Core Viewpoint - Morgan Stanley's report indicates that Nike's Q2 FY2026 performance negatively impacted the stock performance of Shenzhou International, but the latter is positioned to benefit from resilience in markets outside China [1] Group 1: Nike's Performance - Nike's apparel sales grew by 4% year-over-year at constant currency, although this is lower than the previous quarter's 7% growth due to a high base effect [1] - Apparel sales in North America and Europe recorded positive growth during the period, which is beneficial for Shenzhou International as approximately 40% of its sales come from these regions [1] - In Greater China, Nike's apparel sales declined by only 6% year-over-year, significantly better than the 20% drop in footwear sales; this region now accounts for only 11% of Nike's total sales, limiting its impact on Shenzhou International [1] Group 2: Shenzhou International's Outlook - The market tends to view Shenzhou International as a representative of the domestic sportswear sector in China, but over 75% of its sales come from markets outside China, suggesting it may benefit more from resilience in other markets [1] - The recent decline in Shenzhou International's stock price presents a good buying opportunity, with Morgan Stanley setting a target price of HKD 72 and an "Overweight" rating [1]

Core Viewpoint - Morgan Stanley's research report indicates that Nike's Q2 FY2026 performance negatively impacted Shenzhou International's performance, but the market may overlook positive signals for Shenzhou from Nike's results [1] Group 1: Nike's Performance - Nike's apparel sales grew by 4% year-on-year in the quarter, although this was lower than the previous quarter's growth of 7%, attributed to a high base effect [1] - Nike's apparel sales in North America and Europe recorded positive growth during the period, which is beneficial for Shenzhou International as approximately 40% of its sales come from these regions [1] - In Greater China, Nike's apparel sales only declined by 6% year-on-year, significantly better than the 20% decline in footwear sales; this region now accounts for only 11% of Nike's total sales, limiting its impact on Shenzhou International [1] Group 2: Shenzhou International's Market Position - The market tends to view Shenzhou International as a representative of the domestic sportswear sector in China, but over 75% of its sales come from markets outside of China, suggesting it may benefit more from resilience in other markets [1] - The recent decline in Shenzhou International's stock price presents a good buying opportunity, with Morgan Stanley setting a target price of HKD 72 and maintaining an "Overweight" rating [1]

Market Overview - US inflation slowdown supports interest rate cut expectations, while the Bank of Japan raised rates by 25 basis points, leading to a rise in Hong Kong's three major indices. The Hang Seng Index increased by 0.75% to 25,690.53 points, with a total turnover of HKD 221.186 billion. The Hang Seng China Enterprises Index rose by 0.68%, and the Hang Seng Tech Index increased by 1.12% [1] Blue Chip Performance - Shenzhou International (02313) led the decline among blue chips, falling by 3.18% to HKD 60.95, with a turnover of HKD 490 million. Despite exceeding revenue and profit expectations, its net profit dropped by 32% year-on-year due to declining profit margins and ongoing pressures in direct sales [2] - Other blue chips included WuXi Biologics (02269), which rose by 4.4%, and Li Auto-W (02015), which increased by 3.81% [2] Sector Highlights - Large tech stocks mostly rose, with Tencent, Kuaishou, and Meituan gaining over 1%. The L3-level autonomous driving sector saw significant activity, with stocks like Xiaopeng Motors rising over 7% [3] - The pharmaceutical sector rebounded significantly, with companies like Kelun Pharmaceutical (06821) rising by 10.42% and WuXi Biologics (02269) increasing by 4.4% [4] - Lithium stocks also saw gains, with Ganfeng Lithium (01772) up by 1.87% and Tianqi Lithium (09696) rising by 1.72% [4] New Listings - New stocks showed a clear divergence, with Zhihui Mining (02546) soaring by 90.69% to HKD 8.6, while Xidi Intelligent Driving (03881) fell by 13.69% to HKD 227 [7] Company Developments - CIMC Group (02039) saw a strong performance, rising by 15.47% to HKD 8.88 after announcing a buyback plan for H-shares [8] - Changfei Optical Fiber (06869) surged by 12.01% to HKD 51.75, driven by signs of recovery in the optical fiber market [9] - China Duty Free Group (01880) saw its A and H shares rise by 6.88% to HKD 70.7, with expectations of increased sales due to optimized offshore duty-free shopping policies [10] - China Tobacco Hong Kong (06055) rose by 6.68% to HKD 34.48, supported by new regulations aimed at strengthening electronic cigarette oversight [11]

Group 1 - The core viewpoint of the report indicates that Nike's management has provided a guidance for a low single-digit decline in sales for the third fiscal quarter, which is seen as slightly negative for ODM suppliers like Shenzhou International [1] - Despite the cautious outlook from Nike, Shenzhou is expected to gain more market share in new product areas such as running, golf, and basketball jerseys this year [1] - Shenzhou's management has also given a conservative forecast, expecting mid-single-digit sales growth in the second half of 2025, which is lower than previous high single-digit predictions, reflecting the impact of Nike's latest outlook [1] Group 2 - Citi predicts that Nike's sales orders for Shenzhou will remain flat rather than decline in 2026, and with visibility on orders from the top four clients, Shenzhou's sales are expected to achieve high single-digit growth in 2026 [1] - The report suggests that if Shenzhou's stock price experiences a pullback due to Nike's cautious outlook, it may present a buying opportunity, maintaining a "buy" rating for Shenzhou with a target price of HKD 94 [1]

Group 1 - The Hang Seng Index rose by 0.65%, gaining 165 points to close at 25,663 points, while the Hang Seng Tech Index increased by 1.14%. The morning trading volume reached 97.5 billion HKD [1] - New listings in the Hong Kong stock market included Zhihui Mining (02546), which surged over 110% upon debut, and Xidi Zhijia (03881), which fell over 8% after its listing [1] - The U.S. Senate passed a revised version of the Biodefense Act as part of the National Defense Authorization Act for fiscal year 2026, leading to a significant rebound in pharmaceutical stocks, with WuXi Biologics (02269) rising over 6% and 3SBio (01530) increasing by 3.7% [1] Group 2 - HAP Pharmaceuticals-B (02142) saw a nearly 7% increase after signing a business development deal worth over 1 billion USD with Bristol-Myers Squibb [2] - China Duty Free Group (601888) (01880) rebounded nearly 7% after winning bids for two major duty-free projects at Shanghai airports, with market attention on the results of the Capital Airport tender [2] - Youjia Innovation (02431) surged over 12% as L3 large-scale deployment approaches, with the company having made forward-looking arrangements for L2+ and L4 [2] - Nine Dragons Paper (02689) rose over 3% as the industry leader announced a series of shutdown plans to support price and inventory levels before the Spring Festival [2] Group 3 - South Manganese (01091) increased by over 9% due to multiple factors driving the continuous rise in electrolytic manganese prices [3] Group 4 - Yangtze Optical Fibre (601869) (06869) rose over 10%, with a cumulative increase of over 30% in the past three days, driven by sustained demand for optical fibers and cables from AI [4] Group 5 - Ganwan (09890) increased by over 5% after issuing zero-coupon convertible bonds at a premium, raising 450 million HKD to enhance its "AI + gaming" strategy [5] Group 6 - Liqin Resources (02245) rose over 9% as Indonesia plans to significantly reduce its nickel ore production targets by 2026 [6] Group 7 - Shenzhou International (02313) fell over 3% as its major client Nike reported a 32% year-on-year decline in net profit for the second fiscal quarter [7]

Group 1 - Shenzhou International (02313.HK) experienced a decline of over 3%, specifically a drop of 3.02%, bringing its share price to HKD 61.05 [2] - The trading volume for Shenzhou International reached HKD 123 million [2]

Group 1 - The core point of the article is that Shenzhou International (02313) experienced a decline of over 3% in its stock price, attributed to the poor financial performance of its major client, Nike, which reported a 32% year-on-year drop in net profit for Q2 of fiscal year 2026 [1][1][1] - Nike's net profit fell from $1.16 billion in the same period last year to $792 million, despite revenue and earnings exceeding market expectations [1][1][1] - Revenue in Greater China for Nike decreased by 17% to $1.7 billion, with EBITDA dropping significantly by 49% [1][1][1] Group 2 - Citigroup recently downgraded its earnings forecast for Shenzhou International for 2025 to 2027 by 2%, lowering the target price from HKD 95 to HKD 94 while maintaining a "buy" rating [1][1][1] - The decline in Shenzhou's stock price may reflect management's conservative outlook on sales, which could present a buying opportunity, as the expected dividend yield for fiscal year 2026 is 4.8% and the projected compound annual growth rate for earnings per share over the next three years is 12% [1][1][1]

申洲国际(02313)跌超3%，截至发稿，跌3.02%，报61.05港元，成交额1.23亿港元。 消息面上，申洲国际主要客户耐克于周四盘后发布2026财年第二季度业绩报告，股价重挫超10%。报告 显示，尽管营收与盈利均超出市场预期，但受利润率下滑及直销业务持续承压影响，其净利润同比出现 下滑。该公司期内净利润同比下降32%，由上年同期的11.6亿美元降至7.92亿美元。此外，其在大中华 区的营收同比下降17%至17亿美元，息税前利润更大幅缩水49%。 花旗近期研报指出，将申洲国际2025至27年盈利预测下调2%，目标价相应由95港元降至94港元，维 持"买入"评级，并认为股价下跌或反映管理层对销量展望较为保守，反而提供买入机会，因2026财年预 期股息率达4.8%，且未来3年每股盈利年均复合增长率达12%。 ...

申洲国际集团控股有限公司是一家主要从事生产和销售针织服装产品的投资控股公司。该公司的主营业 务是从事以代工（OEM）及委托设计（ODM）相结合的方式为客户制造针织品。该公司的产品类别包 括运动类、休闲类、内衣类等其他针织品产品。该公司通过其子公司还从事贸易业务和物业管理业务。 该公司主要在国内和国外市场开展其业务。 证券之星消息，12月18日南向资金增持157.26万股申洲国际（02313.HK）。近5个交易日中，获南向资 金增持的有4天，累计净增持486.91万股。近20个交易日中，获南向资金增持的有13天，累计净增持 390.62万股。截至目前，南向资金持有申洲国际（02313.HK）1.04亿股，占公司已发行普通股的 6.91%。 | 交易日 | 持股总数 (股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-12-18 | 1.04亿 | 157.26万 | 1.53% | | 2025-12-17 | 1.02亿 | 149.30万 | 1.48% | | 2025-12-16 | 1.01亿 | 115.83万 | 1.16% | | 20 ...

港股止跌，整个早盘都维持在中轴附近窄幅盘整，大消费和科技小幅收红，互联网和医疗走了和寂寞。 大消费探底回升后震荡上行，截止午盘小涨0.32%。其中李宁都在4.37%，申洲国际上涨2.26%，石药集 团、老铺黄金、药明生物、泡泡玛特等股涨幅均在1%上方；创科实业、小鹏汽车、地平线等股逆势绿 盘。 科技股开盘一直围绕中轴盘整，截止午盘小涨0.14%。其中美团上涨1.21%，京东集团、阿里巴巴、腾 讯控股、中芯国际等股均小幅收涨；比亚迪股份、网易等股逆势小跌。 恒生医疗走了个寂寞，其中石药集团上涨1.9%，药明生物上涨1.68%，百济神州、信达生物、三生制药 等股均小幅收涨；康方生物、中国生物、京东健康、翰森制药等股均小幅收跌。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ ...