每日港股简评

每日港股简评 年月日 大市分析 上周五，即使官方统计数据显示中国20年第一季度国内生产总值同比缩减6.8%，中国及香港股市仍然保持强劲。恒生指数升373点至24, 380点，成交额为1，379亿港元。由于澳门已超过一星期没有新增感染记录，显示严格的旅游限制奏效，市场寄望中国最终将批准极重要的中国赌客前往澳门，澳门赌场经营者因而飙升。然而，金沙中国 (1928 HK)宣布，建议不派发截至2019年12月31日止年度的末期股息，这可能导致其表现于短期内落后同业。 焦点板块 ------------------------------------------------------------------------------------------------------------ 中国水泥 截至上周，平均出货量（占全部产能的百分比）增加7.8个百分点至80.3%。就不同地区而言，平均出货量较上周增加10-30个百分点。在长江三角洲及珠江三角洲，大多数制造商的出货率达到了90%以上。部分地区（如浙江及安徽）的需求高于生产，出货率为110%。同时，库存较上周微跌约5.6个百分点至65%。市场预料，随着需求改善以及建筑强度可能增加，库存将进一步下降，这将为水泥价格提供支撑。 中国汽车 于4月15日，广东省政府在农村地区推行汽车消费刺激措施，并提供以下政策支持：(1)政府将就购买新内燃机汽车及新能源汽车向农村地区的最终用户提供补贴。补贴将采取多种形式，最终相当于汽车价格的10%；(2)新计划也鼓励农村居民报废国三及以下排放标准的旧车，并以新车取而代之；(3)新政策鼓励农村金融机构定制金融产品，为信用状况良好的农村居民提供无抵押贷款；(4)该计划也禁止地方银行以各种形式征收汽车贷款手续费。据乘用车协会预测，上述政策可能会在农村地区产生150,000-200,000辆的乘用车销售增长。 企业消息 ------------------------------------------------------------------------------------------------------------ 中国铁塔 (788 HK) 该公司公布，首季纯利为14.52亿元（人民币．下同），按年增长13.1%；EBITDA（除息、税、折旧及摊销前盈利）为145.32亿元，较去年同期升6.9%。截至３月３１日，塔类站址达到２００﹒６万个，塔类租户达到３２７﹒６万户，较上年末净增３﹒７万户。塔类站均租户为１﹒６３户。目前内地新冠肺炎疫情形势持续缓和，集团表示已全面复工复产，致力克服疫情对5G建设和业务拓展带来的影响。 李宁 (2331 HK) 截至2020年3月31日止第一季度，李宁销售点(不包括李宁YOUNG)于整个平台之零售流水按年录得10%-20%高段下降。受到新型肺炎影响，2020年第4季度订货会延迟至4月中下旬进行，并将于中期业绩公布，而同店销售表现受疫情影响，全部线下店铺都曾于首季阶段性关闭，因此没有符合同店销售标准的店铺数据。市场普遍认为李宁首季营运表现符合预期，有望保持较好利润水平, 而公司在国产品牌中较为领先, 料可在运动鞋服板块表现出众。 北京汽车 (1958 HK) 北京汽车预测，其20年第一季度净利润同比下降约95%至人民币60万元。该公司将该减少归因于冠状病毒爆发导致20年第一季度销量减少约40%。展望未来，该公司预料疫情将呈现持续改善的正面趋势。各行各业也争取复产复工，政府已推出多项政策以推动乘用车、消费者及制造商的消费增长。财税部门也加强了对生产企业的财税支持。 国泰航空 (293 HK) 尽管国泰削减运力，其3月客座率仍进一步下降至49.3%。其管理层表示，根据客运提前订票情况，商业环境仍未改善。此外，管理层预计，4月的日均客运量将少于1,000（3月平均载客量为31.1万）。国泰在4月及5月将仅使用正常运量的3%，以减少支出和储备现金。 六福集团 (590 HK) 3月季度同店销售增长-60%，由于基数较低，表现略胜-65%的周大福 (1929 HK)。该数字意味着，3月同店销售跌幅达74%，较2月的70-80%稍有起色，与周大福的-77%一致。黄金产品下跌53%，而周大福则下跌67%，原因是基数较低（去年三月季度为-7%），但仍然受到旅客流量减少的严重打击。在销量急降的带动下，宝石饰物的同店销售下降67%，与周大福的-64%一致，部分被金价上涨以致平均售价升约20%所抵销。 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.