew by 5.4%, and imports fell by 0.6%, resulting in a cumulative trade surplus of USD 1,075.848 billion [4][8]. - The Central Committee of the Communist Party of China emphasized the need for stable economic progress in 2026, advocating for a proactive fiscal policy and moderately loose monetary policy to enhance macroeconomic governance [4][8]. - The US Treasury Secretary projected a 3% GDP growth for the year, citing strong holiday season consumer spending [4][8]. Company News - Meituan (3690) launched the LongCat-Image model for image generation, aiming to provide high-performance options for developers [9]. - Chow Tai Fook Jewelry (1929) underwent a significant equity restructuring, with the Cheng family injecting HKD 47.3 billion worth of shares into the company [9]. - Vanke (2202) is facing investor concerns regarding its bond extension plan ahead of a crucial vote [9]. - New energy vehicles in China achieved a retail penetration rate of 59.3% in November, reflecting a 7 percentage point increase year-on-year [8][9]. Stock Market Performance - The Hang Seng Index closed at 25,765, down 1.23% year-to-date, while the Hang Seng Tech Index showed a year-to-date increase of 26.73% [5][6]. - The US stock market experienced slight declines, with major indices falling between 0.1% and 0.5% [6]. Sector Outlook - The AI sector, particularly companies involved in AI glasses and smartphones, is expected to benefit from recent product launches and market trends [7]. - The biopharmaceutical sector is also poised for growth due to rising flu cases and favorable financing conditions [7].