Futu News reported on September 13 that the three major stock indexes in Hong Kong fell back in the afternoon. The Hang Seng Tech Index closed slightly up by 0.13%, with a peak increase of 1.5% during the trading session. The Hang Seng Index and the Hang Seng China Enterprises Index rose by 0.75% and 0.9% respectively, showing relatively stable performance.
At the close, there were 1,045 gainers, 750 decliners, and 1,265 flat stocks in the Hong Kong stock market.
The specific industry performance is shown in the following figure:
In terms of sectors, the performance of internet technology stocks was mixed. Kuaishou Technology-W dropped by 1.80%, Xiaomi Corporation-W rose by 1.59%, Tencent Holdings rose by 0.59%, Meituan-W rose by 0.57%, Baidu Group-SW rose by 0.55%, and Alibaba-W dropped by 0.54%.
Gold stocks were strong, with China Silver Group rising by 7.55%, Shandong Gold rising by 5.70%, China Gold International rising by 5.28%, Zijin Mining Group rising by 3.87%, Zhaojin Mining rising by 3.64%, and Lingbao Gold rising by 2.08%.
Biotechnology stocks rose across the board, with Innovent Biologics-B rising by 28.65%, Akeso rising by 9.50%, CanSino Biologics-B rising by 5.30%, Genscript Bio rising by 3.19%, Wuxi Apptec rising by 2.33%, and Beigene rising by 1.78%.
Pharmaceutical stocks performed well, with Pharmaron rising by 5.69%, CMS rising by 4.32%, Sino Biopharm rising by 3.54%, Hansoh Pharma rising by 3.49%, Hutchmed (China) rising by 3.25%, and Innovent Bio rising by 2.56%.
Shipping and ports stocks rose, with Cosco Shipping Holdings rising by 3.74%, Sitc International rising by 3.39%, Sinotrans Limited rising by 1.85%, Qingdao Port International rising by 1.70%, OOIL rising by 1.34%, and China Mer Port rising by 1.19%.
In terms of individual stocks,$LAOPU GOLD (06181.HK)$ Rising nearly 5%, the stock price has hit new highs in recent days, and the company has been included in the Hong Kong Stock Connect list.
$ZIJIN MINING (02899.HK)$ Up nearly 4%, the company's cost reduction measures have shown positive results, with Goldman Sachs reiterating a "buy with confidence" list.
$AKESO (09926.HK)$ Surging over 9%, sales increased by over 40% as JPMorgan raised sales revenue, achieving significant PFS benefits head-to-head with Yervoy.
$BEKE-W (02423.HK)$ The sales growth rate of the top 100 real estate companies fell by over 4%, and the mutual squeezing between second-hand houses and new houses has been reflected.
$BUD APAC (01876.HK)$ Falling nearly 4%, hitting a new low again, the Chinese market still faces challenges in the third quarter, with institutions stating that the dividend yield is attractive.
TOP 10 trading volume today
Hong Kong Stock Connect Fund
As for the Hong Kong stock connect scheme, the net inflow of Hong Kong stocks (southbound) was 0.239 billion Hong Kong dollars today.
Institutional perspective
Citi: Mainland aviation industry shows a characteristic of high volume and weak prices this summer, lowering target prices for China Eastern, China Southern, and Air China.
Citigroup's research report pointed out that the mainland aviation industry has shown a weak volume and price characteristic this summer, and the industry's profitability in the Asian region also faces challenges. The three major airlines' capacity allocation in July this year was relatively conservative, but outbound capacity has recovered strongly. Overall, the industry's performance in the summer was somewhat disappointing. In addition, from the performance of the second quarter, business travel demand remains weak, and may not be able to support prices in the off-peak season when facing capacity increase. The bank downgraded $CHINA EAST AIR (00670.HK)$ from a 'buy' rating to a 'sell' rating, and lowered the target price from HKD 2.53 to HKD 1.7. The bank also downgraded $CHINA SOUTH AIR (01055.HK)$ from a 'buy' rating to a 'neutral' rating, and reduced the target price from HKD 3.8 to HKD 2.8. While the bank maintains a 'buy' rating and lists $AIR CHINA (00753.HK)$ as the preferred choice, the target price has been lowered from HKD 5.35 to HKD 3.8.
Goldman Sachs: Maintain a 'buy' rating on Zijin Mining, with a target price of 21.5 Hong Kong dollars.
Goldman Sachs released a research report stating that $ZIJIN MINING (02899.HK)$ is one of the few mining companies that can benefit from increased production and rising commodity prices. With the rise in copper prices, the bank expects Zijin's regular net income to increase from 22.4 billion RMB in 2023 to 41.4 billion RMB in 2026, with a compound annual growth rate of 23%. The bank maintains a "buy" rating on Zijin Mining H shares ("conviction buy" list) with a target price of HKD 21.5, believing that its current valuation is attractive. The bank believes that the continued execution of new project expansions and the rise in copper prices will act as catalysts.
Morgan Stanley: Maintains a "synchronized with the market" rating on SD Gold, with a target price of HKD 20.2
Morgan Stanley released a research report stating that they maintain a "synchronized with the market" rating on $SD GOLD (01787.HK)$ with a target price of HKD 20.2. In terms of mid-term production outlook, the parent company SD Gold Group aims to achieve a gold production volume of 80 tons within five years. The management of SD Gold expects the listed company to make maximum efforts to contribute to approximately 90% of the production volume. The Morgan Stanley report states that against the backdrop of soaring gold prices, SD Gold continues to enjoy a strong profit trend, with production growth coming from the resumption of operations at the Linglong Mine as the first factor, the expected start-up of the Cardinal project in the next quarter as the second factor, and the contribution from its subsidiary Yintai Gold (now known as China Gold International) with a 28.89% stake as the third factor.
Editor/Feynman