Market Overview - The Hang Seng Index and the Hang Seng China Enterprises Index rose by 0.1% and 0.04% respectively, while the Hang Seng Tech Index also increased by 0.1%[1] - Market sentiment has improved recently, but trading remains cautious with a decrease in main board turnover by approximately 10%[1] - U.S. stock indices rose by 0.7% to 0.8%, with expectations of a potential interest rate cut by the Federal Reserve in December rising to 83%[1] Company Performance - Chow Tai Fook (1929 HK) reported half-year results below Bloomberg forecasts, leading to a 6.1% drop in stock price[1] - NIO (9866 HK) narrowed its third-quarter net loss to 3.66 billion yuan, but management's slightly conservative outlook for Q4 caused a 6.2% decline in stock price[3] - Meituan (3690 HK) saw a stock price increase of 5.7% due to favorable market conditions anticipated from Alibaba's expected reduction in flash sales investment[1] Sector Insights - In the automotive sector, NIO's total revenue increased by 16.7% year-on-year and 14.7% quarter-on-quarter, with a gross margin of 13.9%[3] - In the energy sector, coal prices are showing a cautious trend, with power generation stocks rising by 0.5% to 1.3%[3] - In the pharmaceutical sector, Heng Rui Medicine (1276 HK) rose by 4.6% after its new drug application was accepted, leading the innovation drug sector's increase[4]

Market Performance - The Hang Seng Index and the Hang Seng China Enterprises Index rose by 0.7% and 0.9% respectively[1] - The Hang Seng Tech Index increased by 1.2%, leading the market upward[1] - Xiaomi Group's stock price surged by 4.4% following the announcement of share purchases by its controlling shareholder[1] Company Earnings - Alibaba and Baidu's stock prices rose by 2.1% and 4.6% respectively, with Alibaba exceeding Bloomberg's revenue forecasts for Q2[1] - Xiaoma Zhixing reported a 72.0% year-on-year increase in Q3 revenue, leading to a 9.3% rise in its stock price[1] - Vitasoy International's revenue decreased by 6% year-on-year due to weak mainland operations, resulting in a 1.5% drop in its stock price[1] - China Wangwang's net profit fell by 7.8% year-on-year due to increased marketing expenses, causing a 4.3% decline in its stock price[1] Economic Indicators - The U.S. PPI rose by 0.3% month-on-month and 2.7% year-on-year, aligning with expectations[3] - The U.S. consumer confidence index for November was reported at 88.7, significantly below Bloomberg's forecast[3] - Hong Kong's total export value for October was HKD 461.8 billion, a year-on-year increase of 17.5%[3] Sector Insights - The healthcare sector saw a 0.5% increase in the Hang Seng Healthcare Index[5] - Innovent Biologics' stock rose by 2.0% after its drug application was accepted for review[5] - The automotive sector faced challenges, with Hesai Technology's stock rebounding by 13.4% after a significant decline since its listing[4]

2025 年 11 月 24 日 星期一 ➢ 每日大市点评 11 月 21 日，港股受隔夜美股下跌拖累，继续下探。周五恒生指数最终收报 25,220 点，跌 615 点（2.3%）；恒生科技指 数下跌 179 点（3.2%），收报 5,395 点；全天大市成交额扩大至 2,857 亿元。港股通净流入大幅减少至 1.1 亿元。盘面 上，科技股下跌幅度较大，腾讯（700 HK）下跌 1.8%；阿里巴巴（9988 HK）跌 4.6%，中芯国际（981 HK）跌 6.4%。国 内磷酸铁锂行业推进"反内卷"，中国化学与物理电源产业协会要求企业应将协会 11 月 18 日披露的行业平均成本区间 作为报价的重要参考，不要突破成本红线开展低价倾销。锂电相关个股受压，赣锋锂业（1772 HK）周五跌 12.5%；天齐 锂业（9696 HK）跌 11.9%；宁德时代（3750 HK）解禁后连续下跌，周五跌 3.7%。领展房产基金（823 HK）由于宣布减 少派息，令投资者失望，连续两天放量下跌。 美股方面，英伟达季度业绩强劲，令市场对人工智能前景重启乐观情绪；加上延迟发布的美国 9 月非农业职位增长远高 于预期，带动美股周四高开 ...

2025 年 11 月 21 日 星期五 ➢ 每日大市点评 11 月 20 日，港股缺乏向上推动力。除美国 12 月减息的不确定性外，中日关系紧张亦增加市场风险情绪，加上近期迎来 多达 28 只股份将陆续解禁，为港股带来调整压力。周四恒生指数最终收报 25,835 点，微涨 4 点（0.02%）；恒生科技指 数下跌 32 点（0.6%），收报 5,574 点；全天大市成交额稍稍扩大至 2,451 亿元。港股通净流入增长至接近 160 亿元，是 近一个月以来单日净流入金额最高。盘面上，市场传闻政府将推出新一轮房地产刺激措施，消息导致内房股周四造好， 碧桂园（2007 HK）涨 3.1%；万科（2202 HK）涨 3.7%；中海外（688 HK）涨 2.5%。11 月 19 日宁德时代（3750 HK）有 7,000 多万股 H 股解禁，周四股价下挫 5.7%。除了宁德时代，年底前还有曹操出行（2643 HK）、英诺赛科（2577 HK） 和药捷安康（2617 HK）等较大规模股份解禁。投资者警惕基金在假期前减持股份。 美股方面，英伟达季度业绩强劲，令市场对人工智能前景重启乐观情绪；加上延迟发布的美国 9 月非农 ...

Market Overview - On November 19, Hong Kong stocks experienced narrowed volatility, opening high but trending downwards, fluctuating between 25,742 and 26,045 points. The Hang Seng Index closed at 25,830 points, down 99 points (0.4%) [1] - The Hang Seng Tech Index fell by 38 points (0.7%), closing at 5,606 points, with total market turnover slightly decreasing to HKD 211.4 billion [1] - Net inflow from the Hong Kong Stock Connect further decreased to HKD 6.59 billion [1] Company Performance - Xiaomi Group (1810 HK) reported a 22.3% year-on-year increase in revenue for Q3, but a 2.4% quarter-on-quarter decline, meeting expectations. However, concerns over rising memory costs and slowing smartphone demand pressured the company's gross margin, leading to a 4.8% drop in stock price [4] - The electric vehicle segment recorded quarterly profitability, but the outlook for the new energy vehicle industry has become increasingly pessimistic, compounded by the expiration of tax exemption policies next year [4] Industry Dynamics Automotive Sector - The overall new energy vehicle sector has been trending downwards, with companies like NIO and Li Auto experiencing declines of 0.3% to 2.6% [4] Pharmaceutical Sector - The Hang Seng Healthcare Index fell by 1.7%, but major companies saw limited declines. The National Medical Products Administration is expected to approve 43 innovative drugs by mid-2025, reflecting improved R&D capabilities among Chinese firms and government support for innovation [4] - BeiGene (6160 HK) announced positive clinical research results for its HER2-targeted bispecific antibody, leading to a 1.0% increase in its stock price [4] Renewable Energy and Utilities - The renewable energy sector showed mixed performance, with the photovoltaic segment continuing to decline. Companies like Xinyi Solar (968 HK) and Flat Glass Group (6865 HK) fell by 1.4% to 1.6% [5] - Some environmental stocks received support due to their high dividends and stable business models, with companies like China Everbright Environment (257 HK) and GCL-Poly Energy (1330 HK) rising by 1.2% to 2.0% [5]

Market Overview - On November 17, U.S. interest rate cut expectations cooled, leading to a decline in technology stocks, with major Asia-Pacific markets generally falling. The Hang Seng Index closed at 25,930 points, down 454 points (1.7%), breaching the psychological level of 26,000 points [1] - The Hang Seng Technology Index fell by 111 points (1.9%), closing at 5,645 points, with total market turnover increasing to 242.1 billion HKD [1] Company Specifics - Xpeng Motors (9868 HK) reported a total revenue of 20.38 billion HKD for Q3, a year-on-year increase of 102%. However, the company’s Q4 revenue guidance of 21.5 billion to 23 billion HKD, representing a year-on-year growth of 33.5%-42.8%, was below market expectations, leading to a 10.5% drop in its stock price [4] - Alibaba (9988 HK) saw a brief increase in stock price due to the launch of its Qianwen APP but ultimately closed down 0.2% [1] - Tencent (700 HK) and Kuaishou (1024 HK) also experienced declines of 2.0% and 3.2%, respectively [1] Industry Dynamics - The automotive sector saw a broad decline, particularly affecting Xpeng Motors due to concerns over future delivery growth amid the phasing out of new energy vehicle subsidies [4] - The healthcare sector, represented by the Hang Seng Healthcare Index, fell by 1.7%, but major companies did not experience significant declines. Notably, BeiGene (6160 HK) saw a 1.0% increase in stock price following positive clinical research results for its HER2-targeted therapies [5] - The renewable energy and utility sectors also faced declines, with stocks like Xinyi Solar (968 HK) and GCL-Poly Energy (3800 HK) dropping between 2.9% and 8.6% [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 12.00 [3][5]. Core Insights - The company is focusing on research and development of large models, AI-native software, and AI intelligence as its core development direction. The management expects cloud services to maintain a revenue growth of 20% annually, while overall core business revenue is projected to grow by 15% annually [3]. - The company has introduced a new software product, "浪潮海岳 inSuite by DELMIAWorks," aimed at the discrete manufacturing industry, which integrates various core business functions for digital transformation [2]. - The company plans to expand its overseas enterprise service market, starting with SaaS services for Southeast Asian companies next year, which is expected to become a second growth curve for the company [3]. Financial Summary - For FY25E, the net profit is projected to be RMB 522 million, representing a year-on-year increase of 35.6%, and for FY26E, it is expected to reach RMB 624 million, a 19.5% increase. The compound annual growth rate (CAGR) for net profit from FY25E to FY27E is estimated at 19.1% [3][4]. - The company’s revenue for FY23 was RMB 8,294 million, with a growth rate of 19.1%. For FY24, revenue is expected to decrease slightly to RMB 8,201 million, followed by a recovery to RMB 8,758 million in FY25 [4][8]. - The diluted earnings per share (EPS) for FY25E is projected at RMB 0.457, increasing to RMB 0.546 in FY26E and RMB 0.648 in FY27E [4][8].

Market Overview - On November 17, the Hang Seng Index fell by 188 points (0.7%) to close at 26,384 points, with a maximum drop of 320 points during the day[1] - The Hang Seng Technology Index decreased by 55 points (0.96%), closing at 5,756 points, with total market turnover of HKD 217.6 billion[1] - Net inflow from the Hong Kong Stock Connect dropped to HKD 8.45 billion[1] Sector Performance - Lithium carbonate futures rose over 4%, boosting Hong Kong lithium mining stocks, with Ganfeng Lithium (1772 HK) and Tianqi Lithium (9696 HK) increasing by 5%-9%[1] - Commodity stocks declined, with Zijin Mining (2899 HK) down 2.7%, Shandong Gold (1787 HK) down 3.1%, and Zhaojin Mining (1818 HK) down 2.8%[1] U.S. Market Insights - The probability of a Federal Reserve rate cut in December fell to 42.9%, down from approximately 50% the previous week[2] - The Dow Jones Industrial Average dropped by 557 points (1.2%) to 46,590 points, while the Nasdaq and S&P 500 indices fell by 192 points (0.8%) and 61 points, respectively[2] - Gold prices decreased by up to 1.8%, reaching USD 4,007 per ounce, and Bitcoin fell below USD 92,000[2] Macroeconomic Data - Fixed asset investment in China (excluding rural households) declined by 1.7% year-on-year in the first ten months of 2025, while automotive investment surged by 17.5%[3] - In the same period, 27.33 million vehicles were produced, marking an 11% year-on-year increase, with new energy vehicles accounting for 12.67 million units produced, up 28%[3] Automotive Industry Highlights - Geely Automobile (175 HK) reported a 27% year-on-year revenue increase in Q3, with net profit reaching HKD 3.82 billion, up 26.5% year-on-year[4] - The company achieved a 43% increase in sales volume, completing 82.6% of its annual target of 3 million units[4] Pharmaceutical Sector Update - The Hang Seng Healthcare Index fell by 1.8%, despite stable operational performance in the pharmaceutical sector[5] - Tianyan Pharmaceutical (ADAG US) entered a licensing agreement with Third Arc Bio, receiving an upfront payment of USD 5 million and potential milestone payments of up to USD 840 million[5] New Energy and Utilities - The new energy and utilities sectors in Hong Kong experienced declines, with stocks like Xinyi Solar (968 HK) and GCL-Poly Energy (3800 HK) dropping by 1.6%-3.1%[6]

Market Performance - The Hang Seng Index and the National Enterprises Index closed at 26,572 points and 9,398 points, respectively, with weekly increases of 1.3% and 1.4%[1] - Total trading volume in Hong Kong stocks was HKD 116.49 billion, similar to the previous week's HKD 115.18 billion, indicating a cautious market sentiment[1] Sector Performance - Healthcare, real estate, consumer staples, materials, and energy sectors rose by 7.2%, 5.0%, 3.8%, 3.0%, and 2.5% respectively, while consumer discretionary, industrials, and utilities fell by 0.8%, 0.7%, and 0.1%[1] - JD Health (6618 HK) and China Resources Mixc Lifestyle (1209 HK) led the blue-chip stocks with increases of 15.6% and 12.8%, while Xinyi Solar (968 HK) and Baidu Group (9888 HK) saw declines of 6.3% and 5.9%[1] Economic Indicators - China's fixed asset investment in October decreased by 1.6%, a larger drop than September's 0.1%[3] - The industrial value-added growth for October was 4.9%, down from 6.5% in September[3] - Hong Kong's GDP grew by 3.8% year-on-year in Q3, up from 3.1% in Q2, prompting the government to raise its full-year growth forecast from 2-3% to 3.2%[3] Consumer Trends - Retail sales in October reached CNY 4.6291 trillion, with a year-on-year increase of 2.9%[4] - The new round of national subsidies and the early start of the Double 11 shopping festival contributed to the upward trend in retail sales[4] - The consumer sector in Hong Kong saw a significant rebound, with an average increase of 7.7% in new consumption stocks last week[4] Industry Developments - The healthcare index rose by 6.8%, outperforming the Hang Seng Index, with notable gains in innovative drug stocks[4] - The energy sector faced declines, particularly in the solar panel segment, with Xinyi Solar and other companies experiencing significant drops due to falling silicon prices[5] - Recent policy revisions by the National Development and Reform Commission aim to support the natural gas supply chain, benefiting downstream operators[5]

2025 年 11 月 14 日 星期五 ➢ 每日大市点评 周四港股开市后一度调整，但是午后回复涨势，恒生指数更突破并维持在 27,000 点水平。恒生指数及国企指数分别收报 27,073 点及 9,599 点，皆分别上升 0.6%。港股成交合共 2,707 亿港元，相比周三的 2,364 亿港元，增长 14.5%。这可反 映乐观情绪扩大。分类指数方面，原材料、医疗保健、非必需性消费业指数分别上升 4.2%、3.8%、1.6%，能源、电讯、 公用事业则分别下跌 1.6%、1.1%、0.6%。蓝筹个股方面，中国生物制药(1177 HK)及翰森制药(3692 HK)领涨，分别上升 6.5%及 4.8%；华润万象生活(1209 HK)及中国神华(1088 HK)领跌，分别下跌 3.5%及 2.7%。 特朗普签署国会两院通过的临时拨款法案，让大部分政府机构可运作至 2026 年 1 月底。美国政府停摆暂时结束，符合近 日市场预期，但是预计一些股市投资者趁利好消息减持获利。另一方面，OPEC 修改原油供应紧张的预测，转为预计 2026 年供应轻微过剩，主因生产增长较快。WTI 原油价格失守 60 美元水平。预料港股石油 ...