Futu News reported on February 28 that the decline in the three major Hong Kong stock indices widened in the afternoon. At the close, the Hang Seng Index fell 1.51%, the Science Index fell 2.19%, and the China Index fell 2.04%.
By the close, Hong Kong stocks were up 629, down 1,369, and closed at 983.
The specific industry performance is as follows:
On the sector side, TechNet shares generally fell; Meituan fell more than 4%; Bilibili, Kuaishou, JD, Xiaomi, and Tencent fell about 3%; Baidu and Alibaba fell nearly 2%; and NetEase rose more than 4%.
Auto stocks declined one after another, with Xiaopeng Motors falling more than 5%, Great Wall Motor, NIO, and Zero Sport falling more than 4%, and BYD shares and Geely Auto falling more than 2%.
The performance of domestic housing stocks and property management stocks was weak. Country Garden fell more than 12%, Sunac China fell nearly 10%, Longhu Group fell more than 7%, China Resources Land fell more than 4%, and Vanke Enterprise fell more than 3%.
Pharmaceutical stocks were mostly under pressure. Pharmaceutical Kangde fell nearly 4%, Genting Xinyao fell more than 3%, Pharmaceutical Biotech fell more than 2%, and Kingsley Biotech fell more than 1%.
Semiconductor stocks weakened collectively, with Huahong Semiconductor falling nearly 8%, Shanghai Fudan falling nearly 6%, and SMIC falling nearly 5%.
Sporting goods stocks fell sharply, with Li Ning falling nearly 6%, Anta Sports falling nearly 5%, and Tep International falling more than 2%.
On the other hand, with the introduction of a price mechanism for the auxiliary electricity service market, electricity stocks bucked the trend; the Hong Kong government announced the budget. Most local stocks in Hong Kong showed active performance, with retail stocks leading the way. European Sudan, Prada, and Samsonite all showed gains.
In terms of individual stocks,$SMIC (00981.HK)$It fell nearly 5%, and the expansion plan continued to advance. The agency said the company placed more emphasis on expanding production than profitability.
$NTES-S (09999.HK)$With an increase of more than 4%, its “Operation Apocalypse” was approved, and the company will release the results after the market tomorrow.
$ZTE (00763.HK)$With a drop of nearly 6%, Komo said the 5.5G investment was insufficient to drive substantial benefits to the equipment industry.
$SAMSONITE (01910.HK)$It rose more than 1%. Reports say that the company has received an acquisition intention and is considering privatization.
$COUNTRY GARDEN (02007.HK)$It fell by more than 12%, and a winding-up petition was filed. The pace of recovery in new home sales was not as fast as in previous years.
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$1.4 billion today.
Agency Perspectives
Lyon: Raise the target price of the ideal car to HK$220 and maintain the “buy” rating
According to a report published by Lyon,$LI AUTO-W (02015.HK)$Net profit for the fourth quarter of last year was 5.7 billion yuan, a sharp increase of 21 times from year to year. The main benefit was a low base, and the performance was far higher than market expectations; revenue increased 1.3 times year-on-year to 41.7 billion yuan. Although the first quarter of this year was a low season, the company maintained a healthy sales trend. The bank estimates that it will ideally reach a sales target of 50,000 units in March and raised its target price from HK$166 to HK$220, maintaining a “buy” rating.
Damo: NetEase's stock price is expected to rise within 60 days, and the target price is $150
According to a report published by Morgan Stanley, it is expected$NTES-S (09999.HK)$The stock price rose within 60 days. It is estimated that the market's earnings per share revaluation cycle was driven by this year's new product line. “Egg Boy Party” is still capable of defense under competition from Tencent's “Dream Star”. The bank estimates that the profit for the fourth quarter of last year announced by NetEase on the 29th of this month exceeded expectations, and Blizzard games will return in the short term.
Xiaomo: Upgraded ZTE's rating to “neutral” and raised the target price to HK$19
Komo released a research report saying that it will$ZTE (00763.HK)$The rating was raised from “reduced holdings” to “neutral”. It is believed that the adjusted stock price valuation is attractive and can also benefit from the development of 5.5G in the mainland, and that the fourth quarter results of last year may improve. However, it is believed that mainland telecom companies' investment in 5.5G is not enough to drive substantial benefits to the equipment industry. The target price was raised from HK$14 to HK$19.
Edit/Chris