Hong Kong Market Speed Reads | The three major indices surged and then fell back, with the technology index and Hang Seng Index stopping the continuous rise; Electrical utilities stocks rose against the market trend, with CGN Power rising more than 5%.

Futu News · Sep 23 16:22

富途资讯9月23日消息，港股三大指数早盘冲高，午后持续回落转跌。截止收盘，恒指微跌0.06%止步6连涨，国指涨0.16%录得7连涨，恒生科技指数跌0.15%终结8连涨行情，且失守3700点。

截至收盘，港股上涨861只，下跌1004只，收平1195只。

具体行业表现如下图：

板块方面，科网股多数走弱，小米集团-W逆市涨3.37%，美团-W跌2.28%，哔哩哔哩-W跌1.99%，快手-W跌1.09%，百度集团-SW跌0.94%，阿里巴巴-W跌0.52%，京东集团-SW涨0.44%，腾讯控股跌0.26%。

生物技术股多股下行，金斯瑞生物科技跌9.82%，药明生物跌5.08%，药明合联跌5.05%，康方生物跌3.89%，药明康德跌3.65%，巨子生物跌2.96%，亚盛医药-B涨1.03%，百济神州跌0.89%。

电力股走高，中广核电力涨5.24%，华能国际电力股份涨3.52%，华润电力涨3.33%，中国电力涨1.76%，龙源电力涨0.90%，电能实业涨0.85%，长江基建集团涨0.27%，中电控股跌0.21%。

煤炭股齐涨，中国秦发涨8.70%，力量发展涨7.35%，中煤能源涨2.81%，兖矿能源涨2.58%，蒙古焦煤跌2.38%，中国神华涨1.42%，首钢资源涨0.39%，兖煤澳大利亚涨0.17%。

香港零售股走低，普拉达跌2.85%，六福集团跌1.12%，周大福跌1.10%，新秀丽跌1.08%，周生生涨0.66%，佐丹奴国际收平，莎莎国际收平，卓悦控股收平。

药品股走低，康龙化成跌4.85%，和黄医药跌4.78%，信达生物跌1.88%，翰森制药跌1.72%，石药集团跌1.20%，三生制药跌1.05%，中国生物制药跌0.60%，康哲药业涨0.26%。

个股方面， $中国奥园 (03883.HK)$ 飙涨近127%，引入中东机构Multi Gold为战略投资者。

$美的集团 (000333.SZ)$ 涨近6%，获花旗看高至90.08港元。

$北控水务集团 (00371.HK)$涨超4%，公司高分红预期稳定，花旗称降息周期利好公用股。

$中国财险 (02328.HK)$涨超4%，8月车险保费增速环比提升，非车险同比增长12.2%。

$瑞声科技 (02018.HK)$涨近4%，高盛称可折叠手机为公司高端产品带来机遇。

$茶百道 (02555.HK)$最高涨超8%，近六个交易日股价累涨超四成。

$力量发展 (01277.HK)$涨超7%创新高，入通后累涨近35%，近期收购煤矿股MC，51%股权。

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84.15亿港元。

机构观点

花旗：下调澳门9月赌收预测至170亿澳门元

花旗发表报告指，澳门9月首22日的赌收应达121.5亿澳门元，相当于每日5.21亿澳门元，按周跌约3%，据行业渠道了解，贵宾厅赢率按月跌11%至13%，中场赢率则按月跌11%至14%。该行指，部份游客推迟行程至国庆黄金周，反映9月赌收或会比预期低。该行将对澳门9月赌收预测由177.5亿降至170亿澳门元，相当按年升14%或2019年9月的77%水平，以反映月初至今的走势以及较低的贵宾厅赢率，意味今个月剩余日子的赌收为每日6.06亿澳门元。

星展：维持腾讯“买入”评级，上调今年至2026年经调整盈测

星展发表研究报告指，网络游戏及线上广告为腾讯主要的收入动力，2023年至2026年的复合年均增长率料分别为8%及15%。该行料其视频业务变现加速，上调腾讯今年至2026年经调整盈测各9%，以反映持续改善的经营效率，料期内的经调整盈利按年各增长36%、11%及10%。鉴于其明朗的盈利展望及友善的股东回报政策，该行维持“买入”评级，目标价为537港元。

麦格理：料金价持续强势，金矿股首选招金矿业

麦格理发表报告指出，预期金价强势会持续，除了受惠减息外，经济数据疲弱亦会令减息预期进一步升温。虽然金价短期与金矿股走势分歧，但长线相关度仍高，因此金矿股股价现时偏弱，目前是较佳买入点。
基于金价有望持续走强，故上调香港上市的金矿股目标价，当中首选是 $招金矿业 (01818.HK)$ ，因产量增长前景强劲，目标价由21港元上调至21.3港元。也看好 $紫金矿业 (02899.HK)$ 及 $山东黄金 (01787.HK)$ ，目标价由21港元和19港元，上调至21.3港元和19.8港元。

编辑/Somer

Futu news on September 23, Hong Kong's three major indexes surged in the morning, but fell back in the afternoon. By the close, the Hang Seng Index fell slightly by 0.06% after a 6-day rally; the National Index rose by 0.16% for a 7-day gain; and the Hang Seng Tech Index dropped 0.15%, ending an 8-day rally and falling below the 3700 mark.

As of the close, 861 stocks in the Hong Kong stock market rose, 1004 fell, and 1195 remained unchanged.

The specific industry performance is shown in the following figure:

Sector-wise, most tech stocks weakened, with Xiaomi Corporation-W rising 3.37% against the market trend; Meituan-W fell 2.28%; Bilibili-W dropped 1.99%; Kuaishou-W fell 1.09%; Baidu Group-SW dropped 0.94%; Alibaba-W fell 0.52%; JD.com Group-SW rose 0.44%; and Tencent fell 0.26%.

Several biotech stocks declined, with Genscript Biotech falling by 9.82%; Wuxi BioTech falling by 5.08%; WuXi AppTec falling by 5.05%; Akeso falling by 3.89%; Wuxi Bio falling by 3.65%; BeiGene falling by 2.96%; Ascentage Pharma-B rising by 1.03%; and Beigene dropping by 0.89%.

Electrical utility stocks rose, with CGN Power increasing by 5.24%; Huaneng Power rising by 3.52%; China Resources Power rising by 3.33%; China Power rising by 1.76%; China Longyuan rising by 0.90%; Power Assets rising by 0.85%; CKI Holdings rising by 0.27%; and CLP Holdings falling by 0.21%.

Coal stocks rose across the board, with China Qinfa up by 8.70%; Kinetic Development up by 7.35%; China Coal Energy up by 2.81%; Yancoal Energy up by 2.58%; Mongol Mining down by 2.38%; China Shenhua Energy up by 1.42%; Shougang Resources up by 0.39%; and Yancoal Australia up by 0.17%.

Hong Kong retail stocks declined, with Prada falling by 2.85%; Luk Fook Holdings down by 1.12%; Chow Tai Fook down by 1.10%; Samsonite down by 1.08%; Chow Sang Sang up by 0.66%; Giordano Int'l remaining unchanged; Sa Sa Int'l remaining unchanged; and Bonjour Holdings remaining unchanged.

Pharmaceutical stocks fell, Pharmaron fell by 4.85%, Hutchmed (China) fell by 4.78%, Innovent Bio fell by 1.88%, Hansoh Pharma fell by 1.72%, CSPC Pharma fell by 1.20%, 3sbio fell by 1.05%, Sino Biopharm fell by 0.60%, CMS rose by 0.26%.

In terms of individual stocks, $CHINA AOYUAN (03883.HK)$ Surged nearly 127%, attracting Middle East institution Multi Gold as a strategic investor.

$Midea Group Co., Ltd (000333.SZ)$ Rose nearly 6%, receiving Citigroup's target price raised to HKD 90.08.

$BJ ENT WATER (00371.HK)$Rose over 4%, stable high dividend expectations for the company, Citigroup believes the rate cut cycle is bullish for utilities industry.

$PICC P&C (02328.HK)$Up more than 4%, the growth rate of auto insurance premiums in August increased compared to the previous month, while non-auto insurance increased by 12.2% year-on-year.

$AAC TECH (02018.HK)$Rising nearly 4%, Goldman Sachs stated that foldable phones bring opportunities for the company's high-end products.

$CHABAIDAO (02555.HK)$Reached the highest increase of over 8%, the stock price has accumulated an increase of over 40% in the past six trading days.

$KINETIC DEV (01277.HK)$Surged over 7% to a new high, soaring nearly 35% after listing, recently acquiring coal mining stock MC with a 51% stake.

TOP 10 trading volume today

Hong Kong Stock Connect Fund

Regarding the Hong Kong Stock Connect, the net inflow of Hong Kong Stock Connect (southbound) today was 8.415 billion Hong Kong dollars.

Institutional perspective

Citi: Lowers Macau's September gambling revenue forecast to 17 billion Macau dollars

Citi's report states that Macau's gambling revenue for the first 22 days of September should reach 12.15 billion Macau dollars, equivalent to 0.521 billion Macau dollars per day. It has dropped by about 3% weekly. According to industry sources, VIP room win rates have dropped monthly by 11% to 13%, while mass market win rates have dropped monthly by 11% to 14%. The bank indicates that some tourists have postponed their trips to the Golden Week, reflecting that September's gambling revenue may be lower than expected. The bank has adjusted its September gambling revenue forecast from 17.75 billion to 17 billion Macau dollars, equivalent to an annual increase of 14% or 77% in September 2019, to reflect the trends from the beginning of the month to now and the lower VIP room win rates, implying a gambling revenue of 0.606 billion Macau dollars per day for the remaining days of this month.

DBS: Maintains a "Buy" rating on Tencent, raises adjusted earnings forecast from this year to 2026

DBS has released a research report stating that online games and online advertising are the main sources of income for Tencent. The compound annual growth rate from 2023 to 2026 is expected to be 8% and 15% respectively. The bank expects accelerated monetization of Tencent's video business and has raised its earnings forecast for the years 2021 to 2026 by 9% each to reflect the continuous improvement in operational efficiency. It is expected that adjusted profits will grow by 36%, 11%, and 10% annually during the forecast period. Given the clear profit outlook and shareholder-friendly return policy, the bank maintains a "buy" rating with a target price of HK$537.

Morgan Stanley: Price of gold remains strong, with gold mining stocks being the top pick for Zhaojin Mining.

Morgan Stanley's report points out that the expected strong gold price will continue, in addition to benefiting from interest rate cuts, weak economic data will also further heat up expectations of interest rate cuts. Although there is a short-term divergence between the gold price and gold mining stocks, the long-term correlation is still high, so the stock price of gold mining stocks is currently weak, making it a better buying point.
Based on the expected continued strength of the gold price, the target price of gold mining stocks listed in Hong Kong has been raised. The top pick is Zhaojin Mining, due to its strong production growth prospects, with the target price raised from HK$21 to HK$21.3. Also bullish on $ZHAOJIN MINING (01818.HK)$ because of its strong production growth prospects, with the target price raised from HK$21 to HK$21.3. Also bullish on $ZIJIN MINING (02899.HK)$ Nvidia. $SD GOLD (01787.HK)$ The target price has been raised from HK$21 and HK$19 to HK$21.3 and HK$19.8.

Editor/Somer

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港市速睇 | 三大指数冲高回落，科指、恒指收跌止步连涨行情；电力股逆市走高，中广核电力涨超5%