国证国际港股晨报-20250508

Group 1: Market Overview - The report indicates that the Hong Kong stock market experienced a slight increase, closing up 29 points or 0.13%, marking a five-day consecutive rise. The Hang Seng Index opened significantly higher but faced profit-taking pressure, leading to a gradual decline throughout the day [2][3] - The trading volume on the main board increased to HKD 240.1 billion, up 12.5% from the previous day, indicating a recovery in market activity [2] - The report highlights a net outflow of HKD 7.866 billion from the Northbound trading, contrasting with a net inflow of HKD 13.475 billion the previous day, suggesting a shift in investor sentiment [2] Group 2: Industry Performance - Among the 12 Hang Seng Composite Index industry indices, 8 sectors saw gains while 4 sectors declined. The leading sectors included finance, energy, real estate and construction, with increases ranging from 0.64% to 1.18%. Conversely, the sectors that declined included healthcare, information technology, consumer staples, and discretionary, with declines between 0.70% and 3.24% [3] - The report notes that the People's Bank of China announced a reduction in the reserve requirement ratio by 0.5 percentage points, expected to inject approximately RMB 1 trillion into the market, alongside a 0.1 percentage point cut in policy rates [3] Group 3: Company Analysis - Apple Inc. - The report states that Apple Inc. (AAPL.US) reported Q2 revenue of USD 95.4 billion, a year-on-year increase of 5.1%, slightly above market expectations of USD 94.6 billion. Product revenue exceeded expectations by 1.3%, while service revenue fell short by 0.3% [9] - The revenue growth was driven by iPhone, Mac, iPad, and software services, while other hardware segments experienced a decline. Operating profit reached USD 29.6 billion, up 6.1% year-on-year, and net profit was USD 24.8 billion, a 4.8% increase [9] - The report highlights that the iPhone business generated USD 46.8 billion in revenue, a 1.9% year-on-year increase, with a shipment volume growth of 10.1%, attributed to the launch of the iPhone 16e and preemptive purchases due to tariff expectations [9] Group 4: Future Outlook for Apple Inc. - The company anticipates revenue growth in the next quarter to be between 0-5%, indicating a challenging growth environment due to tariff pressures, intensified competition in the Chinese market, rising hardware costs, and increased investment in AI research and development [10] - The report emphasizes that the demand for wearable and other hardware products remains weak, with revenue expected to decline, and software service revenue growth is also slowing down [10] - The long-term outlook suggests that non-U.S. manufacturing faces tariff risks, and increasing the proportion of chips sourced domestically may raise hardware costs, posing further challenges to growth unless unexpected AI features or new blockbuster products are introduced [10]