每日观点-2025-04-01

Market Overview - The Hang Seng Index fell by 307 points or 1.3%, closing at 23,119 points, marking a new low since March 4 [1] - The Hang Seng Tech Index dropped by 2.0%, closing at 5,394 points, the lowest since February 13 [1] - The total market turnover increased to over 257.3 billion HKD, with net inflow from the Hong Kong Stock Connect decreasing to 2.91 billion HKD [1] Company Performance - Li Ning (2331 HK) reported a 3.9% increase in revenue for 2024 but a 5.5% decrease in net profit, with management expecting flat revenue for 2025 [4] - Horizon Robotics (6990 HK) saw a 9.3% drop in stock price despite better-than-expected performance, with a 30% decline from February highs [4] - Green Leaf Pharmaceutical (2186 HK) experienced an 11.4% decrease in net profit due to unmet expectations in technology sales agreements [5] - China Resources Gas (1193 HK) reported a 2.9% increase in gas sales, below the company's guidance, leading to a 17.7% drop in stock price [6] Industry Dynamics - The real estate sector saw a 19.5% year-on-year decline in new home sales across 30 major cities [3] - The consumer sector is facing challenges, with major companies like Li Ning and Anta (2020 HK) experiencing stock price declines [4] - The robotics sector is under pressure, with significant stock price drops for companies like Horizon Robotics and UBTECH [4] Investment Strategy - The report suggests adopting a defensive strategy, focusing on high-dividend sectors that are expected to show resilience [2][7] - If the Hang Seng Index retraces to around 22,500 points, it is recommended to prioritize investments in consumer internet and AI upstream infrastructure stocks [2][7]