环保新能源及公共事业 | 2025 年 4 月 30 日 香港股市 | 环保新能源及公共事业| 行业点评 广州上调自来水价，助力全国供水行业 广州上调自来水价多至 93.2% 4 月 29 日，广州市发改委公布，于 2025 年 6 月 1 日上调广州市中心城区(包括越秀区、 荔湾区、天河区、海珠区、黄埔区、白云区、大学城区域等)自来水价格，其中居民生活 用水第一、二、三阶梯价格分别由 1.98、2.97、3.96 元人民币/立方米上升 28.8%、 28.6%、93.2%至 2.55、3.82、7.65 元人民币/立方米，非居民生活用水价格则由 3.46 元人 民币/立方米增加 27.2%至 4.40 元人民币/立方米。现行水价于 2012 年 5 月 21 日起实施， 距今已近 13 年。如根据听证会于 2024 年 5 月举行起计算，此次水价上调流程需时约一 年完成。 助力全国供水行业，有利深圳上调水价 近年全国不同地方(例如上海)已经纷纷上调自来水价，反映市场化政策原则。由于广州 是一线城市，此次水价上调更可有力推动全国其他地方跟随，最终助力供水行业。今年 3 月，深圳市发改委公布拟上调水价。按照此次 ...

赛晶科技（580 HK） | 2025 年 4 月 29 日 香港股市 | 电子行业 两大业务迎来双线高速增长期 输配电领域，特高压工程项目即将大量启动，对赛晶主打产品大功率 IGBT、阳极饱和电 抗器等需求大幅上升；柔性输电工程的启动带动高价值产品直流支撑电容器、在线监测 等新产品的需求提升；以及多种类型新能源输电工程启动也有助于产品结构改善。在 IGBT 领域，随着新产品落地，并逐步进入客户供应链，有望驱动收入和盈利。 赛晶科技(580 HK) 净利润强劲增长；输配电业务进入放量周期 FY24 毛利率稳中有升，净利润超预期 盈利预测与估值 赛晶科技 FY24 实现总收入 16.1 亿元（人民币，下同），同比增加 52.7%。由于较高毛利 率的电网输电的元器件业务占比提升，公司整体毛利率稳中有升，同比扩张 0.5 百分点。 得益于有效的费用控制，期内销售和行政费用占收入比从 2023 年 21.1%下降至 16.5%， 叠加较低的有效税率，公司实现净利润同比大幅增长 225.0%至 1 亿元，略高于先前预 期。 我们预计公司 FY25E/FY26E/FY27E 收入分别为 20.1 亿/25.2 亿/33. ...

2025 年 4 月 30 日 星期三 每日大市点评 4月29日，港股继续缺乏方向，投资者观望为主。恒生指数微升36点或0.2%，收报22,008 点，连续五个交易日在22,000 点左右窄幅波动。恒生科指微升 0.6%，收报 5,019 点，同样连续五个交易日窄幅波动。闷局过后，大概率会出现新一轮 方向性走势。昨日大市成交金额有 1,777 多亿港元，港股通净流出 64.2 亿港元。近期港股通的流量明显减少，流入的态 势亦有所反复，显示内资开始谨慎，不再单边做多，而是有节奏地高沽低吸。存量资金围绕业绩股或题材股做交易，机 器人、智能驾驶、部分 AI 产业链都继续有资金关注，品牌消费股均有强势表现，互联网医疗股获较多资金流入，如阿里 健康(241 HK)单日大升 7.2%，成交金额是周一的四倍。汇丰控股(5 HK)一季度列账基准除税前利润超市场预期，回购规 模从 20 亿美元上调至 30 亿，股价上升 3.0%，创 4 月 1 日以来收市新高。中国 10 年期国债收益率进一步跌至 1.63%，一 方面反映降息预期，另一方面也反映国内债券市场投资者对宏观前景较为谨慎。历史上，债息对港股的盈利预测也有前 瞻意义。 ...

中国房地产周报 | 2025 年 4 月 29 日 中国房地产周报 | 2025 年 4 月 21 日至 4 月 27 日 寄望新增支持措施 新房成交量持续同比下跌 上周(至 4 月 27 日)30 大中城市商品新房成交量达 167 万平方米，同比下跌 23.3%，差于 前周的 19.8%同比下跌，环比上升 12.2%，优于前周的 0.2%环比下跌。不同类别城市皆同 比下跌。上周同比变化率：一、二、三线城市分别为-20.4%、-22.7%、-29.8%(前周同 比：-11.0%、-23.3%、-22.3%)。 一线城市新房累计成交量：地市之间的同比涨幅差异收窄 2025 年首周至今北京一手商品住宅累计成交量为 166 万平方米，同比下跌 2.1%，与前两 周的 2.1%跌幅相若。上海累计成交量为 326 万平方米，同比上升 4.8%，差于前两周的 12.9%升幅。广州累计成交量为 209 万平方米，同比上升 25.2%，差于前两周的 32.4%升 幅。深圳累计成交量为 115 万平方米，同比上升 58.7%，差于前两周的 68.7%升幅。 商品房存销比整体环比持平 按面积，十大城市商品房存销比为 103.3， ...

4 月 28 日，港股大盘缺乏方向，恒生指数日内高低波幅仅 255 点，最终微跌 7 点，收报 21,973 点，连续四个交易日在 22,000 点水平窄幅波动。恒生科指微升 0.2%，收报 4,990 点。大市成交金额只有 1,638 多亿港元，为 2 月 4 日以来最 低。港股通净流入 21.2 亿港元。盘面上，内银及部分品牌消费股表现较为突出，建农工中四大内银分别升 0.7%至 2.8%， 已完全修复 4 月初以来的跌幅。蜜雪集团（2097 HK）、泡泡玛特（9992 HK）、上美股份（2145 HK）分别升 4.1%至 12.0% 不等，后两者再创上市以来新高。耀才证券（1428 HK）获蚂蚁入主，市场憧憬蚂蚁金融未来可能会注入资产，股价大升 81.9%，收报 5.55 港元，创上市新高。本周中国将公布 4 月的 PMI 数据，美国也公布包括一季度 GDP、4 月的 ISM 制造业 PMI 及就业数据，同时多家美国科技巨头也集中公布业绩，料港股及美股市场波动或将加剧。 当前恒生指数估值（PE 约 9.7 倍）向下空间有限，但向上突破依赖内部政策持续有效落地和中美博弈实质性缓和。短期 市场进入基本面及政 ...

2025 年 4 月 28 日 星期一 ➢ 每日大市点评 港股市场延续反弹步伐，恒生指数上周全周上涨 2.7%至 21,980 点，虽未站稳 22,000 点关口，但日均成交额放大至 2,389 亿港元，显示资金活跃度回升。值得关注的是，恒生科指周涨幅仅 2.0%且未能突破 5,000 点心理关口，反映科技板块修 复动能相对不足。从资金流向观察，港股通全周净流出 3.8 亿港元，其中上周三单日流出 181 亿，显示内地投资者趁反弹 锁定收益的操作特征。板块分化加剧成为市场显著特征，医疗保健与信息科技板块分别大涨 8.4%和 6.0%，但必需消费及 电讯板块逆势下跌，揭示资金在政策预期与避险需求间的再平衡。 全球资本市场对关税风险的定价出现显著逆转，德国 DAX、意大利富时 MIB、印度及韩国 KOSPI 等主要股指已收复 4 月关 税消息冲击的全部失地，而美股三大指数也逐渐升抵 4 月 2 日的下跌裂口，恐慌指数大幅回落，显示海外投资者情绪有所 改善。尽管中国外交部否认重启经贸谈判，但美方释放削减关税信号。值得警惕的是，港股虽同步反弹但修复力度弱于 欧美市场，反映国际资金对地缘风险溢价仍存差异化定价。 四月政 ...

Market Overview - The Hong Kong stock market experienced a decline on April 24, with the Hang Seng Index falling by 0.7% to 21,909 points and the Hang Seng Tech Index dropping by 1.5% to 4,975 points, indicating a shift in market sentiment from aggressive speculation to cautious defense [1] - Despite a net inflow of 3.387 billion HKD from southbound funds, the scale was significantly lower than previous inflows exceeding 20 billion HKD, reflecting a more cautious approach among investors [2] - The pharmaceutical sector continued to show strength, with notable gains from companies like Kelaiying (6821 HK) and Innovent Biologics (1801 HK), while defensive sectors such as banks and gold stocks also performed well [1][2] Macro Dynamics - The U.S. Markit Composite PMI for April fell to 51.2, the lowest in 16 months, with manufacturing PMI unexpectedly rising to 50.7 and services PMI dropping to 51.4, indicating a divergence between sectors [3] - Rising commodity prices, driven by tariff increases and labor supply constraints, have led to heightened cost pressures, contributing to concerns over inflation and economic slowdown [3] Industry Dynamics - The Hang Seng Healthcare Index rose by 1.7%, driven by positive developments in innovative drug trials and upcoming presentations at the ASCO 2025 conference [4] - Companies like BeiGene (6160 HK) are expected to face limited impact from U.S. tariffs due to their production strategies, which include local manufacturing in the U.S. and Europe [4] Strategy Insights - The report suggests a focus on defensive sectors and policy-driven opportunities, including high-dividend assets in state-owned enterprises and infrastructure-related investments [13] - Recommendations for stocks include Alibaba (9988 HK), China Water Affairs (855 HK), and Midea Group (300 HK), reflecting a strategy to capitalize on policy support and consumer demand recovery [13]

Market Overview - The Hong Kong stock market experienced a strong rebound on April 23, with the Hang Seng Index rising by 2.4% to close at 22,072 points, and the Hang Seng Tech Index increasing by 3.1% to 5,049 points, driven by easing trade tensions between China and the U.S. [1] - Despite the index's strong performance, there was a significant net outflow of southbound funds amounting to HKD 18.107 billion, the largest single-day outflow since February 2021, indicating a cautious sentiment among domestic investors [1][2]. Sector Performance - The market showed significant divergence in sector performance, with tech giants like Alibaba (9988 HK) and Tencent (700 HK) rebounding, alongside notable gains in export-oriented companies such as Shenzhou International (2313 HK) and Techtronic Industries (669 HK), both rising over 3% [2]. - The AI robotics sector saw substantial gains, with companies like UBTECH (9880 HK) and Horizon Robotics (9660 HK) surging by 17% and 10%, respectively, reflecting optimism around policy support and demand recovery in consumer electronics and smart driving [2]. - The new energy vehicle sector also performed well, with stocks like Xpeng Motors (9868 HK) and AAC Technologies (2018 HK) rising over 4%, driven by expectations of tariff reductions and policy support [2]. Economic Indicators - China's GDP grew by 5.4% year-on-year in Q1 2025, with significant contributions from industrial production and high-tech manufacturing, indicating a reliance on policy-driven growth [10]. - The report highlights that while the economy showed initial recovery signs, the underlying growth momentum remains weak, particularly in consumer demand and exports, which are expected to face increased pressure in the second quarter [10][11]. Policy Outlook - The report suggests that the Chinese government is likely to maintain a "risk prevention" stance, with limited fiscal stimulus expected in the short term. The focus will be on implementing policies from the March Two Sessions to support domestic demand and technological advancements [11]. - The potential for further fiscal measures, such as consumption subsidies and infrastructure investment, is emphasized as crucial for mitigating export declines and supporting economic stability [12]. Investment Strategy - The report recommends focusing on defensive sectors and policy-driven opportunities, including high-dividend assets in state-owned enterprises, infrastructure-related stocks, and consumer staples benefiting from policy stimuli [13]. - Specific stock recommendations include Alibaba (9988 HK), China Resources Beverage (2460 HK), and Horizon Robotics (9660 HK), among others, indicating a strategic focus on companies poised to benefit from current market conditions and policy support [13].

Market Overview - The Hong Kong stock market showed resilience with the Hang Seng Index rising by 0.78% to 21,562 points, driven by technology and pharmaceutical stocks [1] - Southbound capital inflow reached a net of HKD 21.36 billion, the highest since April 9, indicating strong domestic recognition of Hong Kong stock valuations [2] - The market is characterized by a defensive style underpinned by policy support expectations, with significant net buying in pharmaceuticals, technology, and high-dividend sectors [2] Industry Dynamics - In the automotive sector, BYD (1211 HK) is collaborating with Saudi Aramco on new energy technologies to enhance energy efficiency, with BYD's stock rebounding by 2.6% [3] - Fuyao Glass (3606 HK) reported a 46.3% increase in net profit for Q1, exceeding expectations, attributed to its localized operations and pricing power amidst U.S. tariff uncertainties [3] - Horizon Robotics (6990 HK) has seen its stock price drop over 40% since late February, with further volatility expected as its lock-up period ends [3] Strategic Recommendations - The report suggests focusing on defensive assets such as high-dividend stocks in energy, utilities, and telecommunications, which provide downside protection [12] - Emphasis is placed on policy-driven sectors, particularly infrastructure-related industries (engineering machinery, transportation equipment) and new productivity areas (semiconductor equipment, AI computing infrastructure) [12] - Consumer sectors benefiting from policy stimulus and holiday consumption, such as essential consumer goods, are also highlighted for potential investment opportunities [12] Economic Insights - China's GDP grew by 5.4% year-on-year in Q1, driven by policy support, particularly in industrial production and high-tech manufacturing [9] - The report notes that while there are structural improvements in consumption, the overall recovery remains weak, with external trade pressures expected to increase in Q2 due to tariff escalations [9][10] - The anticipated policy measures include consumption subsidies and increased support for infrastructure and technology sectors to mitigate economic pressures [10]

Market Overview - The Hang Seng Index rebounded by 2.3% to 21,395 points, while the Hang Seng Tech Index slightly declined by 0.3% to 4,887 points, indicating a noticeable capital flow back to traditional banks and state-owned enterprises [1] - The market turnover was approximately HKD 277.6 billion, with trading activity significantly decreasing compared to previous weeks due to the upcoming Easter holiday and a stagnant phase in the US-China tariff negotiations [1] - The net inflow from the Hong Kong Stock Connect was HKD 23.2 billion, providing strong support to the market [1] Economic and Policy Insights - The short-term outlook for the Hang Seng Index and Hang Seng Tech Index is challenged by geopolitical risks and earnings downgrades, but continuous southbound capital inflows and expectations for domestic demand policies, along with AI industry catalysts, are seen as stabilizing forces [2][3] - The Chinese GDP grew by 5.4% year-on-year in Q1 2025, heavily reliant on policy-driven growth, with industrial production and high-end manufacturing benefiting from large-scale equipment renewal policies [5][6] - The government is expected to maintain a "risk prevention" policy stance, with limited incremental fiscal stimulus anticipated in the short term, focusing instead on implementing specific policies post the March "Two Sessions" [6] Sector Dynamics - The automotive sector showed stable performance as major companies like BYD and Geely launched new models, with BYD's new SUV starting at RMB 133,800 [4] - The Hang Seng Healthcare Index rose by 0.7%, with a focus on innovative drugs in oncology and cardiovascular fields, despite potential impacts from US investigations into drug imports [4] - The report highlights the importance of domestic demand and policy support for sectors such as infrastructure and technology, particularly in semiconductor and AI computing infrastructure [6][8] Investment Recommendations - The report suggests focusing on defensive assets such as high-dividend state-owned enterprises in energy, utilities, and telecommunications, which provide downside protection due to low valuations and stable earnings [8] - It also recommends capitalizing on policy-driven opportunities in infrastructure and technology sectors, particularly in semiconductor equipment and AI computing [8] - Monthly stock picks include Alibaba-W, China Water Affairs, and Midea Group, among others, indicating a focus on companies with strong performance and growth potential [8]