国证国际港股晨报-20260116

Group 1: Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.28%, the Hang Seng China Enterprises Index down by 0.52%, and the Hang Seng Tech Index decreasing by 1.35% [2] - The total market turnover was HKD 290.455 billion, with short selling amounting to HKD 35.078 billion, representing 13.62% of the total turnover [2] - Southbound capital saw a net outflow of HKD 1.515 billion, with Alibaba, Tencent, and SMIC being the most bought stocks, while China Mobile, Xiaomi, and CNOOC faced the most selling pressure [2] Group 2: Sector Performance - The AI healthcare and internet healthcare sectors faced adjustments, with notable declines in stocks such as Jingtai Holdings down 10.74% and Alibaba Health down 7.84% [2] - The OTA platform Trip.com Group saw a significant drop of 19.23% due to an investigation by the State Administration for Market Regulation for alleged monopolistic behavior [3] - The optical communication sector performed well, with stocks like Huiju Technology rising by 8.89% and Cambridge Technology increasing by 7.75% [3] Group 3: Monetary Policy and Economic Measures - The People's Bank of China announced a series of targeted monetary easing measures, including a structural interest rate cut of 0.25 percentage points, aimed at reducing financing costs in specific sectors [4] - A total of CNY 1 trillion was allocated to support private enterprises, with an additional CNY 500 billion specifically for small and medium-sized private companies [4] - The bank also increased the quota for technology innovation and technical transformation loans by CNY 400 billion, bringing the total to CNY 1.2 trillion [4] Group 4: Company Analysis - 361 Degrees - 361 Degrees reported better-than-expected performance with offline retail growth of approximately 10% for both its main brand and children's clothing [7] - The company continues to see strong growth in e-commerce, achieving high double-digit growth rates [7] - The launch of new products across various categories, including running, basketball, and outdoor gear, reflects the company's commitment to innovation and brand development [8] Group 5: Investment Outlook for 361 Degrees - The company is expected to benefit from the introduction of new store formats, which will contribute positively to its performance [9] - The forecast for EPS from 2025 to 2027 is projected at CNY 0.60, CNY 0.69, and CNY 0.76, respectively, with a target price of HKD 7.6 based on a 10x PE ratio for 2026 [9]