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港股衍生品一周市场观察2026.5.4

香港智远权证网2026年5月4日 00:00
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1、一周市场概况

4月30日当周,香港恒生指数全周累计跌0.78%,收报25776.53点,市场整体呈现权重板块承压、个股结构性分化显著的运行特征。当周港股走势受内外多重因素博弈主导:4月28日内地中央政治局会议释放稳定和增强资本市场信心、全面实施“人工智能+”战略的重磅利好,推动指数4月29日单日大涨1.68%,收复前两日失地;但美联储4月FOMC会议出现1992年以来最大投票分歧,鹰派隐忧升温,叠加五一长假临近引发的节前获利了结与避险情绪,指数4月30日大跌1.28%回吐全周涨幅。一季报披露期内,比亚迪、腾讯控股等核心权重股走弱直接拖累指数,仅南向资金收官日逆势净买入121.58亿港元形成局部托底,最终指数全周录得下跌。

外围市场方面,上周美股三大指数收涨,道指累计涨0.55%,纳指涨1.12%,标普500指数涨0.91%,市场呈现科技成长领涨、整体震荡上行的分化格局。当周行情由多重利好共振驱动:4月29日美联储FOMC会议如期维持基准利率不变,鲍威尔表态打消市场年内加息担忧,流动性环境保持平稳;美股一季报披露进入高峰期,谷歌、微软等万亿科技巨头AI相关业务业绩超预期,超八成已披露的标普500成分股盈利好于市场预期;叠加美国一季度经济、就业数据凸显韧性,软着陆预期升温,地缘扰动缓和对冲了节前避险情绪。最终纳指受益科技主线领涨,道指受传统蓝筹表现分化拖累涨幅相对温和。

A股三大指数全线收涨,上证指数累计涨0.79%,深指涨1.12%,创业板指涨0.26%。市场整体呈现先抑后扬、权重与成长板块共振修复的运行格局。当周行情核心驱动来自4月28日中央政治局会议的重磅政策定调,会议首次将“稳定和增强资本市场信心”纳入重点工作框架,同步明确全面实施“人工智能+”国家战略,彻底夯实市场政策底。叠加央行超额续作MLF保障节前流动性充裕、一线城市地产调控优化与工业AI赋能政策密集落地、A股一季报业绩集中兑现、美联储4月议息会议如期按兵不动弱化外围扰动,内外资形成做多合力,仅创业板指受部分新能源权重板块涨幅拖累,涨幅相对温和。

2、恒指牛熊证资金流

过去5日,恒指牛证合计约4797万港元资金净流入;恒指熊证则合计约545万港元资金净流出。街货分布方面,恒指牛证街货占比约62.5%,分布在收回价25500点至25800点之间,累计相当约2243张期指合约;恒指熊证街货在收回26000点至26400点之间,累计相当约1850张期指合约。

3、轮证一周资金流

好仓(认购证及牛证)方面,过去5日,腾讯相关好仓录得约1.65亿港元资金净流入,为最大资金流入标的,宁德时代、阿里巴巴及小米集团等相关好仓也分别约3679万、3204万以及2088万港元资金净流入部署;中海油、友邦以及中国平安等相关好仓则分别约915万、820万及509万港元资金净流出套现。

淡仓(认沽证及熊证)方面,近5日合计,中芯国际、华虹半导体及泡泡玛特等相关淡仓分别约1394万、1037万及851万港元资金净流入部署;宁德时代、京东及吉利等相关淡仓则分别约329万、189万以及152万港元资金净流出。

 

备注:本文所注图表数据等主要参考法兴、瑞通、瑞信、麦格理等香港窝轮商网站。本文不作为投资建议,所有数据仅供参考。本文著作权乃归作者所有,任何商业转载需获作者授权,非商业转载请注明出处。

免责声明:本网站提供的信息仅供教育和参考之用,不应视为财务或投资建议。

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