中金公司港股晨報

Core Insights - The report indicates that the Hang Seng Index has recently rebounded to around 25,855 points, influenced by easing US-China trade relations and ongoing tariff news, with short-term market conditions expected to be affected by these factors [9][10]. - The People's Bank of China maintained the 5-year LPR at 3.50% and the 1-year LPR at 3.00%, while the US Federal Reserve lowered interest rates by 0.25% to a range of 3.50-3.75% [9]. - The report highlights the performance of major indices, with the Hang Seng Index up 28.9% year-to-date, and the H-share Index up 23.3% [3]. Market Overview - The Hang Seng Index closed at 25,855 points, up 219 points or 0.86%, with a total market turnover of HKD 1,998 million [10]. - The H-share Index rose to 8,991 points, gaining 99 points or 1.12%, while the Hang Seng Technology Index increased by 95 points or 1.74% [10]. - The report provides a summary of the best and worst performing stocks within the Hang Seng Index, with Baidu Group (9888) leading with an increase of 8.9% and a year-to-date gain of 56.8% [3]. Company Analysis: Midea Group (0300.HK) - Midea Group reported a revenue of RMB 111.9 billion for Q3 2025, reflecting a year-on-year increase of 10.06%, and a net profit attributable to shareholders of RMB 11.87 billion, up 8.95% year-on-year [24]. - For the first three quarters of 2025, the company achieved a revenue of RMB 363.1 billion, a year-on-year increase of 13.82%, with a net profit of RMB 37.88 billion, up 19.51% [24]. - The total assets of Midea Group were RMB 593.3 billion, down 1.8% year-on-year, while total liabilities decreased by 4.6% to RMB 359.2 billion [25]. New IPO Dynamics - The report outlines upcoming IPOs, including Zhiyu (2513) in the artificial intelligence sector, with a proposed price of HKD 116.20 and a maximum fundraising amount of approximately HKD 4.348 billion [30]. - Tian Shu Intelligent Chip (9903) is also set to launch with a proposed price of HKD 144.60, aiming to raise around HKD 3.677 billion [30]. - The report notes that these IPOs are expected to generate significant market interest due to their medium to large scale [30][31].