On November 15, Futu News reported that the three major indices of the Hong Kong stock market showed mixed results, with the Hang Seng Index down 0.05%, the Science and Technology Index up 0.22%, and the National Index up 0.10%.

By the close, 836 Hong Kong stocks rose, 1076 fell, and 1171 closed flat.

The specific industry performance is shown in the following figure:

In terms of sectors, network technology stocks showed mixed results, with Netease-S up 12.13%, bilibili-W down 10.04%, Kuaishou-W up 2.80%, jd.com-SW down 1.85%, Alibaba-W down 0.85%, Tencent down 0.59%, Xiaomi Group-W up 0.54%, and Meituan-W up 0.18%.

Coal industrial concept stocks increased, with SouthGobi up 29.52%, China Shenhua Energy up 5.06%, China Coal Energy up 2.45%, Kinetic Dev up 2.10%, Yankuang Energy down 1.68%, Shougang Res down 0.75%, Yancoal Aus up 0.65%, and Mongol Mining down 0.24%.

The telecommunications sector is strong, with China United Network Communications up over 3%, China Telecom up over 2%, China Mobile up over 1%, Chinacomservice up over 1%, and HKBN up over 6%.

Most securities and brokerage stocks fell, with China Merchants down 7.36%, China Galaxy down 5.37%, China International Capital Corporation down 5.31%, CSC down 5.25%, HTSC down 5.00%, GTJA down 4.62%, Everbright down 2.91%, and Haitong Sec down 2.72%.

Gold industrial concept stocks all rose, with Chinagoldintl up 13.06%, Chi Silver GP up 3.73%, Zhaojin Mining up 2.72%, Zijin Mining Group up 2.08%, SD Gold up 1.82%, Persistence Res up 1.30%, Lingbao Gold up 1.05%, and Tongguan Gold closing flat.

Many stocks in the building materials sector declined, with broad homes falling 6.19%, huaxin cement falling 3.21%, conch cement falling 2.38%, cnbm falling 1.88%, bbmg corporation falling 1.25%, china lesso rising 0.84%, cr bldg mat tec falling 0.53%, and westchinacement remaining flat.

Electric power stocks rose, with china longyuan increasing by 2.30%, cki holdings by 2.19%, cgn power by 1.86%, china res power by 1.70%, power assets by 1.41%, huaneng power by 1.23%, china power by 0.98%, and clp holdings by 0.92%.

In terms of individual stocks, $NTES-S (09999.HK)$ With an increase of over 12%, Macquarie slightly raised netease's target price to 198 yuan, stating that the outlook for PC gaming next year is more optimistic.

$CHINA UNICOM (00762.HK)$ With an increase of over 3%, china united network communications led the three major operators, and research on 6G technology standards will begin in June next year.

$CHINA SHENHUA (01088.HK)$ The increase exceeded 5%, the company's third-quarter performance was impressive, and institutions stated that coal companies have significant interest rate arbitrage potential.

$CATHAY PAC AIR (00293.HK)$ The increase exceeded 8%, UBS assigned Cathay Pacific Air a "buy" rating, with a target price of 10.8 Hong Kong dollars.

$ALI HEALTH (00241.HK)$A decline of nearly 6%, Macquarie indicated that its sales growth visibility remains bleak, adjusting the target price by 13%.

$CHINA RES POWER (00836.HK)$An increase of nearly 2%, the cumulative power sales of the associated photovoltaic power station increased by 154.7% year-on-year in the first 10 months.

TOP 10 trading volume today

Hong Kong Stock Connect Fund

Regarding the Hong Kong Stock Connect, today's net inflow for Southbound is 0.922 billion Hong Kong dollars.

Institutional perspective:

• Bank of America: Raised the target price for JD.com to 188 Hong Kong dollars, with improved visibility for the last quarter's earnings.

Bank of America Securities released a research report, $JD-SW (09618.HK)$ For the third quarter of this year, net income increased by 5.1% year-on-year, in line with market expectations, raising JD.com H-shares target price from 173 Hong Kong dollars to 188 Hong Kong dollars. Considering that the fourth quarter's revenue is expected to accelerate growth due to the comprehensive impact of subsidies, and improved visibility of last quarter's earnings suggests the potential for margin expansion, the valuation corresponds to a projected non-GAAP PE ratio of 8 times and 7 times for this and next year, which is attractive, reiterating the 'buy' rating.

• Daiwa: Raised the target price for Bilibili to 225 Hong Kong dollars, describing breakeven as just the beginning.

Daiwa released a report describing $BILIBILI-W (09626.HK)$ Achieving break-even is just the beginning. The company achieved non-GAAP operating profit and net income for the first time in the third quarter, with daily active users and monthly active users reaching historical highs of 0.107 billion and 348 million, respectively. In addition, bilibili announced for the first time that it would buy back $0.2 billion of its stocks over the next 24 months. The report indicated that due to the clearer long-term profit outlook, the earnings per share forecast for the following year was raised by 5%. The bank reiterated a "buy" rating and raised the target price for H shares from HK$215 to HK$225.

• Goldman Sachs: Raised the target price for netease to HK$169, expecting the gaming business to hit a turning point next year.

Goldman Sachs released a report, stating, $NTES-S (09999.HK)$ The third quarter results exceeded the market's pessimistic expectations, with strong growth in computer games and deferred revenue becoming the main highlights of the quarter's performance. Goldman Sachs stated that the strong performance of classic IP heritage games demonstrates netease's operational capabilities and provides support for netease's stock price in the short term, raising the company's profit forecast by 1 to 2%, with the target price raised to HK$169, maintaining a "buy" rating.

编辑/Wade