信达国际控股港股晨报-20251126

Market Overview - The Hang Seng Index has short-term support at the 25,000 point level, with recent hawkish signals from the Federal Reserve indicating limited rate cut space in 2026. The meeting between the US and Chinese leaders in October has temporarily eased tensions, but the core issues remain unresolved. The Chinese economy showed further signs of cooling in Q3, with the 14th Five-Year Plan focusing on expanding domestic demand and promoting technological self-reliance, aligning with expectations. However, there are no strong signals for short-term policy adjustments, making it difficult for Hong Kong stocks to see significant earnings improvements. The recent volatility in US tech stocks and concerns over AI industry valuations add to the profit-taking incentives as the Hang Seng Index has seen substantial gains this year [2][3]. Macro Focus - Hong Kong's exports in October increased by 17.5%, surpassing expectations, following a 16.1% rise in September. The total export value reached HKD 461.8 billion, while imports rose by 18.3% to HKD 501.7 billion, leading to a trade deficit of HKD 39.9 billion [8]. - The US PPI rose by 0.3% in September, driven by higher energy costs, indicating a resurgence in inflation. Retail sales in the US for September increased by only 0.2%, significantly below expectations, with auto sales being a major drag [8][9]. - The Chinese gaming market saw a revenue increase of 7.8% year-on-year in October, with mobile games contributing significantly to this growth [8]. Company News - Alibaba (9988) reported a 72% year-on-year decline in adjusted net profit for Q2, attributed to investments in instant retail, although its cloud business showed strong growth with a 34% revenue increase. The company faces supply chain challenges in AI server components, which may continue for the next two to three years [10]. - JD.com (9618) denied rumors of issuing exchangeable bonds worth at least USD 1 billion, clarifying that discussions are still in the early stages [10]. - Zhihu (2390) reported a widened adjusted loss of RMB 21 million for Q3, with total revenue declining by 22.02% year-on-year [10]. - Vitasoy (0345) saw a slight increase in half-year profit by 0.7% to HKD 170 million, despite a 6.3% drop in revenue due to weak market conditions in mainland China [10]. - Tuniu (0780) reported a 16.5% increase in adjusted net profit for Q3, with revenue rising by 10.4% [10]. - Chow Tai Fook (1929) reported a 0.2% increase in half-year profit to HKD 2.534 billion, with same-store sales in mainland China growing by 38.8% [10].