农银国际证券：每天导读-20250203

Core Insights - The report highlights a slowdown in China's manufacturing sector, with the official Manufacturing Purchasing Managers' Index (PMI) dropping to 49.1, below the expected 50.1, indicating contraction [8][9] - The non-manufacturing PMI also showed a decline, falling to 50.2 from a previous 52.2, suggesting a cooling in service sector expansion [8][9] - The report notes that despite recent stimulus measures, stronger fiscal support is needed for a robust economic recovery in China [9] Market Performance - The Hang Seng Index closed at 20,197.77, up by 0.66% for the day and 1.36% over the past five days [2] - The H-share index rose by 0.97% to 7,382.81, reflecting positive sentiment in the Hong Kong market [2] - In contrast, the Shanghai Composite Index and Shenzhen Component Index both experienced declines, with the Shenzhen Component showing a significant drop [7] Economic Indicators - China's manufacturing PMI for January was reported at 49.1, while the non-manufacturing PMI was at 50.2, indicating a mixed economic outlook [8] - The U.S. new home sales increased by 3.6% month-on-month in December, surpassing market expectations, which is a positive sign for the U.S. housing market [9] - The report mentions that the chairman of Hang Lung Properties anticipates a prolonged period of weakness in the Chinese real estate market, suggesting that recovery may take time [9] Corporate News - Estee Lauder is reportedly evaluating its beauty brands as it transitions to new leadership, potentially leading to the sale of some brands [9] - Nvidia acknowledged the advancements made by the Chinese startup DeepSeek in AI technology, which may pose a competitive threat to established players [9] - The report also notes that Macau's major casino hotels are nearly fully booked for the upcoming Spring Festival, indicating strong demand in the tourism sector [9]