The first three quarters of 2021 have closed. On the whole, US stocks performed better, followed by A shares, followed by Hong Kong stocks.

However, judging from the single-quarter data, A shares performed brightly in the second quarter, while Hong Kong stocks were hit hard in the third quarter, while US stocks performed well in the first two quarters and fell back in the third quarter.

How did the Hong Kong stock market perform in the first three quarters?

Index: major indices of Hong Kong stocks fell in the first three quarters

The performance of the Hong Kong stock market in the first three quarters of 2021 was quite mediocre, especially in the third quarter of the intensive period of policy release, with the decline in the Internet technology, education, gaming and real estate sectors driving the Hang Seng Index and other indices all the way down. In the first three quarters, the Hang Seng Technology Index fell 27.59%, while the Hang Seng Index and the Hang Seng China Enterprises Index fell 9.75% and 18.74%, respectively.

Judging from the performance of each quarter, the Hang Seng Index rose 4.21% in the first quarter of 2021, the Hang Seng Technology Index fell 2.87%, and the Hang Seng China Enterprises Index rose 2.18%.

In the second quarter, the Hang Seng Index maintained positive growth, rising 1.58%; the Hang Seng China Enterprises Index fell 2.81%; and the Hang Seng Technology Index fell 0.35%.

In the third quarter, all the above indexes fell to varying degrees, of which the Hang Seng Technology Index fell by 25.18%, the Hang Seng Index fell 14.75%, and the Hang Seng China Enterprises Index fell 18.17%.

In terms of fluctuation range, the fluctuation range of the Hang Seng Science and Technology Index is higher than that of the Hang Seng Index and the Hang Seng China Enterprises Index.

Industry: materials and energy industries are hotter, with share prices such as steel and coal leading the way.

From the perspective of the performance of the industry plate, materials, energy and other resource plates are more favored by the capital market. Under the application level industry classification, the steel sector performed the most brightly, with an increase of 71.03% in the first three quarters.

Among Hong Kong steel stocks, Chongqing Iron and Steel (01053.HK) rose as much as 130 per cent in the first three quarters of this year, according to Wind; Angang (00347.HK) has the highest market capitalization.

This was followed by the mining sector with a concentration of coal and oil stocks, which rose 69.4% in the first three quarters, with Yanzhou Coal (01171.HK) and China Coal Energy (01898.HK) rising 166.9% and 163.8% respectively, while the utility sector rose 57.22% in the first three quarters, ranking third.

Iron and steel stocks and coal stocks are strong periodic stocks, which are greatly affected by the industry. When the market economy develops upward, the demand for iron and steel, coal and other markets will rise, thus driving the stock performance of listed companies in related sectors to rise.

In the context of the global economic recovery and "double carbon", the terminal demand has increased, steel prices have risen, and the profits of steel enterprises have continued to improve, thus leading to the improvement of the valuation level of listed steel enterprises. Guotai Junan believes that the iron and steel industry is ushering in a new cycle, and the second wave of the steel market this year is starting.

Thermal coal prices have risen nearly 80 per cent since mid-August, according to market data. According to the Zhongtai Securities Research report, the average sales price of coal of 29 listed companies in the first half of 2021 was 538 yuan / ton, up 28.8% from the same period last year; the average gross profit was 156 yuan / ton, up 23.1% from the same period last year.

Chuancai Securities believes that due to the continuous tightening of environmental protection and limited supply this year, the inventory of thermal coal is at a historical low, which means that there is still the possibility of an upward adjustment in the industry, which will remain unchanged in a short period of time.

In sharp contrast to the steel and extractive sectors are sectors such as commercial trade and leisure services, which fell by 29.8% and 18.7% in the first three quarters of this year. Building materials, computers and real estate also fell slightly in the first three quarters.

Individual stocks: 11 shares rose more than 10 times and more than 200 shares doubled

Judging from the situation in the first three quarters, the share prices of 215 companies doubled in the first three quarters, 75 in the first three quarters, more than three times in the first three quarters, 42 in the first three quarters, more than five times in the first three quarters, and more than 10 times in the first three quarters of 11 companies.

Among them, the shares of Hong Kong Aerospace Science and Technology (01725.HK), TL NATURAL GAS (08536.HK) and 01450.HK rose more than 20 times in the first three quarters of this year. China Public Purchasing (01094.HK), Huayu Expressway (01823.HK), Zhiqin Holdings (09913.HK), China Guangzhou Nuclear New Energy (01811.HK) and so on have all increased several times. Overall, among the stocks that rose more than fivefold in the first three quarters, the number of stocks in information technology, industry, materials and other races accounted for a relatively high proportion.

In addition, 400 shares fell by more than 30% in the first three quarters of this year, of which 74 shares fell by more than 50%, halving. 22 shares fell by more than 80%.

Among them, shares such as COOL LINK (08491.HK) and National Arts Entertainment (08228.HK) fell more than 90 per cent, while Guangjun Group Holdings (08516.HK) fell as much as 97 per cent.

Overall, the biggest declines in the first three quarters of this year were stocks in optional consumer, real estate, and industrial sectors.