信达国际控股港股晨报-20251127

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 room for interest rate cuts in 2026. Economic tensions between China and the US have eased temporarily, but corporate earnings in Hong Kong are unlikely to improve significantly in the short term due to a lack of strong policy signals from mainland China [2][3] - The US Federal Reserve announced a 0.25% interest rate cut in October, lowering the target range to 3.75% to 4.00%. However, there is uncertainty regarding further rate cuts, as some officials believe a pause is necessary to assess policy impacts. Economic activity is expanding at a moderate pace, but the outlook remains uncertain [3][4] Company News - Alibaba Health reported a 39% increase in adjusted profit for the interim period, driven by revenue growth and improved gross margins, with total revenue rising 17% to 16.697 billion yuan [9] - Vanke has proposed extending the maturity of its 2 billion yuan bond due on December 15, raising concerns about the Chinese government's willingness to support struggling developers. This unexpected move has led to a decline in Vanke's stock price [9] - Li Auto reported a non-GAAP adjusted loss of 360 million yuan in Q3, with a forecast of over a 30% decline in revenue and delivery volume for Q4, raising concerns about its competitiveness in the electric vehicle market [9] - ASMPT completed the sale of its 49% stake in Advanced Packaging Materials International for a total consideration of 1.717 billion yuan [9] Industry Insights - The retail fund inflow in Hong Kong for the first three quarters of the year increased by 44% year-on-year, reaching approximately 15.7 billion USD, marking the highest level since 2015. Bond and money market funds saw significant inflows, while equity funds experienced slight outflows [8] - The mainland Chinese government has released a plan to enhance consumer spending, aiming for a significant optimization of the supply structure by 2027, with a focus on new technologies and consumption patterns [7] - The global humanoid robot market is expected to see sales reach 6 million units by 2035, with material costs projected to decrease by 60% to 70%, indicating a potential boom in this sector [8]