中泰国际：对等关税90天，美股大涨，港股承接外围回稳并再度冲高

Market Overview - US President Trump announced a 90-day suspension of reciprocal tariffs, leading to a significant rise in US stocks and a 2.1% increase in the Hang Seng Index, closing at 20,681 points[1] - The Hang Seng Tech Index rose by 2.7%, closing at 4,813 points, with total market turnover exceeding HKD 395.5 billion[1] - Despite the market rebound, there was a net outflow of HKD 4.03 billion from the Hong Kong Stock Connect, indicating profit-taking behavior[1] Economic Indicators - China's March PPI fell by 2.5% year-on-year, with consumer goods PPI down 1.5%, marking the lowest since October last year[2] - CPI remained negative for two consecutive months, primarily due to a 1.4% decline in food prices, while core CPI rose only 0.5%[2] - The imposition of a 125% tariff on Chinese goods by the US has exacerbated overcapacity risks, suggesting continued downward pressure on PPI[2] Sector Performance - The automotive sector saw gains of 2%-4% in most stocks, with smart driving-related stocks rising by 1%-3%[3] - The healthcare sector followed the market trend, increasing by 2.7%, with limited impact expected from potential US tariffs on pharmaceuticals[4] - Renewable energy and utilities stocks maintained upward momentum, with increases of 1.4%-2.5% despite the threat of higher tariffs[5] Company Insights - Inspur Digital Enterprises reported a 90% increase in net profit, with cloud service revenue growing by 38.1% year-on-year, despite a 1.1% decline in total revenue[6] - 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[8] - Chaoyun Group achieved a 12.7% increase in total revenue for FY24, with a net profit growth of 16.2% and a high dividend payout ratio of 80%[10] Consumer Trends - The pet segment of Chaoyun Group saw a robust revenue growth of 64.5%, driven by the expansion of physical stores and a significant increase in sales[11] - The home care segment also demonstrated steady growth, with a 11.0% increase in revenue, maintaining a strong market position in pest control products[12]