永豐金證券亞洲研究部晨訊 2025/11/17 | 麥嘉嘉 | 研究部主管 | avis.mak@sinopac.com | | --- | --- | --- | | 張雪婷 | 研究部經理 | samantha.cheung@sinopac.com | | 林仲全 | 研究部資深專員 | kobe.lin@sinopac.com | 1 永豐金證券亞洲研究部晨訊 永豐金證券亞洲研究部 -今日市埸焦點及策略 今日市埸主要焦點 股市及產品投資策略 • 美股個別發展｜美股3大指數上星期個別發展，道瓊斯指數升0.3%，標準普爾 500指數升約0.1%，納斯達克指數則跌0.45% • 流入中資股規模｜國際金融協會（IIF）數據指出，於今年1月至10月期間，流入 中資股的外資規模達到506億美元 • 內地本周｜內地周四公布11月份的5年期及1年期貸款市場報價利率（LPR） • 美股本周關注｜ Nvidia業績 及政府恢復公布經濟數據 • 資產配置要點｜建議分層佈局，底層配置強勢龍頭，次級可配置主題型ETF • 固定收益資產具最低與股票之相關性｜降息預期推動全球固定收益ETF資金 淨流入 • 資產配置｜建議配置5%~1 ...

Market Overview - The US stock market showed signs of stabilization after fluctuations, with technology stocks continuing to weaken due to US-China trade tensions [7] - Gold prices reached a new high, with spot gold rising to $4,179.7 per ounce as safe-haven investments surged [7] - The yield on 10-year US Treasury bonds fell to 3.9976%, increasing expectations for interest rate cuts [7] Key International News - SoftBank's PayPay plans to IPO in the US by December, with a valuation expected to exceed 3 trillion yen (approximately 153.4 billion HKD) [9] - Concerns over the US-China trade war continue, impacting market sentiment, with the Dow Jones dropping 615 points at one point before recovering [9] - Major US banks reported strong earnings, with JPMorgan's Q3 profit up 11.59% year-on-year, Goldman Sachs up 38.8%, and Citigroup up 15.9% [9] Key Economic Data - China's consumer price index (CPI) for September showed a year-on-year decrease of 0.2%, while the producer price index (PPI) fell by 2.3% [19] - The Eurozone's industrial production for August decreased by 1.6% month-on-month and by 0.1% year-on-year [19] Company Analysis - The report highlights the performance of specific companies, such as: - **Blucactus (325)**: Reported revenue of RMB 1.338 billion for H1 2025, a year-on-year increase of 27.9%, driven by increased sales of building block toys and new product launches [21] - **China Merchants Bank (3968)**: Leading in retail finance and wealth management, with stable growth in retail deposits and loans, contributing to steady profit sources [21] - **Weichai Power (2338)**: Expected Q3 revenue of approximately RMB 55.894 billion, a year-on-year growth of 13%, with improved profitability due to a recovery in the heavy truck market [21] Stock Performance - The Hang Seng Index closed at 25,441.35, down 448.13 points or 1.73%, marking a decline of 1,846 points (6.7%) over seven consecutive trading days [13] - The Hang Seng Technology Index fell by 3.62%, while the Hang Seng China Enterprises Index decreased by 1.55% [13]