Market Performance - The Hong Kong stock market indices experienced a collective decline, with the Hang Seng Index falling by 2.23% to 26,775.57 points, the Hang Seng Tech Index dropping by 3.36% to 5,526.31 points, and the China Enterprises Index decreasing by 2.54% to 9,080.19 points [2]. Sector Analysis - The recent market adjustment is attributed to a technical pullback following a rapid rise in indices, compounded by hawkish comments from Fed Chair nominee Waller, which stirred market sentiment. This is not seen as a trend reversal signal [5]. - Key focus remains on the sustainability of volatility, with three main supportive drivers for the first quarter identified: improved liquidity environment, resonance of domestic and foreign capital, and upward revisions in corporate earnings expectations due to economic recovery [6][7]. Investment Strategy - Analysts suggest adopting a mid-term perspective, emphasizing opportunities in small and mid-cap sectors with clear catalysts, such as education, AI applications, and specialty consumption [8]. Sector-Specific Movements - Gold and related stocks saw significant declines, with Shandong Gold dropping by 12.56% and Chifeng Jilong Gold falling by 12.18%, influenced by a broader downturn in commodity prices [10][12]. - The cement and building materials sector also faced losses, with Western Cement declining by 15.47% and China National Building Material falling by 10.14%. The latter is projected to report a loss of approximately RMB 2.3 billion to RMB 4 billion for the year ending December 31, 2025 [13]. - Semiconductor stocks were affected by industry demand fluctuations, with Huahong Semiconductor down by 11.24% and Zhaoyi Innovation down by 9.25%. Reports indicate tightening order reviews by major manufacturers in response to market volatility [15]. Resilient Sectors - Some gaming stocks performed well, with Yabo Technology Holdings increasing by 8.79% and Sands China rising by 4.05%. Yabo announced a technical service agreement with the Hong Kong Gold Exchange [17]. - The liquor sector also showed resilience, with Yiyuan Liquor rising by 8.33% and Qingdao Beer increasing by 1.46%. Analysts expect the liquor industry to hit bottom by 2026, with a potential investment opportunity arising around the Chinese New Year [19]. Notable Stock Movements - Cloud Wisdom saw a rise of 5.49%, with expectations of significant revenue growth from its large model-related business, projected to reach approximately RMB 600 million to RMB 620 million in 2025, marking a year-on-year increase of about 1057% to 1095% [20]. - Kangzheng Pharmaceutical increased by 7.77% following the approval of clinical trials for its complement factor B inhibitor, indicating potential for new product launches [21].

Market Performance - The Hang Seng Index closed down by 2.23% and the Hang Seng Tech Index fell by 3.36% [1] - Precious metals experienced significant declines, with Shandong Gold and Chifeng Gold dropping over 12%, Lingbao Gold down over 8%, and China Silver Group also down over 8% [1] Automotive Sector - Automotive stocks declined, with BYD falling nearly 7% and Xpeng Motors down over 6% [1] Telecommunications Sector - The three major telecom operators collectively weakened, with China Unicom down over 6%, China Telecom down over 5%, and China Mobile down over 2% [1] - The adjustment of the value-added tax rate for telecom services from 6% to 9% will impact the revenue and profits of these three companies [1]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 2月2日消息，港股三大指数低开低走。截至收盘，恒生指数跌2.23%，报26775.57点，恒生科技指数跌 3.36%，国企指数跌2.54%。盘面上，科网股普跌，哔哩哔哩跌超4%，百度、网易、快手、阿里巴巴跌 超3%，美团跌超2%；黄金股继续下挫，山东黄金跌超12%；芯片股跌幅居前，华虹半导体跌超11%； 建材水泥股普遍下跌，西部水泥跌超15%；汽车股走弱，小鹏汽车跌6%。 | 名称 | | | 昌新价 | 涨跌额 | 涨跌幅 へ | | --- | --- | --- | --- | --- | --- | | 但生科技指数 800700 | Vin | 3 | 5526.31 | -191.87 | -3.36% | | 国企指数 800100 | | | 9080.19 | -236.90 | -2.54% | | 恒生指数 800000 | While | | 26775.57 | -611.54 | -2.23% | 黄金股继续下挫，山东黄金跌超12%。花旗研究在1月30日的最新大宗商品研报中指出，当前的黄金价 格已严重透支了未来的不确 ...

Group 1 - The non-ferrous metal sector is experiencing significant declines, with companies like Shandong Gold, Chifeng Jilong Gold, and Jiangxi Copper seeing drops of 13.38%, 12.63%, and 10.16% respectively [1] - International precious metal markets continue to face severe sell-offs, with spot gold dropping below $4,450 per ounce, marking a new low since January 8, and spot silver erasing all gains for the year, falling to $71.31 per ounce [1] - Domestic commodity futures markets are also seeing widespread declines, with major contracts for silver, palladium, platinum, nickel, tin, copper, and aluminum hitting limit downs [1] Group 2 - Short-term market evaluations of the non-ferrous sector are reassessing the balance between "trend" and "volatility" following previous rapid increases [2] - The nomination process of Waller and the clarity of his policy positions are expected to be key factors influencing commodity prices and the non-ferrous industry [2] - A strengthened "hawkish" stance could potentially reverse "weak dollar" expectations, increasing price volatility for all non-ferrous metals, while the long-term industry logic remains unchanged due to ongoing interest rate cuts and new demand dynamics [2]

Group 1 - The Hong Kong stock market's non-ferrous metal sector is experiencing significant declines, with several companies showing notable drops in their stock prices [1] - Shandong Gold (01787.HK) has decreased by 13.38%, trading at 38.36 HKD [1] - Chifeng Jilong Gold Mining (06693.HK) has fallen by 12.63%, with a current price of 34.86 HKD [1] - Jiangxi Copper (00358.HK) has seen a decline of 10.16%, now priced at 42.64 HKD [1] - China Nonferrous Mining (01258.HK) has dropped by 9.62%, currently at 14.19 HKD [1] - Aluminum Corporation of China (02600.HK) has decreased by 7.22%, trading at 12.85 HKD [1]

山东黄金港股市值514.17亿港元，在黄金行业中排名第3。主要指标见下表： | 指标 | 山东黄金 | 黄金 行业平均 | 行业排名 | | --- | --- | --- | --- | | ROE | 14.6% | 18.72% | 6 Ə | | 港股流通市值 | 514.17 乙 | 556.42 乙 | ə bir mənist və qalında çıxır. Bu | | 营业收入 | 935.1亿 | 559.52 7 | 2 9 | | 净利率 | 6.82% | 10.81% | e l a | | 毛利率 | 17.46% | 30.82% | 6 a | | 负债率 | 63.11% | 57.11% | 6 8 | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 相关ETF 黄金ETF华夏 (产品代码: 518850) 摩根士丹利发布研报称，山东黄金(01787.HK)预计2025年度净利润介乎46亿至49亿元人民币，同比增长56%至66%，逊于市场预测的约60亿元人 民币。该行予山东黄金目标价45.7港 ...

摩根士丹利发表研报指，山东黄金预计2025年度净利润介乎46亿至49亿元，按年增长56%至66%，逊于 市场预测的约60亿元。大摩提到，预测数据意味着公司上季净利润介乎6.44亿至9.44亿元，虽然期内金 价上升，但净利润仍低于第三季的11.5亿元。该行认为，净利润下滑可能是受到多个因素受拖累，包括 公允价值变动亏损、黄金期货交易的投资亏损等。该行予山东黄金目标价45.7港元，评级"增持"。 ...

摩根士丹利发布研报称，山东黄金（600547）(01787)预计2025年度净利润介乎46亿至49亿元人民币， 同比增长56%至66%，逊于市场预测的约60亿元人民币。该行予山东黄金目标价45.7港元，评级为"增 持"。 大摩提到，预测数据意味着公司上季净利润介乎6.44亿至9.44亿元人民币，虽然期内金价上升，但净利 润仍低于第三季的11.5亿元人民币。该行认为，净利润下滑可能是受到多个因素受拖累，包括公允价值 变动亏损、黄金期货交易的投资亏损等。 ...

Core Viewpoint - Shandong Gold's stock price has dropped over 12% amid declining spot gold prices and a disappointing profit forecast for 2025, which is below market expectations [1] Company Summary - Shandong Gold's stock price fell by 11.48%, trading at 39.18 HKD with a transaction volume of 1.505 billion HKD [1] - The company expects a net profit attributable to shareholders of 4.6 billion to 4.9 billion RMB for the fiscal year 2025, representing a year-on-year increase of 56% to 66% [1] - Morgan Stanley's report indicates that Shandong Gold's profit forecast is below the market's expectation of approximately 6 billion RMB [1] Industry Summary - Spot gold prices have continued to decline, breaking below 4,550 USD per ounce for the first time since January 16, with a drop of over 330 USD from the daily high [1] - Despite an increase in gold prices during the last quarter, Shandong Gold's net profit is expected to be between 644 million to 944 million RMB, which is lower than the previous quarter's net profit of 1.15 billion RMB [1] - The decline in net profit may be attributed to several factors, including fair value changes and losses from gold futures trading [1]

大摩提到，预测数据意味着公司上季净利润介乎6.44亿至9.44亿元人民币，虽然期内金价上升，但净利 润仍低于第三季的11.5亿元人民币。该行认为，净利润下滑可能是受到多个因素受拖累，包括公允价值 变动亏损、黄金期货交易的投资亏损等。 智通财经APP获悉，摩根士丹利发布研报称，山东黄金(01787)预计2025年度净利润介乎46亿至49亿元人 民币，同比增长56%至66%，逊于市场预测的约60亿元人民币。该行予山东黄金目标价45.7港元，评级 为"增持"。 ...