2025 年 8 月 26 日 港股晨报 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 周一港股延续强势，收盘恒生指数涨 1.94%，报 25829.91 点，刷新阶段新高；恒生科技指数涨 3.14%，报 5825.09 点；恒生中国企业指数涨 1.85%，报 9248.0 点。市场成交额达 3696.98 亿 港元，较前一交易日显著放大。港股通成分股 中，东风集团股份(00489HK)大涨 54.1%，拟私有 化退市并分拆岚图汽车独立上市。 美股市场 1. 美股周一收跌。道指跌 349.27 点，跌幅为 0.77%，报 45282.47 点；纳指跌 47.24 点，跌幅 为 0.22%，报 21449.29 点；标普 500 指数跌 27.59 点，跌幅为 0.43%，报 ...

港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 流入 2.01 亿。板块方面，本地地产、软件、5G 概念板 块跌幅靠前；黄金股逆市走强。 上周五香港股市呈现强劲上涨态势，恒生指数收 盘上涨 0.93%，全周累计涨幅达到 0.27%。恒生科 技指数单日涨幅达到 2.71%，全周累计上涨 1.89%。半导体板块成为当日市场最大亮点，相关 个股集体走强。华虹半导体（1347HK)领涨，单日 涨幅超过 17%，成交额达到 40 亿港元，位列港股 第三位。中兴通讯(0763HK)紧随其后，涨幅超过 15%，成交额 22 亿港元。中芯国际(0981HK)作为 芯片制造龙头，涨幅超过 10%，成交额高达 84 亿 港元，位列所有港股成交额榜首。 1. 美联储主席鲍威尔在杰克逊霍尔发出鸽派政 ...

更新报告 伟仕佳杰（856.HK） 平安证券（香港）研究 2025 年 8 月 22 日 1H25 业绩略超预期， 东南亚及云计算增长动能强劲 | 百万港元 | 2022A | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 收入 | 77,324 | 73,891 | 89,086 | 100,439 | 111,996 | 124,007 | | 同比增长 | -1.3% | -4.4% | 20.6% | 12.7% | 11.5% | 10.7% | | 毛利 | 3,378 | 3,497 | 3,929 | 4,555 | 5,058 | 5,583 | | 毛利率 | 4.4% | 4.7% | 4.4% | 4.5% | 4.5% | 4.5% | | 净利润 | 823 | 922 | 1,052 | 1,281 | 1,440 | 1,617 | | 同比增长 | -37.4% | 12.0% | 14.1% | 21.8% | 12.4% | 12.3% | | 净 ...

Market Overview - The Hong Kong stock market showed a slight decline, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion, with net inflows of 484 million from the Hong Kong Stock Connect [1][5] - The US stock market also experienced weakness, with the Dow Jones down 0.3% and the S&P 500 down 0.4%, marking the fifth consecutive day of decline [2] Key Companies - China Biologic Products (1177HK) rose by 3.49% after its HER2 TKI drug received breakthrough therapy designation [1] - China Unicom (0762HK) increased by 3.39% [1] - NIO (NIO.US) and Xpeng Motors (XPEV.US) saw significant gains of 9.3% and 11.7% respectively, despite broader market weakness [2] Sector Performance - The semiconductor, communication, and artificial intelligence sectors in Hong Kong have shown renewed activity, with ZTE Corporation (0763HK) rising 28.6% since the latest recommendation on August 4 [3] - The report suggests continued focus on technology sectors such as artificial intelligence, robotics, and semiconductors, as well as new consumer sectors supported by policy [3] Investment Recommendations - The report recommends attention to companies in the technology sector, particularly those involved in AI and semiconductor production, as well as leading state-owned enterprises with low valuations and high dividends [3] - Specific mention of China Communications Services (0552HK) as a key player in digital infrastructure, with projected revenue growth of 15% and net profit growth of 0.64% for 2024 [10]

港股晨报 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 流入 2.01 亿。板块方面，本地地产、软件、5G 概念板 块跌幅靠前；黄金股逆市走强。 周三港股指数表现分化，收盘恒生指数涨 0.17% 报 25166 点，恒生科技指数跌 0.01%，恒生中国 企业指数涨 0.08%。大市成交 2852.86 亿港元。 南向资金大幅净卖出 146.82 亿港元。恒生指数成 分股中 45 只上涨，33 只下跌，其中舜宇光学科 技(2382HK)大涨 9.7%，上半年股东应占溢利同比 增长 52.56%；中芯国际(0981HK)上涨 3.4%，A 股 市场半导体板块午后强势反弹带动港股芯片股情 绪回暖。 美股市场 1. 受科技股普遍下跌影响，标普 500 指数连跌四 日，纳指亦录得连跌 ...

Market Overview - The Hong Kong stock market is currently characterized by low valuations and increasing trading activity under the "profit-making effect," maintaining a relatively optimistic outlook for the medium to long term [3] - In July, southbound capital inflows reached a new high of 135.6 billion HKD, with cumulative net inflows of 92 billion HKD in early August despite market fluctuations [3] - The report suggests continued focus on sectors such as artificial intelligence, robotics, semiconductors, and industrial software, as well as new consumption sectors supported by policy, including infant consumption, sports apparel, and IP film and animation [3] Stock Performance - The Hang Seng Index closed at 25,122.9 points, down 0.21%, while the Hang Seng Technology Index fell by 0.67% and the Hang Seng China Enterprises Index decreased by 0.3% [5] - The market turnover was 278.2 billion HKD, with significant net buying of 18.57 billion HKD from southbound funds [5] - Among the constituent stocks, 38 rose and 43 fell, with notable gains from Zhongsheng Holdings (0881HK) up 8.3% and China Resources Beer (0291HK) up 6.2% [5] Key Company Insights - China Communications Services (0552HK) is positioned as the largest telecommunications infrastructure service provider in China, with projected revenue growth of 0.93% and net profit growth of 0.64% for 2024 [10] - The company is expected to benefit from AI-driven industry developments, with new contract signings increasing by over 30% year-on-year [10] - The stock is currently undervalued, trading at approximately 8 times the expected 2022 earnings, with a price-to-book ratio of less than 0.8 [10] Economic Data - The report highlights macroeconomic indicators, including a 17.8% youth unemployment rate in July, the highest in 11 months, and a 18.4% year-on-year decline in vehicle purchase tax revenue [11] - The People's Bank of China is initiating a pilot program for "loan disclosure" to reduce financing costs for enterprises [11]

港股晨报 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 流入 2.01 亿。板块方面，本地地产、软件、5G 概念板 块跌幅靠前；黄金股逆市走强。 周一港股股指冲高回落，收盘恒生指数跌 0.37% 报 25177 点，恒生科技指数涨 0.65%，恒生中国 企业指数跌 0.06%。大市成交 3127.83 亿港元， 南向资金小幅净买入 14 亿港元。恒生指数成分股 中 31 只上涨，52 只下跌。京东健康大涨 8.4%， AI 及即时零售布局持续贡献业绩；阿里健康上涨 3.6%；中通快递上涨 3.1%。跌幅方面，康师傅控 股下跌 3.2%，龙湖集团下跌 3.0%。 资料来源:WIND 美股市场 1. 市场等待联储局主席鲍威尔周五的演讲以及 Walmart(WMT.US)等大型零 ...

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61%. The market turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1][3] - The US stock market showed mixed results, with the Nasdaq down 0.4% and the S&P 500 down 0.29%, while the Dow Jones increased by 0.08%. Major tech stocks had varied performances, with Tesla down 1.5% and Amazon up 0.47% [2][3] Investment Opportunities - The report highlights the potential for investment in sectors such as artificial intelligence, robotics, semiconductors, and industrial software, which are seen as new productivity drivers. Additionally, new consumption sectors supported by policy, such as infant consumption and sports apparel, are recommended for attention [3][9] - The report suggests focusing on state-owned enterprises with low valuations and high dividends, as well as technology companies benefiting from AI integration [3][9] Company Performance - Notable stock performances include Li Jin Technology, which surged by 46% due to its magnesium alloy humanoid robot project, and Hong Teng Precision, which rose by 33.3% after its stock price doubled within the month. Other companies like Jian Tao Laminated Board also saw significant increases [1][3] - In the US market, popular Chinese stocks mostly rose, with NIO increasing over 7% and Bilibili and Pinduoduo also showing gains. However, Alibaba and TSMC ADRs fell nearly 1% [2][3] Economic Data - China's industrial electricity generation in July reached 926.7 billion kWh, a year-on-year increase of 3.1%, with significant growth in wind and solar power generation [9][11] - The report notes that the first seven months of 2023 saw a 12% year-on-year decline in real estate development investment, indicating ongoing challenges in the sector [11]

Market Overview - The Hong Kong stock market showed a decline, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1][5] - The market turnover decreased to 82.799 billion, with net inflows of 484 million from the Stock Connect [1][5] - The US stock market remained stable despite previous inflation concerns, with the Dow Jones down 11 points, the S&P 500 up 1 point, and the Nasdaq down 2 points [2] Market Outlook - The report emphasizes that the Hong Kong market has advantages such as low valuations and increasing trading activity under the "profit-making effect," maintaining a relatively optimistic medium to long-term outlook [3] - Significant inflows of southbound funds were noted, with a total of 135.6 billion HKD in July, marking a recent high, and continued inflows in early August totaling 36.2 billion HKD [3] - Investment opportunities are highlighted in sectors such as artificial intelligence, robotics, semiconductors, and industrial software, as well as new consumption sectors supported by policy [3] Key Company Performances - Notable stock performances include Li Ning (2331HK) up 5.88% and Tingyi (0322HK) up 3.06% among the Hang Seng Index constituents [1][5] - In the technology sector, Huahong Semiconductor (1347HK) rose 3.04%, and Horizon Robotics (9660HK) increased by 2.44% [1][5] Economic Data - The US inflation rate for July remained steady at 2.7%, slightly below the forecast of 2.8% [2] - The report indicates a positive trend in investment sentiment, with the Stoxx 600 index in Europe rising for three consecutive days [11]

Market Overview - The Hong Kong stock market showed volatility, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61%, and the Hang Seng China Enterprises Index down 47 points or 0.49% [1] - The market experienced a significant rally on Wednesday, with the Hang Seng Index rising 2.58% to 25,613.67 points, approaching previous highs, and the Hang Seng Technology Index increasing by 3.52%, marking the largest gain in three months [1][3] - The total market turnover decreased to 827.99 billion, with net inflows of 4.84 billion from the Stock Connect [1] Investment Opportunities - The report emphasizes the continued attractiveness of Hong Kong stocks, particularly those related to artificial intelligence, robotics, semiconductors, and industrial software, as well as new consumption sectors supported by policy [3] - The report highlights the strong performance of the IPO market in Hong Kong, with 53 new listings in the first seven months, raising approximately 127 billion HKD, which is more than six times the previous year [9] - The report suggests focusing on companies with low valuations and high dividends, particularly state-owned enterprises, and those benefiting from AI integration [3] Company Performance - Tencent Music saw a significant increase of 15.6%, while Bilibili and Hua Hong Semiconductor rose by 7.4% and 5.9%, respectively, indicating strong performance among technology stocks [1] - In the U.S. market, major indices like the Dow Jones and S&P 500 reached new highs, with the Dow rising 463 points or 1% to 44,922 points, driven by expectations of interest rate cuts [2] - AMD shares increased by 5.4%, while Amazon and Nvidia saw slight declines, reflecting mixed performance in the tech sector [2] Economic Indicators - The report notes that Hong Kong's capital market has shown resilience, with significant inflows from mainland investors, totaling over 9,100 billion HKD this year, setting a historical record [11] - The report also mentions that the first seven months of social financing in mainland China reached 23.99 trillion RMB, slightly below market expectations [11]