On November 20, Futu News reported that Hong Kong stocks slightly rose, with all three major indices experiencing modest gains, the Hang Seng Index rising by 0.21%, the Technology Index rising by 0.41%, and the National Index rising by 0.12%.

By the close, 1,064 Hong Kong stocks rose, 842 fell, and 1,175 closed flat.

The specific industry performance is shown in the following figure:

In terms of sectors, network technology stocks saw many rise, with Kuaishou-W up 1.84%, bilibili-W up 1.84%, Meituan-W up 1.69%, Tencent rising 1.13%, Xiaomi Group-W down 1.06%, Alibaba-W down 0.59%, JD.com Group-SW up 0.22%, and Netease-S down 0.15%.

AI application concept stocks surged, with Mobvista rising over 37%, inkeverse rising nearly 19%, Yidu Technology rising nearly 19%, Fourth Paradigm rising nearly 20%, and Kingsoft rising over 9%.

Cryptocurrency concept stocks increased, with OKG Tech rising nearly 11%, Meitu rising over 10%, Boyaa rising nearly 8%, Grandshores rising 8%, and Sinohope Tech rising nearly 9%.

Biotechnology stocks all rose, with LKai Pharma-B up 48.30%, Akeso up 9.75%, Quantumph-P rising 9.25%, Genting New Year-B up 7.05%, Wuxi XDC rising 6.45%, Beigene up 4.16%, Wuxi Bio up 1.05%, and Wuxi Apptec up 0.10%.

Pharmaceutical stocks strengthened, with Innovent Bio rising 8.08%, Hutchmed (China) rising 6.08%, Hansoh Pharma rising 4.08%, Sino Biopharm rising 3.36%, Pharmaron up 2.26%, 3SBio rising 1.92%, CSPC Pharma up 0.58%, and Simcere Pharma rising 0.15%.

Apple suppliers all rose, with aac tech up 5.00%, byd electronic up 3.31%, fih up 2.15%, q tech up 1.74%, tk group hldg up 1.68%, cowell down 1.62%, vstecs up 0.80%, sunny optical up 0.26%.

Many auto stocks fell, with nio-sw down 3.70%, great wall motor down 3.67%, xpeng-w down 3.08%, geely auto down 2.06%, byd stock down 1.19%, ideal auto-w down 0.77%, yadea down 0.74%, leapmotor down 0.33%.

In terms of individual stocks, $KUAISHOU-W (01024.HK)$ Up nearly 2%, a conference call on the third quarter earnings will be held today at 20:00, institutions expect its e-commerce GMV to increase by 15% year-on-year in the third quarter.

$MEITUAN-W (03690.HK)$ Up nearly 2%, meituan takeout has initiated a 1 billion support fund, with high-quality small and medium-sized businesses each receiving support ranging from 5000 to 0.05 million yuan.

$XPENG-W (09868.HK)$Fell over 3%, Goldman Sachs pointed out that its adjusted net income for the third quarter was below expectations.

$INNOVENT BIO (01801.HK)$ Rising over 8%, the weight-loss version of semaglutide was launched in china, and the weight-loss indication for marsdu can be expected to be approved next year.

$BOYAA (00434.HK)$Rising nearly 8%, the stock price has doubled this month, and the company recently disclosed its hold positions in cryptos.

$LAOPU GOLD (06181.HK)$Rising nearly 6%, strong performance in singles' day sales, and UBS Group pointed out that its valuation is still relatively low.

$FOURTH PARADIGM (06682.HK)$ With an increase of nearly 20%, the company's overall business has shown stable growth, with total revenue in the first three quarters rising by 26.1% year-on-year to 3.218 billion yuan.

TOP 10 trading volume today

Hong Kong Stock Connect Fund

Regarding the southbound stock connect, today's net inflow was 5.572 billion Hong Kong dollars.

Institutional perspective:

• Daiwa raised the target price for Xiaomi to 33.5 Hong Kong dollars, noting surprises in the product mix and profit margin of its electric vehicle business.

Daiwa published a report stating, $XIAOMI-W (01810.HK)$ Adjusted net income for the third quarter slightly exceeded expectations, reaching 6.3 billion yuan, due to the electric vehicle business continuing to surprise in terms of product mix and profit margins. Looking ahead, the firm believes that Xiaomi, through the launch of competitive products and strong execution, is expected to achieve robust sales growth and margin expansion in its smart phone, internet of things and electric vehicle businesses. Based on assumptions of higher sales and profit margins for the electric vehicle business, the target price is raised from HKD 31.7 to HKD 33.5, maintaining a 'buy' rating.

• JPMorgan has raised the target price for Trip.com to HKD 600, expecting high visibility for sustainable revenue growth.

JPMorgan published a report stating that $TRIP.COM-S (09961.HK)$ the third quarter performance was strong, with a year-on-year revenue growth of 16%. The company's stock price is considered attractive, with high visibility for sustainable revenue growth in the next three to five years, and the annual average compound growth rate is expected to reach a mid-double digit. Morgan Stanley noted that Trip.com’s mainland business is growing steadily, forecasting acceleration in growth over the next few quarters, with year-on-year domestic tourism revenue growth accelerating to low double digits. The firm maintains an 'overweight' rating on the company, raising the target price from HKD 550 to HKD 600, expecting the company's stock price to rise over the next 12 months.

• Morgan Stanley has raised the target price for Kingsoft to HKD 36, revising up revenue and operating profit forecasts.

Morgan Stanley has published a research report stating that $KINGSOFT (03888.HK)$ In the third quarter, revenue exceeded expectations by 14%, with game revenue growing 78% year-on-year, surpassing expectations by 27%. During this period, operating profit and net income were 86% and 54% higher than jpmorgan's forecasts, respectively. The firm raised the group's target price from HKD 32 to HKD 36, maintaining a "buy" rating. jpmorgan increased kingsoft's revenue forecasts for 2024 to 2026 by 2%, 2.8%, and 1.7%, reflecting surprises in the group's gaming business, and raised operating profit forecasts for 2024 to 2026 by 10.2%, 9.4%, and 6.4%, respectively.

编辑/Wade