中泰国际每日动态-20250514

Market Performance - On May 13, the Hang Seng Index fell by 1.9% to close at 23,108, ending an eight-day rally[1] - The Hang Seng Tech Index dropped 3.3% to 5,269, with total market turnover decreasing to HKD 219.8 billion[1] - Net inflow from the Hong Kong Stock Connect was HKD 22.6 million, indicating cautious investor sentiment[1] Sector Analysis - Technology, automotive, and semiconductor stocks collectively retreated, with Meituan down over 4% and Alibaba down 3.9%[1] - Conversely, gold and domestic bank stocks showed strength, reflecting a shift towards safer investments[1] Economic Outlook - The current PE ratio of the Hang Seng Index is around 10 times, facing pressures from U.S.-China tech decoupling risks and weak domestic demand recovery[2] - Short-term strategies should focus on high dividend stocks with policy support and sectors benefiting from technological independence and resilient domestic demand[2] Real Estate Market - New home transaction volume in 30 major cities fell by 16.8% year-on-year, contrasting with a 48.8% increase the previous week[5] - The inventory-to-sales ratio for major cities decreased to 91.0, down from 97.5 year-on-year, indicating a tightening market[7] Policy Developments - The People's Bank of China reduced the housing provident fund loan rate by 0.25 percentage points, aiming to stabilize the real estate market[9] - Despite new supportive measures, the real estate sector remains challenged by complex economic conditions and external factors[11]