Futu News reported on November 24 that the decline in the three major Hong Kong stock indices increased in the afternoon. The Hang Seng Index closed down 1.96%, the Science Index fell 2.24%, and the National Index fell 2.10%.
By the close, Hong Kong stocks had risen 607 shares, down 1,244 shares, and closed 1,118 shares.
The specific industry performance is as follows:
Sector-wise, Internet stocks weakened across the board. Bilibili fell more than 4%, NetEase fell more than 3%, Xiaomi and Meituan fell nearly 3%, Kuaishou and Tencent fell more than 2%, JD Group fell nearly 2%, and Alibaba and Baidu Group fell more than 1%.
Most automobile stocks declined. BYD shares fell nearly 6%, NIO fell nearly 5%, Geely Automobile fell about 4%, Ideal Auto fell more than 2%, Xiaopeng Motor fell about 1%, and Zero Sports rose nearly 5%.
The performance of domestic housing stocks and property management stocks was weak. Country Garden fell nearly 8%, China Resources Land fell more than 3%, Longhu Group fell more than 2%, and Sunac China, Yuanyang Group, Vanke Enterprises, and China's overseas development fell about 2%.
Pharmaceutical stocks have had mixed ups and downs. Tengsheng Boyao has risen more than 7%, Pharmaceuticals United has risen nearly 4%, Genting Xinyao has fallen by nearly 9%, Pharmaceuticals has fallen by more than 4%, BeiGene has fallen by more than 3%, and Jinsirui Biotech and Pharmaceutical Kangde have fallen about 2%.
Alcoholic beverage stocks fell sharply. China Resources Beer fell by more than 4%, while Tsingtao Brewery shares, Budweiser Asia Pacific, and Zhenjiu Li Du fell by more than 2%.
Some lithium battery stocks suffered a setback. BYD shares fell nearly 6%, Ganfeng Lithium fell more than 3%, and BYD Electronics fell more than 2%.
On the other hand, consumer concept stocks such as mobile game stocks, home appliance stocks, sporting goods stocks, and catering stocks fell sharply; the Beijing Center for Disease Control and Prevention said that influenza continued to rise, various pathogens were common, and most influenza concept stocks bucked the trend. Baiyun Mountain and Chinese traditional Chinese medicine rose ahead, and agricultural stocks, Hongjiu Fruit, bucked the trend and surged more than 9%.
In terms of individual stocks,$GOME RETAIL (00493.HK)$The increase was close to 2%. Recently, it was clarified that the company is not a contractor planning to start supermarket business.
$LEAPMOTOR (09863.HK)$The increase is nearly 5%. Delivery to the European market will begin in the third quarter of next year, and overseas production may be carried out by contract manufacturing.
$CHINA RES BEER (00291.HK)$Falling more than 4%, major banks say they lack short-term catalysts and have doubts about the prospects for high-end and liquor products.
$EVEREST MED-B (01952.HK)$Falling more than 8%, ylacycline, the first product to be commercialized, is currently being adjusted in the medical insurance catalogue for preliminary review.
$CHOW TAI FOOK (01929.HK)$It fell nearly 11%. In the medium term, mainland same-store sales fell 3.5%, and the dividend rate declined.
Today's Top 20 Hong Kong Stock Turnovers
Hong Kong Stock Connect Capital
On the Hong Kong Stock Connect side, Hong Kong Stock Connect (southbound) had a net inflow of HK$8.727 billion today.
Agency Perspectives
Goldman Sachs: Maintaining Chow Tai Fook's “neutral” rating, raising target price to HK$12.6
Goldman Sachs published a report stating,$CHOW TAI FOOK (01929.HK)$The sales volume up to the end of September this year was 7% lower than the bank's expectations, mainly due to the weakening of the revenue of each store in mainland China. In response to the results for the first half of the fiscal year, the bank lowered Chow Tai Fook's net profit forecast for the 2024-2026 fiscal year to 3%, maintaining Chow Tai Fook's “neutral” rating. The target price was raised from HK$12.3 to HK$12.6.
No. 1 Shanghai: Maintaining Baidu Group's “buy” rating, with a target price of HK$161
First Shanghai released a research report saying, maintain$BIDU-SW (09888.HK)$“Buy” rating, target price HK$161. The bank believes that with the rapid transformation of AI in the advertising system and the promotion of Wenxin's large model, search advertising is still the most effective form of advertising expansion with new effects. The company's advertising business is expected to experience growth exceeding the year-on-year growth rate of domestic GDP in the future. The bank is optimistic about the improvement in the company's fundamentals and the valuation flexibility brought about by AI.
Great Wall Securities: Maintaining Tencent Holdings' “Buy” Rating and Firmly Optimistic About the Company's Long-Term Value
Great Wall Securities released a research report saying, maintain$TENCENT (00700.HK)$The “buy” rating is expected to achieve revenue of 6,073/6,738/742.4 billion yuan in 2023-25; net profit of 1,475/1,637/192.9 billion yuan. The company's video account ecosystem continues to improve, creators and user stickiness continues to increase, and commercial monetization capabilities are expected to be further improved. The bank is firmly optimistic about Tencent's long-term value.
Edit/Chris