港股點評 2025年11月18日9:30 a.m 恒指跌 188 點，滬指跌 18 點，標普 500 跌 61 點 恒指低開 130 點，初段跌幅收窄至 40 點高見 26,531 點，午後跌幅擴大至 320 點 低見 26,252 點。全日跌 188 點或 0.7%，收 26,384 點；國指跌 69 點或 0.74%，收 9,328 點；恒生科技指數跌 55 點或 1%，報 5,756 點。大市全日成交總額 2,176.13 億元。 人民銀行 17 日在公開市場開展 2,830 億元人民幣七天期逆回購操作，操作利率 持平於 1.4%。另有 1,199 億元逆回購到期，單日淨投放 1,631 億元。人民幣兌美 元中間價按日上調 9 點，報 7.0816 兌一美元。A 股三大指數低開 0.05%至 0.5% 後反覆下跌。滬指全日收報 3,972 點，跌 18 點或 0.5%，成交額 8,057 億元；深 證成指全日收報 13,202 點，跌 14 點或 0.1%，成交額逾 1.1 萬億元；創業板指全 日收報 3,105 點，跌 6 點或 0.2%，成交額 4,866 億元。 小鵬汽車(09868.HK) (X ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就因本公佈全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 GEELY AUTOMOBILE HOLDINGS LIMITED 175 80175 海外監管公佈 上市附屬公司－ZEEKR INTELLIGENT TECHNOLOGY HOLDING LIMITED 二零二五年第三季度未經審核財務業績公佈 本公佈由吉利汽車控股有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 第13.10B條而作出。 ZEEKR Intelligent Technology Holding Limited（「極氪」）為本公司之非全資附屬公司，其 股份以美國存託股票形式於美國紐約證券交易所上市，已於二零二五年十一月十七日向 美國證券交易委員會遞交表格6-K，內容有關極氪截至二零二五年第三季度之未經審核財 務業績（「二零二五年第三季度業績」）。詳情請參閱隨附之二零二五年第三季度業績。 本公佈以英文發佈，並備有中文譯本。如中英文版本內容有任何歧義或不一致，概以英 文版本為準。 承董 ...

Market Performance - Hang Seng Index (HSI) rose by 47 points or 0.18%, closing at 26,696 points[1] - Shanghai Composite Index (SSE) fell by 15 points or 0.4%, closing at 4,002 points[1] - Total market turnover in Hong Kong was 210.23 billion HKD[1] Economic Indicators - People's Bank of China conducted a 403.8 billion CNY reverse repurchase operation at a rate of 1.4%[1] - The net injection for the day was 286.3 billion CNY after 117.5 billion CNY of reverse repos matured[1] - The RMB/USD central parity rate was adjusted down by 10 pips to 7.0866[1] Sector Performance - The Hang Seng Tech Index increased by 8 points or 0.15%, closing at 5,924 points[1] - A-share indices showed mixed results, with the ChiNext Index dropping over 1%[1] Automotive Industry - In the first ten months of the year, China's new energy vehicle sales exceeded 50% of total car sales for the first time, reaching 51.6% in October[3] - New energy vehicle exports totaled 2.014 million units, marking a year-on-year increase of 90.4%[3] Company Performance - Hesai Technology (02525.HK) reported a net profit of 256 million CNY for Q3, compared to a net loss of 70.4 million CNY in the same period last year[3] - Xiaomi (01810.HK) reported that its total payment amount during the "Double Eleven" shopping festival exceeded 29 billion CNY[3]

Core Insights - The article provides a technical analysis and recommendations for 10 stocks, highlighting their short-term trends and key support and resistance levels. Group 1: Tencent (Code: 00700) - Tencent shows a continuous upward trend, being a leader in the domestic internet industry with a strong user base and monetization capabilities across various sectors including social media, gaming, fintech, and cloud computing [1] - Support level is at 617, resistance level at 682, with corresponding call option code 18981 and put option code 20518 [1] Group 2: Alibaba (Code: 09988) - Alibaba is also on an upward trajectory, recognized as a global e-commerce and technology giant with a robust ecosystem and supply chain capabilities [1] - Support level is at 150.5, resistance level at 176.8, with call option code 15432 and put option code 20870 [1] Group 3: Meituan (Code: 03690) - Meituan's short-term trend is positive, being a leading local service platform in China with high market penetration and user engagement [2] - Support level is at 95.2, resistance level at 111.4, with call option code 20964 and put option code 21520 [2] Group 4: JD.com (Code: 09618) - JD.com continues to rise, leveraging its high-quality supply chain and efficient logistics, particularly in the 3C electronics and fresh retail sectors [2] - Support level is at 115.5, resistance level at 133.9, with call option code 18979 and put option code 19822 [2] Group 5: Xiaomi Group (Code: 01810) - Xiaomi is experiencing an upward trend, having established a comprehensive ecosystem of smartphones, smart hardware, and IoT platforms [2] - Support level is at 38.4, resistance level at 50.5, with call option code 13204 and put option code 18546 [2] Group 6: Kuaishou (Code: 01024) - Kuaishou shows a positive short-term trend, being a leading short video and live streaming platform with high user activity and a rich content ecosystem [3] - Support level is at 63.1, resistance level at 82.4, with call option code 18961 and put option code 19035 [3] Group 7: BYD (Code: 01211) - BYD is on a favorable trend as a leader in the electric vehicle industry, benefiting from high growth in the sector [3] - Support level is at 93.7, resistance level at 109.9, with call option code 17318 and put option code 19297 [3] Group 8: Hong Kong Stock Exchange (Code: 00388) - The Hong Kong Stock Exchange continues to rise, serving as a key hub connecting mainland and global capital markets [3] - Support level is at 420, resistance level at 452, with call option code 13855 and put option code 19860 [3] Group 9: AIA Group (Code: 01299) - AIA Group is experiencing an upward trend, being a leading life insurance company in the Asia-Pacific region with strong demand for insurance products [4] - Support level is at 73.7, resistance level at 88.3, with call option code 17948 and put option code 18984 [4] Group 10: SMIC (Code: 00981) - SMIC shows a positive trend as the largest integrated circuit foundry in mainland China, benefiting from domestic semiconductor industry growth [4] - Support level is at 64.7, resistance level at 88.3, with call option code 18977 and put option code 21385 [4]

Market Overview - The report highlights the pressure on US stock markets due to Federal Reserve Chairman Powell downplaying further rate cuts, leading to a decline in major indices such as the Dow Jones, S&P 500, and Nasdaq [8][10] - Meta's significant earnings drop of 11.3% is attributed to excessive AI-related capital expenditures, impacting investor sentiment [8][10] - A trade agreement between China and the US for the purchase of 12 million tons of US soybeans is expected to benefit the US agricultural sector [8][10] Company Performance - Amazon's third-quarter results exceeded expectations, with strong growth in its cloud division, leading to a stock price surge of over 13% before closing down 3.2% [10] - Apple's fourth-quarter revenue reached $102.47 billion, a year-on-year increase of 7.9%, although iPhone revenue fell short of analyst expectations [10][12] - AIA Group reported a new business value of $4.314 billion, an 18% increase year-on-year, with annualized new premiums rising by 10% [12] Economic Indicators - The US Congressional Budget Office estimates that the government shutdown has caused at least $18 billion in economic losses, with potential short-term boosts to Q1 2026 growth [10] - The European Central Bank maintained its deposit rate at 2%, aligning with market expectations, while inflation in the Eurozone remains close to the 2% target [10][12] Stock Recommendations - The report recommends a buy for the stock of Mixue Group, citing strong performance in the first half of 2025 and a diversified product matrix following the acquisition of a beer brand [21] - Zhongchu Innovation (3931) is noted for benefiting from strong demand in the new energy vehicle and energy storage battery sectors, with optimistic long-term growth potential [21] Key Economic Data Releases - Upcoming economic data releases include China's manufacturing PMI for October, expected at 49.6, and Hong Kong's GDP growth for Q3, projected at 3% year-on-year [19]

Market Overview - The Hang Seng Index is expected to hold at 25,000 points, with a forecasted P/E ratio of 12 times over the next 12 months, amid concerns over U.S.-China trade tensions and weak consumer spending in Hong Kong [2] - The U.S. Federal Reserve's recent hawkish stance on interest rate cuts has led to increased market volatility, with expectations of reduced interest rates in 2026 being lower than previously anticipated [2][6] Economic Indicators - China's GDP growth for Q3 was reported at 4.8%, slightly above the market expectation of 4.7%, with a year-to-date GDP of 101.5 trillion yuan, reflecting a 5.2% annual growth [10] - The average unemployment rate in urban areas of China was stable at 5.2% for Q3, with a slight decrease in September [10] - The real estate sector continues to struggle, with new home sales down 7.9% year-on-year in the first three quarters, and a significant drop in property investment by 13.9% [10] Corporate Performance - Contemporary Amperex Technology Co., Limited (CATL) reported a 36% increase in profit for the first three quarters, exceeding expectations [5] - China Mobile's profit rose by 4% in the same period, with EBITDA increasing by 1% [5] - JD.com saw a significant increase in sales during the "Double 11" shopping festival, with over 52,000 brands achieving a year-on-year sales increase of more than three times [5] Sector Focus - The insurance sector is expected to benefit from strong investment returns in Q3, with companies likely to announce positive earnings [8] - AI-related stocks are gaining traction as the mainland accelerates the application of "Artificial Intelligence+" [8] Trade Relations - U.S. President Trump indicated a potential for a fair trade agreement with China, despite the looming threat of increased tariffs set to take effect on November 1 [11]

Market Overview - The Hang Seng Index is expected to rise towards 28,000 points due to the extension of the 90-day tariff truce between China and the US, along with improved trade agreements with other countries, easing trade tensions [2] - Despite no improvement in corporate earnings, the resurgence of AI-related stocks is leading the market, with expectations of favorable policies ahead of the October Fourth Plenary Session [2] Sector Focus - The focus is on the US October Michigan Consumer Sentiment Index and the impact of recent macroeconomic data from China, including a 7.6% year-on-year increase in the value added by industrial SMEs in the first eight months [3][8] - The Chinese government has implemented export controls on certain rare earth materials, which may affect related industries [8] Corporate News - Sunny Optical (2382) plans to transfer equity to increase its stake in GoerTek, while Innovent Biologics (2577) is raising over 1.5 billion HKD through an 8% discounted placement [4] - NIO (9866) is restructuring its autonomous driving department to facilitate the development of its World Model 2.0 [4] - Shandong Gold (1787) received a 120 million RMB increase in shareholding from its controlling shareholder [4] IPO Market - KPMG reports that Hong Kong is poised to reclaim its position as the top global IPO market by the end of 2025, with nearly 300 IPO applications submitted, marking a historical high [9] - The first three quarters of 2025 saw a total of 930 IPOs globally, raising 111.6 billion USD, with Hong Kong leading in A+H listings [9] Economic Indicators - The consumer spending during China's Golden Week reached 809 billion RMB, with 888 million domestic trips taken, indicating a strong recovery in consumer confidence [8] - The box office for the National Day holiday in China fell by 13% year-on-year, reflecting a shift towards more refined market preferences [8] Regulatory Developments - The Chinese government has issued a notice addressing the issue of disorderly competition, emphasizing the need for fair pricing practices to maintain market order [8] - New export controls on rare earth materials and related technologies have been implemented to safeguard national security and interests [8]

Charging Network Efficiency - Tesla's supercharging stations have a queueing probability of only 0.6% globally [1] - The utilization of Tesla's supercharging network has increased nearly threefold compared to previous years [1] - Tesla's supercharging network is now open to users of multiple brands, including Ford and General Motors [1] Strategic Analysis - Tesla has managed to reduce queueing times despite increased usage and opening the network to other brands [1] - The report suggests a hidden strategy ("阳谋") behind Tesla's success in managing its charging network [1]

Market Performance - The Hang Seng Index (HSI) fell by 128 points or 0.5%, closing at 26,829 points after a drop of 440 points earlier in the day[1] - The Hang Seng Tech Index decreased by 36 points or 0.6%, ending at 6,514 points[1] - The total market turnover for the day was HKD 173.803 billion[1] U.S. Market Update - The S&P 500 index rose by 39 points or 0.6%, closing at 6,753 points, with technology, utilities, and industrial sectors reaching new highs[1] - The Nasdaq Composite led the gains, increasing by 255 points or 1.1%, to close at 23,043 points[1] - The Dow Jones Industrial Average opened higher but ended slightly down by 1 point, closing at 46,601 points[1] Geopolitical Developments - U.S. President Trump announced a preliminary Gaza agreement between Israel and Hamas, allowing for the release of Israeli hostages[2] - The U.S. government shutdown has entered its second week, with no resolution in sight after the Senate rejected funding proposals[2] Corporate News - HSBC Holdings proposed to privatize Hang Seng Bank at a cash offer of HKD 155 per share, representing a premium of approximately 30.3% over the last closing price of HKD 119[3] - Sany Heavy Industry plans to raise USD 1.5 billion through an IPO in Hong Kong, expected to be one of the largest IPOs this year[3] Automotive Sector - BYD reported a 5.52% year-on-year decline in September sales of new energy vehicles, totaling 396,300 units[4]

Core Insights - The report highlights a significant increase in gold prices, reaching a new high of $3,830, with a year-to-date increase of nearly 46% [8] - The focus on AI technology continues to grow, with advancements in inference applications expected to drive industry transformation and enhance corporate profitability [8] - The report identifies key investment themes for the coming years, including AI, power infrastructure, and medical automation [8] Market Overview - The U.S. stock market showed positive movement, with the Dow Jones increasing by 68 points and the S&P 500 rising by 0.26% [10] - The Hang Seng Index closed up by 494 points (1.9%), reflecting optimism in the Hong Kong market following strong industrial profit data from mainland China [12] - The report notes that the global market is currently observing the U.S. employment data to assess the Federal Reserve's interest rate outlook [10] Investment Strategies - The report suggests a focus on "steady growth and diversified defense" in the fourth quarter, emphasizing the importance of active management and precise timing in a volatile environment [8] - High-yield bonds and emerging market hard currency bonds are highlighted as attractive investment options [8] - Specific stock recommendations include ASMPT, which is positioned well in the semiconductor and AI chip sectors, and Jiuzhou Intelligent Investment Holdings, which is expected to benefit from increased market liquidity [18][20] Economic Data - Key economic indicators to be released include China's manufacturing and non-manufacturing PMI for September, with expectations of 49.6 and 50.2 respectively [17] - The report also mentions the upcoming U.S. consumer confidence index and job openings data, which are critical for understanding the economic landscape [17]