<p>花旗发布了一份研究报告，表示对 2026 年下半年中国股市的前景持谨慎乐观态度，偏好科技和出口行业，并将保险行业的投资评级从 “中性” 上调至 “增持”。该行预计保险公司将受益于来自股票的更高投资收益以及银行存款流入保险产品。花旗将 2026 年底恒生指数、CSI 300 指数和 MSCI 中国指数的目标分别设定为 29,600 点（较之前的 30,000 点下调 1.3%）、5,600 点和 92.0，并引入了 2027 年上半年恒生指数 30,500 点的目标。花旗表示，考虑到科技股的权重较重以及 A 股市场流动性更为充裕，它在 2026 年下半年更倾向于 A 股而非 H 股。</p>
<p>在行业配置方面，花旗对科技、基础材料、医疗保健和互联网行业维持 “增持” 评级，但由于盈利增长放缓，将互联网行业的权重下调了 5.3 个百分点至 36.5%。该行还将金融行业的权重上调了 1.6 个百分点至 12.1%，理由是香港的 IPO 管道强劲和市场成交活跃。花旗指出，其对恒生指数 2026 年每股收益增长的预测已加速至 9.9% 的同比增长，主要受能源和原材料行业的推动，而对科技、互联网和汽车行业的预测则下调。小米集团（01810.HK）-0.080（-0.252%）空头头寸$838.04M；比例 16.151%，阿里巴巴（09988.HK）+5.100（+3.840%）空头头寸$2.09B；比例 8.965%，美团（03690.HK）-1.900（-2.169%）空头头寸$1.51B；比例 32.181% 被认为是盈利下调的主要贡献者。</p>
<p>在个股层面，花旗更新了 H 股的买入名单，保留了腾讯（00700.HK）-2.400（-0.519%）空头头寸$3.20B；比例 17.434%（目标价 HKD783）、友邦保险（01299.HK）+0.750（+0.863%）空头头寸$656.57M；比例 27.826%（目标价 HKD103）、恒瑞医药（01276.HK）-2.450（-3.558%）空头头寸$61.84M；比例 22.448%（目标价 HKD134）和 Trip.com Group Limited（TCOM.US）（目标价 USD82）。它还新增了 MMG（01208.HK）-0.270（-2.542%）空头头寸$28.78M；比例 7.534%（目标价 HKD11.2）、中金公司（03908.HK）-0.380（-1.772%）空头头寸$11.62M；比例 5.013%（目标价 HKD27.66）、Montage Tech（06809.HK）-18.600（-3.713%）（目标价 HKD305）和 ASMPT（00522.HK）-10.000（-5.485%）空头头寸$41.33M；比例 6.981%（目标价 HKD180），替换了某些硬件名称和紫金矿业。该行对中金公司受益于 A 股公司双重上市潮持积极态度，并预计 2027 年后热压结合和光子学的新机会将成为 ASMPT 的关键增长驱动力。</p>
<p>此外，花旗分析了中东冲突缓解对香港上市股票的潜在影响。下游消费、工业和公用事业类股票如申洲国际（02313.HK）+1.260（+2.719%）空头头寸$48.53M；比例 15.256%、悦达投资（00551.HK）+0.030（+0.202%）空头头寸$40.85M；比例 42.726%、恒安国际（01044.HK）-0.280（-1.047%）空头头寸$19.73M；比例 27.861%、泡泡玛特（09992.HK）-4.400（-2.735%）空头头寸$1.40B；比例 31.543%、新秀丽（01910.HK）+0.340（+2.484%）空头头寸$13.43M；比例 8.215%、CTF 服务（00659.HK）+0.080（+0.950%）空头头寸$314.83K；比例 2.061% 和 ENN 能源（02688.HK）+0.350（+0.585%）空头头寸$11.01M；比例 7.929% 可能会受益于较低的能源和物流成本。</p>
<p>相比之下，汽车股如比亚迪（01211.HK）0.000（0.000%）空头头寸$413.81M；比例 20.201%、吉利汽车（00175.HK）-0.120（-0.561%）空头头寸$218.14M；比例 16.867% 和长城汽车（02333.HK）-0.270（-2.306%）空头头寸$17.89M；比例 10.525% 可能面临压力，因为油价下跌可能削弱对新能源车的需求。</p>
<p>花旗的 H 股 “卖出” 名单包括华能电力（00902.HK）-0.280（-4.064%）空头头寸$98.11M；比例 22.407%（目标价 HKD4.6）、中国燃气（00836.HK）-0.260（-1.260%）空头头寸$26.46M；比例 9.194%（目标价 HKD17.5）、徽商银行（03698.HK）0.000（0.000%）空头头寸$1.36M；比例 1.793%（目标价 HKD4）、比亚迪电子（00285.HK）+0.140（+0.489%）空头头寸$61.85M；比例 20.905%（目标价 HKD22.6）、新濠国际（00880.HK）0.000（0.000%）空头头寸$4.77M；比例 35.623%（目标价 HKD1.8）、奇瑞（02285.HK）+0.400（+2.255%）空头头寸$6.41M；比例 16.174%（目标价 HKD17.5）和 CR 医疗（01515.HK）+0.010（+0.362%）空头头寸$289.01K；比例 4.548%（目标价 HKD2.6）。(ad/u)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-14 16:25。)(实时流式美国股票报价；除所有场外交易报价外，均延迟至少 15 分钟。)</p>

友邦保险

<p>花旗银行已将其对恒生指数（HSI）2026 年底的目标从 30,000 下调至 29,600，同时对中国股市保持乐观展望，特别是在科技和出口行业。该行将保险行业评级上调至 “增持”，并预计恒生指数的每股收益将实现强劲增长。主要股票推荐包括腾讯和友邦保险，同时还确定了几只股票进入 “卖出” 名单。花旗银行还分析了中东冲突缓解对香港上市股票的潜在影响，强调了受益者和面临压力的股票</p>

<p>Citi published a research report stating that it remains cautiously optimistic on the outlook for the China equity market in 2H26, favoring the Tech and export sectors, and upgraded the investment rating of the insurance sector from &#34;Neutral&#34; to &#34;Overweight&#34;. The bank expects insurers to benefit from higher investment income from equities and inflows from bank deposits into insurance products. Citi set its end-2026 targets for the HSI, CSI 300 Index and MSCI China Index at 29,600 points (down 1.3% from the previous 30,000), 5,600 points and 92.0, respectively, and introduced a 1H27 target of 30,500 points for the HSI. Citi said that given the heavier weighting in technology stocks and more ample liquidity in the A-share market, it prefers A-shares to H-shares in 2H26.</p>
<div class="lb-trans"><p>花旗发布了一份研究报告，表示对 2026 年下半年中国股市的前景持谨慎乐观态度，偏好科技和出口行业，并将保险行业的投资评级从 “中性” 上调至 “增持”。该行预计保险公司将受益于来自股票的更高投资收益以及银行存款流入保险产品。花旗将 2026 年底恒生指数、CSI 300 指数和 MSCI 中国指数的目标分别设定为 29,600 点（较之前的 30,000 点下调 1.3%）、5,600 点和 92.0，并引入了 2027 年上半年恒生指数 30,500 点的目标。花旗表示，考虑到科技股的权重较重以及 A 股市场流动性更为充裕，它在 2026 年下半年更倾向于 A 股而非 H 股。</p>
</div><p>In terms of sector allocation, Citi maintained &#34;Overweight&#34; on the Tech, basic materials, healthcare and internet sectors, but lowered the weighting of the internet sector by 5.3 ppts to 36.5% due to slowing earnings growth. The bank also raised the weighting of the financial sector by 1.6 ppts to 12.1%, citing strong IPO pipelines and robust market turnover in Hong Kong. Citi noted that its 2026 EPS growth forecast for the HSI has accelerated to 9.9% YoY, mainly driven by the energy and raw materials sectors, while forecasts for the Tech, internet and automobile sectors were revised down. XIAOMI-W (01810.HK) -0.080 (-0.252%)  Short selling $838.04M; Ratio 16.151%  , BABA-W (09988.HK) +5.100 (+3.840%)  Short selling $2.09B; Ratio 8.965%  and MEITUAN-W (03690.HK) -1.900 (-2.169%)  Short selling $1.51B; Ratio 32.181%  were identified as the main contributors to earnings downgrades.</p>
<div class="lb-trans"><p>在行业配置方面，花旗对科技、基础材料、医疗保健和互联网行业维持 “增持” 评级，但由于盈利增长放缓，将互联网行业的权重下调了 5.3 个百分点至 36.5%。该行还将金融行业的权重上调了 1.6 个百分点至 12.1%，理由是香港的 IPO 管道强劲和市场成交活跃。花旗指出，其对恒生指数 2026 年每股收益增长的预测已加速至 9.9% 的同比增长，主要受能源和原材料行业的推动，而对科技、互联网和汽车行业的预测则下调。小米集团（01810.HK）-0.080（-0.252%）空头头寸$838.04M；比例 16.151%，阿里巴巴（09988.HK）+5.100（+3.840%）空头头寸$2.09B；比例 8.965%，美团（03690.HK）-1.900（-2.169%）空头头寸$1.51B；比例 32.181% 被认为是盈利下调的主要贡献者。</p>
</div><p>At the stock level, Citi updated its top Buy list for H-shares, retaining TENCENT (00700.HK) -2.400 (-0.519%)  Short selling $3.20B; Ratio 17.434%  (TP HKD783), AIA (01299.HK) +0.750 (+0.863%)  Short selling $656.57M; Ratio 27.826%  (TP HKD103), HENGRUI PHARMA (01276.HK) -2.450 (-3.558%)  Short selling $61.84M; Ratio 22.448%  (TP HKD134) and Trip.com Group Limited (TCOM.US) (US TP USD82). It added MMG (01208.HK) -0.270 (-2.542%)  Short selling $28.78M; Ratio 7.534%  (TP HKD11.2), CICC (03908.HK) -0.380 (-1.772%)  Short selling $11.62M; Ratio 5.013%  (TP HKD27.66), MONTAGE TECH (06809.HK) -18.600 (-3.713%)  (TP HKD305) and ASMPT (00522.HK) -10.000 (-5.485%)  Short selling $41.33M; Ratio 6.981%  (TP HKD180), replacing certain hardware names and Zijin Mining. The bank is positive on CICC benefiting from the wave of dual listings by A-share companies and expects new opportunities in thermo-compression bonding and photonics to become key growth drivers for ASMPT after 2027.</p>
<div class="lb-trans"><p>在个股层面，花旗更新了 H 股的买入名单，保留了腾讯（00700.HK）-2.400（-0.519%）空头头寸$3.20B；比例 17.434%（目标价 HKD783）、友邦保险（01299.HK）+0.750（+0.863%）空头头寸$656.57M；比例 27.826%（目标价 HKD103）、恒瑞医药（01276.HK）-2.450（-3.558%）空头头寸$61.84M；比例 22.448%（目标价 HKD134）和 Trip.com Group Limited（TCOM.US）（目标价 USD82）。它还新增了 MMG（01208.HK）-0.270（-2.542%）空头头寸$28.78M；比例 7.534%（目标价 HKD11.2）、中金公司（03908.HK）-0.380（-1.772%）空头头寸$11.62M；比例 5.013%（目标价 HKD27.66）、Montage Tech（06809.HK）-18.600（-3.713%）（目标价 HKD305）和 ASMPT（00522.HK）-10.000（-5.485%）空头头寸$41.33M；比例 6.981%（目标价 HKD180），替换了某些硬件名称和紫金矿业。该行对中金公司受益于 A 股公司双重上市潮持积极态度，并预计 2027 年后热压结合和光子学的新机会将成为 ASMPT 的关键增长驱动力。</p>
</div><p>In addition, Citi analyzed the potential impact of easing Middle East conflicts on Hong Kong-listed stocks. Downstream consumption, industrial and utilities names such as SHENZHOU INTL (02313.HK) +1.260 (+2.719%)  Short selling $48.53M; Ratio 15.256%  , YUE YUEN IND (00551.HK) +0.030 (+0.202%)  Short selling $40.85M; Ratio 42.726%  , HENGAN INT'L (01044.HK) -0.280 (-1.047%)  Short selling $19.73M; Ratio 27.861%  , POP MART (09992.HK) -4.400 (-2.735%)  Short selling $1.40B; Ratio 31.543%  , SAMSONITE (01910.HK) +0.340 (+2.484%)  Short selling $13.43M; Ratio 8.215%  , CTF SERVICES (00659.HK) +0.080 (+0.950%)  Short selling $314.83K; Ratio 2.061%  and ENN ENERGY (02688.HK) +0.350 (+0.585%)  Short selling $11.01M; Ratio 7.929%  may benefit from lower energy and logistics costs.</p>
<div class="lb-trans"><p>此外，花旗分析了中东冲突缓解对香港上市股票的潜在影响。下游消费、工业和公用事业类股票如申洲国际（02313.HK）+1.260（+2.719%）空头头寸$48.53M；比例 15.256%、悦达投资（00551.HK）+0.030（+0.202%）空头头寸$40.85M；比例 42.726%、恒安国际（01044.HK）-0.280（-1.047%）空头头寸$19.73M；比例 27.861%、泡泡玛特（09992.HK）-4.400（-2.735%）空头头寸$1.40B；比例 31.543%、新秀丽（01910.HK）+0.340（+2.484%）空头头寸$13.43M；比例 8.215%、CTF 服务（00659.HK）+0.080（+0.950%）空头头寸$314.83K；比例 2.061% 和 ENN 能源（02688.HK）+0.350（+0.585%）空头头寸$11.01M；比例 7.929% 可能会受益于较低的能源和物流成本。</p>
</div><p>By contrast, auto stocks including BYD COMPANY (01211.HK) 0.000 (0.000%)  Short selling $413.81M; Ratio 20.201%  , GEELY AUTO (00175.HK) -0.120 (-0.561%)  Short selling $218.14M; Ratio 16.867%  and GWMOTOR (02333.HK) -0.270 (-2.306%)  Short selling $17.89M; Ratio 10.525%  may face pressure as falling oil prices could weaken demand for new energy vehicles.</p>
<div class="lb-trans"><p>相比之下，汽车股如比亚迪（01211.HK）0.000（0.000%）空头头寸$413.81M；比例 20.201%、吉利汽车（00175.HK）-0.120（-0.561%）空头头寸$218.14M；比例 16.867% 和长城汽车（02333.HK）-0.270（-2.306%）空头头寸$17.89M；比例 10.525% 可能面临压力，因为油价下跌可能削弱对新能源车的需求。</p>
</div><p>Citi's H-share &#34;Sell&#34; list includes HUANENG POWER (00902.HK) -0.280 (-4.064%)  Short selling $98.11M; Ratio 22.407%  (TP HKD4.6), CHINA RES POWER (00836.HK) -0.260 (-1.260%)  Short selling $26.46M; Ratio 9.194%  (TP HKD17.5), HUISHANG BANK (03698.HK) 0.000 (0.000%)  Short selling $1.36M; Ratio 1.793%  (TP HKD4), BYD ELECTRONIC (00285.HK) +0.140 (+0.489%)  Short selling $61.85M; Ratio 20.905%  (TP HKD22.6), SJM HOLDINGS (00880.HK) 0.000 (0.000%)  Short selling $4.77M; Ratio 35.623%  (TP HKD1.8), CHERVON (02285.HK) +0.400 (+2.255%)  Short selling $6.41M; Ratio 16.174%  (TP HKD17.5) and CR MEDICAL (01515.HK) +0.010 (+0.362%)  Short selling $289.01K; Ratio 4.548%  (TP HKD2.6). (ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-14 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)</p>
<div class="lb-trans"><p>花旗的 H 股 “卖出” 名单包括华能电力（00902.HK）-0.280（-4.064%）空头头寸$98.11M；比例 22.407%（目标价 HKD4.6）、中国燃气（00836.HK）-0.260（-1.260%）空头头寸$26.46M；比例 9.194%（目标价 HKD17.5）、徽商银行（03698.HK）0.000（0.000%）空头头寸$1.36M；比例 1.793%（目标价 HKD4）、比亚迪电子（00285.HK）+0.140（+0.489%）空头头寸$61.85M；比例 20.905%（目标价 HKD22.6）、新濠国际（00880.HK）0.000（0.000%）空头头寸$4.77M；比例 35.623%（目标价 HKD1.8）、奇瑞（02285.HK）+0.400（+2.255%）空头头寸$6.41M；比例 16.174%（目标价 HKD17.5）和 CR 医疗（01515.HK）+0.010（+0.362%）空头头寸$289.01K；比例 4.548%（目标价 HKD2.6）。(ad/u)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-14 16:25。)(实时流式美国股票报价；除所有场外交易报价外，均延迟至少 15 分钟。)</p>
</div>

Citi Cuts HSI 2026 TP to 29,600; TENCENT , AIA  Among Top H Shrs Picks

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GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

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Huaneng Power International, Inc. Sponsored ADR Class N

花旗银行将恒生指数 2026 年的目标价下调至 29,600 点，腾讯和友邦保险是其精选的 H 股之一