Futu News reported on May 10 that the three major Hong Kong stock indices rose sharply in the afternoon. By the close, the Hang Seng Index had risen 2.30%, the Science Index had risen 0.38%, and the National Index had risen 2.41%.
By the close, Hong Kong stocks had risen 1,355, down 691, and closed at 964.
The specific industry performance is as follows:
On the sector side, the trend of TechNet shares was mixed. Bilibili fell more than 2%, Kuaishou fell nearly 2%, NetEase and Baidu fell slightly, Xiaomi and Ali rose more than 1%, and Tencent, JD, and Meituan rose slightly.
Domestic housing stocks continued to rise. Shimao Group rose 60%, Xuhui Holdings rose more than 11%, Sunac China and China Resources Land rose more than 7%, Vanke Enterprise rose nearly 6%, and Longhu Group rose more than 5%.
Domestic insurance stocks improved. China Taibao rose more than 8%, Xinhua Insurance rose more than 6%, China Ping An rose nearly 6%, and China Life Insurance rose nearly 5%.
Domestic bank stocks strengthened; China Construction Bank rose nearly 7%, Agricultural Bank rose more than 5%, Industrial and Commercial Bank and China Merchants Bank rose more than 4%, and Bank of China rose more than 3%.
Gas stocks rose. China Gas rose nearly 7%, Xinao Energy rose nearly 6%, Beijing Holdings rose nearly 4%, China Resources Gas rose nearly 3%, and Hong Kong China Gas rose more than 2%.
Petroleum stocks rose one after another. Sinopec rose more than 5%, CNPC rose nearly 5%, CNOOC rose nearly 3%, and CNOOC Services rose nearly 1%.
On the other side, paper stocks, electricity stocks, telecommunications stocks, catering stocks, and gold stocks all showed active performance; automobile stocks and photovoltaic stocks declined.
In terms of individual stocks,$HKEX (00388.HK)$It has risen nearly 8%. Reports say the Hong Kong Stock Connect dividend tax may be reduced, and the listing of Saudi companies in Hong Kong is just around the corner.
$XIABUXIABU (00520.HK)$It rose more than 19%, leading the “May Day” restaurant market, leading the popularity of catering stocks. Institutions are optimistic that leading restaurant companies will welcome development dividends.
$SHENZHEN INT'L (00152.HK)$With an increase of nearly 8%, the industry continues to operate steadily, and the highway dividend ratio is still very attractive.
$CHINA GAS HOLD (00384.HK)$With an increase of nearly 7%, the smooth price of natural gas is speeding up, and the City Fuel Company may experience an increase in performance.
$CHINA LONGYUAN (00916.HK)$With an increase of more than 6%, wind power has entered the peak production season, and industry sentiment is expected to reverse its rise.
$FIT HON TENG (06088.HK)$It fell more than 11% and turned into a loss of 468.74 million US dollars in the first quarter.
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$6.505 billion.
Agency Perspectives
Goldman Sachs: Maintaining Huahong Semiconductor's “Buy” Rating, Target Price HK$22.7
Goldman Sachs released a research report saying that it will maintain$HUA HONG SEMI (01347.HK)$“Buy” rating, target price HK$22.7. The company's revenue guidance for the second quarter of 2024 was US$470 million to US$500 million, up about 2%-9% quarterly, lower than the bank's forecast of US$539 million and market expectations of about 2%. The gross margin guideline was 6%-10%, lower than the bank's forecast of 10.8%, but higher than the market's forecast of 6.8%.
Damo: Giving Jinshan Software an “additional” rating, target price of HK$35
Morgan Stanley released a research report saying,$KINGSOFT (03888.HK)$“Overweight” rating, target price HK$35. The rebound in the company's total revenue was driven by a major update to the game mode. Damo believes that the sustainability of Jinshan Software is worth paying attention to. If it continues, the financial performance of its gaming division will have room to improve in the second quarter of 2024.
UBS: Maintaining Cinda Biotech's “Buy” Rating, Target Price Reduced to HK$57.4
UBS released a research report saying,$INNOVENT BIO (01801.HK)$Maintain its domestic sales target of RMB 20 billion in 2027. Furthermore, the company expects to record double-digit growth this year and expects EBITDA to be break-even next year. Meanwhile, the Group's product sales in the first quarter of this year increased 60% year over year to over 17 billion yuan. The bank slightly reduced Cinda Biotech's target price from HK$57.7 to HK$57.4, but maintained a “buy” rating.
Edit/cynthia