20230519-中州国际证券-港股晨报_9页_621kb

报告摘要

The Hang Seng Index closed at 19,727 points, rising 167 points or 0.85%, supported by market recovery, regulatory changes like China's reduced deposit reserve rate, and global events including US-China relations and debt ceiling negotiations.
Key factors included rising US interest rates (Fed加息), inflation data, and ongoing risks like real estate debt and geopolitical tensions.
US markets gained ground due to positive economic indicators, such as better-than-expected unemployment figures and Fed policy.

ETFs: Energy-related funds underperformed due to falling oil prices; for instance, NYMEX crude oil dropped about 1.33%.
Stocks: China Petroleum (0857HK) demonstrated strong quarterly earnings with high dividend yield, despite revenue decline from lower oil prices.

Proposed mix: A diversified portfolio with 10 stocks reduces risk; includes growth, defensive, and dividend stocks across various sectors.

China Petroleum (0857HK): First-quarter profits surged 121% due to cost control, with a high dividend yield attractive to investors despite valuation below historical averages.

Upcoming: Hongxin Construction and Yidian Cloud set for potential listings in late May; these IPOs are viewed as moderate market interest.

Dollar and bond updates: US debt deal boosted markets; Chinese dollar bonds showed mixed results, with high-yield segments weak amid real estate concerns.