<p>大华银行凯基证券在一份研究报告中表示，4 月份，恒生指数和 MSCI 中国指数分别环比上涨 4% 和 3.5%。地缘政治紧张局势出现缓解迹象，而政治局会议则增强了对更强宏观政策支持的预期，特别是针对国内消费和稳定房地产市场。</p>
<p>投资者情绪略有改善。该券商对 5 月份的市场状况持谨慎乐观态度，认为下行风险可控。当前 MSCI 中国指数的预测市盈率为 11.2 倍，接近其历史平均水平。敏实集团 (00425.HK) -0.700 (-1.997%) 空头头寸 210 万美元；比例 10.242%，双环传动 (002472.SZ) +0.970 (+2.533%) 和携程集团-S (09961.HK) -6.400 (-1.535%) 空头头寸 5063 万美元；比例 7.536% 已被加入 “买入” 名单，而安踏体育 (02020.HK) -3.200 (-3.931%) 空头头寸 5554 万美元；比例 17.070%，中国免税品 (601888.SH) -0.330 (-0.500%) 和李宁 (02331.HK) -0.840 (-4.130%) 空头头寸 4548 万美元；比例 63.646% 则执行了止损操作。</p>
<p>此外，该券商维持对阿里巴巴-W (09988.HK) -0.500 (-0.380%) 空头头寸 5121.8 万美元；比例 26.186%，博恩药业 (06160.HK) +0.100 (+0.057%) 空头头寸 1898 万美元；比例 22.342%，富士康工业互联网 (601138.SH) -3.380 (-5.101%)，富途控股 (FUTU.US)，快手-W (01024.HK) -0.280 (-0.630%) 空头头寸 1158.1 万美元；比例 32.185%，纳尔科技 (002371.SZ) +26.280 (+5.146%)，腾讯 (00700.HK) -0.800 (-0.169%) 空头头寸 3193.5 万美元；比例 9.472% 和紫金矿业 (02899.HK) -0.300 (-0.838%) 空头头寸 1049.9 万美元；比例 18.223% 的买入评级。</p>
<p>关键推荐名单：</p>
<p>股票评级 目标价</p>
<p>阿里巴巴-W (09988.HK) -0.500 (-0.380%) 空头头寸 5121.8 万美元；比例 26.186% 买入 HKD192</p>
<p>博恩药业 (06160.HK) +0.100 (+0.057%) 空头头寸 1898 万美元；比例 22.342% 买入 HKD252</p>
<p>富士康工业互联网 (601138.SH) -3.380 (-5.101%) 买入 RMB89.5</p>
<p>富途控股 (FUTU.US) 买入 USD260</p>
<p>快手-W (01024.HK) -0.280 (-0.630%) 空头头寸 1158.1 万美元；比例 32.185% 买入 HKD82</p>
<p>敏实集团 (00425.HK) -0.700 (-1.997%) 空头头寸 210 万美元；比例 10.242% 买入 HKD56</p>
<p>纳尔科技 (002371.SZ) +26.280 (+5.146%) 买入 RMB608</p>
<p>双环传动 (002472.SZ) +0.970 (+2.533%) 买入 RMB52</p>
<p>腾讯 (00700.HK) -0.800 (-0.169%) 空头头寸 3193.5 万美元；比例 9.472% 买入 HKD728</p>
<p>双环传动 (002472.SZ) +0.970 (+2.533%) 买入 RMB624</p>
<p>紫金矿业 (02899.HK) -0.300 (-0.838%) 空头头寸 1049.9 万美元；比例 18.223% 买入 HKD50.6</p>
<p>(ss/u)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-05 12:25。)(A 股报价延迟至少 15 分钟。)(实时流式美国股票报价；除所有场外报价外，均延迟至少 15 分钟。)</p>
<p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而导致的任何损害或损失不承担任何责任。</p>

携程集团-S

携程网

敏实集团

<p>UOB Kay Hian 将敏实集团和携程集团-S 纳入其买入名单，理由是投资者情绪改善以及市场下行风险可控。MSCI 中国指数的预测市盈率为 11.2 倍，接近其历史平均水平。报告强调了地缘政治的持续缓和以及对国内消费和房地产市场的宏观政策支持。其他维持买入评级的股票包括阿里巴巴-W、BEONE MEDICINES 和腾讯，而安踏体育和李宁则采取了止损措施</p>

<p>UOB Kay Hian said in a research report that in April, the HSI and the MSCI China Index rose 4% and 3.5% MoM, respectively. Geopolitical tensions showed signs of easing, while the Politburo meeting reinforced expectations of stronger macro policy support, particularly targeting domestic consumption and stabilizing the property market.</p>
<div class="lb-trans"><p>大华银行凯基证券在一份研究报告中表示，4 月份，恒生指数和 MSCI 中国指数分别环比上涨 4% 和 3.5%。地缘政治紧张局势出现缓解迹象，而政治局会议则增强了对更强宏观政策支持的预期，特别是针对国内消费和稳定房地产市场。</p>
</div><p>Investor sentiment has improved slightly. The broker remains cautiously optimistic on market conditions in May, with downside risks seen as manageable. The MSCI China Index is currently trading at a forecast price-to-earnings ratio of 11.2x, close to its historical average. MINTH GROUP (00425.HK) -0.700 (-1.997%)  Short selling $2.10M; Ratio 10.242%  , SHUANGHUAN DRIVELINE (002472.SZ) +0.970 (+2.533%)  and TRIP.COM-S (09961.HK) -6.400 (-1.535%)  Short selling $50.63M; Ratio 7.536%  have been added to the &#34;Buy&#34; list, while stop-loss actions were executed on ANTA SPORTS (02020.HK) -3.200 (-3.931%)  Short selling $55.54M; Ratio 17.070%  , CHINA DUTY FREE (601888.SH) -0.330 (-0.500%)  and LI NING (02331.HK) -0.840 (-4.130%)  Short selling $45.48M; Ratio 63.646%  .</p>
<div class="lb-trans"><p>投资者情绪略有改善。该券商对 5 月份的市场状况持谨慎乐观态度，认为下行风险可控。当前 MSCI 中国指数的预测市盈率为 11.2 倍，接近其历史平均水平。敏实集团 (00425.HK) -0.700 (-1.997%) 空头头寸 210 万美元；比例 10.242%，双环传动 (002472.SZ) +0.970 (+2.533%) 和携程集团-S (09961.HK) -6.400 (-1.535%) 空头头寸 5063 万美元；比例 7.536% 已被加入 “买入” 名单，而安踏体育 (02020.HK) -3.200 (-3.931%) 空头头寸 5554 万美元；比例 17.070%，中国免税品 (601888.SH) -0.330 (-0.500%) 和李宁 (02331.HK) -0.840 (-4.130%) 空头头寸 4548 万美元；比例 63.646% 则执行了止损操作。</p>
</div><p>In addition, the broker maintained Buy ratings on BABA-W (09988.HK) -0.500 (-0.380%)  Short selling $512.18M; Ratio 26.186%  , BEONE MEDICINES (06160.HK) +0.100 (+0.057%)  Short selling $18.98M; Ratio 22.342%  , FOXCONN INDUSTRIAL INTERNET (601138.SH) -3.380 (-5.101%)  , Futu Holdings Limited (FUTU.US) , KUAISHOU-W (01024.HK) -0.280 (-0.630%)  Short selling $115.81M; Ratio 32.185%  , NAURA (002371.SZ) +26.280 (+5.146%)  , TENCENT (00700.HK) -0.800 (-0.169%)  Short selling $319.35M; Ratio 9.472%  and ZIJIN MINING (02899.HK) -0.300 (-0.838%)  Short selling $104.99M; Ratio 18.223%  .</p>
<div class="lb-trans"><p>此外，该券商维持对阿里巴巴-W (09988.HK) -0.500 (-0.380%) 空头头寸 5121.8 万美元；比例 26.186%，博恩药业 (06160.HK) +0.100 (+0.057%) 空头头寸 1898 万美元；比例 22.342%，富士康工业互联网 (601138.SH) -3.380 (-5.101%)，富途控股 (FUTU.US)，快手-W (01024.HK) -0.280 (-0.630%) 空头头寸 1158.1 万美元；比例 32.185%，纳尔科技 (002371.SZ) +26.280 (+5.146%)，腾讯 (00700.HK) -0.800 (-0.169%) 空头头寸 3193.5 万美元；比例 9.472% 和紫金矿业 (02899.HK) -0.300 (-0.838%) 空头头寸 1049.9 万美元；比例 18.223% 的买入评级。</p>
</div><p>Key Recommendation List:</p>
<div class="lb-trans"><p>关键推荐名单：</p>
</div><p>Stock Rating TP</p>
<div class="lb-trans"><p>股票评级 目标价</p>
</div><p>BABA-W (09988.HK) -0.500 (-0.380%)  Short selling $512.18M; Ratio 26.186%  Buy HKD192</p>
<div class="lb-trans"><p>阿里巴巴-W (09988.HK) -0.500 (-0.380%) 空头头寸 5121.8 万美元；比例 26.186% 买入 HKD192</p>
</div><p>BEONE MEDICINES (06160.HK) +0.100 (+0.057%)  Short selling $18.98M; Ratio 22.342%  Buy HKD252</p>
<div class="lb-trans"><p>博恩药业 (06160.HK) +0.100 (+0.057%) 空头头寸 1898 万美元；比例 22.342% 买入 HKD252</p>
</div><p>FOXCONN INDUSTRIAL INTERNET (601138.SH) -3.380 (-5.101%)  Buy RMB89.5</p>
<div class="lb-trans"><p>富士康工业互联网 (601138.SH) -3.380 (-5.101%) 买入 RMB89.5</p>
</div><p>Futu Holdings Limited (FUTU.US) Buy USD260</p>
<div class="lb-trans"><p>富途控股 (FUTU.US) 买入 USD260</p>
</div><p>KUAISHOU-W (01024.HK) -0.280 (-0.630%)  Short selling $115.81M; Ratio 32.185%  Buy HKD82</p>
<div class="lb-trans"><p>快手-W (01024.HK) -0.280 (-0.630%) 空头头寸 1158.1 万美元；比例 32.185% 买入 HKD82</p>
</div><p>MINTH GROUP (00425.HK) -0.700 (-1.997%)  Short selling $2.10M; Ratio 10.242%  Buy HKD56</p>
<div class="lb-trans"><p>敏实集团 (00425.HK) -0.700 (-1.997%) 空头头寸 210 万美元；比例 10.242% 买入 HKD56</p>
</div><p>NAURA (002371.SZ) +26.280 (+5.146%)  Buy RMB608</p>
<div class="lb-trans"><p>纳尔科技 (002371.SZ) +26.280 (+5.146%) 买入 RMB608</p>
</div><p>SHUANGHUAN DRIVELINE (002472.SZ) +0.970 (+2.533%)  Buy RMB52</p>
<div class="lb-trans"><p>双环传动 (002472.SZ) +0.970 (+2.533%) 买入 RMB52</p>
</div><p>TENCENT (00700.HK) -0.800 (-0.169%)  Short selling $319.35M; Ratio 9.472%  Buy HKD728</p>
<div class="lb-trans"><p>腾讯 (00700.HK) -0.800 (-0.169%) 空头头寸 3193.5 万美元；比例 9.472% 买入 HKD728</p>
</div><p>SHUANGHUAN DRIVELINE (002472.SZ) +0.970 (+2.533%)  Buy RMB624</p>
<div class="lb-trans"><p>双环传动 (002472.SZ) +0.970 (+2.533%) 买入 RMB624</p>
</div><p>ZIJIN MINING (02899.HK) -0.300 (-0.838%)  Short selling $104.99M; Ratio 18.223%  Buy HKD50.6</p>
<div class="lb-trans"><p>紫金矿业 (02899.HK) -0.300 (-0.838%) 空头头寸 1049.9 万美元；比例 18.223% 买入 HKD50.6</p>
</div><p>(ss/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-05 12:25.) (A Shares quote is delayed for at least 15 mins.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)</p>
<div class="lb-trans"><p>(ss/u)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-05 12:25。)(A 股报价延迟至少 15 分钟。)(实时流式美国股票报价；除所有场外报价外，均延迟至少 15 分钟。)</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而导致的任何损害或损失不承担任何责任。</p>
</div>

大华继显将 MINTH GROUP 和 TRIP.COM-S 加入买入名单