Afternoon review of Hong Kong stock market

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Hong Kong Market Speed Read | Hong Kong stocks widened their losses in the afternoon, the Hang Seng Technology Index fell by more than 2%; chip stocks rose and then fell, semiconductor manufacturing international corporation dropped by more than 2%.

Futu News · Oct 21 16:32

富途资讯10月21日消息，港股午后跌幅扩大，恒指收跌1.57%，科指收跌2.37%，国指收跌1.76%。

截至收盘，港股上涨699只，下跌1337只，收平1034只。

具体行业表现如下图：

板块方面，科网股纷纷下行，商汤-W跌4.22%，网易-S跌3.91%，快手-W跌3.24%，阿里巴巴-W跌2.69%，京东集团-SW跌2.46%，腾讯控股跌2.27%，美团-W跌2.27%，小米集团-W跌1.22%。

赌场及博彩股多数下跌，澳博控股跌3.89%，新濠国际发展跌3.57%，金沙中国有限公司跌3.51%，银河娱乐跌3.00%，永利澳门跌2.70%，美高梅中国跌2.52%，金界控股跌2.36%，汇彩控股收平。

餐饮股普跌，九毛九跌7.20%，达势股份跌4.55%，特海国际跌3.96%，百胜中国跌3.42%，奈雪的茶跌3.40%，海伦司涨1.31%，海底捞跌0.90%，呷哺呷哺收平。

黄金股逆市上扬，中国白银集团涨近13%，中国黄金国际涨超5%，复兴亚洲涨超5%，灵宝黄金涨3%，招金矿业涨超1%，紫金矿业涨超1%。

中资券商板块下挫，光大证券跌近2%，申万宏源跌超2%，中信建投证券跌超1%，国泰君安跌超3%，东方证券跌超2%，中信证券跌超2%。

煤炭股多数下跌，中国秦发跌4.58%，力量发展跌3.95%，中国神华跌2.43%，首钢资源跌2.10%，中煤能源跌1.95%，兖煤澳大利亚跌0.61%，兖矿能源跌0.38%，蒙古焦煤收平。

个股方面， $哔哩哔哩-W (09626.HK)$ 跌近5%，花旗上调哔哩哔哩目标价至22美元，预期第三季业绩符合市场预期。

$阿里巴巴-W (09988.HK)$ 跌近3%，国际信贷评级机构惠誉确认阿里的信贷评级为”A+“，展望为“负面”。

$京东健康 (06618.HK)$ 涨近1%，建银国际微降京东健康目标价至37元，评级”跑贏大市“。

$紫金矿业 (02899.HK)$ 涨超1%，紫金矿业Q3业绩符合预期，收购金矿持续增利。

$长城汽车 (02333.HK)$ 跌超3%，长城汽车董事长称中国电动车没有核心技术优势，全球范围内的品牌力严重不足。

$理想汽车-W (02015.HK)$跌超2%，报道称理想汽车放缓出海，公司交付量已超100万辆。

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124.31亿港元。

机构观点：

瑞银：内地客买港楼意欲进一步提升，预期香港楼价将于明年回升。

瑞银发表报告指出，随着香港印花税的取消，29%内地受访者表示有兴趣来港置业，当中18%受访者指未来两年计划入市，而香港仍是内地以外的置业首选目的地。加上进一步下调按揭利率，该行预期香港楼价将于明年回升，由原预期持平，调整至增长5%。在该行所覆盖的股份中，该行偏好发展商股多于收租股，并看好 $恒基地产 (00012.HK)$ 、 $嘉里建设 (00683.HK)$ 、 $信和置业 (00083.HK)$ 及 $新鸿基地产 (00016.HK)$ 。

里昂：上调联想集团目标价至12.8港元，预期集团第三财季表现强劲。

里昂发表研究报告， $联想集团 (00992.HK)$ 今年第三季度的个人电脑出货量跑赢市场，该行预计其在第四季将继续扩大市场占有率。该行预期集团第三财季表现强劲，并受惠于进一步的个人电脑势头及人工智能伺服器交付。该行将集团2025财年净利润预测由12亿美元上调至13亿美元，而2026财年预测则由14.9亿美元上调至15.6亿美元，目标价由12.2港元上调至12.8港元，重申“跑赢大市”评级。

摩根大通：紫金矿业第三季纯利符合预期，予“增持”评级并列为行业首选。

摩根大通发表研究报告指，$紫金矿业 (02899.HK)$ 今年第三季度税后净利润略高于预期，至于盈利达市场全年预期的77%，相关表现主要由于金融投资公允价值变动带来10亿元收益。该行认为，由于铜和黄金价格前景乐观，以及上海期货交易所铜库存稳步下降，紫金仍是该行的行业首选。摩通将紫金H股目标价定于20港元，给予“增持”评级。

编辑/Wade

Futu News on October 21st, the Hang Seng Index widened its decline in the afternoon, with a 1.57% decrease, the Tech Index down by 2.37%, and the National Index down by 1.76%.

As of the close, 699 stocks rose, 1337 fell, and 1034 remained unchanged in the Hong Kong stock market.

The specific industry performance is shown in the following figure:

In terms of sectors, tech stocks showed declines, with SenseTime-W down by 4.22%, NetEase-S down by 3.91%, Kuaishou-W down by 3.24%, Alibaba-W down by 2.69%, JD.com-SW down by 2.46%, Tencent Holdings down by 2.27%, Meituan-W down by 2.27%, Xiaomi-W down by 1.22%.

Most casino and gaming stocks fell, with SJM Holdings down by 3.89%, Melco Int'l Dev down by 3.57%, Sands China Ltd down by 3.51%, Galaxy Ent down by 3.00%, Wynn Macau down by 2.70%, MGM China down by 2.52%, Nagacorp down by 2.36%, Paradise Ent unchanged.

Dining stocks generally declined, with Jiumaojiu down by 7.20%, DPC Dash down by 4.55%, Super Hi down by 3.96%, Yum China down by 3.42%, Naixue's Tea down by 3.40%, Helen's rise by 1.31%, Haidilao down by 0.90%, Xiabuxiabu unchanged.

Gold-related stocks rose against the market trend, with Chi Silver GP up by nearly 13%, ChinaGoldIntl up by over 5%, Ra Silk Road up by over 5%, Lingbao Gold up by 3%, Zhaojin Mining up by over 1%, Zijin Mining Group up by over 1%.

Chinese brokerage sector declined, with Everbright down by almost 2%, swhy down by over 2%, CSC down by over 1%, GTJA down by over 3%, Orient down by over 2%, Citic Sec down by over 2%.

Coal stocks mostly declined, with China Qinfa down by 4.58%, Kinetic Dev down by 3.95%, China Shenhua down by 2.43%, Shougang Res down by 2.10%, China Coal Energy down by 1.95%, Yancoal Aus down by 0.61%, Yankuang Energy down by 0.38%, Mongol Mining remained unchanged.

In terms of individual stocks, $BILIBILI-W (09626.HK)$ Dropping by nearly 5%, Citigroup raised Bilibili's target price to $22, with third-quarter performance expected to meet market expectations.

$BABA-W (09988.HK)$ Declining by nearly 3%, international credit rating agency Fitch Ratings confirmed Alibaba's credit rating as "A+" with a "negative" outlook.

$JD HEALTH (06618.HK)$ Up nearly 1%, China Construction International slightly lowered JD Health's target price to 37 yuan, rating it as "outperforming the market".

$ZIJIN MINING (02899.HK)$ Rising by over 1%, Zijin Mining Group's Q3 performance met expectations, with continuous profit growth from gold mine acquisitions.

$GWMOTOR (02333.HK)$ Dropping by over 3%, the Chairman of Great Wall Motor stated that Chinese electric vehicles lack core technological advantages, and the brand strength globally is severely insufficient.

$LI AUTO-W (02015.HK)$Dropping by over 2%, reports suggest that Li Auto is slowing down its international expansion, with the company's deliveries already exceeding 1 million units.

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 is 12.431 billion Hong Kong dollars.

Institutional perspective:

UBS Group: Mainland Chinese buyers are eager to further boost the Hong Kong property market, and it is expected that Hong Kong property prices will rebound next year.

UBS Group released a report indicating that with the removal of Hong Kong stamp duty, 29% of mainland Chinese respondents expressed interest in purchasing properties in Hong Kong. Among them, 18% of respondents mentioned plans to enter the market in the next two years, with Hong Kong still being the top choice for property investment outside mainland China. Coupled with further lowering mortgage rates, the bank expects Hong Kong property prices to rebound next year, adjusted from the previous expectation of remaining stable to a growth of 5%. Among the stocks covered by the bank, they prefer developers' stocks over house rental companies and are bullish. $HENDERSON LAND (00012.HK)$Please use your Futubull account to access the feature.$KERRY PPT (00683.HK)$Please use your Futubull account to access the feature.$SINO LAND (00083.HK)$ Nvidia. $SHK PPT (00016.HK)$.

Lyon: Raises Lenovo Group's target price to 12.8 Hong Kong dollars, expecting strong performance in the group's third quarter.

Lyon releases a research report, $LENOVO GROUP (00992.HK)$ In the third quarter of this year, the personal computer shipment volume outperformed the market, and the bank expects to continue expanding market share in the fourth quarter. The bank expects the group's performance to be strong in the third fiscal quarter and benefited from further momentum in personal computers and artificial intelligence server deliveries. The bank has raised its net income forecast for the group for the fiscal year 2025 from $1.2 billion to $1.3 billion, while the 2026 fiscal year forecast has been raised from $1.49 billion to $1.56 billion, with the target price raised from 12.2 Hong Kong dollars to 12.8 Hong Kong dollars, reiterating an "outperform" rating.

JPMorgan: Zijin Mining's third-quarter net profit meets expectations, rated as "shareholding" and listed as the industry's top pick.

JPMorgan released a research report indicating,$ZIJIN MINING (02899.HK)$ This year's third-quarter after-tax net profit slightly exceeded expectations, with profits reaching 77% of the market's full-year expectations, mainly due to a $1 billion profit from changes in fair value of financial investments. The bank believes that due to optimistic copper and gold price prospects, as well as the steady decline in copper inventories at the Shanghai Futures Exchange, Zijin remains the bank's top pick in the industry. Morgan Stanley has set a target price of 20 Hong Kong dollars for Zijin H shares, giving it a "shareholding" rating.

编辑/Wade

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