Futu News reported on September 25 that the three major Hong Kong stock indices continued to weaken. The Hang Seng Index closed down 1.82%, the Codex fell 2.72%, and the National Index fell 2.11%.
By the close, Hong Kong stocks had risen 504, fell 1,379, and closed 1,079.
The specific industry performance is as follows:
In terms of the sector, Science and Network stocks were weak throughout the day.JD fell more than 4%, Bilibili, Meituan, Tencent, and Kuaishou fell nearly 3%, NetEase fell more than 2%, Alibaba and Baidu fell nearly 2%, and Meitu bucked the trend by nearly 4%.
Auto stocks generally declined,Ideal fell nearly 8%, NIO fell nearly 5%, Geely and Great Wall fell more than 2%, Xiaopeng and Zero Run fell nearly 2%, and BYD fell slightly.
The decline in domestic housing stocks and property management stocks increased in the afternoon.China Aoyuan fell more than 72%, China Evergrande fell nearly 22%, Ocean Group fell nearly 12%, Sunac China fell nearly 11%, Sunac Services fell nearly 10%, Country Garden fell nearly 8%, Longhu Group fell more than 6%, Country Garden Services fell more than 4%, Vanke Enterprise fell nearly 4%, China Resources Land fell more than 3%, and China Resources Land fell nearly 3%.
Gaming stocks have collectively weakened,MGM China fell nearly 7%, Wynn Macau fell nearly 6%, and Galaxy Entertainment and Sands China Co., Ltd. fell more than 5%.
The trend of travel stocks is weak,Ctrip Group fell more than 4%, Tongcheng Travel fell more than 3%, and China avoided falling nearly 2%.
The increase in pharmaceutical stocks narrowed in the afternoon.Cinda Biotech rose more than 4%, federal pharmaceuticals rose nearly 4%, Cansino Biotech and Rongchang Biotech rose nearly 3%, Pharma Pharmaceuticals increased by more than 2%, Pharmaceuticals increased by nearly 2%, and BeiGene rose more than 1%.
Other than that, sporting goods stocks, aviation stocks, telecommunications stocks, military stocks, etc. fell one after another; semiconductor stocks rose slightly, leading$SMIC(00981.HK)$An increase of over 1%.
In terms of individual stocks,$INNOVENT BIO(01801.HK)$An increase of more than 4%,$Novo-Nordisk A/S(NVO.US)$Factories have been revealed to be polluted, and the concept of diet pills is once again active.
$HONGJIU FRUIT(06689.HK)$It surged nearly 14% and signed a tripartite strategic cooperation memorandum with ID Capital and Frontier Digital Global Trade.
$MEITU(01357.HK)$With an increase of nearly 4%, GPT-4 was officially connected to Win11, and the company benefited from the core trend of AI+ tools and software.
$MGM CHINA(02282.HK)$It fell nearly 7%, and the number of inbound visitors to Macau may have declined slightly from month to month in September.
$EVERGRANDE(03333.HK)$It fell sharply by nearly 22%, cancelled the original debt restructuring meeting, and was unable to meet the requirements for issuing new notes.
$LI AUTO-W(02015.HK)$Decreased by nearly 8%, M9 opens pre-orders. The estimated price is between 500,000 and 600,000 yuan. Market concerns may put pressure on the ideal L9 sales volume.
Today's Top 20 Hong Kong Stock Turnovers
Hong Kong Stock Connect Capital
On the Hong Kong Stock Connect side, Hong Kong Stock Connect (Southbound) today had a net inflow of HK$6.034 billion.
Agency Perspectives
J.P. Morgan: Giving Tencent an “increase in holdings” rating, with a target price of HK$440
J.P. Morgan Chase released a research report saying,$TENCENT(00700.HK)$The “increase in holdings” rating. The weak revenue from social networking services and local games is only short-lived. Profit margins are structurally improving. Profit growth is expected to accelerate to 40% to 60% in the next few quarters, and profit growth will remain above 20% next year. The profit forecast has been positively reassessed, and the target price is HK$440.
CICC: Maintains Meituan-W's “Outperform the Industry” rating, with a target price of HK$184
CICC released a research report saying that it maintains$MEITUAN-W(03690.HK)$“Outperform the industry” rating, profit forecast unchanged, target price of HK$184. Recently, at the company's management's non-transactional roadshow, they answered questions about the market's concerns, such as the competitive situation in the in-store business, the increase in takeout orders, and the progress of preferential loss reduction. The bank believes that the current stock price fully reflects market sentiment, that the company's takeout barriers are still high, competition at stores is stable, and that there has been no major change in fundamentals. Investors are advised to set aside a bargain.
JBC International: Maintains Kuaishou-W “buy” rating, target price is HK$90
BOCOM International released a research report saying that maintenance$KUAISHOU-W(01024.HK)$“Buy” rating, adjusted net profit forecast of $76/12.2 billion for 2023/24 remains unchanged, with a target price of HK$90. Investors' focus is on e-commerce and advertising growth. The bank believes that supply-side and new market expansion (short videos and pan-shelves) will continue to drive growth in the scale of e-commerce transactions. The growth of e-commerce internal circulation advertising revenue is highly certain, and that external circulation advertising may grow faster than the industry in the long term as the customer structure is optimized.
editor/tolk