中泰国际每日晨讯-20250528

Market Overview - The Hang Seng Index rose by 99 points or 0.4% to close at 23,381 points, remaining below the 20-day moving average for the second consecutive day[1] - The total market turnover decreased to HKD 203.3 billion, with a net inflow of HKD 11.975 billion through the Stock Connect[1] - Defensive sectors such as pharmaceuticals, telecommunications, insurance, and aviation stocks showed strong performance, with major airlines rising between 2.9% and 4.6%[1] Sector Performance - Meituan's Q1 revenue and adjusted net profit exceeded expectations, with the stock rising by 2.1% after an initial drop[1] - Increased competition in the instant retail and takeaway market may weaken profit margins and cash flow for Meituan, JD.com, and Alibaba, potentially affecting shareholder returns[1] - The logic for investing in Chinese internet companies may shift due to intensified competition, leading to a potential diversion of funds to companies like Tencent with stronger competitive advantages[1] Real Estate Insights - New home transaction volume in 30 major cities reached 2.02 million square meters, a slight year-on-year increase of 0.2%, contrasting with a 6.7% decline the previous week[3] - In first-tier cities, transaction volumes showed significant improvement, with Beijing up 1.1%, Shanghai up 8.8%, Guangzhou up 29.5%, and Shenzhen up 47.0% year-on-year[4] - The inventory-to-sales ratio for major cities decreased to 85.3, down from 93.7 a year ago, indicating a tightening market[5] Land Transactions - Land transaction volume in 100 major cities fell by 35.8% year-on-year to 12.87 million square meters, reflecting a significant decline in market activity[6] Investment Strategy - The report suggests a defensive investment strategy focusing on high-dividend sectors such as telecommunications, utilities, and energy, as well as consumer sectors benefiting from policy support[10]