中金公司港股晨报-20250922

Market Overview - The Hang Seng Index faces resistance around 27,200 points, with a projected P/E ratio of approximately 13 times over the next 12 months, as the US-China trade tensions ease and the US Federal Reserve signals potential policy adjustments due to weakening employment data [1] - The Hong Kong stock market remains active with a positive risk appetite, as capital rotates among different sectors [1] Short-term Sector Outlook - Focus on China's September Loan Prime Rate (LPR) and Hong Kong's August CPI [2] Macro Focus - Upcoming visits by Trump to China and Xi to the US, indicating potential improvements in US-China relations [3][9] - The People's Bank of China adjusts its 14-day reverse repurchase operations to maintain liquidity [9] - China's foreign exchange market remains stable, with a net inflow of $3.2 billion in August [9] Corporate News - JD.com partners with China Resources for strategic cooperation, with plans for the first JD Mall in Hong Kong to open next year [4] - Alibaba's Taobao and Ele.me are reportedly engaging in group buying initiatives [4] - Xiaomi recalls over 110,000 units of its SU7 standard electric vehicles [4] - Berkshire Hathaway confirms the complete sale of its BYD shares [4] International Market Outlook - The US Federal Reserve announced a 0.25% rate cut, with expectations for two more cuts this year [4] - The Fed continues its quantitative tightening, reducing its holdings of US Treasuries and mortgage-backed securities [4] - The US Senate's failure to pass temporary funding bills raises the risk of a government shutdown [4][9] Stock Market Performance - The Hang Seng Index closed at 26,545 points, with a year-to-date increase of 32.33% [6] - The Hang Seng Tech Index rose by 40.87% year-to-date, reflecting strong performance in technology stocks [6] Investment Trends - The Hong Kong Stock Connect has seen a net inflow of over 1 trillion yuan this year, indicating strong interest from mainland investors [10] - Macau's inbound tourism reached a record high in August, with a 15.5% year-on-year increase [10]