12月22日，恒生指数高开0.41%，恒生科技指数涨0.61%。 多只生物医药股走低，歌礼制药-B、金斯瑞生物科技、东阳光药、和铂医药-B均跌超3%。 | 名称 | 现价 | 涨跌幅 ◆ | | --- | --- | --- | | 华茌生物-B | 33.800 | -11.52% | | 2396.HK | | | | 歌礼制药-B | 12.500 | -3.85% | | 1672.HK | | | | 金斯瑞生物科技 | 12.750 | -3.56% | | 1548.HK | | | | 东阳光药 | 43.020 | -3.46% | | 6887.HK | | | | 和铂医药-B | 12.880 | -3.45% | | 2142.HK | | | | 加科思-B | 8.800 | -2.87% | | 1167.HK | | | | 乐普生物-B | 5.340 | -1.66% | | 2157.HK | | | | MIRXES-B | 46.600 | -1.10% | | 2629.HK | | | | 三爱健康集团 | 0.490 | -1.01% | | 1889.HK ...

恒生指数低开0.32%，恒生科技指数跌0.56%。盘面上，医药股活跃，百济神州涨近3%；科网股跌幅居 前。 关于港股后市 本文转载自"腾讯自选股"，智通财经编辑：陈筱亦。 国信证券认为，港股短期调整为2026年市场上涨打开空间。从资金面上看，11月南向资金净流入港股市 场超1100亿元人民币。今年南向资金在港股下跌时依然逆向加仓，这既体现了内地资金的充裕流动性， 也彰显了其低位布局港股的强烈意愿。该机构预测，港股2026年有望在30000-32000点之间运行。 中信证券认为，2026年，预计港股将受益于内部的"十五五"催化，以及外部主要经济体的"财政+货 币"双宽松。随着宏观经济的改善，预计港股业绩后续将由"盈利修复"扩展至"收入扩张"，形成营收与 盈利共振上行的可持续趋势。 东吴证券认为，明年港股会继续回升，主要基于以下理由：一是，我们预计2026年美联储会继续降息。 二是，中美关系阶段性缓和，有利于缓解港股市场对双边关系不确定性的担忧。三是，2026年，国内货 币+财政同步深化"逆周期+跨周期"。四是，企业盈利有进一步改善的空间。五是，在"赚钱效应"下， 2026年南向资金有望持续流入。六是，海外资金有 ...

Market Overview - The US stock market experienced a collective decline, leading to a weak market sentiment in Hong Kong, with the Hang Seng Index down 0.84% to 25,549.90 points, the Hang Seng Tech Index down 1.32% to 5,587.69 points, and the National Enterprises Index down 1.12% to 8,981.84 points [1] Company News - Dongfeng Group reported cumulative sales of 1.697 million vehicles in the first 11 months, a year-on-year decrease of approximately 0.3%. New energy vehicle sales reached 489,203 units, marking a year-on-year increase of about 39.1% [2] - New天绿色能源 achieved a cumulative power generation of 13.3689 million MWh in the first 11 months, an increase of 8.04% year-on-year, with November's generation at 1.662 million MWh, up 24.45% year-on-year [2] - Longyuan Power completed a cumulative power generation of approximately 69.0964 million MWh in the first 11 months, reflecting a year-on-year growth of 0.41% [3] - Greenland Hong Kong reported contract sales of approximately 6.823 billion yuan in the first 11 months, a year-on-year decline of 22.6% [4] - Sunyu Optical Technology completed a share swap merger with Goer Optical, with its subsidiary Ningbo Aolai holding approximately 31.31% of the shares, becoming the second-largest shareholder [4] - Zoomlion Heavy Industry completed the acquisition of 81% equity in Zoomlion Heavy Industry Finance Leasing (Beijing) [5] - Cambridge Technology plans to increase its investment in CIG USA by $100 million [6] - WuXi AppTec announced research data for JWCAR201 IIT at the 67th American Society of Hematology Annual Meeting [7] - Four Seasons Pharmaceutical's innovative drug Anjiuwei® successfully renewed its inclusion in the 2025 National Basic Medical Insurance Drug List, while its innovative drug XuanYueNing® was included for the first time [7] - Yuanda Pharmaceutical's Class 1 innovative drug GPN01360 successfully reached clinical endpoints in Phase II clinical trials in China [8] - Agile Group's hearing has been further postponed to March 9, 2026 [9] Institutional Insights - Haitong International suggests that after market consolidation, a rebound is expected, with technology stocks having room for recovery. The rebound's strength will depend on policy implementation and potential interest rate cuts by the Federal Reserve [10] - Everbright Securities notes that the Hang Seng Index's current P/E ratio is above its 5-year average, indicating overall valuation recovery, while the tech index has just returned to its 5-year average, suggesting room for further valuation catch-up [10] - Guosen Securities predicts that the short-term adjustment in Hong Kong stocks opens up space for market growth in 2026, with net inflows from southbound funds exceeding 110 billion yuan in November [10]

Group 1 - The Hang Seng Index opened up by 0.14% and the Hang Seng Tech Index increased by 0.44% [1] - The technology and internet sectors were active, with JD.com rising over 2% [1] - CATL (Contemporary Amperex Technology Co., Limited) opened nearly 2% higher [1]

Market Overview - On September 18, A-shares opened lower with the Shanghai Composite Index down 0.01%, Shenzhen Component down 0.41%, and ChiNext down 0.88% [1] - By 9:42 AM, the Shanghai Composite Index slightly rebounded by 0.09% [1] Sector Performance - The STAR 50 Index increased by 2%, surpassing 1400 points, reaching a new three-year high, led by gains in semiconductor stocks [2] - Notable performers included Haiguang Information up over 7% and Cambrian up nearly 5% [2] - The Hang Seng Index opened down 0.17%, while the Hang Seng Tech Index remained flat, with mixed performances in the technology sector [2] Investment Recommendations - Goldman Sachs maintained an overweight rating on A-shares and H-shares, suggesting to buy on dips, particularly favoring leading private enterprises and themes like artificial intelligence [2] - Analysts indicated that profitability is essential for sustained market performance, but liquidity is also a necessary condition, suggesting a more stable "slow bull" market for A-shares [2] Global Market Context - Japanese and South Korean markets saw collective gains, with the Nikkei 225 Index opening up 0.27% and the KOSPI up 0.57% [2][4] - The Nikkei 225 Index reached a record high during the session, with 81 stocks rising and 137 falling [4] U.S. Federal Reserve Actions - The U.S. Federal Reserve announced a 25 basis point cut to the federal funds rate, bringing it to a target range of 4.00% to 4.25% [4][5] - This marks the first rate cut of 2025 and follows three cuts in 2024, with indications of potentially two more cuts by the end of the year [4][5] Economic Indicators - The Fed's decision was influenced by a weakening labor market, with the unemployment rate rising to 4.3%, the highest in nearly four years [5][6] - Inflation remains a concern, with the core PCE index rising 2.9% year-over-year as of July [5][6] Market Reactions - Following the Fed's announcement, the market reacted positively, with the dollar reversing its decline and treasury yields rising [6] - Analysts described the rate cut as a "risk management" approach, prioritizing employment concerns amid ongoing inflation pressures [6] Future Outlook - Fed Chair Powell indicated a cautious approach to future monetary policy, suggesting potential rate cuts in 2026 and 2027 [7] - The Fed's shift in focus from controlling inflation to stabilizing employment reflects the current economic and political landscape, which may have significant implications for global financial markets [7]

Group 1 - Cambricon's stock price opened 4% higher, surpassing 1500 yuan, again exceeding Kweichow Moutai [1] - Tianpu Co. resumed trading with a limit-up of 10%, achieving a transaction volume exceeding 24.2 million yuan [3][4] - The central bank conducted a 487 billion yuan 7-day reverse repurchase operation, maintaining the operation rate at 1.40% [5] Group 2 - The A-share market opened lower, with the Shanghai Composite Index at 3876.06 points, down 0.01%, and the Shenzhen Component Index at 13161.15 points, down 0.41% [2][3] - The Hang Seng Index fell by 0.17%, while Baidu Group opened 3% higher [6] - The RMB/USD central parity rate depreciated by 72 basis points, reported at 7.1085 [7]

Core Viewpoint - The Hang Seng Index (HSI) experienced a slight increase of 0.53%, closing at 23,807.13 points, marking a near two-month high, with significant activity in the biopharmaceutical sector [1] Market Performance - The HSI opened higher and fluctuated within a range of nearly 200 points, reaching a peak of 23,884.89 points [1] - The Hang Seng Technology Index underperformed the broader market, with a gain of only 0.43%, closing at 5,538.31 points [1] - Total market turnover reached 119.298 billion HKD [1] Sector Performance - The biopharmaceutical sector continued its strong performance for three consecutive days [1] - Technology stocks, automotive stocks, and gold stocks outperformed the market, while logistics and restaurant stocks lagged [1] Notable Stock Movements - 3SBio Inc. (01530.HK) saw a significant increase of 9.23% [1] - Contemporary Amperex Technology Co., Ltd. (03750.HK) surged by 11.56% on its second day of trading [1] - BYD Company Limited (01211.HK) reached a historical high, closing up 2.83% [1] - Chifeng Jilong Gold Mining Co., Ltd. (06693.HK) rose by 8.97% [1] - Yum China Holdings, Inc. (09987.HK) declined by 1.97% [1] - ZTO Express (02057.HK) fell by 5.75% [1]