Futu News, June 17th - *HKEx's three major indexes rose by 1% in intraday today and fluctuated at a low opening, and fell back in the afternoon session. As of the close, the Hang Seng Index and the Nation Index fell slightly by 0.03% and 0.02% respectively, and the Hang Seng Tech Index rose slightly by 0.05%.
As of the close, 674 rose, 1262 fell, and 1091 were flat in the Hong Kong stock market.
The specific industry performance is as follows:
In terms of sectors, large-scale network technology stocks rose or fell, JD.com, Baidu fell by about 1%, Alibaba fell slightly, Tencent rose slightly, and Meituan rose by nearly 2%.
Apple concept stocks showed a strong performance throughout the day, and Cowell rose by more than 8%, BYD Electronic rose by more than 6%, and Sunny Optical Technology rose by more than 2%.
Semiconductor stocks were active, with SMIC rising nearly 3%.
Coal industrial concept stocks plummeted, Yanzhou Coal Energy and China Coal Energy fell by nearly 4%, and China Shenhua Energy fell by more than 2%.
Telecommunications stocks fell across the board, with China Mobile, China Unicom, and China Telecom all falling by more than 1%.
Electric power stocks accelerated their decline, with Huadian International Power falling by more than 6%, China Longyuan and CGN Power falling by more than 5%, CGN Power and Huaneng International Power falling by more than 3%, and China Resources Power falling by nearly 3%.
In addition, the forward freight rate is still uncertain, and port and marine transportation stocks are sluggish. The real estate development prosperity index has fallen for six consecutive months, and mainland real estate and property management stocks have fallen together.
In terms of individual stocks,$BYD ELECTRONIC (00285.HK)$With a surge of more than 6%, Apple announced its AI strategy, which is expected to further drive users to upgrade their devices.
$PC PARTNER (01263.HK)$With a surge of 17% in the afternoon, Zotac, its subsidiary, is a global core AIC partner of Nvidia.
$J&T EXPRESS-W (01519.HK)$With a surge of more than 4%, it was included in the Southbound Hong Kong Stock Connect at the end of last month, and its Middle East strategy continues to advance.
$PICC P&C (02328.HK)$With a surge of more than 1%, the original premium income in January-May increased by 3.1% year-on-year, and the company's COR is expected to continue to improve.
$CGN MINING (01164.HK)$With a drop of nearly 4%, uranium prices are volatile at high levels, and the construction and restart of nuclear power plants continue to accelerate.
Today's top 10 Hong Kong stock turnover
Hong Kong Stock Connect Fund
With a net inflow of HKD 3.682 billion today, the Hong Kong Stock Connect (Southbound) was included.
Institutional perspective
Goldman Sachs: maintain a Buy rating on JD.com, target price of HKD 161.
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.$JD-SW (09618.HK)$"Buy" rating, target price of HKD 161, to reflect the company's leadership position in retail scale, unique online direct sales and market model supplemented by its industry-leading internal warehousing and supply chain capabilities. The report quoted JD.com's management as saying that, given the recent 618 event and the state of Chinese consumers, the momentum of active users in Q1 is expected to continue to grow at a double-digit rate, with ideal performance in the supermarket category. Goldman Sachs believes that, given the high base in Q2 of last year, it continues to expect revenue growth in Q2 of this year to slow down quarter by quarter, and maintains its forecast of 6% revenue growth and 7% pure profit growth for the whole year.
Morgan Stanley: First-time neutral rating for Li Auto-W, with a target price of HKD 82.
JPMorgan released a research report that first rated it as a "neutral" rating with a target price of HKD 82. The current stock price reflects the potential for an upward trend in sales and profitability over the next 6-9 months, as well as factors that are unfavorable for sales and profit margins. The bank believes that Li Auto's current favorable factors have decreased and unfavorable factors have increased, but the price is still bullish.$LI AUTO-W (02015.HK)$Bank of America: Reiterate the "buy" rating for Meituan-W, with a target price raised to HKD 142.$BYD COMPANY (01211.HK)$and $BRILLIANCE CHI (01114.HK)$.
Bank of America Securities released a research report stating that it has raised its target price for Meituan by 5.2%, from HKD 135 to HKD 142, and raised its profit forecast for 2024-2026 by 3%-6%, mainly due to a better profit trend. It reiterates a "buy" rating, mainly benefiting from the optimistic core business trend and stable competition. The bank pointed out that Meituan's performance in Q1 of 2024 exceeded expectations, and the trend of core business is more optimistic, mainly due to: 1) more flexibility in adjusting subsidies and strategies related to food-related businesses, Video-on-Demand delivery transaction volume and core local revenue exceeded expectations; 2) strong demand for advertising and control of subsidies, which can help offset the decrease in average order value (AOV) in the food delivery industry and increase operating profit margin; 3) reasonable competition in store-related businesses. Therefore, it is believed that Meituan's profit margin will be higher.
Bank of America Securities released a research report stating that it has raised its target price of Goldman Sachs by 5.2%, from HKD135 to HKD142, and raised its profit forecast for 2024-2026 by 3%-6% due to the better profit trend. It reaffirmed its "buy" rating, which benefited mainly from the optimistic trend of its core business and stable competition. The bank pointed out that Meituan's performance in the first quarter of 2024 was better than expected, and the trend of its core business was more optimistic, mainly due to: 1) having more flexibility in adjusting subsidies and strategies related to food-related businesses, and the transaction volume of on-demand video delivery and core local revenue were better than expected during the period; 2) strong demand for advertising and control of subsidies, which can help offset the decrease in average order value (AOV) in the food delivery industry, and increase the operating profit margin; 3) reasonable competition in store-related businesses. Therefore, it is believed that Meituan's profit margin will be higher.$MEITUAN-W (03690.HK)$Bank of America Securities released a research report stating that it has raised its target price of Goldman Sachs by 5.2%, from HKD135 to HKD142, and raised its profit forecast for 2024-2026 by 3%-6% due to the better profit trend. It reaffirmed its "buy" rating, which benefited mainly from the optimistic trend of its core business and stable competition. The bank pointed out that Meituan's performance in the first quarter of 2024 was better than expected, and the trend of its core business was more optimistic, mainly due to: 1) having more flexibility in adjusting subsidies and strategies related to food-related businesses, and the transaction volume of on-demand video delivery and core local revenue were better than expected during the period; 2) strong demand for advertising and control of subsidies, which can help offset the decrease in average order value (AOV) in the food delivery industry, and increase the operating profit margin; 3) reasonable competition in store-related businesses. Therefore, it is believed that Meituan's profit margin will be higher.
Edited by Alan and Emily.