Futu Information on February 20 | Hong Kong stocks opened low and went high. By the close, the Hang Seng Index, the Hang Seng Technology Index and the National Index rose to 0.81%, 1.27% and 1.04% respectively.

By the end of the day, Hong Kong stocks were up 1175, down 717 to close flat at 1088.

The specific industry performance is shown below:

In terms of the plate, most science and Internet stocks rose, BABA, Bilibili Inc. and Baidu, Inc. rose nearly 3%, NetEase, Inc rose nearly 2%, Meituan and Kuaishou Technology rose more than 1%, Tencent rose nearly 1%, BABA fell slightly, and JD.com fell more than 1%.

The three major telecom operators rose together, China Telecom Corporation rose nearly 4 per cent to a more than three-year high, China Mobile Limited and China Unicom rose more than 3 per cent.

Real estate and property management stocks rose hand in hand. Green King China Real Estate rose more than 12%, Baolong Real Estate and time China Holdings rose nearly 8%, Longguang Group rose more than 6%, Xuhui Holdings rose nearly 3%, Xuhui Yongsheng Service rose 6%. Country Garden Services Holdings rose more than 3%.

Building materials stocks rose significantly, China Resources cement rose more than 7%, Anhui Conch Cement and China National Building Material rose more than 5%.

Heavy machinery stocks led the gains, with Sinotruk and Zoomlion Heavy Industry Science and Technology up nearly 9 per cent and Sany International up more than 1 per cent.

Infrastructure stocks rose, Chinalco International rose by more than 9%, China Rallway by more than 5%, China Communications Construction by more than 4% and China Railway Construction Corporation by more than 3%.

Insurance stocks continued to strengthen, with Zhongan Online up more than 8%, China Pacific Insurance up more than 6%, New China Life Insurance nearly 5% and China Life Insurance Company Limited more than 4%.

In addition, catering stocks, gold stocks, copper stocks and so on rose one after another. On the other handWeakening of shipping and port stocksSITC International Holdings, Cosco maritime ports fell more than 3%; Apple Inc concept stocks, power stocks fell significantly, lithium battery stocks, gambling stocks generally low performance.

Individual stocks$CHINA TELECOM (00728.HK)$Up nearly 4%, China Telecom Corporation large model research and development achieved phased results, institutions that operators are expected to usher in valuation reshaping.

$LENOVO GROUP (00992.HK)$Up nearly 5%, the company said that the global PC market is expected to return to growth in 24 years, and ChatGPT has a positive impact on business.

$CHINAHONGQIAO (01378.HK)$Up nearly 10%, the agency expects Yunnan electrolytic aluminum to limit production or boost aluminum prices.

$Archosaur Games (09990.HK)$Rising nearly 20% to stage high prices, Debon Securities pointed out that looking to the future, the game industry, whether in the domestic market or the offshore market, is expected to recover in 2023, and the domestic market is expected to have greater repair.

$ZTE (00763.HK)$Rose nearly 9%, today the media said that ZTE Corporation has launched a round of personnel optimization, involving wireless research institutes, terminals and other departments, the proportion of each line of business is different.

$CSC FINANCIAL CO.,LTD (06066.HK)$Up more than 5% led to the rise of Chinese brokerage shares, the full registration system officially landed, the head brokerage will continue to benefit.

$CHINA LIFE (02628.HK)$It's up more than 4%. The company announced that the premium income in January was 202.1 billion yuan, down 2.5% from the same period last year, which was slower than the double-digit growth rate before the epidemic. CITIC pointed out that insurance stocks have ushered in an inflection point and will reverse from predicament to healthy development in the next three years.

$Ocumension Therapeutics-B (01477.HK)$It rose nearly 10%, the gross profit of income doubled in advance last year, and Goldman Sachs Group raised the target price.

Today's turnover of Hong Kong shares TOP20

Hong Kong stock exchange fund

As for Hong Kong Stock Connect, Hong Kong Stock Connect (southbound) sold a net of HK $5.75 billion today.

Institutional viewpoint

• Lyon: maintain Tencent's buy rating and raise the target price to HK $500,000

Lyon issued a report that COVID-19 infection was suppressed in December last year.$TENCENT (00700.HK)$Last quarter revenue, and expected that the group's total revenue in the fourth quarter of last year was flat to 143.4 billion yuan, of which game revenue fell 4.5% year-on-year, mainly because most gamers were infected in December. Group payment transactions have also been disrupted by offline activities and cloud delivery has been delayed, but the online advertising recovery should continue and be driven by new ad inventory on video accounts. Mr Lyon said it had reduced Tencent's adjusted net profit forecast for last year and this year by 3 per cent and 0 per cent respectively, and raised its Tencent target price from HK $450 to HK $500, maintaining a "buy" rating.

• CITIC: maintain Baidu-SW "buy" rating with a target price of HK $153m

According to CITIC's research report, maintenance$BIDU-SW (09888.HK)$The "Buy" rating advises investors to pay attention to the valuation flexibility brought by the product release in March and the landing of more applications, as well as the subsequent boost to Baidu, Inc. Cloud's performance, with a target price of HK $153.00. The investment of global technology giants in ChatGPT and AI will accelerate the industrialization of AI, and the demonstration effect of first-tier technology companies will further enhance the market's attention to the field of artificial intelligence. The bank is optimistic about the growth potential of the company in the process of AI industrialization, and its profit forecast remains unchanged.

• Goldman Sachs Group: Hysan's performance is in line with the forecast period, maintaining the "buy" rating

$HYSAN DEV (00014.HK)$It reported a net loss of HK $1.2 billion in 2022 and a fair value loss of HK $3.2 billion on investment properties, while underlying profit fell 11 per cent year-on-year to HK $2.1 billion, in line with forecasts by Goldman Sachs Group and Bloomberg. Goldman Sachs Group maintains a 0014.HK "buy" rating, with a target price of 32 yuan in December, but fine-tuned the underlying profit forecast for fiscal year 2023-24 plus or minus 1 per cent. Goldman Sachs declared a final dividend of HK $1.17 per share and a full-year dividend of HK $1.44. Management reiterated that the Group continued to maintain a stable and gradual dividend policy in 2019-2022. Goldman Sachs Group expects to maintain a dividend of HK $1.44 in 2023. Goldman Sachs Group estimates that Hysan, which has a large portfolio of shopping malls in Hong Kong, will benefit from the re-opening of customs clearance between Hong Kong and the mainland this year. Goldman Sachs refers to the current price of Hysan at a discount of about 45% to its net asset value, while the dividend yield is 5.5%, which is more attractive than Wharf property, so it maintains a "buy" rating.

• CICC: looking forward to the two sessions in 2023, focusing on the hot issues of expanding domestic demand and industrial chain security

This year's two sessions will be held on March 4 and 5. China International Capital Corporation believes that during the two sessions, we can focus on the hot issues of expanding domestic demand and the security of the industrial chain, and pay attention to the expectations of industrial boost that may be brought about by marginal changes in relevant policies. In terms of configuration, as the impact of the epidemic continues to weaken, the bank suggests that in the short term, the bank should continue to focus on the main line of economic repair, such as the pan-consumer sector; some subdivided growth areas that are expected to benefit from industrial policy support are also worthy of attention. Growth style and small and medium-sized market capitalization may still perform well in the environment of new industrial trends and positive policies. In the medium term, we still grasp the main line of industrial upgrading and consumption upgrading according to the degree of prosperity and the direction of industrial policy support.

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