中金公司港股晨报-20251028

Market Overview - The Hang Seng Index is expected to hold around 25,000 points, reflecting a forecasted P/E ratio of 12 times over the next 12 months, amid uncertainties in U.S. monetary policy and ongoing U.S.-China trade tensions [2] - The U.S. Federal Reserve's recent hawkish stance on interest rate cuts has led to reduced expectations for future rate reductions, with only one cut anticipated in 2026, which is lower than market expectations [5][10] Corporate News - Anta (2020) reported low single-digit growth in retail sales for its brand products in Q3 [12] - Cansino (6185) benefited from sales of its meningitis vaccine, with net profit increasing 842% year-on-year in Q3 [5] - China Aluminum (2600) achieved a net profit of 3.8 billion RMB in Q3, marking a 90.3% increase [5] - Meituan (3690) announced that its rider social security subsidies will now cover the entire country, becoming the first to establish a comprehensive protection system for all riders [12] - Pony.ai plans to raise over 7.56 billion HKD through its IPO, with a focus on expanding its autonomous driving services [12] - WeRide (0800) aims to raise over 3.09 billion HKD in its IPO, positioning itself as a leader in L4 autonomous driving solutions [12] Macro Focus - In September, profits of large-scale industrial enterprises in China increased by 21.6% year-on-year, with a cumulative growth of 3.2% for the first three quarters [10] - The Chinese government is set to deepen reforms in the ChiNext board to optimize financing and regulatory systems [10][11] - The Hong Kong government reported a 16.1% increase in exports and a 13.6% increase in imports in September, both exceeding market expectations [11] Sector Insights - The insurance sector is expected to benefit from strong A-share performance, leading to improved investment returns in Q3 [8] - AI concept stocks are gaining traction as mainland China accelerates the application of "Artificial Intelligence+" [8] - The report indicates that Alibaba and Baidu hold the top two positions in China's AI cloud market, with market shares of 30.2% and 22.5% respectively [11]