2025 年 3 月 13 日 星期四 每日大市点评 3 月 12 日，港股大盘无法承接周二强势，昨日先冲高后回落，恒生指数最终下跌 181 点或 0.8%，收报 23,600 点。恒生科 指下跌 2.0%，收报 5,845 点。大市成交金额有 2,785 多亿港元，港股通大幅流入超过 262 亿港元。虽然港股通持续南下 撑市，但港股的升势似乎有所放缓，整体运行节奏也改变，从 1 月以来的单边上升转化为多空震荡。无论从预测 PE、风 险溢价、股息率及 AH 溢价指数都反映港股的第一波估值基本修复到位，当前进入经济数据及业绩的发布期，市场焦点都 会逐渐回到基本面，港股整体估值进一步上修需要基本面和盈利面的配合。另外，连日大跌的美股或到达反弹阶段，不 排除有部分资金或回流美股。昨日恒生香港中资企业指数(红筹股)仅下跌 0.3%，说明资金开始转向防御性或落后股份。 盘面上看，券商、黄金相关、材料、通讯设备、公用事业、基建、部分汽车及智能驾驶概念股表现较好，而消费、医 疗、地产及科技等顺周期都有较大跌幅。近期显著上升的消费类半新股大多出现大成交冲高回落，如布鲁可(325 HK)、 毛戈平(1318 HK)及蜜雪(20 ...

Core Viewpoint - Vietnam presents unique opportunities for investment due to its rapidly growing economy, young population, and increasingly open business environment, but it also poses significant risks that require careful navigation [2][6]. Group 1: Market Characteristics - Vietnam's industrial upgrade is lagging behind consumer upgrade, providing opportunities for Chinese brands to establish a foothold, as seen with Anta becoming the third-largest sports brand after Nike and Adidas [3]. - The population distribution in Vietnam is characterized by fewer large cities and more towns, contrasting with Indonesia and Thailand, which affects retail dynamics [5]. - Offline retail dominates the market with a 90% share compared to 10% for online, with Shopee and TikTok e-commerce holding significant market shares of 50% and 30% respectively [5]. Group 2: Challenges for Entering the Market - High failure rates for companies entering Vietnam are often due to compliance issues, market misjudgment, and a lack of long-term commitment [8][9]. - Many businesses mistakenly apply domestic success strategies to Vietnam, underestimating local market conditions and consumer expectations, particularly in sectors like maternal and infant care and skincare [9][10]. - The perception of Vietnam as a dumping ground for low-quality products is outdated, as the market is evolving with higher consumer standards [9]. Group 3: Strategic Recommendations - Companies should prioritize compliance and long-term investment strategies rather than seeking quick profits through short-term partnerships [10][11]. - Avoiding price wars among Chinese brands is crucial, as this internal competition can hinder overall market growth and brand development [12]. - A thorough understanding of local market dynamics, consumer behavior, and retail structures is essential for successful market entry and sustainability in Vietnam [6][10].

奇瑞向港交所递表，计划 20 年的上市终于要实现了。 在奇瑞汽车 2004 年第一次公布上市计划的 20 年后，这家大型传统车企的上市终于有明确进度。它 也是中国整车制造企业中为数不多尚未上市的一家。今年 2 月，奇瑞汽车董事长尹同跃说，2025 年奇瑞高质量上市是首要任务 OpenAI 发布 GPT-4.5，更聪明但也更贵了。 北京时间今日凌晨，OpenAI 再次用小型直播的方式发布了新模型 GPT-4.5，它拥有 1 万亿激活参 数，训练数据量高达 120 万亿 tokens，知识库更广泛，支持搜索、分析图片与协作编程，能处理的 任务更多，但在特定任务上不如一些推理模型。新模型主要提高了 "情商"，降低了幻觉。但 GPT- 4.5 又涨价了，每百万 Tokens 价格为 75 美元，比 GPT-4o 贵了 30 倍，比 DeepSeek 淡季折扣价格 贵 1000 多倍。 CEO 奥尔特曼在医院照顾刚出生的孩子而没有出席发布会，他在晚些时候更新社媒，称 OpenAI 的 GPU 目前已经用完了，将在下周为 GPT-4.5 增加数万块 GPU。GPT 4.5 目前已对 Pro 用户开放，下 周开始下周将向 ...