Market Overview - The US-China talks concluded with President Trump claiming positive progress, but the US stock market showed a lackluster response, leading to a decline in Hong Kong stocks by 1.36% [1] - China's response to the rare earth issue indicates that it has not fully relaxed its export controls, as stated by the Ministry of Commerce [1] - The EU has prepared countermeasures against over $100 billion worth of US goods, with measures set to take effect by July 14 if negotiations fail [1] Currency and Commodities - The dollar's status as a reserve asset is declining, with its share in global reserves dropping from over 70% in 2000 to 57.8% in 2024 [2] - Gold is becoming a preferred safe-haven asset, with its share in global official reserves reaching 20% in 2024, second only to the dollar [2] - Companies like WanGuo Gold Group and Zijin Mining have seen significant stock price increases, reflecting the trend towards gold investment [2] Geopolitical Tensions - Tensions in the Middle East are escalating, with reports of Israel preparing for military action against Iran, which could impact oil prices [3] - Oil prices surged, with US crude rising by 5.11% and Brent crude by 4.58% [3] - The recent crash of a Boeing 787-8 in India has negatively impacted Boeing's stock, reflecting broader concerns about US manufacturing confidence [3] Automotive Industry - Multiple regions in China have announced the suspension of vehicle replacement subsidy programs, impacting the automotive sector [4] - The total sales driven by the vehicle replacement program reached 1.1 trillion yuan, with 4.12 million applications for subsidies [4] - Automotive stocks, including XPeng Motors, have seen declines as the market awaits new policy stimuli [4] Pharmaceutical Sector - China National Pharmaceutical Group is focusing on external licensing as a key strategic goal, with a significant deal expected soon [5] - The company’s stock surged over 19%, reaching a three-year high, indicating strong market confidence [5] - Other innovative pharmaceutical companies also experienced stock price increases, reflecting a positive trend in the sector [5] Gaming Industry - Zhejiang province has introduced favorable policies to stimulate the gaming industry, with expectations of similar actions from other provinces [6] - Kingsoft's new game project has garnered significant pre-launch interest, with over 520,000 pre-registrations [6] - Tencent Music's acquisition of Ximalaya for $1.26 billion is expected to enhance its content offerings, leading to a stock increase [6] Automotive Innovations - GAC Toyota and Huawei are deepening their collaboration, launching a flying car with a price cap of 1.68 million yuan, positively impacting GAC's stock [7] Financial Policies - The People's Bank of China and the State Administration of Foreign Exchange have issued measures to support cross-strait economic integration, benefiting local real estate companies and financial institutions [8] Company Performance - Chow Tai Fook reported a revenue of HKD 89.66 billion for FY2025, a 16.8% increase year-on-year, with a net profit of HKD 5.92 billion, up 9% [9] - Despite a decline in sales, the company has shown resilience in profitability, indicating effective management strategies [9] - The company is adjusting its store network, closing 406 stores while maintaining a focus on high-value products [10]
智通港股解盘 | 中东紧张局势升温避险再起 福建板块迎来发展机遇