金英证券每日港股简评

每日港股简评 年月日 大市分析 经季节性调整的香港采购经理指数(PMI)由10月的39.3下降至11月的38.5，显示私营板块录得自2003年初非典疫情以来最严重的衰退。综合10月与11月的平均PMI指数显示，除非12月出现戏剧性复苏，否则预期19年第四季度预测GDP将跌逾5%。恒指昨日急挫328点至26,062点，成交额为719亿港元。任何有关贸易战及即将发生的示威活动的最新发展仍是近期的主要焦点。 焦点板块 ------------------------------------------------------------------------------------------------------------ 中国汽车 于12月3日，工信部发布一份有关《新能源汽车产业发展规划（2021-2035年）》征求意见稿。具体而言，新能源汽车的销售目标为于2025年占中国新车销量的25%。市场预计，相关补贴将于2020年前逐步全面废除。此外，该意见稿亦提出发展智能网联汽车的指示，且目标是于2025年智能网联汽车的销量占新车销量的30%。这有利于中国智能网联汽车的发展，尤其是对于与科技巨头合作的主要原始设备制造商。其中包括广汽集团(2238 HK)、长城汽车(2333 HK)、北京汽车(1958 HK)。 中国5G 根据中国工信部，截至11月21日，5G基站的安装数量达到11.3万个（相比19年第三季度的8万个）。这意味着中国于不到2个月的时间内已安装超过3万个5G基站。市场预期中国年底将有16万个5G基站，或于年底前额外安装约5万个5G基站。中国的5G发展加速增加20/21财年预测的5G基站及组件。 企业消息 ------------------------------------------------------------------------------------------------------------ 领展房产基金(823 HK) 受社会动荡以及港铁于10月提前关闭的影响，领展预计其餐饮业务（截至2019年9月占租金总额的约29%）将受到不利影响。另一方面，领展的超级市场、食品、街市及熟食档位业务保持稳定增长（截至2019年9月占租金总额的约34%）。尽管美心集团为其租户之一，惟仅占其香港业务组合面积的约2%，因此影响不大。 碧桂园服务(6098 HK) 管理层预计其19年下半年的收益及利润增长率基准可能会高于19年上半年（收益按年计同比增长74%，净利润按年计同比增长73%）。就2020年而言，该公司目标为最少8, 000万平方米收益管理面积的增长，以及收益按年计同比增长超过40%。 小米(1810 HK) 管理层认为，近期于目前条件下进行的股份回购将显示该公司对其自身业务前景及展望充满信心。此外，据其官方Twitter称，该公司将于12月9日于日本发行智能手机及家用电器产品。 合景泰富(1813 HK) 有两个利好因素：(1) 2020年预测增长可观。管理层有信心将实现全年人民币850亿元的销售目标，即意味 着于12月按年计同比增长约40%，而2019年按年计同比增长30%。基于整体土地储备的可售资源超过4,000亿元人民币（于一／二线城市中约占85%），管理层亦预期明年将再增长30%至超过人民币1,100亿元；(2)分拆较预期的早。其主席的目标是于2020年分拆物业管理业务，倘市况持续良好，则可能于20年上半年进行，较市场预期早。 新华保险(1336 HK) 于其公司开放日，该公司旨在以晋升文化为引导，以部组扩张为抓手。截至9月底，经纪人数由2018年底的370, 000人增加至440, 000人。该公司目标是于年底前将人数增至500,000人（按年计同比增长35%）。该公司有信心，2020年为标志新增长期的开始。 免责声明： 倘本报告中英文版本有任何歧义，概以英文版本为准。 DISCLAIMERS This Dim Sum Daily is prepared for general circulation and for information purposes only. It is not an investment research or a research recommendation, as it does not constitute substantive research or analysis. The material contained herein is intended as a general market commentary. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources believed to be reliable. However, Kim Eng Securities (HK) Ltd, its subsidiary and affiliates (collectively, “Kim Eng (HK)”) do not independently verify such information and consequently no representation is made as to the accuracy or completeness of such information. Kim Eng (HK) does not take responsibility for any loss occasioned by reliance placed upon the contents hereof. Any statements nonfactual in nature constitute only current opinions, which are subject to change at any time without prior notice. Kim Eng (HK) or its officers, directors, analysts, or employees may, to the extent permitted by law, from time to time participate or invest in financing transaction with any company mentioned herein; may have positions in securities or commodities referred to herein, and may, as principal or agent, buy and sell such securities or commodities. An employee, analyst, officer, or a director of Kim Eng (HK) may serve as a director for companies mentioned in this email. Neither the information nor opinion expressed in this email shall constitute a solicitation to buy or sell any securities. There may be instances when fundamental, technical, and quantitative opinions may not be in concert. Kim Eng (HK) may from time to time perform investment banking or other services for, or solicit investment banking or other business from, any company mentioned in this email. This Dim Sum Daily is prepared for the use of Kim Eng (HK)’s clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in whole or in part in any form or manner without the prior express written consent of Kim Eng (HK) and Kim Eng (HK) accepts no liability whatsoever for the actions of third parties in this respect. There are risks inherent in international investments, which may make such investments unsuitable for certain clients. These include, for example, economic, political, currency exchange rate fluctuations, and limited availability of information on international securities. Kim Eng (HK) recommends that you obtain the advice of your Financial Advisor regarding this or other investment in order to confirm to your financial resources and risk preference.