Hong Kong Quick Watch

Futu Information on January 26 | the three major indices have rebounded, with the Hang Seng Index up 0.19%, the National Index up 0.11%, and the Hang Seng Technology Index up 0.8%.

As of the close, Hong Kong stocks rose 958, fell 872, and closed flat at 1021.

Plate aspectMost of the large technology stocks roseKuaishou Technology and NetEase, Inc rose by more than 4%, Baidu, Inc. by nearly 2%, JD.com and Tencent by more than 1%.

Green Power concept stocks strengthenChina Longyuan Power Group Corporation rose more than 7%, Huadian International Power and Xinjiang Goldwind Science & Technology rose nearly 4%, and CGN New Energy rose more than 3%.

Photovoltaic plate strengthXinyi Solar rose by more than 8%, Flat Glass Group by more than 4%, Xinte Energy by more than 3%, Poly Association New Energy by nearly 3%, and Luoyang Glass shares by more than 1%.

Some shipping stocks rosePacific Shipping rose nearly 5%, COSCO Shipping Holdings rose more than 1%, Orient Overseas and COSCO slightly increased.

Short video concept stocks move higherHengten.com rose by more than 8%, Kuaishou Technology by more than 4%, and China by more than 3%.

Pharmaceutical outsourcing concept stocks continue to declineWuxi Apptec fell by more than 10%, Tigermed by nearly 10%, Pharmaron Beijing Co., Ltd.* and Genscript Biotech Corporation by more than 9%, and Wuxi Biologics by nearly 7%.

In other aspects, film and television entertainment stocks, photovoltaic stocks, Hong Kong bank stocks, telecommunications stocks are relatively strong, Evergrande concept stocks rebounded collectively, Chinese brokerage stocks rose in the afternoon.

Individual stocks$Kuaishou Technology-W (01024.HK) $Increase by more than 4%Received a net purchase of southbound funds for 4 consecutive days.

$NetEase, Inc-S (09999.HK) $Increase by more than 4%Announced that it will join hands with Zhejiang Media Institute to strengthen cooperation in frontier fields such as meta-universe.

$Hengteng Network (00136.HK) $Increase by more than 8%The company intends to issue a total of 120 million shares to Tencent and Liu Xueheng at a premium of about 9.17%, net raising about HK $300 million.

$Xinyi Solar (00968.HK) $Increase by more than 8%The Silicon Industry Association said that the relative shortage of polysilicon supply continues.

$HSBC Holdings PLC (00005.HK) $Up nearly 3%Buy back about 3.5851 million shares on January 25th.

$Chinese Education Holdings (00839.HK) $Closed down more than 33%With the largest intraday decline since 2018, the company confirmed that the group's business operations remained normal.

$Shenzhou International Group (02313.HK) $Drop by more than 7%Bank of America Index, based on Shenzhou International Group since the third quarter of last year affected by the uncertainty of the COVID-19 epidemic, decided to lower the 2021-22 earnings per share forecast of 5%-3%.

Hong Kong stock exchange fund

As for Hong Kong Stock Connect, there was a net inflow of HK $4.646 billion from Hong Kong Stock Connect (southbound) today.

Today's turnover of Hong Kong shares TOP20

Message surface

Ministry of Finance:From January to December of 2021, the total operating income of state-owned enterprises was 75.55436 trillion yuan, an increase of 18.5 percent over the same period last year, with an average growth rate of 9.9 percent in two years (calculated by geometric average based on the corresponding figures for the same period in 2019). Of this total, central enterprises totaled 41.72793 trillion yuan, up 17.7 percent over the same period last year, with an average growth rate of 7.8 percent in two years; and local state-owned enterprises totaled 33.82644 trillion yuan, up 19.5 percent over the same period last year, with an average growth rate of 12.7 percent in two years. From January to December, the profits of state-owned enterprises totaled 4.51648 trillion yuan, an increase of 30.1 percent over the same period last year, with an average growth of 12.1 percent in two years. Of this total, central enterprises totaled 2.861 trillion yuan, an increase of 27.0 percent over the same period last year, with an average growth rate of 12.4 percent in two years; and local state-owned enterprises totaled 1.65547 trillion yuan, an increase of 35.9 percent over the same period last year, with an average growth rate of 11.5 percent in two years.

National Energy Administration:By the end of December, the country's installed power generation capacity was about 2.38 billion kilowatts, an increase of 7.9 percent over the same period last year. Of this total, the installed capacity of wind power is about 330 million kilowatts, an increase of 16.6 percent over the same period last year, and the installed capacity of solar power is about 310 million kilowatts, an increase of 20.9 percent over the same period last year.

The State Drug Administration will carry out drug safety improvement actions.

The State Drug Administration has decided to carry out a special rectification campaign on drug safety throughout the country, in view of the outstanding problems strongly reflected by the people, taking strict investigation of violations of the law and strict control of risks as the main line, and severely crack down on illegal and criminal acts in the field of drugs, medical devices, and cosmetics. Strict inspection and strict prevention and control of quality and safety risks to ensure drug safety in our country.

Silicon Industry Branch: the relative shortage of polysilicon supply continues.

The price of silicon material has risen steadily and slightly this week, with the average transaction price increase of less than 0.5% for single crystal re-feeding, single crystal dense material, and single crystal cauliflower. According to analysis, the continued rise in silicon prices this week is mainly due to the following three reasons: first, the operating rate of downstream wafer enterprises has maintained a relatively high level under the expectation of installation increment at home and abroad in the first quarter, and the purchasing demand for silicon has continued; second, the orders of some silicon enterprises have been oversubscribed, and logistics and transportation have begun to be restricted one after another, resulting in a decrease in the number of signable orders for silicon and a relative shortage of supply. Third, the price increase of silicon wafer has covered its cost and has a relatively high degree of acceptance to the current price.

Institutional viewpoint

Bank of America Securities: lower the target price to HK $769, rating buy.

Bank of America Securities publishes Research report$Bilibili Inc.-SW (09626.HK) $The fourth quarter results will be announced in late February. Bank of America basically maintains its quarterly monthly active users (MAU) revenue forecast of 270 million yuan and 5.8 billion yuan, slightly higher than market expectations, lowering its revenue forecast for the first quarter of this year to 5.57 billion yuan, slightly lower than market expectations. It is believed that Bilibili Inc. is expected to achieve the target of 400 million monthly active users in 2023, and the net user growth from 2022 to 2023 is expected to be similar to that in 2021. Reached more than 60 million. Assuming that more new games can be launched in the second half of this year, BofA lowered its 2022 revenue growth forecast by 6% to 34%, advertising and value-added services growth forecast to 55% and 43%, and full-year profit margin by 2%. Accordingly, the revenue forecast for this year and next will be reduced by 6% and 8%, and earnings per share forecast by 7% and 16%. The target price was lowered to HK $769 (originally HK $932), reiterating the buy rating.

Daiwa: Daixin reached the biological target price of HK $48, reiterating its outperformance in the market.

According to a research report released by Daiwa, the Cancer Drug Advisory Committee (ODAC) of the Food and Drug Administration (FDA) will meet on February 10 and will decide$INNOVENT BIO (01801.HK) $Whether its Tyvyt can be approved in the United States. Dabeshu was included in the National Medicare Drug catalogue (NRDL) last year, with the annual cost falling 8 per cent from Rmb40,000 to Rmb36700. The bank cut INNOVENT BIO's income forecast for this year by 7%, lowered its valuation basis, reiterated its outperformance rating, and lowered its target price from HK $67 to HK $48. Daiwa said INNOVENT BIO's biogeneric business is still strong, but faces the risk of concentrated procurement. The bank does not expect INNOVENT BIO to make any significant progress in clinical development this year. However, the bank still likes its integrated product line.

CICC: for the first time, China Construction Industry outperformed the industry rating, with a target price of HK $2.3.

CICC was first grantedChina Construction Industry (00830.HK) $Outperform the industry rating with a target price of HK $2.3, which means a forecast price-to-earnings ratio of 13 times and 10 times from 2022 to the end of 2023, with 28% potential growth space. CICC said that China Construction Industrial proposed strategic reforms in 2019, which is expected to benefit from the expansion of curtain wall business in Hong Kong and Macau, start mainland business and reduce overseas operations, and its profits are expected to grow rapidly in the next five years. The company's new orders for curtain walls increased 77 per cent year-on-year to 4.5 billion yuan in the first half of 2021, and the bank estimated that the company's profits were likely to improve.

Bank of America Securities: lower Shenzhou International Group earnings test reflects the appreciation of the currency and other adverse factors, reiterate the buy rating.

Bank of America Securities issued a report saying that based on$Shenzhou International Group (02313.HK) $Affected by the uncertainty of the COVID-19 epidemic since the third quarter of last year, it has decided to lower its earnings per share forecasts for Shenzhou International Group by 5% and 3% respectively for 2021 and 2022, reflecting factors such as the appreciation of factories in Vietnam and Ningbo and the appreciation of the RMB. However, the bank still believes that the company is ushering in a year of recovery this year, and believes that its long-term prospects are solid due to strong orders and capacity release. The bank refers to reiterating the purchase rating and target price of HK $178 on Shenzhou. Bank of America Securities expects Shenzhou's gross margin to fall from 31.2% in 2020 to about 28% in 2021. In 2022, the bank expects capacity to expand steadily and foreign exchange to be basically stable, with gross profit margin returning to more than 29 per cent, but still below the pre-epidemic level of more than 30 per cent.