The pattern of "weak performance of the technology stocks" in the Hong Kong stock market is intensifying. What direction will the market take next?
① Currently, the profit growth of Hong Kong stocks mainly relies on the optimization of profit margins in the Technology Sector rather than revenue expansion. Does this imply that the foundation for sustained market growth in the future is relatively weak? ② For the "Adjustment of Technology Positions + Dividend Hedging" strategy proposed by CICC, how should investors balance the conflict between short-term volatility defense and long-term strategy adherence?
TRIP.COM-S (09961.HK) received a Shareholding increase of 0.4437 million shares from The Capital Group.
On March 28, Gelonghui reported that according to the latest equity disclosure information from the Stock Exchange, on March 25, 2025, TRIP.COM-S (09961.HK) was purchased by The Capital Group Companies, Inc. in the market at an average price of HKD 501.0 per share, involving an investment of approximately HKD 0.222 billion for 0.4437 million shares. After the shareholding increase, The Capital Group Companies, Inc.'s latest shareholding number is 68,468,999 shares, with the shareholding ratio rising from 9.95% to 10.02%.
Choosing between A-shares or Hong Kong stocks, Technology or non-Technology? Goldman Sachs' Research Reports respond to two major hot topics in investing in China.
① Currently, should investors continue investing in Hong Kong Stocks or shift to the A-share market? Should the focus be on the Technology Sector or shift to Consumer, Real Estate, and other non-Technology sectors? ② On Wednesday, Goldman Sachs' chief China Stocks strategist, Liu Jinjing, provided an analysis in his report.
[Brokerage Focus] CICC: With the further strengthening of stable growth policies, the Consumer sector is expected to gradually welcome a trend market.
According to the report by China International Capital Corporation and based on Wind Statistics, since the beginning of the year, the Consumer and CSI Consumer 360 index have risen by 0.5% and 1.4%, respectively. In the context of significant attention in the Technology growth sector, their overall performance is relatively mild, slightly better than the overall market (CSI 300 Index declined slightly by 0.5% during the same period). The bank indicated that recently, with the policy dividends in the consumer sector and marginal improvements in China's economic growth expectations, attention to the Consumer Sector has increased, but market volatility remains high. Considering the current macro environment, the overall allocation for the Consumer Sector may still be in a left-leaning phase, and there may still be periodic structural opportunities in the short to medium term (3-6 months).
New narratives in the travel market, a duet of OTAs moving downward and outward.
From this point, looking back at the CSI Consumer 360 index in 2024, the tourism Industry shows explosive growth, making it a leader and gradually establishing an important strategic position for the tourism Industry in the national economy.
Can the AI boom driven by Baidu's open-source large models and Tencent's chip purchases in the Hong Kong stock market continue?
① How does Baidu's strategy of freely opening up and planning to open source large models affect its long-term competitiveness in cloud business and ad monetization? ② Tencent's increased procurement of H20 chips to support the implementation of large models, does it mean that the domestic computing power infrastructure still highly relies on overseas supply chains?
