Futu Information on November 25 | the three major indexes of Hong Kong stocks collectively closed down, with the Hang Seng Technology Index leading the decline, falling sharply by 2.31%, while the Hang Seng Index and the National Index fell 0.49% and 0.35% respectively. The whole-day net inflow of southbound funds was 2.316 billion Hong Kong dollars, with a turnover of nearly 94.8 billion Hong Kong dollars in the big market.

By the end of the day, Hong Kong stocks were up 840, down 936, to close flat at 1151.

The specific industry performance is shown below:

Plate aspectScience and Internet stocks are weak.Kuaishou Technology fell by more than 5%, Bilibili Inc. by nearly 5%, Baidu, Inc. by more than 3%, Tencent by nearly 3%, BABA by more than 2% and Meituan by nearly 2%.

Inner housing stocks rose strongly.The development of new towns has risen by more than 13%, China has risen nearly 11%, Country Garden Holdings has risen nearly 10%, Hopson Development has rebounded by about 8%, and China Vanke has risen nearly 7%.

Property management stocks rose in the afternoon.Country Garden Services Holdings rose by more than 9%, Sunac Services and Kaisa are beautifulXuhui Yongsheng serviceUp nearly 8%.

Heavy infrastructure stocks continued to be strong the day before yesterday, with China Rallway and China Railway Construction Corporation up more than 4%, China Zhongzhi up nearly 4%, China Jiaojian up more than 3%, and Chinalco International up nearly 3%.

Coal stocks go higherYanzhou Mining Energy rose nearly 6%, China Shenhua Energy nearly 4%, China Coal Energy, South South Resources rose more than 3%, Yanzhou Coal Australia rose more than 2%.

In addition, bank stocks collectively pulled up.Qingdao Bank rose nearly 38%, China Zheshang Bank rose by more than 13%.；Some shipping stocks rose.Pacific Shipping is up nearly 5%, COSCO Shipping Holdings up nearly 4%Oil stocks, insurance stocks, telecommunications services stocks, gold stocks, building materials stocks rose against the market。

On the other hand, the catering sector fell.Quack feeding dropped by more than 5%；Auto stocks generally fell.Great Wall Motor fell 6%, Li Auto Inc. fell more than 5%Electric power stocks, alcoholic beverage stocks, gambling stocks, home appliances stocks, tourism stocks, SaaS stocks, pharmaceutical stocks and so on fell.

Individual stocks，$GOME RETAIL (00493.HK)$It soared by more than 40% in the afternoon, and Gome stores across the country started live broadcast one after another.

$Bank of Qingdao (03866.HK)$Up nearly 38%, institutions refer to the continuous improvement in the quality of the company's assets and the maintenance of "buying".

$HOPSON DEV HOLD (00754.HK)$Rebounded by about 8%, the share price hit a two-month high, and signed a cooperation agreement with CCB.

$Country Garden Services Holdings (06098.HK)$Up more than 9%, Guojin Securities released a research report saying that with the landing of the real estate policy, it is expected that the situation of drawing loans and cutting off loans previously faced by private real estate enterprises will be alleviated, the extension of stock loans is also expected to be more smooth, and the overall cash flow situation may be improved.

$COSCO SHIP HOLD (01919.HK)$Against the market rose nearly 4%, today, excluding rights and dividends, the controlling shareholders accumulated more than 35 million H shares.

$CHOW TAI FOOK (01929.HK)$After the performance, it fell nearly 16 per cent, and medium-term profit attributable to shareholders fell 6.84 per cent year-on-year to HK $3.336 billion.

$CHINA TELECOM (00728.HK)$Up more than 4%, a three-year high, institutions refer to the company in order to attack and defend both high-quality assets, maintain "buy".

$Flat Glass Group (06865.HK)$Falling by more than 5%, Germany plans to impose a 90% windfall tax on clean energy power generation companies.

Today's turnover of Hong Kong shares TOP20

Institutional viewpoint

Goldman Sachs Group: downgrade CSPC Pharmaceutical's target price from HK $10.87 to HK $10.32.「Buy. "

Goldman Sachs Group issued a report that$CSPC PHARMA (01093.HK)$Q3 performance was slightly lower than expected and the oncology business was weak, but management directed that sales growth excluding vaccines would be in double digits this year and next. The new crown vaccine had potential upside and maintained its buy rating, with the target price lowered from HK $10.32. According to the report, Shipiao stressed that its mRNA vaccine may have a cost advantage in view of the fact that the key materials are produced internally. At present, the annual production capacity has reached 500 million doses, and it is expected to expand to 1.5 billion doses by the end of the year. The bank cut its earnings forecast by 4.4% this year and rose 2.1% and 0.6% respectively in the next two years, reflecting slightly weak sales of oncology drugs.

Macquarie: cut the target price of XIAOMI Group by 15% to HK $5.31, with a rating of "outperforming the big market".

Macquarie published a report that$XIAOMI-W (01810.HK)$Q3 revenue was flat on a quarterly basis, falling by about 10 per cent year-on-year, in line with market expectations but 8 per cent lower than the bank's expectations. Quarterly gross margin fell to 16.6%, both below market and bank expectations. The bank expects its Q4 revenue to be flat on a quarterly basis, mainly due to a decline in smartphone sales, but can be offset by a seasonal rise in Internet of things sales. Macquarie lowered XIAOMI's target price by 15 per cent, maintained its rating to outperform the big market, and lowered its adjusted profit forecast for the year to 24 by 14 per cent, 11 per cent and 11 per cent, reflecting a decline in smartphone sales forecasts and a rise in the exchange rate of the renminbi against the Hong Kong dollar.

Daiwa: lower the target price of Chow Tai Fook Jewellery from HK $19.50 to HK $18.「Buy」

Daiwa published a report$CHOW TAI FOOK (01929.HK)$Mid-fiscal 2023 revenue rose 5.3 per cent year-on-year to HK $46.5 billion, mainly driven by 20 per cent year-on-year growth in wholesale business, but net profit fell 6.8 per cent to HK $3.3 billion. The bank quoted Chow Tai Fook Jewellery management as saying that same-store sales in the mainland have fallen 21% year-on-year so far in the third quarter, with more impact in first-and second-tier cities than in lower-tier cities. Due to the pressure on the macro environment and consumer sentiment, management estimates that same-store sales may fall by a high number of units in the second half of the fiscal year. Daiwa lowered its target price to HK $18, maintained its buy rating and lowered the group's earnings per share forecasts for fiscal 2023 and 2024 by 1-4 per cent, reflecting the assumption of a decline in the wholesale business portfolio.

JPMorgan Chase & Co: downgrade Minmetals Resources from overweight to neutral, and target price from HK $3.70 to HK $2.10.

Xiao Mo issued a report that$MMG (01208.HK)$Valuations reflect the rebound in copper prices so far this month, but not the continued uncertainty in the company's Peruvian business; the company's full-year guidelines suggest that fourth-quarter sales will fall 15% on a quarterly basis, and whether LasBambas and Chalcobamba mine production will have a chance to recover still depends largely on local negotiations and the political environment in Peru. The bank said it would cut its profit forecasts for this year and next year by 62 per cent and 38 per cent respectively, and cut its target price to HK $2.1 and its rating to neutral.

Fu Rui: the healthy level of telecom revenue growth makes the valuation attractive, and China Telecom Corporation is the first choice for the industry.

Fu Rui released a research report saying that since the beginning of the year,$CHINA TELECOM (00728.HK)$Revenue grew by 7.9%, in line with expectations. The bank believes that China Telecom Corporation will continue to be a very attractive share, and the growth is mainly driven by healthy competition in the mobile sector, the development of industrial Internet, the trend of state-owned enterprises building an IT ecosystem, a decline in the intensity of capital expenditure, and a commitment to increase dividends, among which China Telecom Corporation is preferred, followed by$CHINA MOBILE (00941.HK)$及$CHINA UNICOM (00762.HK)$. The bank believes that the continued recovery in mobile data growth is encouraging, as the Ministry of Industry and Information Technology has stopped disclosing the breakdown of mobile and non-mobile data traffic and tends to believe that the growth comes from the development of the 5G industrial Internet. Non-mobile devices are expected to be the driver of growth, while demand for data centers is expected to bottom out this year and demand growth is expected to accelerate again next year.

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