## 5月23日港股盤前摘要與分析

**一、昨日恒指收市價與美國ADR表現**

– 恆生指數5月22日收報23,345.05點，跌281點，連續數日於十天線附近尋找支持，整體走勢偏弱[1][5]。
– 主要港股ADR（美國預託證券）隔夜表現偏軟，部分重磅股如匯控（00005.HK）ADR較港股收市價下跌約0.3%，中華煤氣、銀河娛樂等亦錄得跌幅，僅個別如新鴻基地產、恆基地產ADR微升，預示今日港股或將低開，整體氣氛偏審慎[2]。

**二、即時期指與夜期走勢**

– 夜期（5月合約）最新報23,458點，較現貨低水約86點，反映市場對今日開市走勢偏淡[1][5]。
– 期貨成交量活躍，未平倉合約總數約107,825張，未平倉淨數38,374張，顯示市場觀望氣氛濃厚[4][5]。

**三、牛熊證重貨區分佈**

– 牛熊證街貨分佈顯示，23,900至24,099點區間熊證街貨量大，23,700至23,999點亦有明顯熊證重貨，反映上方壓力較大。
– 牛證重貨主要集中於22,700至22,999點，若恒指下試此區，或有技術反彈支持[3]。

**四、美國債息走向**

– 美國長年期國債息率（20年、30年）已升穿5.1%，創近期新高，反映市場對美國經濟前景及通脹預期仍有疑慮[6]。
– 債息高企通常對環球資產（包括新興市場及港股）構成壓力，資金或持續流向美國債市，短線對港股估值及流動性不利[6]。

## 綜合分析與今日展望

– 港股今日開市料受壓，受制於美國債息高企、ADR普遍偏軟及夜期低水等因素，短線或續於23,300點至23,600點之間橫行。
– 技術上，若恒指失守23,300點，需留意下方牛證重貨區（22,700-23,000點）能否提供支持，否則或有進一步調整壓力[3]。
– 上方24,000點以上熊證重貨區壓力明顯，短期除非有政策或宏觀利好消息，恒指難以突破。
– 投資者宜密切關注美國債息變化及外圍宏觀消息，短線操作宜審慎，嚴控風險。

**總結**：今日港股預期低開後維持震盪，短線受制於外圍債息高企及技術壓力位，建議關注23,300點支持及23,900點上方阻力[1][3][6]。

Citations:
[1] https://www.etnet.com.hk/www/tc/futures/index.php
[2] http://www.aastocks.com/tc/usq/quote/adr.aspx
[3] https://www.bocifp.com/tc/cbbc/cbbc-hsi-os
[4] http://www.aastocks.com/tc/stocks/market/bmpfutures.aspx
[5] https://www.etnet.com.hk/www/tc/futures/index.php?month=202502&subtype=HSI
[6] https://www.cnbc.com/2025/05/22/us-treasury-yields-where-investors-are-putting-their-money.html
[7] https://vocus.cc/article/682b54a0fd8978000161531e
[8] https://hkstockwiki.com
[9] https://inews.hket.com/article/3952433/%E6%B8%AF%E8%82%A1%E5%A4%9C%E6%9C%9F-ADR-%E5%8C%97%E6%B0%B4%EF%BD%9C%E5%B0%8F%E9%B5%AC%E7%BE%8E%E8%82%A1%E9%AB%98%E6%B8%AF12-%E3%80%80%E5%A4%9C%E6%9C%9F%E6%94%B6%E5%B8%82%E8%B7%8C143%E9%BB%9E%EF%BC%88%E4%B8%8D%E6%96%B7%E6%9B%B4%E6%96%B0%EF%BC%89?mtc=20023
[10] https://hk.investing.com/news/stock-market-news/article-942000
[11] https://ycharts.com/indicators/5_year_treasury_rate
[12] https://news.cnyes.com/news/id/5988615
[13] https://hk.finance.yahoo.com/news/%E7%BE%8E%E5%82%B5%E6%AE%96%E5%88%A9%E7%8E%87%E9%A3%86%E7%A0%B44-5-%E4%B8%AD%E4%BF%A1%E6%8A%95%E4%BF%A1-2025%E9%87%91%E8%9E%8D%E6%A5%AD%E8%BF%8E%E9%BB%83%E9%87%91%E6%9C%9F-023757500.html
[14] https://hk.finance.yahoo.com/quote/%5EHSI/history/
[15] https://hk.investing.com/indices/hang-sen-40-historical-data
[16] https://hk.finance.yahoo.com/quote/%5EHSI/
[17] http://www.aastocks.com/tc/stocks/market/index/hk-index-con.aspx
[18] https://hk.investing.com/indices/hang-sen-40
[19] https://finance.yahoo.com/quote/%5EHSI/history/
[20] https://www.moomoo.com/hant/stock/.HSIADR-US
[21] https://www.jpmhkwarrants.com/zh_hk/market-statistics/adr
[22] https://hk.warrants.com/tc/cbbc/outstanding-distribution
[23] https://www.bnppwarrant.com/tc/cbbc/outstanding-distribution
[24] https://www.jpmhkwarrants.com/zh_hk/cbbc/cbbc-outstanding/
[25] https://www.gswarrants.com.hk/tc/market/hsi-cbbc-outstanding-distribution
[26] https://www.citicswarrants.com/tc/cbbc/os-map
[27] https://www.iop-target.org/blank/%E9%81%A0%E9%9B%84-(5522)-%E5%85%83%E5%A4%A7%E5%88%B8%E5%95%86%E5%88%86%E9%BB%9E%E5%80%8B%E8%82%A1%E9%80%B2%E5%87%BA
[28] https://www.youtube.com/watch?v=jDoJwW9TdTc
[29] https://cn.investing.com/rates-bonds/u.s.-10-year-bond-yield
[30] https://www.youtube.com/watch?v=A5nPt621Wdc
[31] https://www.youtube.com/watch?v=Tuvog5_tAFc
[32] https://seekingalpha.com/symbol/HSI/historical-price-quotes
[33] https://markets.financialcontent.com/stocks/quote/historical?Symbol=IX%3AHSI
[34] https://www.sl886.com/adr
[35] https://hk.warrants.com/tc/stock/chart/code/HSI
[36] http://www.aastocks.com/en/usq/quote/adr.aspx
[37] https://www.investing.com/news/stock-market-news/us-stocks-mixed-at-close-of-trade-dow-jones-industrial-average-down-000-4060724
[38] http://www.aastocks.com/sc/usq/quote/adr.aspx
[39] https://www.marketwatch.com/investing/stock/nvo
[40] https://warrants.ubs.com/tc/cbbc/index-cbbc-outstanding
[41] https://www.citiwarrants.com/tc/cbbc/cbbc-outstanding
[42] https://warrants.ubs.com/tc/cbbc/stock-cbbc-outstanding
[43] https://www.setn.com/m/news.aspx?newsid=1660550
[44] https://m.cnyes.com/news/id/5990369
[45] https://www.ig.com/cn/indices/markets-indices/hong-kong-hs42
[46] https://hk.investing.com/indices/hong-kong-40-futures
[47] https://vocus.cc/article/680413fafd897800016547dd
[48] https://www.advisorperspectives.com/dshort/updates/2025/05/16/treasury-yields-snapshot-may-16-2025

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來自 Perplexity 的回答: https://www.perplexity.ai/search/gen-ju-1-zuo-ri-xiang-gang-hsi-xf_vsLRDQLWR1EGV_pVB6g?utm_source=copy_output