国证国际港股晨报-20250723

Group 1: Market Overview - The Hong Kong stock market continues to reach new highs, with the Hang Seng Index closing at 25,130 points, up 135 points or 0.54% [2] - The total trading volume on the main board was HKD 266.1 billion, an increase of 1.2% compared to the previous day, with the Stock Connect trading accounting for 30.6% of the total [2] - Northbound capital saw a net inflow of HKD 2.717 billion, a decrease of 61.5% from the previous day, with the most net purchases in China Life, CCB, and SMIC [2] Group 2: Sector Performance - Among the 12 Hang Seng Composite Industry Indices, 11 rose while 1 slightly declined, with materials, industrials, and utilities leading the gains [3] - The lithium battery sector performed well, with Ganfeng Lithium and Tianqi Lithium both rising over 6% [3] - The healthcare sector recorded a minor decline of 0.004% [3] Group 3: Company Insights - JD.com announced a HKD 4 billion acquisition of a 70% stake in Jia Bao Supermarket, which will be managed by the founder for three years before transitioning to JD.com [4] - The acquisition is expected to enhance JD.com's retail network and property holdings, with Jia Bao operating around 90 stores in Hong Kong [4] Group 4: Netflix Performance - Netflix reported Q2 revenue of USD 11.1 billion, a year-on-year increase of 16%, benefiting from subscriber growth and price increases [6] - The company raised its 2025 revenue guidance to USD 44.8 billion - USD 45.2 billion, reflecting a year-on-year growth of 15% - 16% [8] - Netflix's operating profit for Q2 increased by 45% to USD 3.8 billion, with a profit margin of 34.1%, up 7 percentage points year-on-year [6][8] Group 5: Future Outlook for Netflix - Netflix is expected to enter a strong content cycle in the second half of the year, with significant new releases planned [7] - The company anticipates an increase in content amortization costs but expects overall operating profit margins to remain robust [7] - The stock price target for Netflix has been raised to USD 1,379, reflecting a 48.3x/40.3x P/E ratio for 2025E/2026E [8]