According to information from Futu News on July 8th, Hong Kong stocks fell further in the afternoon. As of the close, the Hang Seng Index and the State Index fell by 1.55% and 1.53% respectively and performed weakly. The Hang Seng Tech Index rose 0.7% at the beginning of the session, but ultimately fell 0.84%.
As of the close, 544 stocks rose, 1396 fell, and 1129 remained flat in Hong Kong stocks.
The specific industry performance is as follows:
In terms of sectors, network technology stocks fell more than they rose, with Kuaishou rising over 2% and Meituan falling nearly 2%. Alibaba and NetEase fell more than 1%, and Xiaomi fell nearly 1%. Biomedical stocks fell, with Kexingteng Biology falling over 10%, Akeso falling nearly 6%, Wuxi Bio falling over 4%, Wuxi Apptec falling nearly 4%, and Beigene falling over 3%. Real estate stocks collectively fell, with Sunac China falling over 10%, China Vanke Enterprise falling nearly 6%, China Resources Land and China Overseas Development falling nearly 3%. Marine transportation stocks fell across the board, with COSCO SHIPPING Holdings falling more than 8%, Orient Overseas International falling more than 6%, COSCO Ship Energy falling nearly 4%, and SITC falling more than 3%. New energy vehicle companies were weak, with NIO falling nearly 4%, Huachen, Leapmotor falling about 3%, Geely, Xiaopeng falling more than 2%, and BYD, Xiaomi, and Ideal falling about 1%. In other sectors, insurance stocks, China-affiliated brokerage stocks, education stocks, and Apple concept stocks showed a clear downward trend, while semiconductor stocks and electric power stocks rose slightly.
Golddragon Bio, Akeso, Wuxi Bio, Wuxi Apptec, and Beigene all fell more than 3%, and biomedical stocks fell.
Real estate stocks collectively fell, with Sunac China falling over 10%, China Vanke Enterprise falling nearly 6%, China Resources Land and China Overseas Development falling nearly 3%.
Marine transportation stocks fell across the board, with COSCO SHIPPING Holdings falling more than 8%, Orient Overseas International falling more than 6%, COSCO Ship Energy falling nearly 4%, and SITC falling more than 3%.
New energy vehicle companies were weak, with NIO falling nearly 4%, Huachen, Leapmotor falling about 3%, Geely, Xiaopeng falling more than 2%, and BYD, Xiaomi, and Ideal falling about 1%.
In other sectors, insurance stocks, China-affiliated brokerage stocks, education stocks, and Apple concept stocks showed a clear downward trend, while semiconductor stocks and electric power stocks rose slightly.
In terms of individual stocks,$MONGOL MINING (00975.HK)$In July 8th, the stock price of China Shenhua Energy Co. Ltd rose nearly 9%. The market sentiment has gradually warmed up, and the price of coking coal has been firm.
$LAOPU GOLD (06181.HK)$The institution said that there is a large market space and the company's profitability remains high. The stock price of Jinjiang Environment Holding Co., Ltd. rose nearly 4%.
$CGN POWER (01816.HK)$Chinese nuclear power assets injection is worth paying attention to. The stock price of China Nuclear Energy Technology Corporation Limited rose nearly 3%. The issuance of convertible bonds is helpful to relieve the pressure of the funds.
$COSCO SHIP HOLD (01919.HK)$Leading the decline of marine transportation stocks, the crisis in the Red Sea may ease, and many contracts of the European Union joint transportation have touched the limit down for 25 years.
$FIT HON TENG (06088.HK)$The stock price of Wei Chai Power Co., Ltd plummeted over 14%, expected to turn losses into no more than $33 million in mid-term, and plans to acquire assets of multiple auto-related businesses.
Today's top 10 Hong Kong stock turnover
Hong Kong Stock Connect Fund
As of July 8th, Southbound trading saw a net inflow of HKD 2.175 billion.
Institutional perspective
China International Capital Corporation Limited expects that the Hang Seng Index can be repaired to the target range of 19,000 to 20,000 points, focusing on the three major directions.
Goldman Sachs gives "buy" rating to COSCO Ship Energy with a target price of HKD 11.5. The report stated that the company issued a warning about its profit, and expected the net profit year-on-year to drop to RMB 2.6 billion in the first half of the year, which means that the net profit for the second quarter was RMB 1.3 billion, down 23% year-on-year or up 6% quarterly.
Goldman Sachs gives a "buy" rating to COSCO Ship Energy with a target price of HKD 11.5.
Goldman Sachs released a research report stating that it gives a Buy rating and believes that the catalyst for the stock price will be the launch of a buyback program. The management is considering using the proceeds from the sale of its Canadian business to provide funds for its buyback plan. Therefore, the target price is set at HKD 81. Goldman Sachs expects that HSBC Bank will benefit from the growth of its Asia wealth management business and expects HSBC Bank's tangible stock return on equity (ROTE) for 2024 fiscal year to be 14.8%, higher than the average level of Hong Kong banks.$COSCO SHIP ENGY (01138.HK)$The bank maintains a "buy" rating on COSCOSHIP Energy, and while it sees a lack of upside factors in Q3 due to the decline in freight rates, it thinks things should look up in Q4 when strong rate into year end may provide an edge. Target price remains at HKD11.5.
Morgan Stanley maintains its rating of shareholding for China Petroleum & Chemical Corporation and raises its target price to HKD 5.73.
Morgan Stanley released a research report stating that it has raised its target price from HKD 5 to HKD 5.73 while maintaining a shareholding rating. The bank believes that there is still room for valuation reevaluation as recent investor preferences have shifted to high-yield investment targets, leading to inflows of funds. For example, as the yield on China's 10-year government bonds is currently 2.3%, the bank notes that Sinopec's H shares still have a dividend yield of 8%.$SINOPEC CORP (00386.HK)$Sinopec's H shares are listed on the Hong Kong Stock Exchange, and the bank believes that there is still room for valuation reevaluation as recent investor preferences have shifted to high-yield investment targets, leading to inflows of funds. Morgan Stanley maintains its shareholding rating and raises its target price from HKD 5 to HKD 5.73 in light of this.
Editor/Feynman