国证国际港股晨报-20250828

Group 1: Market Overview - The Hong Kong stock market continues to adjust, with the Hang Seng Index falling by 1.27%, the Hang Seng China Enterprises Index down by 1.40%, and the Hang Seng Tech Index decreasing by 1.47% [2] - The total market turnover increased to HKD 371.376 billion, with short-selling amount rising to HKD 65.194 billion, accounting for 19.022% of the total turnover of shortable stocks [2] - Southbound capital flow remains relatively high, with a net inflow of HKD 15.371 billion through the Stock Connect [2] Group 2: Sector Performance - Most sectors performed weakly under the market adjustment, with the property management sector experiencing significant declines due to disappointing earnings, such as Excellence Commercial Services down over 16% and Country Garden Services down over 11% [3] - The real estate sector also weakened, with major players like China Jinmao, Vanke, and Sunac all declining, reflecting market caution regarding the industry's outlook [3] - Pharmaceutical stocks faced collective pressure, with significant drops in companies like Kingsoft Biotech and Kangfang Biotech, influenced by U.S. President Trump's comments on drug pricing [3] Group 3: Growth Themes - A few growth themes rose against the trend, particularly in the chip sector with companies like Shanghai Fudan and Horizon Robotics seeing gains [4] - Apple-related stocks also performed well, with companies like Lens Technology rising nearly 8% ahead of the iPhone 17 series launch [4] - Notable earnings growth was observed in companies like Nongfu Spring, which saw revenue and profit increase significantly, leading to a stock price rise of over 7% [4] Group 4: Company Analysis - Sinochem Fertilizer - Sinochem Fertilizer reported a revenue of RMB 14.72 billion for the first half of 2025, a year-on-year increase of 7.6%, with a net profit of RMB 1.1 billion, also up by 5.0% [7][8] - The company achieved high-quality development across its various business segments, with significant growth in its core and growth businesses, particularly in bio-fertilizers, which saw a 51% increase in high-end product sales [9] - The target price for Sinochem Fertilizer has been raised to HKD 1.8, corresponding to an 8.2 times forecasted P/E ratio for 2026, with a buy rating based on strong performance expectations [10]