According to Zhitong Finance APP, Hong Kong stocks fell today along with the global market, with all three major indexes dropping over 1% at one point, before suddenly rallying at the close, with the hang seng tech index briefly turning positive, while the china enterprises index successfully turned to gain. As of the close, the hang seng index fell 0.12% or 23.43 points, closing at 19823.45 points, with a total turnover of 184.618 billion HKD; the hang seng china enterprises index rose 0.05% to 7130.93 points; the hang seng tech index fell 0.03% to 4455.67 points.

Citic sec believes that the Hong Kong stock market may welcome a reversal trend in 2025. Firstly, the current valuation advantage of Hong Kong stocks at a global level is very significant, while the income issues caused by price pressures in our country are expected to gradually ease. Secondly, nearly 630 billion HKD has already flowed in from the southbound trading in the first ten months of 2024, significantly increasing the relative bargaining power of domestic funds compared to foreign funds, especially in the small and mid-cap sectors. Lastly, under the backdrop of a series of domestic policies being gradually implemented, investor expectations are expected to shift.

Blue chip performance

Zhongsheng hldg (00881) rose against the trend. At the close, it was up 7.59%, reaching 18.42 HKD, with a turnover of 0.853 billion HKD, contributing 1.81 points to the hang seng index. Zhongsheng hldg announced that it has signed a preliminary negotiation agreement with chongqing sokon industry group stock to agree to further discussions on cooperative distribution of new energy vehicles. Citibank's report indicated that considering the new data from the AITO brand selling 200 vehicles per store monthly, while the bank previously forecasted 50 vehicles, the income forecasts for Zhongsheng in 2025 and 2026 have been raised by 10% and 18% to 206.6 billion yuan and 231.5 billion yuan, respectively, while net income forecasts have been raised by 25% and 24% to 5.79 billion yuan and 8.35 billion yuan, respectively.

In other blue chip stocks, china united network communications (00762) rose 3.5% to 6.5 HKD, contributing 2.22 points to the hang seng index; lenovo group (00992) increased 2.43% to 9.7 HKD, contributing 3.04 points to the hang seng index; wuxi apptec (02359) fell 4.1% to 54.95 HKD, dragging down the hang seng index by 1.3 points; tingyi (00322) was down 3.25% to 10.72 HKD, dragging down the hang seng index by 1.16 points.

Hot sectors

On the market, large technology stocks have mixed performances, with Tencent closing flat before earnings, and the GMV of e-commerce for the november 11 shopping festival-related seeing strong year-on-year growth, while Kuaishou surged over 4% towards the end of the day. The global 6G development conference has opened, and the three major operators rose against the trend today; rare earth metals concept stocks remained strong, with jl mag rare-earth and china rareearth both rising over 3%; the prices of lithium carbonate continue to rebound, with lithium stocks performing well. On the other hand, china edu group fell heavily by 17% after issuing a profit warning, leading the education sector down; yesterday's relatively strong pharmaceutical stocks generally retreated; bitcoin surged to 0.09 million dollars before plummeting, with cryptos etf and related concept stocks adjusting; mainland real estate and consumer stocks continued to remain sluggish.

1. The telecommunication sector rose against the trend. By the close, china united network communications (00762) was up 3.5%, closing at 6.5 HKD; china telecom (00728) rose 2.58%, closing at 4.38 HKD; china mobile (00941) increased by 1.3%, closing at 70 HKD.

The 2024 global 6G development conference will be held in the Songjiang District of shanghai from November 13 to November 14, 2024. The theme of this conference is 'Navigating a New Journey, Looking Toward the Frontier of 6G Standards'. The conference will showcase the latest achievements in the innovative development of 6G (6th generation mobile communication technology) from china and shanghai, attracting innovative companies in the mobile communication field from both domestic and overseas to develop in china and shanghai, promoting better aggregation of advantageous resources along the industry chain, and supporting the research and development of 6G cutting-edge technology, standard-setting, and future industry cultivation.

Guoyuan International pointed out that the basic stability of the three major operators' traditional businesses is stable, and they will continue to provide stable cash flow in the future; with the popularization of AI technology and the emergence of other new technologies and business models, the new dynamics of operators in the digital industry will continue to grow, thereby driving the overall business volume to maintain continuous growth. At the same time, the three major operators are continuously increasing their dividend payout ratios. Based on the current stock prices, their dividend yield is expected to further increase beyond the current level of 6%.

2. Lithium stocks performed impressively. By the close, ganfenglithium (01772) was up 6.38%, closing at 25.85 HKD; tianqi lithium corporation (09696) rose 3.83%, closing at 29.8 HKD.

Recently, the prices of lithium carbonate have continued to rebound. On November 13, during the daytime trading session, the main contract for lithium carbonate closed up over 6%, at 86,500 yuan per ton, marking the third consecutive day of increase. Additionally, shanghai ganglian e-commerce holdings released data indicating that today's battery-grade lithium carbonate price rose by 3,000 yuan compared to the previous day, with an average price of 0.08 million yuan per ton, up 6,700 yuan per ton from the low of 73,300 yuan per ton on October 25. citic sec stated that the drop in lithium prices in the third quarter led to an expanded production cut in overseas lithium mines, with some mining enterprises selling assets to recoup funds. Australian lithium mines have begun to operate at a loss, and further production cuts in more lithium mines cannot be ruled out.

3. Cryptos etf and related concept stocks adjusted. By the close, grandshores (01647) fell 6.5%, closing at 0.115 HKD; osl group (00863) was down 4.93%, closing at 7.13 HKD; Huabao Ethereum (03179) dropped 6.8%, closing at 7.68 HKD; and Huaxia Ethereum (03046) fell 6.07%, closing at 7.655 HKD.

Recently, the price of bitcoin suddenly plummeted after breaking through 0.09 million dollars, dropping nearly 5,000 dollars in just three hours. Market data shows that on November 12, bitcoin peaked at 90,070.1 dollars but then fell significantly, dropping to 85,500 dollars at one point. As of the time of publication, bitcoin is quoted at 87,500 dollars. Previously stimulated by Trump's election victory, the price of bitcoin had been setting new highs consecutively. However, market analysts indicate that it remains uncertain whether Trump will fulfill his campaign promises concerning cryptos, with no substantial progress made. Traders need to be cautious of potential risks with the changes that may occur in the future.

Popular fluctuating stocks

1. Fit Hon Teng (06088) soared after the earnings announcement. By the close, it rose 21.71%, reaching HKD 3.14.

Fit Hon Teng announced its results for the nine months ending September 30, 2024, with revenue and other operating income of 3.241 billion USD, an increase of 9.91% year-on-year; net income from continuing operations was 0.101 billion USD, an increase of 117.79% year-on-year. For the third quarter alone, net income from continuing operations was 68.005 million USD, up 23.86% year-on-year; revenue and other operating income reached 1.174 billion USD, an increase of 0.83% year-on-year.

2. Boyaa (00434) was strong throughout the day. By the close, it rose 14.29%, reaching HKD 2.88.

Boyaa announced yesterday the status of its crypto holdings. As of the announcement date, the group held 2,641 bitcoins (BTC) with a total cost of approximately 0.143 billion USD, averaging a cost of about 54,027 USD per BTC; it also held 15,445 ether (ETH) with a total cost of approximately 42.578 million USD, averaging a cost of about 2,756 USD per ETH.

3. Hec CJ Pharm (01558) performed well. By the close, it rose 4.12%, reaching HKD 9.35.

Hec CJ Pharm announced that it reached a licensing agreement with Apollo, granting Apollo exclusive rights for the development and commercialization of the self-developed HEC88473 project outside of Greater China, while retaining development and commercialization rights in Greater China. According to the agreement, the company expects to receive up to 0.938 billion USD during the term of the agreement, including a 12 million USD upfront payment and up to 0.926 billion USD in development, regulatory, and commercialization milestone payments.

4. China Edu Group (00839) saw its stock price plummet. By the close, it dropped 17.47%, reaching HKD 3.92.

Macquarie's research report indicates that the company expects its net income for the fiscal year 2024 (ending August 31) to reach 0.429 billion - -0.59 billion yuan (RMB), which implies a net loss of 0.598 billion - -0.768 billion yuan in the second half of the year, lower than the bank's forecast and also a decline from the net income of 0.505 billion yuan in the second half of fiscal year 2023. Additionally, the growth of full-time students also fell short of expectations, raising concerns about the annual performance details and whether dividends will be maintained.