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Q Tech(1478): The company's performance is stable, and it is currently in a period of painful transformation. Although the smartphone business has been affected by the industry cycle slowdown, leading to a downward revision of profit expectations, the company is actively expanding into high-growth areas such as automotive and IoT, and the penetration rate of high-end products continues to increase. Until non-smartphone businesses are sufficient to offset the sluggish smartphone market and drive a significant profit recovery, the market outlook remains neutral. Investors need to pay attention to the progress of the diversification transformation.
Investor sentiment is becoming more cautious, during "Silent period" of the Fed interest rate decision
On Tuesday, the three major U.S. stock indexes all rose slightly, with the S&P 500 and Nasdaq closing up 0.25% and 0.47%, respectively. The market is currently in a "silent period" ahead of the Federal Reserve's interest rate decision, and investor sentiment is becoming more cautious. Brent crude oil remains at high level, driven by escalating geopolitical tensions with Iran and attacks on oil and gas facilities in the UAE, leading the energy sector to lead the market gains. In the technology sector, AI demand remains the core support, with Micron Technology (MU) surging over 4% ahead of its earnings report, offsetting the pressure from Nvidia's slight decline. In the bond market, the 10-year U.S. Treasury yield fell slightly to 4.20%, reflecting safe-haven flows amid policy uncertainty. In the short term, market focus will be entirely on the Federal Reserve's latest guidance on the future path of interest rate cuts.
Hong Kong Stock Connect saw a net outflow of HK$11.481 billion on Tuesday, with Bright Smart Securities (01428) experiencing the largest inflow at HK$1.23 billion, followed by Xiaomi Group-W (01810). The Tracker Fund of Hong Kong (02800) recorded the largest net outflow at HK$8.82 billion, followed by the Hang Seng China Enterprises Fund (02828).
Markets awaited the FOMC meeting, resulting in volatile trading in Hong Kong stock market. The HSI opened 54 points higher but then turned lower, closing down 43 points or 0.2% at 25,825; the HSCEI fell 54 points or 0.6% to 8,772; and the HSTECH dropped 41 points or 0.8% to 5,066. Total market turnover shrank to HK$109.0bn. Tencent Music (1698) saw its share price plummet 22.7% after its net profit margin guidance fell short of expectations and it announced a reduction in the disclosure of key indicators starting next quarter. Kingdee (0268) reported a full-year net profit of RMB 92.9mn, turning a loss into a profit, and its share price rose 4%.
Source: KGI Investment Products and Solutions Department
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Despite softer U.S. employment data and stable CPI, rising oil prices have renewed inflation concerns...