港股周报（2025.05.26-2025.05.30）：南下资金持续流入，香港稳定币法案落地

Investment Rating - The report assigns a "Buy" rating for stocks, indicating an expected relative return of over 20% within the next six months [27] Core Insights - Southbound capital continues to flow into Hong Kong, with a net purchase of 25.8 billion yuan during the week, totaling 610.7 billion yuan year-to-date, which is 82% of the total net purchase for 2024 [1] - The Hong Kong Stablecoin Ordinance was officially enacted, marking a significant step for Hong Kong in the digital asset space [3][7] - The report highlights the potential of the IP economy and consumer recovery, suggesting structural opportunities in the upcoming IPOs and summer consumption peak [2] Summary by Sections Southbound Capital - Southbound funds have shown strong interest in Meituan, with a net purchase of 9.467 billion yuan [22] - The report notes that major indices in Hong Kong are set for significant adjustments, with companies like Bluko and Mijiu Group being added to the Hang Seng Composite Index [3] AI and Technology - The report emphasizes the advancements in AI applications, particularly with the release of Keling 2.1, which shows improved performance and cost-effectiveness [1] - The smart driving sector is expected to see a turning point with the launch of Tesla's robotaxi and new models from Li Auto and Xpeng [2] Company Performance - Meituan reported Q1 2025 revenue of 86.6 billion yuan, up 18.1% year-on-year, with adjusted net profit increasing by 46.2% [8] - Xiaomi's Q1 2025 revenue reached 111.3 billion yuan, a 47.4% increase, driven by strong performance in its electric vehicle and AI sectors [9] - The report highlights the strong fundamentals of Tencent, with a projected PE of 17X for 2025, and the potential of its gaming and AI products [3] Market Trends - The report indicates that the current valuation of internet companies is relatively low, with projected PE ratios for major players like Alibaba at 12 and Tencent at 17 [1][20] - The report suggests that the IP economy sector is experiencing high growth and strong catalysts, recommending attention to companies like Pop Mart and Bilibili [2][3]