国证国际港股晨报-20250523

Group 1 - The market is currently in an observation period with significant volatility, as evidenced by the decline in major indices: Hang Seng Index down 1.19%, Hang Seng China Enterprises Index down 1.19%, and Hang Seng Tech Index down 1.7% [2] - The total turnover in the market has decreased to 198.229 billion, with a high short-selling amount of 34.358 billion, accounting for 19.327% of the total turnover of shortable stocks [2] - Southbound funds have seen a rebound, with a net inflow of 3.881 billion on Thursday, with the most bought stocks being China Construction Bank, Meituan, and Pop Mart, while Tencent, Xpeng Motors, and Alibaba saw the most net selling [2] Group 2 - In the sector analysis, technology-related stocks such as film, short video, and cloud office have generally weakened, with significant declines in major tech stocks like Alibaba and Baidu [4] - Consumer sectors, including beer, department stores, and sports goods, have also experienced declines, with notable drops in Budweiser Asia Pacific and Anta Sports [4] - Conversely, some tobacco and cosmetics stocks have risen, with Smoore International increasing by 6.25% due to consumption-boosting policies in Shanghai [4] Group 3 - The macroeconomic outlook indicates a slight recovery in the U.S. economy, with the May composite PMI rising from 50.6 in April to 52.1, signaling a rebound from a 19-month low [5] - U.S. retail and food service sales in April totaled 724.1 billion, showing a year-on-year growth of 5.2% and a month-on-month increase of 0.1%, indicating a return to normal consumption levels prior to tariff impacts [7] - Online retail sales continue to outperform the market, with April sales reaching 123.5 billion, a year-on-year increase of 7.5% [8]