截止收盘，恒生指数跌1.27%下跌超300点，国企指数、恒生科技指数分别下跌1.4%及1.47%，国指险守9000点关口，恒科指盘中曾冲高至1.2%再度刷新阶段 新高。 8月27日，港股三大指数午后跳水均由涨转跌，A股市场同步走弱。 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 恒生指数 | Brus | 25201.76 | -323.16 | -1.27% | | 800000 | ma | | | | | 国企指数 | 1000 Charles | 9020.26 | -128.40 | -1.40% | | 800100 | | | | | | 恒生科技指数 | William Mark | 5697.53 | -84.71 | -1.47% | | 800700 | Ma | | | | 盘面上，作为市场风向标的大型科技股午后持续转跌，银行股、保险股、中资券商股等大金融集体表现低迷拖累大市走低，个股业绩持续放榜，物管股与内 房股大幅走低；特朗普称将迅速对药品征收关税，生物医药股集体下跌，创新药方向跌幅较大；军工股、餐饮股、钢 ...

Market Overview - Hong Kong stocks experienced volatility, with the Hang Seng Index closing down 0.21% at 25,122.9 points and a total turnover of 278.2 billion HKD [1] - The Hang Seng China Enterprises Index fell 0.3% to 9,006.23 points, while the Hang Seng Tech Index decreased by 0.67% to 5,542.03 points [1] Blue Chip Performance - China Resources Beer saw a significant increase of 6.24%, closing at 28.28 HKD, contributing 4.24 points to the Hang Seng Index [2] - The company reported a revenue of 23.942 billion RMB, a year-on-year increase of 0.83%, and a net profit attributable to shareholders of 5.789 billion RMB, up 23.04% [2] - Other notable blue chips included Zhongsheng Holdings, which rose 8.29%, and Hansoh Pharmaceutical, which increased by 4.75% [2] Sector Performance - Large tech stocks showed mixed results, with Tencent up 0.94% and Alibaba down 0.25% [3] - AI application stocks performed well, with Zhihu-W rising 23% and Fenbi increasing by nearly 14% [3] - The property management sector was active, with Wanwu Cloud rising 7.19% and Sunac Services increasing by 5.18% [4][5] Earnings Reports - Wanwu Cloud reported a revenue of 18.14 billion RMB, a 3.1% year-on-year increase, and a core net profit of 1.32 billion RMB, up 10.8% [5] - Kancheng Pharmaceutical reported a revenue of 1.569 billion RMB, a 23.7% increase, and a net profit of 498 million RMB, up 24.6% [8] - Li Auto announced a revenue of 24.25 billion RMB, a 174% increase, with a gross margin of 14.1% [9] Notable Stock Movements - Dongfang Zhenxuan experienced a significant drop of 20.89%, closing at 34.32 HKD, following rumors regarding its CEO [12] - Gilead Sciences saw a decline of 15.01% after announcing a share placement and a new share subscription at a discount [13]

Group 1 - The report indicates that the influx of funds into Hong Kong since May has not significantly boosted the stock market, as these funds have primarily flowed into deposits, bond trading, and other areas rather than equities, leading to a negative sentiment shift [1][2] - Investors who previously sold stocks are now considering re-entering the market, believing that a significant downturn in Hong Kong stocks is unlikely, which could create new incremental capital [2][3] - The report suggests that returning investors are likely to favor undervalued stocks rather than high-flying thematic stocks, focusing on those with lower price-to-earnings ratios [2] Group 2 - The report lists a selection of recommended stocks, including Tencent Holdings (market cap: 470.47 billion, 2025 EPS: 22.9), Xiaomi Group (market cap: 152.97 billion, 2025 EPS: 1.5), and others across various sectors [3][8] - Tencent Holdings is highlighted for its strong competitive position in gaming and advertising, with expected EPS growth driven by AI integration and a robust ecosystem [11][12] - Xiaomi Group is noted for its innovative automotive segment and strong performance in the smartphone market, with a focus on high-margin products and AI applications [19][20] - Sunny Optical Technology is recognized for its growth in the automotive sector and advancements in optical technology for smartphones, projecting significant revenue increases [27][28] - Anta Sports is expected to benefit from strong brand performance and strategic acquisitions, enhancing its market position [33][34] - Greentown Service is identified as a quality property management company with strong growth potential and high dividend yields [39][40] - Yuehai Investment is focusing on core water supply operations, with expectations for stable cash flow and high dividends following the divestment of non-core assets [44][45] - Jiufang Zhitu Holdings is positioned for growth in the online investment space, leveraging technology to enhance its service offerings [49][50] - Dashih Holdings is expanding its store network significantly, with a focus on delivery services and menu optimization [56][57] - Far East Pharmaceutical is projected to see rapid growth in its nuclear medicine segment, with several innovative products in the pipeline [62][63] - Haitian International is expected to benefit from domestic upgrades and international expansion, with a focus on high-end markets [68][69] Group 3 - Financial data for the recommended stocks shows projected revenues and net profits for 2025, with Tencent Holdings expected to generate 716.55 billion in revenue and 210.26 billion in net profit [75] - Xiaomi Group is projected to achieve 491.83 billion in revenue and 39.60 billion in net profit for 2025 [75] - Sunny Optical Technology is expected to generate 42.68 billion in revenue and 3.32 billion in net profit in 2025 [75] - Anta Sports is projected to achieve 78.17 billion in revenue and 13.23 billion in net profit for 2025 [75] - Greentown Service is expected to generate 19.98 billion in revenue and 898 million in net profit in 2025 [75] - Yuehai Investment is projected to achieve 18.54 billion in revenue and 4.27 billion in net profit for 2025 [75] - Jiufang Zhitu Holdings is expected to generate 3.58 billion in revenue and 1.29 billion in net profit in 2025 [75] - Dashih Holdings is projected to achieve 5.37 billion in revenue and 129 million in net profit for 2025 [75] - Far East Pharmaceutical is expected to generate 12.20 billion in revenue and 2.08 billion in net profit in 2025 [75] - Haitian International is projected to achieve 18.25 billion in revenue and 3.52 billion in net profit for 2025 [75]

Macro Analysis - In May, domestic prices continued to operate at low levels due to falling energy prices and weak investment demand, but prices for travel services, some consumer manufacturing, and high-tech products increased, indicating the acceleration of new momentum [1] - The CPI year-on-year growth rate is expected to remain low, with the recent increase in pig supply due to regulatory impacts leading to weaker pork prices, potentially creating new downward pressure [1] - PPI is anticipated to see a narrowing of the month-on-month decline as oil prices stabilize and trade conditions improve, with attention on the support from new policy financial tools for investment [1] Market Strategy - Most major asset classes rose this week, with WTI crude oil prices leading in gains and the US dollar index showing a notable decline [2] - The A-share broad indices all rose, with the ChiNext index showing the highest increase, while the Shanghai Composite Index had the lowest rise [2] - Most industries experienced gains, with telecommunications leading in growth and home appliances showing a decline [2] Company Research - The basic situation of property management remains stable, with Sunac Services (1516.HK) poised for independent development [3] - Sunac China’s recent offshore debt-to-equity swap plan received 82% support from bondholders, and the total sales amount for May was 4.9 billion yuan, a year-on-year increase of 128%, indicating strong performance [3] - The impact of related parties on Sunac Services is expected to be alleviated, with sufficient provisions for trade receivables impairment, allowing the company to potentially break free from real estate influences starting in 2025 and enter a stable growth trajectory [3] - Forecasted net profit for the parent company from 2025 to 2027 is 420 million, 520 million, and 620 million yuan, corresponding to PE ratios of 11, 9, and 8 times, maintaining an "Accumulate" rating [3]