Futu News reported on December 8 that the three major indices of the Hong Kong stock market fluctuated and fell. The Hang Seng Index closed down 0.07%, the Science Index fell 0.38%, and the National Index fell 0.31%.
By the close, Hong Kong stocks had risen 797 shares, down 1,011 shares, and closed at 1,164 shares.
The specific industry performance is as follows:
Sector-wise, Internet stocks have had mixed ups and downs. Alibaba rose more than 1%, JD Group, Bilibili, and Meituan rose nearly 1%, Baidu and NetEase rose slightly, Tencent fell close to 1%, and Xiaomi and Kuaishou fell slightly.
Auto stocks declined one after another. Xiaopeng Motor fell nearly 6%, NIO fell more than 4%, Ideal Auto fell nearly 3%, Great Wall Motor and Geely Auto fell nearly 2%, and BYD shares fell more than 1%.
Domestic housing stocks and property management stocks had the highest declines. Sunac China fell more than 19%, Ocean Group fell more than 7%, Country Garden fell more than 5%, China Resources Land fell nearly 5%, China's overseas development fell nearly 4%, Vanke Enterprise fell more than 2%, and Longhu Group fell nearly 2%.
Pharmaceutical stocks generally fell. Connaught fell by more than 4%, Pharmaceuticals Biotech, Kangfang Biotech, and BeiGene fell about 2%, and Giant Biotech and Pharmacology fell by about 1%.
Gold stocks were under pressure. Zhaojin Mining fell by more than 7%, Shandong Gold fell by nearly 4%, and Zijin Mining fell 3%.
Gaming stocks rose against the market. MGM China rose more than 3%, and Galaxy Entertainment rose more than 2%.
On the other side, institutions believe that the education industry's business environment has been improved+model transformation, education stocks have performed strongly throughout the day, and think that education is leading the way.
In terms of individual stocks,$CHINA RES BEER (00291.HK)$The increase was nearly 2%, short-term cost pressure eased, and the industry gradually switched to a highly mature market.
$EAST BUY (01797.HK)$With an increase of nearly 3%, the app officially launched cultural tourism products, and Douyin cooperation made progress.
$XPENG-W (09868.HK)$It fell nearly 6%, and the year-end price war between car companies escalated again. Agencies indicated that the price pressure on the industry will still be strong next year.
$MICROPORT (00853.HK)$It fell by more than 6%, and fell 35% this week. The company issued interest-bearing bonds in exchange for zero-interest convertible bonds.
$SUNAC (01918.HK)$With a fall of more than 19%, both supply and demand sides of the market may continue to weaken.
Today's top 10 Hong Kong stock turnover
Hong Kong Stock Connect Capital
On the Hong Kong Stock Connect side, Hong Kong Stock Connect (southbound) had a net inflow of HK$3,369 billion today.
Agency Perspectives
Macquarie: Maintaining Tencent Holdings' “Outperform Market” rating, with a target price of HK$455
Macquarie released a research report saying, maintain$TENCENT (00700.HK)$“Outperform the market” rating, with a target price of HK$455. According to the report, the company's user ecosystem is attractive and cohesive, combined with stable market positioning and a favorable revenue mix, providing visibility for sustainable growth. The bank expects video account monetization to drive continued growth in the advertising business even with competitive and cyclical factors.
Anxin International: Maintaining Meituan's “buy” rating, still optimistic about its home delivery and flash sales business
Anxin International released a research report saying, maintain$MEITUAN-W (03690.HK)$According to the “buy” rating, revenue in 2024 is expected to increase 18% year on year to 324.7 billion yuan, and the 2022-25 CAGR is 19%. The bank is still optimistic about Meituan's steady barriers to the home delivery business and the long-term potential of the flash sales business. The efficiency of takeout operations continues to be optimized, and the profit margin of in-store wine travel depends on strategic investment. The new business has expanded new customers, increased frequency, and value, and losses are still narrowing year over year.
Haitong International: Maintaining NIO's “superior to the market” rating, with a target price of HK$77.54
Haitong International released a research report saying that it maintains$NIO-SW (09866.HK)$“Better than the market” rating, with a target price of HK$77.54. The company's sales growth in the third quarter drove performance, and gross profit gradually picked up. It also stated that long-term R&D investment will not be reduced and will remain at 3-3.5 billion yuan to ensure core technology investment and product advantages. The bank expects significant improvements in new vehicle delivery volume.
Edit/Chris