中州国际证券港股晨报-20250411

Core Insights - The report highlights the performance of the Hong Kong stock market, with the Hang Seng Index at 20,682, reflecting a 2.1% increase year-to-date [3]. - The report indicates that the market is currently influenced by geopolitical tensions, particularly between the US and China, which has led to increased volatility and a rise in gold prices [11][12]. - The report notes that the recent performance of specific stocks within the Hang Seng Index shows significant variances, with JD Health (6618) leading with an 8.2% daily increase and a 15.7% year-to-date increase [4]. Market Overview - The Hang Seng Index has seen a trading volume of HKD 3,955.3 billion, with a price-to-earnings (PE) ratio of 9.2 and a price-to-book (PB) ratio of 0.98 [5]. - The H-share index recorded a trading volume of HKD 1,659.8 billion, with a PE ratio of 8.6 and a PB ratio of 0.91 [5]. - The technology index had a trading volume of HKD 1,283.1 billion, with a PE ratio of 19.8 and a PB ratio of 2.70 [5]. Stock Performance - The report identifies the top three performing stocks in the Hang Seng Index: JD Health (6618) with a price of HKD 32.50, Lenovo Group (0992) at HKD 8.03, and BYD Electronics (0285) at HKD 31.05 [4]. - Conversely, the worst performers include China Shenhua (1088) at HKD 30.35, New Oriental Education (9901) at HKD 33.60, and Xinao Gas (2688) at HKD 60.00 [4]. Economic Indicators - The report mentions that the People's Bank of China maintained the 5-year Loan Prime Rate (LPR) at 3.60% and the 1-year LPR at 3.10% [11]. - The US Federal Reserve decided to keep interest rates unchanged in March, with expectations of two rate cuts totaling 0.5% later in the year [11]. - The report also highlights the recent inflation data from the US, with the March Consumer Price Index (CPI) at 2.4%, below the expected 2.5% [15]. Company Analysis - The report discusses the strong performance of Zhaojin Mining (1818.HK), which reported a revenue increase of 37.12% year-on-year to RMB 11.55 billion, with a net profit increase of 112% to RMB 1.45 billion [26]. - The company achieved a total gold production of 26,449.73 kg, a year-on-year increase of 7.15%, driven by acquisitions and increased processing capacity [26][27]. - The report notes that Zhaojin Mining's current price of HKD 15.06 reflects a trailing twelve months (TTM) PE ratio of approximately 33.69, which is lower than the 10-year average of 60.65, indicating an attractive valuation [27].