Futu News on July 4th, Hong Kong's three major indexes opened high and fell back slightly in the morning, and they fluctuated and rose slightly in the afternoon. The Hang Seng Index and the National Index once turned down in the market, and finally rose by 0.28% and 0.23% respectively. The Hang Seng Technology Index maintained its upward trend throughout the day, ending up 0.63%, and it rose as much as 2.3% at the beginning of the market.
At the close, there were 822 gains, 1072 losses and 1174 unchanged in Hong Kong stocks.
The specific industry performance is as follows:
As for sectors, network technology stocks rose more than they fell, with Ctrip rising more than 4%, Meituan and Bilibili rising more than 2%, Alibaba and Baidu rising more than 1%, and Kuaishou falling nearly 5%.
Gold stocks led the gains, with Lingbao Gold rising more than 4%, Zhaojin Mining and China Silver Group rising more than 3%, and Zijin Mining Group rising more than 2%.
New energy vehicle companies performed strongly, with NIO rising more than 5%, Xpeng and Li Auto rising by about 4%, and BYD Company rising nearly 2%.
Property management stocks fell back, with Songdo Service falling more than 32%, Jinke Service falling more than 14%, Greentown Management Holdings falling more than 10%, and China Res Mixc falling more than 3%.
In other sectors, bank stocks and oil and gas stocks did well, while biotechnology stocks, sporting goods stocks, mainland real estate stocks and China-affiliated brokerage stocks fell.
In terms of individual stocks,$LC LOGISTICS (02490.HK)$rose nearly 12%, with the stock price cumulatively rising 4.8 times this year. The company is a cross-border marine transportation logistics service provider.
$AAC TECH (02018.HK)$rose again by 6%, driven by AI mobile phones upgrading hardware, with the company's microphone and heat dissipation solution expected to benefit.
$TRIP.COM-S (09961.HK)$rose more than 4%, summer tourism peak season is approaching, and Morgan Stanley is bullish on its third-quarter guidance.
$CCB (00939.HK)$rose more than 3%, leading the gains in China mainland banking stocks. The banking industry ushered in an intensive dividend-paying period, and institutions pointed out that the high-dividend strategy continues to dominate.
$ZHIHU-W (02390.HK)$rose more than 9%, the company released a new AI product "Zhihu Direct Answer" to lay out the AI search market.
$CHANGJIU HLDGS (06959.HK)$continued to fall by 25%, was named by regulators and missed the Hong Kong Stock Connect, and a large number of shares will soon face lifting of restrictions.
Today's top 10 Hong Kong stock turnover
Hong Kong Stock Connect Fund
In terms of the Hong Kong Stock Connect, today's net inflow of Hong Kong stocks (Southbound) was HKD 946 million.
Institutional perspective
Goldman Sachs: Maintains a "buy" rating on China Tourism Group, with a target price of HKD 92.
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.$CTG DUTY-FREE (01880.HK)$Maintains a "buy" rating, with the current valuation no longer overly high, and a target price of HKD 92. The potential consumption tax reform is expected to expand its cost advantages. The report stated that the stock price of the company rose yesterday (3rd), which may be related to the potential consumption tax reform on the mainland. The bank believes that the potential consumption tax reform will benefit duty-free store operators, because it will increase additional costs and expand the price differential between consumers in retailers and duty-free shops, but the actual impact mainly depends on the tax increase rate and consumer sensitivity to price adjustments.
Morgan Stanley: Maintains an "overweight" rating on Li Auto-W, with a target price of HKD 205.
Morgan Stanley released a research report stating that it maintains an "overweight" rating, believing that there is a 70% to 80% chance of an absolute increase in the stock price in the next 15 days, with a target price of HKD 205 and a more attractive short-term valuation. It is worth noting that Seres announced the acquisition of Aito's trademark and patents from its strategic partner Huawei. Morgan Stanley believes that this is the first step in changing the competitive landscape, as Aito-branded products have long been seen as a key component of Li Auto's L series, and the bank believes this development may be beneficial to Li Auto. In addition, according to recent surveys, the weekly order volume reached 10,000 last week, which means the sales of L6 and L7/9 have rebounded and supported sales in July.$LI AUTO-W (02015.HK)$up nearly 40%, with the current valuation not too demanding, and favorable policies supporting growth in the future. The company is a leading domestic catalytic device manufacturer, and at the same time has made breakthroughs in heavy and complex parts. In addition, the automotive industry chain is expected to experience significant changes in the future, with a coordinated and collaborative automobile supply chain meeting future development needs.
CICC: Maintains Xpeng's 'Outperform' rating with a target price of HKD 47.
CICC released a research report, maintaining a "outperform" rating on NIO (09866.HK), with a target price of HKD62. As of May, the company has delivered 20,544 vehicles, and its battery swapping system received a strategic investment of CNY1.5 billion from Wuhan Guangchuang Fund. The investment will be used to increase research and development of relevant technologies, as well as the layout and development of charging and swapping infrastructure. $XPENG-W (09868.HK)$Xpeng maintains a leading position among domestic car companies in terms of the development and mass production pace of autonomous driving technology, and achieves strategic cooperation with Volkswagen thanks to its outstanding software development capabilities. It has output in the EEA architecture and a complete set of intelligent solutions. The relevant revenue has been reflected in the company's 1Q24 performance. In addition, on July 3, the company officially launched the first model of the MONA series, thus filling the product matrix in the Volkswagen market price range.
Editor/Feynman