Looking back on the trend of Hong Kong stocks since 2024, it has been a wonderful and colorful half year!

Since the first quarter of this year, the bottom of the Hong Kong stock market has been continuously rising. In late April, internal and external factors resonated, and the phased entry of foreign capital led to a significant increase. Recently, the rebound trend of Hong Kong stocks has been shelved again, and the index has appeared varying degrees of adjustment. As of the close of Hong Kong stocks on June 18th, the Hang Seng Index has risen by 5.09% this year, and the Guozi Index has performed the best with a rise of 10.39%. The Science and Technology Index has fallen slightly by 1.78%. $Hang Seng Index (800000.HK)$ and $Hang Seng TECH Index (800700.HK)$Although the overall trend of Hong Kong stocks is flat, there are still some sectors and individual stocks that have performed extremely well, especially the concept of high dividend yields + special estimated assets, which has emerged with an independent trend under weak market conditions. In addition, some consumer stocks, electric power stocks and shipping stocks have also performed well. Specifically:

1. Benefitting from the improvement in the industry's prosperity, the leading electrolytic aluminum manufacturer's stock price has risen by over 101% this year, and is expected to continue to perform well, which has been highly regarded by major banks. Open Source Securities stated that the current upward trend of the company's stock price is driven by the rise of aluminum and alumina prices, low operation of major outsourced raw materials such as coal and prebaked anodes, and is the resonance between price increases and cost reductions. Under the background of high operating prices of aluminum and alumina, and low volatility of coal and prebaked anode prices, the time dimension and magnitude of this round of trend are expected to be longer and higher.

2. The sales growth momentum in the domestic market continues, and the rapid expansion of the overseas market has resulted in a nearly doubled stock price this year.$CHINAHONGQIAO (01378.HK)$According to the official account statistics of the company, more than 20 overseas stores have been opened from January to May, of which Southeast Asia accounts for about 35%, ranking first. After establishing a foundation in the Japanese market, the company is now expanding into the Southeast Asian market. At the same time, it continues to strengthen its strategic market layout in the United States.

CICC believes that the company's operating performance has continued to be excellent in the current stage: in addition to the rapid growth momentum in the domestic market in Q2, the localization work is also proceeding rapidly in overseas markets. In addition, category expansion is also being orderly implemented, reaffirming the company's long-term and broad growth prospects.

3. The "special estimated assets" continue to perform well, and high-yielding targets have been sought after! They have soared by over 83%, nearly 74%, and over 67% this year, respectively. Zhang Yidong believes that in the relatively complex domestic and foreign environment in the medium and long term, assets that can provide stable high dividends are rare and valuable. High-yielding assets are one of the important investment strategies for future allocation of Chinese equity assets. It is recommended that investors base their investments on the long-term and strictly employ a "low-volatility dividends, similar convertible bonds" strategy to allocate central state-owned enterprise leaders in the fields of energy (oil, coal), telecommunications operators, public utilities, finance, and highways, as well as high-quality high-yielding stock companies in Hong Kong's local public utilities, finance, real estate, and comprehensive industries. $POP MART (09992.HK)$Looking ahead, CICC expects that policies are still likely to continue to be introduced, but "strong stimulus" is unrealistic. Therefore, the market may show more volatile and consolidative trends in the short term. Among the three main drivers of market dynamics, risk premiums have been almost repaired, the short-term space for risk-free interest rates is limited, and profits are the key to opening up a larger space for the market, but the opening of the credit cycle is highly dependent on it. Therefore, until more catalysts appear, the market may be volatile at the current level (Hang Seng Index 18,000 points).

According to the official company account statistics, the number of overseas stores opened from January to May exceeded 20, of which Southeast Asia accounted for about 35%, ranking first. After establishing a foothold in the East Asian market, the company is now expanding into the Southeast Asian market while continuing to strengthen its global strategy in the USA market.

中金认为，现阶段公司经营持续表现优异：国内Q2有望延续快速增长势头，海外在高速成长的同时本土化工作持续推进，此外品类拓展有序落地，重申看好公司中长期的广阔成长前景。

Looking back on the trend of Hong Kong stocks since 2024, it has been a wonderful and colorful half year! $COSCO SHIP HOLD (01919.HK)$Since the first quarter of this year, the bottom of the Hong Kong stock market has been continuously rising. In late April, internal and external factors resonated, and the phased entry of foreign capital led to a significant increase. Recently, the rebound trend of Hong Kong stocks has been shelved again, and the index has appeared varying degrees of adjustment. As of the close of Hong Kong stocks on June 18th, the Hang Seng Index has risen by 5.09% this year, and the Guozi Index has performed the best with a rise of 10.39%. The Science and Technology Index has fallen slightly by 1.78%. $CNOOC (00883.HK)$Although the overall trend of Hong Kong stocks is flat, there are still some sectors and individual stocks that have performed extremely well, especially the concept of high dividend yields + special estimated assets, which has emerged with an independent trend under weak market conditions. In addition, some consumer stocks, electric power stocks and shipping stocks have also performed well. Specifically:$CGN POWER (01816.HK)$1. Benefitting from the improvement in the industry's prosperity, the leading electrolytic aluminum manufacturer's stock price has risen by over 101% this year, and is expected to continue to perform well, which has been highly regarded by major banks. Open Source Securities stated that the current upward trend of the company's stock price is driven by the rise of aluminum and alumina prices, low operation of major outsourced raw materials such as coal and prebaked anodes, and is the resonance between price increases and cost reductions. Under the background of high operating prices of aluminum and alumina, and low volatility of coal and prebaked anode prices, the time dimension and magnitude of this round of trend are expected to be longer and higher.

2. The sales growth momentum in the domestic market continues, and the rapid expansion of the overseas market has resulted in a nearly doubled stock price this year.

According to the official account statistics of the company, more than 20 overseas stores have been opened from January to May, of which Southeast Asia accounts for about 35%, ranking first. After establishing a foundation in the Japanese market, the company is now expanding into the Southeast Asian market. At the same time, it continues to strengthen its strategic market layout in the United States.

CICC believes that the company's operating performance has continued to be excellent in the current stage: in addition to the rapid growth momentum in the domestic market in Q2, the localization work is also proceeding rapidly in overseas markets. In addition, category expansion is also being orderly implemented, reaffirming the company's long-term and broad growth prospects.

In the context of a stagnant market, it is recommended to focus on structural opportunities. CICC further summarizes the allocation direction as three aspects: overall decline of ROI, local leverage increase, and local price increase.

The mid-year review and sharing activity is coming. As the stock market in the first half of 2024 is in full swing, what bullish opportunities have you seized? You are welcome to share your investment experience and achievements with fellow mooers, and review the investment results for the first half of the year together. There are also limited edition mooers (Fortune Cow figurine, Soldier Cow, Knight Cow), and a large number of points waiting for you to grab. Come and participate now~Come and join us now~

Editor/Emily