Futu information news on July 19, the three major Hong Kong stocks fell all day, Hang Seng Tech Index's decline expanded at the end of the day, eventually falling by 2.12%, Hang Seng Index and GEM index fell by 2.03% and 2.25% respectively, with the GEM index hitting a new low since the adjustment.

At the close, 475 stocks rose, 1452 stocks fell, and 1146 stocks were flat.

The specific industry performance is as follows:

In terms of sectors, network technology stocks fell across the board, with Ctrip falling more than 4%, JD falling more than 3%, Alibaba, Kuaishou, and Netease falling nearly 3%, and Meituan and Xiaomi falling nearly 2%. Semiconductor stocks bucked the trend, with Hua Hong Semiconductor rising more than 5%, Shanghai Fudan rising more than 3%, and Semiconductor Manufacturing International Corporation rising nearly 2%. Bank stocks fell, with China Construction Bank, HSBC Holdings, Industrial and Commercial Bank of China, Agricultural Bank of China falling more than 2%, Bank of China falling nearly 2%, and CM Bank falling more than 1%. Three major oil stocks fell, with PetroChina, CNOOC falling nearly 5%, and Sinopec Corp falling more than 3%. Mainland real estate stocks fell across the board, with Longfor Group, China Res Land falling nearly 6%, China Vanke falling nearly 5%, and China Overseas falling more than 4%. Golden industrial concept stocks plummeted, with China Goldintl falling more than 8%, Zhaojin Mining falling more than 7%, SD Gold falling more than 5%, and Zijin Mining Group falling nearly 4%. In addition, coal industrial concept, biomedical stocks, and Apple supplier stocks declined significantly, marine transportation stocks continued to decline in recent days, insurance and telecommunication stocks fell slightly.

Semiconductor stocks rose against the market, with Hua Hong Semiconductor up more than 5%, Shanghai Fudan up more than 3%, and Semiconductor Manufacturing International Corporation up nearly 2%.

Bank stocks fell, with China Construction Bank, HSBC Holdings, Industrial and Commercial Bank of China, Agricultural Bank of China falling more than 2%, Bank of China falling nearly 2%, and CM Bank falling more than 1%.

The three major oil stocks fell, with PetroChina, CNOOC falling nearly 5%, and Sinopec Corp falling more than 3%.

Mainland real estate stocks fell across the board, with Longfor Group, China Res Land falling nearly 6%, China Vanke falling nearly 5%, and China Overseas falling more than 4%.

Golden industrial concept stocks plummeted, with China Goldintl falling more than 8%, Zhaojin Mining falling more than 7%, SD Gold falling more than 5%, and Zijin Mining Group falling nearly 4%.

In addition, coal industrial concept, biomedical stocks, and Apple supplier stocks declined significantly, marine transportation stocks continued to decline in recent days, insurance and telecommunication stocks fell slightly.

In terms of individual stocks,$POP MART (09992.HK)$Rising more than 10%, it is expected that the net profit for the first half of the year will increase by more than 90% year-on-year, with rapid growth in both domestic and overseas markets.

$CNOOC (00883.HK)$Falling nearly 5%, leading the petroleum sector, oil prices may come under pressure in the fourth quarter, and institutions say that dividend trading has cooled down.

$CHINA RES GAS (01193.HK)$Falling nearly 6%, Nomura said the company was overvalued in all areas of the market and downgraded its rating to "sell".

$MONGOL MINING (00975.HK)$Falling nearly 11%, coal industrial concept stocks continued to fall, and falling coal prices led to a halving of profitability for most coal companies.

$CHANGJIU HLDGS (06959.HK)$Falling more than 12%, it has fallen by more than 80% in the past month, and the company has been listed as a local stock by regulators and lost access to the Hong Kong stock connect.

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 shares (Southbound) was HKD 6.123 billion.

Institutional perspective

• Citi: the launch of tax exemption policy in the city is the next potential catalyst for China Tourism Duty Free Group, with the target price lowered to HKD 87.

Citigroup has released a research report, stating that $CTG DUTY-FREE (01880.HK)$The goal price has been lowered from HKD 110 to HKD 87, and the updated forecast model reflects the first-half performance of the year, with a decline in earnings forecast for the 2024-2026 fiscal years of 13.5%/15.4%/15.4%, mainly due to lower-than-expected sales of tax-free products in Hainan. The bank said weak consumer desires and dilution of the flow of outbound tourism have been pressuring sales trends in Hainan, leading to a decline in the operating leverage of the Hainan business. But as outbound tourism accelerates its recovery, airport duty-free shop operations are picking up, offsetting some losses. At the same time, the bank expects the sales momentum of tax-free products in Hainan to continue to improve on a relatively low base, and sees the launch of tax exemption policies in the city as the next potential catalyst.

• Nomura: upgrading China Telecom's target price to HKD 5.8, expected to outperform the industry in service revenue growth.

Nomura issued a report stating that it has raised its rating on$CHINA TELECOM (00728.HK)$The target price has been raised from HKD 5.1 to HKD 5.8, while maintaining a buy rating. The bank believes that the dividend upside makes the stock still attractive. The bank believes that China Telecom's service revenue growth in the second quarter will continue to outperform the industry average, benefiting from the stable core business, even though the growth in emerging business areas such as cloud, internet of things, and international data center business has slowed down. The bank also pointed out that China Telecom's cloud business may slow down due to the weakening macro environment and high base, but the company is prudently controlling expenses, which may bring better net profit margins. Nomura expects China Telecom's service revenue to increase by 4% to 5% year-on-year in the second quarter of this year, with a profit growth of 5% to 7%, slower than that of the first quarter.

• CICC: Maintains a 'outperform' rating for Pop Mart, target price raised to HKD 50.

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. $POP MART (09992.HK)$The "outperform industry" rating has been raised, and the 2024/25 adjusted net profit forecast has been raised by 13%/14% to CNY 1.98/2.58 billion, with a target price increase of 9% to HKD 50. The company issued a positive profit forecast for 1H24, with revenue growth expected to be no less than 55% and group profit growth no less than 90%, exceeding the market and the bank's expectations, due to faster-than-expected growth in both domestic and overseas markets. The bank believes that the current trend of overseas market expansion is still strong, with diversified categories such as glue and building blocks constantly breaking through, and the growth potential in the future is strong.

Editor/Feynman