Hong Kong Quick Watch

Futu Information on April 21 | Hong Kong stocks fell again, the Hang Seng Index closed down 1.25%, and the Hang Seng Technology Index fell 3.48%, losing the 4000-point mark. Both recorded three consecutive declines.

By the end of the day, Hong Kong stocks were up 480, down 1458, to close flat.

On the plate side, large technology stocks fell across the board.JD.com fell by more than 6%, Meituan by nearly 5%, XIAOMI by more than 4%, Tencent by nearly 4%, NetEase, Inc, BABA and Baidu, Inc. all by more than 3%.

Automobile stocks led the decline.Great Wall Motor fell by more than 5%, XPeng Inc. and ideal fell by more than 4%, and Guangzhou Auto, NIO Inc. and BYD fell by more than 3%.

Pharmaceutical stocks fell.Gregory Pharmaceuticals fell by more than 8%, Wuxi Biologics and Tailing Pharmaceuticals by nearly 7%, Kellein by more than 6% and Shanghai Fosun Pharmaceutical by nearly 5%.

Photovoltaic glass stocks tumbled againFlat Glass Group fell nearly 9%, Xinyi Solar fell more than 6%, Poly Xiexin Energy and New Special Energy fell more than 4%.

Bank stocks in Hong Kong strengthen against the marketHSBC Holdings PLC rose nearly 2%, Standard Chartered rose more than 1%, BOC Hong Kong (Holdings) Limited and Hang Seng Bank followed.

Individual stocks$HSBC Holdings PLC (00005.HK) $Up nearly 2 per cent, the company's $2 billion buyback program launched last October was completed yesterday, with an average price of £4.8128 a share. Separately, HSBC said in its earlier results that it planned to launch further share buybacks of up to $1 billion.

China Merchants Bank (03968.HK) $rebounded by nearly 1%, and Lyon said the market exaggerated the risk of Tian Huiyu's dismissal.

$cutting-edge Medicine (06108.HK) $It rose nearly 3%, with a turnover of more than HK $600 million, and has risen by more than 1400% so far this month.

New New Zealand Technology (09600.HK) $It rose more than 87% in the afternoon, and the company announced yesterday that it did not know any reason for the fluctuation in the transaction price and volume of the shares.

$Wuxi Biologics (02269.HK) $It fell nearly 7%, and overseas COVID-19 vaccine manufacturers adjusted their sales expectations.

$Golly Pharmaceuticals-B (01672.HK) $Down more than 8% led down anti-epidemic concept stocks, reported that Pfizer Inc COVID-19 oral drug demand is much lower than the supply.

Wynn Macau (01128.HK) $The decline of more than 8% led the decline in gambling stocks, with institutions saying that gambling revenue this month is expected to be the lowest in September 20 years.

$JD.com Group-SW (09618.HK) $It fell in the afternoon, down more than 6%, and was short-term bearish by Deutsche Bank and many other big banks.

$Ganfeng Lithium (01772.HK) $It fell by more than 6%, and the price of lithium materials continued to decline, and lithium carbonate fell by more than 17000 yuan / ton in the month.

Hong Kong stock exchange fund

As for the Hong Kong Stock Connect, there was a net outflow of HK $2.17 billion from Hong Kong Stock Connect (southbound) today.

Today's turnover of Hong Kong shares TOP20

Message surface

The onshore renminbi hit 6.45 against the dollar, falling more than 300 points on the day, continuing its lowest level since October.

CSRC: step up the formulation and promulgation of supporting rules and systems for individual pension investment public offering funds.The opinions of the General Office of the State Council on promoting the Development of personal Pensions was released on April 21. The CSRC said on the same day that the next step will be to speed up the formulation and promulgation of supporting rules and systems for individual pension investment public funds, improve the construction of infrastructure platforms, optimize the environment for medium-and long-term funds to enter the market, and continuously strengthen the supervision of institutions and employees, enhance the management ability of managers and the level of standardized operation, strengthen investor protection, ensure the safety and operation of pension investment, and promote the high-quality development of individual pensions.

The prices of some lithium materials continued to fall today, with the average price of battery-grade lithium carbonate falling by 7500 yuan / ton.According to data released by Shanghai Iron and Steel Federation, the prices of some lithium materials fell again today, with the average price of battery-grade lithium carbonate falling 7500 yuan / ton to 475000 yuan / ton, lithium hydroxide down 7500 yuan / ton, lithium manganate down 1000-2000 yuan / ton, and nickel beans down 2100 yuan / ton.

The Ministry of Industry and Information Technology and the National Development and Reform Commission have proposed that by 2025, the industrial added value of enterprises above the size of the industrial textile industry will grow at an average annual rate of about 6%.Three and five enterprises have entered the first echelon of global industrial textiles. The ability of scientific and technological innovation has been significantly improved, the proportion of R & D funds of industry backbone enterprises in main business income has reached 3%, the proportion of recycled fiber and biomass fiber applications has reached 15%, and the numerical control rate of key processes in nonwovens enterprises has reached 70%. Intelligent manufacturing and green manufacturing have obvious synergistic effects on the quality improvement of the industry, and the comprehensive competitiveness of the industry has been further enhanced.

Institutional viewpoint

DBS: Hong Kong stocks are expected to rebound in the second half of the year, cautiously optimistic, giving the Hang Seng Index a target of 24600 points for the next 12 months

Xingzhan pointed out that the Hong Kong market may be less affected by the Fed's rate hike, although uncertainties still exist, but Hong Kong stock valuations are attractive from a historical and relative point of view. The bank maintains a target of 24600 points for the Hang Seng Index for the next 12 months, equivalent to 11.6 times this year's forecast P / E, and maintains a target of 8160 points for the national index for the next 12 months, equivalent to 9.3 times this year's forecast P / E.

DBS proposes to increase its holdings in the renewable energy sector and finds valuations in sectors such as real estate, property management, e-commerce and the Internet attractive. The bank's preferred Hong Kong stocks include$AIA Group Limited (01299.HK) $ 、$BOC Hong Kong (Holdings) Limited (02388.HK) $、$China Merchants Bank (03968.HK) $、$Country Garden Services Holdings (06098.HK) $、$China Longyuan Power Group Corporation (00916.HK) $、$Link Real Estate Investment Trust (00823.HK) $ 、$Longfor Group (00960.HK) $、$Ping An Insurance (02318.HK) $、$Meituan-W (03690.HK) $及$Tencent (00700.HK) $。

Nomura: will$China Telecom Corporation (00728.HK) $Target price raised to HK $4.1, rating buy

Nomura issued a rating report that China Telecom Corporation announced his results for the first quarter of this year after the market closed on Wednesday (20th), with double-digit annual growth in income and profit. The bank raised its earnings slightly by 3-6 per cent in 2022-23 to reflect a better growth outlook and forecasts annual revenue and earnings growth of 6.5 per cent and 9.2 per cent in 2024. The bank raised its target price to HK $4.10 from HK $3.90, equivalent to an EV/EBITDA of 2.1x next year, or a dividend yield of 7 per cent, keeping its rating as a buy.

Goldman Sachs Group: update the forecast of cloth oil price$Petrochina (00857.HK) $Receive a list of "sure buys"

Goldman Sachs Group released a research report saying that according to the updated oil price forecast, the oil price forecast will fall from 135USD / bbl to 125USD / bbl in 2022 and rise from 110USD / bbbl to 115bbl in 2023, so the profit forecast of "three barrels of oil" will be lowered accordingly. According to the report, Petrochina Company Limited's "buy" rating was maintained and included in the "convinced buy" list. Due to the higher-than-expected cost of exploration and production last year, the EBITDA forecast for 2022-24 was cut by 8%, 0%, 2%, and the target price was reduced from HK $6.20 to HK $6. The profit in 2022 may benefit from higher oil prices, but higher royalties and lower refining revenue will reduce the positive impact on EBITDA when oil prices exceed US $85 per barrel.

Morgan Stanley: maintain the right$AIA Group Limited (01299.HK) $Increase the rating and target price of HK $124

Morgan Stanley issued a report that AIA Group Limited will announce its results for the first quarter of this year next Friday (29th). Affected by the high base of the mainland market and the fifth wave of the epidemic in Hong Kong, the value of the group's new business in the first quarter is expected to fall by 19 per cent year-on-year at a fixed exchange rate; in real terms, it is expected to fall by 21 per cent, mainly due to the annual depreciation of 1 to 8 per cent against the US dollar. However, the bank expects AIA to still record positive growth in new business value for the full year, with the ASEAN market expected to be a bright spot, with first-year office premiums (APE) data in Thailand and India showing solid growth and better performance in these markets, with Singapore flat, Malaysia up 5 per cent and Thailand up 7 per cent. Morgan Stanley maintains its overweight rating on AIA shares and its target price of HK $124.