国政国际港股晨报-20251119

Group 1: Market Overview - The Hong Kong stock market indices continued to adjust, with the Hang Seng Index down 1.72%, the Hang Seng China Enterprises Index down 1.65%, and the Hang Seng Tech Index down 1.93% [2] - The total market turnover was approximately HKD 242.1 billion, with short selling accounting for about 19.16% of the total turnover [2] - Southbound capital saw a net inflow of approximately HKD 7.5 billion, with Alibaba, Xpeng Motors, and Xiaomi being the most actively bought stocks [2] Group 2: Sector Performance - The gold and non-ferrous metals sectors led the decline due to cooling expectations of US interest rate cuts and a significant drop in gold prices, with spot gold falling below USD 4,000 per ounce [2] - The lithium battery and new energy vehicle supply chains continued to face pressure, with weak automotive sales data showing a slight year-on-year decline in retail sales of passenger vehicles in October [2] - The traditional energy and infrastructure-related stocks also declined, reflecting ongoing market concerns about global economic prospects and demand recovery [2] Group 3: E-commerce Sector Insights - The e-commerce market growth slowed in October, with a year-on-year increase of 4.9% in online retail sales of physical goods, totaling RMB 1.2 trillion in September [6] - During the Double 11 shopping festival, the overall retail sales reached approximately RMB 2.4 trillion, with a year-on-year increase of over 10% [7] - Key players like Alibaba, JD.com, and Douyin showed varying growth rates, with JD.com reporting a 15% increase in total revenue for Q3 2025, slightly above market expectations [8][9] Group 4: Company-Specific Developments - JD.com's retail segment saw an 11% year-on-year revenue increase, while its logistics segment reported a 24% increase, aligning with market expectations [8] - Alibaba is expected to maintain around a 10% revenue growth rate for its core business, with a focus on improving user engagement and operational efficiency [9] - Pinduoduo is anticipated to report a 7% year-on-year revenue increase, with attention on its growth momentum in international markets [9]