信达国际港股晨报快-20250728

Market Overview - The Hang Seng Index is expected to rise towards 26,000 points due to a stable economic outlook in mainland China and a positive risk appetite in the Hong Kong market, despite limited improvement in corporate earnings [2][5] - The market remains active with capital rotating across different sectors, and new trade negotiations between China and the US are anticipated to ease trade tensions [2][7] Sector Focus - Key market focus includes Hong Kong's June import and export data and the performance of companies like WuXi AppTec (2359) [3] Macroeconomic Insights - The US Federal Reserve maintained interest rates in June, with an adjusted core PCE forecast for 2025-2027, indicating a cautious approach towards future inflation uncertainties [5] - The trade negotiations between the US and various countries are ongoing, with potential impacts on oil demand growth and international oil prices [5] Corporate News - Alibaba (9988) launched its first self-developed AI smart glasses, Quark Glasses, while JD.com (9618) initiated a plan to introduce 1,000 overseas brands within three years [7][10] - China Duty Free Group (1880) reported a 21% decline in net profit for the first half of the year, while China Resources Beverage (2460) issued a profit warning, expecting a 30% drop in net profit [7] Economic Indicators - The first half of 2025 saw a 1.8% decline in profits for industrial enterprises in mainland China, with state-owned enterprises experiencing a 7.6% drop [8] - The logistics costs in mainland China decreased, with the ratio of total logistics costs to GDP falling to 14% [8] Investment Climate - The Chinese government is focusing on stabilizing the market and enhancing regulatory measures to support economic recovery and growth [9] - The China Securities Regulatory Commission is working on improving corporate governance standards for listed companies [9]