中信建投港股晨报-20250512

Market Overview - The Hang Seng Index faces initial resistance at 23,000 points, influenced by recent announcements from US President Trump regarding tariffs and China's economic policies aimed at stabilizing the capital market [2][6] - The market anticipates increased efforts from the Chinese government to stimulate domestic demand and mitigate tariff impacts, with expectations of additional bond issuance in the third quarter [2][5] Economic Indicators - China's April CPI fell by 0.1% year-on-year, aligning with market expectations, while the PPI decreased by 2.7%, slightly better than anticipated [4][9] - In April, China's exports in USD terms rose by 8.1%, surpassing market expectations, while imports fell by 0.2% [8][9] Corporate News - CATL (宁德时代) plans to raise up to 31 billion HKD through an IPO, with a maximum share price of 263 HKD, aiming to fund projects in Hungary and operational costs [10] - Hillstone Technology (丘鈦科技) reported a 20.1% year-on-year decline in smartphone camera module sales for April, attributed to project cycle factors [10] - Tencent Music (騰訊音樂) and other companies are expected to release their earnings soon, drawing market attention [7] Trade Relations - Reports indicate that the US is considering significant tariff reductions on Chinese imports, aiming to ease trade tensions and seeking concessions from China regarding rare earth exports [8] - The US Commerce Secretary anticipates that a 10% import tariff will be the baseline for the foreseeable future, emphasizing the need for American consumers to adapt [8] Industry Trends - The domestic passenger car market in China saw a retail increase of 14.5% year-on-year in April, driven by government consumption-boosting policies [9] - The global tablet market grew by 6% year-on-year in Q1 2025, with Apple maintaining a leading position in shipments [9]