中泰国际每日晨讯-20250825

Market Overview - The Hang Seng Index rose by 0.3% last week, closing at 25,339 points, while the Hang Seng Tech Index increased by 1.9% to 5,647 points[1] - Average daily trading volume increased by 3.6% to HKD 280.4 billion, with a net inflow of HKD 17.8 billion through the Stock Connect[1] - The real estate, utilities, energy, and materials sectors saw declines between 0.6% and 2.2%, while consumer discretionary and information technology sectors rose by 1.6%[1] Economic Dynamics - The US manufacturing PMI rose to 53.3, indicating expansion, while the services PMI slightly decreased to 55.4, remaining at a high level[2] - Price pressures persist, with the purchasing price index soaring to 67.1, indicating ongoing inflation risks[2] Industry Insights - Xpeng Motors reported better-than-expected earnings, leading to a 13.1% increase in its stock price last Friday[3] - The healthcare sector saw a 0.9% increase in the Hang Seng Healthcare Index, with notable performances from companies like China Biologic Products and WuXi Biologics[4] Company Performance - Yancoal Australia reported a 61.2% drop in net profit for H1 FY25, with revenue down 14.8% to AUD 268 million[6] - The company expects a rebound in coal prices in H2 FY25, with average prices projected to decline by 7.1% for thermal coal and 20.7% for metallurgical coal[7] Forecast Adjustments - Target price for Yancoal Australia adjusted from HKD 38.55 to HKD 34.70, reflecting a 22.9% upside potential[9] - HanSung Pharmaceutical's revenue for H1 2025 increased by 14.3% to RMB 7.43 billion, with net profit rising by 15.0% to RMB 3.14 billion[12]