中泰国际每日晨讯-20250423

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]