Goldman Sachs reported that the Hang Seng Index closed on Friday (13th) at 19971, down 425 points or 2.1%. The market's total turnover for the day was 158.4 billion yuan. The National Index fell 173 points or 2.4%, closing at 7184. The Tech Index dropped 2% to 4508, marking three consecutive weeks of declines. Goldman Sachs indicated that the lack of consistency in the property policy from the China Economic Association is disappointing; Longfor Group (00960) fell 7.3%, making it the worst-performing blue chip for the day; China Overseas (00688) dropped 4.9%, losing 5.1% for the week, also the worst-performing blue chip; Gold prices significantly dropped last night, dragging down gold-related stocks. Zijing Mining (02899) fell 5.5%; Zhuhai Ji'nan Gold (01818) also dropped nearly 4%;

The Dow Jones Index closed at 43828 points, down 86 points or 0.2% on Friday (13th). The S&P 500 dropped less than 1 point, closing at 6051 points; the Nasdaq rose by 0.12%, closing at 19926 points; Broadcom is bullish on the sales prospects of this season's AI products, with its stock price soaring 24.4%, marking a market cap that surpassed one trillion dollars for the first time. Some chip stocks also rose, with Micron Technology and ARM's stock prices increasing by 4.3% and 2.6%, respectively; Nvidia first rose then fell by 2.3%, making it the worst-performing stock in the Dow. Tesla jumped 4.3%, continuing to set historical highs. The Asia-Pacific stock market showed mixed results this morning (16th), with the Nikkei 225 Index currently at 39597 points, up 127 points or 0.32%. The South Korean SSE Conglomerates Index is currently at 2500 points, up 6 points or 0.25%. The central meeting did not bring surprises to the market, with the Hang Seng Index struggling around 20,000 points.

Market Focus: Tongchengtravel (00780)

As the year-end approaches, the popularity of ice and snow tourism and winter getaways continues, with many popular tourist cities gradually issuing cultural and tourism consumption vouchers. SiChuan will launch a cultural and tourism package worth 0.15 billion yuan, including 95 million yuan in tourism consumption vouchers; Airbnb data shows that compared to holidays like New Year's Day at year-end, Chinese users' search interest in outbound travel during the Spring Festival has surged nearly three times. The leading mainland travel platform TONGCHENGTRAVEL is worth noting; in the third quarter, TONGCHENGTRAVEL's revenue reached 4.991 billion yuan, a 51.3% increase year-on-year; net profit was 0.793 billion yuan, a 55.5% increase year-on-year. Adjusted net profit increased by 46.6% year-on-year to 0.91 billion yuan. Regarding user data, by the end of the third quarter of 2024, TONGCHENGTRAVEL had served a cumulative total of 1.88 billion users, a year-on-year increase of 19.9%. The average frequency of user consumption increased to 8.1 times, growing 15.9% compared to the same period last year. In the third quarter, the average monthly paying users (MPU) reached 46.4 million, a 5% increase compared to the same period last year; annual paying users (APU) reached 0.23 billion, a 3.4% increase compared to last year; the average revenue per user (ARPU) increased by 53.2% compared to the same period last year. China's tourism industry continues to show an upward trend, and the demand for tourism remains robust, with TONGCHENGTRAVEL expected to achieve rapid growth in the future. Target price $24, stop-loss price $16.

(The author is a licensed person of the China Securities Regulatory Commission and does not hold any of the above stocks.)

Author: Dr. Tang Shengxing, Chairman of the Hong Kong Stock Analysts Association.