2023年中国水电工程机械、电力设备股投资报告

Market Performance - On July 21, the Hang Seng Index rose by 168 points or 0.7%, closing at 24,944 points, reaching a year-to-date high of 25,010 points[1] - The Hang Seng Tech Index increased by 0.8%, closing at 5,585 points, confirming an upward breakout from the range since May[1] - Market turnover increased to over HKD 263 billion, with net inflow from the Hong Kong Stock Connect at HKD 7.05 billion[1] Sector Highlights - The insurance, brokerage, oil, coal, non-ferrous metals, food and beverage, and power sectors performed strongly[1] - The launch of the Yarlung Tsangpo River hydropower project, with a total investment of approximately RMB 1.2 trillion, boosted investor sentiment in related sectors[2] - Shares of Huaxin Cement surged by 85.6%, while leading companies like Conch Cement and China National Building Material rose by 9.0% and 12.6%, respectively[1] Economic Outlook - The hydropower project is expected to directly boost fixed asset investment growth through the cement, engineering machinery, and power equipment sectors, potentially offsetting weaknesses in real estate[2] - The project is anticipated to benefit related stocks over the next decade, as current valuations are considered low[2] Real Estate Market - New home transaction volume in 30 major cities fell by 21.7% year-on-year, with a total of 1.23 million square meters sold[3] - The decline is an improvement from the previous week's 24.9% drop, with a week-on-week decrease of 5.3%[3] AI Sector Developments - UBTECH Robotics won a procurement project in Shanghai worth approximately RMB 90 million, marking the largest disclosed order in the industry[3] - The stock price of UBTECH rose by 5.2% to a one-month high following the announcement[3] Healthcare Sector Insights - The Hang Seng Healthcare Index fell by 1.2%, seen as a normal correction after recent gains[4] - The National Healthcare Security Administration is promoting a comprehensive value assessment for innovative drugs and devices, which is expected to benefit high-value clinical innovations[4]