中泰国际：恒生指数背离，恒生香港中资企业指数（红筹指数）的表现优于整体大盘，反映资金开始从高BETA板块流出

Market Overview - On May 22, the Hong Kong stock market experienced a decline after two consecutive days of gains, with the Hang Seng Index falling by 283 points or 1.2% to close at 23,544 points. The Hang Seng Tech Index dropped by 1.7% to 5,251 points. The total market turnover exceeded HKD 198.2 billion, with a net inflow of HKD 3.88 billion from the Stock Connect [1] - The internal quality of Hong Kong stocks weakened, with over 1,000 stocks declining. Major sectors, except for Chinese banks, generally fell. Alibaba (9988 HK) dropped by 3.3%, and Baidu (9888 HK) fell by 4.0% after its earnings report, indicating a lack of direction among other internet giants [1] - Despite a vibrant IPO market, the overall risk appetite in Hong Kong stocks is declining, as evidenced by the divergence between the Hang Seng Tech Index and the Hang Seng Index. The performance of the Hang Seng China Enterprises Index (Red Chip Index) outperformed the overall market, reflecting a shift of funds from high beta sectors to more defensive ones [1] Automotive Sector - XPeng Motors (9863 HK) reported better-than-expected Q1 results, with net losses narrowing to RMB 660 million, compared to RMB 1.37 billion in the same period last year. Q1 delivery volume and revenue surged by 3.3 times and 1.4 times, reaching 94,000 units and RMB 15.81 billion, respectively. The company expects Q2 delivery volume to increase by over 2.3 times year-on-year and revenue to rise by 1.1-1.3 times [2] - XPeng anticipates continued improvement in gross margins in the second half of the year, with an overall expectation of turning profitable in Q4. The company's advancements in AI are expected to significantly enhance its smart driving capabilities, with plans to launch a humanoid robot by 2026 [2] Healthcare Sector - The Hang Seng Healthcare Index fell by 0.92%, but companies like Innovent Biologics (1801 HK), China National Pharmaceutical Group (1177 HK), Hansoh Pharmaceutical (3692 HK), and Rongchang Biopharmaceutical (9995 HK) saw increases ranging from 0.48% to 5.44%. Rongchang announced a placement of 19 million shares at HKD 42.44 each, a 9.51% discount to the closing price on May 21, raising approximately HKD 800 million for R&D and business expansion [3] - The recent rise in Rongchang's stock price is attributed to the progress of its core product, VidiXimab, which has been approved for treating HER2-positive metastatic breast cancer in China and has reached key research endpoints in urothelial carcinoma studies [3] Energy and Utilities Sector - The renewable energy and utilities sector in Hong Kong generally declined, with significant drops in stocks like GCL-Poly Energy (3800 HK), Longyuan Power (916 HK), and Huadian International (1071 HK), which fell by 5.5%, 2.9%, and 3.5%, respectively. The recent slight increase in overseas natural gas prices has negatively impacted investor sentiment towards natural gas stocks [4] Strategy Outlook - The report from Zhongtai International suggests a cautious outlook for the Hong Kong stock market, emphasizing a "defensive counterattack" strategy. It highlights the importance of focusing on defensive sectors and policy catalysts, including high-dividend defensive sectors (telecommunications, utilities, energy), consumption sectors benefiting from policy support and festive boosts, and sectors with breakthroughs in technology (biopharmaceuticals, high-end manufacturing, semiconductor equipment, AI computing) [7] - The report also notes that the Hang Seng Index has fully recovered all declines since early April, with valuations significantly restored. The current risk premium is close to two standard deviations below the rolling two-year average, reflecting the temporary easing of trade tensions [7] Stock Recommendations - Recommended stocks include Tencent (700 HK), Midea Group (300 HK), China Water Affairs (855 HK), Horizon Robotics (9660 HK), XinAo Energy (2688 HK), GigaDevice Semiconductor (2367 HK), China Unicom (762 HK), CNOOC (883 HK), Innovent Biologics (1801 HK), and Hansoh Pharmaceutical (3692 HK) [8]