Hong Kong Market Quick View | Hang Seng Index fell nearly 3%, technology, real estate, and auto stocks generally fell, Country Garden fell nearly 8%, and Kuaishou fell more than 7%

time:2022-12-02 17:42:50 source:clevelanddrifters.com author:Hot industry
Hong Kong Market Quick View | Hang Seng Index fell nearly 3%, technology, real estate, and auto stocks generally fell, Country Garden fell nearly 8%, and Kuaishou fell more than 7%

Futu Information, September 16 | Hong Kong stocks maintained a downward trend throughout the day, and the three major indexes all refreshed their low prices. As of the close, the Hang Seng Index closed down 0.89%, the Hang Seng Index fell 2.65%, and the HSCEI fell 1.36%. The Hang Seng Index fell 3.1% for the week, and the Hang Seng Index fell 5.37% for the week. As of the close, Hong Kong stocks rose 553 stocks today, fell 1341 stocks, and closed 1013 stocks flat. Quote source: Futu Niuniu - Opportunity - Market Hotspot - Hong Kong Stock Hotspot - Ups and Downs Distribution The specific industry performance is as follows: Quote source: Futu Niuniu APP - Market - Opportunity - Heat Map In terms of sectors, large technology stocks generally fell, and Kuaishou fell more than 7%, Baidu fell nearly 4%, Tencent and Meituan fell more than 2%, and JD.com and Alibaba fell more than 1%. Auto stocks continued to decline, Li Auto fell more than 4%, and its stock price hit a new low since June this year. Mainland real estate and property management stocks plunged in the afternoon, Country Garden fell nearly 8%, and Jinmao Services fell more than 6%. The coal sector continued to pull back, with China Shenhua down more than 4% and Yankuang Energy down nearly 6%. Domestic insurance stocks fell across the board, New China Insurance fell nearly 6%, Furui lowered the target price of many insurance stocks, and Yamato believes that the life insurance sector is not ready for improvement. Gaming stocks were strong throughout the day, SJM Holdings rose more than 5%, Sands China rose nearly 4%, and JPMorgan expects that all six operators will renew their gambling licenses. The National Day holiday fell, and some holiday travel concept stocks such as tourism, alcohol, aviation, and catering bucked the market and strengthened. Same-trip travel rose nearly 2%, and Budweiser Asia Pacific rose more than 3%. In terms of individual stocks, $ Kuaishou-W (01024.HK) $ fell more than 7%. According to media reports, the company has adjusted the structure of its overseas business and built its own commercialization teams in Brazil and Indonesia. $Meituan-W(03690.HK)$ fell 2%. Meituan Taxi officially connected to Tencent's travel service platform and has cooperated in Shanghai, Hangzhou and other cities. $Ideal Auto-W(02015.HK)$ fell over 4% to HK$99.1, falling below the HK$100 mark for the first time since the beginning of June this year. The stock has been reduced by several major shareholders recently. President Shen Yanan sold 1 million shares in 5 days , Meituan Wang Xing cashed out 187 million yuan. $Yankuang Energy (01171.HK)$ continued to drop by nearly 6%, and has continued to pull back since it hit a record high on September 5. Southbound funds have reduced their holdings of the stock for 5 consecutive days. $HKEx (00388.HK)$ fell nearly 3% to HK$295.6. Credit Suisse said that weak fundamentals have affected the recent share price, maintained the “Outperform” rating of HKEX, and lowered the target price to HK$375. Sands China Ltd. (01928.HK) rose nearly 4%. JPMorgan expressed confidence that all six existing operators will renew their licenses in the next ten years, and Sands China is still the first choice. $Xiabuxiabu (00520.HK)$ continued to rise by nearly 2%. The stock has risen by more than 23% for six consecutive days. The company has laid out a barbecue track for the first time. The new brand will be unveiled in Shanghai on September 24. . $ZTO Express-SW(02057.HK)$ rose more than 1%, with a turnover of 3.72 billion Hong Kong dollars. The stock has risen for six consecutive days, and institutions are optimistic about the fourth-quarter profit performance exceeding expectations.

Southbound Stock Connect Funds

In terms of Hong Kong Stock Connect, the net inflow of Hong Kong Stock Connect (southbound) today was HK$1.402 billion. Quote source: Futu Niuniu-Opportunities-Market Hotspots-Shanghai-Shenzhen-Hong Kong Stock Connect Hotspots-Southbound Stock Connect Studying the feasibility of RMB-denominated transactions in southbound Hong Kong Monetary Authority President Yu Weiwen said at the 2022 Treasury Markets Summit that he is discussing with mainland authorities to expand the North-South Wealth Management Connect with incremental measures, including: increasing the product range; developing the offshore RMB derivatives market , introduce risk management products to meet investors' hedging needs; and strengthen the use of RMB in equity transactions, such as the feasibility of southbound transactions denominated in RMB. Bureau of Statistics: The added value of industries above designated size in August increased by 4.2% year-on-year, and the total retail sales of consumer goods in August increased by 5.4% year-on-year. According to the National Bureau of Statistics, the added value of China's industrial enterprises above designated size in August increased by 4.2% year-on-year, which is expected to be 3.8%. The value is 3.8%. From January to August, the added value of industrial enterprises above designated size increased by 3.6% year-on-year. China's total retail sales of consumer goods in August increased by 5.4% year-on-year, compared with the expected 3.2%, and the previous value of 2.7%. From January to August, the total retail sales of consumer goods was 28,256 billion yuan, a year-on-year increase of 0.5%. Among them, the retail sales of consumer goods excluding automobiles was 25,366.2 billion yuan, an increase of 0.7%. Bureau of Statistics: The output of new energy vehicles in August increased by 117.0% year-on-year. The National Bureau of Statistics announced the operation of the national economy in August on the 16th. In August, the added value of industrial enterprises above designated size increased by 4.2% year-on-year, 0.4 percentage points higher than that of the previous month, and a month-on-month increase of 0.32%. Among them, in terms of products, the output of green smart products such as new energy vehicles, mobile communication base station equipment, and solar cells increased by 117.0%, 25.7%, and 21.6% year-on-year, respectively. Ministry of Industry and Information Technology: The carbon peaking plan for the non-ferrous metals and building materials industries will be released and implemented in the near future. Feng Meng, deputy director of the Raw Materials Industry Department of the Ministry of Industry and Information Technology, introduced at the press conference today that according to the overall deployment of carbon peaking and carbon neutralization, the Ministry of Industry and Information Technology will take the lead. The carbon peaking plan for the non-ferrous metal and building materials industries has been formulated, and it is planned to be released and implemented in the near future; at the same time, the carbon peaking implementation plan for the petrochemical chemical industry and iron and steel industry has been formulated.

Institutional View

JPMorgan Chase: It is expected that the rebound of Chinese housing stocks will not continue, maintaining the strategy of absorbing state-owned enterprises on dips. JPMorgan Chase released a report that since mid-August, Chinese housing stocks have outperformed the MSCI China Index by 17%. The rally so far has lasted 26 sessions, compared with the average of only 22 days for the past five rallies. However, we believe that the rebound of Chinese property stocks will not last, as sales this month are still weak, the risk of rights issue, epidemic concerns, and profit-taking. In terms of stock selection, the bank will wait for a better entry point to buy state-owned domestic properties at bargain prices, including China Overseas Land and Investment, China Resources Land, China Resources Vientiane Life, Poly Property, and China Overseas Property. At the same time, it will sell distressed Chinese property stocks when it rebounds. The bank is cautious about Sunac Services, Shimao Services, R&F Properties and Logan Group. Lyon: It is expected that six existing gaming companies in Macau will be issued new gaming licenses. The Lyon Development Research Report stated that it was surprised by Genting Malaysia’s bidding for Macau gaming licenses, but the bank expects that six gaming companies will be issued new gaming licenses. He also pointed out that if any existing gaming company is delisted, Macau cannot provide an immediate solution to increase the current number of gaming tables due to land restrictions. The bank said it maintains its forecast for Macau’s gaming industry and its target prices for major gaming companies, while maintaining investment ratings for Galaxy Entertainment, Melco Crown Entertainment, MGM China, Sands China and Wynn Macau as “buy” ; SJM Holdings "outperformed the market". CICC calculates the August data of the online platform: Tencent and Kuaishou's user time proportion fell month-on-month, Ali and ByteDance rose CICC released a report on the mainland media Internet industry, recently, QuestMobile released August product application data, the bank based on The published data has been further calculated. Among them, the proportion of Tencent Holdings and Kuaishou's time duration fell by 0.6 percentage points and 0.3 percentage points month-on-month, respectively, to 32.3% and 11.3%, while the proportion of Alibaba, Baidu, and ByteDance's duration increased by 0.1 percentage points, 0.5 percentage points, and 0.3 percentage points month-on-month, respectively. , to 6.0%, 5.5% and 23.6%. The results of the second quarter show that many platforms have reduced costs and increased efficiency faster than expected. CICC recommends social and game barriers to be stable. Driven by the commercialization of video accounts, the profit side has bottomed out and rebounded significantly, and the current valuation is in the historical bottom range. Tencent. Editor/new Risk Warning: The views of the authors or guests shown above have their own specific positions, and investment decisions should be based on independent thinking. Futu will endeavour but cannot guarantee the accuracy and reliability of the above content, and will not be liable for any loss or damage arising from any inaccuracies or omissions.

(Responsible editor:Trend)