The Hang Seng Index closed at 19,823 on Wednesday (13th), down 23 points or 0.12%; the total market turnover for the day was 184.6 billion yuan. The China Enterprises Index rose 0.1% after three consecutive declines, closing at 7,130; the Tech Index slightly fell by 0.03%, closing at 4,455, marking its fourth consecutive decline. Real estate management stocks overall moved downward. Shimao (00813) fell by 1.5%; Kaisa (01638) dropped by 5.6%; pharmaceutical stocks generally retreated. Wuxi Apptec (02359) plummeted by 4.1%, the worst-performing blue chip.

The Dow Jones Industrial Average closed at 43,958 points on Wednesday (13th), up 47 points or 0.11%; the S&P 500 rose by 0.02%, closing at 5,985 points; the Nasdaq fell by 0.26%, closing at 19,230 points. Among specific stocks, Tesla's share price rebounded by 4.9% at one point, closing with a modest increase of 0.6%; another electric vehicle company, Rivian, received an additional investment of 0.8 billion USD from Volkswagen, with its stock soaring by 13.7%. Spotify's user growth last quarter exceeded expectations, with its stock rising by 11.4%. Amazon jumped by 2.5%, making it the largest gainer among Dow components. Boeing slid by 3.6%, the largest decline among Dow components. Chip manufacturer AMD announced a global staff reduction of 4%, with its stock falling by 3%, while Nvidia retracted by 1.4%. The Asia-Pacific stock market opened mixed this morning (14th), with the Nikkei 225 Index currently at 38,946, up 225 points or 0.58%. South Korea's sse conglomerates index is currently at 2,424, up 7 points or 0.32%. RMB trading on the Hong Kong Stock Exchange will implement "bad weather trading suspension" for the first time, with Hong Kong stocks maintaining trading services and operations today.

Market focus: China United Network Communications (00762)

The 2024 Global 6G Development Conference was recently held in Shanghai, showcasing the latest achievements in domestic 6G innovation and development, promoting better collaboration of sse select resources industries index along the industry chain. The group announced its performance for the first three quarters, with revenue reaching 290.12 billion yuan (RMB, same below), a year-on-year growth of 3%. It recorded a net profit of 19.03 billion yuan, an increase of 10.3%, maintaining double-digit growth. EBITDA rose by 2% to 80.4 billion yuan. During this period, computing power business grew rapidly, with cloud revenue reaching 43.86 billion yuan, a 19.5% increase; the intelligent transformation of datacenters accelerated the development of AIDC, with datacenter revenue reaching 19.69 billion yuan, a year-on-year increase of 6.8%. The number of clients served by the 5G industry virtual private network reached 14,013; under the "big security" framework, cybersecurity revenue maintained strong growth. As of September, mobile users reached 0.345 billion, with a net increase of 11.23 million users for the year, marking the highest level for the same period in nearly six years; specifically in September, China United Network Communications reported a net increase of 14.816 million "big connection" users, reaching a cumulative total of 1.10534 billion, breaking the 1.1 billion mark. The number of clients served by China United Network Communications' 5G industry virtual private network increased by 479, reaching 14,013. The smart customer service issue resolution rate was 98.7%, with the proportion of intelligent services at 84.8%. Overall, the telecom operator's profitability is stable, instilling confidence in its dividend-paying ability, which warrants attention.

Target $7.8, stop-loss price $5.9.

(The author is a licensed person of the China Securities Regulatory Commission and does not hold any of the above stocks.)

Author: Dr. Tang Shengxing, Chairman of the Hong Kong Stock Analysts Association.