Hong Kong stocks fluctuated in May, but the market rebounded in the past two trading days due to weakening macro concerns. in addition, the continued inflow of southbound funds also supported the strength of the Hong Kong stock market. Southbound Capital bought a net HK $408 million last Friday, a net purchase for the 15th consecutive day, with a cumulative net purchase of HK $46.622 billion.

In May, the energy sector of Hong Kong stocks still showed a bright eye, with the biggest gainers.$United Energy Group (00467.HK) $The monthly increase is over 36%.The company is included in the MSCI Hong Kong Mini IndexThe changes will take effect after the market closes on May 31.$Yanzhou Mining Energy (01171.HK) $Tired up by more than 18%, according toAccording to the National Bureau of Statistics, the domestic coal supply is still tight.

Also be includedMSCI Hong Kong Mini IndexChina Investment Fund Corporation (00612.HK) $During the month, it also increased by more than 34%. However, it is worth noting that the company was reduced by a number of directors during the month. In addition$Youlian Lease (01563.HK) $$Yashili International (01230.HK) $It increased by nearly 30% in the month.$Yunkang Group (02325.HK) $、$Orient Overseas (00316.HK) $It rose by more than 24% during the month.

Among the stocks that fell sharply in May, Hong Kong stocks$HUTCHMED (China) Limited (00013.HK) $It has fallen by more than 40%. Earlier this month, the company announced that FDA in the United States had sent a complete reply to the application of sovantinib for the marketing of a new drug for the treatment of pancreatic and non-pancreatic neuroendocrine tumors; FDA believes that the current data packets based on two successful Chinese Phase III studies and a US bridging study are not sufficient to support drug approval in the United States. In addition,$Jinke Service (09666.HK) $It has dropped nearly 31% this month.$Zai Lab Limited-SB (09688.HK) $It fell by more than 27%.

Looking to the future, Societe Generale Securities chief strategist Zhang Yidong believes that the negative impact of US stock trends on A shares and Hong Kong stocks will be further weakened. In the next stage, the US dollar is expected to fluctuate at a high level or even weaken periodically, which is conducive to the stability of the RMB exchange rate and the Hong Kong dollar, and the global capital may return. The stabilization of the Chinese economy will bring more opportunities for A shares and Hong Kong stocks.

CICC expects more positive policies, already low market valuations and continued southward capital inflows and other factors to support the Hong Kong stock market. The latest better-than-expected results from technology giants such as BABA, Baidu, Inc. and Pinduoduo are also expected to have a positive impact on the market.