個股推介 零跑汽車 (9863) 64.60 元 / 短線目標價：73.00 元 /16.4%潛在升幅 催化劑：i) 早前中國汽車協會及工信部等先後發聲，支持行業公平競 爭，健康發展，預期業內價格戰或有所緩和； ii) 隨著新款 C11 及 B11 爬坡上量，有利集團 2H25 業績持續提升； iii) 集團與 Stellantis 以及國內汽車巨頭中國一汽，形成「國際+國內雙 巨頭」的戰略合作格局，當中與一汽將在零部件採購方面率先落地合 作，管理層表示就雙方於資本市場合作的探討仍在進行中，我們認為後 續其深化合作計劃為股價潛在催化劑； 估值：市場預期集團 FY24-27E 收入複合增長(CAGR)加快至 60%，現 價對應 FY26E 0.8x 預測市銷率(P/S)，估值較其上市至今均值低 1 個 標準差，同時較小鵬(9868-W)等同業平均估值折讓 27%；隨著新車銷 售持續爬坡，帶動規模效益及盈利能力逐步提升，公司估值續可獲向上 重估； 市場回顧 中港股市短期展望 恒指受制 26,000 點：中美雙方同意延長 5 月中旬達成的 90 天關稅休 戰協議，同時美國與更多國家達成協議，關稅戰局勢緩和。另外，聯 ...

每日港股評析 港股早晨快訊 2025 年 9 月 9 日星期二 2012-01- 17 外圍市況展望 美國聯儲局7月一如預期維持利率不變，議息聲明指出上半年經濟活動 增長有所放緩，經濟狀況的不確定性仍然很高，但勞動力市場仍然穩固， 通脹續處於高位。其後，主席鮑威爾在全球央行年會上發言，表示就業 與物價穩定的風險平衡似乎正在改變，聯儲局可能調整政策立場。8月非 農職位增長遠低於預期，市場預期聯儲局將於9月減息0.25厘，今年餘下 兩次會議亦各減息0.25厘。美國正與多國進行貿易談判，部分國家取得 進展，惟需時敲定最終協議，過程仍存變數。貿易戰拖慢原油需求增長， OPEC+增加供應，料限制國際油價上行空間。 市場回顧 中港股市短期展望 恒指受制 26,000 點：中美雙方同意延長 5 月中旬達成的 90 天關稅休戰 協議，同時美國與更多國家達成協議，關稅戰局勢緩和。另外，聯儲局主 席鮑威爾在全球央行年會上表示，風險平衡轉變可能需要調整政策立場， 減息預期升溫。另一邊廂，內地上半年經濟較預期中平穩，現階段加推經 濟刺激方案的意願不大，企業盈利改善有限。港股大市成交活躍，風險偏 好尚算積極，資金於不同板塊輪動。預期大 ...

Market Overview - The Hang Seng Index is facing resistance at 26,000 points, with recent developments indicating a temporary easing in the US-China trade war and a potential shift in the Federal Reserve's policy stance towards interest rate cuts [2][4][6] - The overall market sentiment remains active, with capital rotating across different sectors, and the expectation is for the market to continue consolidating at high levels [2][4] Company Specifics - New World Development (0016) reported a 0.5% increase in its annual underlying profit, maintaining a dividend of 2.8 HKD [4] - Alibaba (9988) initiated an offer to exchange its outstanding senior notes, involving a total of 2.65 billion USD [4] Economic Indicators - The US Federal Reserve maintained interest rates in July, with expectations of two rate cuts totaling 0.5% by the end of the year, reflecting a cautious approach towards future inflation uncertainties [4][8] - The People's Bank of China conducted a 1 trillion RMB reverse repurchase operation to maintain liquidity in the banking system [8] Sector Focus - The consumer electronics sector is entering its traditional peak season, with major brands set to launch new smartphones [7] - The AI and robotics sectors are seeing increased activity, with initiatives to promote "AI+" applications and advancements in humanoid robots [7][8] Investment Trends - The Chinese stock market saw a net inflow of approximately 3.1 billion USD in August, indicating a significant increase in foreign investment interest [8] - The investment product trading volume reached a record high of 6.07 trillion RMB last year, with a notable increase in participation from various companies [9] Regulatory Environment - Chinese regulators are considering measures to cool down speculative activities in the stock market, including potential restrictions on short selling and speculative trading [8] - The Chinese government is pushing for advancements in chip technology and strengthening the domestic supply chain [8]

每日港股評析 港股早晨快訊 2025 年 9 月 3 日星期三 2012-01- 17 市場回顧 中港股市短期展望 恒指受制 26,000 點：中美雙方同意延長 5 月中旬達成的 90 天關稅休戰 協議，同時美國與更多國家達成協議，關稅戰局勢緩和。另外，聯儲局主 席鮑威爾在全球央行年會上表示，風險平衡轉變可能需要調整政策立場， 減息預期升溫。另一邊廂，內地上半年經濟較預期中平穩，現階段加推經 濟刺激方案的意願不大，企業盈利改善有限。港股大市成交活躍，風險偏 好尚算積極，資金於不同板塊輪動。預期大市繼續高位整固，恒指短期阻 力參考 26,000 點。 短期看好板塊 今日市場焦點 ➢ 中國 8 月財新服務業 PMI；美國聯儲局褐皮書； 宏觀焦點 ➢ 官媒指內地快遞業「反內捲」步伐加快，電商核心區域加價； 上交所8月A股新開戶數逾265萬戶，按年增1.65倍； 「滬六條」實施後首周，據報上海二手房成交量顯著攀升； 企業消息 ➢ A股極米科技籌劃發H股赴港IPO；快倉智能據報秘密申請香港上市； 阿里巴巴(9988)與Bosch深化戰略合作，聚焦AI賦能業務創新等； 蔚來(9866)第二季經調整虧損收窄，第三季指引遜預 ...

每日港股評析 港股早晨快訊 2025 年 9 月 2 日星期二 2012-01- 17 市場回顧 中港股市短期展望 恒指受制 26,000 點：中美雙方同意延長 5 月中旬達成的 90 天關稅休戰 協議，同時美國與更多國家達成協議，關稅戰局勢緩和。另外，聯儲局主 席鮑威爾在全球央行年會上表示，風險平衡轉變可能需要調整政策立場， 減息預期升溫。另一邊廂，內地上半年經濟較預期中平穩，現階段加推經 濟刺激方案的意願不大，企業盈利改善有限。港股大市成交活躍，風險偏 好尚算積極，資金於不同板塊輪動。預期大市繼續高位整固，恒指短期阻 力參考 26,000 點。 短期看好板塊 今日市場焦點 企業消息 ➢ 京東集團(9618)向CECONOMY作出收購要約，接受期至11月10日； 比亞迪(1211)8月汽車銷量增0.2%；小米(1810)8月交付量逾3萬輛； 招商銀行(3968)指在監管部門指導下，業界開展反內捲工作； 山東黃金(1787)折讓9%配股籌39億元還債； 先聲藥業(2096)折讓8%配股籌15.7億元； 外圍市況展望 美國聯儲局7月一如預期維持利率不變，議息聲明指出上半年經濟活動 增長有所放緩，經濟狀況的不確定 ...

Market Overview - The Hang Seng Index is currently facing resistance at 26,000 points, influenced by the extension of the US-China tariff truce and a stable economic outlook in mainland China [2] - The US Federal Reserve's Chairman Powell indicated a potential adjustment in policy stance due to changing risk balances, leading to increased expectations for interest rate cuts [4] - The overall market activity in Hong Kong remains active with a positive risk appetite, as funds rotate across different sectors [2] Company News - Alibaba (9988) has made significant historical investments in AI and flash sales, focusing on growth rather than short-term profit margins [10] - BYD (1211) reported a mid-year net profit of 15.511 billion RMB, reflecting a growth of 13.8% year-on-year, with total revenue increasing by 23.3% [10] - Industrial and Commercial Bank of China (1398) saw a slight decline in mid-year profit by 1%, with a marginal decrease in the non-performing loan ratio [10] - China Construction Bank (0939) also reported a 1% drop in mid-year profit, with a similar trend in non-performing loans [10] - GAC Group (2238) experienced a mid-year loss of 2.538 billion RMB, a significant shift from a profit of 1.516 billion RMB in the same period last year [10] Economic Indicators - The non-manufacturing PMI in mainland China rose to 50.3 in August, slightly above expectations, indicating continued expansion in the sector [7][8] - The State Development and Reform Commission plans to address issues of disorderly competition and internal strife in various sectors [8] - The net profit of state-owned enterprises in China decreased by 3.3% in the first seven months of the year, totaling 2.48 trillion RMB [8] Sector Focus - The smartphone components sector is entering a traditional peak season with major brands set to launch new devices [7] - The smart glasses market is expected to see new product launches from companies like HTC and Meta in September [7] - The push for "AI+" applications is accelerating in mainland China, particularly in humanoid robotics [7]

Market Overview - The Hang Seng Index is currently facing resistance at 26,000 points, influenced by the extension of the US-China tariff truce and the Federal Reserve's potential policy adjustments due to changing risk balances [2][4] - The market remains active with a positive risk appetite, as investors rotate funds across different sectors while awaiting earnings reports from major stocks [2] Economic Indicators - The US GDP for Q2 was revised up to a growth of 3.3%, surpassing expectations, which positively impacted US stock indices [3][10] - The Federal Reserve is expected to maintain a cautious approach regarding future interest rate cuts, with projections indicating two rate cuts totaling 0.5% this year [4][10] Company News - Alibaba is reportedly seeking refinancing for a $6.5 billion loan due next year, with ongoing negotiations with banks [3][11] - JD.com is in talks to secure a euro-denominated loan for the acquisition of German retailer Ceconomy [11] - Chery Automobile plans to conduct an IPO in Hong Kong next month, aiming to raise approximately $1.5 billion [11] Sector Focus - The consumer electronics sector is entering a traditional peak season, with major brands set to launch new smartphones [7] - The automotive sector is experiencing mixed results, with Li Auto reporting a 1% decline in Q2 net profit, falling short of expectations, and providing a weak guidance for Q3 [11] Financial Performance - Semiconductor manufacturer SMIC reported a 36% increase in mid-year profit, driven by a 22% rise in revenue [11] - ZTE Corporation's mid-year profit fell by 12%, despite a 14.5% increase in revenue [11] - SenseTime narrowed its mid-year loss to 1.48 billion yuan, with a 35.5% increase in revenue attributed to growth in generative AI [11] Regulatory and Policy Developments - The Chinese government is accelerating reforms to financing platforms to curb local government hidden debt, aiming for sustainable urban development [9] - The Ministry of Commerce is enhancing policy support for foreign trade enterprises to stabilize business confidence and address new challenges [9]

Market Overview - The Hang Seng Index is currently facing resistance at 26,000 points, influenced by the extension of the US-China tariff truce and a more dovish stance from the US Federal Reserve, which may lead to interest rate cuts [2][4] - The overall market is active with capital rotating among different sectors, as investors await earnings reports from major companies [2] Short-term Sector Outlook - Focus on upcoming economic indicators such as US GDP, personal consumption, and core PCE, along with earnings from companies like Alibaba, Li Auto, ZTE, and China Pacific Insurance [3] - Anticipation of new policies in China aimed at expanding service consumption and promoting AI and IP-related sectors [3] Company News - Meituan reported a significant 89% drop in adjusted profit for Q2, falling short of expectations, while Ctrip's mid-term profit rose by 12% with a share buyback plan of 39 billion yuan [4][10] - Anta Sports experienced a 9% decline in mid-term profit but is forming a joint venture with South Korean fashion platform MUSINSA [10] - Zhuhai Gold's shareholders plan to reduce holdings to cash out approximately 2 billion yuan [10] - Kangfang Biologics is raising 3.5 billion yuan through a discounted share placement [10] Macro Focus - China's industrial profits fell by 1.7% in the first seven months, with state-owned enterprises seeing a 7.5% decline [9] - The Chinese government is set to introduce measures to boost service consumption, focusing on high-quality service supply and encouraging foreign investment in various sectors [9] - Huawei is set to launch a new foldable phone on September 4, indicating ongoing innovation in the tech sector [9] Stock Performance - The Hang Seng Index closed at 25,202, down 1.27% year-to-date, while the Hang Seng Tech Index saw a 27.52% increase [5] - Major companies like Tencent, Meituan, and Alibaba have experienced declines in their ADRs, reflecting broader market trends [5] Upcoming Developments - Zijin Mining plans to raise approximately 2 billion USD through an IPO in Hong Kong [10] - Chery Automobile is preparing for an overseas listing in Hong Kong, aiming to issue up to 699 million shares [10] - Hesai Technology is also looking to list in Hong Kong, targeting around 300 million USD [10]

Market Overview - The Hang Seng Index is expected to challenge the 26,000 point mark due to stable economic performance in mainland China and a positive risk appetite in the market, supported by active trading and potential positive earnings from major tech stocks [2][4] - The U.S. Federal Reserve's stance on interest rates may shift towards a reduction, with expectations of two rate cuts totaling 0.5% this year, which could further support the Hang Seng Index [4][6] Sector Focus - Key market focus includes the performance of major companies such as China Cinda (1359), Anta (2020), Meituan (3690), and Trip.com (9961) as they report earnings [3] - The technology sector is highlighted as a potential driver for market momentum, especially if major tech companies report positive earnings during the earnings season [2] Economic Policies and Developments - The Chinese government has issued an action plan for "Artificial Intelligence+" aiming for over 70% penetration of new generation smart terminals by 2027, indicating a strong push towards integrating AI across various sectors [8] - The total scale of ETFs in mainland China has surpassed 5 trillion RMB, reflecting rapid growth in index-based investment [8] Company Performance - Alibaba (9988) has upgraded its video generation AI model, while China Ping An (2318) reported a 9% decline in mid-term profits, contrasting with Nongfu Spring (9633) which saw a 22% increase [3] - Zijin Mining (2899) reported a 54% increase in mid-term profits, while China Petroleum (0857) experienced a 5% decline [3] Trade and Economic Relations - China’s trade negotiation representative is set to visit the U.S. for discussions, indicating ongoing efforts to stabilize trade relations [8] - The U.S. has completed trade agreements with the EU, Japan, and South Korea, which may impact various sectors, including furniture manufacturing [9]

Market Overview - The Hang Seng Index is expected to challenge the 26,000 point mark due to stable economic performance in mainland China and a lack of immediate economic stimulus plans, alongside limited corporate profit improvements [2] - The recent agreement between China and the US to extend the tariff truce and the active trading environment in Hong Kong contribute to a positive risk appetite among investors [2][7] - The Federal Reserve's potential shift towards a more accommodative policy stance, as indicated by Chairman Powell, may further support market optimism [2] Sector Focus - The report highlights a positive outlook for the biotechnology sector, with strong earnings and increased support from the mainland government [8] - The electric vehicle sector is also noted for a surge in new vehicle releases in August, with some companies raising their annual sales targets, reflecting confidence in the market [8] Corporate News - Pinduoduo reported a second-quarter adjusted net profit of 32.71 billion RMB, exceeding market expectations, although management cautioned about the sustainability of this performance [12] - Bluesky Technology's mid-year profit increased by 33% to 1.143 billion RMB, with revenue rising by 14.18% to 32.96 billion RMB [12] - Haidilao's mid-year profit fell by 14% to 1.759 billion RMB, attributed to a decrease in table turnover rates and increased competition in the dining market [12] - Yihai International's mid-year profit slightly increased by 0.39% to 309 million RMB, with revenue remaining stable [12] - The report notes that the domestic merger and acquisition market in China saw a 45% increase in disclosed transaction value in the first half of the year, driven by strong strategic investments [10]