Daily Investment Strategy
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China Construction Bank (939): delivered a stellar performance in the first quarter of this year. Benefiting from improved liability costs, its net interest margin (NIM) expanded strongly by 7 to 8 basis points quarter-on-quarter, leading the industry and directly driving a robust 8.1% year-on-year growth in net interest income. Looking ahead, with optimized deposit pricing, downward pressure on NIM has significantly decreased. CCB possesses strong defensive characteristics, boasting a high dividend yield of over 5% and a leading Tier 1 capital adequacy ratio, making it an excellent choice for investors seeking high certainty and stable dividends.
The US and Iran reached a framework agreement to reopen the Strait of Hormuz
The US and Iran reached a framework agreement to reopen the Strait of Hormuz, leading to capital flows into high-risk assets such as tech giants, semiconductors, and cryptocurrencies. Meanwhile, a short squeeze heavily reliant on leveraged financing amplified overall market volatility. The Nasdaq surged 3%, and the Dow Jones Industrial Average closed at a record high. Western Digital jumped 16%, hitting a record high and leading the S&P 500 components.
Although the US-Iran peace agreement is imminent and tensions in the Strait of Hormuz are easing, global shipowners remain cautious about reopening the Hormuz shipping route. The agreement states that the reopening of the strait "must be supported by a verified security situation on the ground," and emphasizes that navigation will only resume after sufficient confidence in the security environment is achieved.
Hong Kong Stock Connect saw a net inflow of HK$2.11 billion on Monday, with Zhipu (02513) seeing the largest inflow at HK$2.29 billion, followed by Kingboard Laminates (01888) with a net inflow of HK$1.02 billion. Alibaba-W (09988) recorded the largest net outflow at HK$853 million, followed by CNOOC (00883) with a net outflow of HK$652 million.
Leung Kai Tong is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to https://apps.sfc.hk/publicregWeb/indi/ADU276/details). He and/or his associate do not have any financial interest in the recommended issuer or new listing applicant.
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