Afternoon review of Hong Kong stock market

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Hong Kong Market Watch | The decline of the three major indexes narrowed, with the Technology Index falling by 0.35%; car dealers' stocks surged against the trend, with zhongsheng hldg skyrocketing by more than 30% at one point; semiconductor stocks were

Futu News · Nov 11 16:27

富途资讯11月11日消息，港股三大指数齐跌，午后跌幅收窄，恒指、国指跌逾1%，科指微跌0.35%。

截至收盘，港股上涨650只，下跌1398只，收平1034只。

具体行业表现如下图：

板块方面，科网股涨跌不一，快手-W跌4.00%，小米集团-W涨3.53%，美团-W跌3.23%，京东集团-SW跌2.32%，腾讯控股跌1.81%，网易-S涨0.84%，商汤-W涨0.58%，阿里巴巴-W涨0.11%。

半导体股纷纷上行，华虹半导体涨7.21%，硬蛋创新跌4.79%，中电华大科技涨4.26%，晶门半导体涨3.51%，中芯国际涨3.33%，上海复旦涨2.86%，宏光半导体涨2.53%，贝克微涨1.88%。

地产发展商股多股下行，融创中国跌9.48%，富力地产跌9.26%，万科企业跌6.13%，龙湖集团跌5.10%，中国海外发展跌4.43%，绿城中国跌2.71%，华润置地跌2.24%，新鸿基地产跌2.18%。

黄金股走低，紫金矿业跌3.65%，中国黄金国际跌3.59%，招金矿业跌3.40%，山东黄金跌3.02%，灵宝黄金跌2.79%，中国白银集团跌1.82%，集海资源涨1.28%，潼关黄金涨1.04%。

酒精饮料股多数下跌，华润啤酒跌4.62%，香港生力啤跌4.08%，华昱高速跌3.33%，青岛啤酒股份跌3.12%，珍酒李渡跌2.58%，百利达集团控股跌0.95%，百威亚太跌0.46%，西藏水资源收平。

保险股多数下跌，中国人寿跌4.02%，中国平安跌3.41%，新华保险跌3.17%，中国太平跌2.95%，中国人民保险集团跌2.37%，友邦保险跌2.26%，中国太保跌2.23%，中国财险跌0.32%。

个股方面， $快手-W (01024.HK)$ 跌4%，里昂预计电商业务出现明显放缓，下调快手目标价。

$小鹏汽车-W (09868.HK)$ 涨近4%，小鹏P7+开始全国交付，有望助力公司本月交付量超3万辆。

$舜宇光学科技 (02382.HK)$ 涨超4%，公司持续推进产品结构升级，全年出货量增速有望高于此前指引。

$中芯国际 (00981.HK)$ 涨超3%，交银国际维持中芯国际“买入”评级，价格上涨驱动盈利能力改善。

$华润燃气 (01193.HK)$ 涨超4%，机构看好城燃业务实现毛差稳定和售气量高增。

$中国铝业 (02600.HK)$ 跌近4%，中国有色金属工业协会发声，氧化铝价格走势存在非理性因素。

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98.66亿港元。

机构观点：

摩根大通：将小鹏汽车加入正面催化剂观察名单，H股目标价升至65港元。

摩根大通发表报告指， $小鹏汽车-W (09868.HK)$ 股价在上周五(8日)升16%，受惠于其年度科技日，于是将公司加入其正面催化剂观察名单。该行上调对公司2025年收入预测10%，以反映其对P7+产品竞争力的正面看法，料2025财年的销量达39.2辆，H股目标价由60港元升至65港元，美股目标价由16美元升至17美元，重申“增持”评级。

建银国际：上调华虹半导体目标价至30港元，维持“跑赢大市”评级。

建银国际指， $华虹半导体 (01347.HK)$ 第三季收入按季升10%至5.26亿美元，高于市场预期及公司指引上限的5.2亿美元。该行把对华虹半导体的目标预测市账率由0.7倍上调至1倍，目标价亦由20.5港元上调至30港元。该行认为该股目前预测市账率为0.7倍，并不算昂贵，维持“跑赢大市”评级。

星展：上调中芯国际目标价至37港元，短期复苏前景稳健。

星展发表研究报告指， $中芯国际 (00981.HK)$ 的产能利用率已经见底，并将于2025年维持在89%以上的水平，而全球平均水平则为76%，考虑到晶圆均价较低，该行将中芯国际2025财年的盈利预测小幅下调2%，而2026财年预测则下调1%，维持中芯H股的“买入”评级，料其短期复苏前景稳健，目标价由24港元上调至37港元。

编辑/Wade

Futu News on November 11th, the three major Hong Kong stock indices all fell, with the afternoon decline narrowing. The Hang Seng Index and the China Enterprises Index both fell by more than 1%, while the Technology Index slightly dropped by 0.35%.

As of the close, 650 Hong Kong stocks rose, 1398 fell, and 1034 remained unchanged.

The specific industry performance is shown in the following figure:

In terms of sectors, the technology and internet stocks showed mixed performances. Kuaishou-W dropped by 4.00%, Xiaomi-W rose by 3.53%, Meituan-W fell by 3.23%, JD.com-SW dropped by 2.32%, Tencent fell by 1.81%, NetEase-S rose by 0.84%, SenseTime-W rose by 0.58%, and Alibaba-W rose by 0.11%.

Semiconductor stocks saw varied movements, with Hua Hong Semiconductor rising by 7.21%, IngDan dropping by 4.79%, CE Huada Tech rising by 4.26%, Solomon Systech rising by 3.51%, SMIC rising by 3.33%, Shanghai Fudan rising by 2.86%, HG Semi rising by 2.53%, and Beike Micro rising by 1.88%.

Real estate developers' stocks mostly declined, with Sunac falling by 9.48%, R&F Properties falling by 9.26%, China Vanke falling by 6.13%, Longfor Group falling by 5.10%, China Overseas falling by 4.43%, Greentown China falling by 2.71%, China Resources Land falling by 2.24%, and SHK Properties falling by 2.18%.

Golden industrial concept stocks trended lower, with Zijin Mining Group falling by 3.65%, China Gold International falling by 3.59%, Zhaojin Mining falling by 3.40%, SD Gold falling by 3.02%, Lingbao Gold falling by 2.79%, Chi Silver Group falling by 1.82%, Persistence Resources rising by 1.28%, and Tongguan Gold rising by 1.04%.

Most alcoholic beverages stocks experienced declines, with China Resources Beer dropping by 4.62%, San Miguel HK falling by 4.08%, Huayu Expressway falling by 3.33%, Tsingtao Brew falling by 3.12%, ZJLD falling by 2.58%, Palinda Group falling by 0.95%, Bud APAC falling by 0.46%, and Tibet Water Resources remaining unchanged.

Most insurance stocks fell, with China Life Insurance dropping 4.02%, Ping An Insurance dropping 3.41%, New China Life Insurance dropping 3.17%, China Taiping dropping 2.95%, PICC Group dropping 2.37%, AIA dropping 2.26%, China Pacific Insurance dropping 2.23%, and PICC P&C dropping 0.32%.

In terms of individual stocks, $KUAISHOU-W (01024.HK)$ Down 4%, CICC expects a significant slowdown in e-commerce business, lowering the target price for Kuaishou.

$XPENG-W (09868.HK)$ Up nearly 4%, XPeng P7+ has begun nationwide deliveries, potentially boosting the company's monthly delivery volume to over 30,000 vehicles.

$SUNNY OPTICAL (02382.HK)$ Up over 4%, the company continues to advance its product structure upgrade, with the full-year shipment growth rate expected to exceed the previous guidance.

$SMIC (00981.HK)$ Rising more than 3%, Bocom Intl maintains a "buy" rating on Semiconductor Manufacturing International Corporation, with price increases driving improved profitability.

$CHINA RES GAS (01193.HK)$ Rising more than 4%, institutions are bullish on City Gas's stable gross margin and high sales volume.

$CHALCO (02600.HK)$ Dropping nearly 4%, China Nonferrous Metals Industry Association speaks out, indicating irrational factors in the trend of aluminum oxide prices.

TOP 10 trading volume today

Hong Kong Stock Connect Fund

In terms of the Hong Kong stock connect, the net inflow of Hong Kong stocks (southbound) today was 9.866 billion Hong Kong dollars.

Institutional perspective:

JPMorgan: Adding XPeng Motors to the positive catalyst watch list, raising the H share target price to 65 Hong Kong dollars.

JPMorgan released a report stating, $XPENG-W (09868.HK)$ The stock price rose 16% last Friday (8th), benefiting from its annual Technology Day, leading to the company being added to its positive catalyst watch list. The bank raised its 2025 revenue forecast for the company by 10% to reflect its positive view on the competitiveness of the P7+ product, expecting sales volume to reach 39.2 units in the 2025 fiscal year. The H share target price was raised from 60 Hong Kong dollars to 65 Hong Kong dollars, the U.S. stock target price was raised from 16 US dollars to 17 US dollars, with a reiterated 'shareholding' rating.

BOCOM International: Raised the target price of Hua Hong Semiconductor to 30 Hong Kong dollars, maintaining an 'outperform' rating.

BOCOM International pointed out, $HUA HONG SEMI (01347.HK)$ In the third quarter, revenue increased by 10% to 0.526 billion US dollars on a quarterly basis, higher than the market's expectations and the upper limit of the company's guidance of 0.52 billion US dollars. The bank raised the target price-to-market ratio for Hua Hong Semiconductor from 0.7 times to 1 times, and also raised the target price from 20.5 Hong Kong dollars to 30 Hong Kong dollars. The bank believes that the current forecast price-to-market ratio for the stock of 0.7 times is not expensive and maintains an "outperform the market" rating.

DBS: Raised the target price of Semiconductor Manufacturing International Corporation to 37 Hong Kong dollars, with a steady short-term recovery outlook.

DBS published a research report stating, $SMIC (00981.HK)$ The utilization rate of capacity has bottomed out and will be maintained above 89% by 2025, while the global average level is 76%. Considering the lower wafer prices, the bank slightly lowered the profit forecast for Semiconductor Manufacturing International Corporation for the 2025 fiscal year by 2%, and by 1% for the 2026 fiscal year, maintaining a "buy" rating on its H shares, expecting a solid short-term recovery outlook, with the target price raised from 24 Hong Kong dollars to 37 Hong Kong dollars.

编辑/Wade

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