中泰国际每日动态

Market Overview - On May 13, the Hong Kong stock market experienced a significant pullback, with the Hang Seng Index dropping by 1.9% to close at 23,108, ending an eight-day rally[1] - The Hang Seng Tech Index fell by 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 despite short-term tariff reductions[1] Sector Performance - Technology, automotive, and semiconductor sectors collectively retreated, with Meituan (3690 HK) down over 4%, Alibaba (9988 HK) down 3.9%, and Xpeng (9868 HK) and NIO (9866 HK) both down over 5%[1] - Conversely, gold and domestic bank stocks showed strength, reflecting a shift towards safer investments[1] Economic Outlook - The Hang Seng Index's price-to-earnings (PE) ratio has adjusted to around 10 times, facing three main pressures: US-China tech decoupling risks, weak domestic demand recovery, and valuations already reflecting tariff easing expectations[2] - Short-term strategies should focus on high dividend stocks with policy support and sectors demonstrating technological independence and resilience in domestic demand[2] Real Estate Insights - New home transaction volume in 30 major cities reached 1.61 million square meters, a year-on-year decline of 16.8%, contrasting with a previous week’s increase of 48.8%[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 Chinese government announced measures to support the real estate market, including a 0.25 percentage point reduction in the personal housing provident fund loan rate, bringing the five-year rate down to 2.6%[9] - Despite these measures, the performance of Hong Kong-listed mainland property stocks lagged behind the broader market, with the Hang Seng China Mainland Property Index declining by 3.7%[10]