Afternoon review of Hong Kong stock market

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Hong Kong Market Quick Look | Hong Kong stocks fell further in the afternoon, with the Hang Seng Index falling nearly 1%, Tencent Music falling over 18%; biotechnology and pharmaceutical stocks fell across the board, with Wuxi Apptec and Hansoh Pharma fal

Futu News · Aug 14 16:23

富途资讯8月14日消息，港股三大指数高开低走，全天呈现疲弱行情，大市交易持续萎缩。截至收盘，恒指、国指分别下跌0.35%及0.4%，恒生科技指数午后一度跌1.3%表现最弱，最终收跌0.99%。

截至收盘，港股上涨694只，下跌1099只，收平1269只。

具体行业表现如下图：

板块方面，科网股弱势，腾讯音乐-SW跌18.13%，网易-S跌3.88%，携程集团-S跌1.87%，快手-W跌1.33%，腾讯控股跌1.27%，美团-W跌1.26%，阿里巴巴-SW跌0.45%。

生物技术股普跌，泰格医药跌7.07%，药明生物跌4.27%，药明康德跌4.04%，金斯瑞生物科技跌3.76%，康方生物跌2.47%，巨子生物跌2.39%，百济神州跌2.11%。

药品股多数走低，和黄医药跌4.42%，康龙化成跌4.26%，翰森制药跌3.70%，中国生物制药涨2.37%，信达生物跌2.26%，绿叶制药跌2.08%。

内房股走低，龙湖集团跌3.06%，融创中国跌2.91%，越秀地产跌1.81%，万科企业跌1.47%，新城发展跌1.39%，绿城中国跌1.32%。

个股方面，$QUANTUMPH-P(晶泰科技) (02228.HK)$ 涨近17%，与N1 Life达成技术合作，中金称公司有望进入港股通。

$万洲国际 (00288.HK)$ 涨超8%，中期纯利7.84亿美元，同比增加86.67%。

$中国中免 (01880.HK)$ 跌超3%，遭剔除MSCI中国指数，公司上半年营收净利齐跌。

$五矿资源 (01208.HK)$ 绩后跌近7%，上半年实现扭亏为盈，不派中期息。

$东方甄选 (01797.HK)$ 跌超8%，东方甄选又惹争议，江小白称不接受东方甄选主播道歉。

$腾讯音乐-SW (01698.HK)$ 跌超18%，Q2收入同比微降，音乐订阅收入增长或存不确定性。

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10.42亿港元。

机构观点

小摩：盈利预测上调兼企业回购利好中资股下半年走势

摩根大通董事总经理兼首席亚洲及中国股票策略师刘鸣镝认为，虽然商业周期仍然疲软，但企业盈利稍有好转，MSCI中国指数自7月以来每股盈利预测上升1.2个百分点，同时过去7个月企业斥资260亿美元进行回购，加上监管政策方向正确，均有利于中资股下半年走势。

高盛：维持腾讯音乐-SW“买入”评级，目标价55.1港元

高盛发表研究报告称，维持 $腾讯音乐-SW (01698.HK)$ “买入”评级，料腾讯音乐增长动力的转换，可能会引起部分投资者对多重收缩的忧虑，但看好其长期增长前景，对其2024至2026年的收入预测下调3%至7%，目标价下调11%至55.1港元。腾讯音乐第二季业绩符合预期，但对下半年至2025年的展望不一，管理层将每季净新增用户指引由原来的300万，下调至150万至200万水平，并希望透过更高价格的超级会员服务(SVIP)提升单付费用户月均收入(ARPPU)，以维持集团收入目标。

瑞银：维持万洲国际“买入”评级，目标价6.5港元

瑞银发布研究报告称，维持 $万洲国际 (00288.HK)$ “买入”评级，料市场对公司业务反应正面，上调其对今明两年的纯利预测分别3%及1%，目标价6.5港元，同时重申为行业首选。报告中称，公司上半年销售同比跌6%至122.93亿美元，纯利升81%至6.94亿美元，反映了次季的销售及纯利分别同比跌4%及升88%。次季业绩好过市场及该行预期，尽管内地业务较弱，但美国业务强过预期及亮丽的欧洲业务带动季绩表现。

编辑/Feynman

On August 14th, Futu News reported that the three major stock indices in the Hong Kong stock market opened higher and then fell, showing a weak trend throughout the day, and trading in the market continued to shrink. By the close, the Hang Seng Index and the National Index fell by 0.35% and 0.4%, respectively. The Hang Seng Technology Index fell the most during the afternoon, down 1.3%, and eventually closed down 0.99%.

By the close, 694 Hong Kong stocks rose, 1099 fell, and 1269 were flat.

The specific industry performance is shown in the following figure:

In terms of sectors, network technology stocks are weak, Tencent Music-SW fell 18.13%, NetEase-S fell 3.88%, Ctrip-S fell 1.87%, Kuaishou-W fell 1.33%, Tencent Holdings fell 1.27%, Meituan-W fell 1.26%, Alibaba-SW fell 0.45%.

Biotechnology stocks fell across the board, Tigermed fell by 7.07%, WuXi Bio fell by 4.27%, WuXi AppTec fell by 4.04%, Genscript Bio fell by 3.76%, Akeso fell by 2.47%, Juzi Bio fell by 2.39%, and Beigene fell by 2.11%.

Most pharmaceutical stocks are down, Hutchmed (China) fell by 4.42%, Pharmaron fell by 4.26%, Hansoh Pharma fell by 3.70%, Sino Biopharmaceutical rose by 2.37%, Innovent Bio fell by 2.26%, and Luye Pharma fell by 2.08%.

Mainland real estate stocks are down, Longfor Group fell by 3.06%, Sunac China fell by 2.91%, Yuexiu Property fell by 1.81%, China Vanke fell by 1.47%, Seazen fell by 1.39%, and Greentown China fell by 1.32%.

In terms of individual stocks,$QUANTUMPH-P (02228.HK)$ Up nearly 17%, the company has reached a technical cooperation agreement with N1 Life, and CICC said the company is expected to enter the Hong Kong stock connect program.

$WH GROUP (00288.HK)$ Up more than 8%, the mid-term net profit was $784 million, an increase of 86.67% year-on-year.

$CTG DUTY-FREE (01880.HK)$ Down more than 3%, it was removed from the MSCI China Index, and the company's net profit declined in the first half of the year.

$MMG (01208.HK)$ After the release of the half-year performance, the stock fell nearly 7%, achieving a profit in the first half of the year and not paying a mid-term dividend.

$EAST BUY (01797.HK)$ Down more than 8%, Dongfang Selection has caused controversy again, and Jiang Xiaobai said it did not accept the apology from Dongfang Selection's anchor.

$TME-SW (01698.HK)$ Down more than 18%, Q2 revenue fell slightly year-on-year, and there may be uncertainty in the growth of music subscription revenue in the future.

TOP 10 trading volume today

Hong Kong Stock Connect Fund

Regarding the Hong Kong Stock Connect, the net outflow from the Hong Kong Stock Connect (Southbound) today was HKD 1.042 billion.

Institutional perspective

Morgan Stanley: Profit forecast raised and buyback of shares boost bullish outlook for Chinese stocks in the second half.

Liu Mingdi, Managing Director and Chief Asian & Chinese Equity Strategist of JPMorgan, believes that although the business cycle is still weak, corporate profits have improved slightly. From July to August, the earnings forecast per share of MSCI China Index increased by 1.2%. In the past 7 months, companies spent 26 billion U.S. dollars on buybacks. In addition, regulatory policies are directionally correct, which is conducive to the future performance of Chinese stocks in the second half of the year.

Goldman Sachs: Maintains a "buy" rating on Tencent Music-SW and a target price of HKD 55.1.

Goldman Sachs released a research report stating that it maintains a "buy" rating, and the transformation of Tencent Music's growth momentum may cause some investors to worry about multiple contractions, but it is bullish on its long-term growth prospects. Its income forecast for 2024 to 2026 has been lowered by 3% to 7%, and its target price has been lowered by 11% to HKD 55.1. Tencent Music's second-quarter results met expectations, but the outlook for the second half of the year to 2025 is different. The management team lowered its quarterly net new user guidance from the original 3 million level to 1.5 million to 2 million, and hopes to increase the monthly ARPPU by higher-priced Super VIP services to maintain the group's revenue target. $TME-SW (01698.HK)$ UBS: Maintains a "buy" rating on WH Group and a target price of HKD 6.5.

UBS released a research report stating that it maintains a "buy" rating on

UBS released a research report stating that it maintains... $WH GROUP (00288.HK)$ Rated as "buy", expecting a positive market reaction to the company's business, raising its pure profit forecast for the next two years by 3% and 1% respectively, with a target price of HKD6.5, while reiterating its position as the industry's top pick. The report stated that the company's sales in the first half of the year fell by 6% YoY to USD12.293 billion, while net profit increased by 81% to USD0.694 billion, reflecting a YoY drop of 4% and an increase of 88% in sales and net profit respectively in the second quarter. The results of the second quarter surpassed the market and the bank's expectations, despite the weaker performance of the Mainland China business. The stronger-than-expected US business and the outstanding performance of the European business drove the quarterly performance.

Editor/Feynman

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