Quick look at the Hong Kong market | All three major indexes rose, the Hang Seng Index increased by 1%; biomedical stocks led the market throughout the day, wuxi bio rose nearly 8%, and wuxi apptec surged over 6%.

Futu News · Dec 3 16:22

富途资讯12月3日消息，今日港股早盘小幅高开后呈探底回升走势，恒指涨1%，科指小幅收涨。截至收盘， $恒生指数 (800000.HK)$ 涨1%， $恒生科技指数 (800700.HK)$ 涨0.27%， $国企指数 (800100.HK)$ 涨0.9%。

截至收盘，港股上涨1046只，下跌969只，收平1070只。

具体行业表现如下图：

板块方面，科网股普涨，小米集团-W涨1.93%，哔哩哔哩-W涨1.55%，京东集团-SW跌1.36%，腾讯控股涨1.15%，网易-S涨0.72%，阿里巴巴-W涨0.54%，快手-W涨0.10%。

石油股表现亮眼，昆仑能源涨3.13%，中国石油股份涨2.93%，中国海洋石油涨1.99%，上海石油化工股份跌1.69%，中海油田服务涨1.49%，中国石油化工股份涨1.44%。

电力股表现亮眼，华电国际电力股份涨5.80%，长江基建集团涨3.18%，中广核电力涨3.09%，中电控股涨1.79%，华润电力涨1.79%，华能国际电力股份涨1.74%，电能实业涨1.67%，中国电力涨1.35%。

银行股上扬，恒生银行涨3.39%，工商银行涨2.39%，招商银行涨2.25%，建设银行涨2.03%，农业银行涨2.02%，中国银行涨1.92%，中银香港涨1.87%，汇丰控股涨1.31%。

生物技术股走强，QUANTUMPH-P涨13.61%，云顶新耀-B涨10.96%，药明生物涨7.87%，药明康德涨6.32%，巨子生物涨1.86%，科伦博泰生物-B涨1.84%。

煤炭股纷纷上行，力量发展涨5.30%，中国神华涨2.03%，兖矿能源涨1.90%，首钢资源涨1.51%，中煤能源涨1.31%。

影视娱乐股走强，传递娱乐涨29.41%，腾讯音乐涨6.12%，乐华娱乐涨4.69%，网易云音乐涨1.59%。

个股方面，$联想集团 (00992.HK)$涨超4%，AI驱动业绩增长，公司三大业务板块增长强劲。

$海昌海洋公园 (02255.HK)$ 飙升18.6%，即将引入一位潜在战略投资者，并与之建立重大战略合作关系。

$微创机器人-B (02252.HK)$跌超14%，折价两成配股筹资近2.7亿港元。

$中教控股 (00839.HK)$反弹逾4%，全年纯利同比下滑超七成，机构称再次减值概率低。

$新东方-S (09901.HK)$涨近3%，公司获纳入恒指成份股，将于下周一起生效。

$长城汽车 (02333.HK)$涨超5%，11月产销数据均同比向好，已完成全年出口目标。

$华住集团-S (01179.HK)$涨超3%，机构称公司完成四季度收入指引确定性较高。

$中烟香港 (06055.HK)$涨近8%，近日签订烟叶出口新协议，年度上限提升至8776万港元。

$华润饮料 (02460.HK)$涨近7%，公司渠道扩张具有潜力，毛利、费用率均有优化改善空间。

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2.95亿港元。

机构观点：

瑞银：上调小米目标价至33.5港元，第三季核心业务盈利及电动车业务毛利率均超预期

瑞银发表报告指出， $小米集团-W (01810.HK)$ 第三季业绩创纪录，核心业务(智能手机、物联网与生活消费产品、以及互联网服务)的盈利及电动车业务毛利率均超过该行及市场预期。该行认为小米在高端化战略上的稳固执行力，将推动其核心盈利的稳定增长，并释放智能电动车业务的上行潜力。
该行重申对小米的“买入”评级，目标价从20港元上调至33.5港元，预期2025至2027年小米智能手机销量的年均复合增长率将稳定于5.2%，相对于2024年为16.6%；向高端市场的转型将继续推动产品均价及毛利率的增长，料均价超过1100元，毛利率逾13%；另对2025年小米汽车出货量的预测由23万辆上调至26万辆，预计小米电动车业务毛利率长远将保持在高双位数，显著高于该行之前基准情境中预测的5%。

银河证券：港股中长期配置价值较高

银河证券研报指出，目前来看，美国通胀水平居高难下，且市场预期特朗普执政后实施的一系列政策将抬升美国再通胀风险，美联储降息节奏或放缓，在流动性方面给港股市场带来一定压力。但港股估值处于相对低位水平，盈利能力体现出一定韧性。
随着增量财政政策加码，国内经济逐步恢复，港股中长期配置价值较高。配置机会方面，科技板块依然具备较高投资机会，特别是分母端和分子端双重改善预期的细分行业有望更多受益，具体包括互联网头部、消费电子等板块。在国内扩内需、稳消费等政策刺激下，当前估值水平相对较低的港股消费股有望上涨。在海外不确定因素扰动下，港股高股息策略仍具备吸引力，重点关注港股央企。

招商证券：维持吉利汽车“增持”评级，接力爆款强化产品周期升势

招商证券发表报告指， $吉利汽车 (00175.HK)$ 接力爆款强化产品周期升势。11月批发量为25万辆，按年和按月分别升25%和10.3%，创历史新高。首11个月累计批发196.7万辆，按年升28%，预计将超额完成中报上调后的200万辆目标。出口方面，11月为3.3万辆，按年和按月分别升8.6%和0.8%，首11个月累计为37.9万辆，按年升50.1%，明年高增长可期。
招商证券指，近期主席李书福重手增持股份约3亿港元，彰显管理层中长期发展信心以及股价被低估。此次增持与上一轮2016至2018年产品大爆发前增持相似，上一轮为造车体系成熟及SUV周期启动共振，而本轮为历经两三年探索后成功开拓电动化转型之路，是二次腾飞的前奏。该行维持“增持”评级和21.8港元目标价，对应16.3倍2025财年市盈率。

编辑/rice

Futu news on December 3rd reports that Hong Kong stocks opened slightly higher today and showed a trend of probing the bottom and rebounding, with the Hang Seng Index up 1%, and the technology index slightly up. $Hang Seng Index (800000.HK)$ up 1%, $Hang Seng TECH Index (800700.HK)$ up 0.27%, $Hang Seng China Enterprises Index (800100.HK)$ an increase of 0.9%.

At the close, 1,046 stocks in Hong Kong rose, 969 stocks fell, and 1,070 stocks closed flat.

The specific industry performance is shown in the following figure:

In terms of sectors, network technology stocks surged, with Xiaomi Group-W rising 1.93%, bilibili-W rising 1.55%, jd.com falling 1.36%, tencent rising 1.15%, netease-S rising 0.72%, alibaba-W rising 0.54%, and Kuaishou-W rising 0.10%.

Petroleum stocks performed strongly, with kunlun energy rising 3.13%, petrochina rising 2.93%, cnooc rising 1.99%, shanghai pechem falling 1.69%, china oilfield rising 1.49%, and sinopec corp rising 1.44%.

Electric power stocks performed strongly, with huadian power rising 5.80%, cki holdings rising 3.18%, cgn power rising 3.09%, clp holdings rising 1.79%, china res power rising 1.79%, huaneng power rising 1.74%, power assets rising 1.67%, and china power rising 1.35%.

Bank stocks rose, with hang seng bank rising 3.39%, industrial and commercial bank of china rising 2.39%, cm bank rising 2.25%, china construction bank corporation rising 2.03%, agricultural bank of china rising 2.02%, bank of china rising 1.92%, boc hong kong rising 1.87%, and ubs group rising 1.31%.

Biotechnology stocks strengthened, with quantumph-p rising 13.61%, cloud top new materials-B rising 10.96%, wuxi bio rising 7.87%, wuxi apptec rising 6.32%, giant bio rising 1.86%, and kelun biotech-B rising 1.84%.

Coal industrial concept (coal industry) stocks were up, with kinetic dev rising 5.30%, china shenhua energy rising 2.03%, yankuang energy rising 1.90%, shougang res rising 1.51%, and china coal energy rising 1.31%.

Film and television entertainment stocks strengthened, with Transmit Ent up 29.41%, Tencent Music up 6.12%, Laiye Global Artist up 4.69%, and Netease Cloud Music up 1.59%.

In terms of individual stocks,$LENOVO GROUP (00992.HK)$Increased by over 4%, with AI driving performance growth, the company's three major business sectors experienced robust growth.

$HAICHANG HLDG (02255.HK)$ Soared 18.6%, with plans to introduce a potential strategic investor and establish a significant strategic partnership with them.

$MEDBOT-B (02252.HK)$Dropped over 14%, with a 20% discount on the placement fundraising nearly 0.27 billion HKD.

$CHINA EDU GROUP (00839.HK)$Rebounded over 4%, with annual net profit down more than 70% year-on-year, institutions indicate a low probability of further impairment.

$NEW ORIENTAL-S (09901.HK)$Up nearly 3%, the company has been included in the constituent stocks in hang seng index, which will take effect from next week.

$GWMOTOR (02333.HK)$Up over 5%, with production and sales data in November improving year-on-year, the annual export target has been achieved.

$HWORLD-S (01179.HK)$Up over 3%, institutions claim that the company has a high certainty of completing the fourth quarter revenue guidance.

$CTIHK (06055.HK)$Up nearly 8%, recently signed a new agreement for tobacco leaf exports, with the annual limit raised to 87.76 million HKD.

$CR BEVERAGE (02460.HK)$Increased nearly 7%, the company's channel expansion has potential, and there is room for improvement in gross margin and expense ratio.

TOP 10 trading volume today

Hong Kong Stock Connect Fund

Regarding the Hong Kong stock connect, today the net inflow for northbound trading is 0.295 billion HKD.

Institutional perspective:

UBS: Upgraded the target price of Xiaomi to 33.5 HKD, with core business profits and electric vehicle business gross margins exceeding expectations in the third quarter.

UBS Group released a report stating that $XIAOMI-W (01810.HK)$ the third-quarter performance reached a record high, with the profitability of core businesses (smart phone, internet of things and consumer products, as well as internet services) and the gross margin of the electric vehicle business exceeding both the bank's and market expectations. The bank believes that Xiaomi's solid execution of its high-end strategy will drive stable growth in its core profitability and unlock the upward potential of its smart electric vehicle business.
The institution reiterated its "buy" rating for Xiaomi, raising the target price from 20 HKD to 33.5 HKD. It expects the average annual compound growth rate of Xiaomi's smart phone sales from 2025 to 2027 to stabilize at 5.2%, compared to 16.6% for 2024. The transition to the high-end market will continue to drive the increase in average product price and gross margin, with the average price expected to exceed 1100 yuan and gross margin exceeding 13%. Additionally, the forecast for Xiaomi's vehicle shipments in 2025 has been raised from 0.23 million units to 0.26 million units, and it is expected that the gross margin of Xiaomi's electric vehicle business will remain in the high double digits in the long term, significantly higher than the previous 5% forecast in its baseline scenario.

Galaxy Securities: Hong Kong stocks have high long-term value allocation.

Galaxy Securities' research report points out that currently, the level of inflation in the USA remains high, and market expectations suggest that a series of policies implemented during Trump's administration will raise the risk of re-inflation in the USA. As a result, the Federal Reserve may slow down the pace of interest rate cuts, putting some pressure on the liquidity of the Hong Kong stock market. However, Hong Kong stocks are valued relatively low with certain resilience in profitability.
As the incremental fiscal policy intensifies, the domestic economy gradually recovers, and long-term allocation value in Hong Kong stocks remains high. In terms of allocation opportunities, the technology sector still possesses significant investment prospects, especially in segmented industries that are expected to benefit from dual improvements in both the denominator and numerator, specifically including leading Internet and consumer electronics sectors. Under the stimulus of policies to expand domestic demand and stabilize consumption, current valuation levels of Hong Kong consumption stocks, which are relatively low, are expected to rise. Amid overseas uncertainties, high-dividend strategies in Hong Kong stocks remain attractive, with a focus on stated-owned enterprises listed on HKEX.

China Merchants Securities: Maintains a "buy" rating on Geely Automobile, reinforcing the product cycle momentum with blockbuster success.

China Merchants issued a report stating, $GEELY AUTO (00175.HK)$ that the explosive trend of popular products strengthens the product cycle's upward momentum. The wholesale volume in November was 0.25 million vehicles, increasing by 25% year-on-year and 10.3% month-on-month, setting a new historical high. In the first 11 months, the cumulative wholesale volume reached 1.967 million vehicles, a 28% year-on-year increase, and it is expected to exceed the revised interim target of 2 million vehicles. Regarding exports, November saw 0.033 million vehicles, which is an 8.6% year-on-year increase and a 0.8% month-on-month increase; the cumulative total for the first 11 months was 0.379 million vehicles, reflecting a 50.1% year-on-year increase, with high growth anticipated next year.
China Merchants Securities indicated that recently, Chairman Li Shufu significantly increased his shareholding by approximately 0.3 billion HKD, demonstrating management's confidence in the long-term development and the undervaluation of the stock price. This increase in shareholding is similar to the previous round from 2016 to 2018 before the major product explosion, where the previous round experienced resonance during the maturity of the automobile manufacturing system and the initiation of the SUV cycle, while this round signifies a successful exploration in the pathway of electrification transformation after two to three years, serving as a prelude to a second take-off. The institution maintains a "buy" rating with a target price of 21.8 HKD, corresponding to a PE ratio of 16.3 times for the fiscal year 2025.

Editor/rice

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The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.

港市速睇 | 三大指数齐涨，恒指涨1%；生物医药股全天领涨，药明生物涨近8%，药明康德涨超6%