Evaluation of Hong Kong stocks

Futu Information on January 17 | the performance of Hong Kong stocks was weak throughout the day. The Hang Seng Index fell 0.68%, the National Index fell 1.06%, and the Hang Seng Technology Index fell 0.77%.

By the end of the day, Hong Kong stocks were up 779, down 1100, to close flat.

On the plate side, large technology stocks generally fell.Kuaishou Technology fell by nearly 3%, Meituan by nearly 2%, and Baidu, Inc., Tencent and JD.com all fell by more than 1%.

Gambling stocks rose sharply against the market.Sands China rose more than 14 per cent, Wynn Macau and MGM China rose nearly 12 per cent, Galaxy Entertainment rose more than 7 per cent, Melco International Development rose more than 5 per cent, and SJM Holdings rose nearly 5 per cent.

The concept of epidemic resistanceCollective strength，Goliath Pharmaceutical-B rose by more than 27%, Junshi Bio by nearly 15%, Dongyang Guangyao by more than 9%, and CSPC Pharmaceutical by more than 3%.

Inner housing stocks continue to decline.Country Garden Holdings fell by more than 8%, Longguang Group by nearly 7%, Xuhui Holdings by nearly 6%, Sunac China by more than 5%, Agile Group by more than 4%, and Shimao Group by more than 3%.

Property management stocks plummeted to the topCountry Garden Services Holdings fell by more than 9%, Xuhui Yongsheng service by more than 4%, elegant living service by more than 4%, and China Resources Mixc Lifestyle Services by nearly 4%.

Shipping stocks generally fellCOSCO Shipping Holdings fell by more than 4 per cent, Orient Overseas by nearly 3 per cent, and China Merchants Port and COSCO seaborne port by about 1 per cent.

Individual stocks$Junshi creature (01877.HK) $It has risen by more than 14% again, and it is reported that COVID-19 's oral drug VV116 is expected to apply for listing in the second half of the year.

$Nuohui Health-B (06606.HK) $It rose nearly 34% in the afternoon, and revenue is expected to grow by up to 207.8% year-on-year in 2021, after Helicobacter pylori testing products were approved.

$New Special Energy (01799.HK)$It has increased by more than 11%, and the net profit of returning home is expected to increase to no less than 5 billion yuan in 2021.

$Standard Chartered PLC (02888.HK) $Increase by more than 4%It was at HK $56.75, with a total market capitalization of HK $174.7 billion, up nearly 23% during the month.

$Hengteng Network (00136.HK) $It rose by more than 7% and signed a cooperation agreement with Tencent, the company's second largest shareholder, to cooperate in the technical services and channel promotion of game products.

$Beijing Oriental Jingdian (00710.HK) $The increase expanded in the afternoon, closing up by more than 15%, and the annual net profit increased by more than 350%.

$Dongyang Light Medicine (01558.HK) $It rose by more than 9% and more than 26% in 5 days. Metoprolol succinate sustained-release tablets were approved by the State Drug Administration to be listed on the market.

New shares$Tak Ying Holdings (02250.HK) $The first day of listing rose more than 16%, the company is the second largest domestic role intellectual property company, with a market share of about 2.4%.

$COSCO Shipping Holdings (01919.HK) $The decline of more than 4% led the decline in shipping stocks, and the State Council promoted foreign trade measures, referring to a severe crackdown on higher sea freight rates.

$Golden Force permanent Magnet (06680.HK) $The next day, it fell more than 5% to HK $26.75, with a total market capitalization of HK $22.375 billion.

Hong Kong stock exchange fund

As for Hong Kong Stock Connect, there was a net inflow of HK $1.456 billion from Hong Kong Stock Connect (southbound) today.

Today's turnover of Hong Kong shares TOP20

Message surface

In 2021, the GDP for the whole year was 114.37 trillion yuan, an increase of 8.1% over the same period last year.According to the data of the National Bureau of Statistics, according to the preliminary calculation, the GDP for the whole year of 2021 is 14.37 trillion yuan, an increase of 8.1 percent over the previous year at constant prices, with an average growth rate of 5.1 percent in two years. On a quarterly basis, it grew by 18.3% in the first quarter compared with the same period last year, 7.9% in the second quarter, 4.9% in the third quarter and 4.0% in the fourth quarter.

The central bank cut the MLF and reverse repo rate by 10 basis points.The people's Bank of China conducts 700 billion yuan one-year MLF operations at an interest rate of 2.85%, up from 2.95% previously. There are 500 billion yuan MLF due today. The people's Bank of China today carried out 100 billion yuan of seven-day reverse repurchase operations, and another 10 billion yuan of reverse repurchase expired. The winning interest rate was 2.1%, a reduction of 10 basis points.

Tencent announced that minors will play a limited time during the 2022 winter vacation, and minors will play games for up to 14 hours.Tencent Game announced today that minors will have a limited playing time during the 2022 winter vacation and Spring Festival holiday. The details are as follows: combined with the "notice on further strict Management to prevent minors from indulging in online Games" and the actual holiday adjustment arrangements, minors can log in to the game between 20:00 and 21:00 every day from January 21 to 23 (Friday, Saturday, Sunday), January 28 (Friday), January 31-February 6 (Spring Festival holiday), February 11-13 (Friday, Saturday, Sunday). Except for the above limited playing time, minors are unable to enter the game experience in the rest of the time. As a special reminder, January 29-30 (Saturday, Sunday) is the date of prohibition.

Sources say the prices of some AMD products have increased by 10% to 30%, perhaps due to cost factors.According to a survey report by technology media tom's hardware, AMD, one of Taiwan Semiconductor Manufacturing Co Ltd's server customers, reported that the price of EPYC data center processors has increased by 10% to 30%, and the wave of the world's second largest server supplier has confirmed and accepted the price increase. Mizuho Securities report analysis quoted by the website shows that manufacturing costs are rising in almost every part of the semiconductor supply chain, and AMD's price rise may reflect that the company is passing on higher pricing to customers rather than increasing profit margins.

Institutional viewpoint

Nomura: material$Kuaishou Technology-W (01024.HK) $Revenue in the fourth quarter of last year was in line with expectations, maintaining a "buy" rating with a target price of HK $108.

According to a report released by Nomura, Kuaishou Technology's income is expected to grow 28% year-on-year to 23.1 billion yuan in the fourth quarter of last year (the same below), in line with market expectations. The net loss under non-GAAP may be 3.2 billion yuan, which is better than the market consensus net loss of 5.4 billion yuan. In view of the weak macroeconomic situation and the epidemic situation, the bank estimates that Kuaishou Technology's advertising revenue growth will slow to 35% in fiscal year 2022, and the bank will cut Kuaishou Technology's revenue forecast for fiscal year 2022 by 11%. At the same time, it increased the non-GAAP operating profit margin forecast for fiscal year 2021 or fiscal year 2022 by 3.2 percentage points and 7.7 percentage points, respectively, because operating expenses were better controlled. The bank maintained Kuaishou Technology's "buy" rating and lowered its target price to HK $108 from HK $114.

Goldman Sachs Group: Macao's new betting law is a pleasant surprise to the market.$Sands China Ltd. (01928.HK) $Include in the "make sure to buy" list.

The Macao SAR government recently announced the revision of the draft law on the legal system of lucky betting in casinos. Goldman Sachs Group issued a report, pointing out that the draft content tends to be more optimistic, the publication time is earlier than expected, and has less impact on the gaming industry, which has brought positive surprises to the market. The bank preferred to change its rating from SJM to Sands China, with a "buy" rating and put Sands China on the "sure buy" list, with its target price lowered from HK $38 to HK $28. In addition, the bank cut the target price of gaming stocks by 11% to 29%. Goldman Sachs Group believes that it is more likely that the six gaming companies operating in Macau will continue to operate until 2032 or 2035. As the existing gambling licences will expire on June 26 this year and time is tight, he believes that the government may extend the licences for six months to ensure that there is enough time to complete the licensing process by the end of the year.

UBS: it is expected that the value of new business in the insurance industry will decline by 10-15% this year, and the price of insurance stocks will be lowered, which is the first choice.$AIA Group Limited (01299.HK) $。

UBS released an insurance stock industry report that last year was full of challenges in new business growth and real estate risks, saying that the biggest uncertainty this year was regulatory changes and epidemics, and that the value of new business in the industry was expected to decline by 10-15% this year, but the year-on-year decline in the first quarter of this year is expected to narrow. The bank believes that new business and investment risks have been included in the share price, but it still needs a positive catalyst to release the value of insurance shares, but it is believed that it will not happen in the short term. AIA has a strong executive ability and is the first choice for insurance stocks, maintaining a "buy" rating, with a target price falling from HK $110 to HK $108, while domestic insurance stocks recommend Ping Bao and Pacific Insurance, with the former lowering its target price from HK $88 to HK $80, maintaining a "buy" rating. The target price of the latter is reduced from HK $29 to HK $27.6, with a rating of "buy". Zhongan Online cut the target price from HK $41.10 to HK $30. The growth of Internet insurance premiums is expected to be resisted by increased regulation, with a rating of "neutral".

Daiwa: health$China CITIC Bank Corporation (00998.HK) $Rated to outperform the market, the target price rose to HK $4.05.

According to a report released by Daiwa, China CITIC Bank Corporation's average interest-bearing assets were expected to grow by 13.4 per cent year-on-year last year, but net interest income rose only 2.2 per cent year-on-year, mainly because the net interest margin shrank by 23 basis points to 2.03 per cent. Looking forward to this year, Daiwa expects that the growth of interest-bearing assets of Daiwa Bank will be limited by the high deposit-to-loan ratio but insufficient deposit growth, and the net interest margin is also expected to be affected by industry pressure and its portfolio adjustment to reduce risk. The rating of China CITIC Bank Corporation's shares was downgraded from "buy" to "outperform the market", but the target price rose from HK $4 to HK $4.05, and the forecast for 2021 to 2023 was slightly adjusted.