華虹半導體股價近期展現反彈動能，盤中高見81.8元，現價報77.2元，成交額27.07元，顯示市場對半導體板塊關注度回升。從技術走勢觀察，股價目前正在 測試關鍵的均線阻力，MA10位於77.24元提供初步支撐，而MA30在80.48元形成近期阻力，MA60則在68.5元構成重要支撐。特別值得注意的是，RSI指標處 於55水平，屬於中性偏強區域，而動量震盪指標顯示超賣可能反彈的信號，這種技術面的微妙變化值得投資者密切關注。 | | | 在關鍵價位分析方面，華虹半導體的短期支持位分別位於74.6元及68.2元，這兩個水平將是回調時的重要防線；而阻力位則在85.7元及91.5元，若能有效突 破，或可開啟新一輪上漲空間。考慮到5日振幅達到13.7%，股價波動性相對較高，這為短線交易者提供了充足的操作空間。從上升概率54%來看，市場情緒 略偏向樂觀，但投資者需要關注半導體行業景氣度與公司基本面變化。 回顧近期衍生產品市場表現，在華虹股價上漲期間，看多產品展現出可觀回報。以法興認購證20958為例，在正股上漲3.76%的背景下，兩日內錄得11%的升 幅；摩利認購證20092也有9%的表現，這些數據充分顯示出認購證在趨勢行 ...

港股點評 2025年10月28日9:30 a.m 恒指升 273 點，滬指升 46 點，標普 500 升 83 點 今年 9 月份本港整體出口和進口貨值均錄得按年升幅，分別上升 16.1%和 13.6%。 市場分別預期按年上升 15.4%及 13.5%。繼今年 8 月份錄得 14.5%的按年升幅後， 今年 9 月份商品整體出口貨值為 4,623 億元，按年上升 16.1%。同時，繼今年 8 月份錄得 11.5%的按年升幅後，今年 9 月份商品進口貨值為 5,125 億元，按年上 升 13.6%。今年 9 月份錄得有形貿易逆差 502 億元，相等於商品進口貨值的 9.8%。 中國自動駕駛科技公司小馬智行(02026.HK)公布招股詳情，全球發售 4,195.57 萬 股，香港公開發售佔約一成，國際發售佔約九成，每股招股價最高為 180 元。 每手 100 股計，一手入場費 18,181.54 元。該股 28 日起招股， 11 月 3 日中午截 止，預期 11 月 6 日掛牌。聯席保薦人為高盛、美銀證券、德銀及華泰國際。 中煤能源(01898.HK) 公布，截至 2025 年 9 月 30 日止第三季，營業收入為 ...

Core Insights - The recent volatility in the Hong Kong stock market has prompted discussions on how issuers manage pricing and hedging strategies during turbulent times [1][2] - Investors are advised to maintain a higher cash ratio and consider gradual entry into the market as it adjusts [4][5] Market Conditions - The Hong Kong stock market has shown a strong upward trend since September of the previous year, with many sectors reaching historical highs, including semiconductor and pharmaceutical stocks [4][5] - Recent political events have led to increased caution among investors, with many opting to liquidate some profits and increase cash holdings [4][5] Issuer Perspective - Issuers face challenges in managing their positions during market fluctuations, requiring them to adjust pricing and liquidity to maintain fair trading conditions [1][2] - The relationship between issuers and investors is characterized as a partnership, where issuers hedge their positions to align with investor interests [1][2] Investment Strategies - Investors are encouraged to divide their capital into thirds for gradual market entry, especially if the market approaches lower levels like 25,000 points [4][5] - Different products, such as call and put warrants, are available for investors to consider based on their market outlook [5][7] Product Observations - Specific products like call warrants for Alibaba have seen significant inflows, indicating investor interest in leveraging potential rebounds [7][8] - The issuer has a variety of products available for different market conditions, including both bullish and bearish options [8][9] Sector Analysis - The semiconductor sector remains a focus, with companies like SMIC and Hua Hong Semiconductor experiencing notable price adjustments after reaching historical highs [8][9] - The insurance sector is also highlighted, with companies like AIA and Ping An showing positive market sentiment and product inflows [9][10]

Core Viewpoint - SMIC (00981) has attracted market attention due to its stock price fluctuations, currently showing signs of potential trading opportunities despite being in an overbought state [1][2]. Group 1: Stock Performance and Technical Analysis - As of 10:10 AM, SMIC's stock price reached 72.00 HKD, with a rise of 6.87%. The Relative Strength Index (RSI) is at 70, indicating an overbought condition, but buying and selling pressures remain neutral [1]. - The stock price has seen a significant increase from around 20 HKD at the beginning of the year to recent highs near 65 HKD, attracting market funds and retail investors [3]. - Key support levels are identified at 61.3 HKD and 56.4 HKD, while resistance levels are at 71.7 HKD and 75.4 HKD, which are crucial for short-term trading decisions [4]. Group 2: Market Sentiment and Investment Products - Recent news about SMIC testing domestically produced deep ultraviolet lithography machines has excited investors, contributing to a stock price increase of 7.12% to 67.7 HKD [2]. - There has been a notable inflow of funds into SMIC's call options, with a specific call option (20316) having a strike price of 73.85 HKD and a leverage of 3.5 times [2]. - Leveraged products have shown significant returns, with some options recording up to 42% returns during stock price fluctuations [6]. Group 3: Derivative Products and Trading Strategies - For investors optimistic about SMIC's short-term prospects, HSBC's call options (19974 and 20460) offer leverage of 3.1 and 3.3 times, respectively, with attractive premium levels [9]. - In the bear market segment, UBS's bear certificates provide a leverage of 5 times with a redemption price set at 55 HKD, while HSBC's bear certificates offer 8 times leverage [11].

Market Overview - The Hang Seng Index closed at 23,108.27 points, down 1.87% for the day and up 15.20% year-to-date[6] - The Technology Index fell by 3.26% to 5,269.66 points, with a year-to-date increase of 17.94%[6] - The total turnover decreased by 31.8% to HKD 219.845 billion[8] Company Performance - Micron Robotics (2252.HK) raised HKD 380 million through a 13.8% discounted placement, with major shareholder intending to reduce stake from 48.08% to 43.98%[8] - Samsonite (1910.HK) reported a first-quarter profit of HKD 48.2 million, a year-on-year decline of 42.55%, with net sales of HKD 797 million, down 7.33%[8] Economic Indicators - The one-month HIBOR is at 1.57%, the lowest in two and a half years[8] - The U.S. Consumer Price Index (CPI) growth rate was lower than expected, contributing to a rise in U.S. stock markets[8] Investment Recommendations - Cathay Pacific (293.HK) is recommended for purchase at HKD 9.60, with a target price of HKD 10.50 and a stop-loss at HKD 8.50[16][17] - Tencent Holdings (700.HK) has a suggested buy price of HKD 390, with a target price of HKD 450[12] Commodity Prices - New York crude oil closed at USD 63.67, up 2.78%[8] - New York gold settled at USD 3,247.80, an increase of 0.61%[8] Bond Yields - The U.S. 10-year Treasury yield is at 4.4729%, with a year-to-date change of -9.61 basis points[23]