Afternoon review of Hong Kong stock market

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Hong Kong Market Wrap: Hong Kong stocks fell slightly, with the Hang Seng Index down 0.41%; biotechnology stocks rose, with Akeso up more than 6%; AI application concept stocks continued to surge, Mobvista rose over 10%.

Futu News · Nov 25 16:24

富途资讯11月25日消息，港股小幅收跌，三大指数集体下行，恒指跌0.41%，科指跌0.26%，国指跌0.36%。

截至收盘，港股上涨846只，下跌1076只，收平1155只。

具体行业表现如下图：

板块方面，科网股普跌，快手-W涨4.51%，京东集团-SW跌3.05%，美团-W跌3.05%，网易-S跌2.05%，百度集团-SW涨1.57%，阿里巴巴-W涨1.55%，腾讯控股跌1.35%，小米集团-W跌0.53%。

证券及经纪股走弱，招商证券跌3.56%，中国银河跌3.15%，广发证券跌2.21%，中信建投证券跌1.59%，中金公司跌1.50%，海通证券跌1.47%，华泰证券跌0.46%，光大证券跌0.27%。

苹果概念股走强，瑞声科技涨6.86%，丘钛科技涨4.75%，舜宇光学科技涨1.29%，通达集团跌1.20%，伟仕佳杰涨1.20%，富智康集团跌1.06%，比亚迪电子涨0.44%，高伟电子跌0.21%。

AI应用概念股走高，汇量科技涨超10%，医渡科技涨超9%，映宇宙涨超5%，第四范式涨超8%。

生物技术股普涨，来凯医药-B涨17.15%，康方生物涨6.37%，百济神州涨1.58%，巨子生物涨1.52%，药明合联涨1.02%，药明康德跌0.43%，药明生物涨0.14%。

互联网医疗股普跌，众安在线跌3.63%，麦迪卫康跌2.63%，京东健康跌2.56%，平安好医生涨1.98%，叮当健康涨1.82%，阿里健康跌0.85%。

个股方面， $蔚来-SW (09866.HK)$ 涨超4%，欧盟与中方就电动汽车进行谈判，双方即将达成取消关税的解决方案。

$泡泡玛特 (09992.HK)$ 涨超5%，里昂称泡泡玛特的全球整体潜在市场扩张趋势将于明年持续。

$新东方-S (09901.HK)$ 涨近4%，新东方获纳入恒指成份股，将于12月9日起生效。

$康方生物 (09926.HK)$涨超6%，依沃西头对头击败K药，卡度尼利拓展一线适应症。

$第四范式 (06682.HK)$涨超8%，先知AI平台业务收入高增，AI商业化推广或持续加速。

$东方甄选 (01797.HK)$涨9%，孙东旭时隔近一年重返直播间，抖音带货榜反超与辉同行。

今日成交额TOP10

港股通资金

港股通方面，今日港股通（南向）净流入12.02亿港元。

机构观点：

中银国际：上调贝壳目标价至27.58美元，维持“买入”评级。

中银国际发表研究报告指， $贝壳-W (02423.HK)$ 第三季总交易额(GTV)按年增长12.5%至7368亿元，其中，新楼GTV按年增18.5%，超出预测。该行将2024至2026年的调整后每股收益预测上调8.9%至11%，并将每股目标价上调12%至27.58美元。考虑到现楼业务的长期增长前景、新楼业务的市占率提高，以及贝壳的盈利能力，对该股维持“买入”评级。

星展：上调小鹏汽车目标价至67港元，销售及利润前景改善。

星展发表报告指， $小鹏汽车-W (09868.HK)$ P7+和MONA M03型号的销售积压强劲，加上小鹏汽车将于明年推出的四款新型号，将2025和2026财年销量增长预测分别上调至65%和25%，即约30.8万和38.5万台。星展指，因销售及利润前景改善，将小鹏H股目标价由60港元升至67港元，小鹏美股目标价由15美元上调至17美元，维持“买入”评级。

麦格理：下调敏华控股目标价至8.2港元，重点将转移至海外增长。

麦格理发表研报指， $敏华控股 (01999.HK)$ 2025财年上半年营收按年跌7%，较预期低3%，主要由于原物料成本及管理费用下降；净利润按年持平，较预期高7.8%。麦格理表示，鉴于销售势头可持续性的不确定性，目前预计敏华2025财年下半年中国内地市场收入将下跌14%，重点将转移至海外增长。另外，该行亦将敏华2025及2026财年净利润预测分别下调3.5%及7.3%，同时将其目标价下调4%至8.2港元，维持“跑赢大市”评级。

编辑/Wade

Futu news reported on November 25 that Hong Kong stocks closed slightly lower, with all three major indices declining; the Hang Seng Index fell by 0.41%, the Science and Technology Index fell by 0.26%, and the National Index fell by 0.36%.

By the end of trading, there were 846 gainers, 1,076 decliners, and 1,155 stocks ended flat.

The specific industry performance is shown in the following figure:

In the sector, network technology stocks fell across the board; Kuaishou-W rose by 4.51%, jd.com Group-SW fell by 3.05%, Meituan-W fell by 3.05%, Netease-S fell by 2.05%, Baidu Group-SW rose by 1.57%, alibaba-W rose by 1.55%, tencent fell by 1.35%, and Xiaomi Group-W fell by 0.53%.

Securities and brokerage stocks weakened; china merchants fell by 3.56%, china galaxy fell by 3.15%, gf sec fell by 2.21%, csc fell by 1.59%, china international capital corporation fell by 1.50%, haitong sec fell by 1.47%, htsc fell by 0.46%, and everbright fell by 0.27%.

Apple supplier stocks strengthened; aac tech rose by 6.86%, q tech rose by 4.75%, sunny optical rose by 1.29%, tongda group fell by 1.20%, vstecs rose by 1.20%, fih fell by 1.06%, BYD Electronics rose by 0.44%, and cowell fell by 0.21%.

AI application concept stocks rose sharply; mobvista increased by over 10%, Yidu Tech rose by over 9%, inkeverse rose by over 5%, and fourth paradigm increased by over 8%.

Biotechnology stocks rose broadly; LaiKai Medicine-B rose by 17.15%, akeso rose by 6.37%, beigene rose by 1.58%, Juzhi Bio rose by 1.52%, wuxi xdc rose by 1.02%, wuxi apptec fell by 0.43%, and wuxi bio rose by 0.14%.

Stocks in digital health generally fell, with za online down 3.63%, wuxi bio down 2.63%, jd health down 2.56%, pa gooddoctor up 1.98%, dingdang health up 1.82%, and ali health down 0.85%.

In terms of individual stocks, $NIO-SW (09866.HK)$ Up over 4%, the EU and China are negotiating on electric vehicles, and both sides are about to reach a solution to eliminate tariffs.

$POP MART (09992.HK)$ Up over 5%, Lyon stated that pop mart's global overall potential market expansion trend will continue next year.

$NEW ORIENTAL-S (09901.HK)$ Up nearly 4%, new oriental has been included in the constituent stocks in hang seng index, effective from December 9.

$AKESO (09926.HK)$Increased by over 6%, Evrucy head-to-head defeated K drug, Cardonili expands first-line indications.

$FOURTH PARADIGM (06682.HK)$Increased by over 8%, the revenue of the Prophet AI platform business has grown significantly, and AI commercialization promotion may continue to accelerate.

$EAST BUY (01797.HK)$Increased by 9%, Sun Dongxu returns to the live streaming room after nearly a year, surpassing with the sales ranking on Douyin.

TOP 10 trading volume today

Hong Kong Stock Connect Fund

In terms of southbound trading through the Hong Kong Stock Connect, today's net inflow is 1.202 billion Hong Kong dollars.

Institutional perspective:

BOCI raises the target price for ke holdings to 27.58 USD, maintaining a "buy" rating.

BOCI published a research report indicating, $BEKE-W (02423.HK)$ that the total gross transaction volume (GTV) in the third quarter increased by 12.5% year-on-year to 736.8 billion yuan, with new property GTV rising 18.5% year-on-year, surpassing expectations. The bank has raised its adjusted EPS forecasts for 2024 to 2026 by 8.9% to 11%, and increased the target price per share by 12% to 27.58 USD. Considering the long-term growth prospects of the existing property business, the improved market share of new property business, and the profitability of ke holdings, the stock maintains a "buy" rating.

DBS raises the target price for xpeng motors to 67 Hong Kong dollars, with improved sales and profit outlook.

DBS published a report indicating that $XPENG-W (09868.HK)$ The sales backlog for the P7+ and MONA M03 models is strong. Coupled with the four new models that Xiaopeng Motors will launch next year, the sales growth forecast for the fiscal years 2025 and 2026 has been raised to 65% and 25%, respectively, or approximately 0.308 million and 385,000 units. DBS pointed out that due to improvement in sales and profit outlook, the target price for Xiaopeng H shares has been raised from 60 HKD to 67 HKD, and the target price for Xiaopeng US shares has been raised from 15 USD to 17 USD, maintaining a "buy" rating.

Macquarie: Downgraded the target price for Man Wah Hldgs to 8.2 HKD, focusing on overseas growth.

Macquarie released a research report stating, $MAN WAH HLDGS (01999.HK)$ In the first half of the fiscal year 2025, revenue fell by 7% year-on-year, 3% lower than expected, mainly due to declining raw material costs and management expenses; net income remained flat year-on-year, 7.8% higher than expected. Macquarie stated that due to the uncertainty in the sustainability of sales momentum, it currently expects Man Wah's revenue in the mainland market for the second half of the fiscal year 2025 to decline by 14%, with a focus shifting to overseas growth. Additionally, the firm also downgraded its net income forecasts for Man Wah for the fiscal years 2025 and 2026 by 3.5% and 7.3% respectively, while lowering its target price by 4% to 8.2 HKD, maintaining an "outperform" rating.

编辑/Wade

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