Market Overview - Global major stock indices faced pressure, primarily due to the unexpected slowdown in the US labor market and trade policy disruptions [1] - The US non-farm payrolls added only 73,000 jobs in July, the lowest monthly increase since April 2020, raising concerns about economic stagflation [1] - Major US indices saw declines: Dow Jones down 2.92%, S&P 500 down 2.36%, and Nasdaq down 2.17% [1] - European markets also weakened, with Germany's DAX down 3.27% and France's CAC40 down 3.68% [1] - Asian markets experienced declines, with Japan's Nikkei 225 down 1.58% and South Korea's composite index down 2.40% [1] Commodity Prices - Commodity prices showed mixed trends, with energy commodities performing strongly; INE crude oil rose by 3.79% [2] - Industrial metals faced pressure, with SHFE copper down 1.17% and aluminum prices also retreating [2] - Precious metals saw gains, with COMEX gold futures up 2.41% while SHFE silver fell by 4.84% [2] - The weak US employment data suppressed industrial demand expectations, while Trump's tariff policies raised supply chain concerns [2] - Global gold ETF holdings reached a historical high due to increased demand for safe-haven assets [2] Industry Performance - In the A-share market, the pharmaceutical and biotechnology sector rose by 2.95%, benefiting from favorable policies and strong growth among key drug companies [3] - The communication sector increased by 2.54%, driven by AI computing demand and accelerated 5G investments [3] - The media sector saw a 1.13% rise due to strong box office performance and the application of AI content generation technology [3] - The coal sector fell by 4.67% and non-ferrous metals by 4.62%, impacted by prior gains and weak industrial metal prices [3] - The real estate sector declined by 3.43% amid concerns over regulatory policies and industry adjustment pressures [3] Investment Focus - Short-term focus on three key areas: the artificial intelligence industry chain, innovative pharmaceuticals, and commodity supply-demand restructuring [4] - Investment strategy suggests selecting targets based on "high prosperity verification + dilemma reversal," focusing on AI computing infrastructure and innovative drug commercialization [4] - Long-term perspective indicates a likely upward trend in broad indices, with structural opportunities driven by industrial upgrades [4] - Key sectors to watch include technology (AI computing, military, innovative drugs), new consumption (smart home, health upgrades), and non-ferrous metals [4]

Summary of Key Points Core Viewpoint - Southbound funds have become significant participants in the Hong Kong stock market, holding 18.24% of the total shares of Hong Kong Stock Connect stocks, with a total market value of 55,994.41 billion HKD [1]. Group 1: Southbound Fund Holdings - As of July 29, southbound funds held a total of 4,563.87 million shares in Hong Kong Stock Connect stocks, representing 18.24% of the total share capital [1]. - The market value of shares held by southbound funds accounts for 13.77% of the total market capitalization of the stocks [1]. - There are 222 stocks where southbound funds hold over 20% of the total share capital, while 135 stocks have a holding ratio between 10% and 20% [1]. Group 2: Industry Distribution - The stocks with over 20% holdings by southbound funds are primarily concentrated in the healthcare, industrial, and financial sectors, with 43, 35, and 32 stocks respectively [2]. - Among the stocks with the highest southbound fund holdings, China Telecom leads with 74.69%, followed by Green Power Environmental and China Shenhua with 69.97% and 66.91% respectively [2]. Group 3: Characteristics of High Holdings - A majority of the stocks with high southbound fund holdings are AH concept stocks, with 125 out of 222 stocks (56.31%) having over 20% holdings being AH shares [1]. - The distribution of holdings shows that 14.81% of stocks with 10% to 20% holdings are also AH shares [1].

Group 1 - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 17.95%, with 214 stocks having a shareholding ratio exceeding 20% [1] - As of July 14, southbound funds held a total of 4,488.75 million shares, accounting for 17.95% of the total share capital of the stocks, with a market value of 52,366.47 billion HKD, representing 13.61% of the total market value [1] - The highest shareholding ratio by southbound funds is in China Telecom, with 1,031.38 million shares held, accounting for 74.31% of the issued shares [1] Group 2 - Southbound funds with a shareholding ratio exceeding 20% are mainly concentrated in the healthcare, industrial, and financial sectors, with 42, 33, and 31 stocks respectively [2] - The top stocks with high southbound fund holdings include China Telecom, Green Power Environmental, and China Shenhua, with shareholding ratios of 74.31%, 69.72%, and 67.33% respectively [2][3] - A significant portion of the stocks with high southbound fund holdings are AH concept stocks, with 120 out of 214 stocks (56.07%) having a shareholding ratio over 20% being AH stocks [1]

Group 1 - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 17.83%, with 213 stocks having a shareholding ratio exceeding 20% [1] - As of July 9, southbound funds held a total of 4,482.29 million shares, accounting for 17.83% of the total share capital of the stocks, with a total market value of 51,131.42 million HKD, representing 13.50% of the total market value [1] - The highest shareholding ratio by southbound funds is in China Telecom, with 103.31 million shares held, accounting for 74.43% of the issued shares [1] Group 2 - Southbound funds with a shareholding ratio exceeding 20% are mainly concentrated in the healthcare, industrial, and financial sectors, with 43, 32, and 31 stocks respectively [2] - The top stocks with high shareholding ratios include China Telecom (74.43%), Green Power Environmental (69.92%), and China Shenhua (67.37%) [2][3] - A significant portion of the stocks with high southbound fund holdings are AH concept stocks, with 119 out of 213 stocks (55.87%) having a shareholding ratio over 20% being AH stocks [1]

Group 1 - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 17.52%, with 208 stocks having a shareholding ratio exceeding 20% [1] - As of June 20, southbound funds held a total of 4,397.44 million shares, accounting for 13.34% of the total market value of the stocks [1] - The highest shareholding ratio by southbound funds is in China Telecom, with 74.79% of its issued shares held, followed by Shandong Molong and Green Power Environmental, with 68.53% and 68.22% respectively [1] Group 2 - Southbound funds with a shareholding ratio exceeding 20% are mainly concentrated in the healthcare, industrial, and financial sectors, with 43, 31, and 29 stocks respectively [2] - The top stocks with high southbound fund holdings include China Telecom, Shandong Molong, and Green Power Environmental, with respective shareholding ratios of 74.79%, 68.53%, and 68.22% [2] - A significant portion of the stocks with high southbound fund holdings are AH concept stocks, with 118 out of 208 stocks (56.73%) having a shareholding ratio over 20% [1][2]

Group 1: Market Overview - The Hang Seng Index closed down 131 points, ending at 23,157, after opening lower and briefly falling below the 23,000 mark [3][4] - The overall market turnover was 145.245 billion HKD, marking the lowest trading volume in nearly a month [4] - Major blue-chip stocks such as Alibaba and Meituan experienced declines of 0.6% and 1.7% respectively [3] Group 2: Retail Sector Insights - Hong Kong's retail sales value for April was estimated at 28.9 billion HKD, a year-on-year decline of 2.3%, marking the 14th consecutive month of decline [7][9] - The retail environment is described as unfavorable, with expectations that the sales figures are nearing a bottom, and a slight improvement is anticipated in the second half of the year [7] - Online sales accounted for 8.1% of total retail sales in April, with an estimated value of 2.3 billion HKD, down 3.5% year-on-year [9] Group 3: Corporate Developments - Anta Sports completed the acquisition of the Jack Wolfskin business for approximately 2.9 billion USD (about 22.62 billion HKD), which is expected to enhance its brand portfolio [11] - DiSheng Creation reported a 43.55% decline in net profit for the year ending March, with revenue down 19.93%, indicating challenges in adapting to changing consumer behaviors [12] - Vodafone and CK Hutchison completed the merger of their UK telecom businesses, creating a new entity named Vodafone Three, which will invest 11 billion GBP in developing a 5G network [13] Group 4: Strategic Moves in Digital Assets - OSL Group announced the acquisition of 90% of Evergreen Crest Holdings Ltd for 15 million USD (approximately 1.17 billion HKD), aiming to enter the Indonesian digital asset market [14]

Market Performance Review - The Hong Kong stock market continued to rebound this week, driven by a potential easing of US tariffs on China, with the Hang Seng Index, Hang Seng Composite Index, and Hang Seng Tech Index rising by 3.15%, 2.74%, and 1.96% respectively [4][14] - All major industry sectors, except telecommunications, saw gains this week, with healthcare and information technology sectors leading with weekly increases of approximately 8% and 6% [4][14] - As of the end of this week, the 5-year PE (TTM) valuation percentile for the Hang Seng Index rose to around 55%, still below the 5-year average [4] Market Valuation Level - The valuation level of the Hong Kong stock market remains below the 5-year average, indicating potential for future growth [4] Buyback Statistics - The total buyback amount for the week was 1.53 billion HKD, a decrease from 1.99 billion HKD the previous week, with 62 companies participating in buybacks, down from 78 [24][25] - AIA Group (1299.HK) led the buybacks with 913.64 million HKD, followed by HSBC Holdings (0005.HK) with 150.25 million HKD [24][25] - The financial sector saw the highest concentration of buyback amounts, driven by significant buybacks from AIA and HSBC [28] Southbound Fund Flow - The top net buying companies this week included Alibaba (9988.HK) with a net inflow of 4.197 billion HKD and Tencent Holdings (0700.HK) with 2.227 billion HKD [32] - Conversely, the top net selling companies included Xiaomi Group (1810.HK) with a net outflow of 4.540 billion HKD and China Mobile (0941.HK) with 1.875 billion HKD [33] Macroeconomic Environment Tracking - The political bureau meeting emphasized the urgency of expanding domestic demand amidst a severe external environment, indicating a focus on stabilizing economic growth [44][46] - The meeting also highlighted the need for proactive macroeconomic policies to counter external shocks and support domestic economic stability [46] - Recent data showed a 0.8% increase in profits for industrial enterprises in the first quarter, reflecting some improvement due to policy support, although external demand pressures remain [37][39] Sector Allocation Outlook - The report continues to favor sectors with relative economic resilience, such as automotive, technology, and internet industries, as well as low-valuation state-owned enterprises benefiting from policy support [46]

Group 1 - The company is exploring opportunities to enhance long-term shareholder value, including potential transactions related to its global telecommunications assets and operations, such as a possible spin-off listing [2][3] - As of the announcement date, the board has not made any decisions regarding transactions related to the company's global telecommunications business [3] - Shareholders and potential investors are advised that it is currently uncertain whether any transactions will take place [4] Group 2 - Reports indicate that the company will not sign any agreements regarding the sale of its Panama port next week, despite previous plans to finalize an agreement by April 2 [6] - The National Market Supervision Administration has stated that it will review the company's port transactions in accordance with the law [7] - As of March 28, the company's stock price closed at 45.15 HKD, with a total market capitalization of 1,729 billion HKD [8]

Core Viewpoint - The company is exploring potential transactions related to its global telecommunications assets and operations, including the possibility of a spin-off listing, but no decisions have been made as of the announcement date [2]. Group 1 - On March 31, the company announced that its board is aware of recent media reports regarding the potential spin-off of its global telecommunications assets and business [2]. - The company is continuously receiving suggestions and evaluating opportunities to enhance long-term shareholder value, which may include transactions related to its global telecommunications business [2]. - As of the announcement date, the board has not made any decisions regarding transactions related to the global telecommunications business, and it remains uncertain whether any transaction will occur [2]. Group 2 - In the secondary market, the company's stock price fell by 1.2% to HKD 45.15 per share on March 28 [4].

港股交易热度持续高涨, 业绩关注度逐渐提升 2025 年 02 月 23 日 核心观点: 分析师 杨超 ☎：010-8092-7696 网: yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 策略研究 · 周度报告 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ● 本周港股市场回顾：（1）行情表现：本周（2月 17 日-2 月 21 日），全球股 指涨跌互现。其中,港股再次领涨全球权益指数;台股、A 股、韩国股市、越 南股市总体上涨;美股、泰国股市、德国股市、日本股市、英国股市、印度股 市、法国股市等小幅下跌。(2)本周港股市场延续强势上行格局,恒生指数、 恒生科技指数、国企指数分别累计上涨 3.79%、6.03%、4.02%。行业层面, 7 个恒生综合行业指数上涨,5个行业下跌。其中,资讯科技业、医疗保健业、 电讯业涨幅居前,分别上涨 10.34%、8.81%、6.01%;原材料业、能源业、地 产建筑业跌幅居前,分别下跌 3.07%、2.45%、0.53%。（3）情绪面：本周港 交所日均 ...