Market Performance - The Hang Seng Index fell by 1.5% last week, closing at 23,916 points[1] - The Hang Seng Tech Index decreased by 2.3%, ending at 5,216 points[1] - Average daily trading volume dropped by 6.1% to HKD 245.4 billion[1] Sector Performance - Consumer discretionary and information technology sectors declined by 2.9% and 2.3% respectively[1] - Healthcare, materials, and real estate sectors increased by 4.9%, 2.6%, and 1.7% respectively[1] Economic Indicators - In June, the U.S. added 147,000 non-farm jobs, with the unemployment rate dropping to 4.1%[2] - Labor force participation rate fell to 62.3%, indicating a potential slowdown in the job market[2] - Average hourly wage growth slowed to 0.2% month-on-month and 3.7% year-on-year, the lowest since May 2021[2] Automotive Sector Insights - Li Auto's June delivery volume fell short of expectations, leading to a 7.9% drop in stock price[3] - Xpeng Motors' new SUV received 10,000 orders within 9 minutes, but concerns over pricing led to a 6.8% decline in stock price[3] - NIO's stock price decreased by 6.6% last week, while CATL's H-shares rose by 9.9% due to stable market share[3] Healthcare Sector Developments - The Hang Seng Healthcare Index rose by 5.0%, outperforming the Hang Seng Index[4] - AstraZeneca is negotiating a potential USD 15 billion licensing deal for a cancer drug with CanSino Biologics[4] Renewable Energy Sector Trends - Solar energy stocks surged, with Xinyi Solar and GCL-Poly Energy rising by 20.4% to 22.8%[5] - Market sentiment is optimistic due to anticipated supportive policies from the government[5] Water Supply Sector Analysis - China Water Affairs reported a 29.9% decline in net profit for FY25, primarily due to credit losses and decreased connection revenue[6][7] - Water supply sales volume increased by 7.4%, with operational revenue rising by 6.5%[7] Real Estate Market Overview - New home sales in 30 major cities fell by 24.7% year-on-year, with a significant drop in first, second, and third-tier cities[11] - Land transaction volume decreased by 55.6% year-on-year, indicating a slowdown in the real estate market[14] Investment Recommendations - The company maintains a "Buy" rating for selected state-owned developers in the real estate sector, anticipating policy support[17][18]
不稳固：港股部分互联网行业头部企业因竞争加剧，引发盈利预期下修的
ZHONGTAI INTERNATIONAL SECURITIES·2025-07-07 14:48