Futu News reported on March 19 that the performance of the three major Hong Kong stock indices was sluggish. At the close, the Hang Seng Index fell 1.24%, the Science Index fell 1.83%, and the China Index fell 1.16%.
By the close, Hong Kong stocks were up 600, down 1,344, and closed at 1,045.
The specific industry performance is as follows:
On the sector side, TechNet stocks fell collectively, with Bilibili, NetEase, and Kuaishou falling about 2%, Tencent, Ali, and Meituan falling more than 1%, and JD, Baidu, and Xiaomi falling slightly.
Auto stocks had the highest declines, with Ideal and Zero falling nearly 8%, NIO falling more than 6%, Great Wall falling nearly 3%, Xiaopeng falling nearly 2%, and BYD falling more than 1%.
Domestic housing stocks and property management stocks generally weakened. Xuhui Holdings fell nearly 8%, Vanke Enterprise and Country Garden fell by more than 5%, China's overseas development fell by nearly 4%, and Country Garden services fell by more than 3%.
The performance of major financial stocks was weak. China Taiping fell nearly 4%, Haitong Securities and CICC fell more than 3%, AIA Insurance fell nearly 3%, and the Postbank dropped more than 1%.
PV stocks rose against the market. Follett Glass rose nearly 6%, GCL Technology rose more than 5%, Xinyi Solar Energy rose more than 2%, and Xinte Energy rose more than 1%.
Petroleum stocks strengthened; CNOOC and CNPC rose more than 1%, while Sinopec rose slightly.
Coal stocks improved. Mongolian coking coal rose more than 7%, Yankuang Energy and Yancoal Australia rose nearly 2%, and China Coal Energy and China Shenhua rose nearly 1%.
On the other side, auto dealer stocks, lithium battery stocks, Tesla concept stocks, etc. fell sharply; biotech stocks fell across the board; and coal stocks and petroleum stocks showed active performance.
In terms of individual stocks,$KINGDEE INT'L (00268.HK)$After the results, it rose by more than 2%, and annual revenue increased by about 16.7% year on year to about 5.679 billion yuan.
$LI AUTO-W (02015.HK)$It fell nearly 8%, and MEGA order volume fell short of expectations, or consideration was given to lowering sales targets.
$GANFENGLITHIUM (01772.HK)$It fell more than 3%. The company will release results at the end of the month. Damo previously said that the fourth quarter results fell short of expectations.
$ZJLD (06979.HK)$It fell 4%, and the traditional sales season for liquor entered the low season in March.
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$6.923 billion.
Agency Perspectives
Nomura: Reading Group was given a “buy” rating, and the target price was raised to HK$31.8
Nomura released a research report saying that$CHINA LIT (00772.HK)$With a “buy” rating, the target price increased from HK$27 to HK$31.8. The company's revenue in the second half of last year increased 5% year-on-year to 3.7 billion yuan, mainly due to a 25% increase in IP business revenue, which helped offset the 7% drop in online business revenue. However, at the same time, it was dragged down by a decline in IP business gross margin, which reduced overall gross margin by 5.9 percentage points to 47.4% compared to the same period last year, and profit performance was basically in line with expectations.
BOC International: Maintaining China Resources Beer's “Buy” Rating, Target Price Reduced by 29% to HK$43.9
BOCOM International released a research report saying that maintenance$CHINA RES BEER (00291.HK)$The “buy” rating was based on an average price-earnings ratio of 22.2 times 2024-25 and a PEG of 1.3 times. The target price was reduced by 29% from HK$62 to HK$43.9. Liquor's next focus is energy storage expansion. China Resources Brewery plans to expand energy storage by 60,000 tons to support future annual sales of RMB 8-10 billion.
CITIC Lyon: Fuyao Glass “increased” the rating, and the target price was raised by 14.5% to HK$45.8
CITIC Lyon released a research report saying that$FUYAO GLASS (03606.HK)$With the “Overweight” rating, the target price was raised by 14.5% to HK$45.8 from HK$40, mainly due to adjustments to the price-earnings ratio valuation. The company's gross margin increased 1.4 percentage points year on year in 2023. Due to product upgrades, the average sales price of its automotive glass increased 6% year on year.
editor/tolk