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港股策略周报-20250708
Shanghai Securities· 2025-07-08 11:02
Market Overview - The Hong Kong stock market indices experienced a mixed performance last week, with the Hang Seng Index declining by 1.52%, the Hang Seng China Enterprises Index down by 1.75%, and the Hang Seng Technology Index falling by 2.34% [5][10] - The Hang Seng Large Cap Index decreased by 1.60%, while the Mid Cap Index rose by 1.93% and the Small Cap Index increased by 2.31% [5][10] Economic Indicators - The manufacturing PMI for June was reported at 49.7%, the non-manufacturing business activity index at 50.5%, and the composite PMI output index at 50.7%, indicating a slight recovery in economic activity with increases of 0.2 percentage points for the first two indices and 0.3 percentage points for the composite index compared to the previous month [6][9] - Experts noted that the Chinese economy demonstrated resilience and vitality in the first half of the year, laying a solid foundation for achieving annual growth targets [6][9] Investment Recommendations - It is suggested to focus on the high-tech manufacturing sector within the Hong Kong stock market due to the positive economic signals indicated by the PMI data [5][6] Market Data - As of July 4, the Hang Seng Index's current PE (TTM) was 10.41 times, approximately at the 55th percentile since January 1, 2007, while the PB was 1.13, at the 40th percentile [7][12] - The southbound capital inflow last week was 13.892 billion HKD, a decrease from the previous week's inflow of 14.489 billion HKD [7][14] - The top five net purchases by southbound funds included SMIC at 2.279 billion HKD, Tracker Fund of Hong Kong at 1.674 billion HKD, Meituan at 1.530 billion HKD, Innovent Biologics at 1.225 billion HKD, and China Construction Bank at 1.096 billion HKD [7][16] - The top five net sales included Alibaba at 6.998 billion HKD, Tencent at 2.015 billion HKD, Xiaomi at 1.274 billion HKD, CanSino Biologics at 0.641 billion HKD, and Pop Mart at 0.413 billion HKD [7][17]
中金:预计今年南向资金流入约8000亿至1万亿港元 恒指料见20500点
Zhi Tong Cai Jing· 2025-04-29 06:11
Group 1 - The core viewpoint of the report is that the southbound capital inflow is expected to reach approximately HKD 800 billion to HKD 1 trillion this year, with various scenarios for the Hang Seng Index (HSI) based on different market conditions [1][2] - In a baseline scenario, the HSI is projected to be around 20,500 points, while in a positive scenario, it could recover to between 23,000 and 24,000 points, and in a pessimistic scenario, it may drop to around 18,000 to 19,000 points due to a 7% decline in corporate earnings [1][2] - Since the beginning of the year, the net inflow of southbound capital has reached HKD 604.08 billion, which is approximately three-quarters of the total inflow of HKD 807.87 billion for the entire previous year, with an average daily inflow 2.5 times that of last year [1] Group 2 - The report indicates that the current sentiment in the market reflects a pessimistic outlook similar to that of late 2018, with the HSI potentially fluctuating around 20,500 points unless new risks emerge [2] - The report highlights that the market has become desensitized to tariff figures, focusing more on the actual impact on growth, which is closely tied to the progress of negotiations and the effectiveness of mainland policies [2] - It is noted that sectors with technology support and lower export exposure, such as internet technology, remain key investment themes, while cyclical sectors related to domestic demand may present better opportunities if fiscal policies can provide adequate support [2]