中泰国际每日晨讯-2025-03-25

Market Overview - The Hong Kong stock market showed a significant rise in the afternoon of March 24, with the Hang Seng Index increasing by 0.9% or 215 points, closing at 23,905 points. The Hang Seng Tech Index rose by 1.7% or 97 points, closing at 5,736 points. The total market turnover was HKD 233.1 billion, which is a decrease compared to the average turnover of the previous week [1] - Major tech stocks performed well, with Xiaomi (1810 HK) rising over 4%, and both NetEase (9999 HK) and Baidu (9888 HK) increasing by over 2%. Meituan (3690 HK) initially dropped over 5% post-earnings but later narrowed its loss to 1.1%, indicating support at lower levels [1] Economic Dynamics - The valuation of the Hong Kong market has significantly recovered, but further upward momentum requires positive contributions from fundamentals, earnings, and policies. The Chinese economy in January-February exhibited characteristics of "demand-driven recovery and accelerated supply-side structural upgrades," although internal demand still needs strengthening [2] - The real estate sector saw a year-on-year decline in new home sales, with a total transaction volume of 2.03 million square meters in 30 major cities, down 3.7% year-on-year. The performance varied across city tiers, with first-tier cities showing a 23.1% increase, while second and third-tier cities experienced declines of 14.7% and 18.8%, respectively [3] Industry Dynamics - The consumer sector, particularly home appliances, is showing strength as the national home appliance consumption season kicks off. The Ministry of Commerce plans to enhance the effectiveness of the "old-for-new" policy, which is expected to boost consumer spending in this area. Companies like Midea Group (300 HK) and Haier Smart Home (6690 HK) saw stock increases of 3%-6% [4] - The AI sector is also gaining traction, with Inspur Digital Enterprise (596 HK) forecasting a net profit range of HKD 350-390 million for 2024, representing a year-on-year growth of 74%-93%. This growth is attributed to a significant increase in cloud service revenue, leading to a 15.8% rise in stock price [4] Healthcare Sector - The Hang Seng Healthcare Index fell by 0.5%. Hansoh Pharmaceutical (3692 HK) reported a revenue increase of 21.3% and a net profit increase of 33.3% year-on-year. The innovative drug Ameluz is expected to drive significant revenue growth in the oncology segment [5] - The company has established collaborations with global giants like GSK and Merck in oncology and weight-loss drugs, which are progressing well. The target price for Hansoh has been raised to HKD 25.0, maintaining a "buy" rating [5] Utilities Sector - The utilities sector saw a rise in water stocks, with China Water Affairs (885 HK) surging by 9.8%. The Shenzhen Development and Reform Commission announced a public hearing on water price adjustments, which is expected to benefit water supply operators [6]