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国元证券晨会纪要-2025-03-26
Guoyuan Securities2·2025-03-26 08:56

Market Overview - The Hong Kong stock market experienced a decline across major indices, with the Hang Seng Index falling by 2.35% to close at 23344.25 points as of March 25 [2] - The performance of large, medium, and small-cap stocks showed declines of -2.36%, -2.17%, and -1.7% respectively, while the China Enterprises Index and Technology Index dropped by -1.46% and -3.82% [2] - In the mainland market, the Shanghai Composite Index closed at 3369.98 points, unchanged, while the Shenzhen Composite Index fell by 0.57% to 2038.17 points [2] Bond Market - Several bonds were issued in the offshore Chinese bond market on March 25, including Far East Horizon's proposed issuance of a USD-denominated senior unsecured bond with an initial guidance of T+255bps [4] - Jiangmen High-tech Industrial Park plans to issue a RMB-denominated senior unsecured bond with an initial guidance of 4.3% [4] - MTR Corporation intends to issue three USD-denominated senior bonds with maturities of 5, 10, and 30 years, with initial guidance of T5+75bps, T10+85bps, and T30+100bps respectively [4] Futures Market - The Hang Seng Futures Index closed at 29931.01 points, down by 2.58% [5] - London gold closed at USD 3019.82 per ounce, up by 0.28%, while Brent crude oil closed at USD 73.17 per barrel, up by 0.23% [5] - The RMB to USD exchange rate was reported at 7.26, appreciating by 0.17% [5] Strong Performing Stocks - Notable stocks with strong performance included: - Jinxin Fertility (1951.HK) with a 3-day increase of 6.91% closing at 3.25 [6] - Nissin Foods (1475.HK) with a 3-day increase of 5.05% closing at 6.03 [6] - Reading Group (2385.HK) with a 3-day increase of 4.84% closing at 7.15 [6] - Sea Group (1308.HK) with a 3-day increase of 4.15% closing at 20.35 [6] Economic Data - The Nasdaq Composite Index closed at 18271.86 points, up by 0.46%, while the Dow Jones Industrial Average closed at 42587.50 points, up by 0.01% [7] - The Hang Seng Index closed at 23344.25 points, down by 2.35%, and the Shanghai Composite Index remained unchanged at 3369.98 points [7] - The USD Index was reported at 104.21, down by 0.09% [7]