国证国际港股晨报-20250509

Core Viewpoints - The report suggests that the recent US-UK trade agreement may not be replicable with other countries, advising investors to reduce their holdings in US stocks [2][3][4]. Market Performance - The Hong Kong stock market has seen a six-day rise, with the Hang Seng Index opening at 22,589 points and closing at 22,775 points, up 84 points or 0.4%. The trading volume decreased by 22.6% to HKD 185.9 billion [2]. - Northbound trading recorded a net outflow of HKD 2.385 billion, a reduction of 69.7% compared to previous days. The most bought stocks were China Construction Bank, Chifeng Jilong Gold Mining, and Meituan, while Tencent, Pop Mart, and Xiaomi saw the most selling [2]. Industry Performance - Among the 12 Hang Seng Composite Index sectors, six rose and six fell. The leading sectors were Information Technology, Consumer Discretionary, and Healthcare, with increases ranging from 0.52% to 1.08%. The lagging sectors included Materials, Real Estate & Construction, and Industrials, with declines between 0.26% and 1.15% [2]. Company Analysis: Apple Inc. - Apple reported Q2 revenue of USD 95.4 billion, a 5.1% year-on-year increase, surpassing market expectations. Product revenue exceeded expectations by 1.3%, while service revenue fell short by 0.3%. The growth was driven by iPhone, Mac, iPad, and software services, despite a decline in wearables and other hardware [5]. - 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 [5]. - iPhone revenue was USD 46.8 billion, with a 1.9% year-on-year growth and a 10.1% increase in shipment volume, attributed to the launch of the iPhone 16e and preemptive purchases due to tariff expectations. However, the average selling price dropped by 7.4% to around USD 809 [5]. - The Greater China region saw a revenue decline of 2.3% due to competitive pressures, while the Americas accounted for 42.3% of revenue, growing by 8.2% [5]. Future Outlook - The company anticipates revenue growth of 0-5% for the next quarter, facing challenges from tariff pressures, intensified competition in China, rising hardware costs, and increased AI R&D investments. The demand for wearables remains weak, and software service revenue growth is slowing [6]. - The report highlights potential risks including tariff uncertainties, rising costs from supply chain shifts, and insufficient product growth momentum [6].