每日港股評析 港股早晨快訊 2025 年 9 月 17 日星期三 2012-01- 17 中港股市短期展望 恒指阻力參考 26,822 點：中美雙方同意延長 5 月中旬達成的 90 天關稅 休戰協議，同時美國與更多國家達成協議，關稅戰局勢緩和。另外，聯儲 局主席鮑威爾在全球央行年會上表示，風險平衡轉變可能需要調整政策立 場，同時美國就業數據轉弱，減息預期顯著升溫。不過，內地上半年經濟 較預期中平穩，現階段加推經濟刺激方案的意願不大，企業盈利改善有限。 港股大市成交活躍，風險偏好尚算積極，資金於不同板塊輪動，恒指向上 阻力參考 2021 年 8 月高位 26,822 點。 短期看好板塊 今日市場焦點 ➢ 美國聯儲局 9 月議息結果、8 月新屋開工；香港發布《施政報告》； 宏觀焦點 ➢ 李強支持企業和科研機構加大研發投入； 中國9部門發文擴大服務消費，吸引更多入境消費； 潘功勝表示國際社會應落實改革，防範監管套利和風險跨境傳導； 《施政報告》封面沿用綠色代表延續性，主軸環繞經濟民生； 美國商務部考慮針對汽車零部件加徵新國家安全關稅； 輝達據報中國特供版新晶片未獲大公司落單； 市場回顧 企業消息 ➢ 騰訊控股(07 ...

每日港股評析 港股早晨快訊 2025 年 9 月 15 日星期一 2012-01- 17 市場回顧 中港股市短期展望 恒指阻力參考 26,822 點：中美雙方同意延長 5 月中旬達成的 90 天關稅 休戰協議，同時美國與更多國家達成協議，關稅戰局勢緩和。另外，聯儲 局主席鮑威爾在全球央行年會上表示，風險平衡轉變可能需要調整政策立 場，同時美國就業數據轉弱，減息預期顯著升溫。不過，內地上半年經濟 較預期中平穩，現階段加推經濟刺激方案的意願不大，企業盈利改善有限。 港股大市成交活躍，風險偏好尚算積極，資金於不同板塊輪動，恒指向上 阻力參考 2021 年 8 月高位 26,822 點。 短期看好板塊 今日市場焦點 企業消息 ➢ 紫金黃金國際、博泰車聯網上載聆訊後資料集； 騰訊控股(0700)更新300億美元全球中期票據計劃； 阿里開源Qwen3-Next 模型訓練成本降90%； 美團(3690)首款AI代理公開測試，簡單語言指令叫外賣； 栢能集團(1263)向港交所提交除牌申請； 外圍市況展望 美國聯儲局7月一如預期維持利率不變，議息聲明指出上半年經濟活動 增長有所放緩，經濟狀況的不確定性仍然很高，但勞動力市場仍然 ...

港股早晨快訊 2025 年 9 月 12 日星期五 個股推介 高偉電子(1415) 34.72 元 / 短線目標價：40.00 元 / 22.3%潛在升幅 催化劑：i) 2H24 起進入後攝模組業務(超廣角+潛望式)，並持續放量， 於規模效益體現下，料可推動收入及利潤增長；ii) 隨著北美大客戶新 款智能手機正式預售，若銷情較市場預期佳，為股價短期潛在催化劑； 估值：現價對應 FY26E 15.6x 預測市盈率(P/E)，其 FY26E 估值處 5 年 均值水平，隨著公司產品結構優化，加上持續於 AR+VR、LiDAR 及機 器人領域產品布局，料續獲市場關注，估值亦可獲重估機會。 中國飛機租賃(1848) 4.77 元 / 短線目標價：5.30 元 / 13.4%潛在升幅 催化劑：i) 全球航空公司更新及擴大航班的需求回升，但飛機製造商 產能未能滿足需求，有利集團的租賃業務；ii) 預期美國短期內將降息， 隨著集團負債率下降，有利集團提升信貸評級及降低貸款利率； 禾賽科技(2525)212.8元定價，額外配發15%股份； 美團(3690)據報考慮首次發行點心債； 阿里巴巴(9988)可換股票據有效換股價定於2 ...

個股推介 港股早晨快訊 2025 年 9 月 11 日星期四 鴻騰精密(6088) 4.38 元 / 短線目標價：4.80 元 / 15.7%潛在升幅 ii) 隨著 2H25 GB200、GB300 等新旗艦 AI 伺服器平台將逐步放量， 對新興的供電、液冷方案將有更大的需求，公司有望持續受益；公司背 靠母公司資源和垂直整合能力，亦有望持續擴大在重點客戶的份額； iii) 公司於印度增加 2-3 條生產線，隨著生產效益爬坡，公司的 Airpods 份額可逐步提升，並可承接新型號的 Airpods 訂單； 估值：現價對應 FY26E 15.2x 預測市盈率，較港股、A 股、台灣及國際 同業同期平均 23.1x/18.2x 估值折讓 34%/16%，隨著傳統消費電子行 業溫和復甦，經營環境改善，公司在 AI 伺服器零元件相關的產品逐步 導入，市場將重新關注公司，估值可獲向上重估； 市場回顧 中港股市短期展望 恒指阻力參考 26,822 點：中美雙方同意延長 5 月中旬達成的 90 天關 稅休戰協議，同時美國與更多國家達成協議，關稅戰局勢緩和。另外， 聯儲局主席鮑威爾在全球央行年會上表示，風險平衡轉變可能需要調整 ...

個股推介 零跑汽車 (9863) 64.60 元 / 短線目標價：73.00 元 /16.4%潛在升幅 催化劑：i) 早前中國汽車協會及工信部等先後發聲，支持行業公平競 爭，健康發展，預期業內價格戰或有所緩和； ii) 隨著新款 C11 及 B11 爬坡上量，有利集團 2H25 業績持續提升； iii) 集團與 Stellantis 以及國內汽車巨頭中國一汽，形成「國際+國內雙 巨頭」的戰略合作格局，當中與一汽將在零部件採購方面率先落地合 作，管理層表示就雙方於資本市場合作的探討仍在進行中，我們認為後 續其深化合作計劃為股價潛在催化劑； 估值：市場預期集團 FY24-27E 收入複合增長(CAGR)加快至 60%，現 價對應 FY26E 0.8x 預測市銷率(P/S)，估值較其上市至今均值低 1 個 標準差，同時較小鵬(9868-W)等同業平均估值折讓 27%；隨著新車銷 售持續爬坡，帶動規模效益及盈利能力逐步提升，公司估值續可獲向上 重估； 市場回顧 中港股市短期展望 恒指受制 26,000 點：中美雙方同意延長 5 月中旬達成的 90 天關稅休 戰協議，同時美國與更多國家達成協議，關稅戰局勢緩和。另外，聯 ...

每日港股評析 港股早晨快訊 2025 年 9 月 9 日星期二 2012-01- 17 外圍市況展望 美國聯儲局7月一如預期維持利率不變，議息聲明指出上半年經濟活動 增長有所放緩，經濟狀況的不確定性仍然很高，但勞動力市場仍然穩固， 通脹續處於高位。其後，主席鮑威爾在全球央行年會上發言，表示就業 與物價穩定的風險平衡似乎正在改變，聯儲局可能調整政策立場。8月非 農職位增長遠低於預期，市場預期聯儲局將於9月減息0.25厘，今年餘下 兩次會議亦各減息0.25厘。美國正與多國進行貿易談判，部分國家取得 進展，惟需時敲定最終協議，過程仍存變數。貿易戰拖慢原油需求增長， OPEC+增加供應，料限制國際油價上行空間。 市場回顧 中港股市短期展望 恒指受制 26,000 點：中美雙方同意延長 5 月中旬達成的 90 天關稅休戰 協議，同時美國與更多國家達成協議，關稅戰局勢緩和。另外，聯儲局主 席鮑威爾在全球央行年會上表示，風險平衡轉變可能需要調整政策立場， 減息預期升溫。另一邊廂，內地上半年經濟較預期中平穩，現階段加推經 濟刺激方案的意願不大，企業盈利改善有限。港股大市成交活躍，風險偏 好尚算積極，資金於不同板塊輪動。預期大 ...

Market Overview - The Hang Seng Index is facing resistance at 26,000 points, with recent developments indicating a temporary easing in the US-China trade war and a potential shift in the Federal Reserve's policy stance towards interest rate cuts [2][4][6] - The overall market sentiment remains active, with capital rotating across different sectors, and the expectation is for the market to continue consolidating at high levels [2][4] Company Specifics - New World Development (0016) reported a 0.5% increase in its annual underlying profit, maintaining a dividend of 2.8 HKD [4] - Alibaba (9988) initiated an offer to exchange its outstanding senior notes, involving a total of 2.65 billion USD [4] Economic Indicators - The US Federal Reserve maintained interest rates in July, with expectations of two rate cuts totaling 0.5% by the end of the year, reflecting a cautious approach towards future inflation uncertainties [4][8] - The People's Bank of China conducted a 1 trillion RMB reverse repurchase operation to maintain liquidity in the banking system [8] Sector Focus - The consumer electronics sector is entering its traditional peak season, with major brands set to launch new smartphones [7] - The AI and robotics sectors are seeing increased activity, with initiatives to promote "AI+" applications and advancements in humanoid robots [7][8] Investment Trends - The Chinese stock market saw a net inflow of approximately 3.1 billion USD in August, indicating a significant increase in foreign investment interest [8] - The investment product trading volume reached a record high of 6.07 trillion RMB last year, with a notable increase in participation from various companies [9] Regulatory Environment - Chinese regulators are considering measures to cool down speculative activities in the stock market, including potential restrictions on short selling and speculative trading [8] - The Chinese government is pushing for advancements in chip technology and strengthening the domestic supply chain [8]

Market Overview - The Hang Seng Index is facing resistance at 26,000 points, influenced by the extension of the US-China tariff truce and a more dovish stance from the US Federal Reserve, which may lead to interest rate cuts [2][5] - The overall market is active with a positive risk appetite, and capital is rotating among different sectors [2] Short-term Sector Outlook - Focus on the upcoming release of China's August Caixin Services PMI and the US Federal Reserve's Beige Book [3] Macro Focus - The Chinese express delivery industry is accelerating its "anti-involution" measures, with price increases in core e-commerce areas [4] - In August, over 2.65 million new A-share accounts were opened on the Shanghai Stock Exchange, a year-on-year increase of 165% [4][9] - The implementation of the "Shanghai Six Measures" has led to a significant increase in second-hand housing transactions in Shanghai [4][9] Corporate News - XGIMI Technology plans to issue H-shares for an IPO in Hong Kong [4][11] - NIO reported a narrowed adjusted loss in Q2, but its guidance for Q3 fell short of expectations [4][11] - Alibaba and Bosch are deepening their strategic partnership, focusing on AI-driven business innovation [4][11] - Tencent has launched an open-source intelligent agent framework, Youtu-Agent, aimed at various practical applications [4][11] Economic Indicators - The logistics industry in China maintained an expansionary trend in August, with a logistics prosperity index of 50.9% [9] - The wholesale sales of new energy passenger vehicles in China reached 1.3 million units in August, a year-on-year increase of 24% [9] - The total value of residential property transactions in Hong Kong rose by 48% year-on-year in August [10]

Market Overview - The Hang Seng Index is facing resistance at 26,000 points, influenced by the extension of the US-China tariff truce and the Federal Reserve's potential policy adjustments due to changing risk balances [2][5] - The overall market is active with a positive risk appetite, and capital is rotating among different sectors [2] Company News - JD Group (9618) has made a takeover offer for CECONOMY, with the acceptance period until November 10 [4][10] - BYD (1211) reported a 0.2% increase in August vehicle sales, totaling 373,600 units [10] - Xiaomi (1810) delivered over 30,000 vehicles in August and opened 18 new stores [10] - China Merchants Bank (3968) is working on anti-competitive measures under regulatory guidance [4] - Shandong Gold (1787) raised 3.9 billion yuan through a discounted share placement to repay debts [4] Economic Indicators - The S&P Global Manufacturing PMI for China rose to 50.5 in August, indicating a recovery in manufacturing activity [7][8] - The average price of second-hand residential properties in 100 cities in China fell by 0.76% month-on-month in August, while new residential prices saw a slight increase [8] - Hong Kong's retail sales increased by 1.8% in July, although this was below market expectations [8] Sector Focus - The smartphone parts sector is entering a traditional peak season with major brands set to launch new devices [7] - The AI and robotics sectors are seeing increased activity, with advancements in humanoid robots and smart glasses [7] Stock Market Performance - The Hang Seng Index closed at 25,617, up 2.15%, with a total market turnover of 380.2 billion HKD [6] - The Hang Seng Tech Index rose by 2.20%, reflecting strong performance in technology stocks [6] International Market Insights - The US Federal Reserve is expected to maintain a cautious approach to interest rate cuts, with projections indicating two rate cuts totaling 50 basis points this year [5] - Global trade negotiations are ongoing, with some progress reported, but uncertainties remain [5]

Market Overview - The Hang Seng Index is currently facing resistance at 26,000 points, influenced by the extension of the US-China tariff truce and a stable economic outlook in mainland China [2] - The US Federal Reserve's Chairman Powell indicated a potential adjustment in policy stance due to changing risk balances, leading to increased expectations for interest rate cuts [4] - The overall market activity in Hong Kong remains active with a positive risk appetite, as funds rotate across different sectors [2] Company News - Alibaba (9988) has made significant historical investments in AI and flash sales, focusing on growth rather than short-term profit margins [10] - BYD (1211) reported a mid-year net profit of 15.511 billion RMB, reflecting a growth of 13.8% year-on-year, with total revenue increasing by 23.3% [10] - Industrial and Commercial Bank of China (1398) saw a slight decline in mid-year profit by 1%, with a marginal decrease in the non-performing loan ratio [10] - China Construction Bank (0939) also reported a 1% drop in mid-year profit, with a similar trend in non-performing loans [10] - GAC Group (2238) experienced a mid-year loss of 2.538 billion RMB, a significant shift from a profit of 1.516 billion RMB in the same period last year [10] Economic Indicators - The non-manufacturing PMI in mainland China rose to 50.3 in August, slightly above expectations, indicating continued expansion in the sector [7][8] - The State Development and Reform Commission plans to address issues of disorderly competition and internal strife in various sectors [8] - The net profit of state-owned enterprises in China decreased by 3.3% in the first seven months of the year, totaling 2.48 trillion RMB [8] Sector Focus - The smartphone components sector is entering a traditional peak season with major brands set to launch new devices [7] - The smart glasses market is expected to see new product launches from companies like HTC and Meta in September [7] - The push for "AI+" applications is accelerating in mainland China, particularly in humanoid robotics [7]