Futu News reported on November 14 that Hong Kong's three major indices all declined, $Hang Seng Index (800000.HK)$ Down 1.85%, $Hang Seng TECH Index (800700.HK)$ Down 2.82%, $Hang Seng China Enterprises Index (800100.HK)$ Down 2.09%.
By the close of trading, 626 Hong Kong stocks had risen, while 1,580 fell and 1,010 remained unchanged.
The performance by specific industries is shown in the figure below:
In terms of sectors,
Technology stocks weakened, with Baidu Group-SW down 7.21%, JD.com-SW down 6.03%, Alibaba-W down 4.38%, Kuaishou-W down 2.89%, Xiaomi Group-W down 2.62%, Tencent down 2.29%, Meituan-W down 2.06%, and Bilibili-W down 1.79%.
Lithium battery stocks declined, with Tianqi Lithium down 4.85%, Zhengli New Energy down 4.81%, CATL down 4.49%, CALB down 4.20%, Ganfeng Lithium down 3.85%, Tianneng Power down 3.14%, BYD down 2.14%, and BYD Electronics down 1.93%.
Internet healthcare stocks rose collectively, with JD Health up 6.59%, Medvision up 4.17%, ZhongAn Online down 3.08%, Arkh Care down 1.81%, Dingdang Health up 1.74%, Ping An Good Doctor up 1.33%, and Ali Health up 0.17%.
Nonferrous metal stocks fell, with Chalco down 4.90%, Tianqi Lithium down 4.85%, China Hongqiao down 3.95%, Ganfeng Lithium down 3.85%, Jiangxi Copper down 3.35%, Zijin Mining down 2.94%, Luoyang Molybdenum down 1.88%, and Shandong Gold down 1.59%.
Semiconductor stocks declined, with Beck Micro down 6.52%, Shanghai Fudan down 5.92%, FORTIOR down 5.00%, SMIC down 2.78%, CEC Huada Technology down 2.76%, Hua Hong Semiconductor down 1.78%, Innoscience down 1.48%, and eHang Innovations up 1.14%.
Securities and brokerage stocks fell, with OSL Group down 6.12%, GF Securities down 4.33%, China Galaxy down 4.07%, CICC down 3.63%, Huatai Securities down 3.32%, Guotai Junan International down 3.01%, Delin Holdings down 1.63%, and Guotai Haitong down 1.26%.
Cryptocurrency concept stocks extended losses in the afternoon, with Neng Holdings down 15.52% and Boyaa Interactive down 6.36%.
In terms of individual stocks,$SMIC (00981.HK)$The stock fell more than 2%, after rising over 2% in early trading, with third-quarter net profit increasing by 28.9% year-over-year.
$SANHUA (02050.HK)$Dropped over 5%, with the stock price having retraced more than 20% from its year-to-date high.
$CIMC (02039.HK)$Surged over 14%, as the company’s energy storage containers gained market attention, reflecting strong cost competitiveness.
$XPENG-W (09868.HK)$Retreated nearly 7%, yet the stock has still accumulated gains of over 100% year-to-date; Q3 results to be released next week.
$PEGBIO CO-B (02565.HK)$Rallied over 12% in late trading after the core product, Vipragen peptide injection, received regulatory approval for marketing.
$HUANXI MEDIA (01003.HK)$Declined over 4% after the company secured HKD 2.25 billion from a new investor and announced a strategic partnership.
$CUTIA-B (02487.HK)$Surged over 9% as topical minocycline foam and finasteride spray commenced sales in the domestic market.
$L & M CHEMICAL (00746.HK)$Rose more than 6% amid a rapid increase in VC prices; Jiangsu lithium battery electrolyte project completed in July.
$IFBH (06603.HK)$Plummeted over 8% to a new low due to intensified competition during the rapid growth phase of the coconut water industry.
$MAOYAN ENT (01896.HK)$Dipped over 6%; 'Demon Slayer' officially premiered today, with cumulative box office exceeding 110 million yuan.
Top 10 in today's trading volume
Hong Kong Stock Connect funds
Regarding the Shanghai-Hong Kong Stock Connect, today's southbound trading recorded a net inflow of HKD 12.887 billion.
Institutional Views
Citi: Maintained Tencent’s “High Conviction Outperform” rating, expecting continued robust revenue growth.
CLSA issued a research report stating that $TENCENT (00700.HK)$ Total revenue and adjusted net profit for the third quarter increased by 15% and 18% year-on-year to RMB 192.9 billion and RMB 70.6 billion, respectively, exceeding the bank’s expectations by 1.5% and 4.5%. Online gaming performance was particularly outstanding, with a 23% year-on-year increase driven by the popularity of new releases such as 'Operation Delta' and 'Valorant Mobile', alongside steady growth from long-standing titles including 'Honor of Kings', 'Peacekeeper Elite', and 'Clash of Clans'. The growth rate of marketing services accelerated to 21% year-on-year, mainly due to improved user engagement, higher ad loadings, and advancements in AI targeting technology.
The fintech and enterprise services segment also rebounded, propelled by cloud services and e-commerce transactions. The bank expects sustained robust revenue growth, given the company’s rich pipeline of games, additional AI advertising tools, and growing mini-store operations. The company anticipates that the next-generation HunYuan model will undergo a significant upgrade and continue to integrate more AI functionalities and Yuanbao services within WeChat. The bank maintained its “High Conviction Outperform” rating, with a target price of HKD 740.
Citi: JD.com’s third-quarter results exceeded expectations; maintained “Buy” rating and target price of USD 44.
Citi published a research report stating that $JD-SW (09618.HK)$ Total revenue in the third quarter increased by 14.9% year-on-year to RMB 299.1 billion, surpassing the forecasts of both the bank and the market by 3.8% and 1.6%, respectively; non-GAAP net profit reached RMB 5.8 billion, also outperforming the forecasts of the bank and the market by 16.1% and 39.5%, respectively.
By business segment, JD.com's electronics and home appliance revenue grew by 4.9% year-on-year to RMB 128.6 billion, exceeding the bank’s forecast by 1%; general merchandise revenue increased by 18.8% year-on-year to RMB 97.5 billion, surpassing expectations by 3.3%. Revenue from JD.com’s retail business rose by 11.4% year-on-year to RMB 250.6 billion. The bank maintained its target price for the group’s US shares at USD 44 and a “Buy” rating.
CICC: Raised Bilibili’s H-share target price to HKD 220 and upgraded net profit forecasts for this year and next
CICC issued a report stating that $BILIBILI-W (09626.HK)$ Revenue in the third quarter grew by 5% year-on-year to RMB 7.69 billion, surpassing the bank’s expectation of RMB 7.61 billion; non-GAAP net profit reached RMB 787 million, better than the expected RMB 563 million, primarily driven by strong growth in advertising revenue and better-than-expected gross margin performance. The bank noted that Bilibili’s advertising business demonstrated robust growth momentum in Q3, with improved profitability and significantly higher margins driven by rapid advertising revenue growth.
Additionally, CICC observed that the group has a diverse pipeline of new games, with attention on the release timing and growth potential of these new titles. The company continues to maintain high-quality content and community atmosphere to foster a healthy commercialization cycle. Based on the improving trend in gross margin, CICC raised its net profit forecasts for Bilibili in 2025 and 2026 by 7.8% and 2.3%, respectively, to RMB 2.44 billion and RMB 3.06 billion. The target prices for the company’s US and H shares were also raised by 7.4% and 7.8%, to USD 29 and HKD 220, respectively, while maintaining an “Outperform” rating.
Editor/Doris
