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港股周报(2025.06.03-2025.06.06):港股南向资金持续流入,布鲁可等调入指数-20250609
Tianfeng Securities·2025-06-09 08:04

Investment Rating - The report assigns a "Buy" rating for stocks, indicating an expected relative return of over 20% within six months [33] Core Insights - Southbound funds continue to flow into Hong Kong stocks, with a net purchase of 13.681 billion yuan during the week, totaling 624.42 billion yuan year-to-date, which is 83.92% of the total net purchase for 2024 [1] - Major internet companies are currently at relatively low valuations, with projected P/E ratios for 2025 as follows: Xiaomi (27), Tencent (16), Alibaba (12), Meituan (17), Baidu (9), Pinduoduo (10), JD.com (7), and Kuaishou (11) [1] - Kuaishou's AI product, Keling AI, has achieved an annualized revenue run rate exceeding 100 million USD within ten months of launch, with a user base surpassing 22 million globally [1] Summary by Sections Southbound Funds - Southbound funds have shown a strong inflow, with Meituan receiving the highest net purchase of 8.613 billion yuan [28] - The overall trend indicates a growing interest in Hong Kong stocks, particularly in the IP economy and consumer recovery sectors [2] AI and Technology - The report highlights the upcoming launch of advanced driving technologies from companies like Tesla and Xiaopeng, with a focus on laser radar and chip suppliers [2] - Kuaishou's AI product is noted for its rapid revenue growth and user acquisition, indicating strong commercial potential in AI applications [1] Consumer and IP Economy - The report emphasizes the high growth potential in the IP economy, with companies like Pop Mart and Blukoo being highlighted for their strong market positions and product offerings [2] - The upcoming IPOs and seasonal consumption trends are expected to drive market expectations higher [2] Market Overview - The Hang Seng Index closed at 23,792.54 points, reflecting a weekly increase of approximately 2.16% [14] - The report suggests that the current market conditions are favorable for investment in high-growth sectors, particularly in consumer and technology [2]