每日港股評析 港股早晨快訊 2025 年 10 月 102012 日星期五 -01-17 市場回顧 中港股市短期展望 恒指上望 28,000 點：中美雙方同意延長 5 月中旬達成的 90 天關稅休戰 協議，同時美國與更多國家達成協議，關稅戰局勢緩和。另外，聯儲局主 席鮑威爾在全球央行年會上表示，風險平衡轉變可能需要調整政策立場， 同時美國就業數據轉弱，減息預期升溫。惟聯儲局 9 月鷹派減息，明年減 息空間少於預期。儘管港股企業盈利未見改善，但 AI 行情再起，科技股 領漲大市，加上 10 月四中全會事前料有政策憧憬，恒指上望 28,000 點。 短期看好板塊 今日市場焦點 ➢ 美國 10 月密歇根大學消費信心指數； 宏觀焦點 ➢ 內地兩部門指無序競爭或導致劣幣驅逐良幣； 內地首8月規模以上工業中小企增加值按年增7.6%； 內地黃金周出遊8.88億人次，總花費逾8090億元人民幣； 內地國慶檔電影票房跌13%； 中國對境外相關稀土物項實施出口管制； 中方將反無人機技術公司等列入不可靠實體清單； 畢馬威指香港有望今年重奪全球IPO榜首地位； 歐洲央行議息會議記錄顯示不急於再減息； 企業消息 ➢ 舜宇光學(2382 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 DL HOLDINGS GROUP LIMITED 德林控股集團有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1709） 自願性公告 有關(1)字節跳動、KRAKEN及ESELF AI 的私募股權；及 (2)德林大廈LPF及ANIMOCA BRANDS LPF 的RWA最新發展 本公告由德林控股集團有限公司（「本公司」，連同附屬公司統稱為「本集團」） 自願刊發，旨在向本公司股東及潛在投資者通報本集團的最新業務發展情況。 本公司董事會（「董事會」）欣然向股東及市場匯報其現實世界資產（「RWA 」） 代幣化計劃的最新進展。本公司繼續積極制訂及擴展其數字資產策略，專注 於(i)字節跳動有限公司（「字節跳動」）、Payward, Inc.（「Kraken」）及E-Self.AI Ltd.（「eSelf AI」）等知名科技公司私募股權的代幣化，及(ii)持有德林大廈及 A ...

港股焦點騰訊控股（00700）近期走勢再度成為市場話題，今日升0.76%，股價報665元。 對於看好騰訊短線突破的投資者，可以考慮輕微價外、引伸波幅相對較低的認購證。國君認購證（19049）提供約10.2倍槓桿，行使價751.2元，其溢價和引 伸波幅在同類產品中均屬最低。另一選擇是瑞銀認購證（18902），槓桿9.1倍，行使價同為751.2元，引伸波幅亦處於相對低位。若傾向看淡後市，市場亦有 認沽證可供選擇。中銀認沽證（20518）和瑞銀認沽證（15152）均提供約8倍槓桿，後者更擁有最低溢價，引伸波幅和槓桿水準都比較理想。 牛熊證方面，對於認為騰訊會在635-700元區間整理的投資者，可以考慮相關產品。看好可留意瑞銀牛證（63073）或滙豐牛證（61968），收回價分別在635 元和636元，槓桿約18倍。看淡則有瑞銀熊證（66241）和摩通熊證（66094），收回價同設於700元水準。 從技術走勢觀察，騰訊目前關鍵支持位處於638元，下一支持參考617元水準。上方阻力方面，678元為初步阻力，突破後有望挑戰692元。值得留意的是，股 價目前企穩於10天線（647元）之上，並且遠高於30天及60天線，反映中 ...

Group 1: Market Overview - The Hang Seng Index (HSI) is currently experiencing mixed sentiments, with bullish investors expecting a settlement price above 26,400 next week, while bearish investors anticipate a drop to between 25,500 and 25,300 [1] - Technical signals indicate a "sell" recommendation, with support levels at 25,574 and 25,200, and resistance levels at 26,700 and 26,900 [1] Group 2: Galaxy Entertainment (00027.HK) - Galaxy Entertainment's stock has been stable in recent months, with a current price of 43 HKD, but technical signals suggest a "sell" stance [4] - Support levels are identified at 42.1 HKD and 40.4 HKD, while resistance levels are at 43.4 HKD and 44.2 HKD [4] Group 3: Meituan-W (03690.HK) - Meituan's stock is currently stabilizing around 100 HKD, with technical signals indicating a "buy" recommendation [10] - Resistance is noted at 107 HKD, with potential to rise to 115 HKD if this level is breached; support levels are at 96.2 HKD and 91.7 HKD [10] Group 4: China Construction Bank (00939.HK) - China Construction Bank's stock has seen a low of 7.22 HKD, with a technical signal leaning towards "buy" [17] - Resistance levels are at 7.63 HKD and 7.86 HKD, with options available at a strike price of 9.9 HKD [17] Group 5: SMIC (00981.HK) - SMIC's stock is currently at 72.95 HKD, with a technical signal indicating a "sell" recommendation [23] - Support levels are at 66.4 HKD and 58.9 HKD, while the first resistance level is at 80.1 HKD [23] Group 6: Yancoal Australia (01171.HK) - Yancoal's stock is currently at 10.31 HKD, with technical signals showing a neutral stance [27] - Resistance levels are at 10.7 HKD and 11.3 HKD, with support levels at 9.8 HKD and 9.4 HKD [27]

港股點評 2025年9月17日9:30 a.m 恒指跌 8 點，滬指升 1 點，標普 500 跌 8 點 中美經貿中方牽頭人、國務院副總理何立峰表示，中方維護自身正當權益的決 心堅定不移，將會堅決維護國家利益和海外中資企業的合法權益。對於 TikTok 問題，中方將依法依規展開技術出口審批。同時，中央政府充分尊重中資海外 企業意願，支持企業在符合市場原則基礎上，與合作方展開平等商業談判。 中國汽車生產商奇瑞汽車(09973.HK)公布在港招股詳情，將於 17 日起至 22 日 招股，計劃全球發行 2.97 億 H 股，招股價介乎每股 27.75 至 30.75 元，預料集 資最多 91.45 億元。 根據政府統計處 16 日發表的最新勞動人口統計數字，今年 6 月至 8 月經季節性 調整的失業率為 3.7%，與今年 5 月至 7 月的數字相同，低於市場預期的 3.8%。 就業不足率則由 5 月至 7 月的 1.4%上升至 6 月至 8 月的 1.6%。 京東集團-SW(09618.HK) (JD.US) 創始人、董事局主席劉強東在京東品酒會上 透露，後續將公布全新的酒店發展計劃。劉強東強調，不希望把酒店再拉進 ...

Core Insights - The report highlights a 100% probability of a 0.25% interest rate cut by the Federal Reserve during the upcoming FOMC meeting on September 16-17 [9] - U.S. consumer confidence has declined, with the University of Michigan's September index dropping to 55.4, below the previous month's 58.2 and the expected 58.0 [9][11] - The People's Bank of China is set to conduct a 600 billion yuan reverse repurchase operation with a 182-day term [9] - Investment strategies favor sectors such as smart manufacturing, cloud computing, AI, and medical innovation, which are attracting foreign institutional interest [9] - Recommendations include incorporating new targets into the southbound trading scheme, adjusting weightings, and early positioning [9] Market Overview - The Hang Seng Index has surpassed the 26,000-point mark, closing at 26,388 points, marking a weekly increase of 970 points or 3.82% [13] - The market anticipates a likely interest rate cut in the U.S., with discussions around whether the cut will be 0.25% or 0.5% [13] - The Hong Kong government's issuance of silver bonds has begun, with a guaranteed interest rate of 3.85%, which remains attractive compared to local deposit rates [13] - China's credit data showed a modest recovery in August, with new loans of 590 billion yuan, reversing a decline from July [13] - The People's Bank of China is seeking public opinion on cross-border RMB financing, aiming to enhance the offshore RMB market [13] Company Focus - Weili Zhibo (9887) is focused on the high-growth biopharmaceutical sector, with a narrowed mid-year loss of 166 million yuan, reflecting improved operational efficiency [20] - Hansoh Pharmaceutical (3692) has successfully expanded its oncology product line in China and launched in the UK, indicating significant future potential [20] - Lenovo Group (992) reported a 22% year-on-year revenue growth to 18.83 billion USD, driven by AI strategy and strong cash returns [20] Global Market Summary - The Hang Seng Index closed at 26,388.16, up 301.84 points or 1.16% [15] - The Dow Jones Industrial Average fell by 273 points or 0.59%, while the Nasdaq Composite rose by 98.03 points or 0.44% [15] - The S&P 500 Index experienced a slight decline of 3.18 points or 0.05% [15] Economic Data Releases - Key economic data releases include China's new housing prices for 70 major cities and industrial production figures for August [18] - The unemployment rate in China for August is reported at 5.2% [18] - The U.S. New York Federal Reserve manufacturing index for September is estimated at 4.3 [18]

Market Overview - The US stock market showed strong performance with the S&P 500 and Nasdaq reaching historical highs, while the Dow Jones remained stable [8][9] - Gold prices reached a new high, surpassing $3680 for the first time [8] - Major tech stocks performed well, with Alphabet's market capitalization exceeding $3 trillion and Tesla's stock rising by 3.6% [8][9] Investment Strategy - The report suggests maintaining a balanced asset allocation strategy, focusing on income and diversification amid potential risks of market adjustments due to high valuations and policy changes [8] - Investors are encouraged to consider large tech companies that benefit from AI and productivity enhancements [8] Key Economic Data - The report highlights upcoming economic data releases, including US retail sales and industrial production figures, which are crucial for assessing economic health [18] Company Focus - Prudential (2378) reported a 12% year-on-year increase in new business profit, reaching $1.26 billion, driven by strong growth in markets like Hong Kong and Indonesia [19] - BYD (1211) is noted for its high barriers in battery and intelligent driving technology, with several new models expected to launch in the second half of the year [19] ETF and Stock Recommendations - Verizon Communications Inc. (VZ) is highlighted for its attractive dividend yield of 6.1%, making it appealing in a low-interest-rate environment [21] - Chevron Corporation (CVX) is recommended for its focus on high-return projects and strong free cash flow growth, ensuring dividend and buyback sustainability [22] - iShares International Select Dividend ETF (IDV) is noted for its focus on dividend-paying companies outside the US, contributing to a balanced investment portfolio [23]

Market Overview - The Hang Seng Index faces resistance at 26,822 points, with recent developments indicating a temporary easing of trade tensions between China and the US, as both sides agreed to extend a 90-day tariff truce [2] - The US Federal Reserve's Chairman Powell suggested potential adjustments to policy stance due to changing risk balances, alongside weaker employment data raising expectations for interest rate cuts [5] - Hong Kong's market remains active with a positive risk appetite, as capital rotates across different sectors [2] Company News - Tencent Holdings (0700) updates its global medium-term note program to $30 billion [4] - Alibaba's Qwen3-Next model training costs have decreased by 90% [4] - Meituan (3690) has launched its first AI agent for public testing, allowing users to order food using simple language commands [4] - Zijin Mining International and Botai Car Networking have uploaded their post-hearing information sets [4] - Bafang Group (1263) has submitted a delisting application to the Hong Kong Stock Exchange [4] Economic Indicators - The US Federal Reserve maintained interest rates in July, citing a slowdown in economic activity and high uncertainty, while the labor market remains stable [5] - In August, non-farm payroll growth was significantly below expectations, leading to market predictions of a 0.25% rate cut in September and two additional cuts later in the year [5] - China's new loans in August were lower than expected, with total new loans for the first eight months reaching 13.46 trillion yuan, indicating a year-on-year growth of 6.8% [9] - The People's Bank of China conducted a 600 billion yuan reverse repurchase operation to maintain liquidity in the banking system [9] Sector Focus - The automotive sector is set to see a sales target of approximately 32.3 million vehicles in 2025, with a focus on increasing the sales of new energy vehicles by about 20% [10] - The Ministry of Industry and Information Technology has issued a plan to stabilize growth in the automotive industry, emphasizing the need for improved supply quality and expanded domestic consumption [10] - The Chinese government is taking measures to support private investment, focusing on easing entry barriers and enhancing market competition [10]

Company Recommendations - Gawei Electronics (1415) is recommended for purchase with a target price of 40.00 HKD, indicating a potential upside of 22.3% from the current price of 34.72 HKD. Key catalysts include entering the rear camera module business in North America starting in 2H24 and the pre-sale of a new smartphone by a major North American client, which could drive short-term stock price increases. The current valuation corresponds to a FY26E P/E of 15.6x, aligning with the 5-year average, suggesting potential for revaluation as the company optimizes its product structure and continues to expand in AR+VR, LiDAR, and robotics sectors [2][10][8]. - China Aircraft Leasing (1848) is also recommended for purchase with a target price of 5.30 HKD, representing a potential upside of 13.4% from the current price of 4.77 HKD. The company benefits from a rebound in demand for aircraft leasing as global airlines expand their fleets, while aircraft manufacturers struggle to meet this demand. The anticipated interest rate cuts in the U.S. could further enhance the company's credit rating and reduce borrowing costs. The current price reflects a 0.84x price-to-book ratio, significantly below the pre-pandemic level of 1.5x, and offers a 6.5% expected dividend yield for 2025, with potential for dividend increases as the balance sheet improves [2][11][13]. Market Overview - The Hang Seng Index is facing resistance at 26,822 points, with recent developments including the extension of a tariff ceasefire agreement between China and the U.S. and a shift in the U.S. Federal Reserve's policy stance due to weakening employment data. Despite a stable economic outlook in mainland China, corporate earnings improvements remain limited, leading to active market trading with a positive risk appetite [3][6]. Sector Focus - The consumer electronics sector is entering a traditional peak season, with major brands launching new smartphones, which could drive demand for components [7]. The robotics sector is also seeing accelerated growth as mainland China promotes the integration of AI applications [7]. Macro Trends - The People's Bank of China is reportedly guiding bank loans to help local governments resolve debts owed to private enterprises, indicating a proactive approach to stimulate economic activity [14]. Additionally, the Chinese government is increasing financial and fiscal support for AI development, aiming to enhance innovation and investment in this sector [14]. - The automotive industry in China has seen production and sales exceed 20 million units for the first eight months of the year, with significant growth in the new energy vehicle segment, which accounted for 45.5% of total new car sales [14]. However, retail sales of passenger cars have declined year-on-year, highlighting challenges in the market [15].

Report Summary Market Performance - The Hang Seng Index opened 104 points higher and then widened its gains, rising 262 points or 1% to close at 26,200 points. The China Enterprises Index rose 85 points or 0.93% to close at 9,328 points, and the Hang Seng Tech Index rose 73 points or 1.3% to close at 5,902 points. The total turnover of the market was HK$288.209 billion [1]. - The three major A-share indexes fluctuated and stabilized. The Shanghai Composite Index rose 4 points or 0.1% to close at 3,812 points, with a turnover of RMB821.1 billion. The Shenzhen Component Index rose 47 points or 0.4% to close at 12,557 points, with a turnover of nearly RMB1.2 trillion. The ChiNext Index rose 36 points or 1.3% to close at 2,904 points, with a turnover of RMB563.1 billion [1]. - The S&P 500 index and the Nasdaq Composite Index both hit record highs, but the Dow Jones Industrial Average fell 220 points or 0.5% to close at 45,490 points, dragged down by Apple and Amazon. The S&P 500 index rose 19 points or 0.3% to 6,532 points, and the Nasdaq rose 6 points to 21,886 points [2]. Macroeconomic Data - The People's Bank of China conducted RMB304 billion of seven-day reverse repurchase operations on the 10th, with the operating rate remaining flat at 1.4%. There were RMB229.1 billion of reverse repurchases due, resulting in a net injection of RMB74.9 billion. The central parity rate of the RMB against the US dollar was lowered by 54 points to 7.1062 [1]. - China's CPI fell 0.4% year-on-year last month, worse than expected, and the PPI fell 2.9%, in line with expectations [1]. - The US wholesale price index (PPI) unexpectedly fell in August, fueling market expectations that the Federal Reserve will cut interest rates again next week [2]. Corporate News - China Pacific Insurance (02601.HK) announced the issuance of RMB15.556 billion of zero-coupon convertible bonds due in 2030, with an initial conversion price of RMB39.04 per share, a premium of about 21.24% over the closing price of RMB32.2 on the 10th. The bonds can be fully converted into about 398 million shares, accounting for 12.55% of the enlarged H shares and 3.98% of the issued share capital [3]. - China Resources Power (00836.HK) announced its latest operating data. The electricity sales of its subsidiary power plants reached 20.7334 million megawatt-hours in August, a year-on-year increase of 8.9%. Among them, the electricity sales of its subsidiary wind farms were 2.9779 million megawatt-hours, an increase of 19.4%, and the electricity sales of its subsidiary photovoltaic power plants reached 1.0022 million megawatt-hours, an increase of 30.1% [3]. Policy News - The National Development and Reform Commission stated that it is necessary to implement a special action to boost consumption, clean up restrictive measures, and introduce several measures to expand service consumption [2].