Evaluation of Hong Kong stocks

Fortune News on July 27 | Hong Kong stocks plummeted again, with the collapse of large-scale science and technology stocks spreading to the whole market, causing the industry sector to plummet across the board and market sentiment extremely depressed. By the close, the Hang Seng Index fell 4.22% to 25086, the national index fell 5.08% to 8879, and the Hang Seng Technology Index fell 7.97% to 6249, a record low for the first time in history. The turnover of the Hang Seng Index was HK $360.67 billion.

Plate aspectScience and Internet stocks plummeted collectively, and the afternoon decline further widened. Meituan fell by more than 17%, Tencent by nearly 9%, BABA by more than 6%, JD.com Group by more than 9%, NetEase, Inc by more than 13% and Baidu, Inc. by more than 7%.

Evergrande, catering stocks, property management stocks, biomedical stocks, photovoltaic stocks, sporting goods stocks, online education and other sectors all fell by more than 7%. Inner housing stocks, auto stocks, large financial stocks, block chain stocks, Hao gambling stocks, beer stocks and so on all fell.

Only a few plates of non-ferrous metals floated red against the trend, and Semiconductor Manufacturing International Corporation rose nearly 6% against the trend as the best semiconductor stock.

Individual stocksFor the first time in history! At one point, the Hang Seng Technology Index plummeted nearly 10%.$Tencent (00700.HK) $It plummeted by nearly 9%.Tencent fell 9 per cent to HK $446, losing more than HK $800 billion in the past two trading days. Prior to this, Tencent was ordered to lift the exclusive copyright of online music. In addition, screenshots posted online today showed that Wechat suspended the registration of new users of individual accounts and could not resume registration until early August. Tencent customer service replied that the platform system is currently undergoing technical upgrades, during which new user registration of Wechat personal accounts is suspended, and the upgrade is expected to be completed and registration resumed in early August.

$Meituan-W (03690.HK) $Diving has fallen by more than 17%, with a sharp pullback of 58% from its highest level.Meituan's further dive in the afternoon fell more than 17 per cent to HK $194, the lowest since August last year and 58 per cent back from its peak of HK $460 in February, with a latest market capitalization of HK $1.18 trillion.

$Heart Company (02400.HK) $It fell nearly 23%, in response to "TapTap was taken off the shelves".In response to today's market rumors that "TapTap has been removed from the shelves and stopped new user registration", a person from Xinxin said: "since its inception, apart from the Hammer mobile app store, TapTap has never been on the shelf in other Android mobile app stores, so it is true that it is not qualified to be 'removed', and we are helpless about it." As for new user registration, everything is normal at present. Thank you for your concern. "

Source: Anhui SASAC is working with$XIAOMI Group-W (01810.HK) $Contact with XIAOMI car or settle down in Hefei.According to 36Kr Holdings, according to Anhui high-tech industry and investment sources and other independent sources, Anhui SASAC is in contact with XIAOMI Automobile and intends to introduce XIAOMI Automobile into Hefei. "Hefei and XIAOMI are in talks, and XIAOMI is expected to settle in Hefei, but the specific policy on attracting investment is not clear," the person said. In this regard, XIAOMI Public Relations Department said that "do not respond." Jianghuai Automobile insiders revealed that it is reported that Jianghuai Automobile may be the OEM for XIAOMI Automobile. XIAOMI's first model is likely to focus on the market of less than 200000 yuan, and will layout the power exchange business. "

$BABA-SW (09988.HK) $Alipay took the lead in implementing the fee reduction for small and micro businesses, which was officially implemented on August 1.Alipay announced the details of fee reduction for small and micro merchants: for the next three years (until September 30, 2024), for all Alipay money collection merchants, collection and withdrawal will continue to be free, and there will be no single upper limit and daily upper limit; in addition, qualified small and micro enterprises, individual industrial and commercial households, and individuals with business activities can receive a 10% discount on online payment service fees from August 1.

Hong Kong stock exchange fund

As for the Hong Kong Stock Connect, there was a net outflow of HK $1.354 billion from Hong Kong Stock Connect (southbound) today.

Today's turnover of Hong Kong shares TOP20

Message surface

Chinese real estate dollar debt fell, Sunac China, Agile Group and other related debt fell a record.Chinese real estate dollar debt continued to fall today, with Sunac China, Agile Group, Zhengrong Real Estate and many other record declines. Among them, Sunac China's dollar debt maturing in 2024 fell by a record, with 5.95% of the company's bonds falling 2.10 cents per dollar to 92.9 cents. Agile's dollar debt maturing in May 2026 fell a record, with 5.5% of its bonds falling 1.1 cents per dollar to 95.7 cents. Zhengrong real estate 2025 maturing dollar debt, Kaisa Group 2026 maturing dollar debt also fell to a record. In addition, Metro Holdings's dollar debt maturing in 2024 and Hongyang Real Estate's dollar debt due in January 2025 also fell 1-3 cents during the day.

The new three-package regulations for cars will come into effect next year, adding regulations related to the failure of new energy vehicles.Recently, the General Administration of Market Supervision and Administration issued the provisions on the responsibility for the repair, replacement and return of household automobile products, which will come into effect on January 1, 2022. The new version of the three-package regulation adds the relevant provisions on "guaranteed repair, replacement and refund" for the failure of new energy vehicles such as power batteries and drive motors. If the engine, transmission, power battery, driving motor or its main parts need to be replaced due to quality problems, the household automobile products can be replaced or returned free of charge within 7 days from the date of validity of the three packages.

Ark funds reduced their holdings of KE Holdings Inc., JD.com, Tencent, BABA and other stocks.According to the latest trading bulletin, ETF, a unit of Cathie Wood, has sold about 1.39 million copies of KE Holdings Inc. ADR. Ark's ETF also sold 970390 ETF ADR,786175 shares Pure Storage shares, 629884 Tencent ADR,107767 shares BABA ADR,13761 shares, BYD ADR,116153 shares Pinduoduo ADR,84139 shares Nintendo ADR.

Tesla, Inc.: the transformation of Shanghai Super Factory as a major automobile export center has been completed.According to "Tesla, Inc. Tesla" news on July 27th, Tesla, Inc. said that he has completed the transformation of the Shanghai Super Factory as a major automobile export center. It is reported that Tesla, Inc. produced 206421 vehicles worldwide and delivered 201304 vehicles in the second quarter of 2021. Of this total, Model 3 and Model Y produced 204081 vehicles and delivered 199409 vehicles, and Model S and Model X produced 2340 vehicles and delivered 1895 vehicles.

Institutional viewpoint

Macquarie: be cautious about the technology sector.Macquarie issued a report pointing out that recently, the mainland authorities have issued a number of guidance and regulatory regulations for technology enterprises, reminding investors that they should not only pay attention to the impact of events on valuations, but also assess how relevant factors affect earnings performance, and whether future performance can meet market expectations, so as to capture good investment opportunities. However, Macquarie also believes that at present, there is still no obvious upward space for the overall profit of the industry, and the profit forecast is still too high. Apart from the valuation of Tencent (00700.HK) and BABA (09988.HK), the market forecast for technology stocks' earnings in 2022 is 27% higher. Gree is cautious about the technology sector, bullish on BABA, 00780.HK and UFN, maintaining the neutral ratings of Meituan (03690.HK) and Pinduoduo (PDD.O), lowering the target price of Alibaba Health Information Technology (00241.HK) to HK $15.40 and Ping An Healthcare And Technology (01833.HK) to HK $109.

CICC: public offering funds rapidly increase their positions in semiconductors, with emphasis on recommendation$Semiconductor Manufacturing International Corporation (00981.HK) $Wait for shares.CICC issued a report saying that from the recent disclosure of public offering fund position data in the second quarter of this year, the semiconductor position increased rapidly, Apple Inc's industrial chain leader regained fund holdings, and looking forward to the third quarter of this year, the bank is mainly optimistic about the continuation of the global semiconductor industry. The bank mainly recommended Semiconductor Manufacturing International Corporation ("outperform industry" rating and target price of HK $31.50 for SMIC H shares), 300782.SZ (for "outperform industry" rating and target price of 539 yuan), Weir shares (603501.SH) (for "outperform industry" rating and target price of RMB360), 688008.SH (for "outperform industry" rating and target price of 99 yuan), Long-distance Power Technology (600584.SH) (51 yuan for "outperform industry" rating and target price) and Beijing Oriental A (000725.SZ) (8.13 yuan for "outperform industry" rating and target price).

UBS: maintain$Chinese Education Holdings (00839.HK) $Buy rating with a target price of HK $24.According to the UBS research report, Zhongjiao Holdings announced the acquisition of 51% of Jincheng College of Sichuan University at a price of 2.446 billion yuan, reflecting a connotation value of 4.5 billion yuan, which will be paid in cash and HK $15.69 per share. It is considered that the price is reasonable and that Jincheng College of Sichuan University has natural growth potential, and the company should be able to achieve 15% compound annual growth in revenue in the 2022-24 fiscal year, while EBITDA has 18% compound annual growth. Maintain the "buy" rating and target price of HK $24.

Goldman Sachs Group: maintain$Hua Hong Semiconductor (01347.HK) $Buy rating with a target price of HK $54.50.Goldman Sachs Group said in a recent report that the bank held a conference call with Hua Hong Semiconductor management, and the main problems for investors focused on the company's capacity expansion and profitability in the 12-inch fab, the demand prospects for key products such as MCU (microcontroller) and IGBT (insulated gate bipolar transistor), and the wafer price trend in the 8-inch fab. Goldman Sachs Group maintains a "buy" rating on Huahong, with a 12-month target price of HK $54.50.