永豐金證券亞洲研究部晨訊 永豐金證券亞洲研究部晨訊 2025/9/4 | 麥嘉嘉 | 研究部主管 | avis.mak@sinopac.com | | --- | --- | --- | | 張雪婷 | 研究部經理 | samantha.cheung@sinopac.com | | 林仲全 | 研究部資深專員 | kobe.lin@sinopac.com | 1 今日市埸主要焦點 股市及產品投資策略 2 永豐金證券亞洲研究部 -今日市埸焦點及策略 • 納指上升｜納斯達克升1%，谷歌漲逾9%，創歷史新高。 • 金價創高｜現貨黃金突破3550美元，避險需求持續升溫。 • 美債回落｜30年期債息逼近5厘後回落，10年期見4.199厘。 • 港股吸資｜南下資金淨買入港股55億，阿里連續三日獲加倉。 • 黃金ETF受捧｜避險需求強，可配置GLD或IAU等黃金ETF • 中國市場回暖｜布局A股ETF如CSI300或滬深300指數ETF • 雪球產品｜年化回報吸引、波動策略多元，掛鈎"兩融活躍 板塊"的雪球仍深受專業及高淨值客戶追捧 永豐金證券亞洲研究部晨訊 永豐金證券亞洲研究部全球新聞概要 重點國際新聞 3 • 美國就業 ...

Market Performance - Hang Seng Index (HSI) fell by 278 points or 1.1%, closing at 25,388[1] - Shanghai Composite Index (SSE) decreased by 12 points or 0.3%, ending at 3,593[2] - S&P 500 rose by 25 points or 0.4%, reaching a new closing high of 6,388[2] Trading Volume - Total trading volume for Hong Kong stocks was 281.77 billion HKD[1] - Shanghai Stock Exchange's trading volume was 821.6 billion CNY, while Shenzhen Stock Exchange's was 965.7 billion CNY[2] Economic Indicators - People's Bank of China conducted a 789.3 billion CNY reverse repo operation at a rate of 1.4%[2] - Industrial profits for large-scale industrial enterprises in China fell by 1.8% year-on-year to 3.44 trillion CNY in the first half of the year[4] Corporate Earnings - China Duty Free Group reported a revenue of 28.151 billion CNY, down 9.96% year-on-year[4] - Lao Poo Gold expects net profit for the six months ending June to be between 2.23 billion to 2.28 billion CNY, a growth of 279%-288%[5]

Market Overview - The Hang Seng Index is expected to rise to 24,300 points due to the easing of trade tensions between China and the US, with tariffs on Chinese imports reduced from 145% to 30% and on US imports from 125% to 10% for a period of 90 days [2] - The Chinese government is implementing a series of financial policies to stabilize the market, including interest rate cuts and structural monetary policy tools, which are expected to boost investor confidence in the mainland economy [2] Company Performance - Kuaishou (1024) reported a 11% year-on-year revenue increase in Q1, with adjusted profit rising 4%, driven by the commercialization of its AI technology, contributing 150 million RMB in revenue for the quarter [4][10] - Xiaomi (1810) saw a 47.4% year-on-year revenue growth in Q1, with adjusted net profit reaching 10.676 billion RMB, exceeding market expectations [4][10] - Alibaba (9988) is reportedly in talks with investment banks regarding the sale of its stake in ZTO Express (2057) [4][10] - Tencent Music (1698) is acquiring approximately 9% of SM Entertainment for 1.4 billion RMB [4] Economic Indicators - The US Federal Reserve maintained interest rates, citing increased uncertainty in the economic outlook, with expectations of two rate cuts totaling 0.5% this year [4] - China's industrial profits grew by 3% year-on-year in April, marking the fastest growth rate of the year, with total profits reaching 2.117 trillion RMB [8] - The automotive industry in China reported a revenue increase of 7% in the first four months of 2025, but profits declined by 5.1%, indicating rising cost pressures [8][10] Industry Trends - The pharmaceutical sector is benefiting from renewed COVID-19 outbreaks and ongoing cooperation between Chinese and American pharmaceutical companies [7] - New consumption sectors are showing resilience, particularly in low-priced and emotional consumption-related demands [7] - The automotive industry is facing challenges with profitability, as major manufacturers are under pressure to control costs while maintaining quality [10]