20220615-马银证券_香港_-每日港股简评_2页_161kb

报告摘要

Market Overview Summary

Core Content

The Hong Kong stock market experienced a V-shaped rebound on the previous trading day, despite an initial decline in the morning session following the U.S. markets' tumble and the S&P 500 entering a bear market on 14 June. The afternoon rally was supported by strong performance from some tech-related stocks. However, Tesla-related players saw a decline in selling price due to Elon Musk's statement about Tesla having a very tough quarter, with LK Tech (558 HK) dropping over 10%.

The Hang Seng Index closed flattish at 21,067 points with a daily turnover of HKD133 billion. In the near term, market attention will be focused on two key factors:

The COVID-19 situation in China
The FOMC meeting results, with expectations that the Fed may increase interest rates by 75 basis points in June.

Sector News Highlights

China Smartphone - 618 Festival Shows Strong Shipments

The 618 Festival saw strong shipment activity.
Apple, Xiaomi-W (1810 HK), and Honor recorded notable sales.
Apple reached RMB100 million in sales within 1 second of the promotion start in May.
Xiaomi also achieved RMB100 million within 1 second, with 160% YoY growth in the first 4 hours of sales.
Honor saw a >700% YoY surge in the first 4 hours of sales.
Mid- to high-end smartphones priced over RMB2,000 are less popular this year, with only 3 out of the top 100 best-selling smartphones falling into this category (compared to 8 in 2021).

Macau Gaming - Updates on the New Gaming Law

The latest version of the new gaming law draft was submitted by the government on 13 June.
Key provisions include:
- Cross-shareholding is not allowed for shareholders with 5% or more stake in a LicenseCo, unless through indirect means (e.g., via funds format).
- LicenseCos cannot be listed in all circumstances; currently, none of the six LicenseCos are listed.
- Junket can only receive commissions, while revenue sharing is prohibited.
- Junket can only serve one single concessionaire.
The Chairman of the Macau legislative assembly sub-committee stated that members had few comments on the last version of the law.
Comments are expected to be submitted to the government on 15 June, with the review of the draft law likely to be completed by 26 June.

China Basic Materials - Latest Price Updates

Shanghai copper price rose 0.2% WoW.
Shanghai aluminium price declined 0.2% WoW.
Shanghai HRC steel price was flattish WoW, while CRC steel price increased 0.1% WoW.
Cement price dropped 3.5% WoW to RMB334/t, with a third round of clinker price cuts observed in the YRD areas.
Coal price remained flattish WoW.
Glass fibre prices were flattish WoW, while float glass prices declined 2.1% WoW.
Linerboard and corrugated medium prices rose 0.1% and 0.9% WoW, respectively.

Company News Highlights

BYD Co. (1211 HK)

BYD NEV recorded record-high sales of 115,000 units in May (+148% YoY).
Market expects higher sales in the coming months due to:
- Competitive product value proposition.
- Ramp-up of new launches in May, including BYD Seal and Denza D9.
- Continuous product roll-out in H2 2022–2023, including Ocean series PHEV models and a new high-end brand.
On 8 June, BYD confirmed it will be a battery supplier to Tesla, though shipment timelines are not yet disclosed.
Market anticipates that external battery shipments in H2 2022–2023 will drive revenue growth and improve margins.

Pou Sheng (3813 HK)

May revenue amounted to RMB1.5 billion, a 19.1% YoY decline, but 27% MoM increase in RMB terms.
Market expects sequential improvement in late May due to:
- The kick-off of the 618 Festival.
- Tuen Ng Festival promotional campaigns.
- Recovery in offline traffic in certain regions.
Easing logistics disruptions is also expected to support sales recovery.
The recovery momentum is anticipated to continue through early June, driven by the calendar shift effect.
The trend aligns with sequential improvements observed in Topsports (6110 HK) and domestic sportswear brands.

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