Afternoon review of Hong Kong stock market

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Hong Kong stocks quickly rose | The three major indexes all rose, the technology index rose by 0.71%; insurance stocks performed well, AIA insurance rose by nearly 4%

Futu News · Sep 12 16:26

富途资讯9月12日消息，港股三大指数全天维持涨势。截至收盘，恒指、国指分别上涨0.77%及0.58%，二者盘中一度涨至1.3%，恒生科技指数涨0.71%，曾大涨超1.6%。

截至收盘，港股上涨996只，下跌817只，收平1248只。

具体行业表现如下图：

板块方面，科网股多数上涨，京东集团-SW涨2.45%，美团-W涨2.43%，阿里巴巴-W涨2.15%，百度集团-SW涨1.43%，网易-S涨1.25%，腾讯控股涨0.65%。

航运及港口股强势，海丰国际涨4.11%，中远海控涨3.02%，中国外运跌2.99%，招商局港口涨1.20%，太平洋航运涨1.02%，中远海能涨0.98%，东方海外国际涨0.97%。

博彩股上行，亚博科技控股涨25.00%，新濠国际发展涨2.33%，金沙中国有限公司涨2.23%，澳博控股涨2.19%，永利澳门涨1.67%，银河娱乐涨1.61%。

保险股造好，友邦保险涨3.67%，中国太保跌2.22%，中国人民保险集团涨1.70%，中国财险跌1.56%，中国平安涨1.31%，中国人寿涨0.36%。

生物医药股涨跌不一，药明康德涨5.96%，药明合联涨4.02%，药明生物涨3.36%，百济神州跌5.44%，康方生物跌2.93%。

个股方面， $中广核矿业 (01164.HK)$ 涨近10%，俄罗斯或限制铀矿等大宗商品出口。

$兖煤澳大利亚 (03668.HK)$ 涨超3%，本月23日将被纳入S&P/ASX 200和S&P/ASX 300指数。

$海丰国际 (01308.HK)$ 涨超4%，现金流强劲叠加资本开支下降，大摩预计未来数年都将发特别息。

$极兔速递-W (01519.HK)$ 涨超4%，国内业务首次实现盈利，东南亚市占率有望继续提升。

$周大福 (01929.HK)$ 跌超4%，对门店扩张更加谨慎，预计今年关闭率或超5%。

$华晨中国 (01114.HK)$ 跌超12%，吴小安辞任董事会主席，联交所此前谴责公司及三名前任董事。

今日成交额TOP10

港股通资金

港股通方面，今日港股通（南向）净流入30.75亿港元。

机构观点

大摩：重申腾讯控股“增持”评级，目标价450港元

摩根士丹利发布研究报告称，预计 $腾讯控股 (00700.HK)$ 首次国内总收入达50亿元人民币。这可能是腾讯全球化的另一个里程碑，重申“增持”评级及“最优选”，并维持目标价450港元。大摩认为，手游及端游同时推出也可以在游戏营运和用户留存方面带来额外的协同效应。大摩认为，《三角洲行动》(DeltaForce)可能成为腾讯全球化的另一个里程碑。考虑到腾讯在中国FPS(第一人称射击游戏)领域的长期主导地位，该行认为《三角洲行动》，尤其是端游版的全球发布可以进一步占领全球市场份额。

小摩：维持阿里巴巴-W“增持”评级，目标价106港元

摩根大通发布研究报告称，维持 $阿里巴巴-W (09988.HK)$ “增持”评级，料淘宝和天猫的流量、商品交易总额(GMV)和变现将在未来几个季度持续改善，技术催化剂显现，目标价106港元。阿里巴巴于周二(10日)正式纳入港股通，当日阿里港股股价升4%，相比同期恒指升0.2%，并取得84亿元的资金流入，占当日南向资金流入总额的90%，其交易额增两倍至169亿元，约占港股当日总成交1070亿元的15%。

大摩：华晨中国主席辞任及未委任新主席，增加未来发展不确定性

摩根士丹利发布研究报告称， $华晨中国 (01114.HK)$ 公布，吴小安因其他事务已提呈辞任执行董事、董事会主席、董事会辖下提名委员会、薪酬委员会及子公司高管任命委员会成员。该行表示，考虑到吴小安年龄62岁辞任主席一职，认为并非完全不正常，这次高层变动确实增加了公司未来发展不确定性，例如公司于过去2至3年显著提升现金回报(每股7.72港元)。该行认为，华晨中国每股现金余额约为2.2港元，料与宝马合资企业的潜在带来股息带回报，可为下行带来支撑。

编辑/Feynman

As of the close, the Hang Seng Index and the H share index rose by 0.77% and 0.58% respectively, both of which once rose to 1.3% during the trading day. The Hang Seng Tech Index rose by 0.71%, and had previously surged by over 1.6%.

As of the close, there were 996 gainers, 817 losers, and 1248 remained unchanged in the Hong Kong stock market.

The specific industry performance is shown in the following figure:

In terms of sectors, most of the network technology stocks rose. JD.com-SW increased by 2.45%, Meituan-W increased by 2.43%, Alibaba-W increased by 2.15%, Baidu-SW increased by 1.43%, NetEase-S increased by 1.25%, and Tencent Holdings increased by 0.65%.

Shipping and port stocks performed strongly. SITC rose by 4.11%, COSCO Shipping Holdings rose by 3.02%, Sinotrans Limited fell by 2.99%, China Mer Port rose by 1.20%, Pacific Basin rose by 1.02%, COSCO Ship Engy rose by 0.98%, and OOIL rose by 0.97%.

Macau casino stocks rose. Agtech Holdings increased by 25.00%, Melco Int'l Dev increased by 2.33%, Sands China Ltd increased by 2.23%, SJM Holdings increased by 2.19%, Wynn Macau increased by 1.67%, and Galaxy Ent increased by 1.61%.

Insurance stocks performed well. AIA increased by 3.67%, China Pacific Insurance fell by 2.22%, PICC Group increased by 1.70%, PICC P&C fell by 1.56%, Ping An Insurance increased by 1.31%, and China Life Insurance increased by 0.36%.

Biomedical stocks had mixed performance. Wuxi Apptec increased by 5.96%, Wuxi Bio increased by 4.02%, Beigene increased by 3.36%, and Akeso fell by 2.93%.

In terms of individual stocks, $CGN MINING (01164.HK)$ Rising nearly 10%, Russia may restrict the export of bulk commodities such as uranium.

$YANCOAL AUS (03668.HK)$ Up more than 3%, it will be included in the S&P/ASX 200 and S&P/ASX 300 indexes on the 23rd of this month.

$SITC (01308.HK)$ Up more than 4%, with strong cash flow and decreased capital expenditures, Morgan Stanley predicts special dividends will be issued in the coming years.

$J&T EXPRESS-W (01519.HK)$ Up more than 4%, domestic business achieved profitability for the first time, and the market share in Southeast Asia is expected to continue to increase.

$CHOW TAI FOOK (01929.HK)$ Down more than 4%, more cautious about store expansion, and the closure rate is expected to exceed 5% this year.

$BRILLIANCE CHI (01114.HK)$ Down more than 12%, Wu Xiaoan resigned as Chairman of the Board, and the Stock Exchange previously condemned the company and three former directors.

TOP 10 trading volume today

Hong Kong Stock Connect Fund

As for the Hong Kong stock connect, today's net inflow of Hong Kong stock connect (southbound) is 3.075 billion Hong Kong dollars.

Institutional perspective

UBS reiterates a "shareholding" rating on Tencent Holdings, with a target price of 450 Hong Kong dollars.

Morgan Stanley released a research report stating that it is expected $TENCENT (00700.HK)$ First domestic total revenue reached RMB 5 billion. This could be another milestone in Tencent's globalization, reaffirming its "shareholding" rating and "top choice" status, and maintaining a target price of HKD 450. JPMorgan believes that launching mobile games and PC games simultaneously can bring additional synergies in game operations and user retention. JPMorgan believes that "Delta Force" could be another milestone in Tencent's globalization. Considering Tencent's long-standing dominance in the FPS (First Person Shooter) genre in China, the bank believes that the global release of "Delta Force", especially the PC game version, can further capture global market share.

Credit Suisse: Maintains a "shareholding" rating on Alibaba-W, with a target price of HKD 106.

JPMorgan releases research report, maintains $BABA-W (09988.HK)$ "Buy" rating, it is expected that the traffic, Gross Merchandise Volume (GMV), and monetization of Taobao and Tmall will continue to improve in the next few quarters, with the emergence of technological catalysts, with a target price of HKD 106. Alibaba officially joined the Stock Connect on Tuesday (10th), and its Hong Kong stock price rose by 4% on the same day, compared to a 0.2% increase in the Hang Seng Index (HSI) and received a capital inflow of HKD 8.4 billion, accounting for 90% of the total southbound capital inflow that day. Its trading volume doubled to HKD 16.9 billion, accounting for 15% of the total daily turnover of HKD 107 billion in Hong Kong stocks.

Credit Suisse: Brilliance China Chairman resigns and no new Chairman appointed, increasing future development uncertainty.

Morgan Stanley released a research report stating, $BRILLIANCE CHI (01114.HK)$ Announced, Wu Xiaoan has resigned as Executive Director, Chairman of the Board, Chairman of the Nomination Committee, Chairman of the Remuneration Committee, and member of the Executive Committee of the Subsidiary. The bank believes that considering Wu Xiaoan's age of 62 and his resignation as Chairman, it is not completely abnormal. This senior management change does increase the future development uncertainty of the company, such as the significant improvement in cash returns (HKD 7.72 per share) in the past 2 to 3 years. The bank believes that the cash balance per share of Brilliance China is about HKD 2.2, and it is expected to bring dividends and returns from the joint venture with BMW, which can provide support for the downside.

Editor/Feynman

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