Futu News reported on January 2 that the three major indices of Hong Kong stocks fell collectively. The Hang Seng Index closed down 1.52%, the Science Index fell 1.32%, and the National Index fell 1.66%.
By the close, Hong Kong stocks were up 675, down 1,229, and closed at 1,072.
The specific industry performance is shown below:
On the sector side, TechNet shares had mixed ups and downs. NetEase rose nearly 4%, Tencent rose more than 1%, Meituan fell more than 3%, Jingdong fell more than 2%, and Alibaba, Xiaomi, and Baidu fell about 1%.
Domestic real estate stocks and property management stocks declined significantly. Longhu Group and Yuexiu Real Estate fell by more than 7%, China Resources Land fell by more than 5%, and China Overseas Development and Vanke Enterprises fell by more than 4%.
Auto stocks declined one after another. NIO fell more than 6%, Zero Sports Auto and Ideal Auto fell by about 5%, and BYD shares fell more than 2%.
Pharmaceutical stocks were collectively pressured. Connor and Pharmaceuticals fell more than 5%, Kingsley Biotech and BeiGene Shenzhou fell about 4%, and Pharmaceutical Biotech fell more than 3%.
The performance of beer stocks was weak. China Resources Beer fell more than 8%, while shares of Budweiser Asia Pacific and Tsingtao Brewery fell by about 4%.
Coal stocks bucked the trend. Mongolian coking coal rose more than 11%, China Coal Energy and Yankuang Energy rose more than 4%, and China Shenhua rose nearly 3%.
On the other side, sectors such as power equipment, photovoltaics and solar energy had the highest declines; sectors such as nuclear power, film and television, gold, and virtual reality bucked the trend.
In terms of individual stocks,$NTES-S (09999.HK)$With an increase of nearly 4%, the agency believes that a possible re-partnership with game developer Activision Blizzard is beneficial.
$LI AUTO-W (02015.HK)$It dropped more than 5%, and more than 50,000 vehicles were delivered in December. Ideal MEGA is scheduled to be released in March.
$CHINA RES BEER (00291.HK)$It fell more than 8%. In November, China's beer production fell 8.9% year on year. Institutions have doubts about high-end development.
$LI NING (02331.HK)$It fell more than 5%, the online sales performance of key companies was weak, and competition in the institutional materials industry was still fierce.
$SUNNY OPTICAL (02382.HK)$With a decline of more than 4%, the consumer electronics recovery still needs to be observed.
Today's top 10 Hong Kong stock turnover
Hong Kong Stock Connect Capital
On the Hong Kong Stock Connect side, today's net inflow of Hong Kong Stock Connect (southbound) was HK$3,854 billion.
Institutional views
CICC: Maintaining Li Ning's “outperforming the market” rating, the target price was lowered to HK$25.6
CICC publishes research reports and predictions$LI NING (02331.HK)$Last year's revenue will increase by 5% year-on-year to 27.1 billion yuan, while net profit is expected to drop 23% year over year to 3.1 billion yuan, mainly affected by intense market competition and sluggish e-commerce sales. Due to the decline in industry valuations, CICC lowered Li Ning's target price by 30% to HK$25.6. It is estimated that in the short term, Li Ning will still face some operational pressure and maintain a “outperforming the market” rating.
Damo: Giving MGM China an “additional” rating, target price of HK$13.5
Morgan Stanley released a research report saying,$MGM CHINA (02282.HK)$The “increase in holdings” rating believes that the stock price will rise relative to the market in the next 60 days. The estimated probability of occurrence is over 80%, and the target price is HK$13.5. The company has recently had selling pressure, and short-term valuations are even more attractive. Damo believes that Bank Entertainment's market share increased in the fourth quarter of last year, measured by 8 times the 2024 forecast corporate valuation multiplier, and believes that the valuation level is attractive.
Yamato: “Hold” rating selected by Oriental; target price reduced to HK$29
Yamato released a research report stating that$EAST BUY (01797.HK)$The “hold” rating was lowered to reflect the divestment of the education business and additional stock compensation expenses in FY2024. The target price was reduced from HK$41 to HK$29. During the bank's November talks with management, investors were curious about GMV's performance on Taobao Live. However, the management did not disclose Taobao's GMV data, but indicated that Taobao created a higher GMV in the same day comparison.
Edit/Chris