Futu News reported on February 29 that Hong Kong stocks rose again in the afternoon, and the three major indices are now falling again near the end of the session. At the close, the Hang Seng Index and China Index closed down 0.15% and 0.19% respectively, while the Hang Seng Technology Index rose 0.14%. At the end of February, the Hang Ke Index surged more than 14% to lead a rebound, and the Hang Seng Index rose 6.6%.
By the close, Hong Kong stocks were up 1,089, down 872, and closed at 1,025.
The specific industry performance is as follows:
On the sector side, TechNet shares had mixed ups and downs. Baidu fell nearly 7%, JD and Alibaba fell about 2%, Bilibili fell more than 1%, NetEase fell slightly, Meituan rose nearly 2%, and Xiaomi rose more than 1%.
Auto stocks rose one after another. Zero Sports Auto rose more than 5%, Great Wall Motor rose more than 3%, Xiaopeng Motor rose nearly 3%, and Geely Auto rose more than 1%.
Domestic housing stocks and property management stocks generally fell, China's overseas development fell nearly 2%, Greentown China and Vanke companies fell more than 1%, and Longhu Group and China Resources Land fell nearly 1%.
Most pharmaceutical stocks rose. Lai Kai Pharmaceutical rose nearly 43%, Genting Xinyao rose nearly 12%, Yao Ming Biotech rose more than 3%, and Giant Biotech and Pharmaceutical Kangde rose nearly 2%.
Semiconductor stocks were active throughout the day. Fudan in Shanghai rose more than 10%, SMIC rose nearly 6%, and Huahong Semiconductor rose nearly 5%.
Catering stocks were popular. Haidilao rose more than 3%, Yum China rose nearly 2%, and Jiumaojiu rose nearly 1%.
On the other side, the decline in coal stocks and paper stocks increased further in the afternoon. Nine Dragons Paper's volume fell 4.5%; telecom stocks continued to recover, and the three major operators fell sharply.
In terms of individual stocks,$BIDU-SW (09888.HK)$With a decrease of nearly 7%, Q4 achieved revenue of 34.951 billion yuan, an increase of 6% year on year; net profit was 2,599 billion yuan, down 48% year on year.
$SMIC (00981.HK)$With an increase of nearly 6%, Huajin Securities indicated that sales in the semiconductor industry are expected to recover in 2024.
$BUD APAC (01876.HK)$It fell nearly 7%, and the profit attributable to equity holders in fiscal year 23 was US$852 million, down 6.7% year on year.
$ZTE (00763.HK)$With an increase of more than 7%, the large-scale implementation plan for the “5G-A XR Large Space Battle Game” was launched.
$ANTA SPORTS (02020.HK)$With an increase of nearly 3%, the pressure on interest-bearing debt for Amer's new IPO is expected to be drastically reduced.
$XINYI SOLAR (00968.HK)$It rose by more than 24%. Net profit increased 9.61% year on year last year, and a final interest rate of HK$0.15 per share is proposed.
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$1,368 billion.
Agency Perspectives
UBS: Giving Xinyi Solar a “buy” rating, and the target price was raised to HK$6.9
UBS released a research report saying that$XINYI SOLAR (00968.HK)$The “Buy” rating increases the earnings forecast per share from 2024 to 2026 by 6%, 9% and 13%, respectively, to reflect an assumed increase in the gross margin of PV glass. It is believed that improved demand and inventory removal will be a catalyst in the near future. The target price was raised from HK$6.6 to HK$6.9.
Citibank: Maintains Galaxy Entertainment's “Buy” Rating and Lowers Target Price to HK$64.5
Citi released a research report saying, maintain$GALAXY ENT (00027.HK)$The “buy” rating still believes that it will gain more market share in the next few years. The target price was lowered from HK$66 to HK$64.5 to reflect more conservative EBITDA profit margin predictions.
CICC: Maintaining Xinyi Glass's “outperforming the industry” rating, the target price dropped to HK$10.3
CICC released a research report saying that it maintains$XINYI GLASS (00868.HK)$The “outperforming industry” rating, considering that the industry's resumption of production exceeded expectations and the risk of falling demand for completion, the 2024 EPS was lowered by 38% to HK$1.27, the 2025 EPS was introduced at HK$1.07, and the target price was lowered by 36% to HK$10.3.
Edit/Chris