Futu News reported on March 20 that Hong Kong stocks continued to decline throughout the day. The Hang Seng Technology Index once plummeted 4% in the afternoon and eventually fell 2.75%. The Hang Seng Index and the National Index fell 2.65% and 2.21% respectively, and the Hang Seng Index narrowly stayed at 19,000 points.
By the close, Hong Kong stocks had risen 425, fell 1,530, and closed at 1,034.
The specific industry performance is as follows:
In terms of the sector, Science and Technology Network stocks have generally declined.Bilibili fell more than 5%, Jingdong fell more than 2%, and Ali, NetEase, Tencent, Meituan, etc. followed suit.
Gold stocks went against the market and surged.The mining industry in Zhaojin rose more than 10%, Lingbao Gold and China Gold International rose more than 6%, and Shandong Gold rose more than 4%.
The decline in telecom stocks widened in the afternoon.China Telecom fell more than 4%, and China Mobile and China Unicom fell more than 3%.
Oil stocks generally declined.China Petroleum & Chemical Co., Ltd. fell more than 4%, while CNOOC and CNPC shares fell more than 2%.
Auto stocks generally declinedNIO fell more than 5%, shares of Ideal Auto and BYD fell nearly 3%, and Xiaopeng Motor went against the market and rose more than 1%.
On the other hand, Bank of Hong Kong stocks continued to fall sharply, consumer stocks, mainly sporting goods, restaurants, travel, etc., weakened collectively, and education stocks, automobile stocks, biotechnology stocks, etc. were generally under pressure.
In terms of individual stocks,$BIDU-SW (09888.HK)$With an increase of nearly 1%, Wenxin Yiyan Cloud Service will be launched on March 27.
$LEAPMOTOR (09863.HK)$An increase of over 4%. Recently, Zero Run unveiled 4 new models, including the C11 range extension, at the annual new product launch. According to the agency, the company's global self-research can bring large-scale cost advantages, facilitate price adjustments and enhance product competitiveness. It is optimistic that it will further seize the market by releasing models such as C01 and C11.
$EAST BUY (01797.HK)$It dropped more than 14%. According to the news, the topic “the East selects farmed shrimp to sell wild shrimp” has recently become a hot topic.
$LI NING (02331.HK)$It fell by more than 3%, management lowered its revenue guidelines, and BOCOM International downgraded its rating to neutral.
Today's Top 20 Hong Kong Stock Turnovers
Hong Kong Stock Connect Capital
In terms of Hong Kong Stock Connect, Hong Kong Stock Connect (southbound) had a net inflow of HK$5.692 billion today.
Agency Perspectives
Goldman Sachs: Lowers Li Ning's target price to HK$78 and excludes the “buy with confidence” list
Goldman Sachs published a report stating,$LI NING (02331.HK)$Results for the second half of last year were in line with the bank's expectations. Increased sales and government subsidize/interest income were offset by lower gross margin and higher operating expenses. Goldman Sachs said that Li Ning's stock price fell 10% after announcing the results, down nearly 30% from the high at the end of January this year. Due to uncertain gross profit trends, the bank removed it from the “buy with confidence” list, but maintained its “buy” rating. The target price was lowered from 88 yuan to 78 yuan, and its profit forecast for this year to 2026 was lowered by 6% to 9%.
Morgan Stanley: Raising the ideal and Xiaopeng target prices and lowering the target price of BYD
According to a report published by Damo, it is believed that because “Wei Xiaoli” and BYD have strong balance sheets and close supply chain participation and are capable of financing, leading manufacturers will continue to invest resources in R&D and investment during the economic downturn. They also believe this is the key to consolidating their leading position in hardware or software and breaking through in the next upward cycle. The bank said it will$XPENG-W (09868.HK)$The net loss forecast for this year was narrowed to 35%, and next year's earnings per share measurement was lowered by 16%, and the target price was raised from HK$43 to HK$48;$LI AUTO-W (02015.HK)$This year's net loss forecast narrowed to 31%, raising next year's earnings per share by 41%, and anticipating that the company may be profitable next year. The target price was raised from HK$91 to HK$110;$BYD COMPANY (01211.HK)$The profit forecast for this year was lowered by 2%, and next year it will increase by 2%. The target price was lowered from HK$220 to HK$215.
Jefferies: Raise the target price of Ping An of China from HK$65 to HK$68, buy by rating
According to a report published by Jefferies,$PING AN (02318.HK)$Management is confident that New Value Business (VNB) will grow in the first quarter of this year. Looking at the medium to long term, management expects medium- to long-term VNB growth to double GDP growth, which is expected to increase by about 10%. According to past short-term base effects, the bank believes that Ping An of China can achieve higher growth than its peers in the long term. The bank raised the target price of Ping An of China to HK$68, maintaining its buying rating.
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Editor/Corrine