LI AUTO-W(HK:02015) Guodu Securities Hongkong·2025-06-02 10:41Market Overview - The Hang Seng Index closed down 283 points or 1.2%, while the Hang Seng Tech Index fell 2.5% to 5,170.43 [4] - The market experienced significant pressure from blue-chip technology stocks, with Alibaba down 3.6%, Baidu down 3.7%, and Tencent down 2.4% [4] - The overall market turnover was HKD 271.56 billion, with net inflows from northbound trading at HKD 9.65 billion [4] Economic Indicators - The U.S. Treasury Secretary indicated that progress in U.S.-China trade talks has been slow, raising market concerns and contributing to a drop in Hong Kong stocks [5] - China's non-manufacturing PMI for May decreased to 50.3, indicating a slight decline in business activity, although it remains above the critical point [10] Industry Dynamics - The Hong Kong government is pushing for the establishment of an International Mediation Centre, which aims to enhance Hong Kong's position as a center for international legal and dispute resolution services [8] - The Financial Secretary emphasized the integration of traditional and digital finance in Hong Kong, aiming to solidify its status as a leading financial innovation hub [9] Company News - Li Auto reported a 16.7% year-on-year increase in new car deliveries for May, totaling 40,856 vehicles, with a cumulative delivery of over 1.3 million vehicles [14] - Xiaomi's car deliveries remained stable in May, exceeding 28,000 units, as the company prepares for large-scale production of its new model [15] - Stone Pharmaceutical Group anticipates a more than 45% decline in interim profit due to decreased sales and increased competition in the pharmaceutical market [17]