每日投资策略-20260116

Macro Commentary - The Chinese economy shows signs of moderate monetary policy easing, with a continued slowdown in the growth of social financing stock expected by the end of 2025, and a significant decline in M1 growth, indicating weakened economic activity and private sector confidence [2][6] - The credit structure reveals an imbalance in economic supply and demand, with the corporate sector remaining the main driver of credit expansion, while the household sector continues to deleverage [2] Global Market Performance - Major global stock indices showed varied performance, with the Hang Seng Index closing at 26,924, down 0.28% for the day but up 5.05% year-to-date [3] - The US stock market experienced a rebound, with utilities, industrials, and real estate leading gains, while energy, healthcare, and communication services sectors declined [5] Sector Performance in Hong Kong - In Hong Kong, the consumer discretionary, healthcare, and information technology sectors led declines, while real estate, energy, and industrial sectors saw gains [5] - The Hang Seng Financial Index rose by 0.68% to 50,996, while the Hang Seng Real Estate Index increased by 1.32% to 19,105 [4] Company Analysis - Jitu (1519 HK) is rated as a "Buy" with a target price of HKD 13.4, following a share swap agreement with SF Express, which is expected to enhance product offerings and market reach [6] - WuXi AppTec (2268 HK) is also rated as a "Buy" with a target price of HKD 88.00, anticipating a revenue increase of at least 45% and net profit growth of at least 38% for 2025 [7][10] - WuXi AppTec's strong performance is attributed to a record number of new contracts in drug development and production, with significant growth in XDC projects and a strategic acquisition of Dongyao Pharmaceutical to enhance production capacity [8][9][10]