According to Futu News on June 21, the decline of the three major stock indexes in Hong Kong narrowed. The Hang Seng Index fell 1.67%, nearly breaking the 18,000-point barrier, the Hang Seng Tech Index fell 1.76%, nearly breaking the 3,700-point mark, and the National Index fell 1.77%. As of the Friday's close, the Hang Seng Index rose 0.48% this week, the Sci-Tech Index was down 0.17%, and the National Index rose 1.02%.
At the close, 561 stocks rose, 1,329 fell, and 1,160 remained unchanged in the Hong Kong stock market.
The specific industry performance is as follows:
In terms of sectors, network tech stocks declined, with Meituan falling more than 3%, Netease falling nearly 3%, JD.com falling more than 2%, Baidu, Xiaomi, Alibaba, Tencent all falling nearly 2%, Bilibili falling nearly 1%.
Bank stocks were weak, with Bank of China and Agricultural Bank of China falling more than 2%, China Merchants Bank falling about 2%, and China Construction Bank and Industrial and Commercial Bank of China falling more than 1%.
The performance of oil and gas stocks was mixed, with United Energy Group falling 25%, CNOOC falling more than 3%, Sinopec Corp. falling nearly 2%, PetroChina falling more than 1%.
Shipping stocks slipped, with OOIL and COSCO Shipping Energy falling nearly 4% and COSCO Shipping Holdings falling more than 3%.
Coal stocks were weak, with Yankuang Energy and China Coal Energy falling more than 3%, and China Shenhua Energy falling nearly 2%.
Semiconductor stocks were volatile and lower, with Semiconductor Manufacturing International Corporation falling nearly 3% and Hua Hong Semiconductor slightly down.
In addition, some high-speed rail infrastructure and mainland retailing stocks rose against the trend, some golden industrial concept stocks rose briefly and then fell, and the Evergrande series rose sharply during the session. Evergrande Auto's performance was eye-catching, with a significant increase of nearly 56%, and Evergrande Services also rose by more than 17% during the session and closed up nearly 6%.
In terms of individual stocks,$HANG SENG BANK (00011.HK)$According to Fidelity, the net interest margin of the Hang Seng Index is expected to shrink in the first half of the year, and provisions may increase, leading to the decline of the index by more than 4%.
$EAST BUY (01797.HK)$According to the 618 Douyin Shopping List, there were 10 companies with declining sales. The company's channels are still dependent on trends and are down nearly 3%.
$UNITEDENERGY GP (00467.HK)$The deposit outflow from Orient Group was restricted, and the controlling shareholder promised to dispose of assets to solve problems. The stock fell 25%.
$DONGFENG GROUP (00489.HK)$It fell more than 5%. In the first two weeks of June, the year-on-year drop in retail sales of passenger vehicles was 13%, and the market heat continued to remain mild.
$LAUNCH TECH (02488.HK)$It rose more than 16%, and the scale of the automotive aftermarket continued to grow steadily. The company is a leading global automotive diagnostic company.
Today's top 10 Hong Kong stock turnover
Hong Kong Stock Connect Fund
As for the Hong Kong stock market flow, the net inflow of Southbound Hong Kong stocks today was HKD 4.578 billion.
Institutional perspective
Zheshang Securities: Maintains a "Buy" rating on Shunyu and increases its investment in the AR field.
In a report published recently, Zheshang Securities introduced the company's technology trends and business opportunities, discussed the potential growth of intelligent hardware under the AI wave, and concludes that the company's mobile phone business is expected to benefit from the recovery of mobile phone demand in 2024 and the optical imaging innovation trend of high-end Android models, making the shipments, ASP, and gross margin of lenses and camera modules rise together; Meanwhile, the company's share of North American and Korean customers' products is expected to continue to increase, opening up growth space in the next three years. The integration advantages of the car business are obvious, driving the growth of in-car cameras, camera modules, lidars, and projection business. The company is looking ahead to the XR business and continues to increase investment, especially in the AR field, which is expected to achieve long-term growth with the development of the XR market and the launch of new products by major customers.$SUNNY OPTICAL (02382.HK)$Goldman Sachs: Raised the target price of Hua Hong Semiconductor to HKD 30, and the shipments are gradually picking up.
Goldman Sachs: Raises target price for Hua Hong Semiconductor to HKD 30, with shipment volumes gradually recovering.
Goldman Sachs' report states that it has a positive outlook on the company and its shipments are gradually recovering. It is expected that income growth will gradually improve under the driving force of demand improvement. However, it still holds a conservative view on average selling prices and profit margins, because of the continuous increase in China's mature process capacity. Since May, the bank has noticed the revaluation of the valuation of contract manufacturers by the market to reflect a more optimistic view of the semiconductor cycle. The report states that based on the current market value, the target PE ratio of SMIC is raised to 18.5 times, and the target price of H shares is raised by 14% to HKD 30, mainly due to the higher valuation multiple. Driven by the promotion of electric vehicles, new energy, and industrial applications, the demand from local customers for SMIC's IGBT, MCU, logic and other professional technologies continues to grow. Therefore, it maintains a "buy" rating.$HUA HONG SEMI (01347.HK)$Goldman Sachs: More opportunities for e-commerce in the second half of the year, giving Alibaba and Kuaishou a "buy" rating.
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Goldman Sachs' report points out that the mainland's 618 online shopping festival ended on June 20th. The duration of the event was longer, and sales were more dispersed or lacked peaks throughout the period. The competition among platforms in terms of price and subsidies was more intense. Under the condition of better return/user welfare policies on various platforms, the return rate has increased. In addition, upgrading of advertising technology continues to bring long-term monetization upside. The bank believes that due to the low base, there will be more opportunities for e-commerce in the second half of this year, and gives a "buy" rating. Among them, the bank's target price for Kuaishou is HKD 80, and it is on the buy list with confidence.$BABA-SW (09988.HK)$and $KUAISHOU-W (01024.HK)$Goldman Sachs' report states that the bank has a positive outlook on the company and its shipments are gradually recovering. It is expected that income growth will gradually improve under the driving force of demand improvement. However, it still holds a conservative view on average selling prices and profit margins, because of the continuous increase in China's mature process capacity. Since May, the bank has noticed the revaluation of the valuation of contract manufacturers by the market to reflect a more optimistic view of the semiconductor cycle. The report states that based on the current market value, the target PE ratio of SMIC is raised to 18.5 times, and the target price of H shares is raised by 14% to HKD 30, mainly due to the higher valuation multiple. Driven by the promotion of electric vehicles, new energy, and industrial applications, the demand from local customers for SMIC's insulated gate bipolar transistor (IGBT), MCU, logic and other professional technologies continues to grow. Therefore, it maintains a "buy" rating.
Editor/Alan