Afternoon review of Hong Kong stock market

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Hong Kong stock market was sluggish all day, with all three major indexes falling by about 2%. Science and technology, banks, and petroleum stocks all declined, with Tencent and CNOOC both falling more than 3%.

Futu News · Jul 25 16:27

富途资讯7月25日消息，港股午后跌幅进一步扩大，三大指数均大跌约2%，并且录得3连跌行情。截至收盘，恒指跌1.77%，国指跌2.05%，恒生科技指数跌2%。

截止午间收盘，港股上涨503只，下跌1395只，收平1169只。

具体行业表现如下图：

板块方面，科网股普跌，美团-W跌5.47%，腾讯控股跌3.30%，百度集团-SW跌2.22%，小米集团-W跌2.06%，京东集团-SW跌1.29%，快手-W跌1.26%，阿里巴巴-SW跌1.21%。

有色金属股下挫，招金矿业跌10.00%，洛阳钼业跌6.73%，山东黄金跌5.93%，紫金矿业跌5.10%，中国铝业跌3.81%，江西铜业股份跌3.30%，中国宏桥跌2.48%。

银行股走低，招商银行跌3.60%，建设银行跌1.45%，工商银行跌1.14%，中国银行跌1.16%，农业银行跌1.13%。

石油股多数下跌，中国海洋石油跌3.88%，中国石油股份跌3.67%，昆仑能源跌3.40%，中国油气控股跌2.70%，中海油田服务跌2.36%，中国石油化工股份跌1.82%。

半导体股弱势，华虹半导体跌5.16%，上海复旦跌3.72%，先思行跌3.33%，中芯国际跌2.80%，宏光半导体跌2.33%，中电华大科技跌1.83%。

个股方面，$ASMPT (00522.HK)$再跌近11%，两日累跌逾30%，SMT需求下行短期压制公司业绩。

$海尔智家 (06690.HK)$涨超5%，两部门称安排资金支持个人及地方消费品以旧换新。

$贝壳-W (02423.HK)$跌超3%，二手房市场延续以价换量，大摩预计二季度净利润同比跌8%。

$东方甄选 (01797.HK)$反弹逾4%，公司首次参与国际论坛，机构看好四季度盈利能力改善。

$鸿腾精密 (06088.HK)$再跌超12%，较月内高点跌近35%，市场担忧上半年盈喜数据不及预期。

今日成交额TOP10

港股通资金

港股通方面，今日港股通（南向）净流出46.61亿港元。

机构观点

大摩：重申看好油轮航运股，中远海能目标价升至11.1港元

摩根士丹利发布研究报告称，季节性因素带来的短期股价调整已基本结束，重申看好油轮航运股。另指今年第四季原油产量存在上升潜力，将为正面的基本面催化因素，并重申对$中远海能 (01138.HK)$“增持”评级，目标价由10港元上调至11.1港元。报告中称，今年至今原油油轮市场波动较去年小，由于需求疲弱，今年首季现货市场的高位较去年同期为低，但第二季是历史上的淡季，原油油轮运费仍远高于行业收支平衡水平，表现强于传统旺季，主要由于新船交付量大幅减少，供应面更为健康。

瑞银：维持对美团“买入”评级及目标价158港元，作为行业领导者具有吸引力

瑞银发表报告表示，更好到业务竞争格局应该会为$美团-W (03690.HK)$带来高弹性且可见的未来盈利潜力，这来自于GTV成长(从抖音中夺回市场份额)、收入重新加速，和营运毛利率恢复(2024年第一季为31%，2022年为46%)。美团目前预测2025市盈率13倍，该行认为其作为行业领导者具有吸引力，维持对美团“买入”评级及目标价158港元。该行认为，透过本地服务代理行业渠道了解，美团与抖音在到店市场的竞争持续回稳，更理性的竞争格局应该有利于美团。

小摩：重申网易-S为中国网络游戏行业首选股，目标价200港元

摩根大通发布研究报告称，$网易-S (09999.HK)$股价昨日盘中上升约5%，相信这是由于《永劫无间》手游今日推出前的正面情绪所致。小摩重申网易为中国网络游戏行业的首选股，预期《永劫无间》手游的强劲表现，加上《七日世界》于7月初成功于全球推出，应可推动网络游戏收入自第三季起加速增长及股价重估，对其H股目标价为200港元。

编辑 / Feynman

Futu News, July 25th. The Hong Kong stock market continued to fall in the afternoon, with all three major indexes falling by about 2%, and recording a three-day decline. By the close of trading, the Hang Seng Index fell by 1.77%, the Guozi Index fell by 2.05%, and the Hang Seng Technology Index fell by 2%.

At the midday close, 503 Hong Kong stocks rose, 1395 fell, and 1169 were flat.

The specific industry performance is shown in the following figure:

In terms of sectors, technology stocks generally fell, Meituan-W fell 5.47%, Tencent Holdings fell 3.30%, Baidu Group-SW fell 2.22%, Xiaomi Group-W fell 2.06%, JD.com Group-SW fell 1.29%, Kuaishou-W fell 1.26%, and Alibaba-SW fell 1.21%.

Nonferrous metal shares fell, Zhaojin Mining fell 10.00%, Luoyang Molybdenum fell 6.73%, SD Gold fell 5.93%, Zijin Mining Group fell 5.10%, Aluminum Corporation of China fell 3.81%, Jiangxi Copper fell 3.30%, China Hongqiao fell 2.48%.

Banking stocks fell, China Merchants Bank fell 3.60%, China Construction Bank fell 1.45%, Industrial and Commercial Bank of China fell 1.14%, Bank of China fell 1.16%, Agricultural Bank of China fell 1.13%.

Most petroleum stocks fell, CNOOC fell 3.88%, PetroChina fell 3.67%, Kunlun Energy fell 3.40%, Sino Oil & Gas fell 2.70%, China Oilfield fell 2.36%, and Sinopec Corp fell 1.82%.

Semiconductor stocks were weak, Hua Hong Semiconductor fell 5.16%, Shanghai Fudan fell 3.72%, AV Concept Hold fell 3.33%, Semiconductor Manufacturing International Corporation fell 2.80%, HG Semi fell 2.33%, and CE Huada Tech fell 1.83%.

In terms of individual stocks,$ASMPT (00522.HK)$It fell by nearly 11% again, with a cumulative decline of more than 30% in two days. The downward trend in SMT demand has temporarily suppressed the company's performance.

$HAIER SMARTHOME (06690.HK)$It rose more than 5%. The two departments announced that they will arrange funds to support the renewal of personal and local consumer goods.

$BEKE-W (02423.HK)$It fell more than 3%. The second-hand housing market continued to trade volume for price, and Morgan Stanley expects net income to fall 8% year-on-year in the second quarter.

$EAST BUY (01797.HK)$It rebounded by more than 4%. The company participated in an international forum for the first time, and institutions are bullish on its profit improvement in the fourth quarter.

$FIT HON TENG (06088.HK)$It fell by more than 12% again, nearly 35% lower than the high point of the month. The market is concerned that the first half of the year's earnings may not meet expectations.

TOP 10 trading volume today

Hong Kong Stock Connect Fund

Regarding the Hong Kong Stock Connect, the net outflow of Southbound funds today was 4.661 billion Hong Kong dollars.

Institutional perspective

Morgan Stanley: It reiterates its bullish view on crude oil shipping stocks, and raises the target price of COSCO Ship Engy to 11.1 Hong Kong dollars.

According to a research report released by Morgan Stanley, the short-term stock price adjustment caused by seasonal factors has basically ended. It maintains a "buy" rating, and raises the target price from 10 Hong Kong dollars to 11.1 Hong Kong dollars. It also points out that there is potential for a rise in crude oil production in the fourth quarter of this year, which will be a positive catalytic factor for the underlying fundamentals.$COSCO SHIP ENGY (01138.HK)$"Shareholding" rating, target price was raised from HKD 10 to HKD 11.1. The report stated that the fluctuations in the crude oil tanker market this year are smaller than last year. Due to weak demand, the spot market in the first quarter of this year is lower than the same period last year, but the second quarter is historically a low season, and crude oil tanker freight rates are still far above the industry's breakeven level, outperforming the traditional peak season, mainly due to the significant reduction in new ship deliveries and a healthier supply side in the industry.

UBS Group: Maintains a "buy" rating and target price of 158 Hong Kong dollars for Meituan, which is attractive as an industry leader.

UBS Group published a report indicating that the better business competition pattern should bring high elasticity and visible future profit potential, stemming from the growth of GTV (regaining market share from Douyin), revenue acceleration, and the restoration of gross margin (31% in the first quarter of 2024, compared to 46% in 2022). Meituan is currently expected to have a PE ratio of 13 times in 2025, and the bank believes that as an industry leader, it is attractive, maintaining a "buy" rating on Meituan and a target price of 158 Hong Kong dollars. The bank believes that through the local service agency industry channel, Meituan and Douyin's competition in the store market continues to stabilize, and a more rational competitive pattern should be conducive to Meituan.$MEITUAN-W (03690.HK)$Bringing high resilience and visible future profit potential, this comes from the growth of GTV (regaining market share from Douyin), accelerating revenue, and recovering gross margins (31% in the first quarter of 2024, 46% in 2022). Meituan is currently forecasted with a P/E ratio of 13 times for 2025, and the bank believes that as an industry leader, it is attractive to maintain a "buy" rating and target price of 158 Hong Kong dollars for Meituan. The bank believes that through local service agency industry channels, the competition between Meituan and Douyin in the offline market continues to stabilize, and a more rational competition pattern should be beneficial to Meituan.

JP Morgan: reaffirms that Netease-S is the first choice for China's online games industry, with a target price of HKD 200.

JPMorgan released a research report stating that $NTES-S (09999.HK)$The stock price rose about 5% in yesterday's trading, believed to be due to positive sentiment ahead of the release of "Endless Conflict" mobile game today. JP Morgan reiterated that Netease is the first choice for China's online games industry, with the expected strong performance of the "Endless Conflict" mobile game, as well as the successful global launch of "7 Days World" in early July, should drive accelerated growth in online game revenue and stock price revaluation from the third quarter, with a target price of HKD 200 for its H-shares.

Editor / Feynman

The translation is provided by third-party software.

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