手機及相關股回落，小米(01810.HK)全日下滑4%收32.8元，瑞聲(02018.HK)、高偉(01415.HK)及舜宇(02382.HK)跌6.7%至7.6%。鴻騰(06088.HK)及丘鈦(01478.HK)跌5.3%及4.7%。Hong Kong stocks fluctuated lower today. The USA announced that the number of job vacancies in November last year rose to a six-month high, and the ISM Services PMI for December last year rose to 54.1, exceeding expectations, leading the market to reduce hopes for the Federal Reserve's future interest rate cuts. The Dow Jones and Nasdaq both fell by 0.4% and 1.9% respectively. At the time of writing, the yield on the 2-year US Bonds stood at 4.289%, and the yield on the 10-year US Bonds was at 4.679%. The US Dollar Index rose to 108.84, while Dow futures climbed by 88 points, or 0.21%, and Nasdaq futures rose by 0.2%. The Renminbi spot exchange rate fell by 42 points, reporting 7.3317 against one US dollar. The Shanghai Composite Index rose by 0.52 points or 0.02% to close at 3,230 points, the Shenzhen Component Index fell by 0.5%, and the total trading volume of the Shanghai and Shenzhen markets today was 1.24 trillion Renminbi.
The Hang Seng Index opened 56 points lower this morning, rebounded by 36 points to 19,483 points in the early stage but pulled back, and before noon dipped by 336 points to 19,111 points. In the afternoon, the Shanghai index rebounded, and the decline of Hong Kong stocks narrowed, closing down by 167 points or 0.9% at 19,279 points, marking three consecutive days of losses (totaling 480 points or 2.4%). The National Index fell by 59 points or 0.8% to close at 6,990 points; the Hang Seng TECH Index dropped by 47 points or 1.1% to close at 4,307 points. The total market turnover for the day was 168.397 billion Hong Kong dollars.
[Smartphone stocks under pressure, Xiaomi and Sunny Optical weak]
Mobile phone and related stocks declined, with Xiaomi (01810.HK) falling 4% to close at 32.8 Hong Kong dollars. AAC Technologies (02018.HK), GoerTek (01415.HK), and Sunny Optical (02382.HK) dropped between 6.7% and 7.6%. Hong Teng (06088.HK) and Qiu Titanium (01478.HK) fell by 5.3% and 4.7%.
The National Development and Reform Commission and the Ministry of Finance issued a notice about the implementation of a policy for large-scale equipment updates and the replacement of old consumer goods with new ones by 2025, which mentions that subsidies will be implemented for purchasing new digital products such as mobile phones. For individual consumers purchasing mobile phones, tablets, Asia Vets smartwatches or bands, a subsidy of 15% of the product's selling price will be provided, as long as the selling price does not exceed 6,000 RMB. Each consumer is entitled to one subsidy for each product category, and each subsidy will not exceed 500 RMB.
UBS Group published a report stating that mainland residents can apply for a subsidy for each category (Smart Phone, tablet computer, and smart bracelet/watch), with the price and subsidy ceiling stimulating purchases of mid-range Smart Phones, high-end tablet computers, and watches, although most new iPhone models do not qualify.
[With over a thousand stocks declining, Tencent continues to soften]
Today, the Hong Kong stock market turned weaker, with the rise-and-fall ratio for stocks on the Main Board at 10 to 32 (compared to 18 to 24 yesterday). A total of 1,335 stocks fell (down 2.7%). Among the constituent stocks of the Hang Seng Index, 22 stocks rose, and 60 fell, with a rise-and-fall ratio of 27 to 72 (compared to 37 to 58 yesterday). The market recorded a short sale of 22.308 billion Hong Kong dollars today, accounting for 14.721% of the shortable share trading volume of 151.541 billion Hong Kong dollars (compared to 15.636% yesterday).
Tencent (00700.HK) saw its stock price drop by 2.7% to close at 369.2 HKD, with a turnover of over 35.4 billion HKD, marking a continuous decline for six trading days. Meituan (03690.HK), Alibaba (09988.HK), JD.com (09618.HK), Kuaishou (01024.HK), and Baidu (09888.HK) fell by 0.6% to 1.5%, while NetEase (09999.HK) rose by 3%.
Morgan Stanley released its outlook report for this year's Chinese network technology stocks, indicating that the industry could face external (tariffs, sanctions) and internal (policy, competition) uncertainties this year. The firm expects network technology companies to focus on expanding AI, overseas business, and emphasizing capital returns, with Tencent (00700.HK) being the firm's top choice; they have given a 'Shareholding' rating to Ctrip (TCOM.US) and Meituan (03690.HK); Alibaba (BABA.US), JD.com (JD.US), Kuaishou (01024.HK), and Baidu (BIDU.US) received 'In line with the market' investment ratings.
The firm indicated that in terms of segmented markets, the preferred order is social/gaming (Tencent), followed by online travel platforms (OTA), then local services, fourth is gaming (excluding Tencent), fifth is social media/entertainment (excluding Tencent), sixth is verticals, seventh is e-commerce, and lastly is live streaming. Morgan Stanley stated that Tencent remains the firm’s top choice, with its WeChat Store, AI 2C applications, and capital management being sufficient to offset the tough gaming business.
