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BOCOM Int'l Research
Morning Express
28 April 2025
Focus of the Day
China Macro
Adapting to external changes, strengthening
domestic demand—April China Politburo
meeting commentary
Macro Strategy
Evan Li
Evan.Li@bocomgroup.com
On April 25, the Political Bureau of the CPC Central Committee convened to
analyze and study the current economic situation and economic work. Xi
Jinping, general secretary of the CPC Central Committee, presided over the
meeting.
It was noted at the meeting that the country has seen its economy improve
this year while addressing that the country faces increasing impact from
external shocks. It proposed forward-looking, targeted measures,
emphasizing that it is imperative to coordinate domestic economic work and
endeavors in the international economic and trade field and prioritizing
"stabilizing enterprises" to mitigate potential impacts of escalating tariff
disputes.
The meeting underscored the need for "more proactive and effective macro
policies." Key measures included timely adjustments to reserve requirement
ratios and interest rates, the introduction of new structural monetary policy
instruments, and quickening the issuance and utilization of local government
special-purpose bonds and ultra-long special treasury bonds. Flexibility and
coordination were highlighted, particularly in areas such as boosting
consumption and improving livelihoods.
Concrete actions were outlined at the meeting to stabilize expectations,
boost confidence, and provide a solid foundation for addressing external
uncertainties, maintaining economic stability, and advancing structural
transformation.
Baidu Inc
BIDU US
2025 Baidu Create AI Conference: AI application
exploration remains key direction for large
model implementation
Connie Gu, CPA
connie.gu@bocomgroup.com
On Apr 25, Baidu hosted the Create AI Developer Conference in Wuhan, officially
launching the ERNIE 4.5 Turbo and X1 Turbo models, which feature multimodal
capabilities, advanced reasoning, and low-cost efficiency. The event also
showcased the latest advancements in AI applications such as intelligent agents
and digital humans, along with the MCP ecosystem support program.
Global Stock Indices
Source: FactSet
Key Commodity/Forex Indicators
Source: FactSet
HSI Technical
HSI
21,980.74
50D MA
22,702.49
200D MA
21,093.40
14D RSI
Short sell (HK$m)
Source: FactSet
Close
1D%
YTD%
HSI
21,981
0.22
9.50
HSCEI
8,081
0.29
10.85
SH A
3,453
-0.07
-1.71
SH B
256
0.52
-4.20
SZ A
2,004
0.31
-2.13
SZ B
1,176
0.17
-3.03
DJIA
40,114
0.05
-5.71
S&P 500
5,525
0.74
-6.06
Nasdaq
17,383
1.26
-9.98
FTSE
8,415
0.09
2.96
CAC
7,536
0.45
2.11
DAX
22,242
0.81
11.72
Close
3M%
YTD%
Brent
66.56
-15.18
-10.75
Gold
3,282.40
18.19
24.84
Silver
33.34
8.09
15.33
Copper
9,416.50
2.15
8.16
JPY
143.98
8.15
9.16
GBP
1.33
6.59
6.26
EUR
1.14
8.09
9.79
bps change
3M
6M
HIBOR
4.58
0.00
0.00
US 10yr yield
4.26
-7.79
0.46
28 April 2025
Morning Express
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2
Baidu is committed to implementing large model technology through practical
applications and continues to explore commercialization pathways. While short-
term core business may face pressure, improvements in AI search upgrades and
commercialization progress are expected to drive sequential quarterly recovery.
We anticipate a YoY rebound in advertising revenue in 2H25E. The cloud
business, as the company’s second growth engine, benefits from strong GPU
demand, maintaining revenue momentum with an estimated 23% YoY growth in
1Q25E. Adjusted operating profit for core business is projected to see modest
QoQ improvement in 1Q25E, driven by revenue mix optimization and cloud profit
enhancement. Autonomous driving, as the third growth pillar, is expected to
expand further in 2025.
The stock is currently trading at 9.2x 2025E P/E, with cash reserves equivalent to
50% of its market value, making the valuation attractive. We maintain TP of
US$111/HK$107 (9888 HK) and Buy rating.
TAL Education
TAL US
Brand building investment increased in 4QFY25;
profitability improvement to be the top priority for
FY2026
CP: US$ 8.93
Upside: +48.9%
Connie Gu, CPA
connie.gu@bocomgroup.com
4QFY25 earnings results: Revenue at US$610m, up 42% YoY, largely in line
with our expectations. Adjusted operating loss stood at US$1.69m, compared
to our estimate/Bloomberg consensus of US$22m / US$25m, primarily due to
higher-than-expected online marketing expenses.
Our estimates for 4QFY25: Enrichment education business revenue
maintained rapid growth, driven by strong demand for Peiyou small class
enrichment programs as well as increased student enrollments contributed
from learning center expansion. Learning device sales continued healthy YoY
growth, with an expanding product portfolio to appeal to a wider user base.
Outlook & Valuation: We forecast in FY2026, total revenue will grow 30% to
US$2.9bn, and expect adjusted operating margin to exceed 7%, doubling
from FY2025, with ongoing cost reduction and efficiency improvement,
supported by AI technology. The stock currently trades at 18x FY2026E P/E,
offering attractive valuation. We maintain our TP of US$13.3 and Buy rating.
Rating:
Buy
TP: US$ 13.30
28 April 2025
Morning Express
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3
BYD Co
1211 HK
Strong performance in 1Q25, driven by strong
exports
CP: HK$ 397.00
Upside: +26.8%
Angus Chan
angus.chan@bocomgroup.com
BYD's 1Q25 revenue was RMB70.4bn, +36%YoY/-38% MoM, net profit of
RMB9.2bn, +100% YoY/-39% MoM, and core net profit of RMB8.2 bn,
+118%YoY/-41% MoM.
Despite1Q25 being an off-season, BYD's auto gross profit margin of 24%
exceeded market expectations, mainly benefited from strong growth in exports
on the ASP and GPM, while BYD's vertically integrated supply chain cost
maintains its edge.
Strong export growth should drive ASP and gross margin up, while smart driving
parity should consolidate sales in the domestic market.
With the support of exports and smart car models, we maintain our target of
sales of 5.23mn units in 2025, +23% YoY. In summary, we maintain our Buy rating
and TP HK$503.25.
Eve Energy
300014 CH
High growth in 1Q25 battery shipments,
improved power business profitability; maintain
Buy
CP: RMB 41.23
Upside: +37.1%
Joyce Li, PhD, CFA
joyce.li@bocomgroup.com
Strong growth in power and energy storage battery shipments, 37% YoY
revenue increase in 1Q25. The company achieved revenue of RMB 12.8
billion and non-deductible net profit of RMB 820 million in 1Q25, +37.3% and
16.6% YoY, respectively. This performance is primarily attributed to
significant increases in battery shipments during the period. Energy storage
and power battery shipments reached 12.7 GWh and 10.2 GWh, up 80.5%
and 57.6% YoY, respectively.
Overseas production capacity mitigates tariff uncertainties. Against the tariff
uncertainties, the Company’s early-mover advantage in overseas production
capacity is evident. The 1st phase of its consumer battery plant in Malaysia
commenced production in 1Q25, while the 2nd phase of its energy storage
plant is progressing steadily. Mass production is expected to begin by early
2026, bolstering global delivery capabilities.
Positive development across three business segments; maintain Buy. Power
battery: profitability is anticipated in 2025. Energy storage: leveraging technology
and scale advantages, the company ranked second globally in energy storage
shipments in 2024. Its flagship "Mr. Big" 600Ah+ energy storage battery core is
Rating:
Buy
TP: HK$ 503.25
Rating:
Buy
TP: RMB 56.51
28 April 2025
Morning Express
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4
poised to enhance competitiveness further. Consumer battery: with the
Malaysian plant operational, production bottlenecks have eased. Revenue in this
segment is expected to maintain steady growth in 2025. Based on DCF model, we
maintain TP of RMB 56.51 and Buy rating.
Sungrow Power Supply
300274 CH
1Q25 results significantly beat; sharp stock
pullback has priced in current uncertainties
CP: RMB 58.82
Upside: +23.3%
Bob Wen, CPA
bob.wen@bocomgroup.com
Sungrow's profit was RMB 11bn in 2024, up 17% YoY, with Q4 profit at RMB
3.44bn, up 55% YoY. 1Q25 profit surged 83% YoY to RMB 3.83bn, significantly
beating our and market expectations.
In 2024, ESS revenue was RMB 25bn, up 40% YoY; shipments reached 28 GWh, a
surge of 167%; gross margin was 36.7%, improving 4.1 ppts YoY despite a high
base. 1Q25 ESS shipments were 12 GWh, hitting another new quarterly record,
surging 470% YoY.
In light of the robust 1Q performance amid the uncertainties of tariffs and
competition, we raise 2025E EPS estimate by 4% while lowering 2026E estimate
by 7%. We lower the valuation benchmark from 16.5x 2025 P/E to 12x, and cut
TP to RMB 72.50 (from RMB 104.80). We believe the sharp stock price pullback
has priced in current uncertainties. Maintain Buy.
Rating:
Buy
TP: RMB 72.50↓
28 April 2025
Morning Express
Download our reports from Bloomberg: BOCM or https://research.bocomgroup.com
5
Economic data releases for this week – US
Economic data releases for this week – China
Date
Event
Survey
Prior
Date
Event
Survey
Prior
29 Apr
JOLTS Job Openings (Mar)
7.57M
29 Apr
Manufacturing PMI (Apr)
50.5
30 Apr
GDP (QoQ) (Q1)
0.4%
2.4%
29 Apr
Non-Manufacturing PMI (Apr)
50.8
Source: Bloomberg
Source: Bloomberg
BOCOM Research latest reports
In-depth reports
3 Dec
BOCOM Int’l Research - Pioneering Change and Embracing the New
BOCOM Int'l Research
29 Nov
Renewable Energy Sector - 2025 Outlook: Prefer defensive plays amid rebalancing of fundamentals and policy expectation
Wallace Cheng, Bob Wen, CPA
28 Nov
Consumer Sector - Outlook 2025: consumer continues to recover moderately, capitalizing on structural opportunities
Kay Tan, FRM
28 Nov
Internet Sector - 2025 outlook: Bullish on demand recovery; recommend leading platforms with attractive valuation
Connie Gu, CPA, Brandy Sun, Li Zhao, CFA, Hanna Cai,
28 Nov
Technology Sector - 2025 outlook: will AI continues to stand out alone or will tech flourish in great diversity
Dawei Wang, PhD, CFA, Carrie Tong
28 Nov
Automobile Sector - 2025 Outlook: Extended-range/plug-in hybrid EV and smart driving at full gear
Angus Chan, Joyce Li, PhD, CFA
27 Nov
Healthcare Sector - 2025 Outlook: The turning point has arrived; multiple policy tailwinds ahead
Ethan Ding, Gloria Zhuge
26 Nov
Financials Sector - 2025 Outlook: Balancing elasticity and defensiveness
Li Wan, CFA, FRM
26 Nov
Property Sector - 2025 outlook: Stabilizing with modest recovery
Philip Tse, CFA, FRM
26 Nov
Global Macro - 2025 Outlook: Plan before acting
Carl Cai, CFA, Evan Li, Alan Qian
7 Apr
Global Macro – Tariff shocks: external pressure and structural support
Evan Li
3 Apr
Global Macro – “Reciprocal” tariffs – anything but
Evan Li
2 Apr
Humanoid Robot Sector - Humanoid Robot Series (1) Industry leap: the resonance of policy incentives, technology inflection
and scenario revolution
Angus Chan, Joyce Li, PhD, CFA
2 Apr
Macro Strategy - Await rebound with balanced allocation
Evan Li, Alan Qian
1 Apr
Monthly pick - April top picks: As global uncertainty rises, stay patient for good timing to strike
BOCOM Int’l Research Team
31 Mar
Global Macro - The phantom of the Mar-a-Lago Accord: Trump’s reform ideals and reality check
Evan Li
20 Mar
Global Macro - Challenges to interest rate cuts under stagflation – comments on Mar FOMC meeting
Evan Li
Daily reports
24 Apr
New Oriental (9901 HK)- Overseas business may still face pressure, while cost reduction and efficiency improvements may materialize in
4QFY25
Connie Gu, CPA, Brandy Sun, Li Zhao, CFA, Hanna Cai
24 Apr
iQIYI Inc (IQ US)- Focus on marginal improvement in drama series and effectiveness of mini drama investments
Li Zhao, CFA, Connie Gu, CPA, Brandy Sun, Hanna Cai
23 Apr
NVIDIA Corporation (NVDA US)- Impact of export control exceeds expectations, cut earnings forecast/TP
Dawei Wang, PhD, CFA, Carrie Tong
23 Apr
Akeso Inc (9926 HK)- Second head-to-head phase III trial of Ivonescimab has succeeded, and first autoimmune product has been
approved; lift TP
Ethan Ding, Gloria Zhuge
23 Apr
Gaotu Techedu (GOTU US)- 1Q25 result may beat; profitability continues to improve
Connie Gu, CPA, Brandy Sun, Li Zhao, CFA, Hanna Cai
22 Apr
Automobile Sector- 2025 Auto Shanghai preview: tech innovation drives smartification; large SUVs emerge as a new battlefield
Angus Chan, Joyce Li, PhD, CFA
17 Apr
Prologis (PLD US)- 1Q25 results in line with expectation with demand remained resilient
Philip Tse, CFA, FRM
17 Apr
Internet Sector - Cost optimization capabilities and platform operations in instant retail are key to maintain stable market share
Connie Gu, CPA, Brandy Sun, Li Zhao, CFA, Hanna Cai
16 Apr
Internet Sector Monthly - Electronic category growth accelerated in March, with e-commerce platforms expected to achieve steady
growth in 1Q25
Connie Gu, CPA, Brandy Sun, Li Zhao, CFA, Hanna Cai
15 Apr
Hainan Drinda New Energy Technology (002865 CH) - 1Q losses narrow significantly QoQ; “reciprocal tariffs” to strengthen Oman
capacity’s advantage
Bob Wen, CPA, Wallace Cheng
15 Apr
CATL (300750 CH) - Solid 1Q results, bullish on business growth in non-US markets; maintain Buy
Joyce Li, PhD, CFA, Angus Chan
15 Apr
Ninebot (689009 CH) - Two-wheeled vehicle and robotics business performance outstanding, high dividends show confidence in
development; maintain Buy
Angus Chan, Joyce Li, PhD, CFA
14 Apr
Banking Sector - New loans and social financing both beat expectations, and M1 growth further rebounded
Li Wan, CFA, FRM
14 Apr
Battery Sector Monthly - Battery supply and demand strong in 1Q; tariff to affect storage battery export to US in short term
Angus Chan, Joyce Li, PhD, CFA
14 Apr
China Overseas Property (2669 HK) - Management scale expansion to support steady growth, maintain Buy
Philip Tse, CFA, FRM, Gloria Zhuge
11 Apr
JD Logistics (2618 HK) - Expecting 1Q25 results in line with expectations, overseas tariffs pose neutral impact
Brandy Sun, Connie Gu, CPA, Li Zhao, CFA, Hanna Cai
11 Apr
JD (JD US) - Expect 1Q25 performance to continue 4Q trends, profit may beat
Brandy Sun, Connie Gu, CPA, Li Zhao, CFA, Hanna Cai
11 Apr
Technology Sector Monthly - Market volatility rises, focus on certain factors in an uncertain environment
Dawei Wang, PhD, CFA, Carrie Tong
10 Apr
Property Sector Monthly - Expect market recovery to continue after post-CNY rebound
Philip Tse, CFA, FRM, Gloria Zhuge
10 Apr
Li Ning (2331 HK) - Specialty category maintains high growth; management expects stable revenue and gross margin in 2025
Kay Tan, FRM
10 Apr
Auto Sector Monthly - Auto sales rebound in March, trade-in + auto show as catalyst, optimistic about April sales
Angus Chan, Joyce Li, PhD, CFA
10 Apr
Renewable Energy Sector - Limited impact from tariffs on solar manufacturing; renewable operators with high dividend yield should be
more defensive
Wallace Cheng, Bob Wen, CPA
9 Apr
Consumer Sector - Dairy, sportswear, home appliances could be tariff safe havens
Kay Tan, FRM
8 Apr
Internet Sector - 1Q25 domestic mobile game grossing +5% YoY; eyes on new game launches and valuation repair underpinned by
solid business
Connie Gu, CPA, Brandy Sun, Li Zhao, CFA, Hanna Cai
8 Apr
Link REIT (823 HK) - HK retail remained largely stable; correction provides accumulation opportunities
Philip Tse, CFA, FRM
Source: BOCOM Int'l
28 April 2025
Morning Express
Download our reports from Bloomberg: BOCM or https://research.bocomgroup.com
6
HSI constituents
Source: FactSet
Company
Stock
Current
Mkt
5D
YTD
--------52-week--------
------------------P/E------------------
Yield
P/B
name
code
price
cap
chg
chg
High
Low
2024
2025E
2026E
2025E
2025E
(HK$)
(HK$ m)
(%)
(%)
(HK$)
(HK$)
(x)
(x)
(x)
(%)
(x)
CKH
1 HK
43.25
165,649
2.61
4.22
51.55
36.55
7.90
7.44
7.15
5.40
0.29
CLP
2 HK
65.90
166,493
1.78
0.92
71.50
61.30
14.15
13.29
12.84
4.85
1.52
HK & CHINA GAS
3 HK
7.01
130,806
1.59
12.88
7.01
5.74
23.27
20.76
19.97
5.01
2.23
HSBC
5 HK
85.35
1,508,399
5.63
12.60
92.05
62.05
8.38
8.37
7.93
6.05
1.11
POWER ASSETS
6 HK
50.75
108,154
3.26
-6.37
54.95
41.30
17.54
16.95
16.54
5.60
1.21
HANG SENG
11 HK
104.80
197,262
5.06
9.68
115.20
88.75
11.13
11.49
11.39
6.55
1.21
HENDERSON
12 HK
21.55
104,332
3.11
-8.69
27.25
19.88
10.57
11.73
11.14
8.43
0.32
SHKP
16 HK
72.35
209,654
2.05
-3.08
91.05
65.70
9.63
9.27
9.25
5.19
0.34
GALAXY ENT
27 HK
28.25
123,543
3.29
-14.39
43.30
25.55
14.05
12.58
11.28
3.91
1.52
MTRC
66 HK
26.40
164,080
2.13
-2.58
30.45
23.95
9.36
9.38
10.19
4.98
0.84
HLP
101 HK
6.26
29,946
3.30
0.48
9.04
5.33
9.22
9.55
9.53
8.41
0.22
GEELY
175 HK
15.98
161,046
3.10
7.83
18.98
7.47
9.02
10.91
8.76
3.18
1.49
ALI HEALTH
241 HK
4.65
74,773
1.75
40.06
6.15
2.75
36.21
29.13
24.44
0.00
3.76
CITIC LTD
267 HK
9.20
267,631
3.14
-0.11
11.04
6.95
4.35
3.84
3.68
7.00
0.31
BYD ELECTRONICS
285 HK
34.75
78,299
8.42
-17.36
60.60
25.05
N/A
N/A
N/A
N/A
N/A
WH GROUP
288 HK
6.86
88,015
1.48
14.14
7.29
4.92
7.14
7.48
7.25
6.74
1.01
CR BEER
291 HK
27.50
89,215
-1.43
8.91
38.60
22.10
17.80
15.68
14.20
3.81
2.44
OOIL
316 HK
107.70
71,122
1.51
-6.43
143.50
92.40
3.48
N/A
N/A
N/A
N/A
TINGYI
322 HK
13.80
77,755
0.29
36.36
13.80
8.67
N/A
N/A
N/A
N/A
N/A
SINOPEC
386 HK
3.93
94,357
1.03
-11.69
5.43
3.76
9.12
8.19
7.68
7.73
0.53
HKEX
388 HK
338.60
427,957
2.17
14.86
393.80
220.80
32.83
29.89
28.51
2.98
7.73
TECHTRONIC
669 HK
78.80
143,696
3.62
-23.12
121.80
72.05
16.47
13.97
11.70
3.24
2.59
COLI
688 HK
14.32
156,731
-0.42
15.48
18.32
10.70
9.44
9.44
8.82
3.85
0.38
TENCENT
700 HK
478.20
4,361,485
4.41
14.68
544.00
347.20
18.43
16.86
15.07
1.02
3.51
UNICOM
762 HK
8.69
265,897
0.12
17.59
10.82
5.87
12.21
11.22
10.22
5.55
0.67
LINK
823 HK
35.70
92,810
2.15
8.68
40.35
29.90
13.55
13.59
13.54
7.50
0.52
CR POWER
836 HK
18.74
97,018
1.63
-0.74
25.00
16.76
6.55
6.35
5.68
6.48
0.88
PETROCHINA
857 HK
5.78
121,952
1.94
-5.40
8.54
5.20
6.03
5.99
5.93
8.33
0.63
XINYI GLASS
868 HK
7.14
31,110
3.63
-9.51
11.46
6.58
8.36
8.17
7.58
5.84
0.81
ZHONGSHENG
881 HK
11.58
27,558
1.94
-17.05
18.94
8.53
8.15
N/A
N/A
N/A
N/A
CNOOC
883 HK
16.86
750,944
0.24
-11.82
23.50
15.62
5.47
5.37
5.23
8.27
0.91
CCB
939 HK
6.82
1,733,636
2.25
5.25
6.98
4.97
7.08
N/A
N/A
N/A
N/A
CHINA MOBILE
941 HK
80.85
1,672,099
-3.23
5.55
85.00
69.10
11.86
11.31
10.77
6.53
1.15
LONGFOR
960 HK
10.62
72,282
-0.19
6.20
18.76
7.67
6.39
12.91
10.37
2.22
0.42
XINYI SOLAR
968 HK
2.61
23,695
2.35
-16.88
5.86
2.36
21.52
11.76
8.65
4.19
0.73
SMIC
981 HK
45.05
270,178
-2.07
41.67
57.80
15.30
99.56
58.03
45.82
0.00
2.21
LENOVO
992 HK
8.84
109,658
9.41
-12.30
13.60
7.50
N/A
N/A
N/A
N/A
N/A
KUAISHOU
1024 HK
50.75
181,219
1.40
22.73
66.35
38.15
13.32
11.29
9.21
0.00
2.54
CK INFRA
1038 HK
51.75
130,390
4.97
-10.39
58.20
42.50
15.75
14.76
13.45
5.13
0.96
HENGAN
1044 HK
20.80
24,172
0.24
-7.35
28.95
20.00
9.73
9.61
9.29
7.28
1.05
SHENHUA
1088 HK
30.80
104,026
-0.81
-8.33
40.30
28.50
9.27
10.75
10.64
6.90
1.32
CSPC
1093 HK
6.11
70,310
9.89
27.82
7.12
4.34
15.65
13.61
12.83
4.16
1.93
SINOPHARM
1099 HK
17.42
23,374
-1.91
-18.22
23.55
16.06
N/A
N/A
N/A
N/A
N/A
CR LAND
1109 HK
27.10
193,248
-0.91
20.18
32.85
19.12
7.12
7.13
6.87
4.98
0.63
CKA
1113 HK
31.55
110,418
3.78
-1.10
36.80
29.00
9.40
8.26
7.86
5.72
0.28
SBP
1177 HK
3.95
72,347
7.63
23.44
4.15
2.60
19.12
20.78
19.25
1.56
1.97
CHINA RES MIXC
1209 HK
36.95
84,338
2.07
27.85
39.45
21.25
22.20
19.67
17.14
3.45
4.54
BYD
1211 HK
397.00
945,135
8.47
48.91
424.20
206.60
26.52
20.21
16.35
1.43
4.65
AIA
1299 HK
55.05
586,642
1.47
-2.22
74.55
49.95
11.60
10.79
9.76
3.35
1.74
CHINA HONGQIAO
1378 HK
13.76
129,067
3.61
17.01
16.08
9.08
5.41
5.53
5.23
10.38
1.04
HANG SENG INDEX
21,980.74
29,435,680
2.74
9.58
24,771.14
16,647.34
15.04
13.75
12.20
3.34
2.29
28 April 2025
Morning Express
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7
HSCEI constituents
Source: FactSet
Company
Stock
Closing
Mkt
5D
YTD
--------52-week--------
------------------P/E------------------
Yield
P/B
name
code
price
cap
chg
chg
High
Low
2024
2025E
2026E
2025E
2025E
(HK$)
(HK$ m)
(%)
(%)
(HK$)
(HK$)
(x)
(x)
(x)
(%)
(x)
N/A
N/A
149.10
87,470
0.74
-1.45
215.40
136.60
12.98
11.25
10.05
3.71
1.64
GEELY
175 HK
15.98
161,046
3.10
7.83
18.98
7.47
9.02
10.91
8.76
3.18
1.49
CITIC LTD
267 HK
9.20
267,631
3.14
-0.11
11.04
6.95
4.35
3.84
3.68
7.00
0.31
CR BEER
291 HK
27.50
89,215
-1.43
8.91
38.60
22.10
17.80
15.68
14.20
3.81
2.44
SINOPEC
386 HK
3.93
94,357
1.03
-11.69
5.43
3.76
9.12
8.19
7.68
7.73
0.53
COLI
688 HK
14.32
156,731
-0.42
15.48
18.32
10.70
9.44
9.44
8.82
3.85
0.38
TENCENT
700 HK
478.20
4,361,485
4.41
14.68
544.00
347.20
18.43
16.86
15.07
1.02
3.51
UNICOM
762 HK
8.69
265,897
0.12
17.59
10.82
5.87
12.21
11.22
10.22
5.55
0.67
PETROCHINA
857 HK
5.78
121,952
1.94
-5.40
8.54
5.20
6.03
5.99
5.93
8.33
0.63
CNOOC
883 HK
16.86
750,944
0.24
-11.82
23.50
15.62
5.47
5.37
5.23
8.27
0.91
CCB
939 HK
6.82
1,733,636
2.25
5.25
6.98
4.97
7.08
N/A
N/A
N/A
N/A
CHINA MOBILE
941 HK
80.85
1,672,099
-3.23
5.55
85.00
69.10
11.86
11.31
10.77
6.53
1.15
SMIC
981 HK
45.05
270,178
-2.07
41.67
57.80
15.30
99.56
58.03
45.82
0.00
2.21
LENOVO
992 HK
8.84
109,658
9.41
-12.30
13.60
7.50
N/A
N/A
N/A
N/A
N/A
KUAISHOU
1024 HK
50.75
181,219
1.40
22.73
66.35
38.15
13.32
11.29
9.21
0.00
2.54
SHENHUA
1088 HK
30.80
104,026
-0.81
-8.33
40.30
28.50
9.27
10.75
10.64
6.90
1.32
CSPC
1093 HK
6.11
70,310
9.89
27.82
7.12
4.34
15.65
13.61
12.83
4.16
1.93
CR LAND
1109 HK
27.10
193,248
-0.91
20.18
32.85
19.12
7.12
7.13
6.87
4.98
0.63
BYD
1211 HK
397.00
945,135
8.47
48.91
424.20
206.60
26.52
20.21
16.35
1.43
4.65
ABC
1288 HK
4.71
2,029,579
4.43
6.32
5.06
3.20
5.95
N/A
N/A
N/A
N/A
ICBC
1398 HK
5.47
2,542,637
2.24
4.99
5.74
4.11
5.22
N/A
N/A
N/A
N/A
J&T
1519 HK
5.88
46,988
7.10
-4.08
8.75
4.68
N/A
N/A
N/A
N/A
N/A
PSBC
1658 HK
4.77
476,007
-1.04
4.15
5.33
3.95
5.52
N/A
N/A
N/A
N/A
XIAOMI
1810 HK
47.70
980,302
13.71
38.26
58.20
15.82
48.72
33.07
25.24
0.00
5.16
LI AUTO
2015 HK
90.95
306,347
1.45
-3.19
128.70
69.15
17.30
17.73
12.51
0.00
2.19
ANTA
2020 HK
92.40
256,459
2.78
18.69
106.30
65.90
15.85
17.86
15.86
2.86
3.48
SHENZHOU
2313 HK
52.90
79,520
5.69
-14.68
86.20
46.00
11.96
11.31
10.09
5.28
1.92
PING AN
2318 HK
45.95
924,296
4.91
-0.22
59.70
32.85
6.14
5.79
5.38
6.16
0.75
MENGNIU
2319 HK
19.26
75,391
-1.23
9.68
22.15
12.02
669.87
13.60
12.22
3.43
1.59
PICC P&C
2328 HK
14.02
96,728
2.19
14.36
15.10
9.09
9.14
8.52
7.92
4.40
1.05
SUNNY OPTICAL
2382 HK
65.05
70,674
6.55
-5.52
93.90
38.15
24.29
N/A
N/A
N/A
N/A
CHINA LIFE
2628 HK
14.00
912,706
2.34
-4.63
20.55
10.10
3.48
4.28
4.20
4.94
0.67
ENN
2688 HK
61.30
68,120
0.66
9.76
79.30
45.25
10.91
9.09
8.34
5.23
1.34
ZIJIN MINING
2899 HK
17.10
102,409
-0.70
20.93
19.66
13.78
13.51
10.66
9.42
2.96
2.51
BOCOM
3328 HK
6.73
235,630
1.51
5.32
7.10
5.14
5.47
5.34
5.18
6.00
0.46
MEITUAN
3690 HK
127.60
700,639
-6.52
-15.89
213.40
102.10
16.98
14.51
11.71
0.00
3.39
CMB
3968 HK
44.25
1,126,573
2.08
10.63
50.55
28.90
7.36
N/A
N/A
N/A
N/A
BOC
3988 HK
4.34
1,631,935
-2.25
9.32
4.76
3.29
7.77
N/A
N/A
N/A
N/A
BEIGENE
6160 HK
149.40
417,942
6.94
36.81
171.30
85.20
N/A
308.64
57.31
0.00
7.88
JD HEALTH
6618 HK
35.80
114,548
1.27
27.40
40.80
19.82
25.60
31.58
27.08
0.00
1.83
HAIER
6690 HK
22.35
226,465
3.23
-18.73
35.75
19.82
10.31
9.25
8.33
5.37
1.58
HAIDILAO
6862 HK
18.02
97,578
3.56
13.33
20.40
11.80
N/A
N/A
N/A
N/A
N/A
JD.COM
9618 HK
123.80
324,508
-11.06
-8.97
185.10
96.95
7.45
6.87
6.39
3.25
1.29
NONGFU SPRING
9633 HK
36.60
184,269
-0.14
7.81
47.95
24.35
32.05
27.86
24.68
2.52
10.30
XPENG
9868 HK
77.75
120,708
5.71
66.67
97.45
26.05
N/A
N/A
58.12
0.00
4.66
BAIDU
9888 HK
87.60
196,159
6.12
5.93
115.20
75.50
8.22
8.68
7.91
0.00
0.76
NEW ORIENTAL
9901 HK
36.20
59,197
2.40
-26.05
69.80
32.85
20.33
16.56
13.23
0.00
1.80
TRIP.COM
9961 HK
450.40
290,567
0.13
-16.59
586.00
310.20
15.93
16.02
13.96
0.00
1.78
ALIBABA
9988 HK
115.60
2,214,332
6.35
40.29
143.40
70.45
12.91
11.72
10.56
0.86
1.67
NETEASE
9999 HK
164.80
523,924
4.11
19.08
166.30
119.40
14.54
13.58
12.69
2.42
3.00
HANG SENG CHINA ENT INDX
8,080.54
26,816,401
2.32
10.85
9,177.80
5,852.61
14.39
14.73
12.50
2.77
2.43
28 April 2025
Morning Express
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Analyst Stock Rating:
Analyst Industry Views:
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corresponding industry over the next 12 months.
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28 April 2025
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