每日港股評析 港股早晨快訊 2025 年 11 月 202012 日星期四 -01-17 市場回顧 中港股市短期展望 恒指短期支持參考 100 天線：聯儲局 10 月再次鷹派減息，2026 年減息 空間少於預期。中美元首 10 月會面取得成果，美方取消 10%芬太尼關 稅，暫停一年 24%對等關稅。兩國緊張局勢暫時緩和，核心矛盾延後解 決。內地第三季經濟進一步降溫，十五五規劃提出擴大內需及促進科技自 立自強，方向符合預期，後續留意其他重要會議以跟進政策落地情況。基 於短期內港股企業盈利難有明顯改善，中美貿易戰局勢反覆，以及聯儲局 減息路徑未明，恒指短期支持參考 100 天線約 25,600 點。 短期看好板塊 今日市場焦點 中通快遞(2057)第三季淨利潤升5%，下調全年業務量指引； 外圍市況展望 美國聯儲局10月宣布減息0.25厘，聯邦基金利率目標區間下調至3.75% 至4.00%，符合預期，並決定自12月起結束縮表。不過，主席鮑威爾表 示，12月再次減息並非板上釘釘的事，局內委員會分歧大，部分成員認 為需暫停減息以評估政策影響。議息聲明提到，現有指標顯示經濟活動 正以溫和速度擴張，經濟前景不確定仍高企。近 ...

市場回顧 每日港股評析 港股早晨快訊 2025 年 11 月 192012 日星期三 -01-17 中港股市短期展望 恒指短期支持參考 100 天線：聯儲局 10 月再次鷹派減息，2026 年減息 空間少於預期。中美元首 10 月會面取得成果，美方取消 10%芬太尼關 稅，暫停一年 24%對等關稅。兩國緊張局勢暫時緩和，核心矛盾延後解 決。內地第三季經濟進一步降溫，十五五規劃提出擴大內需及促進科技自 立自強，方向符合預期，後續留意其他重要會議以跟進政策落地情況。基 於短期內港股企業盈利難有明顯改善，中美貿易戰局勢反覆，以及聯儲局 減息路徑未明，恒指短期支持參考 100 天線約 25,600 點。 短期看好板塊 百度集團(9888)上季經調整盈利跌36%勝預期，首次披露AI業務收 入增速達50%； 拼多多第三季經調整淨利潤升14%，管理層警告財務波動將持續； 中國宏橋(1378)控股股東斥近2.3億元增持股份，持股升至64.02%； 澳洲礦產資源公司GBM Resources擬香港第二上市； 外圍市況展望 今日市場焦點 ➢ 美國聯儲局 10 月議息會議紀錄；歐元區、英國 10 月 CPI； 聯想集團(0992) ...

每日港股評析 港股早晨快訊 2025 年 11 月 182012 日星期二 -01-17 市場回顧 中港股市短期展望 恒指阻力參考 27,381 點：聯儲局 10 月再次鷹派減息，2026 年減息空間 少於預期。中美元首 10 月會面取得成果，美方取消 10%芬太尼關稅，暫 停一年 24%對等關稅。兩國緊張局勢暫時緩和，核心矛盾延後解決。內 地第三季經濟進一步降溫，十五五規劃提出擴大內需及促進科技自立自 強，方向符合預期，後續留意其他重要會議以跟進政策落地情況。基於短 期內港股企業盈利難有明顯改善，中美貿易戰局勢反覆，以及聯儲局減息 路徑未明，恒指短期阻力參考 10 月高位 27,381 點。 短期看好板塊 今日市場焦點 植田和男表示貨幣政策長期維持過於寬鬆會帶來風險； 企業消息 ➢ 阿里巴巴(9988)千問App公測，用戶湧入部分服務中斷； 京東外賣推獨立App，劉強東點評永不商業化； 華為Mate80系列及Mate X7定檔11月25日發布； 小鵬汽車(9868)第三季經調整虧損收窄至1.5億元人民幣，收入交付 量預測遜預期； 零跑汽車(9863)第三季扭虧賺1.5億元人民幣，銷量提前達標； 攜程集團(9 ...

Market Overview - The Hang Seng Index faces resistance at 27,381 points due to the Federal Reserve's hawkish stance on interest rate cuts, with expectations for cuts in 2026 being lower than anticipated [2] - Recent U.S.-China relations have seen a temporary easing, with the U.S. canceling a 10% tariff on fentanyl and pausing a 24% reciprocal tariff for a year, although core issues remain unresolved [2] - The Chinese economy showed further signs of cooling in Q3, prompting a focus on expanding domestic demand and promoting technological self-reliance as outlined in the 14th Five-Year Plan [2] Company News - Hillhouse Capital has significantly increased its holdings in Pinduoduo and Alibaba while reducing its stake in NetEase and completely exiting positions in JD.com and Li Auto [4] - Pop Mart is reportedly collaborating with Sony Pictures to produce a film based on its Labubu character [4] - Mindray Medical has seen a notable increase in its stock price, reflecting strong market performance [4] Economic Indicators - The U.S. Federal Reserve announced a 0.25% interest rate cut, bringing the target range to 3.75% to 4.00%, and plans to end balance sheet reduction in December [4] - The Hong Kong economy grew by 3.8% in Q3, leading to an upward revision of the full-year growth forecast to 3.2% [9] - China's industrial output and fixed asset investment data for October fell short of expectations, while retail sales slightly exceeded forecasts [8][9] Sector Focus - The insurance sector in China has benefited from strong A-share performance, leading to improved investment returns in Q3 [7] - Coal stocks are expected to see upward price momentum for thermal coal [7] - The semiconductor industry faces challenges, with SMIC warning of memory shortages impacting the automotive and mobile sectors next year [7] Regulatory Developments - The Chinese government has released draft guidelines for antitrust compliance in internet platforms, addressing issues such as unfair pricing and "choose one from two" practices [8] - The Ministry of Finance emphasized the need for proactive fiscal policies during the 14th Five-Year Plan period to support domestic market development [8]

每日港股評析 港股早晨快訊 2025 年 11 月 142012 日星期五 -01-17 市場回顧 中港股市短期展望 恒指阻力參考 27,381 點：聯儲局 10 月再次鷹派減息，2026 年減息空間 少於預期。中美元首 10 月會面取得成果，美方取消 10%芬太尼關稅，暫 停一年 24%對等關稅。兩國緊張局勢暫時緩和，核心矛盾延後解決。內 地第三季經濟進一步降溫，十五五規劃提出擴大內需及促進科技自立自 強，方向符合預期，後續留意其他重要會議以跟進政策落地情況。基於短 期內港股企業盈利難有明顯改善，中美貿易戰局勢反覆，以及聯儲局減息 路徑未明，恒指短期阻力參考 10 月高位 27,381 點。 短期看好板塊 今日市場焦點 ➢ 中國 1-10 月固投、工業、零售；香港第三季 GDP； 首程控股(0697)、敏華控股(1999)等業績； 宏觀焦點 ➢ 內地10月新增貸款2200億元人民幣，遜預期； 內地多家中小銀行中長期定存產品密集下架； 報道指抵制低價「內捲」，內地多家矽片企業聯合挺價； 特朗普簽署臨時撥款法案，結束聯邦政府停擺； 企業消息 ➢ 騰訊控股(0700)第三季經調整盈利升18%，勝預期； 京東集團( ...

Market Overview - The Hang Seng Index faces resistance at 27,381 points due to the Federal Reserve's hawkish stance on interest rate cuts, with expectations for fewer cuts in 2026 than previously anticipated [2] - The recent meeting between the US and Chinese leaders has eased tensions temporarily, with the US suspending a 10% tariff on fentanyl for one year [2] - China's third-quarter economic performance has further cooled, aligning with the "14th Five-Year Plan" which emphasizes expanding domestic demand and promoting technological self-reliance [2] Sector Focus - The total online retail sales during the "Double 11" shopping festival in 2025 are projected to reach approximately 1.7 trillion yuan, reflecting a year-on-year growth of 14.2% [8] - The banking sector is reportedly offering loans to businesses and individuals to meet lending targets, indicating a slowdown in effective loan demand [8] - The insurance sector is expected to benefit from strong investment returns in the third quarter due to robust performance in the A-share market [7] Company News - Tencent Music's adjusted profit for the third quarter increased by 32%, surpassing expectations, with total revenue reaching 8.463 billion yuan, a year-on-year growth of 20.64% [10] - Semiconductor manufacturer SMIC is reportedly prioritizing chip distribution to meet the demands of major companies like Huawei amid ongoing supply shortages [10] - Foxconn's third-quarter net profit rose by 17% to 57.673 billion NTD, driven by increased shipments of Apple iPhones and AI servers [9] Economic Indicators - The US Federal Reserve announced a 0.25% interest rate cut, bringing the target range to 3.75% to 4.00%, with further cuts remaining uncertain due to internal disagreements [4] - The global dividend payout in the third quarter reached a record high of 94 billion USD in Hong Kong, with a core growth rate of 15.4% [8] - The International Energy Agency (IEA) predicts that global oil consumption may continue to grow until 2050, with a projected increase of 13% [9]

Market Overview - The Hang Seng Index is expected to fluctuate around 26,000 points due to a hawkish interest rate outlook from the Federal Reserve and ongoing uncertainties in the US-China trade situation [2] - The third quarter economic data from mainland China indicates further cooling, prompting a focus on policies aimed at expanding domestic demand and promoting technological self-reliance [2] Company Updates - JD Group reported record sales during the Double 11 shopping festival, with a 40% increase in the number of ordering users and nearly a 60% rise in order volume [9] - Hesai Technology turned a profit of 260 million RMB in the third quarter, raising its full-year profit guidance [9] - Hong Kong Exchanges and Clearing Limited invested 455 million HKD to acquire a 20% stake in Xunqing Clearing Holdings [9] - Ant Group's investment in Yao Cai Securities has not met completion conditions, potentially extending the final deadline [9] - Innovative Industry plans to raise approximately 700 million USD through an IPO [9] Industry Insights - The manufacturing sector in mainland China is accelerating the construction of pilot platforms, focusing on AI and robotics [6] - The People's Bank of China is set to implement a moderately loose monetary policy to support economic recovery and enhance the bond market [7] - The China Association of Automobile Manufacturers reported that in October, the sales of new energy vehicles exceeded 50% of total vehicle sales for the first time [8] - The third quarter saw a 17.8% increase in the shipment of foldable smartphones in China, indicating a recovery in the market [8] - The domestic excavator sales grew by 2.44% year-on-year in October, with a total of 18,096 units sold [8]

Market Overview - The Hang Seng Index is expected to fluctuate around 26,000 points due to a hawkish stance from the Federal Reserve and ongoing uncertainties in the US-China trade relations [2] - The third quarter economic data from mainland China indicates further cooling, prompting a focus on policies aimed at expanding domestic demand and promoting technological self-reliance [2] Company Performance - Sunny Optical Technology (2382) reported a 33.2% year-on-year increase in mobile camera module shipments for October [10] - Hongteng (6088) saw a 3.9% increase in net profit from continuing operations to USD 100 million for the first three quarters [10] - Beike (2423) experienced a 36% decline in net profit for the last quarter, amounting to RMB 750 million [10] Sector Focus - The insurance sector is benefiting from strong A-share performance, leading to improved investment returns in the third quarter [7] - AI concept stocks are gaining traction as mainland China accelerates the implementation of "AI+" applications, with breakthroughs in chip development [7] - Coal stocks are expected to see upward price momentum for thermal coal [7] Economic Indicators - The US Federal Reserve announced a 0.25% rate cut, lowering the target range for the federal funds rate to 3.75% to 4.00%, with plans to end balance sheet reduction by December [4] - The first three quarters saw central enterprises in China complete fixed asset investments exceeding RMB 3 trillion, with a growth rate of over 3% [8] Commodity Market Insights - China's gold consumption in the first three quarters increased by 25%, with gold bar and coin consumption rising by 24.55% [8] - The Hong Kong Monetary Authority's report suggests expanding the commodity market to enhance economic resilience and solidify Hong Kong's status as an international financial center [8] Strategic Developments - BYD (1211) plans to introduce its high-end electric vehicle brand "Yangwang" to Hong Kong next year, having sold over 7,800 vehicles in the first ten months of this year [10] - GAC Group (2238) has signed a strategic cooperation agreement with CATL (3750) to enhance research and development in smart chassis and battery swapping technologies [10] - Li Auto (2015) announced that its range-extended SUV models have surpassed cumulative deliveries of 1.4 million units [10]

Market Overview - The Hang Seng Index is expected to fluctuate around 26,000 points due to a hawkish stance from the Federal Reserve and ongoing uncertainties in the US-China trade relations [2] - The third quarter economic data from mainland China indicates further cooling, with a focus on expanding domestic demand and promoting technological self-reliance [2] Macro Focus - The Federal Reserve's direction for December rate cuts remains uncertain, with concerns about inflation among next year's voting members [4] - The Bank of England maintained its interest rate at 4%, with expectations for a potential rate cut in December [10] - Japan's major labor union is pushing for a 6% wage increase in the upcoming negotiations [10] Company News - Hua Hong Semiconductor (1347) reported a 43% decline in profit for the last quarter, but its fourth-quarter gross margin guidance exceeded expectations [11] - Uni-President China (0220) achieved a net profit of 2.01 billion RMB in the first three quarters, a year-on-year increase of 23.1% [11] - Da Jia Le (0341) anticipates a 65-70% drop in half-year profit due to a challenging market environment [11] - Great Wall Entertainment (1060) expects its mid-term net profit to exceed 500 million RMB, driven by strong performance in its Aliyu business [11] - Xiaomi (1810) has seen a 53% increase in short positions from institutional clients, indicating a bearish sentiment towards the stock [11] - Nissan (7201.JP) is selling its Yokohama headquarters for over $600 million as part of a 20-year leaseback agreement [11] - Xpeng Motors (2026) aims to achieve positive free cash flow by 2028, contingent on fleet expansion [11] - New World Development (0200) reported a 1.7 times increase in net income for the last quarter, attributed to improved performance in both gaming and non-gaming operations [11] Sector Insights - The insurance sector is benefiting from strong investment returns in the third quarter due to robust A-share performance [7] - AI concept stocks are gaining traction as mainland China accelerates the application of "Artificial Intelligence+" [7] - Coal stocks are expected to see upward price momentum for thermal coal [7]

Group 1: Company Recommendations - The report recommends buying shares of Sensata Technologies (敏實集團) at a price of 39.00 HKD, with a target price of 45.00 HKD, indicating a potential upside of 15.4% [2][13] - Sensata Technologies has seen a year-on-year revenue growth of 10.8% to 12.287 billion RMB in the first half of the year, with net profit increasing by 19.5% to 1.277 billion RMB [7][12] - The company is actively expanding into new sectors such as AI and robotics, with its battery box business experiencing a nearly 50% year-on-year increase in revenue [4][7] Group 2: Industry Insights - The report highlights that the Chinese government has suspended the 24% tariff on imports from the U.S. for one year, which is expected to positively impact trade relations [16] - The report notes that the AI sector in China is accelerating, with breakthroughs in chip development and increased applications of "Artificial Intelligence+" [5] - The report indicates that the coal sector is expected to see upward price momentum for thermal coal [5] Group 3: Financial Performance and Projections - Sensata Technologies aims to achieve a revenue target of 82 billion RMB by 2030, representing a compound annual growth rate of 23% from 2024 to 2030 [8] - The company has improved its free cash flow and reduced its debt ratio, indicating potential for an increase in its dividend payout ratio [10] - Market expectations for the fiscal years 2024 to 2027 project a compound annual growth rate of 14.2% for revenue and 18.2% for adjusted profit [11]