市場回顧 恒指下試 18,671 點：政府工作報告將 2025 年 GDP 增長目標設定為 5% 左右，符合市場預期，總理李強提出今年要實施更加積極的財政政策，提 高財政赤字率，並且實施適度寬鬆的貨幣政策，打好政策「組合拳」，加 強政策協同，大力度促進樓市股市健康發展，加大對科技創新、提振消費 等。穩增長政策立場趨向積極，有助增強投資者對 2025 年經濟工作的信 心。兩會提出推進「人工智慧+」行動，加上 DeepSeek 國產高性價比模 型面世，有助降低推理成本，加快 AI 應用，後續觀望 AI 對企業收入及盈 利增長的實際效用。美國宣布對貿易夥伴設立 10%的最低基準關稅，衝 擊全球貿易活動。新一輪對中國進口產品的關稅為 34%，幅度超預期， 加上北京將對美徵收報復性關稅，美國進一步提高關稅以作回應，將打擊 投資情緒及企業盈利，恒指料下試 1 月低位 18,671 點。 短期看好板塊 ➢ 高息股：市況動盪資金避險，以及減息預期升溫 今日市場焦點 ➢ 中國3月CPI及PPI；美國3月CPI及核心CPI； 宏觀焦點 ➢ 特朗普宣布對部分國家暫停新關稅，為期90天，即時提高中國關稅 至125%；世貿料中美兩國貿 ...

每日港股評析 港股早晨快訊 2025 年 4 月 9 日星期三 2012-01- 17 市場回顧 中港股市短期展望 恒指下試 18,671 點：政府工作報告將 2025 年 GDP 增長目標設定為 5% 左右，符合市場預期，總理李強提出今年要實施更加積極的財政政策，提 高財政赤字率，並且實施適度寬鬆的貨幣政策，打好政策「組合拳」，加 強政策協同，大力度促進樓市股市健康發展，加大對科技創新、提振消費 等。穩增長政策立場趨向積極，有助增強投資者對 2025 年經濟工作的信 心。兩會提出推進「人工智慧+」行動，加上 DeepSeek 國產高性價比模 型面世，有助降低推理成本，加快 AI 應用，後續觀望 AI 對企業收入及盈 利增長的實際效用。美國宣布對貿易夥伴設立 10%的最低基準關稅，衝 擊全球貿易活動。新一輪對中國進口產品的關稅為 34%，幅度超預期， 加上北京將對美徵收報仇性關稅，美國可能進一步提高關稅以作回應，將 打擊投資情緒及企業盈利，恒指料下試 1 月低位 18,671 點。 短期看好板塊 ➢ 高息股：市況動盪資金避險，以及減息預期升溫 今日市場焦點 ➢ 美國3月聯儲局議息會議紀錄；紐西蘭、印度央行4月 ...

美國聯儲局周一(7日)舉行閉門會議，討論短期預支及貼現率； 歐盟從4月15日起徵收第一批美國進口商品關稅； 內地據報商討前置部分經濟刺激政策； 中國商務部召開美企圓桌會，籲發理性聲音採務實行動； 中央滙金、中國國新、中國誠通等增持央企股票及ETF等； 每日港股評析 港股早晨快訊 2025 年 4 月 8 日星期二 2012-01- 17 市場回顧 中港股市短期展望 恒指下試 18,671 點：政府工作報告將 2025 年 GDP 增長目標設定為 5% 左右，符合市場預期，總理李強提出今年要實施更加積極的財政政策，提 高財政赤字率，並且實施適度寬鬆的貨幣政策，打好政策「組合拳」，加 強政策協同，大力度促進樓市股市健康發展，加大對科技創新、提振消費 等。穩增長政策立場趨向積極，有助增強投資者對 2025 年經濟工作的信 心。兩會提出推進「人工智慧+」行動，加上 DeepSeek 國產高性價比模 型面世，有助降低推理成本，加快 AI 應用，後續觀望 AI 對企業收入及盈 利增長的實際效用。美國宣布對貿易夥伴設立 10%的最低基準關稅，衝 擊全球貿易活動。新一輪對中國進口產品的關稅為 34%，幅度超預期， 加上北京將 ...

每日港股評析 港股早晨快訊 2025 年 4 月 7 日星期一 2012-01- 17 市場回顧 中港股市短期展望 恒指下試 20,000 點：政府工作報告將 2025 年 GDP 增長目標設定為 5% 左右，符合市場預期，總理李強提出今年要實施更加積極的財政政策，提 高財政赤字率，並且實施適度寬鬆的貨幣政策，打好政策「組合拳」，加 強政策協同，大力度促進樓市股市健康發展，加大對科技創新、提振消費 等。穩增長政策立場趨向積極，有助增強投資者對 2025 年經濟工作的信 心。兩會提出推進「人工智慧+」行動，加上 DeepSeek 國產高性價比模 型面世，有助降低推理成本，加快 AI 應用，後續觀望 AI 對企業收入及盈 利增長的實際效用。美國宣布對貿易夥伴設立 10%的最低基準關稅，衝 擊全球貿易活動。新一輪對中國進口產品的關稅為 34%，幅度超預期， 打擊投資情緒及企業盈利，恒指料下試 20,000 點。 短期看好板塊 ➢ 高息股：市況動盪資金避險，以及減息預期升溫 今日市場焦點 財新中國3月服務業PMI升至51.9，勝預期； 3月美國非農職位增22.8萬勝預期 失業率意外上升； 企業消息 ➢ 東鵬飲料提交香 ...

中港股市短期展望 恒指下試 22,436 點：政府工作報告將 2025 年 GDP 增長目標設定為 5% 左右，符合市場預期，總理李強提出今年要實施更加積極的財政政策，提 高財政赤字率，並且實施適度寬鬆的貨幣政策，打好政策「組合拳」，加 強政策協同，大力度促進樓市股市健康發展，加大對科技創新、提振消費 等。穩增長政策立場趨向積極，有助增強投資者對 2025 年經濟工作的信 心。兩會提出推進「人工智慧+」行動，加上 DeepSeek 國產高性價比模 型面世，有助降低推理成本，加快 AI 應用，後續觀望 AI 對企業收入及盈 利增長的實際效用。美國宣布對貿易夥伴設立 10%的最低基準關稅，衝 擊全球貿易活動。新一輪對中國進口產品的關稅為 34%，幅度超預期， 打擊投資情緒，恒指料下試 2 月中的低位 22,436 點。 短期看好板塊 每日港股評析 港股早晨快訊 2025 年 4 月 3 日星期四 2012-01- 17 市場回顧 企業消息 ➢ 小米(1810)：SU7電池有兩供應商 隨機安裝 事故車電池待查； 騰訊(0700)：一季度回購171億港元 超去年同期水平； 藥明康德(2359)沽5080萬股藥明合聯( ...

| 產品 | 當日收市 | 變動 | 變動% | | --- | --- | --- | --- | | 香港指數 | | | | | 恒生指數 Hang Seng Index | 23344 | -624 | -2.6 | | H 股指數 H-Shares Index | 8614 | -265 | -2.98 | | 恒生科技指數 Hang Seng TECH Index | 5499 | -258 | -4.48 | | MSCI 中國 A50（美元）指數 | 2144 | 23.6 | 1.11 | | MSCI China A50 (USD) Index | | | | 環球期貨市場報告 2025 年 3 月 26 日 德國 2 月 Gfk 消費者信心指數 -21.3 - | 本周重要數據： | | 前值 | 預期 | | --- | --- | --- | --- | | 3 月 26 日 | 美國核心耐用品訂單月率 (2 月) | - | 0.2% | | 3 月 27 日 | 美國 GDP 年率 (Q4) | 2.3% | 2.3% | | | 美國核心個人消費支出物價指數季率 (Q4) | ...

Investment Rating - The report maintains a "BUY" rating for TK Group (Holdings) Limited with a target price of HK$2.48, indicating an upside potential of 28.6% from the current price of HK$1.93 [1]. Core Insights - TK Group expects a net profit growth of over 20% year-on-year for FY24E, with preliminary results aligning closely with estimates at approximately HK$260 million [2]. - The growth is attributed to a rebound in overseas business, significant revenue growth from domestic operations, and over 20% year-on-year growth in the plastic components segment, particularly from mobile phones and wearable devices [2]. - The company has a stable order book of approximately HK$900-1,000 million, supported by demand from mobile phones, wearables, and other sectors, which accounted for over 60% of the total order book in 1H24 [4]. - TK Group's client diversification is progressing well, with new orders from leading brands in the headset and professional audio sectors [5]. Financial Performance and Projections - The financial position remains strong, with net operating cash inflow of approximately HK$150 million and a net cash position of around HK$1.06 billion, representing about 65% of the market cap [6]. - FY24E capital expenditures are expected to be similar to FY23, around HK$70-80 million, with a planned increase in FY25E for capacity expansion [7]. - Revenue and net profit are projected to grow at a compound annual growth rate (CAGR) of 12.8% and 15.9% respectively from FY23 to FY26E [11]. - The report anticipates a dip in free cash flow in FY25E due to increased capital expenditures, but expects normalization in FY26E/27E [12]. Market Position and Valuation - TK Group is positioned as a leading total plastics solutions provider in China, with a strong client base including major global brands [9]. - The valuation remains undemanding, with a FY25E price-to-earnings ratio of 6.0x, which is approximately 50% lower than Hong Kong and international peers [11]. - The report highlights that TK Group's dividend payout ratio is expected to remain above 40%, translating to a dividend yield of 13.4% in FY24E [12].

Investment Rating - The report maintains a "BUY" rating for Nameson Holdings with a target price of HKD 1.01, indicating an upside potential of 24.7% from the current price of HKD 0.81 [1]. Core Insights - Nameson's 1HFY25 results were largely in line with expectations, with sales and adjusted net profit growing by 2.2% and 3.3% year-on-year, respectively, reaching HKD 2,726 million and HKD 299 million [1][6]. - The blended gross margin improved by 1.6 percentage points year-on-year to 19.9%, attributed to lower raw material prices and enhanced operational efficiency at the Vietnam plant [1][6]. - The company experienced a normalization in order volumes for whole garments, which temporarily affected total sales volume, while traditional knitwear and cashmere products provided volume support [1][6]. - Sales volume for Nameson reached 18 million pieces in 1HFY25, a decrease of 5.7% year-on-year, with cashmere sales volume increasing significantly by 74% year-on-year to 1.6 million pieces [1][6]. Summary by Sections Financial Performance - Nameson's 1HFY25 average selling price (ASP) remained stable year-on-year at approximately US$18, with cashmere sales enjoying a higher ASP of around US$40, while traditional knitwear maintained an ASP of US$13-14 [1][6]. - The company expects FY25E sales to decline by approximately 1% year-on-year, primarily due to lower whole garment sales volume, offset by a stable blended ASP due to a better product mix [1][6]. Market Dynamics - Sales in Europe and Southeast Asia outperformed, growing by 23.1% and 37.7% year-on-year, respectively, driven by favorable weather and clients' overseas expansion [1][6]. - Conversely, sales in Japan and China faced challenges, declining by 23% and 3.9% year-on-year, respectively, due to late winter and macroeconomic headwinds [1][6]. Operational Insights - Nameson manufactured 70% of its total sweaters in Vietnam during 1HFY25, with plans to continue expanding capacity in Central Vietnam [3]. - The company has ramped up its cashmere yarn production, achieving over 550 tons in 1HFY25, with a significant increase in revenue from its branded cashmere yarn, M.oro, which rose by 26.8% to approximately HKD 419 million [4][5]. Valuation and Outlook - Nameson is trading at an undemanding FY25E/26E PE of 4.4x/4.0x, which is approximately a 46% discount to peers' average [7]. - The company maintains a healthy balance sheet with a low net gearing ratio of 14.3% in 1HFY25, allowing for a sustainable payout ratio of around 75% [8].

Investment Rating - **Rating**: BUY (Maintained) [2] - **Target Price**: HKD 70.09 (Up from HK$49.37) [2] - **Current Price**: HKD 46.65 (Upside: +50.3%) [2] Core Viewpoints - **1H24 Results**: Sunny Optical's 1H24 revenue and net income were RMB14,279mn and RMB1,079mn respectively, beating market consensus by 12.4% and 14.3% [2] - **Key Drivers**: Recovery in smartphone demand, especially flagship models, drove volume, ASP, and GM improvements [2] - **Gross Margin (GM)**: Blended GM improved to 17.2% (vs. 14.9% in 1H23), driven by HLS and optoelectronics margin improvements [2] - **High-End Products**: High-end handset product shipments (6P+ lens, periscopes, large image size modules) grew 23.2% YoY, contributing 25.6% of total shipments [4] - **XR Segment**: XR revenue surged 110% YoY to ~RMB1bn, accounting for 5.3% of total revenue [8] - **Automotive Products**: Vehicle-related sales rose 16.4% YoY to RMB2,877mn, with VLS shipment guidance raised to 10-15% YoY [8] Financial Performance - **Revenue Growth**: 1H24 revenue grew 32.1% YoY to RMB14,279mn [2] - **Net Income Growth**: Net income surged 147% YoY to RMB1,079mn, reaching 60% of FY24E estimates [2] - **Gross Margin**: Optical components' GM rebounded 5.8ppts YoY to 31.8%, while optoelectronics' GM improved 1.3ppts to 8.2% [3] - **R&D Expense**: R&D expense accounted for 7.8% of total revenue, with FY24E CAPEX maintained at ~RMB3.0bn [9] Market Position and Strategy - **Market Share**: Sunny Optical dominates the China handset market with ~50% market share, focusing on domestic OEMs like Huawei, Vivo, Oppo, and Xiaomi [6] - **Diversification Strategy**: Non-smartphone revenue contribution (auto + XR) increased to >30% of total revenue in 1H24, up from 15.5% in FY20 [9] - **Product Mix**: Management continues to focus on improving product mix to benefit ASP and GM, with HLS shipment guidance raised to 10-15% YoY [5] Future Outlook - **Smartphone Market Recovery**: Global smartphone shipments are expected to gradually pick up in FY24E, driven by top-tier clients' flagship models [5] - **Automotive Growth**: Sunny's automotive CCM order book reached RMB10bn, supporting mid-long term revenue growth [8] - **XR and AI**: AI technology and foldables are expected to drive high-end smartphone growth and promote a new replacement cycle [7] Valuation and Earnings Forecast - **Valuation**: Sunny Optical is trading at FY24E/25E 19.5x/16.0x PE, below its 10-year average [10] - **Earnings Forecast**: FY24E-26E net profit estimates raised by 35.8%/34.0%/31.7%, driven by higher sales and GM forecasts [9] - **Sales Growth**: FY24E-26E sales and net profit growth expected to accelerate to 10.7%/20.3% CAGR [10]

Investment Rating - The report upgrades the investment rating of AAC Technologies from NEUTRAL to BUY with a target price of HK$ 37.24, representing an upside of 19.2% from the current price of HK$ 31.25 [1]. Core Insights - AAC Technologies reported a net profit of RMB 537 million for 1H24, a significant increase of 257% year-on-year, driven by a recovery in gross margin across all segments [1][2]. - The company achieved a blended gross margin of 20% for the first time since 1H21, with expectations of continued growth in automotive-related business and optics segments [1][2]. - Management expressed a more optimistic outlook for business segments compared to FY23, indicating a clearer vision for mid-term growth [1][2]. Revenue Breakdown - **Acoustics Segment**: Contributed approximately 31% of 1H24 revenue, with sales rising 4.1% year-on-year to RMB 3,466 million and gross margin increasing to 29.9% [1][2]. - **Haptics and Precision Mechanics**: Accounted for around 33% of 1H24 revenue, with a revenue growth of 1.1% year-on-year to RMB 3,660 million and gross margin rising to 22.9% [2]. - **Optics Segment**: Represented about 20% of 1H24 revenue, with a 25% year-on-year increase in revenue to RMB 2,210 million and a gross margin improvement to 4.7% [4][5]. Future Projections - The report anticipates a compound annual growth rate (CAGR) of 10.5% for sales and 17.0% for net profit from FY24E to FY26E, supported by higher sales forecasts and improved gross margins [5][6]. - Management expects optics segment revenue to grow by 20% and shipment by 40% in FY24E, indicating a positive trend in product demand and pricing [5][6]. Strategic Positioning - AAC Technologies is positioned to benefit from the automotive acoustics market through its acquisition of PSS, which has a market share of 15-20% in the global automotive speaker market [1][2]. - The company is leveraging its expertise in acoustic solutions to meet the growing demand for intelligent cockpit systems in vehicles, indicating a strategic expansion into new market niches [1][2].