港股盤前資訊摘要分析 (2025年7月2日 09:20 HKT)

1. 恒生指數前收市價

恒生指數於6月30日收市報24,072.28點，較前一交易日下跌211.87點或0.87%12。在該日交易中，恒指開市於24,274.91點，盤中最高達24,274.91點，最低見24,064.26點，全日成交額約2,422.34億港元13。恒指於上半年累積上升約4,012點或20%，反映港股於2025年上半年表現強勁2。

2. 美國HSI ADR收市價

美國相關的港股ADR表現正面，為港股復市後提供支撐。根據最新數據，主要港股ADR表現如下：

• 小米ADR較港股收市價高1.7%，折算港元為60.95元45
• 阿里巴巴美股較港股收市價高1.8%，折算港元為111.81元45
• 美團ADR較港股收市價高1.1%，折算港元為126.72元45
• 騰訊ADR較港股收市價高0.6%，折算港元為506.24元4
• 匯豐ADR較港股收市價低0.4%，折算港元為94.61元4

整體ADR較港股收市價累積高水162點45，反映海外市場對港股的正面情緒。

3. 牛熊證重貨區分佈

根據中銀國際最新的恒指牛熊證街貨分佈圖顯示，目前牛熊證比例為31.6%牛證對68.4%熊證6。主要重貨區集中於以下價位：

牛證重貨區：

• 24,500-24,599點：725張相對期指對沖張數，較前日增加409張6
• 24,600-24,699點：605張，較前日增加152張6
• 23,700-23,799點：1,316張，較前日減少129張6

熊證重貨區：

• 25,000-25,099點：332張相對期指對沖張數，較前日減少85張6
• 24,800-24,899點：352張，較前日減少10張6
• 24,700-24,799點：421張，較前日減少38張6

重貨區主要集中在24,500-24,700點之間，反映投資者對該區域的高度關注6。

4. 恒指期貨即時價格

恒指期貨夜市於7月1日收報24,170點，較前收市價上升86點或0.357%，高水98點78。7月合約未平倉合約總數為115,335張，較前日減少8,199張8。恒指期貨顯示市場對港股復市後的表現持審慎樂觀態度910。

5. 美國債息走向

美國10年期國債收益率於最新交易日報4.244%，較前一交易日的4.249%輕微下跌0.005個百分點11。本周美國債息呈現下跌趨勢，下降約2.16%1213，反映市場對美國經濟前景及聯儲局政策的預期有所調整。債息下跌通常對股市構成支撐，可能有利港股表現。

AASTOCK香港股票7200、7500價格走勢

• 7200 (FL二南方恆指): 作為恒指2倍槓桿ETF，現價約4.060港元，較前收市價下跌0.008港元或0.2%14。該產品年初至今累積上升33.38%，反映港股今年表現強勁14。
• 7500 (FI二南方恆指): 作為恒指2倍反向ETF，現價約3.642港元，較前收市價上升0.002港元或0.05%15。該產品年初至今下跌41.38%，與港股上升趨勢相反15。

港股開市前競價時段重要資訊

港股開市前競價時段於上午9:00-9:30進行，分為四個階段161718：

• 9:00-9:15：輸入買賣盤時段，可輸入競價盤及競價限價盤
• 9:15-9:20：不可取消時段，只能輸入新盤，不可修改或取消
• 9:20-9:22：隨機對盤時段
• 9:22-9:30：暫停時段

市場展望

綜合各項指標分析，港股在七一假期後復市面臨以下因素：

1. 正面因素：ADR高水162點、恒指期貨高水98點、美債息下跌
2. 關注因素：港匯觸及7.85弱方保證，金管局承接200億港元沽盤4
3. 技術面：牛熊證重貨區顯示24,500-24,700點為關鍵阻力支撐位

市場預期港股開市可能受正面因素推動，但需留意港匯弱勢及外圍變化對走勢的影響。

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