永豐金證券亞洲研究部晨訊 2025/8/19 | 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 永豐金證券亞洲研究部晨訊 永豐金證券亞洲研究部 -今日市埸焦點及策略 今日市埸主要焦點 股市及產品投資策略 2 • 美股高位整固｜投資者審慎，道指受制45000點，標指微跌0.03% • 日股創高｜日經指數漲0.77%，收報43714點，科技股表現分化 • 企業盈利強勁｜ 標指92%成份股優於預期，每股純利按年升11% ， 主要是企業找到減輕關稅影響的方法 ，並且受惠於美元疲弱 • 美元走強｜美滙指數升至98.089，美元淡倉連跌五周至46億美元 • 債息上揚｜美國10年期債息升至4.3277厘，市場押注9月降息 • 投資策略｜聚焦業績，建議維持高比例AI/科技術類資產，兼顧高股息 • 日股ETF ｜日經創高，可部署日股ETF短線操作 • 結構性產品 ｜利用區間震盪設計掛鈎 ...

Market Overview - The Hang Seng Index is expected to challenge the 26,000 point mark, supported by a stable economic outlook in mainland China and a temporary easing of trade tensions between the US and China [2][4] - The market is currently active with a focus on earnings reports from major technology companies, which could provide momentum for future performance [2] Short-term Sector Outlook - Key market focus includes the unemployment rate in Hong Kong for July and earnings reports from companies such as Xiaomi, WuXi Biologics, Sunny Optical, and Pop Mart [3] Macro Focus - Chinese Premier Li Qiang emphasized the need for strong measures to stabilize the real estate market and boost effective investment, indicating a cautious but proactive approach to economic management [4][9] - The IDC reported a 4.1% decline in smartphone shipments in China for Q2, with Huawei regaining the top market position [9][10] Company News - WuXi Biologics reported a 53% increase in interim net profit to 750 million RMB, exceeding expectations [10] - Hansoh Pharmaceutical's interim net profit rose 15% to 3.134 billion RMB, also surpassing forecasts [10] - China Biologic Products saw a 12% increase in half-year profit, beating expectations [10] - Leap Motor recorded a net profit of 33.03 million RMB for the first time, exceeding expectations [10] - Tongcheng Travel's Q2 profit increased by 18%, aligning with expectations, and the company is optimistic about summer travel [10] Industry Developments - The online healthcare sector is experiencing increased penetration in drug sales, with clearer regulatory frameworks emerging [8] - The electric vehicle market is seeing a surge in new car releases in August, with some manufacturers raising their annual sales targets [8] Stock Performance - The Hang Seng Index closed at 25,177, down 0.37% year-to-date, it has increased by 25.51% [6] - The Hang Seng Tech Index rose by 0.65%, with a year-to-date increase of 24.87% [6] Investment Opportunities - Anker Innovations is reportedly considering a listing in Hong Kong, having seen its stock price rise over 50% this year [10] - NIO plans to enter new markets including Singapore, Uzbekistan, and Costa Rica, indicating expansion in the electric vehicle sector [10] - Zero Run Auto achieved a record delivery of 221,600 vehicles in the first half of the year, marking a 156% increase year-on-year [10]

Market Overview - The Hang Seng Index is constrained by the March high of 24,874 points, with expectations of new financial policies from mainland China to stabilize the market, including reserve requirement ratio cuts and interest rate reductions [2] - The recent US-China trade negotiations have led to a temporary reduction in tariffs, with US tariffs on Chinese imports dropping from 145% to 30%, and Chinese tariffs on US goods decreasing from 125% to 10% for a 90-day period [2][3] - The Hang Seng Index's valuation has returned to reasonable levels, requiring significant positive developments in trade agreements and corporate earnings improvements to maintain upward momentum [2] Sector Focus - The report highlights a positive outlook for sectors such as financial stocks, automotive parts, and gold mining stocks, driven by recent developments in trade agreements and geopolitical factors [7][8] - The automotive sector in mainland China saw a year-on-year sales increase of 11.2% in May, with new energy vehicle sales rising by 36.9% [9] Company News - Horizon Robotics plans to raise approximately HKD 47 billion through a share placement at a discount of nearly 7% [10] - Kintor Pharmaceutical is preparing for an IPO in Hong Kong, aiming to raise around USD 100 million [10] - Pop Mart has expanded its production capacity but still faces supply shortages due to high demand for its products [11] - JD Logistics is expanding its operations in Saudi Arabia, having recruited over a thousand staff for its logistics services [10] - Alibaba is focusing on re-establishing its leadership in the technology sector, emphasizing AI and cloud infrastructure as key strategic pillars [10] Economic Indicators - The US Consumer Price Index (CPI) for May showed a year-on-year increase of 2.4%, with core CPI rising by 0.1% month-on-month, indicating that tariffs have not yet significantly impacted overall inflation levels [8] - The Federal Reserve is expected to maintain interest rates, with projections indicating two rate cuts totaling 0.5% for the year [4][8]