Futu News reported on June 20 that the three major indices of Hong Kong stocks opened high and went low, showing a one-sided decline throughout the day. The Hang Seng Technology Index plummeted 2% in the afternoon and finally closed down 1.68%. The Hang Seng Index and China Index fell 0.52% and 0.48% respectively, failing to continue yesterday's upward trend.
By the close, Hong Kong stocks had risen 664, down 1,289, and closed at 1,098.
Specific industry performance is as follows:
On the sector side, TechNet shares generally fell, with Kuaishou falling more than 5%, Bilibili falling more than 4%, Jingdong falling more than 2%, Baidu falling nearly 2%, and Meituan and Ali falling more than 1%.
The trend of insurance stocks was weak. China Taibao rose more than 2%, China Life Insurance rose more than 1%, AIA fell nearly 1%, and Ping An of China fell slightly.
Auto stocks declined, with Ideal Auto falling nearly 4%, Great Wall Motors and Xiaopeng Motors falling more than 1%, and Geely falling nearly 1%.
Alcoholic beverage stocks fell, and China Resources Beer and Budweiser Asia Pacific fell nearly 4%.
Shipping stocks all rallied. Pacific Shipping rose more than 7%, COSCO Marine Energy rose more than 5%, COSCO Marine Holdings rose more than 4%, and Orient Overseas International rose more than 3%.
Oil and gas stocks rallied; CNOOC rose more than 3%, CNPC rose more than 2%, and Sinopec rose nearly 2%.
Furthermore, domestic housing stocks and property management stocks joined forces to decline; sporting goods stocks, gambling stocks, photovoltaic stocks, and pharmaceutical stocks performed poorly.
In terms of individual stocks,$SMOORE INTL (06969.HK)$It fell nearly 4%, and the trustee purchased a total of 1,868 million shares under the share award program.
$LI AUTO-W (02015.HK)$It fell by more than 4%, and the stock price hit a new low of more than a year and a half. The negative factors of Little Morocco increased.
$TIANNENG POWER (00819.HK)$It rose by more than 4%, and the standardized management of the lithium-ion battery industry was further promoted.
$TCL ELECTRONICS (01070.HK)$With a rise of more than 3%, the company's main business is growing strongly, and the sports season is expected to drive TV demand.
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$7.590 billion.
Agency Perspectives
Citibank: Maintains Tencent Holdings' “Buy” rating with a target price of HK$515
Citi released a research report saying, maintain$TENCENT (00700.HK)$“Buy” rating, target price is HK$515. According to the report, there were two reports of Tencent games operating on the Android system on June 19. First, the media indicated that Tencent's new game “Dungeons and Warriors: Origins” (DNF mobile game) announced that it will no longer be released on some Android platforms, and players will have to re-download it from its official website starting today; second, it is reported that Huawei will reach an agreement with Tencent to allow WeChat to fully operate on its Hongmeng Harmony system without sharing any revenue with Huawei. The bank believes that if the two reports are true, it will have a positive impact on the gross margin of Tencent's value-added business.
BOC International: Raised Xiaopeng Motor-W Rating to “Neutral”, Target Price Raised to HK$30.53
BOC International released a research report stating that the increase was$XPENG-W (09868.HK)$The target price was 1.9%, from HK$29.96 to HK$30.53, and the rating was raised from “sell” to “neutral”. The company's monthly sales volume returned to 10,000 units in May. With changes in the sales pipeline and the release of new cars in the second half of the year, its sales volume is expected to continue to improve during the year. The bank pointed out that starting from the 2024 3rd quarter, Xiaopeng will enter a new product release cycle and release a number of new models within the next three years. Among them, the first model in the MONA (Xiaopeng M03) series will be released in June and officially launched and delivered in August. In the fourth quarter of 2024, Xiaopeng will launch the B-class pure electric sedan F57. With the delivery of the two new products, sales volume is expected to increase significantly in the fourth quarter of 2024.
Damo: Maintaining Great Wall Motor's “in sync with the market” rating, target price of HK$11.5
Morgan Stanley released a research report saying yesterday$GWMOTOR (02333.HK)$The stock experienced a beta-driven rebound, rising 5%. The stock price recently surpassed the Hang Seng Index and attracted much attention from the market. Maintain a target price of HK$11.5 and a “in sync with the market” rating. The bank said that the market previously predicted that Great Wall Motor's profit for the second quarter might remain flat or decline slightly. However, the market is optimistic that Great Wall Motor's tank and export business will continue to grow, which will push second-quarter profits to around RMB 4 billion. Damo estimates that Great Wall Motor's profit for the second quarter will reach 31-3.3 billion yuan, based on wholesale sales of 286,000 vehicles during the quarter, an increase of 4% over the quarter. The proportion of high-profit models will increase to 21%-23%, and the export volume will account for 37%-39%.
Edited by Alan