Evaluation of Hong Kong stocks

Futu Information on January 18 | the main index of Hong Kong stocks rose and fell, the Hang Seng Index fell 0.43%, the National Index fell 0.18%, and the Hang Seng Technology Index fell 0.45%.

As of the close, Hong Kong stocks rose 975, fell 895, and closed flat at 980.

In terms of the plate, large-scale technology stocks opened high and opened low.Tencent fell nearly 3%, Kuaishou Technology, BABA and JD.com all fell more than 1%, and XIAOMI and Baidu, Inc. closed slightly higher.

The concept of green power led the increase. Huaneng International Power and China Electric Power rose by more than 5%, China Resources Power Holdings by nearly 5%, Datang New Energy by 4% and CGN New Energy by more than 3%.

Inner housing stocks rebounded, Country Garden Holdings rose nearly 5%, Shimao Group and Vanke rose more than 4%, Longguang Group rose more than 2%, Metro Development and Longfor Group rose about 2%, and Sunac China rose nearly 1%.

Sporting goods stocks rose across the board. Xtep International rose by more than 4%, Topsports International Holdings Limited by more than 2%, Anta by more than 2%, and Li Ning Co. Ltd. by nearly 2%.

Catering stocks strengthened, rising more than 7% in 99 cents, nearly 4% in Helens and Haidilao International Holding, and more than 2% in Naixue.

In other aspects, furniture stocks, clothing stocks, semiconductor stocks led the rise, gaming stocks, automobile stocks, pharmaceutical stocks fell.

Individual stocks$Meituan-W (03690.HK) $It fell 0.37% and rose more than 5% at one point in intraday trading. Southward funds yesterday marked the 10th consecutive day of net purchases of Meituan, totaling more than HK $5.3 billion.

$Zhongan Online (06060.HK) $It fell by more than 6% in the afternoon, rising more than 11% at one point in intraday trading, and Daiwa expects its net profit to rise 70 to 90% last year.

$Nuohui Health-B (06606.HK) $Closed down 0.36%, rose more than 22% at one point in intraday trading, and its YouTube made its debut on the whole network today.

$China Resources Power Holdings (00836.HK) $It has increased by nearly 5%, and when the electricity sales of affiliated power plants in 2021 increased by 14.4% year on year to 177 million megawatts, the NDRC expects electricity consumption to increase rapidly this year.

$Semiconductor Manufacturing International Corporation (00981.HK) $Up nearly 4%, it is reported that TSMC raised the foundry price, and the agency expects the overall production capacity to remain tight in 2022.

$Sunac Services (01516.HK) $Up more than 5% led to the rise of property management shares, property management enterprises to speed up mergers and acquisitions to expand the scale, industry concentration significantly increased.

$Yongda Motor (03669.HK) $A rise of more than 6% led to a rise in car dealers, and Daiwa said the rebound in car sales had offset the drop in gross profit margin.

$Man Wah (01999.HK) $Pull up more than 7%, buy back 2 million shares, involving a capital of 23.9878 million Hong Kong dollars.

$Shang Tang-W (00020.HK) $It rose more than 6% to HK $7, with a market capitalization of HK $232.9 billion.

Hong Kong stock exchange fund

As for Hong Kong Stock Connect, there was a net inflow of HK $2.215 billion from Hong Kong Stock Connect (southbound) today.

Today's turnover of Hong Kong shares TOP20

Message surface

Central bank: recently, real estate sales, land purchase, financing and so on have gradually returned to normal.Zou Lan, director of the Financial Markets Department of the people's Bank of China, said that in the next step, the people's Bank of China will resolutely implement the decision-making arrangements of the CPC Central Committee and the State Council, conscientiously implement the spirit of the Central Economic work Conference, adhere to the positioning of "houses are for living, not for speculation", fully implement the long-term mechanism of real estate in accordance with the requirements of exploring new development models, and maintain the continuity, consistency and stability of real estate financial policies. We will steadily implement a prudent real estate financial management system, increase financial support for housing leasing, and implement urban policies to promote the virtuous circle and healthy development of the real estate industry.

The National Development and Reform Commission: appropriately carry out infrastructure investment in advance and speed up the implementation of 102 major projects in the 14th five-year Plan.Yuan Da, director of the National Economic Comprehensive Department of the National Development and Reform Commission, said at a news conference on the 18th that he should step up efforts to introduce a series of policy measures to implement the strategy of expanding domestic demand. Timely study and put forward the pertinent measures to perk up the industrial operation. We should appropriately carry out infrastructure investment in advance, speed up the promotion of 102 major projects in the 14th five-year Plan, and implement the local government special bonds issued in the fourth quarter of last year into specific projects as soon as possible in accordance with the requirements of "funds follow the projects." we will pay close attention to the issued quota and strive to create more physical workload in the first quarter.

Battery-grade lithium carbonate rose 5000 yuan / ton today, with the average price exceeding 350000 yuan / ton.Shanghai Iron and Steel Federation released data show that today, some lithium materials rose again, cobalt tetroxide rose 5000 yuan / ton; lithium metal rose 40000 yuan / ton; lithium carbonate rose 5000 yuan / ton, the average price was 350500 yuan / ton; lithium hydroxide rose 2500-3500 yuan / ton; cathode materials, lithium cobalt rose 57500 yuan / ton; lithium manganate rose 2000-2500 yuan / ton.

Starbucks Corp takeout business transferred to Meituan launched its own space service for the first time.After three years of exclusive cooperation with ele.me, Starbucks Corp announced a partnership with Meituan to provide coffee delivery service on Meituan platform and a new private coffee experience booking service in its stores. It is reported that Starbucks Corp booked the exclusive space service product "1971 living room" on the launch line of Meituan App and Dianping App. Consumers can book the exclusive space of Starbucks Corp store online and experience personalized scenes and services such as business meetings and theme parties. In addition, the upgraded Starbucks Corp "dedicated Star delivery" service is fully online Meituan takeout, and consumers can enjoy many rights and interests, such as members' rights and interests, exclusive distribution services and customized order experience. Starbucks Corp said that by the end of 2022, more than 5000 of its stores in China will have separate pages on Meituan's platform.

Institutional viewpoint

Institutional analysis: if inflation accelerates, the yield on two-year Treasuries could reach 1.5%.

The securities firm, a joint venture between Mitsubishi UFJ and Morgan Stanley, said that if inflation accelerated further, the yield on US two-year Treasuries could rise to 1.5 per cent this year. Kenta Inoue, a senior market economist, said the market is ready to raise interest rates four times this year, and now seems to expect a rate hike at every Fed meeting this year. Expectations of further interest rate hikes reflect the view that there is more room for inflation to rise. Inoue added that the Fed had previously "shown a strong determination to curb inflation". Next week's FOMC meeting is likely to show that the US has achieved full employment, which will be a clear sign of an interest rate hike in March.

Morgan Stanley: downgrade$Tencent (00700.HK) $Target price to HK $600, reiterate"increase holdings"Investment rating.

Morgan Stanley issued a report that reiterated Tencent's overweight investment rating, lowering the target price from HK $650 to HK $600, valuing its core business at 25 times this year's forecast price-to-earnings ratio. Tencent's income in the fourth quarter of 2021 is expected to be 142 billion yuan (up 6% year-on-year), and the non-GAAP operating profit is expected to fall 3% year-on-year, mainly because the annual growth of online game revenue has slowed to 5% (compared with 7% in the third quarter of 2021). The annual growth of online game revenue in the mainland is expected to slow to 1% (5% compared with the third quarter of 2021). Morgan Stanley said it cut its forecast for Tencent's 2022 income by 5 per cent and Tencent's 2022 non-GAAP operating profit forecast by 3 per cent. The bank says it is still optimistic about Tencent's long-term prospects and expects its profit to grow at a compound rate of 24% from 2022 to 2025, indicating that its valuation is attractive.

Goldman Sachs Group: lower the price of mainland food and beverage stocks across the board, preferences$99 (09922.HK) $及$Yum China-S (09987.HK) $。

In a report, Goldman Sachs Group cut the price of its mainland catering stocks across the board and lowered its 2022 profit forecast for mainland catering stocks by 7% to 40%, assuming that same-store sales in the first quarter of 2022 were compared with those before the epidemic. It remained at the same level as from November to December 21 last year, and then rebounded moderately to the level of the third or fourth quarter of last year in the second or second half of this year, but has not yet returned to the level of the first half of last year. Gao Sheng pointed out that 99 Mao is the first choice for the industry, but also optimistic about Yum China, that both show a sound execution and business resilience, expansion track and emerging multi-brand portfolio. The bank has a buy rating on both 99 Mao and Yum China, lowering its target price from HK $31 to HK $28 and from HK $560 to HK $537 respectively.

Nomura: l$Hong Kong Exchanges and Clearing (00388.HK) $Rated to "buy", the target price was raised to HK $531.1.

Nomura reported that HKEx cut its revenue forecast by 2 per cent in the fourth quarter of last year due to a decline in trading volume, but its profit forecast remained unchanged under better cost control, but strong demand from mainland companies seeking to list in Hong Kong, coupled with the successful launch of futures contracts for the MSCI China A50 interconnection index in October last year, remained unchanged for HKEx's long-term outlook. The bank upgraded the HKEx from neutral to buy and raised its target price from HK $485 to HK $531.1, with a 17 per cent upward potential. Nomura lowered the forecast daily trading volume of Hong Kong stocks this year and next by 4% and 2% respectively, and it is expected that the average daily trading volume of Hong Kong stocks this year is expected to rise 6% year-on-year.