Hong Kong Market Performance - On May 20, the Hang Seng Index closed at 23,681, up 1.49% for the day and 18.05% year-to-date[4] - The Hang Seng China Enterprises Index rose 1.52% to 8,589, with a year-to-date increase of 17.82%[4] - The Hang Seng Tech Index increased by 1.15% to 5,316, marking an 18.97% rise since the beginning of the year[4] - Southbound funds recorded a net inflow of HKD 6.332 billion[9] US Market Performance - On May 20, the Dow Jones Industrial Average closed at 42,677, down 0.27% for the day and up 0.31% year-to-date[4] - The S&P 500 index fell 0.39% to 5,940, with a year-to-date increase of 1.00%[4] - The Nasdaq Composite dropped 0.38% to 19,143, showing a year-to-date decline of 0.87%[4] Japanese Market Performance - The Nikkei 225 index closed at 37,529, up 0.08% for the day but down 5.93% year-to-date[4] - The Tokyo Stock Exchange saw a slight rebound after five days of decline[9] Sector Highlights - Major tech stocks in Hong Kong saw significant gains, with Xiaomi up 4.68% and Alibaba rising over 2%[9] - Pharmaceutical stocks performed strongly, with Sanofi rising over 32% due to positive news regarding COVID-19 treatments[9] - Conversely, military and online education stocks faced declines, with Alibaba Health down over 5%[9] Key Economic Indicators - The US is facing potential structural risks with the dollar overvalued by approximately 15% according to KKR[11] - The US International Trade Commission has imposed tariffs as high as 3521% on solar equipment imports from Southeast Asia[11] - China's budget deficit for January to April reached a record high, increasing over 50% year-on-year, indicating accelerated fiscal stimulus efforts[11]
国信证券（香港）资讯日报-20250521
Guoxin Securities Hongkong·2025-05-21 08:54