每日港股評析 港股早晨快訊 2025 年 4 月 28 日星期一 2012-01- 17 市場回顧 中港股市短期展望 恒指初步阻力參考 23,000 點：美國總統特朗普早前宣布，對部分國家暫 停實施新關稅，為期 90 天，但對中國進口產品徵收的關稅則大幅提高。 據報中央將召開會議，討論促進經濟增長及穩定資本市場的措施，李強亦 表示將根據需要及時推新增量政策，以有力政策應對外部不確定性。市場 預期中央將加大力度穩經濟，第三季將額外發債，以刺激國內需求並減輕 關稅打擊，同時憧憬在人民銀行的支持下，「國家隊」將加大力度入市， 並要求國企加大回購規模，以穩定市場。近日美國或轉軚，特朗普表示將 大減對華關稅，白宮發言人表示，美中就達成潛在貿易協議方面的進展順 利，恒指初步阻力參考 23,000 點。 ➢ 內需股：憧憬政策更大力度支持消費 今日市場焦點 ➢ 香港3月進出口；江西銅(0358)、藥明康德(2359)等季績； 國新辦穩就業穩經濟發布會； 宏觀焦點 ➢ 政治局會議：統籌國內經濟工作和國際經貿鬥爭，根據形勢變化及時 推出增量儲備政策； 政治局會議：適時降準降息 持續穩定和活躍資本市場； 內地第一季工業利潤升0.8 ...

来源|凤凰网财经 特朗普或 创下 "尴尬"新纪录 。 据财联社报道， 自 1月20日特朗普重返白宫至4月25日，美元指数累计下跌近9% ， 料将 创下 1973年尼克松时代以来美国总统任期前100天的 最大跌幅。这一表现与1973年 " 尼克松冲击 " 时期形成历史性呼应 ——彼时布雷顿森林体系崩溃引发全球抛售美元，而如今特朗普反复无常的关 税威胁、对美联储独立性的干预，以及对传统国际秩序根基的动摇，正重演"去美元化"浪潮。 瑞银、德银接连下调美元预期，押注贸易谈判转机；对冲基金美元净空头头寸达 100亿美元，创2024年来新高；部分投资者预期汽车关税豁免等政 策回旋可能。市场博弈下是衰退信号，还是政策倒逼策略？ 数据显示，自尼克松第二任期开启至拜登执政前，美国总统任内前 100天美元平均回报率为0.9%，而特朗普的政策已使美元成为全球资本的"弃 儿"。欧元、瑞郎和日元兑美元汇率涨幅均超8%，黄金价格同步攀升，蒙特利尔银行指出："美元作为储备货币的三大支柱——制度信任、自由贸 易和稳定外交政策正在瓦解。" 01 历史重现——布雷顿森林体系崩塌与美元"假死" 1971年8月15日，尼克松宣布美元与黄金脱钩，这场 ...

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling 70.19 billion HKD, with notable net selling in major stocks like Tencent and Alibaba, while Meituan and Sunac China saw net buying [1][2]. Group 1: Northbound Capital Flow - Northbound capital recorded a net selling of 70.19 billion HKD, with 21.59 billion HKD from the Shanghai Stock Connect and 48.61 billion HKD from the Shenzhen Stock Connect [1]. - The stocks with the highest net buying included Meituan (03690), Sunac China (01918), and Chifeng Jilong Gold Mining (06693) [1]. - The stocks with the highest net selling included Tencent (00700), Alibaba (09988), and China Mobile (00941) [1]. Group 2: Individual Stock Performance - Meituan (03690) received a net buying of 7.45 billion HKD, supported by a report from Citigroup indicating no risk of ADR delisting and stable business income [4]. - Sunac China (01918) saw a net buying of 1.69 billion HKD, as the company is actively seeking support for its debt restructuring plan, with significant progress reported [5]. - Chifeng Jilong Gold Mining (06693) achieved a net buying of 221.9 million HKD, reporting a 29.85% increase in revenue and a 141.10% increase in net profit year-on-year [5]. Group 3: Sector-Specific Trends - Semiconductor stocks like Hua Hong Semiconductor (01347) and SMIC (00981) faced net selling of 1.79 billion HKD and 5 billion HKD, respectively, amid changes in import tariffs for certain semiconductor products [6]. - China National Offshore Oil Corporation (00883) experienced a net selling of 2.81 billion HKD, influenced by OPEC+ countries' discussions on increasing production [6]. - China Mobile (00941) had a net selling of 5.09 billion HKD, with a slight revenue growth of 0.02% in Q1, indicating a slowdown in the telecom sector [7].

Market Overview - Major U.S. stock index futures are down, with Dow futures falling by 0.75%, S&P 500 futures down by 0.64%, and Nasdaq futures decreasing by 0.89% [1] - Technology stocks are experiencing a broad decline, with Apple down by 1.31%, Nvidia down by 1.68%, and Amazon down by 1.08% [1] Company-Specific News - Tesla's stock price target has been lowered by HSBC from $125 to $120, maintaining a "reduce" rating. The analyst cites aging product lineup, increased competition in China, the U.S., and Europe, and brand image issues as negative factors affecting Tesla's performance and future outlook. Tesla's stock is down by 1.71% [1] - Eli Lilly has filed lawsuits against four generic drug manufacturers for allegedly producing and selling unapproved generic versions of its weight loss and diabetes medications. A U.S. judge previously prohibited these manufacturers from producing such generics. Eli Lilly's stock is down by 0.64% [1] - Southwest Airlines announced plans to cut flights in the second half of the year due to declining domestic booking trends and will not reaffirm its profit guidance for 2025 and 2026. The stock is down by 2.82% [2] - IBM's stock fell by over 8% after the cancellation of 15 government contracts due to cost-cutting measures by the Department of Government Efficiency (DOGE), despite reporting better-than-expected earnings and revenue for Q1 2025 [2] - Morgan Stanley raised the stock price target for AT&T from $28 to $31, maintaining an "overweight" rating, following AT&T's Q1 2025 earnings report that exceeded expectations and the announcement of a $10 billion stock buyback plan [2] - Sanofi's Q1 revenue of $9.89 billion fell short of the expected $10.99 billion, leading to a decline in its stock by 1.04% [3] - Texas Instruments reported Q1 earnings per share of $1.28, surpassing the expected $1.06, with revenue of $4.1 billion exceeding the anticipated $3.91 billion. The stock rose by 4.04% [3]

Group 1 - The core viewpoint of the article is that the telecommunications industry in China has shown a slight increase in revenue during the first quarter of the year, indicating a stable but slow growth trend [1] - The total telecommunications business revenue reached 446.9 billion yuan in the first quarter, reflecting a year-on-year growth of 0.7% [1] - When adjusted for last year's constant prices, the total telecommunications business volume experienced a year-on-year growth of 7.7% [1]

Group 1 - The core viewpoint of the article is that the National Development and Reform Commission and other departments have released the "Negative List for Market Access (2025 Edition)", reducing the number of restrictions from 117 in the 2022 version to 106, thereby further relaxing market access restrictions [1] - The new list removes several national measures, such as changing the seal engraving industry from a licensing system to a filing system, and cancels management measures for various sectors including the establishment of TV production units and the import of forest seeds, while maintaining necessary market access management [1] - The revision of the negative list focuses on the interests of private enterprises, relaxing access restrictions in sectors like healthcare, transportation, and environmental protection, allowing private enterprises more vitality and space for development [1] Group 2 - Over four revisions, the market access negative list has been reduced by approximately 30%, with many industry access restrictions being relaxed, enabling various business entities to have clearer and more accessible entry points [1] - The trend of "the list getting shorter and the market becoming more active" is emphasized, indicating a significant shift towards a more open market environment [1]

Core Viewpoint - AT&T's quarterly earnings report showed mixed results, with revenue growth but a muted investor reaction due to concerns over strategic direction amid macroeconomic challenges [1][4]. Financial Performance - AT&T reported $30.6 billion in revenue for the first quarter, a 2% increase from the same period in 2024, driven by growth in mobility and consumer wireline segments, but offset by declines in business wireline and operations in Mexico [2]. - The company's net income rose 25% to nearly $4.7 billion, with adjusted earnings per share at $0.51, an improvement from $0.47 in the first quarter of 2024, although slightly below the analyst consensus estimate of $0.52 [3]. Market Reaction - Despite the positive revenue and net income figures, AT&T's stock saw less than a 1% increase, contrasting with a nearly 2% gain in the S&P 500 index, indicating investor skepticism [1]. Strategic Challenges - The CEO acknowledged potential impacts from U.S. tariffs on foreign trading partners, which could lead to increased costs for hardware and related equipment, but did not provide a clear strategy for addressing these challenges [4][5]. Future Guidance - AT&T anticipates consolidated service revenue to rise by a low single-digit percentage over the 2024 results, with adjusted earnings per share projected between $1.97 and $2.07, slightly below the average analyst estimate of $2.09 [6].

Key Points - Kazakhstan's oil production levels are determined by national interests, not by OPEC+ [1] - HSBC forecasts that central banks will purchase 925 tons of gold by 2025, an increase from the previous estimate of 790 tons [1] Individual Company News - Apple (AAPL.O) was fined €500 million by the EU antitrust authority for violating antitrust rules, while Meta Platforms (META.O) was fined €200 million [2] - Boeing (BA.N) reported an adjusted free cash flow of -$2.29 billion for Q1, better than the market estimate of -$3.42 billion [2] - Intel (INTC.O) unveiled a new generation of system-on-chip (SoC) at the Shanghai Auto Show and plans to announce layoffs exceeding 20% this week [2] - New Oriental (EDU.N) reported Q3 revenue of $1.18 billion for FY2025, down from $1.21 billion in the same period last year, with Q4 revenue expected to be between $1.0091 billion and $1.0366 billion [2] - Tesla (TSLA.O) expects total capital expenditures to exceed $10 billion for the year, down from a previous estimate of over $11 billion [2] - ConocoPhillips (COP.N) has notified employees of expected layoffs [2] - AT&T (T.N) added 324,000 mobile users in Q1, surpassing Wall Street's expectation of 254,000 [2] - According to the Financial Times, financial services company Cantor, in collaboration with SoftBank and Tether, has secured nearly $3 billion in funding, with Tether contributing $1.5 billion in Bitcoin, and SoftBank and Bitfinex contributing $900 million and $600 million, respectively [2]

Macro Dynamics - China has warned South Korean companies against exporting products containing Chinese rare earth minerals to U.S. military and defense firms, indicating potential sanctions for violations [2] - China and Azerbaijan signed a visa exemption agreement for ordinary passport holders, which will take effect after necessary governmental procedures [2] Cultural and Tourism - The 2025 National Cultural and Tourism Consumption Promotion Activities were launched, focusing on boosting cultural and tourism consumption from April 2025 to March 2026, with various themed events planned around major holidays [3] Economic Data - Shanghai's GDP for Q1 2025 reached 12,735.06 billion yuan, showing a year-on-year growth of 5.1%, with the tertiary sector growing by 5.6% [4] Automotive Industry - From April 1 to 20, 2025, retail sales of new energy vehicles in China reached 478,000 units, a 20% increase year-on-year, while wholesale sales were 530,000 units, up 23% year-on-year [5] Financial Institutions - Li Guang, former director of the Agricultural Development Bank of China, was charged with accepting bribes totaling over 16.24 million yuan from 2010 to 2015 [7] - Hu Jiguang has joined Morgan Stanley's investment banking team as Vice Chairman for China, bringing extensive experience from previous roles at Citigroup and Bank of America [8] Market Data - A-shares showed mixed performance on April 23, with the Shanghai Composite Index down 0.1% and the Shenzhen Component Index up 0.67%, while the total market turnover was approximately 12,297.14 billion yuan [10] - Hong Kong's Hang Seng Index rose by 2.37%, led by gains in robotics and autonomous driving sectors [11] Company Dynamics - WeChat announced a crackdown on the rental and sale of WeChat accounts, warning users against falling for scams that exploit these accounts for illegal activities [13] - iQIYI has entered the live-streaming e-commerce space, aiming to leverage its IP content and celebrity resources to boost revenue [14] - Honor launched its first gaming flagship smartphone, the Honor GT Pro, starting at 3,199 yuan, featuring advanced specifications [16] - SK Telecom confirmed a cyberattack that led to the potential leakage of user information, and is providing free security services to affected users [17]

AT&T第一季度调整后每股收益0.51美元，上年同期0.48美元，预估0.52美元。 AT&T仍然预测资本支出大约220亿美元，市场预估208.5亿美元。 AT&T仍然预测调整后每股收益1.97美元至2.07美元，市场预估2.10美元。 AT&T美股盘前涨超3%。 第一季度调整后息税折旧及摊销前利润115亿美元，预估113.3亿美元。 第一季度自由现金流31亿美元，同比增长11%。 第一季度资本支出43亿美元，预估45.2亿美元。 AT&T仍然预测自由现金流至少160亿美元，市场预估180.1亿美元。 第一季度营收306亿美元，同比增长2%，预估303.8亿美元。 ...