Futu News reported on March 12 that the three major indices of Hong Kong stocks rose like a rainbow. By the close, the Hang Seng Index had closed up more than 3% to reach the 17,000 mark; the CoE Index had risen more than 4%, and since its low point during the year, it had already rebounded more than 20% into a technical bull market, and the national index had risen more than 3%.
By the close, Hong Kong stocks had risen 1,432, down 616, and closed at 940.
The specific industry performance is as follows:
On the sector side, TechNet stocks were strong throughout the day, with Xiaomi and Bilibili up more than 11%, Jingdong up nearly 8%, Kuaishou up nearly 6%, Meituan and Tencent up more than 4%, and Ali up nearly 3%.
Auto stocks had the highest gains, with BYD and Xiaopeng up more than 6%, NIO by more than 5%, Zerosport by nearly 4%, Geely by nearly 3%, Ideal by nearly 2%, and Great Wall by more than 1%.
Domestic housing stocks and property management stocks increased their gains in the afternoon. Xuhui Holdings rose more than 19%, Longhu Group rose more than 14%, China Resources Land and Vanke companies rose more than 10%, and Sunac China and Country Garden Services rose more than 8%.
Domestic insurance stocks rose, China Ping An rose nearly 6%, China Life Insurance rose 5%, and China Taiping, China Taibao, and AIA rose more than 3%.
Sporting goods stocks generally rose. Li Ning rose more than 8%, Tep International rose more than 7%, Taobo rose more than 6%, and Anta Sports rose nearly 5%.
On the other hand, the rise in large financial stocks and leading Chinese stocks helped the market rise; building materials and cement stocks strengthened; catering stocks rose across the board; gold stocks fell collectively; and power stocks, heavy machinery stocks, and education stocks bucked the trend.
In terms of individual stocks,$XIAOMI-W (01810.HK)$The increase was over 11%. The official announcement of the Xiaomi SU7 was released at the end of the month, helping the simultaneous opening of direct-run stores.
$BILIBILI-W (09626.HK)$The increase was more than 11%, and operating cash flow was positive throughout the year. The agency indicated that it will continue to maintain healthy growth in the community ecosystem.
$XPENG-W (09868.HK)$With an increase of more than 6%, the supply side and policy side promoted automobile consumption, and the car market had momentum to rebound in sales.
$LI NING (02331.HK)$The increase was more than 8%. There are reports that Li Ning is considering privatizing the company.
$CHINA VANKE (02202.HK)$The increase was more than 10%. Reports say regulations require increased financing support, and agencies say news of housing companies' debt repayment will continue to disrupt the sector.
Today's top 10 Hong Kong stock turnover
Hong Kong Stock Connect Capital
On the Hong Kong Stock Connect side, today's net inflow of Hong Kong Stock Connect (southbound) was HK$195 million.
Agency Perspectives
UBS: Giving Sands China a “buy” rating, and the target price was raised to HK$26.9
UBS released a research report saying that$SANDS CHINA LTD (01928.HK)$The “Buy” rating is expected to resume dividends earlier than market expectations. It is expected that the dividend will gradually increase to $1.99 per share in FY2024. The market generally expects that there will be no dividend in FY2024. It is believed that Sands has sufficient working cash flow to cover the increase in capital expenditure in FY2024 and FY2025. The target price was raised from HK$25.2 to HK$26.9.
Yamato: Giving Kingsley Biotech a “buy” rating, gross margin improved in the second half of 2023
Yamato released a research report stating that$GENSCRIPT BIO (01548.HK)$According to the “buy” rating, losses narrowed in the second half of fiscal year 2023, from $94 million in the first half of last year to $2 million in the second half of 2023, which was better than the expected loss of $135 million, mainly due to improved gross margin and non-core business factors. The company recorded revenue of US$840 million for the year ended 2023, an increase of 34.2% over the previous year. The loss narrowed from US$227 million in the previous year to US$95.48 million, or US$4.53 per share.
Nomura: China Taibao was given a “buy” rating, and the target price was reduced to HK$25.12
Nomura released a research report saying that$CPIC (02601.HK)$In the “Buy” rating, the target price was reduced by 5% from HK$26.37 to HK$25.12. For the life insurance business, Nomura expects an 18% year-on-year decline in NBV for the fourth quarter of fiscal year 2023. Strong growth in FY2023 was mainly due to the reopening of the mainland and the appeal of popular savings products. The decline in the fourth quarter was mainly due to strict regulations, etc.
editor/tolk