Afternoon review of Hong Kong stock market

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Hong Kong stocks closed slightly higher, the Hang Seng Index rose by nearly 1%, bilibili surged over 5%; real estate and steel stocks were strong throughout the day, cifi hold gp rose by over 14%, chongqing iron & steel surged over 31%.

Futu News · Oct 28 16:29

富途资讯10月28日消息，港股小幅收涨，三大指数集体上扬，恒指微涨0.04%，科指涨0.79%，国指微涨0.08%。

截至收盘，港股上涨1064只，下跌936只，收平1073只。

具体行业表现如下图：

板块方面，科网股多股上行，哔哩哔哩-W涨5.16%，快手-W涨3.05%，小米集团-W跌1.73%，阿里巴巴-W涨1.36%，京东集团-SW涨1.28%，腾讯控股跌0.90%，美团-W涨0.16%，网易-S涨0.08%。

地产发展商股纷纷上行，旭辉控股集团涨超14%，融创中国涨8.15%，绿城中国涨6.96%，万科企业涨5.65%，龙湖集团涨4.77%，中国海外发展涨4.11%，华润置地涨2.19%，新鸿基地产涨0.82%，长实集团跌0.15%。

建筑材料股纷纷上行，中国建材涨5.94%，华新水泥涨4.87%，中国联塑涨4.15%，西部水泥涨2.75%，金隅集团涨2.60%，海螺水泥涨2.25%，华润建材科技涨1.00%，亚洲水泥(中国)跌0.83%。

酒精饮料股上扬，王朝酒业涨6.45%，百威亚太涨3.02%，华润啤酒涨3.00%，青岛啤酒股份涨2.68%，华昱高速涨2.44%，香港生力啤涨1.08%，珍酒李渡跌0.26%，西藏水资源收平。

赌场及博彩股普涨，金沙中国有限公司涨2.97%，银河娱乐涨2.19%，新濠国际发展涨2.07%，澳博控股涨1.48%，美高梅中国涨1.14%，金界控股涨0.93%，永利澳门涨0.80%，百乐皇宫跌0.22%。

餐饮股齐涨，海伦司涨2.98%，海底捞涨2.97%，奈雪的茶涨2.80%，特海国际跌2.36%，九毛九涨2.34%，百胜中国涨2.10%，达势股份跌0.31%。

个股方面，$快手-W (01024.HK)$ 涨超3%，快手出席CNCC2024，可灵AI将内测视频人脸模型助力视频创作。

$哔哩哔哩-W (09626.HK)$涨超5%，《三谋》展现长青游戏潜力，公司三季业绩或超出预期。

$重庆钢铁股份 (01053.HK)$ 涨超31%，中钢协提出促进联合重组和完善退出机制的一揽子相关政策建议。

$中国神华 (01088.HK)$ 涨超1%，中国神华第三季度营收同比增3.4%，净利润同比增13.8%。

$裕元集团 (00551.HK)$ 涨超13%，裕元集团预计前三季度股东应占溢利同比增加140%至145%。

$地平线机器人-W (09660.HK)$涨超5%，收入构成以汽车解决方案为主，车型定点已超270个。

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62.82亿港元。

机构观点：

美银：上调哔哩哔哩目标价至176港元，估计第三季业绩有机会超出预期。

美银证券发表报告指出，预期 $哔哩哔哩-W (09626.HK)$ 将于11月中旬披露第三季季绩，估计第三季业绩有机会超出预期，第四季展望正面。该行指哔哩哔哩的毛利率结构向高毛利业务模式转变，加上成本优化，相信公司可于第三季实现收支平衡。该行对其2024至2026年每股盈利预测上调3%至14%，目标价由147港元上调至176港元，相当于2026年预测市盈率21倍(预测明年为首个录得盈利的年度)，重申“买入”评级。

瑞银：予长城汽车“买入”评级，第三季经营利润符合预期。

瑞银发表研究报告指， $长城汽车 (02333.HK)$ 第三季纯利在高基数影响下，按年跌8%至33.5亿元，按季则降13%；经营利润按年跌19%至32.25亿元，惟按季计算则升7%，符合预期。该行予长汽H股“买入”评级，目标价19港元。报告提到，长汽管理层指非经营项目导致盈利波动。若不计入非经营项目，第三季净利润为27.22亿元，按季减少9.05亿元。管理层重申公司基本面仍稳固。

高盛：裕元季度纯利远胜预期，维持买入评级。

高盛表示， $裕元集团 (00551.HK)$ 第三季在缺乏一次性收益下，盈利仍能好过预期，主要期内毛利率意味达到7.1%-7.4%，高于该行预期的4.6%，相信得益于劳工成本以及花红方面的节省。高盛认为，裕元是主要运动鞋履的代工制造商，得益于订单复苏势头，估值及股息率均吸引，目标价17.2港元相当于2024年预测市盈率8倍。高盛认为裕元第三季纯利较该行预期强劲，高出达62%-62%，维持“买入”评级，目标价17.2港元。

编辑/Wade

Futu News on October 28th, Hong Kong stocks closed slightly higher, with all three major indices up, Hang Seng Index up 0.04%, Tech Index up 0.79%, National Index up 0.08%.

As of the close, 1064 Hong Kong stocks rose, 936 fell, and 1073 remained flat.

The specific industry performance is shown in the following figure:

In terms of sectors, many stocks in the network technology sector rose, with Bilibili-W up 5.16%, Kuaishou-W up 3.05%, Xiaomi Group-W down 1.73%, Alibaba-W up 1.36%, JD.com-SW up 1.28%, Tencent Holdings down 0.90%, Meituan-W up 0.16%, Netease-S up 0.08%.

Real estate developers' stocks rose across the board, with CIFI Holding Group up over 14%, Sunac up 8.15%, Greentown China up 6.96%, China Vanke up 5.65%, Longfor Group up 4.77%, China Overseas up 4.11%, China Resources Land up 2.19%, SHK Properties up 0.82%, CK Asset down 0.15%.

Building materials stocks rose across the board, with CNBM up 5.94%, Huaxin Cement up 4.87%, China Lesso up 4.15%, West China Cement up 2.75%, BBMG Corporation up 2.60%, Conch Cement up 2.25%, CR Building Materials Technology up 1.00%, Asia Cement (China) down 0.83%.

Alcoholic beverages stocks rose, with Dynasty Wines up 6.45%, Bud APAC up 3.02%, China Resources Beer up 3.00%, Tsingtao Brewery up 2.68%, Huayuexpressway up 2.44%, San Miguel HK up 1.08%, ZJLD down 0.26%, Tibet Water remained flat.

Casinos and gaming stocks generally rose, with Sands China Ltd up 2.97%, Galaxy Entertainment up 2.19%, Melco Int'l Dev up 2.07%, SJM Holdings up 1.48%, MGM China up 1.14%, NagaCorp up 0.93%, Wynn Macau up 0.80%, Emperor Entertainment down 0.22%.

Dining stocks rose together, Helen's Kitchen rose 2.98%, Haidilao rose 2.97%, Naixue Tea rose 2.80%, Super Hi fell 2.36%, Jiumaojiu rose 2.34%, Yum China rose 2.10%, DPC Dash fell 0.31%.

In terms of individual stocks,$KUAISHOU-W (01024.HK)$ Rising more than 3%, Kuaishou attended the CNCC2024, where KeLing AI's internal test video face model will assist in video creation.

$BILIBILI-W (09626.HK)$Rising over 5%, 'Three Strategies' showcases the potential of evergreen games, with the company's third-quarter performance possibly exceeding expectations.

$CHONGQING IRON (01053.HK)$ Rising over 31%, CISA proposed a package of related policy suggestions to promote joint restructuring and improve exit mechanisms.

$CHINA SHENHUA (01088.HK)$ Rising more than 1%, China Shenhua's third-quarter revenue increased by 3.4% year-on-year, with a 13.8% year-on-year increase in net profit.

$YUE YUEN IND (00551.HK)$ Up more than 13%, Yue Yuen Ind expects the attributable net profit to shareholders for the first three quarters to increase by 140% to 145%.

$HORIZONROBOT-W (09660.HK)$Up more than 5%, the income structure is mainly automotive solutions, with over 270 designated vehicle models.

TOP 10 trading volume today

Hong Kong Stock Connect Fund

In terms of the Hong Kong Stock Connect, there was a net inflow of 6.282 billion Hong Kong dollars in the Hong Kong Stock Connect (Southbound) today.

Institutional perspective:

Bank of America Merrill Lynch: Raised the target price of Bilibili to 176 Hong Kong dollars, expecting the third quarter performance to potentially exceed expectations.

Bank of America Securities stated in a report that they expect $BILIBILI-W (09626.HK)$ Will disclose third-quarter results in mid-November, with expectations of potential outperformance in the third quarter and positive outlook for the fourth quarter. The bank pointed out Bilibili's transition to a high gross margin business model, along with cost optimization. They believe the company can achieve a balance between revenue and expenses in the third quarter. The bank raised its earnings per share forecast for 2024 to 2026 by 3% to 14% and raised the target price from 147 Hong Kong dollars to 176 Hong Kong dollars, equivalent to a forecast PE ratio of 21 times by 2026 (forecasting the first profitable year next year), reiterating a "buy" rating.

UBS Group: Maintained a 'buy' rating for Great Wall Motor, with third-quarter operating profit meeting expectations.

UBS Group issued a research report indicating, $GWMOTOR (02333.HK)$ Due to the impact of a high base in the third quarter, net income fell by 8% year-on-year to 3.35 billion yuan, a 13% decrease from the previous quarter; operating profit fell by 19% year-on-year to 3.225 billion yuan, but increased by 7% on a quarterly basis, meeting expectations. The bank gave a "buy" rating to Great Wall Motor listed in Hong Kong with a target price of 19 Hong Kong dollars. The report mentioned that the management of Great Wall Motor pointed out that non-operating projects caused profit fluctuations. Excluding non-operating items, the net profit for the third quarter was 2.722 billion yuan, a decrease of 0.905 billion yuan from the previous quarter. The management reiterated that the company's fundamentals remain solid.

Goldman Sachs: Yue Yuen's quarterly net profit far exceeds expectations, maintaining a buy rating.

Goldman Sachs stated, $YUE YUEN IND (00551.HK)$ In the third quarter, without one-time gains, profits still exceeded expectations. The gross margin during the period is expected to reach 7.1%-7.4%, higher than the bank's forecast of 4.6%, believed to benefit from cost savings on labor and bonuses. Goldman Sachs believes that Yue Yuen is a major OEM manufacturer of athletic footwear, benefiting from the recovery in orders, with attractive valuation and dividend yields. The target price of 17.2 Hong Kong dollars translates to a P/E ratio of 8 times the forecast for 2024. Goldman Sachs considers Yue Yuen's third-quarter net profit to be strong, surpassing the bank's expectations by 62%-62%, maintaining a "buy" rating with a target price of 17.2 Hong Kong dollars.

编辑/Wade

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