On November 18, Futu News reported that Hong Kong stocks rose slightly, with all three major indexes rising together, the Hang Seng Index up nearly 1%, the Tech Index up slightly over 0.3%, and the National Index up over 1%.

By the close, 946 Hong Kong stocks rose, 978 fell, and 1158 remained flat.

The specific industry performance is shown in the following figure:

In terms of sectors, network technology stocks were mixed, JD.com rose by 3.62%, Xiaomi Group rose by 2.86%, Kuaishou fell by 2.63%, NetEase rose by 1.42%, Alibaba fell by 1.03%, Tencent rose by 0.80%, Bilibili fell by 0.75%, and Meituan fell by 0.35%.

Building materials stocks rose, with CNBM up 5.10%, Conch Cement up 4.62%, BBMG Corporation up 3.80%, China Lesso up 1.94%, West China Cement up 1.56%, Huaxin Cement up 1.19%, CR Building Material Tech up 1.06%, and Asia Cement (China) up 0.88%.

Heavy infrastructure stocks strengthened, with China Railway Construction Corporation up 7.18%, Yee Hop Holdings up 5.73%, Metallurgical Corporation of China up 4.29%, Maxicity up 3.85%, China Railway up 2.87%, China Comm Cons up 2.72%, China State Con up 1.81%, and China Aluminum International Engineering Corporation up 1.47%.

Bank stocks performed well, with Bank of China up 4.16%, Agricultural Bank of China up 3.95%, Industrial and Commercial Bank of China up 3.04%, China Construction Bank Corporation up 2.90%, Bank of Communications up 2.41%, Postal Savings Bank of China up 2.00%, HSBC Holdings up 1.22%, and CM Bank up 0.68%.

Biotechnology stocks weakened, with Genscript Bio down 7.30%, Akeso down 7.05%, Wuxi XDC down 4.81%, Beigene down 1.58%, Wuxi Bio down 1.07%, Junshi Biosciences up 0.71%, and Wuxi Apptec down 0.49%.

Shipping and ports stocks rose, with sinotrans limited up 3.02%, cosco ship engy up 2.95%, sitc up 2.36%, cosco shipping holdings up 2.03%, cosco ship port up 1.63%, china mer port up 1.59%, and pacific basin up 1.49%.

In terms of individual stocks, $JD-SW (09618.HK)$ Up nearly 4%, over 100 brands have opened jd.com express flagship stores, delivering in as fast as 9 minutes.

$XIAOMI-W (01810.HK)$ Up nearly 3%, xiaomi's auto sales achieved initial success, with plans to break through 0.34 million next year.

$ABC (01288.HK)$ Up nearly 4%, the chairman of the agricultural bank of china met with hsbc holdings chairman mark Tucker, and both sides agreed to deepen exchanges and cooperation.

$GEELY AUTO (00175.HK)$ Increased by over 4%, institutions are bullish on the company's long-term perspective for transformation to electric vehicles among its various brands.

$CONCH CEMENT (00914.HK)$ Increased by nearly 5%, cement prices continued to rise month-on-month in October, with institutions stating that the cement price-to-book ratio still has significant room for recovery.

$RADIANCE HLDGS (09993.HK)$ Increased by over 9%, first-tier cities have taken the lead in canceling the non-standard classification of general residential buildings, and Shanghai has comprehensively reduced the cost of housing transaction taxes.

TOP 10 trading volume today

Hong Kong Stock Connect Fund

Regarding the Hong Kong Stock Connect, today the net inflow for the southbound Hong Kong Stock Connect is 13.551 billion Hong Kong dollars.

Institutional perspective:

• Goldman Sachs: Alibaba's quarterly results generally meet expectations, maintaining a "buy" rating.

Goldman Sachs released a report, $BABA-W (09988.HK)$ The quarterly results generally meet expectations. Alibaba's management is relatively optimistic about the guidance for the third fiscal quarter, so Goldman Sachs expects CMR growth for Alibaba in the third and fourth fiscal quarters to accelerate to 5.4% and 6.2%, respectively, compared to previous forecasts of 4.6% and 5.7%. Goldman Sachs also states that the growth of Alibaba Cloud has shown further improvement, raising the EBITA profit margins for Alibaba Cloud in the third and fourth fiscal quarters to 9.5% and 9.3%, respectively. They maintain a "buy" rating for Alibaba with a target price of 131 Hong Kong dollars.

• Morgan Stanley: Raised JD.com's logistics target price to 13.1 Hong Kong dollars, with third-quarter results exceeding expectations.

Morgan Stanley's report pointed out, $JD LOGISTICS (02618.HK)$ The performance in the third quarter exceeded expectations. Considering the improvement in cost efficiency, the bank has raised its earnings forecast for 2024 to 2026 by 12%, 10%, and 10%, respectively. The bank maintains the company's weighted average cost of capital (WACC) at 16.3%, but due to a clearer outlook on the company's future dividends, the discount rate on its net cash has been reduced from 35% to 10%. The bank believes that JD.com's improvement in logistics cost efficiency supports gross profit, raising its target price from HKD 11.6 to HKD 13.1, with a rating of 'in line with the market.'

• Zhongyin International: raises the target price for Geely Automobile to HKD 19, paving the way for sales and profits of new energy vehicles in the third quarter for the fiscal year 2025.

CICC Securities released a report, indicating $GEELY AUTO (00175.HK)$ Sales and profits of new energy vehicles in the third quarter pave the way for the fiscal year 2025. The bank has raised its forecast for the company's sales next year by 18% to 2.38 million vehicles, based on the popularity of the newly launched electric vehicles. It is expected that the company's sales of electric vehicles next year will increase by 51% year-on-year to 1.32 million vehicles, accounting for 55% of total sales. The bank raises its target price for Geely from HKD 14 to HKD 19, maintaining a 'buy' rating.

编辑/Wade