国证国际港股晨报-2025-03-27

Group 1: Market Overview - The report indicates a rebound in the Hong Kong stock market, with the Hang Seng Index closing at 23,483 points, up 139 points or 0.60% [2][3] - The trading volume decreased, with the main board turnover at HKD 199.8 billion, a 30% drop from the previous day [2] - Northbound capital continued to flow into the Hong Kong market, with a net inflow of HKD 8.368 billion, although this was a decrease of 39.8% from the previous day [2] Group 2: Industry Performance - Among the 12 Hang Seng Composite Industry Indices, 8 rose while 4 fell, with the leading sectors being Consumer Discretionary, Information Technology, and Real Estate & Construction, which increased by 1.50% to 1.00% [2] - The lagging sectors included Consumer Staples, Utilities, and Energy, which saw declines ranging from 1.09% to 0.43% [2] Group 3: Company Analysis - Pinduoduo (PDD.US) - Pinduoduo's Q4 revenue was CNY 110.6 billion, a year-on-year increase of 24%, but this was a slowdown from the previous quarter's 44% growth and below Bloomberg's consensus estimate by 5% [5] - Adjusted operating profit was CNY 28 billion, 6% lower than market expectations, with an adjusted operating margin of 25.3%, down 2.3 percentage points year-on-year [5] - The report forecasts a 17% year-on-year increase in total revenue for 2025, with adjusted net profit expected to reach CNY 130 billion, reflecting a 3 percentage point decline in profit margin to 28.1% [7]