Afternoon review of Hong Kong stock market

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Hong Kong market quick review | Hong Kong stocks collectively fell, the Hang Seng Index dropped over 1%; the biotechnology and brokerage sectors weakened, Akeso fell over 5%, and china international capital corporation fell nearly 3%.

Futu News · Nov 28 16:24

富途资讯11月28日消息，港股悉数回调，三大指数齐跌，恒指跌超1%，科指、国指均下跌约1.5%。

截至收盘，港股上涨616只，下跌1285只，收平1183只。

具体行业表现如下图：

板块方面，科网股普跌，网易-S跌2.45%，百度集团-SW跌2.31%，美团-W跌2.27%，阿里巴巴-W跌1.88%，小米集团-W跌1.59%，快手-W跌0.73%，腾讯控股跌0.70%，京东集团-SW跌0.28%。

生物技术股多数下跌，九源基因跌38.41%，宜明昂科-B跌14.12%，云顶新耀-B跌12.36%，巨子生物跌6.85%，康方生物跌5.22%，药明生物跌0.95%，百济神州涨0.25%。

证券及经纪股多股下行，光大证券跌3.23%，招商证券跌3.06%，中国银河跌2.85%，中金公司跌2.81%，中信建投证券跌2.51%，广发证券跌2.06%，华泰证券跌1.81%。

航空股逆势上涨，美兰空港涨超4%，中国国航涨近2%，中国东方航空股份涨近3%，国泰航空涨近1%。

体育用品股普跌，安踏体育跌3.45%，滔搏跌3.20%，李宁跌2.74%，中国动向跌2.74%，裕元集团跌2.68%，特步国际跌2.08%，361度跌0.26%。

酒精饮料股多股下行，香港生力啤跌6.38%，华昱高速跌5.75%，华润啤酒跌4.28%，青岛啤酒股份跌2.23%，百威亚太跌2.12%，珍酒李渡跌1.84%，西藏水资源涨1.56%。

黄金股多股下行，灵宝黄金跌4.92%，山东黄金跌2.62%，招金矿业跌2.28%，紫金矿业跌2.24%，潼关黄金涨2.06%，中国黄金国际跌1.41%，集海资源涨1.20%。

个股方面， $贝壳-W (02423.HK)$ 跌近3%，存量房业务占比走低，拖累Q3纯利同比下滑超三成。

$吉利汽车 (00175.HK)$ 涨近5%，商务部回应中欧电动汽车反补贴案，称磋商仍在进行中。

$渣打集团 (02888.HK)$ 涨超2%，渣打集团探讨出售少数业务以增加对富裕客户业务的投资。

$特海国际 (09658.HK)$ 涨超22%，股价创逾半年新高，三季度实现扭亏为盈。

$映宇宙 (03700.HK)$涨近8%，近期获昆仑万维多次增持，投资加密货币有望优化资产配置。

$黑芝麻智能 (02533.HK)$涨超8%，公司获纳入恒生综合指数，后续有望进入港股通。

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78.11亿港元。

机构观点：

麦格理：维持吉利汽车“跑赢大市”评级，中期电动车策略潜在促进作用。

麦格理发表报告指出， $吉利汽车 (00175.HK)$ 有望实现超越2024财年的200万辆销售目标，并实现38万辆的出口，预期实现规模更大。公司预计将进入一个良性循环，更高的销量将有助于降低市场推广开支和供应商成本，进一步推动业务增长。该行维持对吉利的财务预测，认为市场仍低估公司中期电动车策略潜在促进作用，维持对其“跑赢大市”评级，目标价18港元。

大和：上调比亚迪目标价至431港元，维持“买入”评级。

大和发表研究报告指， $比亚迪股份 (01211.HK)$ 的DMi4及DMi5车型的销量为市场带来惊喜，公司在年初表示致力发展自动驾驶，而其策略是将自动驾驶功能引入定价在10万至20万元的大众市场车型。该行预计比亚迪将从2025年开始在海洋系列和王朝系列中推出智能功能，进一步巩固其在大众市场细分领域的领先地位。该行维持“买入”评级，目标价由376港元升至431港元。

招银国际：下调周大福目标价至10港元，下半财年压力持续。

招银国际发表研报指， $周大福 (01929.HK)$ 上半财年收入按年跌20%，符合市场预期，中期净利润按年倒退44%，则较市场普遍预期低20%，相信是受到消费情绪疲软，以及金价上涨导致黄金贷款公允价值损失的拖累。招银国际将周大福目标价下调至10港元，2025财年预测市盈率约20倍，评级“买入”。

编辑/Wade

Futu News on November 28th reported that all Hong Kong stocks fell back, with all three major indexes declining, Hang Seng Index falling more than 1%, and Technology Index and National Index both down about 1.5%.

As of the close, 616 Hong Kong stocks rose, 1285 fell, and 1183 remained unchanged.

The specific industry performance is shown in the following figure:

In terms of sectors, network technology stocks generally fell, with NetEase-S down 2.45%, Baidu Group-SW down 2.31%, Meituan-W down 2.27%, Alibaba-W down 1.88%, Xiaomi Group-W down 1.59%, Kwai-W down 0.73%, Tencent Holdings down 0.70%, JD Group-SW down 0.28%.

Most biotechnology stocks declined, with Jiuyuan Genomic down 38.41%, Akeso-B down 14.12%, Everest Med-B down 12.36%, Juzi Biology down 6.85%, Kintor Pharma down 5.22%, Wuxi Bio down 0.95%, Beigene up 0.25%.

Multiple securities and brokerage stocks declined, with Everbright Securities down 3.23%, China Merchants Securities down 3.06%, China Galaxy down 2.85%, China International Capital Corporation down 2.81%, CSC down 2.51%, GF Securities down 2.06%, HTSC down 1.81%.

Aviation stocks rose against the trend, with Meilan Airport up over 4%, Air China Limited up nearly 2%, China Eastern Airlines Corporation up nearly 3%, Cathay Pacific Airways up nearly 1%.

Sporting goods stocks generally fell, with Anta Sports down 3.45%, Topsports down 3.20%, Li Ning down 2.74%, China Dongxiang down 2.74%, Yue Yuen Ind down 2.68%, Xtep Int'l down 2.08%, 361 Degrees down 0.26%.

Alcoholic beverages stocks mostly declined, with San Miguel HK falling 6.38%, Huayuexpressway down 5.75%, China Res Beer dropping 4.28%, Tsingtao Brew falling 2.23%, Bud APAC declining 2.12%, ZJLD down 1.84%, Tibet Water up 1.56%.

Golden industrial concept stocks mostly declined, with Lingbao Gold falling 4.92%, SD Gold down 2.62%, Zhaojin Mining dropping 2.28%, Zijin Mining Group down 2.24%, Tongguan Gold up 2.06%, Chinagoldintl falling 1.41%, Persistence Res rising 1.20%.

In terms of individual stocks, $BEKE-W (02423.HK)$ Dropping nearly 3%, the proportion of existing home business decreased, dragging Q3 net income to decline by over 30% year-on-year.

$GEELY AUTO (00175.HK)$ Rising nearly 5%, the Ministry of Commerce responded to the China-EU electric car anti-subsidy case, stating that consultations are still ongoing.

$STANCHART (02888.HK)$ Rising by more than 2%, Stanchart Group is discussing selling minority businesses to increase investment in affluent client business.

$SUPER HI (09658.HK)$ Rising by more than 22%, the stock price hits a new high in over half a year, achieving a turnaround from losses to profits in the third quarter.

$INKEVERSE (03700.HK)$Rising by nearly 8%, recently receiving multiple increases in shareholdings from Kunlun Tech, investment in cryptos is expected to optimize asset allocation.

$BLACK SESAME (02533.HK)$Rising by more than 8%, the company is included in the Hang Seng Composite Index, with the potential to enter the Hong Kong Stock Connect in the future.

TOP 10 trading volume today

Hong Kong Stock Connect Fund

In terms of the Hong Kong stock connect, the net inflow of Hong Kong stock connect (southbound) today is 7.811 billion Hong Kong dollars.

Institutional perspective:

Morgan Stanley: Maintains a "outperform market" rating for Geely Auto, with the potential boosting effect of mid-term electric vehicle strategy.

Morgan Stanley issued a report indicating that $GEELY AUTO (00175.HK)$ It is expected to achieve sales target surpassing 2 million units in the fiscal year 2024, with exports reaching 0.38 million units, anticipating larger scale. The company expects to enter a virtuous cycle, higher sales volumes will help reduce marketing expenses and supplier costs, further driving business growth. The bank maintains its financial estimates for Geely, believing that the market still underestimates the potential boosting effect of the mid-term electric vehicle strategy for the company, maintaining its "outperform market" rating with a target price of 18 Hong Kong dollars.

Nomura: Raised BYD's target price to 431 Hong Kong dollars and maintained a "buy" rating.

Daiwa's research report pointed out, $BYD COMPANY (01211.HK)$ The sales of DMi4 and DMi5 models have brought surprises to the market. The company expressed its commitment to developing autonomous driving at the beginning of the year, with the strategy of introducing autonomous driving functions into mass market models priced between 0.1 million and 0.2 million yuan. The bank expects BYD to launch intelligent functions in the Ocean and Dynasty series starting from 2025, further consolidating its leading position in the mass market segment. The bank maintains a 'buy' rating with a target price raised from 376 Hong Kong dollars to 431 Hong Kong dollars.

CMB International: Downgrade Chow Tai Fook's target price to 10 Hong Kong dollars, continuous pressure in the second half of the fiscal year.

CMB International stated in their research report, $CHOW TAI FOOK (01929.HK)$ In the first half of the fiscal year, the revenue declined by 20% compared to the previous year, in line with market expectations. The mid-term net income declined by 44% compared to the previous year, which is 20% lower than the market's general expectations. It is believed to be due to weak consumer sentiment and drag from the fair value losses of gold loans caused by the rise in gold prices. CMB International has lowered the target price of Chow Tai Fook to 10 Hong Kong dollars, with a forecasted PE ratio of approximately 20 times for the 2025 fiscal year and a 'buy' rating.

编辑/Wade

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