【券商聚焦】华泰证券：港股年底仍有供需压力 “Santa rally”有不确定性

金吾财讯2025-12-22

金吾财讯 | 华泰证券表示，当前市场依然在左侧布局区间，右侧拐点尚未清晰。市场对春季躁动提前的一致预期较强，但港股年底仍有供需压力，“Santa rally”有不确定性，一季度或是胜率更高的阶段。11月以来二次探底过程中，被动/个人投资者是主要增量，境内外机构主动买入均不同程度放缓，年初重配置和人民币升值是资金面改善的下阶段动力。行业上，锂矿、铜、航空及酒店盈利预期上修，或进入配置窗口；科技中AI龙头、困境反转的本地生活龙头和L3落地后新品进展提供左侧布局机会。

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