Market Overview - On December 4, the Hang Seng Index experienced a slight decline of 4 points, closing at 19,742 points, with a trading range of only 208 points[1] - The Hang Seng Tech Index fell by 0.3%, closing at 4,404 points, with total market turnover at approximately HKD 131.1 billion[1] - Net outflow from the Hong Kong Stock Connect was HKD 10.36 billion, indicating a shift towards high-dividend stocks in the market[1] Sector Performance - Energy and telecommunications sectors were the focus, with CNOOC (883 HK), PetroChina (857 HK), and Sinopec (386 HK) rising between 2.1% and 3.2%[1] - The automotive sector saw significant growth, with SUTENG (2498 HK) reporting a 91.5% year-on-year revenue increase, leading to an 11.9% stock price rise in one day[3] - The healthcare sector's Hang Seng Medical Care Index fell by 0.9%, despite no negative news in the pharmaceutical industry[4] Policy and Economic Outlook - Short-term support for the Hong Kong market is expected due to strong policy expectations, although U.S.-China trade tensions may increase risk premiums for Chinese assets[2] - The U.S. job market shows signs of stability, with job openings rising to 7.744 million in October, up from 7.372 million in September, indicating a positive employment trend[2] Healthcare Sector Insights - The National Healthcare Security Administration's new policy supports innovative drugs, with 90 out of 91 newly included drugs being launched within the last five years[7] - The success rate for innovative drugs in the recent negotiation round was 90%, compared to an overall success rate of 76%[7] Risks and Recommendations - Potential risks include unexpected price reductions from healthcare negotiations and slower-than-expected new drug development[10] - Continued recommendations for companies like Hansoh Pharmaceutical (3692 HK) and Zhongsheng Pharmaceutical (1177 HK) due to expected strong performance in 2024[9]
美国商务部工业和安全局（BIS）修订了新的《出口管理条例》将136个中国相关实体添加到“实体清单”，进一步加严
ZHONGTAI INTERNATIONAL SECURITIES·2024-12-05 02:10