20181205-法国兴业证券_香港_-Moring_Call_4页_457kb

Morning Call Summary (12/05/2018)

Core Content

This document provides a summary of market performance, investment outlook, and relevant news from December 5, 2018. It includes data on major stock indices, investment ratings for mutual funds and companies, recent reports, news headlines, and IPO information. The document also outlines important disclosures and disclaimers regarding the report's content and the company's responsibilities.

Market Indices Performance

All indices showed a decline, with the Nasdaq experiencing the largest drop in percentage terms.

Investment Outlook

Mutual Funds

• Positive sentiment is expected at year-end due to favorable policies being implemented.
• The G20 meeting and Central Economic Working Conference have raised market expectations.
• Qualified growth stocks are seen as potential investment gains, especially as the macroeconomic downturn intensifies.

Insurance Companies

• Interest in the impact of U.S.-China tariff changes on auto-parts manufacturers.
• Leading real estate developers may benefit from industry concentration, with attention given to stocks with strong financial health.

Recent Reports

• Aishida's Q318 Performance: Overweight rating, in the Home Appliance industry.
• Advertising Industry Performance: Overweight rating, with online-ad maintaining rapid growth while CR3 concentration rate fell.
• Joyoung's Q318 Performance: Overweight rating, in the Home Appliance industry.
• TCL's Q318 Performance: Overweight rating, in the Home Appliance industry.
• Seazen Holdings Support: Steady progress noted for a company with support from Seazen Holdings, ticker 1755.HK, in the Foreign Market Research industry.

News Headlines

• U.S.-China Trade War: Trump suggests extending a 90-day truce, while his economic adviser contradicts the claim about China reducing tariffs on U.S. cars.
• China's IP Theft Punishments: China announced measures against companies involved in intellectual-property theft.
• Chinese Bonds Holdings: Overseas holdings of Chinese bonds fell in November by 18.3 billion yuan.
• Daimler and BAIC Motor: Daimler is considering increasing its stake in a joint venture with BAIC Motor.
• Climate Change: Scientists advise investing $2.4 trillion annually in clean energy through 2035 and reducing coal use by 2050 to prevent climate damage.

Company News

• Alibaba Pictures: Yang, former Youku president, is assisting authorities with an investigation.
• Anta Sports: Recent loan activities and personnel changes.
• BAIC Motor: Daimler's potential plan to increase stake in joint venture.
• Bank of China: Potential transfer of Vientiane branch interests.
• China Merchants Bank: Plans to boost capital of a finance JV with Unicom.
• China Coal: Signed more long-term supply deals.
• CICC: Registered as GDR switching brokerage for China-U.K. Connect.
• China Moly: To take full control of an ex-Louis Dreyfus Metals unit.
• Glencore: Reached joint exploration deal with Vale.
• Great Wall Motor: Citigroup reduced its short position.
• Hengrui: Defends its valuation as a top generic drugmaker.
• Huatai Securities: Citigroup increased its short position.
• HSBC: JP Morgan expanded its reach in Benelux.
• Hopewell: Proposed company privatization.
• Maanshan Steel: Blackrock took a short position.
• Orient Securities: Spain's Mediapro and BeIN Sports won France's Ligue 2 soccer rights.
• Sands China: Proposed exchange of senior notes.
• Weichai Power: Signed a long-term pact with Ceres Power.
• Yonghui Superstores: Plans to buy a 1.5% stake in Wanda affiliate.
• Evergrande: Property contract sales in November reached 34.07B yuan.
• China Resources Land: Appointed Tang Yong as CEO.

Investment Ratings

Industry Investment Rating

• Overweight: Industry outperforms the market.
• Neutral: Industry performs about the same as the market.
• Underweight: Industry underperforms the market.

Company Investment Rating

• Buy: Company stock outperforms the market by more than 15%.
• Outperform: Company stock outperforms the market by 5% to 15%.
• Neutral: Company stock outperforms or underperforms the market by less than 5%.
• Underperform: Company stock underperforms the market by more than 5%.

Information Disclosure

• The Industrial Securities Co., Ltd. discloses information within its knowledge scope.
• Clients can refer to the "Insider Trading Prevention and Control" section on www.xyzq.com.cn for quiet period arrangements and affiliate shareholdings.

Analyst Certification

• The report is independently and objectively issued by the company, using legitimate information and professional research methods.
• The views expressed in the report reflect the personal opinions of the analysts.

Disclaimer

• The report is intended for the company's clients only.
• The company does not guarantee the authenticity, accuracy, or completeness of the information.
• The report is not an invitation to buy or sell securities.
• The company may have conflicts of interest and is not obligated to update the report.
• Independent investment consultants should be consulted before making investment decisions.