5月港股金股：关税阴霾渐退

Group 1 - The report maintains a cautiously optimistic view on the Hong Kong stock market, noting marginal improvements in external risks but persistent overall pressure [1] - Short-term signals indicate a phase of easing tariffs between the US and China, with ongoing negotiations that may still have many variables [1][2] - The report highlights the need for incremental capital and policy stimulus for a rebound in the Hong Kong market, with current inflows primarily from the southbound channel [1][2] Group 2 - The report expresses a favorable outlook on AI technology and domestic consumption, suggesting a portion of high-dividend stocks for defensive positioning [2] - AI technology is emphasized due to strong performance in the US tech sector, which boosts global tech narratives, and the launch of a "Tech Enterprise Line" by the Hong Kong Stock Exchange [2] - Domestic consumption remains a key theme for the year, supported by government initiatives to expand consumption and enhance its role in economic growth [2] Group 3 - The report lists a selection of recommended stocks, including Tencent Holdings, Alibaba, XPeng Motors, and others, with detailed financial metrics such as market capitalization and earnings per share [3][10][13][18][30][34][39][44][51][57] - Tencent Holdings is noted for its strong competitive advantages across multiple business areas and its accelerated AI commercialization process [10] - Alibaba is recognized for its leading position in AI large models and cloud computing, with significant growth expected in its cloud business driven by AI demand [13] Group 4 - XPeng Motors is projected to achieve substantial revenue growth, with expected revenues of 99 billion, 168 billion, and 249 billion yuan for 2025, 2026, and 2027 respectively [18] - Horizon Robotics is highlighted for its advanced driving solutions and significant market share growth in the high-level autonomous driving sector [24][25] - Anta Sports is expanding its brand portfolio through acquisitions, which is expected to enhance overall competitiveness and performance [30] Group 5 - Miniso is positioned as a leading global IP retail brand, benefiting from industry growth and international expansion, with a strong focus on self-owned brands [34] - The report anticipates steady growth for the beverage company Mixue, driven by its end-to-end supply chain and brand marketing strategies [39] - Yuehai Investment is focusing on its core water supply business, with significant cash flow improvements expected following the divestment of non-core assets [44] Group 6 - New Energy is expected to see a return to valuation levels due to privatization efforts, with a projected valuation increase of 30% [51] - Innovent Biologics is forecasted to maintain revenue growth driven by its expanding product pipeline and effective cost management [57]