Futu News on June 7th, the three major Hong Kong stock indices fell, as of the close, the Hang Seng Index fell 0.59%, the Technology Index fell 1.78%, and the Country Index fell 0.68%.
As of the close, there were 920 rising stocks, 1002 falling stocks, and 1098 trading flat on the Hong Kong stock market.
The specific industry performance is shown in the following figure:
In terms of sectors, internet tech stocks fell across the board, Bilibili fell more than 4%, Kuaishou fell more than 3%, Meituan fell more than 2%, Xiaomi and Tencent fell nearly 2%, JD fell more than 1%, NetEase and Baidu inched down.
Gold stocks rose, Lingbao Gold rose more than 4%, Zhaojin Mining and Shandong Gold rose more than 3%, and Zijin Mining Group rose nearly 3%.
Wind power stocks rose across the board, Datang Renewables rose more than 7%, China Longyuan rose more than 5%, China Suntien rose nearly 3%, and Dongfang Electric Corporation rose more than 1%.
Auto stocks fell, with NIO falling more than 7%, Great Wall Motor falling nearly 4%, Li Auto Inc and Xpeng falling more than 1%, and BYD Company slightly falling.
Multiple apple supplier concept stocks fell, Cowell Electronics fell nearly 9%, BYD Electronics fell more than 5%, Sunny Optical fell nearly 3%, and Q Tech fell nearly 2%.
Photovoltaic power stocks declined, Xinyi Solar fell nearly 6%, Xinyi Glass fell more than 5%, Flat Glass fell more than 4%, and GCL Tech fell more than 1%.
Mobile game, casino, and biotech stocks fell; water affairs related stocks rose significantly, electric power stocks performed well throughout the day.
In terms of individual stocks,$CGN NEW ENERGY (01811.HK)$rose more than 11%, the company's valuation repair trend continued, and the bright performance is expected to maintain growth.
$GUANGDONG INV (00270.HK)$rose more than 5%, the water affairs industry is expected to enter a new round of price increases.
$BRILLIANCE CHI (01114.HK)$rose nearly 5%, the company plans to declare a special dividend, which may help alleviate market concerns, according to Morgan Stanley.
$KEEP (03650.HK)$rose more than 4%, the company previously announced a repurchase plan, and MiGu Shunrun user data can be migrated to Keep.
$XINYI SOLAR (00968.HK)$fell nearly 6%, the supply-demand gap for photovoltaic glass has widened, and the company's production capacity may pose potential resistance.
Today's top 10 Hong Kong stock turnover
Hong Kong Stock Connect Fund
As for Hong Kong Stock Connect, the net inflow was HKD 3.608 billion today (southbound).
Institutional perspective
Goldman Sachs: Maintain Buy rating on Hua Hong Semiconductor, target price raised to HKD 26.3
Goldman Sachs released a research report stating that it maintains its "Buy" rating and raises its profit forecast for the 2024-2028 period by 1% per year to reflect increased revenue. Since April 30th, the stock prices of global chip foundry companies have risen 0% to 34%, reflecting a revaluation of the industry, and the target price has been raised from HKD 23 to HKD 26.3.$HUA HONG SEMI (01347.HK)$Rated as 'buy', the profit forecast for the period from 2024 to 2028 is adjusted upward by 1% annually to reflect the increase in income. Since April 30, the stock prices of global chip contract manufacturers have risen by 0% to 34%, reflecting a revaluation of the industry, and the target price has been raised from HKD 23 to HKD 26.3.
Goldman Sachs: Maintains Buy rating on CMOC Group Limited, raises target price to HKD 8.
Goldman Sachs released a research report stating that, considering the continuous growth of copper and cobalt production brought by Congo mine expansion and the expected rise in copper prices in 2024, it raised the target price from HKD 7 to HKD 8.$CMOC (03993.HK)$The estimated annual earnings growth for 2024-2026 is 15%-26%, and the target price is raised by 14% from HKD 7 to HKD 8, maintaining a Buy rating.
Goldman Sachs: Gives HSBC Holdings a Buy rating with a target price of HKD 81.
Goldman Sachs released a research report stating that it gives a Buy rating and believes that the catalyst for the stock price will be the launch of a buyback program. The management is considering using the proceeds from the sale of its Canadian business to provide funds for its buyback plan. Therefore, the target price is set at HKD 81. Goldman Sachs expects that HSBC Bank will benefit from the growth of its Asia wealth management business and expects HSBC Bank's tangible stock return on equity (ROTE) for 2024 fiscal year to be 14.8%, higher than the average level of Hong Kong banks.$HSBC HOLDINGS (00005.HK)$Goldman Sachs expects that HSBC Bank will benefit from the growth of its Asia wealth management business and expects HSBC Bank's tangible stock return on equity (ROTE) for 2024 fiscal year to be 14.8%, higher than the average level of Hong Kong banks.
Editor/Cynthia