[Caihua News] on July 9, Hong Kong stocks rose for two days in a row, but their performance was repeated and there was little contention. In the end, the market closed up 80.98 points or 0.31%, and the Hang Seng Index closed at 26210.16 points. The turnover reached 206.83 billion Hong Kong dollars. The Hang Seng China Enterprises Index rose 33.78 points, or 0.31%, to close at 10781.89.

New economic science and technology network stocks continue to break the top. The science and Internet stocks that came to Hong Kong for secondary listing lagged behind and rose sharply. BABA-SW (09988-HK) rose 10 per cent, or HK $23.80, to HK $261.6, with a market capitalization of HK $50, 614.403 billion, rising for the seventh day, a cumulative gain of HK $52.2 or 24.9 per cent. NetEase, Inc-S (09999-HK) or HK $10 or HK $14.10 closed at HK $154.5, while JD.com Group-SW (09618-HK) rose 7.4% or HK $18.4 to HK $266.

New economic science and technology network stocks continue to be popular. Tencent (00700-HK) rose 3.7 per cent or HK $20 to HK $563; XIAOMI Group-W (01810-HK) rose 4.6 per cent or HK $0.74 to HK $18.84; Meituan comment-W (03690-HK) rose 5 or HK $10 to HK $209.8. Hang Seng Index said it was planning to launch a new index to track technology companies in Hong Kong with reference to international indices such as NASDAQ.

On the news side, the RMB and the Hong Kong dollar continued to be strong. The yuan rose above seven against the dollar, while the offshore yuan rose 127pips, or 0.18%, to 6.9859 at 16:16. The Hong Kong dollar triggered the strong-side convertibility undertaking of HK $7.75 to US $1 in the morning, and the HKMA announced at 6:14 that it had sold nearly HK $4.3 billion to the market during the New York session, increasing its bank balance to HK $164.8 billion on June 10, a two-year high.

The National Bureau of Statistics said that in June, the consumer price index (CPI) rose 2.5% from a year earlier, up 0.1% from May and rising for the first time since February. Factory gate prices (PPI) fell 3.0 per cent year-on-year, 0.7 percentage points lower than last month.

A-shares rose generally. The Prev index closed up 1.39 per cent at 3450.59 points, the eighth straight day of gains, while the Shenzhen Composite Index rose 2.6 per cent to 13754.74 points and the gem index rose 3.98 per cent to 2757.65 points, its highest level since December 2015. The turnover between the two cities reached 1.72 trillion yuan, exceeding 1.5 trillion yuan for the fourth consecutive trading day.

In less than a month in the United States, the number of confirmed cases of COVID-19 has risen from 2 million to more than 3 million. Applications for adjusted mortgage loans in the United States rose 2.2% on a weekly basis last week. Us stocks rose overnight. The Nasdaq closed at 10492 points, up 1.44%, creating a new high for the market; the Dow rose 0.68% to close at 26067 points; and the standard index closed at 3169 points, up 0.78%.

Hong Kong stocks opened at a daily high of 221.95 points, or 0.85%. They reached an intraday high of 26374.94 points at 9:51, up 245.76 points from yesterday's close of 26129.18. They have since turned into declines twice, and reached an intraday low of 26016.75 points at 14:18, down as much as 112.43 points. The upper and lower amplitude is 358.19 points.

The transaction value of Hong Kong Stock Connect is as high as HK $46.134 billion, and Beishui has a net inflow of HK $7.45 billion into Hong Kong stocks. July Hang Seng Index futures rose 166 points to 16228 points at 16:22, with 159000 contracts and about 112000 open positions. In July, futures on the Hang Seng China Enterprises Index rose 61 points to 10778 points, with more than 205000 open contracts.

In terms of individual stocks, Semiconductor Manufacturing International Corporation (00981-HK) has soared 48 per cent or HK $12.95 since July, while semiconductor stocks have lagged behind, while Hua Hong Semiconductor (01347-HK) shot 14.2 per cent or HK $4.25 to close at HK $34.10. ASM Pacific (00522-HK) rose 12.4 per cent, or HK $11.05, to HK $100.4.

China Feihe Limited (06186-HK) closed up 7.2 per cent after clarifying its short-selling report and reporting positive results, but today it is close to returning to its original form, falling 5.7 per cent, or HK $0.96, to HK $16. China Feihe Limited was attacked by short selling organization Blue Orca a few days ago, questioning that China Feihe Limited's EBITDA profit margin is higher than the science and network giant Apple Inc, Tencent (00700-HK), BABA (09988-HK), suspected of exaggerating income, underestimating operating expenses and so on. China Feihe Limited issued a clarification notice yesterday that the allegations were unfounded or misstated.

Shares with a premium of more than 100 per cent continue to be sought after. 02068-HK rose 30 per cent, or 45 cents, to HK $1.95, while 601068-SH shares closed at Rmb4.71. 00317-HK rose 17.8 per cent, or HK $1.66, to HK $10.96, while 600685-SH A shares closed at Rmb23.03.

In terms of mobile stocks, 00136-HK surged 74.3 per cent, or HK $0.113, to HK $0.265, while turnover reached a 16-month high of HK $1.25 billion.

Where will the ceiling of new economy stocks be?

(Zhou Yanfeng / tr. by Phil Newell)