中泰国际每日晨讯-20250516

Market Overview - On May 15, the Hang Seng Index fell by 0.8% to close at 23,453 points, while the Hang Seng Tech Index dropped by 1.6% to 5,297 points, with total market turnover around HKD 200 billion[1] - Major tech stocks like JD.com (9618 HK) and Meituan (3690 HK) saw declines of over 4% and 2.9% respectively, while port and shipping stocks performed well due to a rebound in export activities[1] Alibaba's Performance - Alibaba (9988 HK) reported Q4 FY2025 revenue of RMB 236.4 billion, a year-on-year increase of 6.57%, slightly below the expected RMB 237.9 billion; adjusted net profit rose by 22% to RMB 29.8 billion[1] - The cloud business, driven by strong AI demand, saw a quarterly revenue growth of 18%, with AI-related product revenue achieving triple-digit growth for seven consecutive quarters[1] Trade Relations and Risks - The Chinese Ministry of Commerce opposed the U.S. Section 232 tariffs, emphasizing the need for equal dialogue to resolve differences, indicating rising long-term risks in U.S.-China tech relations[2] - Short-term tariff relief may boost exports in sectors like home appliances and consumer electronics, but risks remain regarding potential tariff rebounds and ongoing supply chain pressures in critical tech areas[2] Pharmaceutical Sector Insights - Hengrui Medicine (1276 HK) is set to launch an IPO from May 15-20, with projected revenue and net profit growth of 22.6% and 47.2% respectively for 2024, significantly outpacing other Hong Kong pharmaceutical leaders[3] - The company’s IPO valuation corresponds to 51.2-51.3 times the historical P/E ratio for 2024, which is notably higher than the industry average, but its strong market position justifies attention[3] Real Estate Market Trends - New home transaction volume in 30 major cities fell by 16.8% year-on-year to 1.61 million square meters, contrasting with a 48.8% increase the previous week[9] - The inventory-to-sales ratio for major cities decreased to 91.0, down from 97.5 year-on-year, indicating a tightening market[11] - Recent government measures to support the real estate market include a 0.25 percentage point reduction in housing provident fund loan rates, with the first-time home loan rate dropping from 2.85% to 2.6%[13]