国证国际港股晨报-20250605

Group 1: Market Overview - The Hong Kong stock market has seen a two-day rise, with the Hang Seng Index closing at 23,654 points, up 141 points or 0.60% [2] - The Hang Seng Tech Index also rose by 0.57%, aligning with the overall market trend [2] - The total trading volume on the main board was HKD 212.7 billion, an increase of 4.4% from the previous day [2] - Northbound trading recorded a net inflow of HKD 3.905 billion, a decrease of 59.5% compared to the previous week [2] Group 2: Sector Performance - Among the 12 Hang Seng Composite Industry Indices, 8 sectors rose while 4 fell [2] - The leading sectors included healthcare, materials, energy, consumer discretionary, consumer staples, and information technology, with gains ranging from 3.18% to 0.98% [2] - The sectors that lagged included conglomerates and telecommunications, with declines of 1.19% and 0.86% respectively [2] Group 3: U.S. Market Insights - U.S. stock market sentiment remains cautious due to tariff concerns and weak economic data [3] - The Dow Jones, S&P 500, and Nasdaq experienced mixed results, with the Dow down 0.22% and Nasdaq up 0.32% [3] - The Federal Reserve's Beige Book indicated a slight slowdown in economic activity across all regions, with rising uncertainty affecting business and consumer decisions [3] Group 4: Company Analysis - Li Auto - Li Auto's Q1 net profit grew by 10%, with revenue reaching RMB 25.9 billion, a year-on-year increase of 1% [6] - The company expects Q2 revenue to be between RMB 32.5 billion and RMB 33.8 billion, reflecting a year-on-year growth of 2.5% to 6.7% [6] - In May, Li Auto delivered 41,000 vehicles, marking a year-on-year increase of 16.7% [7] - The company plans to launch its first pure electric SUV, the Li I8, in July 2025, featuring advanced driver assistance technology [8] - The target price for Li Auto is set at HKD 140, indicating a potential upside of 27% based on a projected P/E ratio of 27.4 times for 2025 [8]