中泰国际每日晨讯-20250708

Market Overview - On July 7, the Hong Kong stock market continued its volatile pattern, with the Hang Seng Index slightly down by 0.1% to close at 23,887 points, while the Hang Seng Tech Index rose by 0.3% to 5,229 points, indicating a rebound in the market towards the end of the trading session [1] - Notably, southbound funds saw a rapid increase in buying, with a net inflow of 12 billion HKD, marking the highest single-day inflow in nearly two months [1] - The real estate sector showed strong performance following the Ministry of Housing's statement to "promote the stabilization of the real estate market," while the beverage sector also surged, with companies like Cha Bai Dao and Nayuki's Tea seeing significant gains [1] Macro Dynamics - In the real estate sector, the new home transaction volume saw a narrowing year-on-year decline, with a reported 1.89 million square meters sold in 30 major cities, down by 1.1% year-on-year, which is an improvement from the previous week's 23.1% decline [3] - Different city categories showed varied performance, with first, second, and third-tier cities experiencing year-on-year changes of +3.6%, +19.6%, and -41.5%, respectively [3] Industry Dynamics - The consumer sector remained stable amid ongoing negotiations regarding "reciprocal tariffs" with the U.S., while new consumption stocks performed well, with notable gains in companies like Lao Pu Gold and Pop Mart [4] - The new energy vehicle sector also showed steady performance, with new force car manufacturers rising between 0.5% and 5% [4] - The healthcare sector followed the Hang Seng Index down by 2.0%, which is considered a normal correction after consecutive gains [4] Energy Sector Insights - The report maintains a recommendation to absorb power generation stocks, as summer electricity demand is favorable for the sector, but emphasizes the need to closely monitor coal price trends [6] - In June, coal inventory at major ports turned from a year-on-year decline to a slight increase, with coal prices showing a narrowing year-on-year decline and remaining stable month-on-month [6] Renewable Energy Focus - The photovoltaic sector has seen weak product prices, but there is increased attention from the central government regarding industry competition, which may enhance investment sentiment in related stocks [7] - The nuclear power sector is gaining importance, with uranium prices reaching a new high of 78 USD per pound, driven by geopolitical events and renewed focus on nuclear energy development [8] Natural Gas Demand - Industrial demand for natural gas remains stable, with the manufacturing PMI in China reported at 49.7 in June, slightly above the previous year's figure [9] Stock Recommendations - Weisheng Holdings is highlighted as a potential Hong Kong Stock Connect target, benefiting from the global increase in electricity generation [10] - China National Nuclear Corporation is expected to benefit from rising uranium prices and has established a sales framework agreement for natural uranium [10] - Huaneng International is positioned to benefit from summer electricity demand, with a reported 8.2% year-on-year increase in net profit for Q1 2025 [11] Pharmaceutical Sector Insights - The healthcare sector outperformed the Hang Seng Index in June, with the Hang Seng Healthcare Index rising by 8.4%, marking the sixth consecutive month of gains [13] - The National Healthcare Security Administration and the National Health Commission have introduced policies to support innovative drug development, which is expected to boost sales of high-priced innovative drugs [14] - Key stocks such as China Biologic Products and Innovent Biologics are recommended due to their strong growth prospects and recent positive developments in drug approvals and partnerships [15]