Futu News reported on August 30 that the three major Hong Kong stock indices fluctuated and declined in the afternoon. The Hang Seng Index closed down 0.01%, the Codex fell 0.92%, and the National Index fell 0.47%.
By the close, Hong Kong stocks had risen 828, fell 1,067, and closed 1,066.
The specific industry performance is as follows:
In terms of the sector, Science Network shares generally declined.Kuaishou fell more than 5%, Meituan fell more than 2%, Tencent and Jingdong fell more than 1%, Alibaba and NetEase fell slightly, and Baidu and Station B rose slightly.
The decline in auto stocks widened in the afternoon.NIO fell more than 7%, Brilliance China fell more than 2%, Xiaopeng fell more than 1%, Ideal and Great Wall fell slightly, and BYD reversed the market and rose nearly 3%.
The performance of pharmaceutical stocks is weak,Tiger Pharmaceutical fell nearly 6%, Kangfang Biotech fell more than 2%, China Biopharmaceutics and Shiyao Group fell more than 1%, Pharmaceutical Biotech rose slightly, and Juzi Biotech rose nearly 3%.
The trend of domestic housing stocks is divided,New World Development rose more than 3%, China Resources Land rose nearly 2%, Longhu Group and China's overseas development followed suit, Vanke Enterprise fell more than 1%, and Country Garden fell more than 3%.
Gold stocks strengthened,The Zhaojin mining industry rose nearly 4%, China Gold International rose more than 3%, Zijin Mining rose more than 2%, and Shandong gold followed suit.
Apple concept stocks were strong throughout the day.BYD Electronics rose more than 8%, Gaowei Electronics rose more than 1%, and Ruisheng Technology followed suit.
On the other hand, lithium battery stocks, Tesla concept stocks, and sporting goods stocks showed relatively active performance; on the other hand, the power sector saw the biggest decline. Many stocks such as China Resources Electric Power were low during the refresh phase. Chinese brokerage stocks, which had previously risen continuously, pulled back, and most of them, including Zheshang Securities, fell more than 2%.
In terms of individual stocks,$LENOVO GROUP (00992.HK)$With an increase of nearly 4%, the company fully deployed AI to seize the high ground.
$BYD ELECTRONIC (00285.HK)$With an increase of more than 8%, the iPhone 15 series has been officially released, which is expected to drive the performance of Fruit Chain to improve.
$CHINA RES POWER (00836.HK)$It fell close to 5%. Damo said that the favorable decline in coal prices is already reflected; there is a risk that electricity prices will drop next year.
$NIO-SW (09866.HK)$It fell more than 7%, Q2 losses exceeded expectations, and the company expects delivery volume to increase by more than 70% in the next quarter over the same period last year.
$YIHAI INTL (01579.HK)$The results dropped by nearly 11%, and the institution lowered its target price to HK$15.31 and gave it a “sell-sell” rating.
Today's Top 20 Hong Kong Stock Turnovers
Hong Kong Stock Connect Capital
In terms of Hong Kong Stock Connect, Hong Kong Stock Connect (Southbound) today had a net inflow of HK$4.591 billion.
Agency Perspectives
CICC: Lowered the target price of China Electric Power to HK$4.2, rating “outperforming the industry”
CICC issued a report, meaning$CHINA POWER (02380.HK)$Overall performance for the first half of the year was in line with the bank's expectations; according to the report, China Power's 9.3 GW of wind and wind assets is expected to contribute to profit from the end of the quarter. In the future, the company will retain more coal power units with flexible adjustment and coal price cost advantages. Due to poor incoming water from hydropower in the first half of the year and weak improvements in the third quarter, the return on the energy storage business fell short of expectations. The bank lowered its net profit forecasts for 2023 and 2024 by 3.7% and 3.9%, respectively. Maintaining the “outperforming industry” rating, the bank lowered its target price by 15.5% to HK$4.2 due to a further decline in Green Power's valuation.
Goldman Sachs: Maintains BYD's “buy” rating and increases profit forecast by 9% this year
Goldman Sachs published a report stating,$BYD COMPANY (01211.HK)$Net profit for the second quarter was 6.824 billion yuan, in line with the company's earlier guidelines of 6.37 billion yuan to 7.57 billion yuan; gross profit margin was 18.7%, up 4.3 percentage points from year to year and 0.9 percentage points from quarter to quarter, reflecting continued effectiveness in cost control. According to management, the penetration rate of new energy vehicles reached 36% in July, and is expected to increase by 1 percentage point per month to 40% by December. It is estimated that in terms of sales and delivery this year, China's new energy vehicles will gain two-thirds of the global market share. Management also expects that in the next three to five years, price competition will continue, which will help market integration, while factors such as falling raw material costs, increased procurement capacity, and production scale efficiency will help enhance the company's profitability. Goldman Sachs raised its profit forecast for this year by 9% in response to the increase in gross margin in the second quarter; the target price was lowered from HK$337 to HK$321, maintaining the “buy” rating.
Bank of America Securities: Raised Xiaomi's target price to HK$13.5, rated “neutral”
According to a report published by Bank of America Securities,$XIAOMI-W (01810.HK)$Actual operating profit for the second quarter of this year was 4 billion yuan, an increase of 194% year-on-year, and a quarter-on-quarter increase of 78%, which is 52% higher than the bank's expectations. As for the 4% year-on-year decline in sales, the performance was generally in line with expectations, while gross margin expanded by 1.5 percentage points to 21% from quarter to quarter, mainly benefiting from lower parts costs. The bank raised Xiaomi's profit forecast for this year to 2025 by 2% to 18%, and raised its target share price from HK$12.5 to HK$13.5, reaffirming its “neutral” rating.
Editor/Charles