<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/20251222_1202_Hong-Kong-Insurance-Review_simple_compose_01kd2c4gacejhag2x0bapwhp82.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/20251222_1202_Hong-Kong-Insurance-Review_simple_compose_01kd2c4gacejhag2x0bapwhp82.png"/></p>
<p>恒生指数在周四继续强劲上涨，投资者对中国的新发展表示欢呼，官员们正在考虑采取措施刺激房地产市场。该指数跃升至 27,870 港元，创下自 2021 年 7 月以来的最高水平，比 2022 年的低点上涨了 90%。</p>
<h2>中国将放宽 “三条红线” 政策</h2>
<p>恒生指数持续上涨的一个主要催化剂是有报道称，北京正在考虑结束导致恒大、碧桂园、佳兆业和幻想控股等公司崩溃的 “三条红线” 政策。</p>
<p>根据彭博社的报道，开发商不再需要提交旨在控制其债务增长的指标。这三条红线迫使公司提交负债与资产比率、净负债比率和现金与短期债务比率的数据。</p>
<p>开发商需要保持负债与资产比率低于 70%，净负债比率低于 100%，现金与短期债务比率至少为 1。这些措施的引入是为了确保中国房地产行业的健康。</p>
<p>因此，房地产股票在周四成为涨幅最大的股票之一。龙湖集团的股票上涨超过 5%，而中国海外发展、中国资源地产和恒基地产的股票上涨超过 4.5%。</p>
<p>持续的上涨也推动铜价创下新高，投资者预期中国开发商的需求将恢复。</p>
<h2>澳门疲软业绩导致赌场股票下跌</h2>
<p>房地产行业的上涨被赌场股票的大幅下跌所抵消。金沙股票暴跌 7.38%，而银河娱乐下跌 3.50%。</p>
<p>这一崩溃发生在拉斯维加斯金沙发布疲弱的财务结果后，该公司将其归因于澳门业务。其来自澳门的 EBITDA 为 6.08 亿美元，低于 6280 万美元的中位数预期。此外，调整后的利润率降至 28.29%，为十年来的最低水平。</p>
<p>主要原因是澳门竞争加剧，导致利润空间受到挤压，企业从高端玩家转向大众市场玩家。此外，中国继续打击 VIP 赌客。</p>
<p>在美联储公布其利率决定后，恒生指数上涨，符合分析师的预期。</p>
<h2>恒生指数技术分析</h2>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/Hang-Seng-Index-2-1024x579.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/Hang-Seng-Index-2-1024x579.png"/></p>
<p><em>HSI 股票图表 | 来源：TradingView</em></p>
<p>周线图显示，恒生指数在过去几年中反弹。从 2024 年 1 月的 14,825 美元低点跃升至当前的 28,000 美元。</p>
<p>该指数已突破关键阻力位 27,165 美元，否定了形成的双顶形态，这是一种常见的看跌反转信号。</p>
<p>它一直保持在 50 周和 100 周指数移动平均线（EMA）之上，表明多头仍然掌控市场。该指数也一直高于超级趋势指标。</p>
<p>因此，最可能的情况是，该指数可能会继续上涨，多头目标是下一个关键阻力位 30,000 美元。若跌破关键支撑位 27,164 美元，将否定看涨前景。</p>
<p>本文首发于 Invezz，标题为《推动恒生指数今日上涨的因素》。</p>

恒生指数

南方两倍看空恒指

盈富基金

南方一倍看空恒指

南方恒指ETF

安硕恒生指数

南方两倍看多恒指

<p>恒生指数飙升至 27,870 港元，为 2021 年 7 月以来的最高点，受益于对可能刺激中国房地产市场的措施的乐观情绪，包括放宽 “三条红线” 政策。房地产股票大幅上涨，而由于澳门业绩令人失望，赌场股票则大幅下跌。该指数的技术分析显示出看涨趋势，预计将达到下一个阻力位 30,000 港元，除非跌破 27,164 港元，这将使看涨前景失效</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/20251222_1202_Hong-Kong-Insurance-Review_simple_compose_01kd2c4gacejhag2x0bapwhp82.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/20251222_1202_Hong-Kong-Insurance-Review_simple_compose_01kd2c4gacejhag2x0bapwhp82.png"/></p>
<p>The Hang Seng Index continued its strong bull run on Thursday as investors cheered the new developments in China, where officials are considering measures to boost the property market. It jumped to a high of H$27,870, its highest level since July 2021, and 90% from the 2022 low.</p>
<div class="lb-trans"><p>恒生指数在周四继续强劲上涨，投资者对中国的新发展表示欢呼，官员们正在考虑采取措施刺激房地产市场。该指数跃升至 27,870 港元，创下自 2021 年 7 月以来的最高水平，比 2022 年的低点上涨了 90%。</p>
</div><h2>China to Ease the “Three Red Lines” policy</h2>
<div class="lb-trans"><h2>中国将放宽 “三条红线” 政策</h2>
</div><p>One major catalyst for the ongoing Hang Seng Index rally is a report that Beijing was considering ending the Three Red Lines policy that led to the collapse of companies like Evergrande, Country Garden, Kaisa, and Fantasia Holdings.</p>
<div class="lb-trans"><p>恒生指数持续上涨的一个主要催化剂是有报道称，北京正在考虑结束导致恒大、碧桂园、佳兆业和幻想控股等公司崩溃的 “三条红线” 政策。</p>
</div><p>According to Bloomberg, developers are no longer required to submit metrics designed to rein in their debt buildup. The three red lines forced companies to submit data on the liability-to-asset ratio, net gearing ratio, and cash-to-short-term debt ratio.</p>
<div class="lb-trans"><p>根据彭博社的报道，开发商不再需要提交旨在控制其债务增长的指标。这三条红线迫使公司提交负债与资产比率、净负债比率和现金与短期债务比率的数据。</p>
</div><p>Developers are required to have a liability-to-asset ratio of less than 70%, net gearing ratio of less than 100%, and a cash-to-short-term debt ratio of at least 1. These measures were introduced to ensure China’s real estate sector was healthy.</p>
<div class="lb-trans"><p>开发商需要保持负债与资产比率低于 70%，净负债比率低于 100%，现金与短期债务比率至少为 1。这些措施的引入是为了确保中国房地产行业的健康。</p>
</div><p>As a result, property stocks were among the top gainers on Thursday. Longfor Group stock jumped by over 5%, while China Overseas Land, China Resources Land, and Henderson Land stocks jumped by over 4.5%.</p>
<div class="lb-trans"><p>因此，房地产股票在周四成为涨幅最大的股票之一。龙湖集团的股票上涨超过 5%，而中国海外发展、中国资源地产和恒基地产的股票上涨超过 4.5%。</p>
</div><p>The ongoing rally also helped to lift copper to a record high as investors anticipated renewed demand from Chinese developers.</p>
<div class="lb-trans"><p>持续的上涨也推动铜价创下新高，投资者预期中国开发商的需求将恢复。</p>
</div><h2>Casino stocks slump after weak Macau results</h2>
<div class="lb-trans"><h2>澳门疲软业绩导致赌场股票下跌</h2>
</div><p>The rally in the property sector was offset by a big decline in casino stocks. Sands stock plunged by 7.38%, while Galaxy Entertainment fell by 3.50%.</p>
<div class="lb-trans"><p>房地产行业的上涨被赌场股票的大幅下跌所抵消。金沙股票暴跌 7.38%，而银河娱乐下跌 3.50%。</p>
</div><p>The crash happened after Las Vegas Sands published weak financial results, which it attributed to its Macau operations. Its EBITDA from Macau came in at $608 million, lower than the median estimate of $628 million. Also, the adjusted profit margin dropped to 28.29%, the lowest level in a decade.</p>
<div class="lb-trans"><p>这一崩溃发生在拉斯维加斯金沙发布疲弱的财务结果后，该公司将其归因于澳门业务。其来自澳门的 EBITDA 为 6.08 亿美元，低于 6280 万美元的中位数预期。此外，调整后的利润率降至 28.29%，为十年来的最低水平。</p>
</div><p>The main reason for this is the rising competition in Macau, which is squeezing margins as companies pivot away from high rollers towards mass market gamers. Also, China has continued to crack down on VIP bettors.</p>
<div class="lb-trans"><p>主要原因是澳门竞争加剧，导致利润空间受到挤压，企业从高端玩家转向大众市场玩家。此外，中国继续打击 VIP 赌客。</p>
</div><p>The Hang Seng Index jumped after the Federal Reserve delivered its interest rate decision,which was in line with what analysts were expecting.</p>
<div class="lb-trans"><p>在美联储公布其利率决定后，恒生指数上涨，符合分析师的预期。</p>
</div><h2>Hang Seng Index technical analysis</h2>
<div class="lb-trans"><h2>恒生指数技术分析</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/Hang-Seng-Index-2-1024x579.png" alt="" original-src="https://invezz.com/wp-content/uploads/2026/01/Hang-Seng-Index-2-1024x579.png"/></p>
<p><em>HSI stock chart | Source: TradingView</em></p>
<div class="lb-trans"><p><em>HSI 股票图表 | 来源：TradingView</em></p>
</div><p>The weekly timeframe chart shows that the Hang Seng Index has rebounded in the past few years. It jumped from a low of $14,825 in January 2024 to the current $28,000.</p>
<div class="lb-trans"><p>周线图显示，恒生指数在过去几年中反弹。从 2024 年 1 月的 14,825 美元低点跃升至当前的 28,000 美元。</p>
</div><p>The index has moved above the key resistance level at $27,165, invalidating the forming double-top pattern, a common bearish reversal sign.</p>
<div class="lb-trans"><p>该指数已突破关键阻力位 27,165 美元，否定了形成的双顶形态，这是一种常见的看跌反转信号。</p>
</div><p>It has remained above the 50-week and 100-week Exponential Moving Averages (EMA), a sign that bulls remain in control. The index has remained above the Supertrend indicator.</p>
<div class="lb-trans"><p>它一直保持在 50 周和 100 周指数移动平均线（EMA）之上，表明多头仍然掌控市场。该指数也一直高于超级趋势指标。</p>
</div><p>Therefore, the most likely scenario is where the index will likely continue rising as bulls target the next key resistance level at $30,000. A drop below the key support level at $27,164 will invalidate the bullish outlook.</p>
<div class="lb-trans"><p>因此，最可能的情况是，该指数可能会继续上涨，多头目标是下一个关键阻力位 30,000 美元。若跌破关键支撑位 27,164 美元，将否定看涨前景。</p>
</div><p>The post Here’s what’s driving the Hang Seng Index rally today appeared first on Invezz</p>
<div class="lb-trans"><p>本文首发于 Invezz，标题为《推动恒生指数今日上涨的因素》。</p>
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以下是推动恒生指数今日上涨的原因