中泰国际每日晨讯-20250428

Market Overview - The Hong Kong stock market continued its rebound, with the Hang Seng Index rising 2.7% to 21,980 points last week, although it did not stabilize above the 22,000-point mark. The average daily trading volume increased to HKD 238.9 billion, indicating a recovery in capital activity [1] - The Hang Seng Tech Index only increased by 2.0% and failed to break the psychological barrier of 5,000 points, reflecting insufficient recovery momentum in the technology sector [1] - The healthcare and information technology sectors saw significant gains of 8.4% and 6.0%, respectively, while essential consumer goods and telecommunications sectors declined, indicating a rebalancing of funds between policy expectations and risk aversion [1] Economic Policy Insights - The April Politburo meeting maintained policy consistency, emphasizing that "early policy implementation leads to early effects," including accelerated issuance of special bonds and the implementation of long-term special government bonds [2] - The market outlook will depend on two key variables: progress in US-China tariff negotiations and the pace of domestic special bond issuance along with adjustments in real estate policies [2] Industry Dynamics - The Hang Seng Healthcare Index surged 8.9%, significantly outperforming the Hang Seng Index, driven by innovative pharmaceutical companies such as Kangfang (9926 HK), Xinda (1801 HK), and Rongchang (9995 HK) [3] - Kangfang Biotech's (9926 HK) drug, Idataf, received approval for a broader indication in treating non-small cell lung cancer, which is expected to positively impact sales [3] - Rongchang Biotech (9995 HK) reported a good operational performance in Q1, with expectations of a reduction in sales expense ratio by 2025 and a decrease in net losses for shareholders [3] Strategic Recommendations - The report suggests focusing on defensive sectors and policy catalysts, including high-dividend assets from state-owned enterprises, infrastructure-related sectors, and essential consumer goods benefiting from policy stimuli [12] - Monthly stock recommendations include Alibaba-W (9988 HK), China Resources Beverage (2460 HK), and others, indicating a focus on companies with stable earnings and growth potential [12]