Afternoon review of Hong Kong stock market

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Hong Kong market quickly sees | Hang Seng Index falls below 0.02 million points mark, tech index drops over 4%; major financial, technology, semiconductor, real estate sectors all fall together, Semiconductor Manufacturing International Corporation drops

Futu News · Nov 12 16:29

富途资讯11月12日消息，港股午后跳水，三大指数齐跌，恒指跌近3%，痛失20000大关，科指跌超4%，国指跌超3%。

截至收盘，港股上涨476只，下跌1610只，收平996只。

具体行业表现如下图：

板块方面，科网股走低，美团-W跌5.33%，京东集团-SW跌5.01%，百度集团-SW跌4.01%，阿里巴巴-W跌3.77%，快手-W跌2.91%，小米集团-W跌2.90%，腾讯控股跌2.27%，网易-S涨0.42%。

半导体股普跌，中芯国际跌7.97%，上海复旦跌7.88%，宏光半导体跌7.41%，中电华大科技跌6.80%，华虹半导体跌5.50%，晶门半导体跌5.08%，硬蛋创新涨1.44%，贝克微涨0.34%。

地产板块下跌，万科企业跌近6%，龙湖集团跌超4%，绿城中国跌近4%，融创中国跌超3%，华润置地跌超4%，越秀地产跌4%。

保险板块多股下行，中国人寿跌超6%，阳光保险跌超6%，新华保险跌超6%，中国太保跌近5%，中国太平跌超4%，中国平安跌近5%。

证券及经纪股走低，申万宏源跌7.19%，中信建投证券跌6.08%，华泰证券跌5.27%，中国银河跌5.05%，广发证券跌4.74%，中金公司跌4.65%，招商证券跌4.57%，海通证券跌2.07%。

酒精饮料股走低，华润啤酒跌7.01%，百威亚太跌6.84%，百利达集团控股跌3.85%，青岛啤酒股份跌3.60%，王朝酒业跌3.23%，珍酒李渡跌2.91%，西藏水资源跌1.43%，华昱高速跌1.15%。

有色金属股多股下行，中国宏桥跌8.70%，中国铝业跌6.92%，洛阳钼业跌5.94%，招金矿业跌5.03%，紫金矿业跌4.42%，山东黄金跌3.68%，赣锋锂业涨0.62%，天齐锂业涨0.17%。

黄金股走低，中国黄金国际跌7.73%，中国白银集团跌7.41%，招金矿业跌5.03%，紫金矿业跌4.42%，山东黄金跌3.68%，灵宝黄金跌3.50%，复兴亚洲涨1.88%，潼关黄金收平。

个股方面， $药明康德 (02359.HK)$ 涨超1%，药明康德将于下周一公布业绩，公司在手订单仍保持快速增长。

$中芯国际 (00981.HK)$ 跌近8%，中芯国际CEO 11月11日称成熟制程芯片产能过剩。

$东风集团股份 (00489.HK)$涨近9%，成交额激增近12亿港元，国产车规级MCU芯片DF30发布。

$潍柴动力 (02338.HK)$跌超4%，大行下调全年重卡销量预测，公司转型见效仍需时间。

$海伦司 (09869.HK)$跌超8%，第三季度餐饮收入增速环比放缓。

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97.92亿港元。

机构观点：

里昂：上调零跑汽车目标价至40.6港元，维持“跑赢大市”评级。

里昂发表报告，称 $零跑汽车 (09863.HK)$ 第三季毛利率为8.1%，按季上升5.3个百分点，亏损缩窄至6.9亿元，两者均超过市场预期。另外，公司在欧盟扩展势头强劲，目前已接获12,000份订单，远超市场预期。里昂称，认为零跑汽车的新款车型将会进一步推动销售增长，预计其出口业务对盈利的贡献将很快显现。因此，该行将公司目标价从34港元上调至40.6港元，维持“跑赢大市”评级。

花旗：上调中升控股目标价至23.25港元，维持为经销商行业首选。

花旗发表报告指，考虑到问界(AITO)品牌每家店每月销售200部的新资料，而该行预测为50部，将 $中升控股 (00881.HK)$ 2025和2026年收入预测分别上调10%和18%至2066亿元和2315亿元，净利预测分别上调 25%和24%至57.9亿元和83.5亿元，指公司拥抱中国品牌优化投资回报率。花旗指，对中升采用相同的2026年6倍市盈率预测，目标价从18.69港元上调至23.25港元，维持该股为经销商行业中的首选，评级“买入”。

摩根大通：上调昆仑能源评级至“增持”，与新奥能源成为该行业首选。

摩根大通发表报告指，自7月以来， $昆仑能源 (00135.HK)$ 表现跑输指数约30%，可能是由于行业轮动至较高贝塔值的公司，以及近期油价下跌所带来的溢出效应。摩根大通认为昆仑能源股价回调提供吸引的入市位，因为该股目前估值相当于预测未来一年市盈率不足9倍，且收益率高于5%。摩通将昆能评级由“中性”升至“增持”，目标价由8.25港元上调至8.68港元，并与新奥能源成为该行业首选。

编辑/Wade

Futu News on November 12th: Hong Kong stocks plunged in the afternoon, with all three major indexes falling together. The Hang Seng Index dropped by nearly 3%, losing the 20,000 level, the Tech Index fell by over 4%, and the National Index dropped by over 3%.

At the close, 476 stocks in Hong Kong rose, 1610 fell, and 996 remained unchanged.

The specific industry performance is shown in the following figure:

In terms of sectors, the Tech and Internet stocks declined. Meituan-W fell by 5.33%, JD-SW fell by 5.01%, Baidu-SW fell by 4.01%, Alibaba-W fell by 3.77%, Kuaishou-W fell by 2.91%, Xiaomi-SW fell by 2.90%, Tencent dropped by 2.27%, while Netease-S rose by 0.42%.

Semiconductor stocks saw a general decline. Semiconductor Manufacturing International Corp. dropped by 7.97%, Shanghai Fudan fell by 7.88%, HG Semi fell by 7.41%, CE Huada Tech dropped by 6.80%, Hua Hong Semi dropped by 5.50%, Solomon Systech fell by 5.08%, Ingdan rose by 1.44%, and Solomon Systech rose by 0.34%.

The real estate sector experienced a decline. China Vanke fell by nearly 6%, Longfor Group dropped by over 4%, Greentown China fell by nearly 4%, Sunac fell by over 3%, China Resources Land dropped by over 4%, and Yuexiu Property fell by 4%.

Multiple stocks in the insurance sector declined. China Life Insurance fell by over 6%, Sunshine Insurance dropped by over 6%, New China Life Insurance fell by over 6%, China Pacific Insurance fell by nearly 5%, China Taiping dropped by over 4%, and Ping An Insurance fell by nearly 5%.

Securities and brokerage stocks trended lower. Swhy fell by 7.19%, CSC fell by 6.08%, HTSC fell by 5.27%, China Galaxy dropped by 5.05%, GF Sec fell by 4.74%, CICC dropped by 4.65%, China Merchants Securities dropped by 4.57%, and Haitong Sec fell by 2.07%.

Alcoholic beverage stocks declined, China Resources Beer fell by 7.01%, Bud APAC fell by 6.84%, Palinda Group fell by 3.85%, Tsingtao Brewery fell by 3.60%, Dynasty Wines fell by 3.23%, ZJLD fell by 2.91%, Tibet Water Resources fell by 1.43%, and Huayuexpressway fell by 1.15%.

Nonferrous metal stocks mostly declined, China Hongqiao fell by 8.70%, Aluminum Corporation of China fell by 6.92%, CMOC Group Limited fell by 5.94%, Zhaojin Mining fell by 5.03%, Zijin Mining Group fell by 4.42%, SD Gold fell by 3.68%, Ganfeng Lithium rose by 0.62%, and Tianqi Lithium Corporation rose by 0.17%.

Golden industrial concept stocks declined, China Gold International fell by 7.73%, Chi Silver GP fell by 7.41%, Zhaojin Mining fell by 5.03%, Zijin Mining Group fell by 4.42%, SD Gold fell by 3.68%, Lingbao Gold fell by 3.50%, RA Silk Road rose by 1.88%, and Tongguan Gold remained flat.

In terms of individual stocks, $WUXI APPTEC (02359.HK)$ Rising by over 1%, Wuxi Apptec will announce its performance next Monday, with the company's outstanding orders still maintaining rapid growth.

$SMIC (00981.HK)$ Falling nearly 8%, Semiconductor Manufacturing International Corporation CEO stated on November 11 that there is an oversupply of mature process chip capacity.

$DONGFENG GROUP (00489.HK)$Up nearly 9%, trading volume surged nearly 1.2 billion Hong Kong dollars, domestically produced car grade MCU chip DF30 was released.

$WEICHAI POWER (02338.HK)$Dropping over 4%, major banks lowered their full-year heavy truck sales forecast, the company's transformation is showing results but still requires time.

$HELENS (09869.HK)$Dropping over 8%, the growth rate of dining revenue in the third quarter slowed down on a month-on-month basis.

TOP 10 trading volume today

Hong Kong Stock Connect Fund

In terms of the Hong Kong stock connect, the net inflow of Hong Kong stock connect (southbound) today was 9.792 billion Hong Kong dollars.

Institutional perspective:

Jefferies: raised Leapmotor's target price to 40.6 Hong Kong dollars, maintaining an 'outperform' rating.

Jefferies released a report stating $LEAPMOTOR (09863.HK)$ In the third quarter, the gross margin was 8.1%, up 5.3 percentage points from the previous quarter, with a narrowed loss to 0.69 billion yuan, both exceeding market expectations. In addition, the company has a strong momentum in the European Union, having received 12,000 orders, far exceeding market expectations. Jefferies believes that the new models of Leapmotor will further drive sales growth, and anticipates that its export business will contribute to profitability soon. Therefore, the company has raised its target price from 34 Hong Kong dollars to 40.6 Hong Kong dollars, maintaining an 'outperform' rating.

Citigroup: raised Zhongsheng Holding's target price to 23.25 Hong Kong dollars, maintaining it as the top choice in the dealers industry.

Citigroup's report points out that considering the new data of AITO brand's sales of 200 units per store per month, as forecasted by the company as 50 units, they have $ZHONGSHENG HLDG (00881.HK)$ 2025和2026年收入预测分别上调10%和18%至206.6 billion元和2315亿元，净利预测分别上调 25%和24%至5.79 billion元和83.5亿元，指公司拥抱中国品牌优化投资回报率。花旗指，对中升采用相同的2026年6倍市盈率预测，目标价从18.69港元上调至23.25港元，维持该股为经销商行业中的首选，评级“买入”。

摩根大通：上调昆仑能源评级至“增持”，与新奥能源成为该行业首选。

摩根大通发表报告指，自7月以来， $KUNLUN ENERGY (00135.HK)$ 表现跑输指数约30%，可能是由于行业轮动至较高贝塔值的公司，以及近期油价下跌所带来的溢出效应。摩根大通认为昆仑能源股价回调提供吸引的入市位，因为该股目前估值相当于预测未来一年市盈率不足9倍，且收益率高于5%。摩通将昆能评级由“中性”升至“增持”，目标价由8.25港元上调至8.68港元，并与新奥能源成为该行业首选。

编辑/Wade

The translation is provided by third-party software.

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