from PyQt4.QtCore import *
from PyQt4.QtGui import *
import sys

class HTMLDelegate(QStyledItemDelegate):
    def __init__(self, parent=None):
        super(HTMLDelegate, self).__init__(parent)
        self.doc = QTextDocument(self)

    def paint(self, painter, option, index):
        painter.save()

        options = QStyleOptionViewItemV4(option)
        self.initStyleOption(options, index)

        self.doc.setHtml(options.text)
        options.text = ""

        style = QApplication.style() if options.widget is None \
            else options.widget.style()
        style.drawControl(QStyle.CE_ItemViewItem, options, painter)

        ctx = QAbstractTextDocumentLayout.PaintContext()

        if option.state & QStyle.State_Selected:
            ctx.palette.setColor(QPalette.Text, option.palette.color(
                                 QPalette.Active, QPalette.HighlightedText))

        textRect = style.subElementRect(QStyle.SE_ItemViewItemText, options)
        painter.translate(textRect.topLeft())
        self.doc.documentLayout().draw(painter, ctx)

        painter.restore()

    def sizeHint(self, option, index):
        return QSize(self.doc.idealWidth(), self.doc.size().height())

if __name__ == '__main__':
    app = QApplication(sys.argv)
    data = ['1','2','3','4','<b>5</b>','6','7','8','9']
    main_list = QListView()
    main_list.setItemDelegate(HTMLDelegate())
    main_list.setModel(QStringListModel(data))
    main_list.show()
    sys.exit(app.exec_())