关税战恐重燃，港股续受压

Group 1: Market Overview - The report indicates that the Hong Kong stock market is under pressure due to concerns over a potential resurgence of trade wars, with the Hang Seng Index experiencing a decline of 263 points or 1.1% last week, marking three consecutive weeks of losses [3] - The report highlights that the Hang Seng Index opened at 23,672 points but later fell to a low of 23,254 points during trading, ultimately closing at 23,426 points, down 152 points or 0.6% [3] - The total market turnover for the day was HKD 22.96 billion [3] Group 2: Real Estate Sector - The Rating and Valuation Department projects a 14% decrease in private residential completions in Hong Kong for 2025, estimating 20,860 units, down from 24,260 units in 2024 [6] - The report notes that the vacancy rate for private residential units rose to approximately 4.5%, the highest level since 2010, with 57,900 units remaining vacant by the end of 2024 [6] - In 2026, the New Territories are expected to be the primary supply area, accounting for 69% of completions, with Sai Kung contributing 27% [6] Group 3: Company News - Geely is reportedly consolidating its digital cockpit system development teams into a unified group, employing nearly 2,000 engineers to enhance efficiency and reduce redundancy [9] - Lenovo Holdings announced a turnaround with a net profit of RMB 133 million for the fiscal year ending December 2024, compared to a loss of RMB 3.874 billion in 2023, with total revenue increasing by 17.61% to RMB 512.806 billion [10] - Xindong Company reported a net profit of RMB 812 million for the year ending last December, a significant recovery from a loss of RMB 83.39 million in 2023, with revenue rising by 47.89% to RMB 5.012 billion [11] Group 4: Investor Sentiment - The CEO of Hong Kong Exchanges and Clearing noted an increase in interest from overseas investors in Chinese assets, particularly those listed in Hong Kong, following promotional activities in the U.S. [7] - The report mentions that over 130 companies are currently waiting to list in Hong Kong, including those with market capitalizations exceeding RMB 1 trillion, indicating a favorable trend for new listings [7]