中泰国际每日策略-20250521

Market Overview - On May 20, the Hong Kong stock market rebounded, driven by consumer stocks, pharmaceuticals, and new IPOs, with the Hang Seng Index rising by 348 points or 1.5% to close at 23,681 points [1] - The Hang Seng Tech Index increased by 1.2%, closing at 5,317 points, with a total market turnover exceeding HKD 198.3 billion [1] - Notable stock performances included a 32.2% surge in 3SBio (1530 HK) after a commercialization agreement with Pfizer, and a 16.2% rise in Rongchang Bio (9995 HK) [1] Industry Dynamics Automotive Sector - CATL (3750 HK) saw a 16.4% increase on its first day of trading in Hong Kong, significantly outperforming its A-share counterpart, which rose by only 1.1% [3] - Leap Motor (9863 HK) reported a 62.1% year-on-year increase in sales for Q1, with revenue up 87.1% [3] Consumer Sector - The pet services sector in Hong Kong, particularly Chaoyun Group (6601 HK), experienced a 13.8% increase, reaching a 52-week high, driven by market rumors regarding acquisitions [3] - Chaoyun's pet services are projected to generate approximately HKD 130 million in revenue in 2024, accounting for 7% of total revenue [3] Healthcare Sector - The Hang Seng Healthcare Index rose by 2.6%, with strong subscription responses for major players like Hengrui Medicine (1276 HK) and 3SBio [4] - 3SBio's agreement with Pfizer could yield up to USD 12.5 billion in upfront and milestone payments, boosting investor sentiment [4] Utilities Sector - The utilities sector, including electricity, water, and gas stocks, saw general increases, with China Water (855 HK) rising by 2.3% [5] - April's industrial output in China grew by 6.1% year-on-year, supporting demand for utility services [5] Strategic Outlook - The report indicates a phase of rebalancing amid uncertainties, with a temporary easing of US-China trade tensions and a focus on domestic economic recovery [6] - The Hang Seng Index has fully recovered losses from early April, with current valuations reflecting a risk premium close to historical lows [8] - Investment strategies suggest a "defensive counterattack" approach, focusing on high-dividend sectors, policy-supported consumer segments, and technology breakthroughs in biopharma and high-end manufacturing [8] Stock Recommendations - Recommended stocks include Tencent (700 HK), Midea Group (300 HK), China Water (855 HK), Horizon Robotics (9660 HK), and others, reflecting a diverse range of sectors [9]