Futu News July 17th - The three major indexes of the Hong Kong stock market rose and fell after the afternoon, and the Hang Seng Tech Index rose 1.5% at one point, eventually closing up 0.5%. The Hang SengIndex rose 0.06%, while the national index continued to fall 0.3%. The market stopped the continuous two-day decline.
At the close, 860 stocks in the Hong Kong stock market rose, 992 fell, and 1224 were flat.
The specific industry performance is as follows:
In terms of sectors, network technology stocks rose and fell, with Xiaomi up nearly 3%, JD.com up more than 2%, Alibaba, Meituan, Netease up more than 1%, and Tencent down nearly 2%.
Biomedical stocks are strong, with Genscript Bio rising over 6%, Kelunbotai Bio-B rising nearly 4%, Wuxi Apptec and BeiGene rising nearly 3%, Wuxi Bio and Akeso rising over 2%.
The 'three barrels of oil' all fell, with PetroChina falling nearly 6%, CNOOC falling more than 5%, and Sinopec Corp falling more than 4%.
Telecommunication service stocks fell, with China Telecom down more than 6%, China Unicom down nearly 4%, and China Mobile down more than 2%.
Coal industrial concept stocks were weak, with China Coal Energy down nearly 4%, Yanzhou Energy, Yancoal Aus down more than 3%, and China Shenhua Energy down nearly 2%.
Semiconductor stocks were weak, with Hua Hong Semiconductor down nearly 6%, Semiconductor Manufacturing International Corporation down more than 5%, and Shanghai Fudan down nearly 5%.
Apple supplier stocks fell, with BYD Electronic, Cowell Electronic down nearly 7%, Sunny Optical down more than 3%, AAC Tech down more than 4%.
In addition, mainland real estate stocks, electric vehicle companies performed well, golden industrial concept and electric power stocks showed a clear downward trend, and shipping stocks continued to decline.
In terms of individual stocks,$CHINA TELECOM (00728.HK)$Down more than 6%, leading the decline in telecommunication stocks. JPMorgan expects that the operating income of the operators in the second quarter will be weak, but profitability will be steady.
$MENGNIU DAIRY (02319.HK)$Up more than 5%, the dairy product leader achieved a record high in free cash flow, and there is still potential for dividend increase.
$MMG (01208.HK)$Down nearly 8%, the net proceeds of nearly HKD 9 billion were raised by issuing shares according to the 5-to-2 basis.
$CGN POWER (01816.HK)$Down nearly 7%, the total power generation of nuclear power units in the first half of the year increased by less than 0.1% year-on-year.
Today's top 10 Hong Kong stock turnover
Hong Kong Stock Connect Fund
In terms of the Hong Kong stock connect, the net outflow of capital from the Hong Kong stock connect (southbound) today was HKD 0.316 billion.
Institutional perspective
JPMorgan: It is expected that the revenue of mainland telecommunication stocks in the second quarter will be weak but profitability will be steady, and China Mobile is the first choice.
JPMorgan released a research report pointing out that due to pressure on new digital businesses (such as cloud and data center (IDC) businesses), the service revenue growth of the three major telecom operators on the mainland is estimated to slow down from 5%, 4% and 3% year on year in the first quarter to 2%, 3% and 3% in the second quarter. It is believed that the telecom operators will offset the pressure of revenue growth through strict cost control. The bank believes that the profit growth of China Mobile and China Unicom will be stable at the level of 5% and 10% year-on-year, respectively, but it is expected that the net profit of China Telecom will slow down from the first quarter of 8% year-on-year to 6% growth in the second quarter. The bank reiterates its 'buy' rating on the three major mainland telecom stocks, with China Mobile as the first choice, followed by China Unicom, and finally China Telecom.$CHINA MOBILE (00941.HK)$,$CHINA TELECOM (00728.HK)$and $CHINA UNICOM (00762.HK)$JPMorgan: Reiterates Tencent as the first choice stock with a buy rating and target price of HKD 450.
Morgan Stanley released a research report stating that it reiterates
Morgan Stanley released a research report, reiterating its stance.$TENCENT (00700.HK)$Rated as a preferred stock with a 'shareholding' rating and a target price of HKD 450. The bank expects the company's revenue and adjusted operating profit in the second quarter of this year to increase by 7% and 25% respectively year-on-year, and with the success of 'DnF' mobile game, the prospects of the domestic game 'industry' are optimistic, and advertising growth should remain strong, with 'gross margin' expansion continuing. Tencent's share buyback volume in the second quarter was more than twice the amount sold by major shareholder Prosus.
CICC: maintains a 'outperform' rating for Bilibili-W and raises the target price to HKD 151.
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. $BILIBILI-W (09626.HK)$Maintains an 'outperform' rating as the performance of 'Three Kingdoms: Strategy Edition' surpassed expectations, raising the group's revenue forecast for 2024 and 2025 by 4.1% and 4.4% to RMB 27.1 billion and RMB 32 billion respectively, with a 16% increase in the target price to HKD 151. The bank expects Bilibili's advertising and gaming 'business' to gradually increase and profitability to improve step by step.
Editor/Feynman