离岸中资股的估值已大幅修复，叠加MSCI中国指数的盈利增长被小幅下修

Market Overview - The U.S. White House confirmed a 25% tariff on auto imports, leading to a decline in U.S. stock indices, but Hong Kong stocks remained unaffected[1] - On March 27, the Hang Seng Index rose by 95 points or 0.4%, closing at 23,578 points, while the Hang Seng Tech Index increased by 0.3% to 5,589 points[1] - Market turnover increased to HKD 239.6 billion, with net inflow from the Hong Kong Stock Connect at HKD 4.14 billion[1] Sector Performance - The biopharmaceutical, oil, semiconductor, and consumer sectors showed strong performance, with 19 biopharmaceutical stocks rising over 5%[1] - Notable stocks like Haidilao (6862 HK) and Moutai (2319 HK) continued their upward trend, while Xiaomi (1810 HK) fell by 4.1% after a recent placement[1] Economic Indicators - In January-February, industrial enterprises' revenue increased by 2.8% year-on-year, while total profits fell by 0.3%, indicating a recovery trend but still unstable[2] - The equipment manufacturing, automotive, and materials sectors performed particularly well during this period[2] Real Estate Insights - New home transaction volume in 30 major cities reached 2.09 million square meters, down 0.9% year-on-year, contrasting with a 22.7% increase from the previous week[11] - First-tier cities showed mixed results, with Beijing's new home transactions down 14.6% year-on-year, while Shanghai and Guangzhou saw increases of 26.1% and 44.6%, respectively[12] Company-Specific Developments - Neway Energy (2688 HK) announced a privatization offer at a 34.6% premium to its closing price, leading to a rise in gas stocks[4] - In the pharmaceutical sector, Innovent Biologics (1801 HK) reported better-than-expected revenue, leading to a stock price increase of 17.4%[3] Investment Outlook - The report maintains a cautious outlook on Hong Kong stocks, suggesting a lack of catalysts for upward movement and potential for continued consolidation[1] - Preference is indicated for high-dividend state-owned enterprises and select consumer stocks with strong earnings forecasts[1]