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中泰国际每日晨讯-2025-03-20
中泰国际·2025-03-20 02:03

Investment Rating - The report maintains a "Buy" rating for China Water Affairs Group (中国水务) with a target price of HKD 7.22 [4] Core Insights - The report highlights that major Chinese tech companies, including Tencent, are significantly increasing their capital expenditures related to AI, which is expected to drive demand in upstream sectors such as servers and data centers [2] - The beer sector is showing signs of recovery, with companies like China Resources Beer (华润啤酒) experiencing growth in sales and gross margins in the first two months of the year, despite a slight decline in annual revenue and profit [3] - The healthcare sector, particularly biopharmaceuticals, is being bolstered by government initiatives aimed at enhancing the industry, with Guangzhou planning to develop significant biopharmaceutical parks by 2030 [3] Summary by Sections Market Performance - On March 19, the Hang Seng Index reached a new high for the year at 24,874 points, closing at 24,771 points, with a slight increase of 0.1% [1] - The Hang Seng Tech Index fell by 1.1%, and total market turnover decreased to HKD 271.9 billion [1] Sector Analysis - The public utility sector saw a general rise, particularly in thermal power, gas, and water supply stocks, with China Water Affairs Group increasing by 3.4% [4] - The healthcare index rose by 1.2%, driven by significant gains in companies like Rongchang Bio [3] Real Estate Insights - New home sales in major cities showed a mixed performance, with a 4.0% year-on-year increase in sales volume, but a decline in the growth rate compared to previous weeks [6] - The report notes a continued decline in land transaction volumes, with a 60.1% year-on-year drop in the area sold across 100 major cities [9] Company-Specific Updates - China Construction International (中国建筑国际) reported a 12.0% increase in net profit for FY24, although it fell short of market expectations [14] - The company’s new contract value decreased by 4.2%, but there was a significant increase in new contracts from mainland China, up 33.2% [15]