Futu News on September 11th reported that the three major Hong Kong stock indices rebounded in the afternoon, with the Hang Seng Tech Index rising to 0.2% at one point, showing a slightly stronger trend, and ultimately edging up 0.01%. The Hang Seng Index and the Hang Seng China Enterprises Index both fell by 0.73%, with both experiencing a significant 1.6% intraday decline and hitting new recent adjustment lows.
As of the close, 630 Hong Kong stocks rose, 1218 fell, and 1212 remained unchanged.
The specific industry performance is shown in the following figure:
In terms of sectors, network technology stocks showed mixed performances, with SenseTime-W down by 5.50%, Xiaomi-W up by 1.61%, Kuaishou-W down by 0.77%, JD.com Group-SW down by 0.49%, and Baidu Group-SW up by 0.44%.
Biotechnology stocks were on the rise, with Beigene up by 7.66%, Wuxi Apptec up by 6.83%, Wuxi Bio-Union up by 5.13%, Akeso up by 4.13%, Wuxi Bio up by 3.67%, Genscript Bio up by 1.86%, Juzi Bio down by 1.66%, and Cellon Bio-B up by 0.40%.
Electric power stocks trended lower, with China Resources Power down by 5.66%, CGN Power down by 4.61%, China Longyuan down by 3.80%, China Power down by 2.67%, Huaneng Power International down by 2.41%, and CLP Holdings down by 2.00%.
Several petroleum stocks declined, with Sino Oil & Gas down by 6.90%, Sinopec Corp down by 2.95%, China Oilfield Services down by 2.50%, CNOOC down by 2.30%, and Kunlun Energy down by 2.29%.
Mainland banking stocks generally declined, with Agricultural Bank of China down by 3.68%, China Construction Bank Corporation down by 2.08%, Industrial and Commercial Bank of China down by 2.14%, Bank of Communications down by 1.91%, and China Mainland Banking down by 1.48%.
In terms of individual stocks,$TIANQI LITHIUM (09696.HK)$ Up over 13%. $GANFENGLITHIUM (01772.HK)$ Up over 9%, news that Contemporary Amperex Technology will suspend lithium production in Jiangxi.
$BEIGENE (06160.HK)$ Up nearly 8%, the first category of innovative cancer drugs has applied for clinical trials, and the overseas market expansion is promising.
$LAOPU GOLD (06181.HK)$ Rising nearly 5% to a new all-time high, being included in the Hong Kong Stock Connect, the company's first-half performance showed high growth.
$TOPSPORTS (06110.HK)$ Plunging more than 16% after profit warning, the mid-term net profit is expected to decline by about 35% year-on-year.
$UNITEDENERGY GP (00467.HK)$ Plunging over 29%, Orient Group is facing a bank lawsuit to demand early repayment of loans.
TOP 10 trading volume today
Hong Kong Stock Connect Fund
In terms of Hong Kong Stock Connect, today the net outflow of Hong Kong Stock Connect (southbound) is 5.905 billion Hong Kong dollars.
Institutional perspective
JPMorgan: China Life Insurance and China Pacific Insurance are the preferred choices for mainland insurance companies, with an upward revision of the target price.
According to a research report from JPMorgan, it is recommended to increase holdings of mainland insurance companies after their mid-term performance. Even though the valuation of mainland insurance companies is recovering from a significant decline, the performance in the first half of the year reflects an improving risk-return ratio for the industry. $CHINA LIFE (02628.HK)$ Nvidia. $CPIC (02601.HK)$ JPMorgan downgraded its rating on PICC P&C from 'Neutral' to 'Underweight' and lowered the target price from HK$9.5 to HK$7.3, mainly due to the weak insurance underwriting season in the second half of the year and increased reinvestment risk caused by lower bond yields. JPMorgan raised the target price for China Life Insurance from HK$15 to HK$17, with a 'Overweight' rating; and raised the target price for China Pacific Insurance from HK$23.6 to HK$29, also with a 'Overweight' rating. The target price for Ping An Insurance was slightly raised by HK$0.1 to HK$2.6, with a 'Neutral' rating.
Citi: Downgraded Macau's September gambling revenue forecast to 18.25 billion Macau Patacas, with less impact from the typhoon than expected.
花旗发布研究报告称，根据业界资料，澳门9月首8天博彩收入可能达到约4.75 billion澳门元。期内的隐含每日博彩收入约为0.594 billion澳门元，较8月最后13天的每日博彩收入约0.635 billion澳门元下跌约6%。花旗指，虽然台风摩羯在上周四至五造成干扰，但相较于去年九月第一个周末因台风“苏拉”而导致赌场临时关闭的情况，今次影响要小得多。根据业内消息来源，贵宾厅投注额环比下跌7至10%，中场投注额环比下跌5至8%。
高盛：予滔搏“中性”评级，目标价削55%至2.7港元
高盛发布研究报告称，予 $TOPSPORTS (06110.HK)$ “中性”评级，目标价从6港元大幅下调55%至2.7港元，主要反映盈利下调等。高盛表示，下调对该公司2025-2027财年的收入预测11%-15%，主要反映收入预测下降。将纯利预测下调30%-33%，主要基于毛利率逆风，因要消化库存而折扣力度更大、渠道组合不佳、线下门店销售的经营杠杆为负。此外，滔搏过去毛润率较高，和宝胜国际(03813)不同的是，宝胜有优化空间，而滔搏短期内将面临更高风险。
Editor/Feynman