Evaluation of Hong Kong stocks

The Hang Seng Index closed down 2.67% at 24080 points, the biggest one-day decline since Sept. 20, the National Index fell 2.65% to 8576 points, and the Hang Seng Technology Index fell 3.25% to 6151 points.

By the end of the day, Hong Kong stocks were up 476, down 1507, to close flat.

Plate aspectMost technology stocks fell.，Kuaishou Technology fell by more than 8%, BABA by more than 4%, Meituan by nearly 4%, and Tencent by more than 3%.

Part of the biotechnology sector is higher.Konoya-B rose nearly 6%, Tengsheng Boyao-B rose by more than 4%, Wuxi Apptec and Genscript Biotech Corporation rose by more than 2%, and Chuangsheng Group-B rose.

Photovoltaic stocks fellPoly Xiexin Energy fell more than 7%, Xinte Energy fell more than 5%, and Beiqin Clean Energy fell nearly 5%.

Gambling stocks fell across the board.SJM Holdings fell 8%, MGM China fell nearly 8%, Sands China fell more than 7%, Galaxy Entertainment and Wynn Macau fell more than 6%, and Melco International Development fell more than 4%.

Aviation stocks fell.Meilan Airport fell nearly 6 per cent, Beijing Capital Airport and Cathay Pacific Airways fell more than 4 per cent and Air China Limited fell more than 3 per cent.

In addition, education stocks, internal insurance stocks and other sectors fell, Evergrande concept continued to fall in the afternoon, home appliances and other individual plates rose.

Individual stocks$Meituan-W (03690.HK) $It fell nearly 4%, and the results will be announced in after-hours trading today.

$Mobile Card (09923.HK) $It surged more than 10%, with a turnover of more than HK $600 million and a cumulative increase of more than 23% in two days. It will be accepted as the MSCI China Mini Index from next month.

$Hengteng Network (00136.HK) $In the afternoon, the rally closed up by more than 2%, with a turnover of more than 700 million Hong Kong dollars.

$Conoya-B (02162.HK) $It rose nearly 6%, the third day in a row, and more than 18% for three days.

$Development Pharmaceutical Industry-B (09939.HK) $It rose by more than 8% and was approved to conduct key clinical trials for the treatment of male hair loss.

$Tengshengbo Medicine-B (02137.HK) $It continues to rise by more than 4%, and by more than 20% this week.

$99 (09922.HK) $With a drop of nearly 7%, the opening of a new hotpot store in Hangzhou encountered an epidemic.

Hong Kong stock exchange fund

As for Hong Kong Stock Connect, there was a net inflow of HK $961 million from Hong Kong Stock Connect (southbound) today.

Today's turnover of Hong Kong shares TOP20

Message surface

General Administration of Market Supervision: it is not allowed to use the Internet to publish advertisements for prescription drugs, tobacco, off-campus training, etc.

The General Administration of Market Supervision solicited opinions on the measures for the Administration of Internet Advertising (draft for Public solicitation of opinions). It is suggested that advertisements for special commodities or services that are required by laws and administrative regulations such as medical treatment, pharmaceuticals, formula foods for special medical purposes, medical devices, pesticides, veterinary drugs, health food advertisements, which are subject to examination by advertising examination organs, shall not be published without examination. The Internet shall not be used to publish advertisements for out-of-school training for primary and secondary schools and kindergartens. Internet media such as websites, web pages and Internet applications aimed at minors shall not be used to publish advertisements for medical treatment, medicine, health food, medical devices, cosmetics, alcohol, beauty and online games that are not conducive to the physical and mental health of minors.

New fertility policies have been issued in many places: extended maternity leave and additional parental leave.

In August 2021, the standing Committee of the National people's Congress adopted the newly revised population and Family Planning Law of the people's Republic of China, which stipulates that a couple can have three children and take supporting measures to reduce the burden of family fertility, parenting and education. On November 25th and 26th, Beijing, Shanghai and other places issued new fertility policies one after another:

Beijing: maternity leave has been extended from 30 days to 60 days, and various measures have been taken to support childbirth and parenting. Qinghai: in addition to enjoying state-prescribed holidays in accordance with the law, women will be rewarded with 90 days of maternity leave.

A new variant, novel coronavirus, has been reported in many countries, which may be more resistant to the vaccine.

According to CCTV, Botswana, South Africa and other countries recently reported a new mutation of novel coronavirus, the unusual variation of the strain has attracted the attention of many researchers. Health officials in Botswana confirmed on the evening of November 24th that a new variant, novel coronavirus, had been found in the country and was being studied. The new strain, B.1.1.529, has 32 mutations, many of which may lead to stronger resistance to existing vaccines, according to Thomas Peacock, a virologist at Imperial College.

Institutional viewpoint

Daiwa: l$XPeng Inc.-W (09868.HK) $The target is HK $231, reiterating the buy rating.

Daiwa reported that XPeng Inc. 's gross profit margin for new cars in the third quarter improved by 2.6% to 13.6%, with an annual improvement of 10.6%, mainly driven by an annual increase of 1.99% in delivery volume and an increase in XPeng Inc. 's P7 sales. The bank reiterated its "buy" rating and raised its target price by 10.53 per cent to HK $231 from HK $209. The bank more than doubled its forecast for new car deliveries next year from 90, 000 to 185000, and raised its 2021-22 revenue forecast by 6-10 per cent. The bank expects XPeng Inc. 's gross profit margin for new cars to reach 21% in 2022 because of higher capacity utilization and more income from XPILOT. XPeng Inc. plans to deliver 15000 new cars a month from December, and the bank believes that an average of 15000 new cars a month will continue next year, with its new SUB model G9 starting in the third quarter of next year.

Goldman Sachs Group: maintain the right$Chow Tai Fook Jewellery (01929.HK) $Neutral rating with a target price of HK $14.2.

Goldman Sachs Group published a research report that slightly reduced Chow Tai Fook Jewellery's target price from HK $14.3 to HK $14.20 to reflect the new profit forecast and maintained its "neutral" rating. After Chow Tai Fook Jewellery released his half-year results, Goldman Sachs Group cut his core operating profit forecast for 2022-24 by 2-11% to reflect the slowing recovery in Hong Kong and Macao and weak gross profit margins, partly offset by active expansion. While gold sentiment continues to support same-store sales, it believes its sustainability is at risk because it is partly driven by investment demand. The recovery of gem inlays despite the pressure and competition brought about by macro uncertainty. On the positive side, the Hong Kong gate may reopen in 2022, and full Chinese expansion is likely to continue to support market share growth and healthy profit growth.

UBS:$Yao Ming Gu Nuo-B (02126.HK) $Undervalued, reaffirm the buy rating.

UBS released a research report, saying that after a channel survey, it is believed that the development of CAR-T cancer immunotherapy in China is still in an early stage, and the main treatments are concentrated in first-to second-tier cities with higher affordability. The bank quoted a doctor who pointed out that in addition to reimbursement, the average cost of patients before receiving CAR-T third-line treatment had reached 200000 yuan, and sales could only increase significantly if the average sales price of Mingju Nuo-BCAR-T dropped to between 150000 and 200000 yuan.

Tianfeng International Guo Mingyi: the demand for ABF board will at least exceed 1 billion pieces in the next 10 years.

According to the latest report by Guo Mingyi of Tianfeng Securities, Apple Inc will launch an AR headset in 2022, using processors of the same level of computing power as Mac. The processor uses ABF board, which is the key specification of Apple Inc's hardware differentiation. In the next 10 years, the demand for ABF board will at least exceed 1 billion.