每日港股評析 港股早晨快訊 2025 年 5 月 26 日星期一 2012-01- 17 市場回顧 中港股市短期展望 恒指上望 24,300 點：中美在瑞士日內瓦經貿會談後發布聯合聲明，雙方 降低加徵關稅，互相保留加徵 10%關稅。美國對中國進口貨品關稅將由 145%降至 30%，中國對美國進口貨品將由 125%降至 10%，為期 90 日。 貿談進展超預期，局勢明顯降溫。加上，內地 5 月推出一籃子金融政策支 持穩市場穩預期，包括降準降息、加推結構性貨幣政策工具。市場預期為 新一輪政策周期開端，其他跟進政策將會適時加推，有助鞏固投資者對內 地經濟信心。投資者風險偏好改善，恒指上望 24,300 點，相當於未來 12 個月預測市盈率 11 倍。 短期看好板塊 今日市場焦點 ➢ 香港4月進出口； 美團(3690)、匯量科技(1860)等業績； 企業消息 ➢ 比亞迪(1211)內地又促銷 22款車最多減5.3萬； 名創優品(9896)首季純利4.16億元人民幣 按年跌28.5% 遜預期； 同程旅行(0780)首季多賺68.65% 經調整EBITDA增41.3% 勝預期； 外圍市況展望 美國聯儲局5月一如預期維持息 ...

每日港股評析 港股早晨快訊 2025 年 5 月 23 日星期五 2012-01- 17 市場回顧 中港股市短期展望 恒指上望 24,300 點：中美在瑞士日內瓦經貿會談後發布聯合聲明，雙方 降低加徵關稅，互相保留加徵 10%關稅。美國對中國進口貨品關稅將由 145%降至 30%，中國對美國進口貨品將由 125%降至 10%，為期 90 日。 貿談進展超預期，局勢明顯降溫。加上，內地 5 月推出一籃子金融政策支 持穩市場穩預期，包括降準降息、加推結構性貨幣政策工具。市場預期為 新一輪政策周期開端，其他跟進政策將會適時加推，有助鞏固投資者對內 地經濟信心。投資者風險偏好改善，恒指上望 24,300 點，相當於未來 12 個月預測市盈率 11 倍。 短期看好板塊 企業消息 ➢ 聯想集團(0992)全年盈利升37%，遜預期； BOSS直聘(2076)第一季盈利按年升逾1.1倍； 雷軍指小米YU7預計7月正式上市，入門價不可能19.9萬元人民幣； 比亞迪股份(1211)歐洲銷量首超特斯拉； 「京東外賣」平台遭四川天府新區市監局約談； 嗶哩嗶哩(9626)額外發售9000萬美元可換股票據； 新世界發展(0017)傳獲1 ...

➢ 恒瑞醫藥(1276)上限44.05元定價，集資約99億元； 百度集團(9888)第一季經調整盈利跌8%，勝預期； 小鵬汽車(9868)第一季經調整虧損收窄至4.3億元人民幣，勝預期； 滔搏(6110)去年盈利跌42%，連特別息派14分； 嗶哩嗶哩(9626)擬發售5億美元可換股優先票據； 每日港股評析 港股早晨快訊 2025 年 5 月 22 日星期四 2012-01- 17 市場回顧 中港股市短期展望 恒指上望 24,300 點：中美在瑞士日內瓦經貿會談後發布聯合聲明，雙方 降低加徵關稅，互相保留加徵 10%關稅。美國對中國進口貨品關稅將由 145%降至 30%，中國對美國進口貨品將由 125%降至 10%，為期 90 日。 貿談進展超預期，局勢明顯降溫。加上，內地 5 月推出一籃子金融政策支 持穩市場穩預期，包括降準降息、加推結構性貨幣政策工具。市場預期為 新一輪政策周期開端，其他跟進政策將會適時加推，有助鞏固投資者對內 地經濟信心。投資者風險偏好改善，恒指上望 24,300 點，相當於未來 12 個月預測市盈率 11 倍。 短期看好板塊 宏觀焦點 ➢ 金管總局等八部門提出增加小微企業融資供給； 美國 ...

Market Overview - The Hang Seng Index is expected to rise to 24,300 points due to the easing of trade tensions between China and the US, with tariffs on Chinese imports reduced from 145% to 30% and on US imports from 125% to 10% for a period of 90 days [2] - The Chinese government is set to introduce a series of financial policies in May to stabilize the market and bolster investor confidence, including potential interest rate cuts and reserve requirement ratio reductions [2] Macro Focus - Hong Kong's GDP grew by 3.1% in Q1 2025, maintaining the annual forecast [4][9] - The US consumer confidence index hit a historical low, with inflation expectations rising significantly [4][9] - Japan's economy contracted by 0.2% in Q1, missing expectations [4][9] Corporate News - Contemporary Amperex Technology Co., Ltd. (CATL) priced its H-shares at 263 HKD, with plans to raise funds through a private equity investment in carbon neutrality [10] - Haitian Flavor Industry Co., Ltd. is reportedly preparing for an IPO to raise approximately 1 billion USD [10] - The biotechnology company, Paige Biopharma, is seeking to raise 300 million HKD through its IPO [10] - The advertising firm, Jihong, plans to raise up to 730 million HKD in its IPO [10] Industry Insights - The shipping and export sectors are expected to benefit from the reduction in tariffs, leading to increased shipments [7] - The financial sector is adapting to new public fund regulations, which will guide asset allocation closer to the CSI 300 index [7] - The domestic demand sector is anticipated to improve as trade tensions ease, potentially boosting economic growth in mainland China [7] Investment Climate - The Hong Kong IPO market has raised over 60 billion HKD this year, making it the largest globally [9] - The real estate market in mainland China is showing signs of stabilization, which could benefit large banks [8] - The consumer market is experiencing shifts, with a notable increase in the acceptance of new energy vehicles, reaching a penetration rate of 8.7% [9]

Market Overview - The Hang Seng Index is expected to rise to 24,300 points due to the reduction of tariffs between China and the US, with the US tariffs on Chinese goods decreasing from 145% to 30% and Chinese tariffs on US goods from 125% to 10% for a period of 90 days, indicating a significant easing of tensions [2] - The market anticipates a new round of financial policies from mainland China, including reserve requirement ratio cuts and interest rate reductions, aimed at stabilizing market expectations and boosting investor confidence [2] Sector Focus - The Chinese central bank and other departments are committed to supporting technological innovation through various investment strategies, emphasizing long-term and hard technology investments [3][7] - The US Federal Reserve has maintained interest rates, with expectations of two rate cuts totaling 0.5% this year, reflecting a cautious approach to economic uncertainties [3][7] Company News - Alibaba (9988) reported a 7% year-on-year revenue increase to 236.45 billion yuan, but adjusted net profit of 29.847 billion yuan fell short of expectations [9] - NetEase (9999) achieved a 32% increase in adjusted net profit, driven by a 12% rise in gaming revenue, exceeding market expectations [9] - Geely (0175) reported a 2.6 times increase in first-quarter profit, with revenue rising 24.51% year-on-year [9] - JD.com (9618) announced that its food delivery business has surpassed 20 million daily orders, marking a new high since its launch [9] - NIO (9866) plans to launch its new model, the L90, in the next quarter, aiming to expand its market presence [9] Economic Indicators - Hong Kong's overall export and import volumes increased by 15.8% and 13.5% year-on-year in March, respectively, indicating a positive trade outlook [7] - The United Nations has downgraded its global economic growth forecast to 2.4% for the year, with China's growth expected to slow to 4.6% due to various economic pressures [7][8]

Market Overview - The Hang Seng Index is expected to rise to 24,300 points due to the recent US-China trade talks resulting in a significant reduction of tariffs, with US tariffs on Chinese goods dropping from 145% to 30% and Chinese tariffs on US goods from 125% to 10% for a period of 90 days [2] - The market anticipates a new cycle of financial policies from mainland China, including potential interest rate cuts and reserve requirement ratio reductions, aimed at stabilizing market expectations and boosting investor confidence [2] Sector Outlook - Positive sentiment towards export stocks due to breakthroughs in the tariff war [7] - Domestic demand stocks are expected to benefit from anticipated stronger policy support for consumption [7] Company News - JD.com (9618) reported a 15.8% year-on-year revenue increase for Q1, with adjusted net profit reaching 12.8 billion RMB, exceeding expectations [4][9] - Tencent Music (1698) saw a remarkable 201.8% increase in net profit for Q1, driven by strong growth in online music services [4][9] - Meituan (3690) plans to invest 1 billion USD in Brazil over the next five years to expand its food delivery service [9] - MicroPort (2252) announced a share placement at a 14% discount to raise approximately 4 billion RMB for business development [9] - Nocera (9969) reported a net profit of 17.97 million RMB for Q1, marking a turnaround from a loss in the previous year [9] Macroeconomic Focus - The US April CPI rose by 2.3% year-on-year, lower than expected, indicating a cautious economic outlook [3][8] - The US Federal Reserve is expected to maintain interest rates, with projections for two rate cuts later in the year [5] - The European Central Bank noted that uncertainty in the global economy may persist even if trade tensions ease [8] Regulatory Environment - Chinese regulators have begun discussions with major food delivery platforms, including JD.com and Meituan, regarding competition issues in the food delivery market [8] - The US Commerce Department has issued guidelines prohibiting the global use of Huawei's AI chips, reflecting ongoing tensions in technology trade [8]

Market Overview - The Hang Seng Index faces initial resistance at 23,000 points, influenced by recent announcements from US President Trump regarding tariffs and China's economic policies aimed at stabilizing the capital market [2][6] - The market anticipates increased efforts from the Chinese government to stimulate domestic demand and mitigate tariff impacts, with expectations of additional bond issuance in the third quarter [2][5] Economic Indicators - China's April CPI fell by 0.1% year-on-year, aligning with market expectations, while the PPI decreased by 2.7%, slightly better than anticipated [4][9] - In April, China's exports in USD terms rose by 8.1%, surpassing market expectations, while imports fell by 0.2% [8][9] Corporate News - CATL (宁德时代) plans to raise up to 31 billion HKD through an IPO, with a maximum share price of 263 HKD, aiming to fund projects in Hungary and operational costs [10] - Hillstone Technology (丘鈦科技) reported a 20.1% year-on-year decline in smartphone camera module sales for April, attributed to project cycle factors [10] - Tencent Music (騰訊音樂) and other companies are expected to release their earnings soon, drawing market attention [7] Trade Relations - Reports indicate that the US is considering significant tariff reductions on Chinese imports, aiming to ease trade tensions and seeking concessions from China regarding rare earth exports [8] - The US Commerce Secretary anticipates that a 10% import tariff will be the baseline for the foreseeable future, emphasizing the need for American consumers to adapt [8] Industry Trends - The domestic passenger car market in China saw a retail increase of 14.5% year-on-year in April, driven by government consumption-boosting policies [9] - The global tablet market grew by 6% year-on-year in Q1 2025, with Apple maintaining a leading position in shipments [9]

Market Overview - The Hang Seng Index faces initial resistance at 23,000 points due to increased tariffs on Chinese imports announced by the US government, while expectations rise for the Chinese government to implement measures to stimulate economic growth and stabilize capital markets [2][3] - The People's Bank of China is reportedly relaxing restrictions on gold imports to ease the appreciation of the yuan, and there are plans to promote a new sales system for newly built homes to restore buyer confidence [3][8] Company News - Semiconductor company SMIC reported a 1.6 times year-on-year increase in first-quarter profit, with revenue expected to decline by 4% to 6% in the second quarter [10] - Huahong Semiconductor experienced an 88% drop in first-quarter profit, despite a 17.6% increase in sales revenue [10] - Galaxy Entertainment's first-quarter net revenue rose by 6%, driven by a 13.61% increase in total gaming revenue [10] - Unified Enterprises China reported a 32% increase in after-tax profit for the first quarter [10] - BYD aims to achieve 50% of its vehicle sales from overseas markets by 2030, focusing on expansion in Europe and Latin America [10] - Dongfeng Group's vehicle sales fell by 21% in the first four months of the year, while new energy vehicle sales increased by 27.73% [10][11] Economic Indicators - In April, retail sales of new energy vehicles in China increased by 37%, with a penetration rate of 52.3% [8] - The People's Bank of China has lowered the personal housing provident fund loan rates in major cities, aiming to support the housing market [8] - The first batch of securities companies' sci-tech bonds is set to be issued, with a total scale exceeding 16 billion yuan, targeting funding for strategic emerging industries [8] Stock Market Performance - The Hang Seng Index closed at 22,776, up 0.37% year-to-date, while the Hang Seng Tech Index rose by 17.03% [5] - The US stock market saw gains of 0.6% to 1.1% across major indices, influenced by trade agreements between the US and UK [6]

Market Overview - The Hang Seng Index faces initial resistance at 23,000 points, influenced by U.S. President Trump's announcement to suspend new tariffs for 90 days while increasing tariffs on Chinese imports [2] - The market anticipates stronger economic support measures from the central government, including additional bond issuance in Q3 to stimulate domestic demand and mitigate tariff impacts [2][6] - Recent developments suggest a potential reduction in tariffs by the U.S., with positive progress reported in U.S.-China trade negotiations [2] Sector Outlook - There is a positive outlook for domestic consumption stocks, driven by expectations of increased policy support for consumer spending [3] Corporate News - Geely Automobile (0175) proposes a privatization of Zeekr at a 13.6% premium [5] - XPeng Motors (9868) is rumored to be considering a spin-off for its Hong Kong or U.S. listing [5] - Contemporary Amperex Technology Co., Ltd. (CATL) is reportedly planning a Hong Kong IPO with a discount of less than 10% [5] - Pop Mart (9992) non-executive director sold 11.91 million shares, realizing HKD 2.27 billion [5] - Old Town Gold (6181) plans a share placement at an 8% discount to raise HKD 2.7 billion [5] - Budweiser (1876) reported an 18% decline in first-quarter profit [5] - Hongteng Precision (6088) has terminated the sale of Autotalks [5] Economic Indicators - The U.S. Federal Reserve maintained interest rates, citing increased uncertainty in the economic outlook, with expectations of two rate cuts totaling 0.5% this year [6][12] - The People's Bank of China announced ten measures to enhance macroeconomic control, including a 0.5% reduction in the reserve requirement ratio and a decrease in policy interest rates [10] - China's foreign exchange reserves increased for four consecutive months, with a total of USD 3.2817 trillion as of the end of April, reflecting a rise of USD 41 billion [11] - Hong Kong's PMI for April remained at 48.3, indicating a continued contraction in the private sector [11]

Company Recommendations - Leap Motor (9863) is recommended for purchase with a current price of 54.85 HKD and a short-term target price of 60.00 HKD, indicating a potential upside of 13.6% [2][9] - The company has seen a strong response to the launch of its SUV B10, with over 20,000 orders in the first month, which is expected to positively impact its Q2 2025 performance [9] - Leap Motor has formed strategic partnerships with international automotive group Stellantis and domestic giant FAW Group, enhancing its market position and potential for future growth [2][9] Financial Performance - Leap Motor's Q4 2024 results met market expectations, with revenue and net profit turning positive for the first time at 80 million RMB, achieving a gross margin of 13.3%, the highest since its inception [9] - The company has raised its sales guidance for 2025 from 500,000 to 500,000-600,000 units, projecting an annual growth of 87% based on a midpoint estimate of 550,000 units [9] - The first quarter of 2025 saw a year-on-year increase in deliveries by 1.6 times to 87,552 units, representing 16% of the updated annual sales guidance [9] Market Outlook - The market anticipates a compound annual growth rate (CAGR) of 49% for Leap Motor's revenue from FY24 to FY27, with the current price corresponding to a forecasted price-to-sales ratio of 1.2x for FY25, slightly below its historical average [9] - The company is expected to benefit from economies of scale and improved profitability as new vehicle sales continue to rise [9] Macro Environment - The Hang Seng Index is facing initial resistance at 23,000 points, influenced by recent announcements from the U.S. regarding tariffs and economic stimulus measures [2][5] - The Chinese government is expected to increase efforts to stabilize the economy, which may positively impact domestic demand and market sentiment [2][5]