国证国际港股晨报-20250724

Group 1: Market Overview - The report highlights that the Hong Kong stock market has continued its upward trend, reaching a three-year high, driven by newly established trade agreements between the US and several Asian countries, including Japan, the Philippines, and Indonesia [2][3] - The Hang Seng Index opened at 25,348 points, fluctuated throughout the day, and closed at 25,538 points, marking an increase of 408 points or 1.62% [2] - The trading volume in the Hong Kong market was robust, with a total turnover of HKD 333 billion, a 25.2% increase from the previous day, indicating strong market activity [2] Group 2: Trade Agreements Impact - The US has reached trade agreements with Japan, the Philippines, and Indonesia, which are expected to enhance market sentiment and investor risk appetite [3][4] - Japan has committed to investing USD 550 billion in the US and increasing imports of American rice, while the US will reduce tariffs on Japanese automobiles from 25% to 15% [4] - The agreement with the Philippines includes a reduction of the "equivalent tariff" from 20% to 19%, while Indonesia will lower its tariff from 32% to 19% and purchase 50 Boeing aircraft [4] Group 3: Sector Performance - Among the 12 Hang Seng Composite Industry indices, 10 sectors saw gains, with Information Technology and Consumer Discretionary leading the way, increasing by 3.18% and 1.80% respectively [3] - The Financials and Conglomerates sectors also experienced growth, but at a rate lower than the overall Hang Seng Index [3] - The only sectors that declined were Industrials and Utilities, with decreases of 0.40% and 0.16% respectively [3] Group 4: Company Analysis - Anta Sports - Anta Sports reported a low single-digit year-on-year revenue growth for its main brand in Q2 2025, slightly below expectations, with children's products performing better than general merchandise [8][9] - The company has seen a high double-digit growth in its other brands, with Descente and Kolon achieving over 40% and 70% growth respectively [8][9] - Anta's acquisition of Jack Wolfskin for USD 290 million is expected to enhance its presence in the outdoor apparel market in China, leveraging its supply chain and distribution capabilities [9] Group 5: Investment Recommendations - The report suggests that Anta Sports, as a leading player in the Chinese sportswear industry, is well-positioned to benefit from industry growth, with projected EPS of 4.72, 5.26, and 5.88 for 2025-2027 [9] - A target price of HKD 113.6 is set for Anta Sports based on a 22x PE ratio for 2025, maintaining a "Buy" rating [9]