Macroeconomic Insights - China's fiscal revenue for the first four months of 2024 decreased by 2.7% year-on-year, totaling 8.09 trillion RMB[34] - Tax revenue fell by 4.9% to 6.69 trillion RMB, while non-tax revenue increased by 9.4% to 1.4 trillion RMB[34] Real Estate Sector - The People's Bank of China indicates that future mortgage rates are expected to decline significantly, driven by a strong desire among local governments to remove mortgage rate floors[5] - The real estate market is showing signs of recovery, but the sustainability of this trend remains uncertain[3] Market Performance - The Hang Seng Index rose by 3.1% over the week, closing at 19,636 points, with a daily trading volume of 156.5 billion HKD[9] - The market is experiencing a rotation of funds from heavyweight stocks to smaller sectors, supported by positive sentiment and policy measures[3] Investment Strategy - Focus on sectors benefiting from foreign capital inflows, such as technology (gaming, consumer electronics) and biomedicine[3] - High-dividend sectors like oil, coal, telecommunications, and electricity are also recommended for investment[3] Currency and Monetary Policy - The offshore RMB has shown slight appreciation, fluctuating around 7.22, influenced by real estate policy stimuli[3] - The central bank has conducted 20 billion RMB reverse repos for 12 consecutive days to maintain liquidity in the banking system[11]

【中泰国际】策略周报：港股估值大幅修复，短期谨慎高台震荡加剧 5 2024 年 5 月 16 日 星期四 不承担责任声明 台端对本报告读取时,即视为同意接受下列各项之约束。 本报告只供参考之用,并不构成要约、招揽或邀请、诱使、任何不论种类或形式之申述或订立任何建议及推荐,读者务请运用个 人独立思考能力自行作出投资决定,如因相关建议招致损失,概与中泰国际证券有限公司无涉。 报告中部份内容及数据发放可能于部份地区受到法律上限制,而此报告并非提供予置身于该等在法律上限制我们发放此等数据 之地区的人士使用。翻阅此等报告之人士,须自行负责了解有关限制。 此报告之相关内容如在任何地区向任何人士招引或游说出售投资或接受存款乃属违法时,则此等报告之内容不应视为于该等地 区作出该等招引或游说。 本报告之内容,包括但不限于文字、图表、版面、设计、相关网站或其它项目只备作一般参考用途。虽然数据已力求准确,唯本 公司对上述数据之正确性、充足性或完整性不予保证,并表明不会对该数据内之错误或遗漏负任何赔偿责任。关于上述数据并 不提供任何种类之保证、明示或法定保证, 包括但不限于不侵犯第三者权利、所有权、可商售性、对某特定用途的适用性等保 ...