Futu News reported on November 29 that the three major indices of Hong Kong stocks declined throughout the day. The Hang Seng Index closed down 2.08%, the National Index fell 2.32%, and the Hang Seng Technology Index closed down 2.25%.
By the close, Hong Kong stocks had risen 510 shares, down 1,415 shares, and closed at 1,045 shares.
The specific industry performance is as follows:
In terms of sectors, the Internet of Science and Technology shares generally declined, with Meituan leading decline of more than 12%, Baidu falling by more than 4%, Ali and Station B falling by more than 3%, and JD and Tencent falling by about 1%.
Auto stocks fell. Ideal Auto, BYD, and Geely Auto fell by more than 3%, while Xiaopeng and Zero Sports fell by nearly 3%.
Most pharmaceutical stocks pulled back. Keji Pharmaceutical fell more than 23%, Pioneer Pharmaceutical fell nearly 10%, Kingsray Biotech fell by more than 6%, and Genting Xinyao fell nearly 6%.
Gaming stocks had the highest declines, with Galaxy Entertainment, Sands China, and Aobo Holdings falling nearly 5%, Wynn Macau falling nearly 4%, and MGM China falling more than 2%.
Gold stocks rose against the market. Zhaojin Mining rose more than 5%, Lingbao Gold rose nearly 4%, and Zijin Mining, Shandong Gold, and China Gold International rose more than 3%.
On the other side, domestic housing stocks plummeted, China Evergrande fell by more than 10%, Sunac China and Ocean Group fell by more than 6%. Apple concept stocks, which led a sharp rise yesterday, retreated across the board, and popular sectors such as food and beverage stocks and lithium battery stocks fell sharply.
In terms of individual stocks,$MEITUAN-W (03690.HK)$After the performance, it fell by more than 12%, and CMB International cut Meituan's target price by 9% to HK$161.5. Short-term profit margins are expected to be under pressure.
$EVERGRANDE (03333.HK)$With a fall of more than 10%, Fitch expects domestic housing contract sales to remain flat year on year to drop 5% next year.
$CPIC (02601.HK)$The decline of nearly 4% led domestic insurance stocks. Agencies indicated that the increase in life insurance premiums in October was under pressure, but the impact on the whole year was limited.
$ZIJIN MINING (02899.HK)$It rose more than 3%. On Tuesday, Fed Governors Waller and Bauman released dovish information, and the price of gold hit a new high in nearly seven months.
$GOME RETAIL (00493.HK)$It rose by more than 5% and surged by more than 145% in 9 trading days. It is not ruled out that new retail projects will be explored in the future.
$ZX INC (09890.HK)$It has increased by more than 10%, and surged by more than 170% during the month. Its Go-Play game recently appeared at the 2023 Gaming IP Ecosystem Conference.
Today's top 10 Hong Kong stock turnover
Hong Kong Stock Connect Capital
On the Hong Kong Stock Connect side, there was a net outflow of HK$818 million from Hong Kong Stock Connect (southbound) today.
Agency Perspectives
Jefferies: Maintaining BYD's “buy” rating, with a target price of HK$331
According to a report published by Jefferies,$BYD COMPANY (01211.HK)$The channel inventory cycle at the end of November was about 40 days, which is estimated to be equivalent to the inventory level of about 400,000 to 450,000 vehicles. The company carried out a new round of price cuts to increase sales, which will affect the average sales price of each car in the fourth quarter. With the launch of smart cars by Huawei, its technical level will also change the NEV market situation. However, the bank remains optimistic about BYD's growth prospects, mainly due to economies of scale, increased contribution from high-end brands, and high export profitability, which will keep the net profit of each car stable. Maintain BYD's “buy” rating, with a target price of HK$331.
Daimo: Maintaining Ali Health's “holdings reduction” rating, with a target price of HK$5
Morgan Stanley released a research report saying, maintain$ALI HEALTH (00241.HK)$The “reduced holdings” rating. The profit margin for the first half of the year was better than expected, and Ali Mama acquired exclusive marketing review rights for Ali Mama's healthcare category with HK$13.5 billion. The asset injection of the parent company that the market has been waiting for a long time has finally been implemented, which will help continue to increase platform revenue. I believe the stock price has responded positively, with a target price of HK$5.
China Merchants Securities: The fundamentals of Hong Kong stocks and A-shares recovered moderately in the first quarter of next year, with Tencent, NetEase and Meituan being preferred
According to a report published by China Merchants Securities, looking ahead to the first quarter of next year, the fundamentals and liquidity of the Hong Kong and mainland stock markets are expected to recover moderately, and the performance of various industries is expected to diverge. The bank suggests focusing on innovation, profitability, and de-inventory cycle concepts in specific industries, as well as outperforming market stocks. As for the shares selected for the first quarter of next year, among the shares covered, the bank favors Tencent, NetEase, Meituan, New Oriental, Yum China, Anta, Runbier, BeiGene, Cinda Biotech, Ideal, Xiaopeng, Postbank, China Taibao, and Ping An of China. The bank preferred Tencent, NetEase, and Meituan.
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