2024年1月以来最高，显示企业经营活力持续改善

Market Overview - The Hang Seng Index rose only 0.4% last week, closing at 23,892 points, influenced by escalating geopolitical tensions in the Middle East[1] - The Hang Seng Tech Index fell 0.9% to 5,239 points, while the Hang Seng China Enterprises Index increased by 1.7%, marking its fifth consecutive week of gains[1] - The healthcare sector index surged by 8.8%, and the materials index rose by 7.0%, driven by gold and non-ferrous metal stocks[1] Economic Indicators - May's core CPI showed mild growth, while PPI's decline widened, indicating uneven economic recovery[1] - Export data was supported by "grabbing exports" and "grabbing transshipments," but imports fell more than expected, reflecting weak domestic demand[1] - M1's year-on-year growth accelerated to 2.3%, the highest since January 2024, indicating improved business activity[1] Sector Performance - The consumer sector saw a continued interest in new consumption stocks, with companies like Lao Pu Gold and Mx Group rising between 2% and 11% last week[3] - The automotive sector experienced a decline, with traditional car manufacturers averaging a drop of 1.3% and new energy vehicle companies down 3.8%[3] - The healthcare index rose 8.5%, with major players like China Biopharmaceuticals announcing significant overseas licensing deals[3] Investment Recommendations - The valuation of the Hang Seng Index has recovered to around the 60th percentile over the past seven years, suggesting potential for further upward movement in the second half of the year[2] - Short-term outlook indicates a lack of catalysts for the market, with expectations of high-level consolidation and sector rotation opportunities[2] - Focus on defensive dividend sectors (energy, telecommunications) and relatively undervalued, high-growth potential stocks in the Hang Seng Tech Index[2] Company Insights - Weisheng Holdings is projected to see net profits rise from RMB 710 million in FY24 to RMB 1.4 billion in FY27, with a CAGR of 25.7%[5] - The company has been rated "Buy" with a target price of HKD 9.20, reflecting a 23.8% upside potential[5] - The pharmaceutical sector is highlighted for its strong overseas licensing potential, with companies like Hansoh Pharmaceutical and China Biopharmaceuticals showing promising growth prospects[10][13]