Evaluation of Hong Kong stocks

Futu Information on November 30 | the three major indexes of Hong Kong stocks fell more in the afternoon and rebounded slightly in late trading. The Hang Seng Index closed down 1.58% to its lowest level since October last year, the National Index fell 1.53%, and the Hang Seng Technology Index fell 1.16%.

By the end of the day, Hong Kong stocks were up 659, down 1340, to close flat.

On the plate side, large technology stocks generally fell.NetEase, Inc fell 5.5%, JD.com fell 3%, BABA, Baidu, Inc. and Meituan fell more than 2%.

Tobacco concept stocks pullback across the boardBYD Electronic fell by more than 9%, Smoore International Holdings Limited by 6% and China Bolton by 5.75%.

Maritime stocks rose again in the afternoon.SITC International Holdings rose by more than 8%, Cosco Haineng by nearly 5%, and COSCO Shipping Holdings by 3.57%.

The decline of gambling stocks widened in the afternoon.MGM China fell nearly 5%, Sands China fell 4%, and Galaxy Entertainment fell more than 3%.

Pork concept stocks fell.COFCO Jiakang fell 4.71% and WH Group Limited fell 4.12%.

Individual stocks$Meituan-W (03690.HK) $It fell 2.86%, and fell 13% in three days. After the performance, a number of big banks lowered their target prices.

$Li Auto Inc.-W (02015.HK) $涨1.08%Goldman Sachs Group put it on the "sure buy" list with a target price of HK $240.

BABA-SW (09988.HK) $fell 2.08% to HK $, and the share price hit a new low since listing.

$Vitasoy International (00345.HK) $It fell by nearly 7%, fell by 15% in three days, and the medium-term net profit decreased by 95.1% compared with the same period last year for the first time.

Maple leaf education (01317.HK) $Education stocks fell 12%. Several companies in the industry delayed the disclosure of their financial results and are assessing the impact of the new Civil Promotion Law.

$CANSINOBIO-B (06185.HK) $It has risen nearly 7% against the market, after it was announced that it had begun research and development of a vaccine against the O'Micron mutant.

China Glass (03300.HK) $It fell nearly 9%, glass futures continued to discount, and the pressure on the industry to lose money increased.

Hong Kong stock exchange fund

As for Hong Kong Stock Connect, there was a net inflow of HK $1.137 billion from Hong Kong Stock Connect (southbound) today.

Today's turnover of Hong Kong shares TOP20

Message surface

Moderna Inc CEO: it is expected that the existing vaccine will be difficult to deal with Omicron strain.. Moderna Inc (MRNA.O) CEO Stephane Bancel said in an interview with the Financial Times that the existing vaccine is expected to be far less effective in dealing with Omicron than against the early new coronavirus strain. He warned that it would take several months for pharmaceutical companies to mass produce a new vaccine to deal with the strain. Bancel said the strain had a large number of mutations and spread rapidly in South Africa, suggesting that the current batch of vaccines may need to be updated next year.

Wechat can directly open the Taobao page and use Alipay to complete the payment.At present, mobile Wechat can directly open Taobao home page and commodity links, and users can also share links to Taobao goods in Wechat. After clicking the link in Wechat, users will jump to the Taobao-related page, where they can use Alipay to buy goods. It is reported that in the "updated note on the content management specification of Wechat external links" last night, Wechat pointed out that the direct access function of e-commerce external links will be opened on a trial basis in the group chat scene, and will continue to promote interconnection programs with major Internet platforms in the future.

The Hong Kong Special Administrative region Government has tightened boarding and quarantine requirements for arrival from a number of countries.The government of the Hong Kong Special Administrative region (HKSAR) announced that with effect from 00:00 on December 2, nine areas where cases of imported Omicron strain were found were designated as areas in Group A, namely, Australia, Austria, Belgium, Canada, the Czech Republic, Denmark, Germany, Israel and Italy, banning non-Hong Kong residents who had stayed in more than 21 days from entering the country.

Institutional viewpoint

Bank of America Securities: upward adjustment$Li Auto Inc.-W (02015.HK) $Target price to HK $179, rating buy.

Bank of America Securities issued a research report that, thanks to the rise in gross profit margin, Li Auto Inc. 's third-quarter performance exceeded market expectations, with a total Li ONE delivery volume of 25000 vehicles during the period, an annual increase of 1.9 times. During the period, automobile revenue tripled year-on-year, profit margin increased by 1.2 percentage points to 21.1%, and overall gross profit margin increased by 3.5 percentage points to 23.3%, also better than expected. BofA said that the Beijing manufacturing base construction project is on track and is expected to be operational in 2023, and management has also set clear guidelines for the fourth quarter, targeting delivery of 30, 000 to 32000 vehicles and revenue of 8.8 billion to 9.4 billion yuan. as a result, the bank raised its 2022-2023 sales forecast by 13% and 17%, raising its target price from HK $171 to HK $179, reiterating its buy rating.

Goldman Sachs Group: will$Li Auto Inc.-W (02015.HK) $Be included in the "sure Buy" list with a target price of HK $240.

The bank said its third-quarter gross margin was a record high of 23.3 per cent, up 3.5 percentage points from a year earlier, thanks to a 5 per cent year-on-year rise in average selling prices, and management reiterated its target of a 25 per cent long-term gross margin. In addition, R & D expenditure was 888 million yuan, accounting for 11.4% of total revenue, down 1.9% from the same period last year and 1.5% on a quarterly basis, with a long-term target of reducing to 10%. Maintain Li Auto Inc.-W (02015) "buy" rating and put it on the "sure buy" list, raising the profit target for 2021 by 3% and the target price of HK $240.

Credit Suisse: downgrade$Meituan-W (03690.HK) $The target price is HK $311, outperforming the market.

According to a research report published by Credit Suisse, Meituan's income in the third quarter grew 38 per cent year-on-year, which was about 3 per cent higher than the bank's expectations, and the adjusted loss reached 6.2 billion yuan, basically in line with expectations. The sales and distribution business in and out of the period performed slightly better than expected; as a result of the reduction in subsidies, even if the store and hotel business were affected by the epidemic, the adjusted operating profit margin still exceeded expectations by 44%. The bank pointed out that the medium-term growth and profit potential of the core business are still good, but due to the resurgence of the epidemic, the near-term development prospects have been curbed, and takeout orders are expected to slow in the fourth quarter of this year and the first quarter of next year. The overall forecast for 2021 will be lowered by 2%, and the adjusted net profit forecast for 2022 will be lowered to 1.1 billion yuan, and the loss of new business is expected to increase. Credit Suisse lowered its target price for Meituan to HK $311 from HK $335, but maintained its outperform rating.