中泰国际：继续关注中央汇金公告，促进资本市场健康发展

Market Overview - On April 8, the Hang Seng Index rose by 299 points or 1.5%, closing at 20,127 points after a significant drop earlier in the week[1] - The Hang Seng Tech Index increased by 3.8%, closing at 4,568 points, indicating continued support from AI-related logic[1] - Daily trading volume reached HKD 433.2 billion, with a net inflow of HKD 23.63 billion through the Hong Kong Stock Connect[1] Sector Performance - The rebound in the Hong Kong market was not broad-based, with sectors like banking, telecommunications, utilities, and real estate declining[1] - Notable gains were seen in consumer brands, food and beverage, robotics, AI-related stocks, and semiconductors, with JD.com (9618 HK) surging by 8.9%[1] - The Chinese yuan's midpoint exchange rate hit a new low of 7.2038, suggesting potential easing of depreciation space by the central bank[1] Economic Policies - Recent measures from multiple departments aim to stabilize the capital market, with the Central Huijin announcing increased ETF purchases supported by the central bank[2] - Despite these measures, economic growth in China may face more pressure in Q2, necessitating further monetary and fiscal policy support[2] Automotive Sector Insights - The automotive sector saw a rebound, with Leap Motor (9863 HK) rising by 12.5% after the previous day's decline[3] - U.S. tariffs on Chinese products are expected to have a limited impact on domestic car manufacturers, while parts suppliers may face more significant effects due to their reliance on U.S. sales[3] Company Updates - Inspur Digital Enterprise (596 HK) reported a 90% increase in net profit, with cloud service revenue growing by 38.1% year-on-year, despite a slight overall revenue decline[4] - The company expects a 34.4% increase in net profit for FY25E, with a target price of HKD 7.48, reflecting a 15x FY25E P/E ratio[6] Investment Risks - Manufacturing companies are facing profit challenges due to reduced IT project budgets, and large state-owned enterprises have longer accounts receivable periods[7]