中港股市短期展望 恒指料受制今年高位 28,056 點：聯儲局主席人選出爐，沃什被視為鷹派， 美匯指數反彈，促使商品市場平倉。內地方面，2026 年為十五五規劃開 局之年，市場預期第一季政策發力，落實擴內需、科技自主、反內卷等重 點工作。然而，兩會前內地處於政策真空期，地方兩會初步數字顯示，不 少省份下調 GDP 目標，市場預期內地或將今年 GDP 增長目標設在 4.5%- 5%，低於 2025 年約 5%的目標。另外，監管層出手為市場降溫，滬深北 交易所提高融資保證金比例，三市集體減槓桿，加上國家隊正在減持，ETF 規模下滑。近日內地將部分電信服務增值稅稅率上調，引發投資者憂慮其 他行業跟隨，限制港股的上升動力，恒指料受制今年高位 28,056 點。 短期看好板塊 李強江西考察，稱要合理開發稀土資源； 發改委加快招標投標領域AI推廣應用； 每日港股評析 港股早晨快訊 2026 年 2 月 11 日星期三 2012-01- 17 市場回顧 企業消息 Alphabet多國發債料集資320億美元，罕見發行百年期英鎊債； 阿里巴巴(9988)發布RynnBrain大模型，讓機械人具備「思考大腦」； 中芯國際(098 ...

企業消息 Alphabet擬發高評級美債籌約150億美元； 阿里(9988)旗下高德打車遭交通部約談，涉合作平台壓低運價等； 業內猜測阿里(9988)千問新一代基座模型Qwen3.5發布在即； 比亞迪股份(1211)起訴美國政府，要求退還所有關稅； 香港電訊(6823)去年盈利升4%，息47.97仙； 外圍市況展望 中港股市短期展望 恒指料守 26,000 點：聯儲局主席人選出爐，沃什被視為鷹派，美匯指數 反彈，促使商品市場平倉。內地方面，2026 年為十五五規劃開局之年， 市場預期第一季政策發力，落實擴內需、科技自主、反內卷等重點工作。 然而，兩會前內地處於政策真空期，地方兩會初步數字顯示，不少省份下 調 GDP 目標，市場預期內地或將今年 GDP 增長目標設在 4.5%-5%，低 於 2025 年約 5%的目標。另外，監管層出手為市場降溫，滬深北交易所 提高融資保證金比例，三市集體減槓桿，加上國家隊正在減持，ETF 規模 下滑。近日內地將部分電信服務增值稅稅率上調，引發投資者憂慮其他行 業跟隨，限制港股的上升動力，恒指短期支持參考 26,000 點。 短期看好板塊 每日港股評析 港股早晨快訊 2026 年 ...

每日港股評析 港股早晨快訊 2026 年 2 月 6 日星期五 2012-01- 17 市場回顧 中港股市短期展望 恒指料守 26,000 點：聯儲局主席人選出爐，沃什被視為鷹派，美匯指數 反彈，促使商品市場平倉。內地方面，2026 年為十五五規劃開局之年， 市場預期第一季政策發力，落實擴內需、科技自主、反內卷等重點工作。 然而，兩會前內地處於政策真空期，地方兩會初步數字顯示，不少省份下 調 GDP 目標，市場預期內地或將今年 GDP 增長目標設在 4.5%-5%，低 於 2025 年約 5%的目標。另外，監管層出手為市場降溫，滬深北交易所 提高融資保證金比例，三市集體減槓桿，加上國家隊正在減持，ETF 規模 下滑。近日內地將部分電信服務增值稅稅率上調，引發投資者憂慮其他行 業跟隨，限制港股的上升動力，恒指短期支持參考 26,000 點。 短期看好板塊 澳門博彩股：1 月賭收勝預期，春節旺季將至成催化劑 今日市場焦點 美國2月密西根大學消費信心指數及未來1年通脹預期； 宏觀焦點 據報中國要求國企暫停巴拿馬新投資項目； 市監總局：重拳打擊直播電商亂象； 中國2025年黃金消費量續降，產量升逾1%； 美國12月J ...

Market Overview - The Hang Seng Index is expected to hold at 26,000 points, influenced by the hawkish stance of the newly appointed Federal Reserve Chairman and a rebound in the US dollar index, which has led to market adjustments in commodities [2] - The Chinese GDP growth target for 2026 is anticipated to be set between 4.5% and 5%, lower than the previous target of around 5% for 2025, as local governments have begun to lower their GDP targets ahead of the Two Sessions [2] - Regulatory measures have been implemented to cool the market, including increased financing margin ratios on the Shanghai and Shenzhen stock exchanges, which has led to a collective reduction in leverage across the three markets [2] Sector Focus - Macau gaming stocks are favored in the short term due to January's gambling revenue exceeding expectations, with the upcoming Spring Festival serving as a catalyst for growth [3] Macro Focus - China's January RatingDog services PMI rose to 52.3, indicating an acceleration in service sector expansion, with new export orders showing strong growth [7] - The People's Bank of China emphasizes the need to support domestic demand and technological innovation in its 2026 credit market work [7] - The US ADP reported a lower-than-expected increase of 22,000 private sector jobs in January, indicating potential labor market weaknesses [7] Company News - Walden Materials (9981) is launching an IPO to raise approximately HKD 28 billion, with a share price capped at HKD 20.09 [9] - Baidu Group (9888) plans to repurchase USD 5 billion in shares and will announce its first dividend this year [9] - Meituan (3690) and Tencent (0700) are taking measures to regulate promotional activities on their platforms, reflecting a tightening of marketing practices [9] - BYD (1211) reported a tenfold increase in electric vehicle sales in Germany, significantly outperforming Tesla [9] - Tesla (TSLA.US) saw a 9.3% increase in electric vehicle sales in China but a 57% drop in the UK market [9]

每日港股評析 港股早晨快訊 2026 年 2 月 4 日星期三 2012-01- 17 市場回顧 中港股市短期展望 恒指短期支持參考 26,000 點：2026 年為十五五規劃開局之年，市場預期 內地第一季政策發力，落實重點工作(擴內需、實現科技自主自強、反內 卷)。內地引導長錢長投，惟近日滬深北交易所提高融資保證金比例，滬 深北三市集體降槓桿，避免短期過熱。儘管地緣政治不穩，影響風險偏好， 但 AI 大模型升級，業界融資活動火熱，支撐 AI 行情。恒指一度大成交突 破 2025 年高位 27,381 點，惟聯儲局主席人選出爐，沃什被視為傾向鷹 派，美匯指數反彈，恒指初步支持參考 26,000 點。 短期看好板塊 澳門博彩股：1 月賭收勝預期，春節旺季將至成催化劑 今日市場焦點 企業消息 英諾賽科(2577)與谷歌簽訂合規供貨協議； 小馬智行(2026)料去年虧損收窄，投資公允價值收益增長； 天齊鋰業(9696)擬折讓9%配股兼發CB共籌逾58億元拓鋰業務； 和鉑醫藥(2142)發盈喜，料去年溢利最少升逾31倍； 外圍市況展望 宏觀焦點 頁 2/9 美聯儲1月維持利率不變，符合預期。聯儲局對經濟的判斷趨正面， ...

Core Insights - The report highlights a positive outlook for the Hong Kong stock market, with the Hang Seng Index showing short-term support around 26,000 points, driven by anticipated policy actions in mainland China and a strong performance in AI-related sectors [3][4] - The Macau gaming sector is expected to benefit from higher-than-expected January gaming revenue, with the upcoming Spring Festival acting as a catalyst for growth [4] - The report notes a significant increase in China's manufacturing PMI to 50.3 in January, indicating improved economic conditions and a potential boost in production and employment [8] Market Review - The Hang Seng Index experienced a decline, closing at 26,775 points, down 2.2%, with a trading volume of 347.9 billion [6] - The report mentions that despite geopolitical uncertainties affecting risk appetite, the AI sector remains robust, supporting market activity [3][6] Sector Focus - The Macau gaming stocks are highlighted as a sector with strong potential due to favorable revenue trends and seasonal demand [4] - The report indicates that the memory interconnect chip market is projected to grow at a compound annual growth rate of 27.4% from 2024 to 2030, with a leading market share of 36.8% held by a specific group [6] Economic Indicators - China's insurance industry is projected to see a 7.4% increase in premium income by 2025, reaching 6.12 trillion yuan [9] - The report discusses the anticipated growth in the new energy heavy truck market, with sales expected to increase by 182% in 2025 [10] - The report also notes that the new energy sector accounted for 97.1% of the total increase in electricity consumption in China, highlighting its growing importance [10]

Market Overview - The Hang Seng Index is expected to test the 27,000 point level as 2026 marks the beginning of the 15th Five-Year Plan, with expectations for policy initiatives in the first quarter focusing on expanding domestic demand and achieving technological self-reliance [1] - Despite geopolitical instability affecting risk appetite, the upgrade of AI large models has led to a surge in financing activities within the industry, supporting the AI market [1][7] - The Hang Seng Index reached a high of 27,381 points, but recent developments regarding the Federal Reserve's leadership have led to a rebound in the US dollar index, suggesting a potential decline in the Hang Seng Index [1] Sector Focus - The market is currently focused on manufacturing purchasing manager indices (PMI) from China, Japan, the Eurozone, and the US for January [2] Corporate News - Xiaomi delivered over 39,000 vehicles in January, while sales of the SU7 Ultra model dropped significantly in December [4] - China National Aviation Holdings is expected to report a loss of 1.9 billion RMB for the previous year [5] - The telecommunications sector is facing revenue and profit impacts due to adjustments in the value-added tax scope, with major telecom companies like China Mobile, China Unicom, and China Telecom indicating potential effects on their financials [10] Economic Indicators - China's manufacturing PMI fell to 49.3 in January, indicating a contraction, while the non-manufacturing PMI dropped to 49.4, the lowest in over three years [9] - The Chinese government is considering issuing special bonds to inject 200 billion RMB into leading insurance companies, marking a significant move to strengthen the sector [9] - The overall public budget revenue in China for 2025 is projected at 21.6 trillion RMB, reflecting a year-on-year decline of 1.7% [9] International Developments - OPEC+ has agreed to continue suspending production increases in March, following a similar decision in January [8] - The US PPI for final demand rose by 3% year-on-year in December, exceeding expectations, indicating inflationary pressures [8]

Market Overview - The Hang Seng Index is expected to challenge the 2025 high of 27,381 points, supported by the continuation of interest rate cuts in the US and increased monetary policy easing in mainland China [2] - The first quarter of 2026 is anticipated to see policy implementation focusing on expanding domestic demand and achieving technological self-reliance [2] - Despite geopolitical instability affecting risk appetite, a significant decline in the US dollar index is favorable for emerging markets, alongside a robust financing activity in the AI sector [2] Corporate News - Ganfeng Lithium (1772) has issued a profit warning, expecting a net profit between 1.1 billion to 1.65 billion RMB [4] - Cao Cao Mobility (2643) plans to raise 389 million RMB through a share placement at an 8.97% discount [4] - Haifeng International (1308) anticipates a 16%-19% increase in annual profits due to increased container throughput [4] - Dongfang Securities (3958) forecasts a 67.8% increase in net profit for 2025, reaching 5.62 billion RMB [10] - China Merchants Securities (6099) reported an 18% increase in net profit for the previous year, amounting to 12.3 billion RMB [10] - Shenwan Hongyuan (6806) expects a significant profit increase of 74.6%-93.8% for 2025, with net profit projected between 9.1 billion to 10.1 billion RMB [10] Economic Indicators - China's industrial profits increased by 0.6% in 2025, totaling 7.398 trillion RMB, with state-owned enterprises seeing a 3.9% decline in profits [8] - The People's Bank of China reported a 6.9% year-on-year increase in fixed asset loans by the end of Q4 2025, with total loans reaching 271.91 trillion RMB [8] - Hong Kong's exports rose by 26.1% and imports by 30.6% in December 2025, both exceeding expectations [8] AI Sector Developments - The AI sector is experiencing a surge in financing activities, driven by advancements in large AI models [7] - QuestMobile reported that Baidu's Wenxin Assistant has become the largest AI application in China, with over 200 million monthly active users [10] - Alibaba continues to invest heavily in AI and cloud services, aiming to optimize its capital structure and attract diverse funding [10]

Market Overview - The Hang Seng Index faces short-term resistance at 27,188 points, with expectations of two interest rate cuts in 2026 following the Federal Reserve's December decision to lower rates by 0.25% [2] - The market anticipates increased monetary policy easing in mainland China, particularly in the first quarter of 2026, focusing on expanding domestic demand and achieving technological self-reliance [2] - Recent adjustments in financing margin ratios by the Shanghai and Shenzhen stock exchanges may lead to short-term market corrections, affecting the inflow of foreign capital into Hong Kong stocks [2] Sector Outlook - The aviation sector is expected to benefit from a peak travel season during the extended Spring Festival holiday, supported by the appreciation of the RMB and soft oil prices [3] - High-dividend stocks are likely to attract capital as market risk appetite decreases, leading to a shift towards defensive sectors [3] Corporate News - Zijin Mining International plans to acquire Allied Gold Corporation for approximately 55 million CAD (about 280 billion RMB), enhancing its gold mining portfolio [9] - Anta Sports has acquired a 29.06% stake in PUMA SE for over 1.5 billion euros, becoming the largest shareholder and aiming to strengthen its position in the global sportswear market [9] - Sunny Optical Technology has submitted a listing application for its vehicle-related optical business spin-off, indicating growth in the automotive optics sector [9] - Conant Optical raised over 1.4 billion RMB through a share placement, with funds allocated for expanding XR production capabilities and enhancing R&D [9] Economic Indicators - China's industrial profits for December and Hong Kong's trade balance data are key focus areas for market participants [3] - The People's Bank of China emphasizes proactive macroeconomic policies to address rising uncertainties in the external environment and to maintain financial stability [7] - Guangdong province targets a GDP growth of 4.5% to 5% for 2026, reflecting a commitment to economic expansion [7] Investment Trends - The number of companies registered in Hong Kong from overseas and mainland China has increased by 11%, indicating Hong Kong's continued attractiveness as a business hub [8] - The Hong Kong Monetary Authority has doubled the quota for RMB funding to 200 billion RMB, enhancing liquidity for banks and supporting the growth of RMB business [8] - The investment promotion agency assisted 560 companies in expanding their operations in Hong Kong, reflecting strong foreign investment interest [8]

短期看好板塊 宏觀焦點 每日港股評析 港股早晨快訊 2026 年 1 月 26 日星期一 2012-01- 17 市場回顧 中港股市短期展望 恒指短期阻力參考 27,188 點：聯儲局 12 月一如預期減息 0.25 厘，市場 預期 2026 年主席換屆後貨幣政策立場轉鴿，預測減息 2 次，高於聯儲局 預測，惟仍需觀望經濟數據及其餘委員取態。美國延續減息，內地放寬貨 幣政策的空間加大。2026 年為十五五規劃開局之年，市場預期內地第一 季政策發力，落實重點工作(擴內需、實現科技自主自強、反內卷)，並可 能降準降息。中證監重申推動各類中長期資金進一步提高入市規模比例， 惟近日滬深北交易所提高融資保證金比例，滬深北三市集體降槓桿，短期 內可能會出現回調壓力。港股對於全球流動性的變化更為敏感，在地緣政 治不穩下，外資或減慢流入；同時，北水自去年第四季以來顯著減慢流入， 港股上升動能不足，恒指短期料受制 2025 年 11 月高位 27,188 點。 傳中國考慮收緊內地企業赴港IPO標準 內媒核實：「消息不實，境 外上市政策未變」； 中方據報批准阿里巴巴(9988)等準備下單英偉達H200晶片； 日央行行長植田和男： ...