Hong Kong Market Speed Watch | All three major indices closed higher! The technology index rose by over 2%; technology, healthcare, major finance, saas solutions concepts all rose, with SenseTime soaring nearly 15%, Wuxi Apptec, Kingdee Int'l rising by ov

Futu News · Dec 6 16:22

富途资讯12月6日消息，港股今日高开高走，三大指数全线收高，科指涨超2%领涨。截至收盘， $恒生指数 (800000.HK)$ 涨1.56%， $恒生科技指数 (800700.HK)$ 涨2.16%， $国企指数 (800100.HK)$ 涨1.75%。

截至收盘，港股上涨1302只，下跌636只，收平1148只。

具体行业表现如下图：

板块方面，科网股多股上行，商汤-W涨14.77%，京东集团-SW涨3.09%，阿里巴巴-W涨2.44%，美团-W涨2.01%，腾讯控股涨1.83%，快手-W涨1.82%，小米集团-W涨1.53%，网易-S涨0.14%。

餐饮股走强，呷哺呷哺涨10.78%，特海国际涨8.74%，海伦司涨6.25%，百胜中国涨4.55%，九毛九涨4.48%，奈雪的茶涨4.26%，海底捞涨3.89%，达势股份涨1.43%。

生物技术股表现亮眼，药明康德涨9.20%，QUANTUMPH-P涨8.50%，巨子生物涨8.34%，药明生物涨5.47%，药明合联涨4.36%，百济神州涨2.14%，云顶新耀-B涨1.65%，康方生物跌0.38%。

SaaS概念股全线走强，金蝶国际涨9.66%，汇量科技涨8.90%，明源云涨6.57%，微盟集团涨5.16%

互联网医疗股纷纷上行，平安好医生涨12.69%，众安在线涨3.75%，叮当健康跌3.23%，京东健康涨3.21%，阿里健康涨1.98%。

香港零售股走强，普拉达涨4.90%，莎莎国际涨2.78%，新秀丽涨1.13%，六福集团涨1.08%，周生生涨1.08%，周大福涨0.72%。

锂电池股上扬，比亚迪股份涨3.99%，天齐锂业涨2.13%，天能动力涨1.88%，中国石墨涨1.28%。

个股方面，$商汤-W (00020.HK)$大涨近15%，集团已完成战略组织架构重组，赋能头部品牌应用落地。

$药明康德 (02359.HK)$涨超9%，传美国立法者考虑对生物安全法案进行更改。

$泡泡玛特 (09992.HK)$涨近4%，今年已累涨超367%，泰国市场仍有增长空间，花旗看好公司IP孵化潜力。

$锦欣生殖 (01951.HK)$涨近6%，多地已将辅助生殖纳入医保，预付金制度有望缓解回款压力。

$昆仑能源 (00135.HK)$涨超5%，大和指其背靠中石油有望成直供竞争赢家，上调评级及目标价。

$中国软件国际 (00354.HK)$涨超3%，信创国产替代加速可期，公司有望充分受惠纯血鸿蒙发展。

$比亚迪股份 (01211.HK)$涨近4%，11月销量再破50万辆，出口有望打开销量天花板。

$第四范式 (06682.HK)$涨近3%，绩后已累涨逾两成，先知AI平台业务收入高速增长。

$微盟集团 (02013.HK)$涨超5%，近期推出国补以旧换新计划，机构看好AI赋能客户关系管理。

$东风集团股份 (00489.HK)$跌近3%，前11个月累计汽车销量同比下滑约11%。

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49.78亿港元。

机构观点

野村：明年中国软件行业需等刺激措施，荐金山软件、金蝶国际

野村发研报表示，刺激政策、本地化和人工智能投资，将支撑中国软件行业从明年次季开始复苏。该行认为，由于对政府财政刺激的强烈情绪，中国软件指数在过去60天内上涨76%，收复2024年的失地。另认为，在资讯科技支出回升之前，经济刺激计划还需要一段时间才能发挥作用。建议买入 $金山软件 (03888.HK)$ 、 $金蝶国际 (00268.HK)$ 。考虑到明年首季的弱季节性，若宏观经济出现明显的复苏迹象，野村认为中国软件行业的基本面复甦可能会从2025年第2季开始加速。该行认为，国内替代和人工智能将成为2025年该行业的两个关键驱动力，前者由外部因素，即地缘政治风险驱动，而后者则由内部因素驱动。

星展：重申对港股正面法，但下调明年恒指基本情境目标至21300点

星展近日发表港股明年展望报告，重申对港股正面法，但考虑美国大选后共和党执政(Red Sweep)，令到宏观透明度降低，决定下调对恒指基本情境目标至21300点，此相当于明年预测市盈率9.9倍，予国指目标7300点，相当于预测明年市盈率8.6倍，料发生概率60%。星展予恒指“牛市”情境目标为25600点(料发生概率25%)，此相当于明年预测市盈率11.9倍；予恒指“熊市”情境目标为16000点(料发生概率15%)，此相当于明年预测市盈率7.8倍。

星展亦更新了港股最新推介股名单，新纳入 $华润电力 (00836.HK)$ ，其他推介股份包括 $安踏体育 (02020.HK)$ 、 $比亚迪电子 (00285.HK)$ 、 $中国移动 (00941.HK)$ 、 $中国石油化工股份 (00386.HK)$ 、 $新奥能源 (02688.HK)$ 、 $美团-W (03690.HK)$ 、 $中国平安 (02318.HK)$ 、 $腾讯控股 (00700.HK)$ 及 $小米集团-W (01810.HK)$ 。

花旗：首予泡泡玛特“买入”评级，目标价为105港元

花旗首次覆盖 $泡泡玛特 (09992.HK)$ ，予“买入”评级，目标价为105港元，相当于预测明年市盈率35倍。花旗指，泡泡玛特是中国最大的流行玩具公司，拥有强大的IP孵化和变现能力，以及不断增长的全球足迹和知名度。凭借其多元化的IP角色和内容驱动的市场策略，公司看来已准备好捕捉年轻消费者的新兴“精神消费”。花旗认为，泡泡玛特的IP商业化应该会延伸至流行玩具以外的领域。流行玩具是消费者负担得起的娱乐选择，亦是该行最看好的消费品类别之一。

编辑/rice

On December 6th, Futu News reported that the Hong Kong stock market opened high and continued to rise today, with all three major indexes closing higher. The technology index rose over 2%, leading the gains. By the close, $Hang Seng Index (800000.HK)$ up 1.56%, $Hang Seng TECH Index (800700.HK)$ up 2.16%, $Hang Seng China Enterprises Index (800100.HK)$ up 1.75%.

By the close, 1302 Hong Kong stocks rose, 636 fell, and 1148 remained unchanged.

The specific industry performance is shown in the following figure:

In terms of sectors, network technology stocks rose, Sensetime-W up 14.77%, JD.com-SW up 3.09%, Alibaba-W up 2.44%, Meituan-W up 2.01%, Tencent up 1.83%, Kuaishou-W up 1.82%, Xiaomi Group-W up 1.53%, Netease-S up 0.14%.

Dining stocks strengthened, Xiabu Xiabu up 10.78%, Super Hi up 8.74%, Helen of Troy up 6.25%, Yum China up 4.55%, Jiumaojiu up 4.48%, Nayuki Tea up 4.26%, Haidilao up 3.89%, Dpc Dash up 1.43%.

Biotechnology stocks performed well, WuXi AppTec up 9.20%, QuantumPH-P up 8.50%, G-Biotech up 8.34%, WuXi Bio up 5.47%, WuXi XDC up 4.36%, Beigene up 2.14%, Topnew Info-B up 1.65%, Akeso down 0.38%.

SaaS solutions stocks are performing strongly across the board, with kingdee int'l up 9.66%, mobvista up 8.90%, ming yuan cloud up 6.57%, and weimob inc up 5.16%.

Digital health stocks rose, Ping An Good Doctor up 12.69%, ZhongAn Online up 3.75%, Dangdang Health down 3.23%, JD Health up 3.21%, Ali Health up 1.98%.

Hong Kong retail stocks strengthened, Prada up 4.90%, Sa Sa Int'l up 2.78%, Samsonite up 1.13%, Luk Fook Holdings up 1.08%, Chow Sang Sang up 1.08%, Chow Tai Fook up 0.72%.

Lithium battery stocks rose, BYD Co. up 3.99%, Tianqi Lithium Corporation up 2.13%, Tianneng Power up 1.88%, Sinopec Corp up 1.28%.

In terms of individual stocks,$SENSETIME-W (00020.HK)$Surging nearly 15%, the group has completed a strategic organizational restructuring, empowering top brand applications to land.

$WUXI APPTEC (02359.HK)$Up over 9%, US lawmakers are considering changes to the biosecurity legislation.

$POP MART (09992.HK)$Up almost 4%, with a cumulative increase of over 367% this year, the Thailand market still has growth potential, Citibank is bullish on the company's IP incubation potential.

$JXR (01951.HK)$Up nearly 6%, assisted reproduction has been included in the medical insurance in many regions, and the prepayment system is expected to alleviate the pressure of receivables.

$KUNLUN ENERGY (00135.HK)$Up over 5%, Daheng Index is expected to become the winner of direct supply competition by relying on Sinopec, with rating and target price raised.

$CHINASOFT INT'L (00354.HK)$Up over 3%, accelerating the expectation of domestic replacement by Xin Chuang, the company is expected to fully benefit from the development of Cloud Hongmeng.

$BYD COMPANY (01211.HK)$Up nearly 4%, with sales volume breaking 0.5 million vehicles again in November, exports are expected to open up the sales ceiling.

$FOURTH PARADIGM (06682.HK)$Up nearly 3%, the performance has increased by over 20% after the release, with the AI platform business revenue growing rapidly.

$WEIMOB INC (02013.HK)$Rising more than 5%, recently launched a national subsidy program for replacing old with new, with institutions bullish on AI empowering customer relationship management.

$DONGFENG GROUP (00489.HK)$Dropping by nearly 3%, the cumulative car sales in the first 11 months decreased by about 11% year-on-year.

TOP 10 trading volume today

Hong Kong Stock Connect Fund

Regarding the Hong Kong Stock Connect, the net inflow of Hong Kong Stock Connect (Southbound) today amounted to 4.978 billion Hong Kong dollars.

Institutional perspective

Nomura: The Chinese software industry will need stimulus measures next year, recommending Kingsoft and Kingdee Int'l.

Nomura's research report indicates that stimulus policies, localization, and AI investments will support the recovery of the Chinese software industry from the second quarter of next year. The firm believes that due to strong sentiment towards government fiscal stimulus, the China National Software & Service Index has risen by 76% in the past 60 days, regaining lost ground from 2024. It is also considered that it will take some time for economic stimulus plans to take effect before information technology spending rebounds. The recommendation is to buy. $KINGSOFT (03888.HK)$ 、 $KINGDEE INT'L (00268.HK)$ Given the weak seasonality in the first quarter of next year, if there are clear signs of macroeconomic recovery, Nomura believes that the fundamentals of the Chinese software industry may accelerate recovery starting from the second quarter of 2025. The firm believes that domestic substitution and AI will be two key drivers of the industry in 2025, the former driven by external factors, namely geopolitical risks, and the latter driven by internal factors.

DBS: Reaffirming a positive view on Hong Kong stocks, but lowering the target for the Hang Seng Index's base scenario next year to 21300 points

DBS recently released a Hong Kong stock outlook report for next year, reaffirming its positive view on Hong Kong stocks. However, considering the Republican Party's governance after the U.S. election (Red Sweep), which has reduced macro transparency, they have decided to lower the target for the Hang Seng Index to 21,300 points. This is equivalent to a forecasted PE ratio of 9.9 times for next year. They set the target for the Hang Seng China Enterprises Index at 7,300 points, equivalent to a forecasted PE ratio of 8.6 times for next year, with a 60% probability. DBS sets a 'bull market' target for the Hang Seng Index at 25,600 points (with a 25% probability), which is equivalent to a forecasted PE ratio of 11.9 times for next year; while the 'bear market' target for the Hang Seng Index is 16,000 points (with a 15% probability), equivalent to a forecasted PE ratio of 7.8 times for next year.

DBS has also updated its latest recommended stock list for Hong Kong stocks, with the addition of $CHINA RES POWER (00836.HK)$ , among other recommended stocks including $ANTA SPORTS (02020.HK)$ 、 $BYD ELECTRONIC (00285.HK)$ 、 $CHINA MOBILE (00941.HK)$ 、 $SINOPEC CORP (00386.HK)$ 、 $ENN ENERGY (02688.HK)$ 、 $MEITUAN-W (03690.HK)$ 、 $PING AN (02318.HK)$ 、 $TENCENT (00700.HK)$ Nvidia. $XIAOMI-W (01810.HK)$ 。

Citi Group: First initiated a "buy" rating on Pop Mart with a target price of 105 Hong Kong dollars.

Citigroup initiates coverage for the first time. $POP MART (09992.HK)$ With a 'buy' rating and a target price of HK$105, equivalent to a forecast P/E ratio of 35 times next year. Citi pointed out that Pop Mart is China's largest pop toy company, with strong IP incubation and monetization capabilities, as well as a growing global footprint and popularity. With its diversified IP roles and content-driven market strategy, the company appears ready to capture the emerging 'spiritual consumption' of young consumers. Citi believes that the commercialization of Pop Mart's IP is expected to extend beyond popular toys. Popular toys are affordable entertainment choices for consumers, and also one of the bank's most bullish consumer product categories.

Editor/rice

The translation is provided by third-party software.

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 | 三大指数全线收高！科指涨超2%；科技、医药、大金融、SaaS概念股齐涨，商汤大涨近15%，药明康德、金蝶国际涨超9%