Zhitong Financial APP learned that the three major stock indexes rebounded collectively, fully recovering yesterday's lost ground, and trading volume on the main board shrank. Early trading, the index opened sharply higher after a consolidation, the second half of the index pulled up again. In the afternoon, the stock index continued to recover and hit a session high at the close, and the Hang Seng Index returned above the 20,000 mark. As of the close, the Hang Seng Index was up 2.40% or 471.59 points at 20082.43, with a full-day turnover of HK $82.714 billion; the China Enterprises Index was up 2.70% at 6823.39; and the Hang Seng Technology Index was up 3.67% at 4326.85.
BABA-SW (09988) contributed 56.25 points, Meituan-W (03690) contributed 54.56 points, Tencent (00700) contributed 37.47 points, Wuxi Biologics (02269) contributed 27.00 points, Techtronic Industries (00669) contributed 25.56 points; in terms of decline, China Resources Land (01109) pulled down 1.39 points.
Blue chip performance:
Hard technology, the Internet and consumption led the rise, while Hong Kong's local blue chip lagged behind. In the Hang Seng Technology Index, hard technology rose at the top, with NIO Inc.-SW (09866) up 7.8%.
As of the close, Techtronic Industries (00669) rose 10.86% to HK $96.45; Sunny Optical (02382) rose 9.16% to HK $121.50; Wuxi Biologics (02269) rose 6.43% to HK $71.95; BABA-SW (09988) rose 4.32% to HK $91.75; Meituan-W (03690) rose 4.01% to HK $176.40 In terms of decline, China Overseas Land & Investment (00688) fell 0.94% to HK $19.96.
On the evening of the 10th, Softbank Corp. Group announced that it would reduce its stake in about 242 million shares of BABA (BABA.US) by settling prepaid forward contracts, accounting for about 9 per cent of its total issued shares. Softbank Corp. stressed that this move will not cause counterparties of financial institutions to sell additional BABA shares to the market, as the market has already hedged before the above-mentioned realized transactions. Fu Rui commented that Softbank Corp. 's physical settlement does not damage BABA's fundamentals, and it is expected that a series of capital allocation strategies of the company will release its value return to shareholders. Give a "buy" rating with a target price of HK $224.
Morgan Stanley commented that Techtronic Industries's performance in the first half of 2022 was in line with market expectations, Chuangke downgraded its forecast (management lowered its 2022 income growth forecast from high to medium units), and its gross profit margin growth target remained unchanged. It is believed that Chuangke should be able to outperform its peers, with its target price reduced by 12% from HK $145m to HK $127m, with a rating "overweight".
The latest CICC report says it maintains Sunny Optical's (02382) "outperform industry" rating, with a target price of HK $150.8. The intensive release of new cars in the automobile market in the second half of the year has boosted the overall demand for in-car lens market expansion, as the leading car lens manufacturers are expected to continue to benefit. At the same time, with the release of new phones from North American customers and the arrival of the peak season of traditional mobile phone sales, it is optimistic that the performance of lens shipments in the third quarter will gradually improve.
CITIC commented on the 10th that against the background of continuing worries about the US economic recession, global liquidity is expected to warm up. HFCAA is expected to have relatively little impact on companies that have returned to Hong Kong and are eligible to return to Hong Kong for listing. Fundamentals are expected to pick up again after the reporting period, and overseas Chinese stocks are expected to usher in a valuation switch driven by emotional repair from the fourth quarter onwards. In the short term, we still suggest that we pay attention to the three main lines of global liquidity expectations: warming, post-epidemic recovery, and reporting results that are expected to exceed expectations.
Us consumer prices were flat in July from the previous month, the first sign of a marked slowdown in inflation. But core inflationary pressures remain high. Immediately after the data were released, investors cut their bets on the Fed raising interest rates by 75 basis points for the third time in a row at its Sept. 20-21 meeting. The Fed is expected to choose to raise interest rates by 50 basis points.
Disk plates and hot spots:
1. Finance, CXO concept, electronics, consumer recovery concept, automobile, innovative drugs and other sectors led the rise. Everbright Securities (06178) rose 8.68% to HK $5.26; China Pacific Insurance (02601) rose 4.77% to HK $16.68; Kellein (06821) rose 6.34% to HK $117.40; XIAOMI Group-W (01810) rose 4.69% to HK $12.06; Xtep International (01368) rose 5.03% to HK $12.52; Meidong Motor (01268) rose 5.31% to HK $17.44 INNOVENT BIO (01801) rose 8.73% to HK $36.75.
Great Wall Securities said that from the allocation window, the maximum pressure point of the Sino-US interest rate spread or in the past, the victory rate may be higher at the end of the Q3 quarter. With the ecological reshaping of the industry, leading securities firms with outstanding wealth management and institutional business are expected to get a higher valuation premium; the targets with strong marginal demeanor improvement have relative benefits in the volatile market, and it is recommended to pay attention to the targets with good Q1 financial results and continued Q2 profitability.
Guotai Junan said in the monthly report on fundamentals Quantification in August that the smartphone economy has hit bottom, while consumer electronics has continued to pick up at the bottom, and is recommended to overmatch according to the model. According to the latest data, smartphone shipments became regular year on year, rising from-9.1% in May to 9.1% in June. At the same time, the revenue growth rate of Hon Hai, the leading contract manufacturer of mobile phones, increased significantly to 31.0%, and the data of optical lenses, PCB, connectors and other links also significantly improved. From the multiple data of the industry chain, it can be seen that the industry boom has begun to show signs of stabilizing and recovering, and the comprehensive prosperity indicators we have constructed continue the upward trend that began last month.
Zhongtai Securities Textile Service Industry July e-commerce data report shows that from the BABA platform, all categories of online GMV have declined compared with the same period last year. Head brands of all categories on Douyin platform have achieved eye-catching growth. Shen Wanhongyuan's latest comment said that looking forward to the second half of the year and next year, the low base effect overlays the recovery of terminal consumption, and there is still room for acceleration. From the PEG point of view, the plate has a high performance-to-price ratio, and continues to be optimistic about the long-term growth space of domestic sports brands.
2. In terms of decline, only individual shares in the inner room, communications, gold and other plates are floating green. At the close, Greentown China (03900) fell 0.97% to HK $14.26, Hong Kong Broadband (01310) fell 0.82% to HK $8.49, and Shandong Gold Mining (01787) fell 0.43% to HK $13.82.
Other hot stocks:
1. Qiu Ti Technology (01478) rebounded low to close at HK $4.85, up 17.7%.
Anxin International's latest review pointed out that as the new leader of the optical track, Qiu Titanium Technology's layout in the field of vehicles, IoT and VR is expected to become a new growth point for shipments. Maintain the "buy" rating and lower the target price to HK $5.8.
2. Keji Pharmaceutical-B (02171) rebounded in the afternoon to close at HK $18.16, up 16.4%.
Since share prices hit an all-time low on May 10, southward money has continued to flow into Keji, with its share of positions rising from 5.12 per cent to 9.11 per cent on August 10, a record high, according to SEHK data.
3. After the performance, Swire A (00019) pulled up to close at HK $49.90, up 10.4 per cent.
At noon on the 11th, Swire announced its interim results for 2022, with a profit attributable to shareholders of HK $1.891 billion, compared with a loss of HK $792 million in the same period last year. At the same time, the company announced that it would buy back the company's common An and B shares in the open market, up to a maximum of HK $4 billion.
4. Hisense Home Appliances (00921) rose significantly to HK $9.40, up 9.3%.
On the 11th, the company's A shares rose by the daily limit. China Merchants said that the short-term marginal improvement of the real estate industry and the decline in raw material costs are conducive to valuation and profitability repair; at the new starting point of the diversified layout of Hisense Home Power Station, we believe that the reasonable market capitalization of the company should be RMB305-34.3 billion. Maintain the "highly recommended" rating.
Ming Yuan Cloud Group (00909) bucked the market and closed at HK $6.22, down 6.0%.
Earlier this month, Ming Yuan Cloud Group announced that the Group is expected to record losses attributable to equity holders of the company between 540 million and 580 million yuan in the six months ended June 30, 2022. In the same period last year, the profit attributable to equity holders of the company was about 165 million yuan. UBS's "neutral" rating is expected to maintain a compound annual revenue growth rate of 16 per cent in 2023-25, with a target price of HK $7.20, according to the UBS initial review report.