On June 3, Futu News reported that all three major Hong Kong stock indices rose. $Hang Seng Index (800000.HK)$ Up 1.53%, $Hang Seng TECH Index (800700.HK)$ Up 1.08%, $Hang Seng China Enterprises Index (800100.HK)$ Up 1.92%.
As of the close, 1,402 stocks in Hong Kong rose, 699 fell, and 1,031 closed flat.
The performance of specific industries is shown in the following figure:
In the Sector aspect, Network Technology stocks rose, with XIAOMI-W up 3.10%, NTES-S up 2.39%, KUAISHOU-W down 2.38%, TENCENT up 1.32%, Baidu Group-SW up 0.86%, MEITUAN-W up 0.66%, and Alibaba-W up 0.62%.
The "New Consumption Three Sisters" all hit new highs! POP MART rose nearly 2%, Old Gold rose over 6%, and Mixue Group once rose nearly 1%.
Most lithium battery stocks moved higher, with China Innovation Airline up 4.36%, BYD Co. up 3.94%, Tianqi Lithium Corporation up 2.86%, HONBRIDGE down 1.49%, TIANNENG POWER up 1.35%, BYD Electronic up 1.29%, LEOCH INT'L down 0.83%, and GANFENGLITHIUM up 0.64%.
Auto stocks strengthened, with Li Auto-W up 5.82%, BYD Co. up 3.94%, Great Wall Motor up 3.85%, YADEA up 3.12%, XPeng Motors-W up 2.40%, Geely Automotive up 1.60%, and LEAPMOTOR up 0.79%.
Banking stocks rose, with China CITIC Bank Corporation up 5.47%, China Construction Bank Corporation up 3.47%, Agricultural Bank Of China up 3.41%, CM BANK up 3.12%, Industrial And Commercial Bank Of China up 3.02%, Bank Of China up 2.67%, BOC HONG KONG up 1.82%, and HSBC Holdings down 0.38%.
Chinese brokerage stocks performed well, with Orient up 5.38%, HOLLY FUTURES up 4.93%, China Galaxy up 3.37%, DL HOLDINGS GP up 3.26%, Guotai Junan up 2.94%, and China International Capital Corporation up 2.63%.
Most biotechnology stocks rose, with AKESO up 7.60%, REMEGEN up 5.97%, GENSCRIPT BIO up 5.94%, Juzi Biological down 4.69%, BEIGENE up 2.86%, ZAI LAB up 2.11%, and WUXI APPTEC up 1.66%.
In terms of individual stocks,$BLOKS (00325.HK)$Increased by over 5%, reaching a new high at one point, the company's products have been rapidly launched since April, and it is expected to enter the Hong Kong Stock Connect this month.
$LAOPU GOLD (06181.HK)$Increased by over 6% to reach a new high, recently released new products such as the Seven-Child Gourd series, institutions are optimistic about its valuation level improvement.
$LINKLOGIS-W (09959.HK)$Increased by over 10%, with the implementation of stablecoin legislation in Hong Kong, the company has a strong layout in the field of Digital Currency.
$CHINA EB LTD (00165.HK)$Increased by over 15%, previously invested in stablecoin giant Circle, which will go public in the U.S. this month.
$SF HOLDING (06936.HK)$Increased nearly 6%, once hitting a new high since listing, with a high growth rate maintained in April, company revenue growth is expected to recover.
$LIANLIAN (02598.HK)$Retracted over 39%, market speculation on the stablecoin concept, stock price accumulated a 1.2 times increase in the previous three trading days.
$MINIEYE (02431.HK)$ Increased nearly 10%, AEB mandatory national standards are being implemented faster, and the company is expected to benefit significantly.
Top 10 transaction amounts today.
Hong Kong Stock Connect funds.
In terms of Hong Kong Stock Connect, today the net inflow of the southbound Hong Kong Stock Connect is 3.905 billion Hong Kong dollars.
Institutional views
JPMorgan: Upgraded $INNOVENT BIO (01801.HK)$the Target Price to 74 Hong Kong dollars, continuing to be listed as a preferred stock among biotechnology companies.
JPMorgan published a research report indicating that INNOVENT BIO's PD-1/IL-2alpha-bias bispecific antibody fusion protein product IBI363 and the recombinant human anti-CLDN18.2 conjugate (ADC) IBI343 have encouraging latest research data, believing that both drugs have great potential. Therefore, the forecast for potential sales in the mainland market has been raised, and forecasts for potential sales in the U.S. market for two new candidate drugs have been added, as it is expected that INNOVENT may license these two assets overseas or initiate global development independently.
JPMorgan currently estimates that the sales of IBI363 in China could reach 2.5 billion yuan, while U.S. sales may approach 1 billion USD, and the sales forecast for IBI343 in China is expected to reach 1.5 billion yuan, with U.S. sales potentially reaching 0.25 billion USD. The firm raised its Target Price from 55 Hong Kong dollars to 74 Hong Kong dollars, continuing to list it as a preferred stock among biotechnology companies, raising the total sales forecast for the company from 2029 to 2033 by 7% to 45%, and maintaining a 'Shareholding' rating.
Goldman Sachs: Raised the $LI AUTO-W (02015.HK)$Target Price to 138 HKD, raised the earnings forecast for 2025 to 2027.
Goldman Sachs published a research report stating that Ideal Autos' gross profit and Net income for the first quarter of this year exceeded the bank's expectations by 6% and 21%, respectively, mainly due to higher auto sales. The bank raised the Target Price for H-shares from HKD 124 to HKD 138 and adjusted the Target Price for US stocks from USD 31.7 to USD 35.3, giving it a 'Buy' rating.
Citigroup: Regarding $TIANQI LITHIUM (09696.HK)$ initiated a 90-day upward catalytic observation, anticipating potential supply constraints.
Citigroup released a research report, initiating a 90-day upward catalytic observation on Tianqi Lithium Corporation, looking forward to future potential supply constraints. The bank stated that lithium prices have accelerated their decline over the past few weeks, estimating that there will be more supply cuts in the next three months, causing the lithium market to transition from oversupply to a state of barely achieving balance, with short-term lithium price upside risks.
However, the oversupply situation still exists this year, and there will be continued pressure in the next 12 months. In addition, new entrants such as Zijin Mining Group and Rio Tinto may extend the downward cycle of lithium prices. Citigroup has given Tianqi Lithium Corporation a "Sell" rating, with a target price of 26.26 yuan for A-shares.
Editor/danial
