国证国际港股晨报-20250729

Group 1: Market Overview - The Hong Kong stock market rebounded with the Hang Seng Index closing at 25,562 points, up 173 points or 0.68% from the previous day, amid improved investor sentiment as tariff concerns eased [2][3] - The total trading volume in the Hong Kong market was HKD 250.3 billion, a decrease of 11.2% compared to the previous day, with the Northbound trading recording a net inflow of HKD 9.253 billion, down 54.2% from the previous day [2][3] Group 2: Sector Performance - Among the 12 Hang Seng Composite Industry Indices, 8 sectors rose while 4 fell, with the leading sectors being healthcare, finance, real estate and construction, and utilities, showing increases of 3.03%, 1.35%, 1.06%, and 0.64% respectively [3] - The sectors that declined included energy, materials, consumer staples, and industrials, with decreases ranging from 1.70% to 0.67% [3] Group 3: Electricity Consumption Data - In June, the total electricity consumption in China reached 867 billion kilowatt-hours, a year-on-year increase of 5.4%, with a month-on-month growth of 7.1% [6] - For the first half of the year, total electricity consumption was 48,418 billion kilowatt-hours, reflecting a year-on-year growth of 3.7% [6] - The electricity consumption growth was driven primarily by the tertiary sector and urban-rural residential electricity usage, which saw significant increases of 9.0% and 10.8% year-on-year respectively in June [6][9] Group 4: Industry Insights - High-tech industries showed a higher electricity consumption growth rate, with the automotive manufacturing sector growing by 8.8% and the new energy vehicle manufacturing sector by 28.7% year-on-year in the first half of the year [7] - The information transmission/software and IT services sector experienced a year-on-year growth of 14.8% in electricity consumption, driven by rapid developments in mobile internet, big data, and cloud computing [7] Group 5: Investment Recommendations - The report suggests that investors consider undervalued, high-dividend, and fast-growing electricity operators such as China Resources Power (836.HK) and China Power (2380.HK), as the overall valuation of the sector remains low and coal prices are decreasing, supporting profitability in thermal power generation [9]