信达国际控股港股晨报-20250702

Market Overview - The Hang Seng Index is facing resistance at 24,700 points, with a projected P/E ratio of 11 times over the next 12 months, as the US-China trade talks show limited progress and corporate earnings improvement remains constrained [2] - The Hong Kong stock market experienced a decline, with the Hang Seng Index closing at 24,072 points, down 0.87% [6] Macro Focus - The Central Economic Commission of China is advancing the construction of a unified national market, emphasizing the need for regulatory improvements and quality enhancement in products [3][8] - The official and Caixin manufacturing PMIs for June exceeded expectations, indicating a slight recovery in manufacturing activity [3][8] - Macau's June gaming revenue rose by 19%, surpassing expectations, reflecting a positive trend in the gaming sector [3][7] Company News - Xiaomi delivered over 25,000 vehicles in June, indicating strong performance in the automotive sector [4] - Geely's June sales increased by 42%, prompting an upward revision of its annual sales target by 11% [4] - New World Development secured a financing agreement worth 88.2 billion yuan, showcasing robust financial activity [4] Industry Insights - The gaming industry in mainland China saw the approval of 158 domestic and imported games in June, marking a significant increase in new titles [7] - The textile sector is optimistic about improved orders, driven by expectations of better performance from major brands like Nike [7] - The film industry in mainland China reported a total box office of over 29.2 billion yuan in the first half of the year, with the animated film "Nezha 2" accounting for over half of the revenue [9] Financial Market Developments - The Hong Kong Monetary Authority intervened in the currency market, buying over 20 billion HKD to defend the peg against the US dollar [9] - The issuance of QDII quotas totaling 3.08 billion USD aims to support cross-border investment by qualified domestic institutional investors [9] - The Hong Kong government's financial situation showed a deficit of 78.4 billion HKD in the first two months of the fiscal year, primarily due to timing in tax revenue collection [9]