Afternoon review of Hong Kong stock market

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Hong Kong Market Watch: Hong Kong stocks remained sluggish throughout the day, with the Hang Seng Index and the H-share Index falling by nearly 4%; the technology, real estate, and financial sectors all experienced a general decline, with Tencent dropping

Futu News · 16:27

富途资讯10月15日消息，港股全天低迷，三大指数持续下行，恒指、国指、科指午后跌幅加深，恒指、国指均收跌近4%，科指收跌近5%。

截至收盘，港股上涨435只，下跌1751只，收平885只。

具体行业表现如下图：

板块方面，科网股下挫，美团-W跌6.97%，百度集团-SW跌5.85%，商汤-W跌5.56%，阿里巴巴-W跌5.09%，京东集团-SW跌4.92%，腾讯控股跌4.36%，快手-W跌4.33%，小米集团-W跌2.54%。

内房股普跌，金辉控股跌超14%，美的置业跌近9%，富力地产跌近11%，中梁控股跌近20%，龙湖集团跌超5%，万科企业跌近7%，绿城中国跌超1%。

保险板块下挫，新华保险跌近10%，中国再保险跌超7%，中国平安跌超5%，中国人寿跌近5%，友邦保险跌近4%。

酒精饮料股普跌，华润啤酒跌12.87%，珍酒李渡跌7.84%，青岛啤酒股份跌7.37%，百威亚太跌3.94%，百利达集团控股跌3.03%，香港生力啤跌2.04%，王朝酒业涨1.33%，西藏水资源收平。

汽车股普跌，蔚来-SW跌8.30%，长城汽车跌8.27%，零跑汽车跌7.56%，理想汽车-W跌6.94%，雅迪控股跌6.83%，小鹏汽车-W跌6.81%，吉利汽车跌5.96%，比亚迪股份跌4.31%。

证券及经纪股走弱，招商证券跌8.55%，中国银河跌6.26%，中金公司跌5.41%，中信建投证券跌5.39%，国泰君安跌4.29%，华泰证券跌3.92%，弘业期货涨3.11%，海通证券跌1.38%。

重型基建股走弱，中国红包跌13.43%，中铝国际跌7.00%，荣利营造跌6.12%，中国铁建跌6.11%，中国中铁跌5.98%，中国交通建设跌4.66%，中国建筑国际跌3.89%，中国中冶跌3.49%。

物业服务及管理股普跌，碧桂园服务跌8.60%，恒大物业跌7.78%，雅生活服务跌7.58%，融创服务跌6.00%，华润万象生活跌4.91%，保利物业跌3.51%，绿城管理控股跌2.33%，中海物业跌1.93%。

个股方面， $阿里巴巴-W (09988.HK)$ 跌超5%，阿里巴巴10月28日起被纳入恒生港股通指数。

$招商证券 (06099.HK)$ 跌近9%，10年旧案再翻起，中安科向招商证券索赔15亿。

$中国平安 (02318.HK)$ 跌超5%，大摩称友邦及中国平安仍为保险股首选。

$龙湖集团 (00960.HK)$ 跌超5%，中指研究院称短期内新政将继续显效，核心城市二手房市场有望企稳。

$香港交易所 (00388.HK)$跌超5%，下周三将发业绩，利率下降或拖累净投资收益减少。

$信义光能 (00968.HK)$跌近9%，遭花旗、小摩下调评级及目标价，光伏玻璃过剩情况或持续。

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85.44亿港元。

机构观点：

瑞银：上调部分中国互联网股目标价，行业首选京东。

瑞银表示，纵使预期中国互联网股股价短期保持波动，但最终将回到基本面。该行上调部分中国互联网股目标价11%至49%，其中， $腾讯控股 (00700.HK)$ 的目标价从483港元上调至580港元， $阿里巴巴-W (09988.HK)$ 的目标价从112美元上调至140美元， $京东集团-SW (09618.HK)$ 的目标价从43美元上调至64美元，评级均为“买入”。该行选股依次为京东、快手及阿里，其次为腾讯、美团、携程及好未来。

大摩：中国互联网估值仍合理，重申腾讯为行业首选。

摩根士丹利发表报告指出，中国互联网估值仍合理。该行称 $腾讯控股 (00700.HK)$ 在游戏/社交(占收入50%)的结构性利好、广告/金融科技及企业服务(FBS)的宏观可选性(占收入的50 %)、各领域的市场份额增长，高盈利可见度及对资本管理承诺，维持腾讯为行业首选，评级“增持”。该行其次看好美团及携程，认为在消费复苏方面，两公司结构性利好、优越的增长和良性/改善的竞争，评级同为“增持”。该行维持对阿里、百度、网易及腾讯音乐评级为“与大市同步”。

瑞银：香港地产股有望持续反弹，首选恒基地产、嘉里建设及新鸿基地产。

瑞银发表报告指出，香港楼价于2018年以来已调整28%，主要由于锁息上限随着利率上升而高企。然而，该行认为在利率下调、有限供应、人口流入及租金上升的情况下，物业价格或从此开始回升，料至2030年住宅租金复合年均增长率达5%。该行对香港地产股持正面态度，认为行业现价较平均资产净值(NAV)折让达56%，仍处于1994年以来的低估值范围，地产股有望持续反弹，行业首选为 $恒基地产 (00012.HK)$ 、 $嘉里建设 (00683.HK)$ 及 $新鸿基地产 (00016.HK)$ 。

编辑/Wade

Futu News on October 15th: The Hong Kong stock market remained sluggish throughout the day, with the three major indexes continuing to decline. The Hang Seng Index, China Enterprises Index, and Tech Index deepened their declines in the afternoon, with the Hang Seng Index and China Enterprises Index both closing down nearly 4%, and the Tech Index closing down nearly 5%.

As of the close, 435 stocks in the Hong Kong stock market rose, 1751 fell, and 885 remained unchanged.

The specific industry performance is shown in the following figure:

In terms of sectors, internet-related stocks declined, with Meituan-W down 6.97%, Baidu Group-SW down 5.85%, SenseTime-W down 5.56%, Alibaba-W down 5.09%, JD.com Group-SW down 4.92%, Tencent Holdings down 4.36%, Kuaishou-W down 4.33%, Xiaomi Group-W down 2.54%.

Mainland real estate stocks experienced a widespread decline, with Radiance Holdings falling over 14%, Midea Real Estate down nearly 9%, R&F Properties down nearly 11%, Zhongliang Holdings down nearly 20%, Longfor Group falling over 5%, China Vanke down nearly 7%, and Greentown China falling over 1%.

Insurance sector saw a decline, with New China Life Insurance down nearly 10%, China Re falling over 7%, Ping An Insurance falling over 5%, China Life Insurance down nearly 5%, and AIA falling nearly 4%.

Alcoholic beverages stocks experienced a widespread decline, with China Resources Beer down 12.87%, ZJLD down 7.84%, Tsingtao Brewery down 7.37%, Bud APAC down 3.94%, Palinda Group down 3.03%, San Miguel HK down 2.04%, Dynasty Wines up 1.33%, and Tibet Water remaining unchanged.

Auto stocks saw a widespread decline, with Nio-SW down 8.30%, Great Wall Motor down 8.27%, Leapmotor down 7.56%, Li Auto Inc-W down 6.94%, Yadea down 6.83%, Xpeng-W down 6.81%, Geely Auto down 5.96%, and BYD Company down 4.31%.

Securities and brokerage stocks weakened, China Merchants Securities fell by 8.55%, China Galaxy fell by 6.26%, China International Capital Corporation fell by 5.41%, CSC fell by 5.39%, GTJA fell by 4.29%, HTSC fell by 3.92%, Holly Futures rose by 3.11%, Haitong Securities fell by 1.38%.

Heavy infrastructure stocks weakened, China Hongbao fell by 13.43%, China Aluminum International fell by 7.00%, Rongli Construction fell by 6.12%, China Railway Construction Corporation fell by 6.11%, China Railway fell by 5.98%, China Communications Construction fell by 4.66%, China State Construction fell by 3.89%, Metallurgical Corporation of China fell by 3.49%.

Property services and management stocks generally fell, CG Services fell by 8.60%, Evergrande Services fell by 7.78%, A-Living fell by 7.58%, Sunac Services fell by 6.00%, China Resources Mixc fell by 4.91%, Poly Property Services fell by 3.51%, Greentown Management Holdings fell by 2.33%, China Overseas Property fell by 1.93%.

In terms of individual stocks, $BABA-W (09988.HK)$ Dropping more than 5%, Alibaba was included in the Hang Seng Stock Connect Hong Kong Index starting October 28.

$CMSC (06099.HK)$ Dropping nearly 9%, an old case from 2010 resurfaced, Zhongan Technology sought 1.5 billion in compensation from China Merchants Securities.

$PING AN (02318.HK)$ With a drop of more than 5%, Daiwa Securities still considers AIA and Ping An Insurance as the top choices for insurance stocks.

$LONGFOR GROUP (00960.HK)$ With a drop of more than 5%, the China Index Research Institute believes that the new policies will continue to take effect in the short term, and the second-hand housing market in core cities is expected to stabilize.

$HKEX (00388.HK)$With a drop of more than 5%, earnings will be released next Wednesday, and a decrease in interest rates may drag down net investment income.

$XINYI SOLAR (00968.HK)$With a drop of nearly 9%, Citigroup and Morgan Stanley have downgraded the rating and target price, and the oversupply situation in photovoltaic glass may continue.

TOP 10 trading volume today

Hong Kong Stock Connect Fund

In terms of the Hong Kong stock connect, the net inflow of funds from the Hong Kong stock connect (southbound) today amounted to 8.544 billion Hong Kong dollars.

Institutional perspective:

UBS Group: Raises target price for certain Chinese internet stocks, JD.com is the top pick in the industry.

UBS Group stated that although the stock prices of Chinese internet companies are expected to remain volatile in the short term, they will ultimately return to fundamentals. The bank has raised target prices for some Chinese internet stocks by 11% to 49%, with the target price of JD.com increased from 483 Hong Kong dollars to 580 Hong Kong dollars, $TENCENT (00700.HK)$ target price from 483 Hong Kong dollars to 580 Hong Kong dollars. $BABA-W (09988.HK)$ The target price for xpeng has been raised from $112 to $140. $JD-SW (09618.HK)$ The target price for jd.com has been raised from $43 to $64, with a 'buy' rating. The stocks selected by the bank are jd.com, Kuaishou, and Alibaba, followed by Tencent, Meituan, Ctrip, and Tal Education.

Morgan Stanley: Valuation of China's internet sector remains reasonable, reiterating Tencent as the preferred choice for the industry.

Morgan Stanley published a report stating that the valuation of China's internet sector remains reasonable. The bank mentioned $TENCENT (00700.HK)$ In the gaming/social sector (which accounts for 50% of revenue), structural positives, macro optionality in advertising/financial technology and enterprise services (FBS) (accounting for 50% of revenue), market share growth in various fields, high profit visibility, and commitments to capital management, maintain Tencent as the preferred choice for the industry with a 'buy' rating. The bank is also optimistic about Meituan and Ctrip, believing that in terms of consumer recovery, both companies have structural positives, superior growth, and benign/improving competition, with ratings also 'shareholding'. The bank maintains ratings of 'in sync with the market' for Alibaba, Baidu, Netease, and Tencent Music.

UBS Group: Hong Kong property stocks are expected to continue to rebound, with Henderson Land, Kerry Properties, and SHK PPT as top choices.

UBS Group's report points out that Hong Kong property prices have adjusted by 28% since 2018, mainly due to high corporate interest rate limits as interest rates rise. However, the bank believes that with interest rate cuts, limited supply, population inflows, and rising rents, property prices may start to rebound from here, with a compound annual growth rate of 5% in residential rents expected to reach 2030. The bank has a positive view on Hong Kong property stocks, believing that the industry's current price discount to average net asset value (NAV) is 56%, still within the undervalued range since 1994, and property stocks are expected to continue to rebound. The industry's top pick is $HENDERSON LAND (00012.HK)$Please use your Futubull account to access the feature.$KERRY PPT (00683.HK)$ Nvidia. $SHK PPT (00016.HK)$.

编辑/Wade

The translation is provided by third-party software.

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