The Zhitong Finance App learned that on March 28, the Hong Kong Stock Exchange had a net purchase of HK$3,802 billion, of which Hong Kong Stock Connect (Shanghai) had a net purchase of HK$2,321 billion and the Hong Kong Stock Connect (Shenzhen) transaction made a net purchase of HK$1,481 billion.
The individual stocks that Beishui Net bought the most were Tencent (00700), Xiaomi Group-W (01810), and Bank of China (03988). The most sold individual stock by Beishui Net was China Mobile (00941).
Hong Kong Stock Connect (Shanghai) actively traded stocks
Hong Kong Stock Connect (Shenzhen) actively traded stocks
Tencent (00700) received another net purchase of HK$1,381 billion. According to the news, Tencent's announcement shows that since March 22, Tencent has repurchased shares for four consecutive trading days, involving a total capital of about HK$4.07 billion. According to reports, Tencent previously announced that the repurchase scale will at least double in 2024, from HK$49 billion in 2023 to over HK$100 billion in 2024. Huachuang Securities believes that Tencent's 100 billion repurchase plan is expected to offset shareholders' financial pressure to reduce their holdings. Haitong Securities, on the other hand, pointed out that the WeChat ecosystem continues to drive high-quality growth in advertising revenue and focuses on subsequent key new game launches.
Beishui continues to increase domestic bank stocks. Bank of China (03988) and China Construction Bank (00939) received net purchases of HK$253 million and HK$29.46 million respectively. According to the news, GF Securities said that bank stocks fluctuated reasonably at the end of the quarter. From the perspective of asset allocation, the demand for allocation at the beginning of the quarter still exists, and the logic of asset shortage will restart again. The adjustments at the end of the quarter have opened up some space for reallocation at the beginning of the quarter. Furthermore, CICC believes that high dividends are still the main line for banks to invest in high dividends, and it is recommended to pay attention to major state-owned banks with high discounts on H shares, such as CCB and Bank of China.
CNOOC (00883) received a net purchase of HK$191 million. According to the news, CCB International published a report saying that CNOOC's net profit fell 13% year-on-year last year, slightly falling short of market expectations, mainly due to the correction in oil prices, which reduced oil prices by an average of 19% year over year. The bank said that CNOOC's production was steady, with a year-on-year increase of 9% last year, exceeding the bank's expectations. Meanwhile, the Group also kept costs under control. The unit production cost was reduced by 3% year over year to 7.7 US dollars per barrel, better than the bank's expectations of 8.13 US dollars per barrel.
Auto stocks are once again in demand. Ideal Automobile-W (02015) and Xiaopeng Motor-W (09868) received net purchases of HK$160 million and HK$156 million respectively. According to the news, Open Source Securities believes that in the short term, as the wave of price cuts has continued since 2023, consumers have a wait-and-see mentality, and the stimulus effect on sales is limited. However, in the long run, after prices are relatively stable, actual discounts are expected to boost terminal sales. In terms of sales, passenger car sales increased month-on-month in the first half of March due to a low base, and total sales growth in the late sprint quarter can be expected.
China Shenhua (01088) received a net purchase of HK$120 million. According to the news, the Dongwu Securities Research Report pointed out that China Shenhua's steady annual performance and dividends slightly exceeded expectations, and continues to be optimistic about the revaluation of leading high-quality coal values. The company's business model is unique at home and abroad, and it is a scarce resource-based integrated coal and electricity operating company. The company operates steadily and grows steadily, and has the characteristics of stable dividends. The company's dividend rate is expected to drop to around 4.5%. Based on the current dividend rate of 5.96%, there is still room for a share price increase of nearly 32%. Therefore, consider that the company has both stable growth and high dividend safe-haven attributes to maintain the company's “buy” rating.
Beijing Holdings (00392) plummeted 22% after the results. Beishui Capital attracted funds due to the dips and made a net purchase of HK$22.18 million throughout the day. According to the news, Citi released a research report saying that Beijing Holdings' net profit fell 15.6% year on year to 5.498 billion yuan last year, falling short of expectations. The annual dividend was 1.6 yuan, and the dividend ratio rose to 33.1%, exceeding the target level of more than 30%. The company reiterated that it will increase the dividend ratio next year. The bank anticipates that the company may gradually increase its dividend payout ratio and catch up with its peers by about 40% to 50%.
In addition, Xiaomi Group-W (01810) and Pharmaceutical Biotech (02269) received net purchases of HK$303 million and HK$2.12 million respectively. Meanwhile, China Mobile (00941) had a net sale of HK$205 million.