国证国际港股晨报-2025-04-02

Core Insights - The report highlights a rebound in the Hong Kong stock market, with the Hang Seng Index rising by 0.38% and significant net inflows from southbound funds reaching 19.864 billion HKD [2] - The pharmaceutical sector has shown strong performance, driven by discussions on optimizing procurement policies by the National Healthcare Security Administration, which is expected to enhance profit margins for pharmaceutical companies [3] - The energy and new energy sectors, particularly nuclear, wind, and solar power stocks, have also performed well, supported by infrastructure development and policy backing [4] Market Performance - The Hong Kong stock market has exhibited a mixed performance across sectors, with notable gains in pharmaceuticals, new energy, and coal stocks, while sectors like home appliances, chips, and automotive stocks faced pressure [5] - The report indicates that the market sentiment is shifting as investors look for new directions amid sector rotations [5] Company Analysis - The report discusses 联易融科技 (Linklogis, 9959.HK), noting significant business expansion with a 44.9% increase in core enterprise partners and a 59.3% growth in supply chain financial technology solutions [11] - Despite the growth, the company faces challenges due to rising credit risks in supply chain assets, leading to a substantial increase in impairment losses from 214 million HKD in 2023 to 640 million HKD [12] - The company is expected to achieve profitability by 2025, with a target price set at 2.00 HKD per share, reflecting a relatively safe valuation level [13]