Futu Information on February 23 | the Hong Kong stock Hang Seng Index closed down 0.35%, the Hang Seng Index rose 1.18%, and the National Index rose 0.4%.

As of the close, Hong Kong stocks rose 838, fell 939, and closed flat at 1207.

The specific industry performance is shown below:

In terms of the plate, large-scale technology stocks partially rebounded and pulled up, with NetEase, Inc up more than 4%, BABA up more than 2%, JD.com up 1.8%, XIAOMI, Kuaishou Technology and Meituan falling slightly.

Coal stocks rose, Yanzhou Mining Energy rose nearly 5 per cent, Yanzhou Coal Australia rose nearly 4 per cent, Mongolia Energy and China Coal Energy rose nearly 2 per cent, China Shenhua Energy rose more than 1 per cent.

Education stocks were among the top gainers, with New Oriental Education & Technology Group and Tianli International Holdings up nearly 8 per cent, while Sianle Education and New Oriental Education & Technology Group online rose nearly 5 per cent.

Apple Inc's concept stock rose, Sunny Optical rose nearly 4%, BYD Electronic rose more than 1%, AAC Technologies Holdings Inc. followed.

Mobile game stocks generally rose, hometown interaction rose nearly 5%, NetEase, Inc and Bilibili Inc. rose more than 4%.

Cement stocks continued to strengthen, with Asian cement up nearly 8 per cent, Anhui Conch Cement up nearly 3 per cent and Huaxin cement up more than 1 per cent.

Three-child concept stocks rose significantly, catering stocks, building materials cement stocks, aviation stocks, automobile stocks generally rose. On the other hand, home appliance stocks fell sharply, Hong Kong bank stocks, which led the rise yesterday, performed poorly, while military stocks and domestic retail stocks were generally depressed.

Individual stocks$GREATWALL MOTOR (02333.HK)$With a further increase of nearly 4% and frequent share buybacks recently, the agency stressed that the company's transformation is just around the corner.

$BEKE-W (02423.HK)$Increased by more than 5%, signed a strategic cooperation framework agreement with Tencent Cloud, and the organization is optimistic about the rapid growth of its new business.

$Tianli Education International (01773.HK)$With a further increase of nearly 8%, the volume of income performance is expected to recover quickly.

$GOME RETAIL (00493.HK)$Rise to more than 8%, the company refers to 23 years of fully open stores to join, plus live track.

$MNSO (09896.HK)$Rise more than 5%, Xingye material company 23 years of rapid recovery of domestic stores, store expansion speed, the first to "increase holdings."

$TECHTRONIC IND (00669.HK)$Techtronic Industries fell more than 19% in the afternoon and was urgently suspended in intraday trading after the company was suddenly attacked by Jehoshaphat Research, a short seller, and its share price was expected to fall 60% by 80%, accusing it of exaggerating profits through accounting means.

Today's turnover of Hong Kong shares TOP20

Hong Kong stock exchange fund

As for Hong Kong Stock Connect, Hong Kong Stock Connect (southbound) bought a net HK $832 million today.

Institutional viewpoint

• CITIC: it is expected that the impact of 10 billion subsidies on JD.com 's profits can be controlled.

CITIC research newspaper pointed out that 36Kr Holdings recently reported$JD.com, Inc.-SW (09618.HK)$In the near future, a "10 billion subsidy" will be launched in early March. If the news is true, we estimate that under the neutral hypothesis, 2023E "10 billion subsidy" brings incremental GMV 250 billion yuan, incremental income 67.2 billion yuan, subsidy expenditure 6 billion yuan, JD.com retail OP reduced by 3.5 billion yuan, corresponding to a decline in OPM 53bps. From the perspective of industry competition, price competitiveness is the lifeblood of the e-commerce platform. Subsidies may erode the platform OPM in the short term, but it is an important measure for companies to consolidate market share in the long run. Recently, there has been a relatively obvious correction in the company's stock price, so it is recommended to pay attention to the investment opportunities under the valuation adjustment.

• Goldman Sachs Group: it is expected that Baidu, Inc. 's advertising revenue rebounded this quarter, maintaining its "buy" rating

Gao Shengfa research newspaper refers to$BIDU-SW (09888.HK)$Revenue and earnings in the fourth quarter of last year both beat the bank's expectations, with earnings per core American depositary share about 15 per cent and 11 per cent higher than the bank and the market, respectively. The report maintains Baidu, Inc. 's "buy" rating, with the target price slightly lowered from HK $184to HK $183m. The report expects Baidu, Inc. 's advertising business to return to growth in the first quarter of this year and further accelerate in the second quarter. The bank was pleasantly surprised by the year-on-year improvement in profit margins despite a decline in advertising revenue in the fourth quarter of last year, and the report expects cloud revenue to accelerate again in the second quarter of this year. The report raised Baidu, Inc. 's revenue forecast for this year and next by 2.8 per cent and net profit forecasts by 4.6 per cent and 2.6 per cent respectively, reflecting the continued improvement in profit margins of Baidu, Inc. 's mobile ecological business group (MEG) and the adjustment of some low-profit cloud business contracts.

• Goldman Sachs Group: Hang Seng Bank's net profit exceeded expectations in the second half of last year, and the target price was raised to 124HK dollars.

Goldman Sachs Group issued a report pointing out that$HANG SENG BANK (00011.HK)$In the second half of last year, net profit exceeded expectations and dividends per share were higher than expected, although the common equity tier one capital ratio was still lower than that of its peers, with a dividend ratio of about 83 per cent. The bank raised its forecast for Hang Seng's net interest income for the 2023-2025 fiscal year by 6 per cent to 7 per cent, and expects the net interest margin for 2023-2024 to remain at about 2.1 per cent of the fourth quarter of last year and is expected to narrow in 2025. The report raised Hang Seng's earnings per share for each fiscal year from 2023 to 2025 by 11 per cent, 10 per cent and 2 per cent respectively, and the dividend per share is forecast to rise by 11 per cent, 8 per cent and 8 per cent, but still slightly below market expectations. The bank maintained its "sell" rating on Hang Seng, raised its target price from HK $116 to HK $124, and compared with its local counterparts$BOC Hong Kong (Holdings) Limited (02388.HK)$Hang Seng has a low common equity tier one capital ratio, a high exposure to real estate and low leverage for a sustained macroeconomic recovery in the mainland.

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