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中泰国际每日晨讯-20250704
ZHONGTAI INTERNATIONAL SECURITIES· 2025-07-04 01:44
Market Overview - On July 3, the Hang Seng Index fell by 151 points or 0.6%, closing at 24,069 points, while the Hang Seng Tech Index dropped by 0.7% to 5,233 points[1] - The total market turnover was over HKD 231.2 billion, with a net outflow of HKD 3.05 billion from the Hong Kong Stock Connect[1] Sector Performance - The biopharmaceutical sector remained strong, while sectors like brokerage, non-ferrous metals, consumer electronics, and new energy vehicles showed positive performance[1] - Notable stock rebounds were observed in companies with operations in Vietnam, such as Shenzhou (2313 HK) and Jingyuan International (2232 HK), with increases ranging from 2.1% to 6.1%[1] Trade Relations - The U.S. announced a trade agreement with Vietnam, imposing a 20% tariff on imports from Vietnam, while Vietnam will exempt all U.S. goods from tariffs, reducing uncertainty in the market[2] - The easing of restrictions on U.S. chip design software exports to China indicates a potential thaw in U.S.-China trade relations, with upcoming negotiations expected to focus on "technology-resource" agreements[2] Industry Dynamics - In the consumer sector, major stocks like Lao Pu Gold (6181 HK) and Pop Mart (9992 HK) saw declines between 1.9% and 4.4%[3] - The healthcare index rose by 2.6% due to supportive measures for innovative drug development, with stocks like Kangfang (9926 HK) surging by 14.3%[3] Water Supply Sector - China Water Affairs (855 HK) reported a 29.9% decline in net profit to HKD 1.07 billion for FY25, primarily due to expected credit losses and a drop in connection and construction revenues[5][6] - Despite the profit decline, water supply sales volume increased by 7.4% to 1.5 billion tons, with operational revenue rising by 6.5% to HKD 3.53 billion[6] Capital Expenditure - The company's capital expenditure decreased by 36.2% to approximately HKD 3.4 billion for FY25, with a projected further reduction of 41.2% to about HKD 2 billion for FY26, supporting a high dividend policy[7] Stock Rating Adjustment - Following a sustained increase in stock prices, the rating for China Water Affairs was adjusted from "Buy" to "Add," with a target price revised down to HKD 6.80, reflecting a 13.0% upside potential[8]