中泰国际每日晨讯-20250606

Market Overview - On June 5, the market sentiment improved due to expectations of a call between the US and Chinese leaders, leading to a rise in the Hang Seng Index by 253 points or 1.1%, closing at 23,906 points, the highest since March 20 this year [1] - The Hang Seng Tech Index increased by 1.9%, closing at 5,319 points, with total market turnover slightly increasing to HKD 222 billion, while net inflow from Hong Kong Stock Connect decreased to HKD 740 million [1] - Despite the positive market sentiment, trading volume did not significantly increase, indicating that many funds remain on the sidelines [1] Macro Dynamics - The US services sector contracted again, with the ISM Services PMI dropping to 49.9% in May, primarily due to a decline in new orders, which fell by 5.9 percentage points to 46.4%, the lowest since December 2022 [2] - The employment index in the services sector rose to 50.7%, indicating that companies are still hiring [2] - The divergence between ISM and Markit Services PMI suggests that international companies are more affected by tariff uncertainties, contributing to the slowdown in the US economy [2] Industry Dynamics - New consumption sector leaders experienced a pullback, with Lao Pu Gold (6181 HK) dropping 9.0% after reaching over HKD 1,000, despite positive market sentiment towards its new product series [3] - The Hang Seng Healthcare Index fell by 1.3%, with major companies showing little volatility [3] - In the energy sector, the Hong Kong utility sector generally rose, with Cheung Kong Infrastructure (1038 HK) increasing by 2.1% amid speculation about potential acquisitions [4] Energy Sector Insights - The coal price remains weak, with the Qinhuangdao 5500 kcal thermal coal spot price at RMB 613 per ton, down 30.3% year-on-year [6] - The upcoming summer season is expected to boost demand for thermal power, making it a favorable time for thermal power stocks [6] - The Chinese government is promoting green electricity development, which may enhance the consumption of renewable energy [7] Company-Specific Insights - Huaneng International (902 HK) reported an 8.2% year-on-year increase in net profit for Q1 2025, benefiting from lower fuel costs and increased summer electricity demand [10] - China General Nuclear Power Corporation (1164 HK) signed a framework agreement for uranium sales, positioning itself to benefit from rising uranium prices due to increased demand from US nuclear energy initiatives [10] - New Hope Energy (2688 HK) is undergoing privatization, with its current price showing a 24.3% discount compared to the privatization offer, making it an attractive investment opportunity [10]