短期看好板塊 今日市場焦點 每日港股評析 港股早晨快訊 2025 年 10 月 282012 日星期二 -01-17 市場回顧 中港股市短期展望 恒指守 25,000 點：聯儲局主席鮑威爾在全球央行年會上表示，風險平衡 轉變可能需要調整政策立場，同時美國就業數據轉弱，減息預期升溫。惟 聯儲局 9 月鷹派減息，2026 年減息空間少於預期。美國關稅寬限期即將 在 11 月屆滿，中美進入新一輪角力期，大市波動性加劇。內地第三季經 濟進一步降溫，十五五規劃提出擴大內需及促進科技自立自強，方向符合 預期，後續留意其他重要會議以跟進政策落地情況。基於短期內港股企業 盈利難有明顯改善，中美貿易戰局勢反覆多變，及美聯儲減息路徑未明， 在中美元首會面前，料大市走勢未有明確方向，恒指守 25,000 點，相當 於未來 12 個月預測市盈率 12 倍。 ➢ 匯控(0005)、中國平安(2318)、中銀香港(2388)等業績； 宏觀焦點 ➢ 特朗普:即將與中國達成貿易協議，重申明年訪華； 中國9月規模以上工業企業利潤按年增21.6%，首三季增3.2%； 中證監：將啟動深化創業板改革，全面優化融資融券監管制度； 李雲澤：圍繞擴大內需 ...

1、恆指：看跌投資者認為失守26000風險好大，放掉牛證反手入熊證（收回價26400）。也有投資者認為會沖上26700殺肥熊。逢低入牛，留意收回價25100的牛證。 Simon：恆指今天（10月23日）的波動其實不算大。不過，如果以收盤價來計算的話，恆指今天是小幅上漲了，漲幅為0.72%，這個漲幅真的非常小，具體 來說是上漲了大約186點，收盤價剛好停留在25967點，就在26000點關口下方。市場上既有看漲的聲音，也有看跌的聲音，這是非常正常的市場現象。接下 來，我們用一些技術信號來分析一下當前市場。從短線來看，技術信號總結目前還是以"賣出"為主，有8個賣出信號，6個買入信號，賣出信號稍微占多一 些。再看支撐位，恆指的支撐位大概在25400點。如果恆指繼續下跌，跌破25400點的話，下一步可能會去到25400點；而阻力位方面，大概在26500點左右。 之前也提到過，有些投資者可能會考慮買入熊證，他們關注的收回價大概在26400點左右。不過，我們先不討論26700點是否是熊證的密集持倉區，單從阻力 位來看，目前的阻力位大概就在26500點。 如果選擇收回價在26400點左右的產品，從槓桿角度來說，26400點 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 佈 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並表明概不就因本公佈全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （ 於開曼群島註冊成立的有限公司） （股份代號： 1361） 二零二五年第三季度營運概要 本 公 佈 由 361 度 國 際 有 限 公 司（「 361° 」或「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團」）董事（「董事」）會（「董事會」）自願刊發。 董事會提供以下有關本集團於二零二五年第三季度的營運概要。 361° 主品牌的零售表現（線下渠道） 361° 主品牌產品於二零二五年第三季度的零售額（ 以零售價值計算 ）較二零二四年 同期錄得約10 %的正增長。 361° 童裝品牌的零售表現（線下渠道） 第三季度業務更新 於二零二五年第三季度（「期內」）， 361° 通過產品科技創新、專業賽事贊助及多元 化合作活動，持續擴大品牌影響力及市場競爭力。公司戰略性攜手斯坦德機器人 （ 無錫）股份有限公司，為品牌注入智能基因，開啟 ...

Market Overview - The Hang Seng Index is currently facing resistance at 26,000 points, influenced by the extension of the US-China tariff truce and a more dovish stance from the US Federal Reserve, which may lead to interest rate cuts [2][4] - The overall market is active with capital rotating among different sectors, as investors await earnings reports from major companies [2] Short-term Sector Outlook - Focus on upcoming economic indicators such as US GDP, personal consumption, and core PCE, along with earnings from companies like Alibaba, Li Auto, ZTE, and China Pacific Insurance [3] - Anticipation of new policies in China aimed at expanding service consumption and promoting AI and IP-related sectors [3] Company News - Meituan reported a significant 89% drop in adjusted profit for Q2, falling short of expectations, while Ctrip's mid-term profit rose by 12% with a share buyback plan of 39 billion yuan [4][10] - Anta Sports experienced a 9% decline in mid-term profit but is forming a joint venture with South Korean fashion platform MUSINSA [10] - Zhuhai Gold's shareholders plan to reduce holdings to cash out approximately 2 billion yuan [10] - Kangfang Biologics is raising 3.5 billion yuan through a discounted share placement [10] Macro Focus - China's industrial profits fell by 1.7% in the first seven months, with state-owned enterprises seeing a 7.5% decline [9] - The Chinese government is set to introduce measures to boost service consumption, focusing on high-quality service supply and encouraging foreign investment in various sectors [9] - Huawei is set to launch a new foldable phone on September 4, indicating ongoing innovation in the tech sector [9] Stock Performance - The Hang Seng Index closed at 25,202, down 1.27% year-to-date, while the Hang Seng Tech Index saw a 27.52% increase [5] - Major companies like Tencent, Meituan, and Alibaba have experienced declines in their ADRs, reflecting broader market trends [5] Upcoming Developments - Zijin Mining plans to raise approximately 2 billion USD through an IPO in Hong Kong [10] - Chery Automobile is preparing for an overseas listing in Hong Kong, aiming to issue up to 699 million shares [10] - Hesai Technology is also looking to list in Hong Kong, targeting around 300 million USD [10]

Market Overview - The Hang Seng Index (HSI) fell by 61 points or 0.2%, closing at 25,104 points, after opening 50 points higher and later dropping to a low of 25,000 points[1] - The Shanghai Composite Index rose by 4 points or 0.1%, closing at 3,771 points, with a total trading volume of 9,977 billion yuan[1] - The S&P 500 dropped by 25 points or 0.4%, closing at 6,370 points, marking its fifth consecutive day of decline[2] Monetary Policy and Economic Indicators - The Hong Kong Monetary Authority provided liquidity of 77 million HKD through the discount window[1] - The People's Bank of China conducted a 253 billion yuan reverse repurchase operation at a steady rate of 1.4%, resulting in a net injection of 124.3 billion yuan for the day[1] - The RMB/USD midpoint was adjusted up by 97 pips to 7.1287[1] Corporate Earnings Highlights - China Power (02380.HK) reported a revenue of 23.858 billion yuan, down 9.9% year-on-year, with a net profit of 2.587 billion yuan, a slight increase of 0.7%[2] - KANLONG (03759.HK) reported a revenue of 6.441 billion yuan, up 14.9% year-on-year, but a net profit decline of 37% to 701 million yuan due to previous year's investment gains[3] - Li Ning (02331.HK) reported a revenue of 14.817 billion yuan, up 3.3%, with a net profit decline of 11% to 1.737 billion yuan[3] - Bilibili (09626.HK) reported a net revenue of 7.338 billion yuan, up 19.8% year-on-year, and turned a profit of 219 million yuan compared to a loss of 609 million yuan in the previous year[4]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 佈 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1361） 自願公佈 戰略合作協議 本公 佈由 361 度國 際有限 公司（「本 公司」，連同 其附 屬公 司統 稱「本 集團」）自 願作 出，以向本公司股東及潛在投資者提供本集團的最新業務發展情況。 戰略合作協議 本公司董事（「董事」）會（「董事會」）欣然宣佈，於二零二五年八月十七日，本公司 一家全資附屬公司三六一度（ 廈門 ）體育科技有限公司與斯坦德機器人（ 無錫 ）股份 有限公司（「斯坦德」）訂立戰略合作協議（「戰略合作協議」），旨在利用雙方各自的 優勢及資源，在機器人穿用的服裝、鞋類、配飾等裝備（「機器人穿戴」）及具身智 能機器人材料領域建立戰略合作關係。 本集團一直致力於專注科技產品的功能性，前膽性地佈局了適用於人體和具身智 能機器人的特殊材料及相關設計。根據戰略合作協議，本集團將與 ...

Market Overview - The Hang Seng Index is expected to rise towards 26,000 points due to the postponement of tariffs by the US and a stable economic outlook in mainland China, although corporate earnings improvements are limited [2] - Active trading in the Hong Kong market reflects a positive risk appetite, with capital rotating across different sectors [2] - New trade negotiations between China and the US are set to begin, contributing to a more favorable trade environment [2] Company Insights: Xtep International (1368) - Xtep's total retail sales volume (RSV) showed a slight year-on-year slowdown in Q2 2025, with online sales performing better than offline [9] - The company plans to gradually recover 100-200 stores for direct-to-consumer (DTC) transformation starting in Q4 2025, with a total of about 500 stores targeted for recovery by FY26E [9] - Xtep's management expects a net profit growth of over 10% year-on-year for FY25E, maintaining a stable retail discount level of 25-30% [9] Company Insights: Anta Sports (2020) - Anta reported stable performance in Q2 2025, with its main brand and FILA showing low single-digit and mid-single-digit growth, respectively [14] - The company has reaffirmed its FY25E guidance, expecting growth rates of high single digits for its main brand and over 30% for other brands [14] - Anta is focusing on optimizing its offline store structure and managing online discounts to maintain brand image and profitability [14] Financial Projections - Xtep's revenue is projected to grow from 8,423 million RMB in FY23A to 11,412 million RMB in FY25E, with a compound annual growth rate (CAGR) of approximately 7% [10] - Anta's revenue is expected to increase from 10,074 million RMB in FY24A to 12,935 million RMB in FY26E, reflecting a robust growth trajectory [10] Valuation Metrics - Xtep's FY25E price-to-earnings (P/E) ratio is projected at 9.6x, which is significantly below its 5-year average valuation [9] - Anta's FY25E P/E ratio is estimated at 17.0x, also below its 10-year average, indicating potential undervaluation [14]

Core Viewpoint - Anta Sports (02020.HK) shows a bullish technical trend, with various indicators suggesting potential for continued price increases, supported by market optimism [1][2]. Technical Analysis - The current price of Anta Sports is HKD 95.6, which is above key moving averages (MA10: 94.77, MA30: 93.13, MA60: 91.5), indicating a positive short to medium-term trend [1]. - The first support level is at HKD 92.3 and the second at HKD 88.4, suggesting limited downside potential. Initial resistance is at HKD 98.8, with a higher resistance level at HKD 102.8 [1]. - The stock recently experienced a single-day increase of 1.76%, indicating active buying interest in the market [1]. Volatility and Momentum Indicators - Anta's 5-day volatility is 9%, reflecting active trading and supporting upward price momentum [2]. - The Relative Strength Index (RSI) is at 57, indicating a neutral to strong position without overheating, suggesting further upward potential [2]. - Technical indicators collectively signal a "strong buy" with a signal strength of 17 points, indicating a high-intensity bullish signal [2]. Derivative Products Performance - During the period from June 2 to 4, Anta Sports' stock price increased by 1.43%, with various derivative products showing different performances. Notably, the Societe Generale bull certificates (53978) and JPMorgan bull certificates (54458) recorded gains of 12% [4]. - Call options such as Huatai's (13440) and Macquarie's (15902) also showed positive performance, with increases of 6% and 5% respectively, reflecting stability in slightly fluctuating stock prices [4]. Investment Products Overview - Anta Sports offers a range of derivative products for investors, including call options with leverage ranging from 2.8x to 4.4x and bull certificates with leverage of 7x to 7.2x [7][8]. - Investors can choose from various products based on market expectations, considering factors such as leverage, exercise price, and premium [7]. Conclusion - Overall, Anta Sports exhibits strong technical advantages, with moving averages, momentum indicators, and market sentiment aligning to suggest potential for upward price challenges in the near term. Close attention should be paid to the resistance level at HKD 98.8 for potential breakout opportunities [1][2][4].