信达国际控股港股晨报-20251114

Market Overview - The Hang Seng Index faces short-term resistance at 27,381 points due to hawkish interest rate cuts by the Federal Reserve and ongoing uncertainties in the US-China trade situation [2] - The Chinese economy continues to show signs of cooling, with the 14th Five-Year Plan emphasizing the expansion of domestic demand and technological self-reliance [2] Sector Focus - Positive outlook for sectors such as insurance stocks, AI concept stocks, and coal stocks, driven by strong A-share performance, advancements in AI applications, and expected upward pressure on thermal coal prices [8] Corporate News - Tencent Holdings (0700) reported a 18% increase in adjusted earnings for Q3, exceeding expectations [5] - JD Group (9618) saw a 56% decline in adjusted earnings for Q3, but still surpassed forecasts [5] - Bilibili (9626) achieved a 2.3 times increase in adjusted net profit for Q3, also beating expectations [5] - Semiconductor Manufacturing International Corporation (0981) reported a 29% increase in Q3 earnings, with Q4 revenue expected to remain stable or increase by 2% [5] Macroeconomic Focus - In October, new loans in China amounted to 220 billion yuan, falling short of expectations, with total new loans for the first ten months reaching 14.97 trillion yuan [4][9] - The People's Bank of China has seen a year-on-year growth of 6.5% in the total RMB loan balance as of the end of October [9] - Reports indicate a halt in China's procurement of US soybeans, raising uncertainties about future trade agreements [9] Regulatory Developments - The Chinese tax authority has mandated e-commerce giants like Amazon to submit sales data to combat tax evasion, marking a significant regulatory move [9] - The State Administration for Market Regulation is seeking public opinion on regulations to assist in addressing trademark infringement cases on e-commerce platforms [9] Investment Income - The Hong Kong Monetary Authority reported an investment income of 274 billion HKD for the first three quarters, with significant contributions from bond investments and local stock investments [10]