Futu News reported on March 27 that Hong Kong stocks slumped again in the afternoon. The decline in the three major indices increased at the end of the session. The Hang Seng Index turned up in the intraday period, and eventually closed down 1.75% and fell nearly 350 points, while the Hang Seng Technology Index fell 2.82 percent to close to 4,100 points.
By the close, Hong Kong stocks had risen 587, fell 1,312, and closed at 1,092.
The specific industry performance is as follows:
In terms of the sector, the majority of Science and Technology Network stocks have weakened.Meituan fell more than 6%, Tencent, Baidu, and Jingdong fell more than 3%, Kuaishou fell more than 2%, and Alibaba fell slightly.
Biotech concept stocks have bucked the market's rise.Genting Xin surged more than 9%, Haohai Biotech rose 6%, Tiger Pharmaceuticals rose nearly 4%, Kangfang Biotech rose more than 2%, and Geli Pharmaceuticals rose more than 1%.
Semiconductor stocks weakened,Hongguang Semiconductor fell more than 14%, Shanghai Fudan fell nearly 5%, Huahong Semiconductor and Jingmen Semiconductor fell about 2%, and SMIC fell more than 1%.
Gold stocks fell collectively,China Gold International fell more than 8%, the Zhaojin mining industry fell more than 5%, and the Zijin mining industry fell more than 1%.
Auto stocks generally declined,NIO fell nearly 4%, Geely, Xiaopeng, and Ideal Auto fell more than 2%, and BYD shares fell more than 1%.
In terms of individual stocks,$MEITUAN-W (03690.HK)$It fell more than 6%, and Yamato lowered Meituan's target price to HK$250.
$BABA-SW (09988.HK)$It closed slightly, rising more than 4% intraday. According to Yungu Education Officer's WeChat, Ma Yun visited Hangzhou Yungu School and discussed ChatGPT and future education.
$YANKUANG ENERGY (01171.HK)$Net profit returned to the mother increased 89% year over year, and the dividend ratio increased to nearly 70% throughout the year.
$XINTE ENERGY (01799.HK)$Reversing the market and rising nearly 6%, it is proposed to distribute no more than 30 million A-shares to executives and core employees.
$SHANGHAI FUDAN (01385.HK)$It fell nearly 5%, and about 4% of the company's total shares were again judicially frozen.
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$4.264 billion today.
Agency Perspectives
Yamato: Lower Meituan's target price to HK$250 and buy by rating
According to a research report published by Yamato,$MEITUAN-W (03690.HK)$Food delivery service profits in the fourth quarter of last year were a major positive surprise. The bank expects the Group's total in-store, hotel and travel transaction volume (GTV) to increase by more than 30% year-on-year in fiscal year 2023, maintaining Meituan as one of its preferred stocks. In addition, considering that the losses caused by the new measures were lower than expected, the bank raised its 2023 earnings test by 13.2% and reiterated its buying rating, but the target price was lowered from HK$270 to HK$250.
Credit Suisse: Lowering the target price of Medicinal Biotech to HK$85, outperforming the market
Credit Suisse published a report stating that$WUXI BIO (02269.HK)$Revenue and adjusted profit for the second half of last year increased 35% and 48% year-on-year, in line with earlier earnings; the company indicated that this year's revenue and adjusted profit are expected to rise 30% and 26%, and that gross margin pressure is manageable. The bank lowered its earnings estimates for this year and next two years by 7.6% and 14.3%, respectively, to reflect gross margin forecast adjustments. The target price was lowered from HK$90 to HK$85, maintaining its outperforming market rating.
Goldman Sachs: Raising Xiaomi Group's target price to HK$13.5, rating neutral
Goldman Sachs published a research report stating,$XIAOMI-W (01810.HK)$The results for the fourth quarter of last year were broadly in line with expectations. Revenue fell 23% year-on-year to 66 billion yuan. Among them, smartphone, AIoT and service revenue fell 27%, 14% and 1%, respectively; adjusted net profit fell 68% year-on-year, but was still higher than the bank's forecast of 8%, mainly due to higher fair value returns on investment. The bank raised Xiaomi's revenue and adjusted net profit forecasts for this year and next two years by 1% to 3%. Also, given that Xiaomi's core operating expenses are expected to remain flat year over year this year, its annual core adjusted net profit is expected to be around 16 billion yuan, which means a 42% year-on-year increase. The target price was raised from HK$13.3 to HK$13.5, maintaining a neutral rating.
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