《即日市评》恒指倒跌 忧监管科网股弱 瑞声弹逾一成
受美团(03690.HK)及友邦(01299.HK)跌势拖累下，港股今日先升後跌。美联储主席鲍威尔指美国经济正处於转捩点，有经济重启导致新冠感染个案持续上升的风险；执笔之时美国十年期国债孳息率跌至1.658厘，美汇指数升至92.26，美股道指期货最新跌116点或0.3%，纳指期货最新跌0.11%。人行公布3月新增人民币贷款2.73万亿(高於市场原预期2.3万亿)、3月M2按年升9.4%；上证综指全日跌37点或1.1%收3,412、深证成指下滑2.3%，沪深两市成交额共7,757亿人民币。
恒指今早高开93点见28,791点半日高位後向下，曾一度跌424点曾低见28,274点，其後跌幅收窄，全日跌245点或0.9%，收28,453点；国指跌102点或0.9%，收10,874点；恒生科技指数跌136点或1.6%，收8,169点。大市全日成交总额1,607.04亿元，沪港通南向交易录得净流出金额14.31亿元，深港通南向交易录得净流入金额9.53亿元。美团全日股价挫5%收298.2元，友邦股价跌1.6%。
【阿里逆市弹 美团挫半成】
国家市场监管总局对阿里巴巴(09988.HK)因在网络平台实施「二选一」垄断行为遭罚款182.28亿元人民币，市场认为消除阿里巴巴不明朗因素，阿里巴巴全日股价升6.5%报232.2元。摩根士丹利表报告表示，阿里巴巴相关罚款占其2019年本地总销售约4%，虽然涉资金额创纪录，但该行认为此结果可望消除阿里主要忧虑，估计市场焦点将重新转至公司基本面之上。该行认为该监管决定应能缓解阿里主要压力，阿里巴巴暂时无需进行重大的组织重组和资产剥离。
其他科网股则捱沽，美团全日股价挫5%收298.2元，腾讯下滑1.1%收613.5元。《路透社》引述消息指，国家市场监管总局正扩充人手及增加资源，以加大力度打击反竞争行为，中国亦正通过修改竞争法，包括大幅提高罚款及扩大判断公司对市场控制的标准。
摩根大通相信阿里巴巴今次罚款事件，仅为内地监管互联网平台巨头开端，反映内地会加强监管内地科网行业，认为在当前的监管环境中腾讯和美团易受影响，指阿里遭罚款182亿元人民币的计入基数，包括阿里巴巴的全部国内收入，包括天猫和淘宝网的收入，其他中国零售业务的收入，甚至包括非商业收入(云，娱乐等)，表明国家市场监督管理总局的处罚，不仅仅限於阿里巴巴从垄断行为中获得的直接经济利益。
【跌股千二只 瑞声逆市弹】
港股今日市宽转弱，主板股票的升跌比率12比31(上日为16比28)，下跌股份1,252只(跌幅2.6%)，恒指成份股今日9只股份上升，下跌股份43只，升跌比率为16比78(上日为27比70)；大市今日录沽空213.05亿元，占可沽空股份成交1,323.13亿元的16.102%(上日15.899%)。
瑞声科技(02018.HK)今日逆市抽上12.7%收44.9元。瑞声中午公布首季净利介乎5.1亿至5.5亿人民币，按年增9.6倍至10.4倍，指主要由於今年第一季比去年第一季更正常的市场需求。
高盛发表报告指，随着瑞声科技在手机镜头和摄像头模块领域的业务扩展，该行引入了长期估值(2024-27年)及更新市盈率的估值方法，以更好地把握公司在摄像头领域的长期机会。该行假设瑞声盈利在2025至27年度回到行业水平的15%复合年增长率，并采用13倍的行业市盈率来计算，把目标价由31元上调至58元，潜在上升空间为44%，评级由「沽售」上调至「买入」。(wl/a)
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