<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>恒生指數在週四繼續強勁上漲，投資者對中國的新發展表示歡呼，官員們正在考慮採取措施刺激房地產市場。該指數躍升至 27,870 港元，創下自 2021 年 7 月以來的最高水平，比 2022 年的低點上漲了 90%。</p>
<h2>中國將放寬 “三條紅線” 政策</h2>
<p>恒生指數持續上漲的一個主要催化劑是有報道稱，北京正在考慮結束導致恒大、碧桂園、佳兆業和幻想控股等公司崩潰的 “三條紅線” 政策。</p>
<p>根據彭博社的報道，開發商不再需要提交旨在控制其債務增長的指標。這三條紅線迫使公司提交負債與資產比率、淨負債比率和現金與短期債務比率的數據。</p>
<p>開發商需要保持負債與資產比率低於 70%，淨負債比率低於 100%，現金與短期債務比率至少為 1。這些措施的引入是為了確保中國房地產行業的健康。</p>
<p>因此，房地產股票在週四成為漲幅最大的股票之一。龍湖集團的股票上漲超過 5%，而中國海外發展、中國資源地產和恆基地產的股票上漲超過 4.5%。</p>
<p>持續的上漲也推動銅價創下新高，投資者預期中國開發商的需求將恢復。</p>
<h2>澳門疲軟業績導致賭場股票下跌</h2>
<p>房地產行業的上漲被賭場股票的大幅下跌所抵消。金沙股票暴跌 7.38%，而銀河娛樂下跌 3.50%。</p>
<p>這一崩潰發生在拉斯維加斯金沙發布疲弱的財務結果後，該公司將其歸因於澳門業務。其來自澳門的 EBITDA 為 6.08 億美元，低於 6280 萬美元的中位數預期。此外，調整後的利潤率降至 28.29%，為十年來的最低水平。</p>
<p>主要原因是澳門競爭加劇，導致利潤空間受到擠壓，企業從高端玩家轉向大眾市場玩家。此外，中國繼續打擊 VIP 賭客。</p>
<p>在美聯儲公佈其利率決定後，恒生指數上漲，符合分析師的預期。</p>
<h2>恒生指數技術分析</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 股票圖表 | 來源：TradingView</em></p>
<p>周線圖顯示，恒生指數在過去幾年中反彈。從 2024 年 1 月的 14,825 美元低點躍升至當前的 28,000 美元。</p>
<p>該指數已突破關鍵阻力位 27,165 美元，否定了形成的雙頂形態，這是一種常見的看跌反轉信號。</p>
<p>它一直保持在 50 周和 100 周指數移動平均線（EMA）之上，表明多頭仍然掌控市場。該指數也一直高於超級趨勢指標。</p>
<p>因此，最可能的情況是，該指數可能會繼續上漲，多頭目標是下一個關鍵阻力位 30,000 美元。若跌破關鍵支撐位 27,164 美元，將否定看漲前景。</p>
<p>本文首發於 Invezz，標題為《推動恒生指數今日上漲的因素》。</p>

恆生指數

南方兩倍看空恆指

盈富基金

南方一倍看空恆指

南方恆指ETF

安碩恆生指數

南方兩倍看多恆指

<p>恒生指數飆升至 27,870 港元，為 2021 年 7 月以來的最高點，受益於對可能刺激中國房地產市場的措施的樂觀情緒，包括放寬 “三條紅線” 政策。房地產股票大幅上漲，而由於澳門業績令人失望，賭場股票則大幅下跌。該指數的技術分析顯示出看漲趨勢，預計將達到下一個阻力位 30,000 港元，除非跌破 27,164 港元，這將使看漲前景失效</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>恒生指數在週四繼續強勁上漲，投資者對中國的新發展表示歡呼，官員們正在考慮採取措施刺激房地產市場。該指數躍升至 27,870 港元，創下自 2021 年 7 月以來的最高水平，比 2022 年的低點上漲了 90%。</p>
</div><h2>China to Ease the “Three Red Lines” policy</h2>
<div class="lb-trans"><h2>中國將放寬 “三條紅線” 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>恒生指數持續上漲的一個主要催化劑是有報道稱，北京正在考慮結束導致恒大、碧桂園、佳兆業和幻想控股等公司崩潰的 “三條紅線” 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>根據彭博社的報道，開發商不再需要提交旨在控制其債務增長的指標。這三條紅線迫使公司提交負債與資產比率、淨負債比率和現金與短期債務比率的數據。</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>開發商需要保持負債與資產比率低於 70%，淨負債比率低於 100%，現金與短期債務比率至少為 1。這些措施的引入是為了確保中國房地產行業的健康。</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，房地產股票在週四成為漲幅最大的股票之一。龍湖集團的股票上漲超過 5%，而中國海外發展、中國資源地產和恆基地產的股票上漲超過 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>持續的上漲也推動銅價創下新高，投資者預期中國開發商的需求將恢復。</p>
</div><h2>Casino stocks slump after weak Macau results</h2>
<div class="lb-trans"><h2>澳門疲軟業績導致賭場股票下跌</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>房地產行業的上漲被賭場股票的大幅下跌所抵消。金沙股票暴跌 7.38%，而銀河娛樂下跌 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>這一崩潰發生在拉斯維加斯金沙發布疲弱的財務結果後，該公司將其歸因於澳門業務。其來自澳門的 EBITDA 為 6.08 億美元，低於 6280 萬美元的中位數預期。此外，調整後的利潤率降至 28.29%，為十年來的最低水平。</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>主要原因是澳門競爭加劇，導致利潤空間受到擠壓，企業從高端玩家轉向大眾市場玩家。此外，中國繼續打擊 VIP 賭客。</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>在美聯儲公佈其利率決定後，恒生指數上漲，符合分析師的預期。</p>
</div><h2>Hang Seng Index technical analysis</h2>
<div class="lb-trans"><h2>恒生指數技術分析</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 股票圖表 | 來源：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>周線圖顯示，恒生指數在過去幾年中反彈。從 2024 年 1 月的 14,825 美元低點躍升至當前的 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>該指數已突破關鍵阻力位 27,165 美元，否定了形成的雙頂形態，這是一種常見的看跌反轉信號。</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 周指數移動平均線（EMA）之上，表明多頭仍然掌控市場。該指數也一直高於超級趨勢指標。</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，最可能的情況是，該指數可能會繼續上漲，多頭目標是下一個關鍵阻力位 30,000 美元。若跌破關鍵支撐位 27,164 美元，將否定看漲前景。</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>本文首發於 Invezz，標題為《推動恒生指數今日上漲的因素》。</p>
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以下是推動恒生指數今日上漲的原因