国证国际港股晨报-20250526

Group 1: Market Overview - The Hong Kong stock market showed volatility, with the Hang Seng Index closing at 23,601 points, up 56 points or 0.2% [2] - The total market turnover increased to HKD 203.67 billion, with short-selling amounting to HKD 33.83 billion, representing 16.61% of the total turnover [2] - Northbound capital saw a net outflow of HKD 1.139 billion, contrasting with a net inflow of HKD 3.88 billion the previous day [2] Group 2: Sector Performance - The film sector performed strongly, with Alibaba Pictures (1060.HK) rising 63.83% over four days, driven by optimism regarding its IP merchandise potential [4] - Solar energy stocks like Fuyao Glass (3606.HK) and Rainbow New Energy (00438.HK) showed notable performance, while nuclear power stocks also led gains [4] - The automotive sector benefited from strong retail market growth, with companies like NIO (1316.HK) and Great Wall Motors (2333.HK) recording increases [4] Group 3: Consumption Insights - In April, total retail sales reached CNY 37,174 billion, growing 5.1% year-on-year, indicating a gradual recovery in consumption [7] - The retail sales of household appliances surged by 38.8% year-on-year in April, supported by government subsidies [8] - Food and beverage sectors showed mixed results, with grain and oil retail sales growing 14.0% year-on-year, while automotive retail sales only increased by 0.7% [8] Group 4: Price Trends - The average price of live pigs in May was CNY 7.47 per kg, down 0.2% month-on-month and 6.7% year-on-year, indicating a stabilization after a decline [9] - The average price of fresh milk was CNY 3.07 per kg, reflecting a 0.1% decrease month-on-month and a 9.2% decrease year-on-year [9] - Commodity prices showed fluctuations, with corrugated paper prices decreasing by 2.2% month-on-month, while PET prices increased by 3.2% [10] Group 5: Investment Strategies - The report highlights investment opportunities in companies like Mixue Group (2097), which is positioned as a leader in the milk tea market with a strong supply chain [11] - Kang Shifu Holdings (0322) is noted for its cost reduction leading to profit improvement, with a dividend yield of 5.4%, making it an attractive investment [11]