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。 上周港股市场经历较大幅波动之后，随着上周五 股指的强势反弹，整周港股三大指数均有收涨。 全周恒生指数累计上涨 1.36%，报 25418 点；科 技指数累计上涨 0.23%，报 5687 点；国企指数累 计上涨 1.22%，报 9057 点。从全周表现来看，医 药和新能源相关个股涨幅居前。2025 年世界肺癌 大会定于 9 月 6 日至 9 日召开，市场预期多家中 国药企将发布积极的临床数据。 美股市场 1. 美国 8 月新增非农就业 2.2 万远低预期，引发市 场对经济放缓的担忧高於减息的憧憬，美股周五 高开低走。三大股指早段均 ...

Market Overview - The Hong Kong stock market experienced 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 HKD, with net inflows of 484 million HKD from the southbound trading [1][5] - The US stock market saw all three major indices rise, with the Dow Jones up 0.77% and the S&P 500 Index reaching a new high for the year [2] Investment Opportunities - The report highlights the continued inflow of southbound funds into the Hong Kong market, totaling 1,006.4 billion HKD year-to-date, surpassing last year's total of 807.9 billion HKD [3] - There is a focus on "scarcity" new consumer stocks in sectors such as cosmetics, leisure goods, and technology, which cater to the diverse investment needs of mainland investors [3] - Recommended sectors for investment include technology (AI, robotics, semiconductors), new consumption (infant products, sports apparel), and state-owned enterprises with low valuations and high dividends [3] Company Spotlight - The report recommends China International Marine Containers (CIMC) (3899HK), which has a strong position in clean energy, chemical environment, and liquid food sectors, with a leading market share in various equipment [10] - CIMC reported a total revenue of 76.1 billion HKD for the first half of 2025, a decrease of 4% year-on-year, while net profit increased by 48% to 1.28 billion HKD [10] - The company is considered undervalued with a PE ratio around 10 times the expected earnings, suggesting a positive outlook for investors [10] Industry Insights - The Chinese government has released policies to boost the sports industry, aiming for a total scale exceeding 7 trillion RMB by 2030, which presents opportunities for leading sports apparel companies like Li Ning (2331HK) and 361 Degrees (1361HK) [9] - The Ministry of Industry and Information Technology has announced plans for the electronic information manufacturing industry, targeting an average growth rate of 7% for the computer and communication sectors from 2025 to 2026 [9]

港股晨报 周三港股大市成交 2676.47 亿港元，南向资金净 买入 55.08 亿港元。南向资金今年年初以来已累 计净流入 10057 亿港元，已大幅超越去年全年的 8079 亿港元。南向资金大幅净流入的背后，是全 球资本"再平衡"的逻辑调整。今年以来，港股 市场出现了不少"稀缺性"新消费标的，分布于 美妆饰品、休闲商品等板块；还有科技股、高息 股等，满足了内地投资者多样化的配置需求。 以中国资产为核心的港股配置价值仍然凸显，建 议继续关注：1)人工智能、机器人、半导体、工 业软件等新质生产力等科技板块；2)政策加力支 持的婴幼消费、体育服饰及 IP 影视动漫等新消费 板块；3)仍属较低估值和较高股息的各细分行业 的央国企龙头公司板块；4）受益于"人工智能 +"赋能的科网板块及各行业龙头公司。 2025 年 9 月 4 日 | 五震荡走低，险守二十天线。恒指随外围低开 132 | | | | | 港股回顾 | | --- | --- | --- | --- | --- | --- | | 周三港股指数继续小幅下跌，收盘恒生指数报 点，跌幅随即扩大至 点，低见 点，其后跌幅 247 23730 | | | | ...

Market Overview - The Hong Kong stock market experienced 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 HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1][5] - The US stock market also saw a collective drop, with the Dow Jones down 0.55%, S&P 500 down 0.69%, and Nasdaq down 0.82% [2] Sector Performance - In the Hong Kong market, local real estate, software, and 5G concept sectors faced the largest declines, while gold stocks performed well [1] - In the US market, large tech stocks generally fell, with Nvidia down nearly 2% and Amazon, Apple, and Tesla down over 1% [2] - The semiconductor sector also struggled, with the Philadelphia Semiconductor Index down 1.12% [2] Investment Opportunities - The report highlights significant growth in the raw materials sector, with an index increase of 24.3% in August, leading to recommendations for companies in copper mining such as China Nonferrous Mining (1258HK) and Luoyang Molybdenum (3993HK), which have seen cumulative gains of 134% and 109% respectively [3] - There is a strong emphasis on the continued investment potential in Hong Kong stocks, particularly in sectors like artificial intelligence, robotics, semiconductors, and industrial software [3] - The report suggests focusing on policy-supported sectors such as infant consumption, sports apparel, and IP film and animation, as well as state-owned enterprises with low valuations and high dividends [3] Commodity Insights - Gold futures for December rose by 2.42% to 3,601.00 USD per ounce, with spot gold increasing by 1.72% to 3,536.03 USD per ounce, reaching a historical high [9] - The report recommends attention to gold mining companies like China Gold International (2099HK) and Shandong Gold (1787HK) due to the strategic asset nature of gold amid global uncertainties [9] - Oil prices also saw an increase, with WTI crude oil futures rising by 1.58 USD to 65.59 USD per barrel, and Brent crude oil futures up by 0.99 USD to 69.14 USD per barrel [9] Company Highlights - The report mentions Tencent (00700.HK) repurchasing 913,000 shares for 550 million HKD and launching industry-first 3D reconstruction models [12] - Alibaba (09988.HK) introduced an intelligent agent development framework, indicating ongoing innovation in the tech sector [12] - NIO (09866.HK) plans to launch three new SUV models next year, despite reporting a significant net loss in Q2 [12]

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。 晨报坚持建议积极布局港股，周一港股股指全线 上涨。收盘恒生指数涨 2.15%报 25617.42 点，恒 生科技指数涨 2.2%，恒生中国企业指数涨 1.95%。大市成交 3802.31 亿港元，南向资金净买 入 119.42 亿港元。医药股大幅反弹，微创医疗涨 超 20%，药明生物、药明康德涨 8%；科网股表现 抢眼，阿里巴巴大涨近 19%，中芯国际涨近 5%； 黄金股集体爆发，紫金矿业涨近 8%创新高。 港股晨报 港股回顾 周一美股因假日休市。 市场展望 1. 8 月份原材料业指数涨幅高达 24.3%，位列十二个 行业指数表现之首，9 月的第一个 ...

Stock Market Performance - In August 2025, global stock markets experienced a broad rally, with the CSI 300 index rising over 10%[4] - The Hang Seng Tech index, Nikkei 225, and Dow Jones increased by 4.1%, 4.0%, and 3.2% respectively, while the KOSPI and DAX fell by 1.8% and 0.7%[4] Hong Kong Stock Sector Performance - The Hang Seng industry indices showed a majority of sectors rising, with the materials sector surging by 24.3%, followed by information technology and industrial sectors with increases of 7.5% and 4.5% respectively[8] - Conversely, the composite and utilities sectors declined by 2.5% and 1.8% respectively[8] IPO and Financing Overview - In August 2025, the Hong Kong IPO market saw 5 new listings, raising approximately HKD 52.9 million, primarily in the TMT and pharmaceutical sectors[13] - The first-day performance of new stocks was strong, with three stocks doubling in value[13] - A total of 56 companies announced share placements, expected to raise around HKD 204.9 billion, mainly in the pharmaceutical, TMT, and energy sectors[13] Macro Economic Insights - The U.S. job market showed significant pressure in August, with initial jobless claims rising to 235,000, the highest since June, indicating increasing unemployment challenges[14] - The Federal Reserve's Jackson Hole meeting indicated a shift towards a more dovish stance, with market expectations for at least two rate cuts by the end of the year[14] Domestic Economic Policies - China is focusing on strengthening domestic circulation, with significant infrastructure projects and financial support to stabilize the economy[16] - The relaxation of merger loan financing aims to support active mergers and acquisitions, enhancing industrial upgrades[16] Market Outlook - The outlook for the Hong Kong market remains positive, with three key investment themes: technology growth sectors (AI, internet, semiconductors), improving industry sectors (new energy, building materials), and stable dividend assets[18]

美股市场 块跌幅靠前；黄金股逆市走强。 1. 美联储关注的核心 PCE 物价指数 7 月上升 2.9%符 预期，投资者在美国劳动节长周末前先行获利， 美股周五下跌。英伟达(NVDA.US)股价续跌 3.4%，此前有报道阿里巴巴(BABA.US)开发出更先 进晶片，以应对美国出口限制。阿里巴巴亦同时 公布业绩，加上 AI 推动其云端运算业务加速发 展，其美股 ADR 大涨 13%。卡特彼勒(CAT.US)警 告关税将带来 15 亿至 18 亿美元冲击，股价收跌 3.7%；戴尔(DELL.US)第三季获利前景疲软，股价 跌 9%。特斯拉(TSLA.US)正式就 Autopilot 致命 碰撞事故判决提出上诉，该股跌 3.5%。以整个 8 月计，标普 500 指数升近 2%，为连续第四个月录 升。道指累积上涨逾 3%，纳指亦升逾 1%。 市场展望 8 月份原材料业指数涨幅高达 24.3%，位列十二个 行业指数表现之首。晨报于 4 月 23 号推荐的铜矿 龙头公司中国有色矿业（01258HK)已累涨 119%。 半导体及通信等科技板块在 8 月亦有良好表现， 华虹半导体（1347HK)8 月份单月大涨 32.5%。另 ...

Investment Rating - The report does not provide a specific investment rating for the company [5] Core Views - The company, Tiangong International, reported a steady performance in 1H25, with revenue decreasing by 7.1% year-on-year to RMB 2.34 billion, primarily due to overseas export business disruptions and the impact of tariffs [2] - Despite the revenue decline, the net profit attributable to shareholders increased by 10.4% year-on-year to RMB 200 million, with a net profit margin improvement of 1 percentage point [2] - The company is focusing on high-end manufacturing through powder metallurgy technology, which is expected to drive future growth [8] Financial Performance Summary - Revenue for 1H25 was RMB 2.34 billion, down from RMB 2.52 billion in 1H24 [9] - Gross profit margin decreased by 3.2 percentage points, attributed to a higher sales proportion of lower-margin titanium alloy products [2] - The company’s main revenue sources include tool steel, high-speed steel, cutting tools, and titanium alloy, with tool steel accounting for approximately 66.1% of total revenue [8] Business Segment Performance - Tool steel revenue was RMB 1.15 billion, high-speed steel revenue was RMB 390 million, cutting tools revenue was RMB 400 million, and titanium alloy revenue was RMB 350 million [8] - Domestic revenue for tool steel grew by 4.7% year-on-year and 21% quarter-on-quarter, while high-speed steel domestic revenue increased by 14.1% year-on-year and 33.7% quarter-on-quarter [8] Strategic Developments - The company has signed a strategic cooperation framework agreement with Heng Erda, expecting to supply at least 100 tons of powder high-speed steel annually starting in 2026 [8] - The company is innovating in high-nitrogen steel production, which has applications in humanoid robots and other fields, with successful deliveries to partners [8] - Plans are in place to develop key materials for nuclear fusion, with significant market potential identified [8]

Market Overview - The Hong Kong stock market experienced a collective decline, with the Hang Seng Index closing down 145 points or 0.61% at 23831 points, and the Hang Seng Technology Index down 0.94% [1][5] - The US stock market saw gains, with the S&P 500 Index surpassing 6500 points for the first time, closing up 20.46 points or 0.32% at 6501.86 points [2][5] Sector Performance - In the Hong Kong market, the healthcare sector fell by 1.8%, accumulating a decline of over 6% in two trading days. The report suggests excluding the pharmaceutical sector from strategic allocations, while semiconductor and technology sectors remain recommended [3][5] - The semiconductor and AI sectors showed strong performance, with companies like SMIC (0981HK) and Hua Hong Semiconductor (1347HK) rising over 10% and 8% respectively [1][5] Investment Recommendations - The report highlights the continued investment value in Hong Kong stocks centered around Chinese assets, recommending focus on sectors such as artificial intelligence, robotics, semiconductors, and industrial software [3][5] - New consumption sectors supported by policy, such as infant consumption, sports apparel, and IP film and animation, are also recommended for attention [3][5] Company Highlights - China Unicom (0762HK) reported a 4.3% year-on-year increase in smart network business revenue, reaching 45.4 billion yuan, with cloud revenue growing by 18.6% [10] - Tencent (00700.HK) repurchased 927,000 shares at a cost of approximately 550 million HKD [11] Recent IPOs - The report notes the debut of Jiaxin International Resources (3858HK), which saw a significant increase of over 177% on its first trading day [1][5]

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。 周三港股震荡下跌，收盘恒生指数跌 1.27%报 25201.76 点，恒生科技指数跌 1.47%，恒生中国 企业指数跌 1.4%。大市成交 3713.76 亿港元，南 向资金大举净流入达 153.71 亿港元。涨幅方面， 商汤（0020HK)上涨 8.9%，国务院印发"人工智 能+"行动意见推动 AI 概念股走强；半导体等科 技板块保持强势表现，上海复旦(1385HK)盘中大 涨收盘上涨 3.3%。 1. 美股周三表现各异，投资者聚焦於晶片龙头英伟 达(NVDA.US)收市後即将公布的季度业绩。以科技 股为主的纳指全日升 0.2% ...