证 券 研 究 报 告 [日Ta期ble_Industry] : shzqdatemark [Tabl主e_要Su观mm点ary] 2026年01月12日 | [T分ab析le师_Author] : | 陈健宓 | | --- | --- | | Tel: | 021-53686133 | | E-mail: | chenjianmi@shzq.com | | SAC 编号: | S0870514080001 | [最Ta近bl一e_年Qu沪o深teP3i0c]0 走势 定 制 月 报 [T相ab关le报_R告e：portInfo] 《2025 年 12 月港股策略报告》2025.12.5 2026 年 1 月港股策略报告 （一）指数表现 12 月份大部分主要指数相较于 11 月份数据呈现下跌态势。恒生科技 指数涨跌幅为-1.48%，恒生指数涨跌幅为-0.88%，恒生中国企业指数 涨跌幅为-2.37%，恒生综指涨跌幅为-1.26%。 12 月，行业指数涨幅居前的是恒生原材料业 11.52%，跌幅居前的是 恒生医疗保健业-9.68%。 （二）估值水平 12 月末，恒生指数 PE（TTM）为 11.55 倍，处于 ...

Group 1 - Elon Musk announced that Neuralink will start large-scale production of brain-machine interfaces in 2026, leading to a surge in related stocks in Hong Kong, particularly Nanjing Panda Electronics, which saw a peak increase of 49.48% [7][10] - The brain-machine interface sector is expected to experience significant growth, driven by policy support and technological breakthroughs, as indicated by research reports from Debon Securities and Open Source Securities [10] - The healthcare industry index in the Hang Seng Composite Industry Index rose by 3.94%, reflecting positive market sentiment towards biotech and related sectors [6] Group 2 - Kuaishou's stock price increased by 11.09%, reaching HKD 73.60 per share, with a trading volume of HKD 9.898 billion, following the release of its 2025 annual trend report [11][14] - The report highlighted that Kuaishou has an average of 260 million daily users engaging with trending content, with over 38.81 million user-generated trending videos created throughout the year [14] - First Shanghai issued a "buy" rating for Kuaishou, projecting revenue growth from RMB 142.22 billion in 2025 to RMB 165.42 billion in 2027, with net profits expected to rise correspondingly [17]

Group 1 - The core viewpoint of the articles highlights that the proportion of actively managed equity funds holding Hong Kong stocks has reached a historical high, driven by a significant increase in global interest in Chinese assets [1][3]. - As of the end of Q2, the total market value of Hong Kong stocks held by public funds reached 734.3 billion yuan, a 12.8% increase from the previous quarter, with the proportion of public fund holdings in Hong Kong stocks rising from 36.9% to 39.8% [2]. - The actively managed equity funds specifically increased their holdings in the healthcare and financial sectors while reducing exposure in information technology and discretionary consumer sectors [2]. Group 2 - The Hang Seng Index has seen a year-to-date increase of nearly 27%, making it the best-performing major index globally, with fund managers expressing optimism about the market's future [4]. - Fund managers are particularly optimistic about structural opportunities in various sectors, including new consumption, innovative pharmaceuticals, and traditional industries like "AI+", overseas expansion, and smart manufacturing [4]. - The increasing allocation of public funds to Hong Kong stocks reflects a growing attractiveness of the market, with over 50% of public funds now having the ability to invest in Hong Kong stocks as of Q2 2025 [3].

Market Overview - The Hong Kong stock market indices experienced a mixed performance last week, with the Hang Seng Index declining by 1.52%, the Hang Seng China Enterprises Index down by 1.75%, and the Hang Seng Technology Index falling by 2.34% [5][10] - The Hang Seng Large Cap Index decreased by 1.60%, while the Mid Cap Index rose by 1.93% and the Small Cap Index increased by 2.31% [5][10] Economic Indicators - The manufacturing PMI for June was reported at 49.7%, the non-manufacturing business activity index at 50.5%, and the composite PMI output index at 50.7%, indicating a slight recovery in economic activity with increases of 0.2 percentage points for the first two indices and 0.3 percentage points for the composite index compared to the previous month [6][9] - Experts noted that the Chinese economy demonstrated resilience and vitality in the first half of the year, laying a solid foundation for achieving annual growth targets [6][9] Investment Recommendations - It is suggested to focus on the high-tech manufacturing sector within the Hong Kong stock market due to the positive economic signals indicated by the PMI data [5][6] Market Data - As of July 4, the Hang Seng Index's current PE (TTM) was 10.41 times, approximately at the 55th percentile since January 1, 2007, while the PB was 1.13, at the 40th percentile [7][12] - The southbound capital inflow last week was 13.892 billion HKD, a decrease from the previous week's inflow of 14.489 billion HKD [7][14] - The top five net purchases by southbound funds included SMIC at 2.279 billion HKD, Tracker Fund of Hong Kong at 1.674 billion HKD, Meituan at 1.530 billion HKD, Innovent Biologics at 1.225 billion HKD, and China Construction Bank at 1.096 billion HKD [7][16] - The top five net sales included Alibaba at 6.998 billion HKD, Tencent at 2.015 billion HKD, Xiaomi at 1.274 billion HKD, CanSino Biologics at 0.641 billion HKD, and Pop Mart at 0.413 billion HKD [7][17]