Afternoon review of Hong Kong stock market

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Hong Kong Market Watch: Hong Kong stocks surged in the afternoon! The Hang Seng Index rose nearly 6%; network technology, chip stocks, and brokerage stocks rallied strongly, Meituan rose nearly 9%, semiconductor manufacturing international corporation soa

Futu News · 16:29

富途资讯10月18日消息，港股午后全线大爆发，市场做多情绪再度活跃，三大指数集体冲高，恒指涨近4%，科指涨近6%，国指涨超4%。

截至收盘，港股上涨1649只，下跌508只，收平914只。

具体行业表现如下图：

板块方面，科网股强势上涨，商汤-W涨9.21%，美团-W涨8.93%，小米集团-W涨6.28%，快手-W涨5.52%，网易-S涨4.98%，腾讯控股涨4.41%，京东集团-SW涨2.65%，阿里巴巴-W涨2.03%。

半导体股走高，宏光半导体涨22.54%，中芯国际涨16.35%，晶门半导体涨16.00%，上海复旦涨15.89%，中电华大科技涨15.45%，华虹半导体涨11.79%，脑洞科技涨3.80%，硬蛋创新涨1.91%。

证券及经纪股上扬，招商证券涨17.85%，申万宏源涨14.49%，中金公司涨11.64%，华泰证券涨10.62%，中国银河涨10.46%，中信建投证券涨9.45%，国泰君安涨6.96%，海通证券涨4.70%。

内房板块普涨，融信中国涨近11%，中梁控股涨近12%，融创中国涨近8%，中国金茂涨7%，金辉控股涨超7%，世茂集团涨近7%。

保险板块走强，新华保险涨超10%，众安在线涨超7%，阳光保险涨近7%，中国太保涨近7%，中国人寿涨超6%，中国财险涨超5%。

互联网医疗股走高，阿里健康涨9.16%，众安在线涨7.44%，平安好医生涨4.79%，京东健康涨4.78%，麦迪卫康涨4.11%，叮当健康涨1.67%。

锂电池股上扬，比亚迪电子涨12.32%，洪桥集团涨6.25%，比亚迪股份涨6.06%，赣锋锂业涨3.76%，超威动力涨3.55%，天齐锂业涨3.14%，中创新航涨2.98%，天能动力涨2.22%。

个股方面， $美团-W (03690.HK)$ 涨近9%，美团外卖优化营销工具，降低商家营销成本。

$商汤-W (00020.HK)$ 涨超9%，商汤在香港科学园成功举办十周年国际论坛“迈向AI 2.0共融新时代"。

$比亚迪股份 (01211.HK)$ 涨超6%，10月车企表现料将继续强势。

$申万宏源 (06806.HK)$ 涨超14%，中国证监会同意证券、基金公司申请互换便利（SFISF）。

$中芯国际 (00981.HK)$ 涨超16%，人工智能近期热潮引半导体需求再度回暖。

$新华保险 (01336.HK)$ 涨超10%，多家上市险企前三季度净利润预增，保险板块估值具备提升空间。

$药明生物 (02269.HK)$ 涨近9%，国家药监局部署生物制品分段生产改革试点工作。

今日成交额TOP10

港股通资金

港股通方面，今日港股通（南向）净流出31.02亿港元。

机构点评：

中银国际：上调腾讯音乐目标价至58.1港元，维持“买入”评级。

中银国际发表研究报告指，预计 $腾讯音乐-SW (01698.HK)$ 第三季总收入按年增长6%，经调整净利润按年升37%，符合市场预测。其中，核心的音乐会员业务收入按年增21%。该行维持集团在2028年底达1.5亿音乐付费会员人数、月均15元的每付费用户平均收入(ARPPU)及45%的音乐业务综合毛利的预测，加上至少30%的持续性年度股息政策，维持其“买入”评级，并调高目标价至58.1港元。

花旗：上调港交所目标价至275港元，但维持“沽售”评级。

花旗发表研究报告指， $香港交易所 (00388.HK)$ 下周即将公布第三季业绩。该行预计期内股东应占利润为33亿元，按年升11%，按季则增4%，主要是受强劲的投资收入带动。该行认为目前的成交额水平难以持续，随着波动性减少，成交速度可能会恢复正常。考虑到2024到26财年的盈利展望平稳，估值似乎缺乏吸引力。该行上调港交所2024至26财年的每股盈测介乎6%至11%，维持其“沽售”评级，目标价由215港元升至275港元。

美银：上调腾讯目标价至517港元重申“买入”评级，指其具备良好发展条件。

美银证券重申对腾讯“买入”评级， $腾讯控股 (00700.HK)$ 具备良好的发展条件。该行稍微下调腾讯第三季度的营收预测至1660亿元，按年增长7%，并将调整后的营业利润预测下调至600亿元，按年增长16%，目标价从480港元上调至517港元。美银证券表示，尽管近期市场反弹，腾讯的估值仍然不高，2025财年的调整后预测市盈率为16倍，低于自2023年以来18倍的历史平均水平，并接近中国互联网行业的中位数15倍水平。

编辑/Wade

Futu News on October 18, Hong Kong stocks surged across the board in the afternoon, with bullish sentiment re-emerging in the market. The three major indices all soared, with the Hang Seng Index up nearly 4%, the Technology Index up nearly 6%, and the National Index up over 4%.

As of the close, 1649 Hong Kong stocks rose, 508 fell, and 914 remained unchanged.

The specific industry performance is shown in the following figure:

In terms of sectors, technology and internet-related stocks surged strongly. SenseTime-W rose by 9.21%, Meituan-W rose by 8.93%, Xiaomi Corporation-W rose by 6.28%, Kuaishou-W rose by 5.52%, NetEase-S rose by 4.98%, Tencent rose by 4.41%, JD.com-SW rose by 2.65%, and Alibaba-W rose by 2.03%.

Semiconductor stocks rose, with Chaowei Power up by 22.54%, Semiconductor Manufacturing International Corporation up by 16.35%, Solomon Systech up by 16.00%, Shanghai Fudan up by 15.89%, CE Huada Tech up by 15.45%, Hua Hong Semi up by 11.79%, Brainhole Tech up by 3.80%, and Ingdan up by 1.91%.

Securities and brokerage stocks rose, with China Merchants up by 17.85%, Shenwan Hongyuan up by 14.49%, China International Capital Corporation up by 11.64%, Huatai Securities up by 10.62%, China Galaxy up by 10.46%, CSC up by 9.45%, GTJA up by 6.96%, Haitong Sec up by 4.70%.

Real estate sector saw overall gains, with Ronshinechina up by nearly 11%, Zhongliang Holding up by nearly 12%, Sunac up by nearly 8%, China Jinmao up by 7%, Radiance Holdings up by over 7%, and Shimao Group up by nearly 7%.

Insurance sector strengthened, with New China Life Insurance up over 10%, Za Online up over 7%, Sunshine Insurance up by nearly 7%, China Pacific Insurance up by nearly 7%, China Life Insurance up over 6%, PICC P&C up over 5%.

Internet healthcare stocks rose, with Ali Health up 9.16%, Za online up 7.44%, Ping An Good Doctor up 4.79%, JD Health up 4.78%, Medlinker up 4.11%, and Dingdong Health up 1.67%.

Lithium battery stocks rose, with BYD Electronic up 12.32%, Honbridge up 6.25%, BYD Company up 6.06%, Ganfeng Lithium up 3.76%, Chaowei Power up 3.55%, Tianqi Lithium Corporation up 3.14%, Sinotrans Air Transportation Development up 2.98%, and Tianneng Power up 2.22%.

In terms of individual stocks, $MEITUAN-W (03690.HK)$ Rising nearly 9%, Meituan delivery optimized marketing tools to reduce merchants' marketing costs.

$SENSETIME-W (00020.HK)$ Surging over 9%, SenseTime successfully held the tenth anniversary international forum "Towards the New Era of AI 2.0 Harmony" at the Hong Kong Science Park.

$BYD COMPANY (01211.HK)$ Rising more than 6%, the performance of car companies in October is expected to continue to be strong.

$SWHY (06806.HK)$ Rising more than 14%, the China Securities Regulatory Commission has approved the application of securities and fund companies for mutual exchange convenience (SFISF).

$SMIC (00981.HK)$ Rising more than 16%, the recent AI boom has reignited semiconductor demand.

$NCI (01336.HK)$ Rising more than 10%, multiple listed insurance companies are expected to increase their net profits in the first three quarters, and the valuation of the insurance sector has room for improvement.

$WUXI BIO (02269.HK)$ Up nearly 9%, the National Medical Products Administration has deployed pilot work on segmented production reform of biological products.

TOP 10 trading volume today

Hong Kong Stock Connect Fund

Regarding the Hong Kong Stock Connect, there was a net outflow of 3.102 billion Hong Kong dollars in southbound trading today.

Institutional comments:

CICC International: Tencent Music's target price raised to 58.1 Hong Kong dollars, maintaining a 'buy' rating.

CICC International released a research report stating, expecting $TME-SW (01698.HK)$ In the third quarter, total revenue increased by 6% year-on-year, and adjusted net income increased by 37% year-on-year, meeting market expectations. Among them, core music membership business revenue increased by 21% year-on-year. The bank maintains the forecast of the group reaching 0.15 billion music paid members by the end of 2028, an average revenue per paid user (ARPPU) of 15 yuan per month, and 45% of the comprehensive gross profit of the music business, plus at least a 30% annual dividend policy, maintaining its 'buy' rating and raising the target price to 58.1 Hong Kong dollars.

Citigroup: Raised HKEX target price to 275 Hong Kong dollars, but maintains a 'sell' rating.

Citigroup released a research report stating, $HKEX (00388.HK)$ Next week, the third-quarter performance will be announced. The bank expects shareholders' profit for the period to be 3.3 billion yuan, up 11% year-on-year, and 4% quarterly, mainly driven by strong investment income. The bank believes that the current level of turnover is difficult to sustain, and as volatility decreases, turnover speed may return to normal. Considering the stable profit outlook for the 2024 to 2026 fiscal years, the valuation seems unattractive. The bank raised its earnings forecast for HKEX for the fiscal years 2024 to 2026 by 6% to 11%, maintaining its 'sell' rating, with the target price raised from 215 Hong Kong dollars to 275 Hong Kong dollars.

Bank of America: Raised Tencent's target price to 517 Hong Kong dollars, reiterating a 'buy' rating, citing its favorable growth prospects.

Bank of America Securities reiterated a 'buy' rating for Tencent. $TENCENT (00700.HK)$ Has good development conditions. The bank slightly lowered Tencent's third-quarter revenue forecast to 166 billion yuan, a 7% year-on-year increase, and lowered the adjusted operating profit forecast to 60 billion yuan, a 16% year-on-year increase. The target price was raised from 480 Hong Kong dollars to 517 Hong Kong dollars. Bank of America Securities stated that despite the recent market rebound, Tencent's valuation is still not high, with an adjusted P/E ratio of 16 times for the 2025 fiscal year, lower than the historical average of 18 times since 2023, and close to the median of 15 times in the Chinese internet industry sector.

编辑/Wade

The translation is provided by third-party software.

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