On March 25, Futu News reported that the three major Hong Kong stock indices fell together, $Hang Seng Index (800000.HK)$ Dropped by 2.35%, $Hang Seng TECH Index (800700.HK)$ Dropped by 3.82%, $Hang Seng China Enterprises Index (800100.HK)$Dropped by 2.65%.
As of the close, 694 Hong Kong stocks rose, 1,420 fell, and 1,013 remained flat.
The specific industry performance is shown in the picture below:
In terms of sectors, Network Technology stocks fell across the board, with XIAOMI-W down 6.32%, Bilibili-W down 4.58%, MEITUAN-W down 4.35%, Alibaba-W down 3.84%, KUAISHOU-W down 3.57%, JD-SW down 3.24%, TENCENT down 2.14%, and Baidu Group-SW down 1.55%.
Apple Supplier stocks declined, with SUNNY OPTICAL down 10.05%, BYD Electronics down 9.58%, AAC TECH down 8.30%, COWELL down 4.99%, TK GROUP HLDG up 4.70%, Q TECH down 4.68%, FIH down 3.23%, and VSTECS down 2.44%.
Automobile stocks were sluggish, with XIAOPENG-W down 7.48%, Great Wall Motor down 7.24%, Geely Automobile down 5.55%, LI AUTO-W down 4.94%, LEAPMOTOR down 4.34%, BYD Shares down 3.52%, YADEA down 3.23%, and NIO-SW down 2.59%.
Most Lithium Battery stocks fell, with BYD Electronics down 9.58%, LEOCH INT'L down 4.62%, BYD Shares down 3.52%, TIANNENG POWER down 3.01%, HONBRIDGE down 1.82%, ZTE down 1.46%, and GANFENGLITHIUM down 0.67%.
Many Building Materials stocks fell, with GUIXIN GROUP down 6.41%, Huaxin Cement down 3.99%, CONCH CEMENT down 3.76%, CNBM down 1.99%, CR BLDG MAT TEC down 1.63%, BBMG Corporation down 1.33%, WESTCHINACEMENT up 0.68%, and CHINA LESSO down 0.28%.
Most Dining stocks fell, with SUPER HI down 6.89%, Little Garden down 6.35%, XIABUXIABU down 4.40%, YUM CHINA down 3.07%, Naixue's Tea down 2.59%, HAIDILAO down 2.58%, DPC DASH up 2.51%, and JIUMAOJIU down 1.98%.
In terms of individual stocks,$ZTE (00763.HK)$Having fallen over 4%, it has dropped 30% from the peak in February, likely affected by the decline in capital expenditures from operators.
$ZIJIN MINING (02899.HK)$Despite the trend, it rose over 2%, with last year's net income increasing by over 50% year-on-year, and the annual dividend payout ratio reaching 32%.
$JXR (01951.HK)$Rising over 3%, the National Health Commission decided to carry out research on high-quality population development.
$CIRRUS (02507.HK)$After the performance announcement, it rose by 10%, with a cumulative increase of over 43% in March, and annual net income increasing by 32.5%, while delivery volumes remained at record levels.
$XIAOMI-W (01810.HK)$Falling more than 6%, planning to place 42.5 billion HKD in financing; Citigroup: short-term pressure on stock prices, long-term optimization of financial structure.
Top 10 transaction amounts today.
Hong Kong Stock Connect funds.
Regarding Hong Kong Stock Connect, there was a net inflow of 13.895 billion HKD today.
Institutional Views
China International Capital Corporation: BYD's overall performance meets expectations, maintaining a "outperforming the Industry" rating for AH Stocks.
China International Capital Corporation's research report points out that BYD (002594.SZ) is expected to have Q4 2024 revenue of 274.9 billion yuan, showing a quarter-on-quarter increase of +53%/+37%; net income attributable to shareholders is expected to be 15 billion yuan, with a quarter-on-quarter increase of +73%/+29%. Q4 sales surged, gross margin and per vehicle profit maintained a steady growth, significant investment in R&D, and the overall performance meets market expectations. Looking ahead to Q1, significant year-on-year growth in increments, noticeable improvement in sales structure (high export sales ratio), and relatively stable pricing policies in the domestic market, it is expected that the company will continue to realize substantial year-on-year profit growth in Q1 2025. There is a bullish outlook on the trend of strong vehicle cycles, maintaining the current target prices for A/H Stocks at 440 yuan/445 HKD, and maintaining the "outperforming the Industry" rating.
JPMorgan: Raises the target price of MINISO to HKD 43 and upgrades the rating to 'Shareholding'.
JPMorgan published a Research Report stating that the rating for MINISO was upgraded from 'Neutral' to 'Shareholding', based on the recovery of same-store sales growth in China and strong overseas expansion (accounting for 50% to 70% of new stores), with the operating profit margin increasing by 1.1 percentage points. In addition, Yonghui Superstores has a clearer transformation roadmap aiming to significantly reduce losses this year. The company's shareholder return plan is 7.6% (buying back HKD 1.7 billion stock by June next year, maintaining a payout ratio of over 50%). The bank also changed the valuation method for MINISO from discounted cash flow to PE-based, raising the target price from HKD 29 to HKD 43.projected PETarget price 15 times.
Deutsche Bank: Raises the target price of CHINA MOBILE to HKD 105, maintains 'Buy' rating.
Deutsche Bank published a report, raising the target price of CHINA MOBILE from HKD 90 to HKD 105, maintaining a 'Buy' rating. The bank noted that CHINA MOBILE's dividend payout ratio last year was 73%, and plans to further increase it to over 75% next year. As the costs of 5G deployment gradually decrease, capital expenditures are at a low level and are expected to further reduce, which will help improve profitability.free cash flow.The company has upward potential in the AI-related growth areas and may benefit from asset revaluation.
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