Evaluation of Hong Kong stocks

Futu Information on September 14 | the three major indexes of Hong Kong stocks fluctuated in the morning and fell rapidly in the afternoon, resulting in a depressed market performance. By the close, the Hang Seng Index was down 1.21% at 25502, the National Index was down 1.7% at 9081, and the Hang Seng Technology Index was down 1.41% at 6502.

By the end of the day, Hong Kong stocks were up 577, down 1378, to close flat.

Plate aspectMost large technology stocks fell, Bilibili Inc. and Kuaishou Technology fell by more than 2%, and BABA, Tencent and Meituan fell by more than 1%.

Property management stocks fell collectively, Evergrande Property Services fell by more than 12%, Sunac Services and Shimao Services fell by more than 7%, Jinke Service and Hejing leisurely fell by more than 6%, and Kaisa fell nearly 6%.

The health care equipment sector rose sharply in the afternoon, Aikang Medical rose more than 20%, minimally invasive Medical treatment rose more than 11%, Chunli Medical rose more than 10%, and Xintong Medical rose slightly.

Inner housing stocks continued to fall in the afternoon, with China Evergrande Group down nearly 11%, Sunac China down more than 11%, R & F Real Estate down more than 7%, and Metro Development down more than 6%.

Iron and steel stocks tumbled across the board, Xiwang Special Steel fell by more than 14%, Chongqing Iron and Steel shares fell by more than 11%, Angang shares fell by more than 10%, iron goods fell by more than 8%, and Maanshan Iron and Steel fell by more than 7%.

Evergrande's decline widened. China Evergrande Group fell by more than 11%, Evergrande Property Services by more than 12%, and China Evergrande New Energy Vehicle by more than 24%.

Individual stocks$Aikang Medical (01789.HK) $pull up more than 20%, all-ceramic hip joint quoted the lowest price in the whole group.

01877.HK $rose more than 3%, releasing data from the Phase III study of first-line triplet in the treatment of non-small cell lung cancer for the first time at the World Lung Cancer Congress.

$Dingfeng Group Holdings (06878.HK) $rose more than 14% and was included in the FTSE global stock index series of China regional indexes.

ENN Energy (02688.HK) $fell more than 5%, and Xiao Mo lowered its earnings forecast and slightly lowered its target price.

China Oil Energy (01251.HK) $rose more than 26%, and capital expenditure of oil and gas companies is expected to stabilize and pick up, leading to a pick-up in industry demand.

Hong Kong stock exchange fund

As for Hong Kong Stock Connect, there was a net inflow of HK $9 million from Hong Kong Stock Connect (southbound) today.

Today's turnover of Hong Kong shares TOP20

Message surface

The National Energy Administration released a national list of counties promoting distributed photovoltaic: 676 counties and cities.The National Energy Administration announced the pilot list of roof distributed photovoltaic development in the whole county (city and district). There are a total of 676 in the country, all of which are listed as pilot projects of roof distributed photovoltaic development in the whole county (city and district). The pilot work should strictly implement the work requirements of "voluntary non-coercive, pilot non-examination and approval, non-offside in place, non-monopoly in competition, and no suspension of work." In the course of the pilot project, the filing of other projects and the access to the power grid shall not be suspended or suspended under the pretext of carrying out the pilot project. For those who do not implement national policies, impose conditions at will, and increase the cost of enterprise development and construction in a disguised form, the qualification of the pilot will be cancelled.

The results of the national collection of artificial joints have been released, with a reduction of 80%.This morning, the bid for concentrated procurement of artificial joints organized by the state was opened in Tianjin, and the results of the proposed selection were announced at noon. According to Gao Xue, head of the centralized procurement team of the joint procurement office of high-value medical supplies organized by the state, the price of artificial joints to be selected this time has dropped from an average of 30,000 yuan to less than 10,000 yuan, a drop of more than 80%.

Today, the prices of most lithium materials are rising, and lithium carbonate is up another 1500-3500 yuan / ton.According to the data released by Shanghai Iron and Steel Federation, the prices of most lithium materials rose today, with the price of lithium metal rising 20, 000 yuan / ton, lithium carbonate up 1500-3500 yuan / ton, and lithium hydroxide up 2500-5000 yuan / ton. The price of cathode materials also rose, with lithium iron phosphate up 4000 yuan / ton and lithium manganate up 2500-5000 yuan / ton. Electrolytic cobalt decreased by 2000-3500 yuan / ton.

Silicon prices are back to their highs of the year. After a brief low ebb, silicon prices have bottomed out since mid-August and have risen for weeks. According to the silicon branch of the China Nonferrous Metals Industry Association, the price of polysilicon continued to rise slightly last week, with the average transaction price of single crystal re-feeding, single crystal dense material and single crystal cauliflower rising by less than 1%. The mainstream long order transaction price of first-line large factories is about 211000-213000 yuan / ton, and the bulk order transaction range is 214000-217000 yuan / ton. Silicon prices are again at this year's highs, up about 140% from the start of the year.

Institutional viewpoint

Credit Suisse: the first$Kuaishou Technology-W (01024.HK) $Outperform the market rating with a target price of HK $135.Credit Suisse released a research report, giving Kuaishou Technology an outperformance rating for the first time, with a target price of HK $135, referring to it as the second largest short video platform in the mainland, with a monthly active user base of more than 510 million. Kuaishou Technology's user growth is expected to accelerate in the second half of this year, due to the results of content investment and architecture upgrading, the report said. It is expected that the average number of daily active users of the Kuaishou Technology app from 2021 to 2023 reached 313 million, 335 million and 365 million respectively. Credit Suisse said that the advertising business is expected to promote Kuaishou Technology's medium-term growth, the total e-commerce platform transaction volume continues to expand, while streaming continues to be a stable cash bull. The bank believes that Kuaishou Technology's risk and return is attractive, and the stock price adjustment has reflected short-term user growth and realization slower than expected. The gradual shift towards break-even of local business and the recovery of user growth are expected to be a catalyst for valuation revaluation.

Moto: the penetration rate of new energy vehicles in the mainland is expected to reach 35% in 2025, which is optimistic about BYD, Changqi and so on. According to a research report by Motors, the proportion of new energy vehicles in China in August was higher than expected. It is believed that the demand and growth of new energy vehicles in China are solid. The bank raised its forecast for penetration of new energy vehicles to 35% in 2025, which is much higher than the government's target of 20%. And other brokerages. The bank pointed out that cars with smart devices currently effectively attract young buyers, while with the vigorous construction of the charging grid, charging problems and mileage restrictions have been relatively reduced, coupled with competition and advances in battery technology to make pricing more and more affordable. The bank advises investors to focus on contract car factories with monthly sales momentum and a wide range of models, while keeping an eye on the progress of the recovery in chip supply, bullish on $Byd Company Limited (01211.HK) $, $Great Wall Motor (02333.HK) $, $Geely Automobile (00175.HK) $, and $XPeng Inc.-W (09868.HK) $.

Citic Construction Investment Han Jun: the shipping giant announced the suspension of freight rate increases. Short-term benefits seem to be damaged, but long-term benefits.Han Jun, chief analyst at CITIC Construction and Transportation Co., Ltd., said on September 14 that shipping giants such as Dafei announced a moratorium on freight rate increases, which appears to be suffering in the short term, but in fact benefits in the long run. First, it can effectively avoid the risk of high and sharp decline in the later stage. Second, the recent rising spot freight makes customers scramble to ship goods, locking the spot price will reduce the profit space of middlemen, improve customers' booking experience, and be conducive to the achievement of long-term cooperation. Third, the current market supply and demand situation has not been effectively improved, the invisible price limit will lead to government regulation similar to real estate prices, flattening the price system.