港股早晨快訊

Market Overview - The Hong Kong stock market is expected to test the support level at 22,436 points, with the government setting a GDP growth target of around 5% for 2025, aligning with market expectations [2] - The Chinese government is implementing more proactive fiscal policies and moderate monetary easing to boost investor confidence in economic growth for 2025 [2][3] - The introduction of a "10% minimum baseline tariff" by the US on trade partners, with a specific tariff of 34% on Chinese imports, is expected to negatively impact global trade activities and investor sentiment [2][7] Sector Outlook - The AI sector is viewed positively, with the government promoting the "Artificial Intelligence +" initiative to support the widespread application of large models [3] - Chinese consumer stocks are anticipated to benefit from new policies aimed at stabilizing domestic demand [3] Corporate News - Xiaomi (1810) is facing scrutiny over the battery suppliers for its SU7 model following a serious accident, with investigations ongoing [4][8] - Tencent (0700) has repurchased shares worth 17.1 billion HKD in Q1, exceeding the previous year's level [4][8] - WuXi AppTec (2359) sold 50.8 million shares of WuXi AppTec Holdings (2268) for 2.178 billion HKD, indicating a strategic move to enhance its integrated CRDMO business model [4][8] Economic Indicators - The US ADP reported a private sector job growth of 155,000 in March, surpassing expectations [7] - China's March PMI data indicates a slight improvement in manufacturing and services sectors, with the manufacturing PMI at 50.5 and services PMI at 51.2 [9] - The first quarter of 2025 saw a significant increase in wholesale sales of new energy vehicles in China, with a year-on-year growth of 37% [8] Investment Trends - The report highlights a trend of increased investment in AI technologies, with major Chinese companies like Tencent and Alibaba ordering significant quantities of AI server chips from Nvidia [8] - The IPO market in Hong Kong raised 18.2 billion HKD in Q1 2025, with expectations of around 130 to 150 billion HKD in total fundraising for the year [8]