Group 1 - Northbound capital recorded a net purchase of 20.3 billion HKD in the Hong Kong stock market on April 28, with the Shanghai-Hong Kong Stock Connect seeing a net purchase of 23.43 billion HKD and the Shenzhen-Hong Kong Stock Connect experiencing a net sale of 3.13 billion HKD [1] - The stocks with the highest net purchases included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and CanSino Biologics (09926) [1] - The stocks with the highest net sales were Alibaba-W (09988), Tencent (00700), and Xiaomi Group-W (01810) [1] Group 2 - CanSino Biologics (09926) received a net purchase of 7.79 billion HKD, with a report indicating positive results from its clinical trial for the dual-specific antibody AK112 in treating advanced squamous non-small cell lung cancer [5] - Meituan-W (03690) saw a net purchase of 5.56 billion HKD, with analysts noting that the company does not face risks of ADR delisting and has stable revenue sources [5] - China Shenhua (01088) had a net purchase of 5.17 billion HKD, with analysts highlighting its strong cash flow supporting high dividend payouts despite pressure from falling coal prices [6] Group 3 - The Tracker Fund of Hong Kong (02800) and Hang Seng China Enterprises (02828) received net purchases of 20.43 billion HKD and 12.5 billion HKD, respectively, indicating increased investor confidence [4] - Tencent (00700) and Alibaba-W (09988) faced net sales of 5.97 billion HKD and 14.24 billion HKD, respectively, amid concerns regarding the ongoing US-China trade tensions [6] - China Mobile (00941) received a net purchase of 1.13 billion HKD, while Xiaomi Group-W (01810) and SMIC (00981) experienced net sales of 2.56 billion HKD and 1.36 billion HKD, respectively [6]

金十数据4月28日讯，港股收盘走势分化，恒生指数跌0.04%，恒生科技指数涨0.12%。恒指大市成交额 达1690.31亿港元。盘面上，房地产、酒店餐饮、盲盒、小家电板块跌幅居前，油气开采、银行、AI算 力芯片、电力板块涨幅居前。个股方面，耀才证券金融(01428.HK)大涨近82%，泡泡玛特(09992.HK)涨 超12%，国药控股(01099.HK)涨近5%，京东(09618.HK)、商汤(00020.HK)涨超2%，比亚迪电子 (00285.HK)跌超8%，中国神华(01088.HK)跌超4%，比亚迪股份(01211.HK)跌近4%。 港股收评：恒生指数跌0.04% 恒生科技指数涨0.12% ...

Core Points - The Shanghai Composite Index opened lower and fluctuated, while the China Securities Hong Kong 100 Energy Index (H100 Energy) reported at 2218.52 points [1] Group 1: Index Performance - The China Securities Hong Kong 100 Energy Index has decreased by 6.72% over the past month, 6.51% over the past three months, and 10.03% year-to-date [2] Group 2: Index Composition - The Hong Kong Stock Exchange accounts for 100.00% of the holdings in the China Securities Hong Kong 100 Energy Index [3] - The industry composition of the index includes 48.29% in oil refining, 34.98% in integrated oil and gas companies, and 16.72% in coal [3] Group 3: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]

Investment Rating - Investment rating is maintained at "Buy" [1] Core Views - The company's performance has declined due to falling coal and electricity prices, but its high dividend yield highlights long-term investment value [3][4] - The company reported Q1 2025 revenue of 69.59 billion yuan, down 21.1% year-on-year and 17.6% quarter-on-quarter, with a net profit of 11.95 billion yuan, down 18% year-on-year and 5.1% quarter-on-quarter [3][4] - The forecast for net profit from 2025 to 2027 is 54.88 billion, 55.59 billion, and 56.27 billion yuan respectively, with an expected EPS of 2.76, 2.80, and 2.83 yuan [3][4] Summary by Sections Financial Performance - In Q1 2025, the company produced 8.25 million tons of coal, a decrease of 1.1% year-on-year, and sold 9.93 million tons, down 15.3% year-on-year [4] - The average selling price of coal was 506 yuan per ton, down 11.7% year-on-year, while the cost was 353 yuan per ton, down 13.1% year-on-year [4] - The company's electricity generation was 50.42 billion kWh, down 10.7% year-on-year, with an average selling price of 0.4393 yuan per kWh, down 4.5% year-on-year [4] Dividend Policy - The company plans to increase its dividend payout ratio to 76.53% in 2024, up 1.31 percentage points from 2023, resulting in a current dividend yield of 5.8% [5] - A shareholder return plan for 2025-2027 aims to increase the minimum cash dividend payout ratio by 5 percentage points to 65% [5] Growth Potential - The company has three major coal mines under construction, expected to add significant production capacity by 2028 [5] - The stable profitability and high dividend yield position the company as a benchmark in the industry [3][5]

洛阳钼业(03993)涨超4%，一季度净利同比增长九成，公司拟收购Lumina黄金公司。 智通财经APP获悉，港股恒生指数涨0.07，涨16点，报21997点，恒生科技指数涨0.50%。港股早盘成交 966亿港元。 耀才证券金融(01428)大涨66%， 拟获蚂蚁控股溢价约17.6%提全购要约。 金猫银猫(01815)早盘涨9.6%，明日起更名为"珠峰黄金"， 机构称市值未反应拓展上游业务潜力。 泡泡玛特(09992)涨超11%，Labubu现象级破圈助力官方应用登顶美国App STORE购物榜。 布鲁可(00325)涨超7%，IP潮玩延续高景气度，机构指公司新品节奏加速高增可期。 古茗(01364)涨超9%，股价再创历史新高，较招股价已涨超1.4倍。 绿色动力环保(01330)一度涨9%，一季度归母净利同比增长33.21%至1.85亿元。 荣昌生物(09995)绩前涨超4%，多项成果入选2025 ASCO口头报告，泰它西普三期MG数据积极。 内房股集体走低，机构称Q2地产政策倾向于托底而非强刺激。金辉控股(09993)跌5%；绿城中国(03900) 跌3%。 中国神华(01088)绩后跌3.57%， 一季度 ...

每日港股評析 港股早晨快訊 2025 年 4 月 28 日星期一 2012-01- 17 市場回顧 中港股市短期展望 恒指初步阻力參考 23,000 點：美國總統特朗普早前宣布，對部分國家暫 停實施新關稅，為期 90 天，但對中國進口產品徵收的關稅則大幅提高。 據報中央將召開會議，討論促進經濟增長及穩定資本市場的措施，李強亦 表示將根據需要及時推新增量政策，以有力政策應對外部不確定性。市場 預期中央將加大力度穩經濟，第三季將額外發債，以刺激國內需求並減輕 關稅打擊，同時憧憬在人民銀行的支持下，「國家隊」將加大力度入市， 並要求國企加大回購規模，以穩定市場。近日美國或轉軚，特朗普表示將 大減對華關稅，白宮發言人表示，美中就達成潛在貿易協議方面的進展順 利，恒指初步阻力參考 23,000 點。 ➢ 內需股：憧憬政策更大力度支持消費 今日市場焦點 ➢ 香港3月進出口；江西銅(0358)、藥明康德(2359)等季績； 國新辦穩就業穩經濟發布會； 宏觀焦點 ➢ 政治局會議：統籌國內經濟工作和國際經貿鬥爭，根據形勢變化及時 推出增量儲備政策； 政治局會議：適時降準降息 持續穩定和活躍資本市場； 內地第一季工業利潤升0.8 ...

金十数据整理：每日港股市场要闻速递（4月28日 周一） 10. 中国海外发展 (00688.HK)：一季度营收367.3亿元人民币，同比增长0.6%；营业利润56.7亿元人民 币，同比减少15%。 11. 中国建材 (03323.HK)：一季度营业总收入366.37亿元，同比减少1.04%；净利润约1.02亿元，同比扭 亏为盈。 7. 长城汽车 (02333.HK)：一季度营业总收入约400.19亿元，同比减少6.63%；净利润约17.51亿元，同比 减少45.6%。 8. 中煤能源 (01898.HK)：一季度营业收入383.92亿元，同比减少15.4%；净利润39.78亿元，同比减少 20%。 9. 比亚迪电子 (00285.HK) ：一季度营业额约368.8亿元，同比增长1.1%；净利润约6.22亿元，同比增长 1.92%。 3. 比亚迪股份 (01211.HK)：一季度营业收入1703.6亿元，同比增加36.35%；净利润91.55亿元，同比增 加100.38%。 4. 中国电信 (00728.HK)：一季度营业收入为1345亿元，同比增长0.01%；净利润为88.64亿元，同比增长 3.1%。 5. ...

Core Viewpoint - China Shenhua's fundamentals remain unchanged despite a high proportion of dividends, with a significant decline in revenue and net profit in Q1 2025 compared to the previous year [1][5]. Financial Performance - In Q1 2025, China Shenhua reported approximately 70 billion yuan in revenue and about 11.9 billion yuan in net profit attributable to shareholders, both showing a double-digit percentage decline year-on-year [1][5]. - The company's revenue for Q1 2025 was 69.585 billion yuan, a decrease of 21.07% year-on-year, while the net profit decreased by 17.96% [5]. - Coal sales volume reached 99.3 million tons in Q1 2025, down 15.3% year-on-year, with an average selling price of 506 yuan per ton, down 11.5% [6]. Dividend Policy - China Shenhua plans to distribute cash dividends of 44.903 billion yuan in 2024, maintaining a high dividend payout ratio of 76.53% [4][12]. - The company has a history of high dividend payouts, with cumulative cash dividends of 460.999 billion yuan since its listing in 2007, reflecting an average dividend payout ratio of 61.53% [12]. Financial Stability - As of Q1 2025, China Shenhua's debt-to-asset ratio stood at 23.71%, indicating strong financial stability [3]. - The company reported cash and cash equivalents of 142.415 billion yuan and trading financial assets of 17.302 billion yuan, totaling 159.717 billion yuan, significantly exceeding its interest-bearing liabilities of 42.342 billion yuan [10][11]. Industry Context - The coal and electricity prices have been declining, impacting revenue and net profit, with China Shenhua experiencing two consecutive years of revenue and profit declines [2][7]. - Despite the industry's low prosperity, China Shenhua maintains strong profitability, with stable gross and net profit margins since 2021 [8].

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [11] Core Insights - The report highlights concerns regarding limited coal demand during the peak season due to negative growth in electricity generation and recent tariff disruptions, suggesting that the impact of tariffs may not reverse the stabilization of coal prices during the peak season [2][7] - Despite the seasonal demand typically increasing in the second and third quarters, the report indicates that the actual demand may be limited, and the market remains cautious due to macroeconomic uncertainties [6][7] - The report suggests that the coal price stabilization trend is likely to continue, supported by steady supply and rising demand for coal, particularly in the context of domestic needs and risk aversion in the market [2][9] Summary by Sections Market Performance - The coal index (Yangtze) decreased by 0.59%, underperforming the CSI 300 index by 0.97 percentage points, ranking 29th out of 32 industries [19] - As of April 25, the market price for Qinhuangdao thermal coal was 655 CNY/ton, down 8 CNY/ton week-on-week [19][47] Demand and Supply Analysis - The report notes that the coal supply in the twenty-five provinces was 5.076 million tons, an increase of 7.7% from the previous week, while the coal consumption was 4.765 million tons, a decrease of 1.3% [40] - The report emphasizes that despite the current low demand season, the upcoming summer peak season is expected to see a seasonal increase in coal demand, although the extent may be limited due to tariff impacts [7][8] Price Outlook - The report anticipates that coal prices may stabilize or even experience a mild rebound due to steady supply and the necessity for coal consumption, despite potential downward pressure from current demand levels [8][9] - The report also discusses the potential impact of tariffs on coal prices, indicating that while there may be some constraining effects, the overall trend towards price stabilization remains intact [8][9] Investment Recommendations - The report recommends focusing on the coal sector for the next 1-2 quarters, particularly highlighting companies such as China Shenhua (A+H), Shaanxi Coal, and Yanzhou Coal Mining [9]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7] Core Views - The company's performance in Q1 2025 was impacted by a decline in both coal volume and price, leading to a decrease in revenue and profit. The market is awaiting demand recovery [1][12] - The coal business experienced a drop in production and sales, with total coal sales volume down 15.3% year-on-year, primarily due to reduced downstream demand and sales policies [2] - The average selling price of coal decreased by 11.5% year-on-year, influenced by market supply and demand dynamics [2] - The power generation segment faced challenges with both generation and sales volumes declining by 10.7% year-on-year, alongside a decrease in average selling prices [4] - The transportation segment's performance was adversely affected by the decline in coal sales, with significant drops in railway and shipping volumes [5] - The coal chemical segment showed stable sales and improved profitability, with a 23.2% increase in gross profit year-on-year [6] Summary by Sections Financial Performance - In Q1 2025, the company reported operating revenue of 69.585 billion yuan, a year-on-year decrease of 21.1%. Net profit attributable to shareholders was 11.949 billion yuan, down 18.0% year-on-year [1] - The net cash flow from operating activities was 20.538 billion yuan, a decrease of 25.9% year-on-year [11] Coal Business - Coal production reached 82.5 million tons, a slight decrease of 1.1% year-on-year. The total coal sales volume was 99.3 million tons, down 15.3% year-on-year [2] - The average selling price of coal was 506 yuan per ton, a decrease of 11.5% year-on-year [2] Power Generation - Total power generation was 50.42 billion kWh, down 10.7% year-on-year, with an average selling price of 386 yuan per MWh, a decrease of 5.6% year-on-year [4] Transportation - Railway transportation volume decreased by 11.6% year-on-year, with significant declines in shipping volumes across various ports [5] Coal Chemical - The coal chemical segment achieved a gross profit of 117 million yuan, an increase of 23.2% year-on-year, with a gross margin of 7.9% [6] Financial Quality - The company maintains a strong cash position with monetary funds of 155.401 billion yuan, an increase of 8.0% from the beginning of the year [11]