Afternoon review of Hong Kong stock market

Quick look at the Hong Kong market | All three major Indices closed higher, the Science and Technology Index rose nearly 2%; technology, Autos, and Biotechnology stocks climbed, with Li Auto rising over 5%, and Xiaomi Group and WUXI BIO rising nearly 3%.

富途资讯12月18日消息，港股三大指数全线收高，科指涨近2%领涨；截止收盘， $恒生指数 (800000.HK)$ 涨0.83%，$恒生科技指数 (800700.HK)$ 涨1.82%， $国企指数 (800100.HK)$ 涨1.06%。

截至收盘，港股上涨1138只，下跌805只，收平1151只。

具体行业表现如下图：

板块方面，科网股多股上行，小米集团-W涨2.84%，百度集团-SW涨1.74%，京东集团-SW涨1.27%，美团-W涨0.95%，快手-W涨0.88%，腾讯控股涨0.84%，阿里巴巴-W涨0.78%，网易-S涨0.69%。

重型基建股普涨，中国交通建设涨4.28%，中国中铁涨3.69%，洢人壹方控股跌3.55%，中国铁建涨3.09%，中铝国际跌2.01%，中国建筑国际涨1.54%，义合控股涨0.72%，中国中冶涨0.62%。

半导体股走强，宏光半导体涨7.64%，贝克微跌2.78%，中芯国际涨2.77%，华虹半导体涨2.74%，上海复旦涨2.70%，硬蛋创新涨1.54%，晶门半导体涨1.12%，中电华大科技涨0.81%。

汽车股纷纷上行，零跑汽车涨6.42%，华晨中国涨6.29%，理想汽车-W涨5.45%，吉利汽车涨4.12%，小鹏汽车-W涨4.05%，比亚迪股份涨1.20%，长城汽车涨0.57%，雅迪控股收平。

生物技术股尾盘拉升，晶泰控股-P涨29.83%，药明生物涨2.73%，金斯瑞生物科技涨2.58%，康方生物涨2.50%，药明康德涨1.83%，百济神州涨1.03%。

香港零售股普涨，普拉达涨1.72%，堡狮龙跌1.69%，莎莎国际涨1.43%，周大福涨1.37%，佐丹奴国际涨1.21%，周生生跌1.09%，六福集团涨1.02%，新秀丽涨0.71%。

个股方面，$潍柴动力 (02338.HK)$涨超3%，小摩预计其四季度盈利将创新高，公司采取措施提升股东回报。

$吉利汽车 (00175.HK)$涨超4%，业务合并后盈利能力增强，李书福近期增持超3亿港元。

$创新奇智 (02121.HK)$涨近5%，公司持续深耕AI+制造业，股份回购有望驱动公司估值提升。

$毛戈平 (01318.HK)$午后涨超5%再破顶，收盘涨超4%，较招股价已翻倍，公司当前处于品牌势能上升期。

$华润燃气 (01193.HK)$涨超4%，公司分红稳步提升，瑞银看好其估值修复。

$美图公司 (01357.HK)$涨近6%，月内累涨近20%，创始人称公司将在AI层面寻找增量空间。

$微创机器人-B (02252.HK)$涨超5%，血管介入手术机器人R-One成功中标5台。

$中国铁塔 (00788.HK)$涨近4%，公司建议合股并削减股本，高盛称有利公司长期分红支付前景。

$滔搏 (06110.HK)$再涨超4%，第三财季流水增速降幅环比收窄，机构看好其持续受益NIKE底部复苏。

$宝积资本 (08168.HK)$尾盘一度跌近30%，收盘跌近19%，昨日曾放量暴涨118%，公司将于月底公布全年业绩。

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20.7亿港元。

机构观点

招银国际：维持保险板块“增持”评级，看好中国太保、中国人寿、中国平安和友邦保险

招银国际发表报告指，今年中国保险业在政策呵护和低利率环境下迈入高质量转型新阶段。人身险行业出于防范利差损风险的考量，两年内监管下调寿险定价利率上限100个基点，开启此轮寿险定价利率的下行周期。该行指，财险行业伴随新能源车保有量和渗透率的快速提升，车险保费有望进一步打开增量空间；非车险创新类产品的推出和监管持续强化风险减量管理，为行业多元化经营和高质量发展奠定基础。

该行指，当前板块估值交易于0.2至0.5倍2025财年P/EV和0.4至0.9倍2025财年P/BV，股息率为4%至7%。第四季保险板块股价震荡回调，更多反映对政策端预期的博弈。该行维持板块“增持”评级，推荐买入资负匹配更优、增长动能持续向好的龙头险企 $中国太保 (02601.HK)$ 、 $中国人寿 (02628.HK)$ 、 $中国平安 (02318.HK)$ 和 $友邦保险 (01299.HK)$ 。

高盛：小米智能手机及物联网第四季或实现高于行业16%的增长

高盛发布研究报告称，据该行10-11月追踪数据，认为 $小米集团-W (01810.HK)$ 中国智能手机及物联网业务，有望在今年第四季实现高于行业16%的收入增长。

其中，10-11月小米集团在淘宝/天猫/京东平台的线上智能手机商品交易总额(GMV)同比增约18%，主要是因价格上涨带来的平均单价(ASP)增11%，及存货单位(SKU)组合的改善物联网方面，高盛追踪的小米线上物联网GMV增长在10-11月期间年增11%。该行认为，线下销售增长强劲是受惠于以旧换新计划及强劲的家电零售销售支持。

据高盛数据，小米集团在天猫/淘宝/京东的家电和数码设备市场占有率基本保持稳定，但该行留意到，线下销售增长强劲，是因小米集团线下商店在双十一期间将智能手机与物联网的销售比例，由2023年的7:3改为今年的6:4。

美银：美团香港业务步入正轨且海外扩张基于投资回报率，重申买入

美银证券发布研究报告称， $美团-W (03690.HK)$ 在港业务(Keeta)增长已步入正轨。尽管中东投资存在不确定性，但基于以投资回报率为基础的海外扩张，在核心业务增长正面的同时，且具备海外扩张潜力，故重申“买入”评级，维持目标价200港元。美团管理层强调，集团的业务增长和营运利润率仍是实体商店分部的关键，2025年将专注于推动店内分部订单量、收入和营运利润的健康业务增长。

编辑/jayden

Futu News reported on December 18 that the three major indices in Hong Kong stock market closed higher across the board, with the Tech Index rising nearly 2% leading the gains; by the close, $Hang Seng Index (800000.HK)$ up 0.83%,$Hang Seng TECH Index (800700.HK)$ up 1.82%, $Hang Seng China Enterprises Index (800100.HK)$ up 1.06%.

By the close, 1,138 Hong Kong stocks were up, 805 were down, and 1,151 closed flat.

The specific industry performance is shown in the following figure:

In the sector, many Network Technology stocks rose, with XIAOMI-W up 2.84%, BAIDU-SW up 1.74%, JD-SW up 1.27%, MEITUAN-W up 0.95%, KUAISHOU-W up 0.88%, TENCENT up 0.84%, Alibaba-W up 0.78%, and NTES-S up 0.69%.

Heavy Infrastructure stocks rose broadly, with CHINA COMM CONS up 4.28%, China Railway up 3.69%, ALLUREFEM HLDG down 3.55%, China Railway Construction Corporation up 3.09%, China Aluminum International Engineering Corporation down 2.01%, CHINA STATE CON up 1.54%, YEE HOP HLDGS up 0.72%, and Metallurgical Corporation of China up 0.62%.

Semiconductor stocks gained strength, with HG SEMI up 7.64%, BEKE down 2.78%, Semiconductor Manufacturing International Corporation up 2.77%, HUA HONG SEMI up 2.74%, SHANGHAI FUDAN up 2.70%, INGDAN up 1.54%, SOLOMON SYSTECH up 1.12%, and CE HUADA TECH up 0.81%.

Autos stocks rose across the board, with LEAPMOTOR up 6.42%, BRILLIANCE CHI up 6.29%, LI AUTO-W up 5.45%, GEELY AUTO up 4.12%, XIAOPENG-W up 4.05%, BYD COMPANY up 1.20%, Great Wall Motor up 0.57%, and YADEA unchanged.

Biotechnology stocks rallied towards the end, with JINGTAI HLDG-P up 29.83%, WUXI BIO up 2.73%, GENSCRIPT BIO up 2.58%, AKESO up 2.50%, WUXI APPTEC up 1.83%, and BEIGENE up 1.03%.

Hong Kong Retail Stocks rose broadly, with PRADA up 1.72%, BOSSINI INT'L down 1.69%, SA SA INT'L up 1.43%, CHOW TAI FOOK up 1.37%, GIORDANO INT'L up 1.21%, CHOW SANG SANG down 1.09%, LUK FOOK HOLD up 1.02%, and SAMSONITE up 0.71%.

In terms of individual stocks,$WEICHAI POWER (02338.HK)$Increased by over 3%, JPMorgan expects its fourth-quarter profit to reach a new high, and the company has taken measures to enhance shareholder returns.

$GEELY AUTO (00175.HK)$Increased by over 4%, profitability has strengthened after the business merger, and Li Shufu has recently increased his shareholding by over 0.3 billion Hong Kong dollars.

$AINNOVATION (02121.HK)$Increased by nearly 5%, the company continues to deepen its focus on AI + Manufacturing, and share buybacks are expected to drive an increase in company valuation.

$MAO GEPING (01318.HK)$Increased by over 5% in the afternoon to break new highs, closing with an increase of over 4%, doubling from the IPO price, and the company is currently in a phase of rising brand momentum.

$CHINA RES GAS (01193.HK)$Up over 4%, the company's dividends are steadily increasing, and UBS Group is optimistic about its valuation recovery.

$MEITU (01357.HK)$Up nearly 6%, with a cumulative increase of nearly 20% this month, the founder stated the company will seek incremental space in AI.

$MEDBOT-B (02252.HK)$Up over 5%, the vascular intervention surgical robot R-One successfully secured orders for 5 units.

$CHINA TOWER (00788.HK)$Up nearly 4%, the company suggests a shareholding consolidation and capital reduction, with Goldman Sachs stating this is favorable for the company's long-term dividend payout prospects.

$TOPSPORTS (06110.HK)$It surged over 4% again, and the year-on-year decline of the revenue growth rate in the third financial quarter has narrowed compared to the previous quarter, with Institutions Bullish on its continued benefit from NIKE's bottom recovery.

$AMASSE CAPITAL (08168.HK)$At the end of trading, it once fell nearly 30%, closing down nearly 19%, having previously surged 118% in volume yesterday, and the company will announce its annual results at the end of the month.

Today's transaction volume TOP10

Hong Kong Stock Connect funds

Regarding Hong Kong Stock Connect, today there was a net Inflow of 2.07 billion Hong Kong dollars.

Institutional perspective

CMB International: Maintains an 'Overweight' rating for the Insurance Sector, bullish on China Pacific Insurance, China Life Insurance, Ping An Insurance, and AIA.

Zhaoyin International published a report indicating that this year, China's insurance industry has entered a new stage of high-quality transformation under policy protection and a low-interest-rate environment. The life insurance sector, considering the risks of interest spread losses, has seen regulatory bodies lower the maximum pricing interest rate for life insurance by 100 basis points within two years, initiating this round of downward pricing cycle for life insurance. The report points out that the property insurance industry, alongside the rapid increase in the ownership and penetration of Electric Vehicles, is expected to open up further incremental space for car insurance premiums; the launch of innovative non-auto insurance products and the continuous strengthening of risk reduction management by regulators have laid a foundation for diversified operations and high-quality development in the industry.

The report notes that the current sector trades at 0.2 to 0.5 times the 2025 fiscal year P/EV and 0.4 to 0.9 times the 2025 fiscal year P/BV, with dividend yields ranging from 4% to 7%. In the fourth quarter, the insurance sector saw stock price fluctuations and pullbacks, more reflecting the speculation on policy expectations. The firm maintains an 'Overweight' rating for the sector and recommends buying leading insurance companies with better asset-liability matching and continuous growth momentum. $CPIC (02601.HK)$ 、 $CHINA LIFE (02628.HK)$ 、 $PING AN (02318.HK)$ and $AIA (01299.HK)$ 。

Goldman Sachs: Xiaomi's Smart Phones and Internet of Things may achieve growth exceeding the industry by 16% in the fourth quarter.

Goldman Sachs released a research report stating that, according to the bank's tracking data from October to November, it believes $XIAOMI-W (01810.HK)$ China's smart phone and Internet of Things businesses are expected to achieve an income growth exceeding the industry by 16% in the fourth quarter of this year.

Among them, the total online Trade volume (GMV) of Smart Phone Commodities on Taobao/Tmall/JD.com platforms for October to November showed a year-on-year increase of about 18%, mainly due to a price increase that led to an average selling price (ASP) increase of 11% and an improvement in the stock-keeping unit (SKU) mix. In terms of the Internet of Things, Goldman Sachs tracked XIAOMI's online Internet of Things GMV, which grew by 11% year-on-year during the October to November period. The bank believes that the strong growth in offline sales benefited from trade-in programs and robust retail sales of home appliances.

According to Goldman Sachs’ data, XIAOMI-W's market share in the home appliance and digital device markets on Tmall/Taobao/JD.com has remained stable, but the bank noted that the strong growth in offline sales was due to XIAOMI-W's offline stores changing the sales ratio of Smart Phones to Internet of Things products during Singles' Day Sales from 70:30 in 2023 to 60:40 this year.

Merrill Lynch: MEITUAN's Hong Kong business is on the right track, and overseas expansion is based on ROI, reaffirming a Buy rating.

Merrill Lynch reported in its research report that $MEITUAN-W (03690.HK)$ the business in Hong Kong (Keeta) has seen growth and is now on the right track. Despite uncertainties in the Middle East investments, overseas expansion based on ROI is reaffirmed. With positive growth in core businesses and potential for overseas expansion, it maintains a Buy rating with a target price of 200 Hong Kong dollars. MEITUAN's management emphasized that business growth and operating profit margins remain key for the physical store segment, focusing on promoting healthy business growth in order volume, revenue, and operating profit for the in-store segment by 2025.

编辑/jayden

The translation is provided by third-party software.

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