Futu News reported on March 22 that the three major indices of Hong Kong stocks fell collectively. At the close, the Hang Seng Index fell 2.16%, the Science Index fell 3.55%, and the National Index fell 2.50%.
By the close, Hong Kong stocks had risen by 519, fell by 1,442, and closed by 1,028.
The specific industry performance is as follows:
On the sector side, many shares of TechNet fell. Bilibili fell more than 9%, Jingdong fell more than 5%, Meituan and Kuaishou fell more than 4%, Baidu fell nearly 3%, Ali fell more than 2%, Tencent fell nearly 1%, and Xiaomi rose slightly.
Auto stocks generally fell, with Ideal Auto falling by nearly 11%, Xiaopeng Auto by nearly 9%, Zero Sports by nearly 5%, NIO by more than 3%, and BYD by more than 1%.
Domestic insurance stocks weakened across the board. China Ping An fell nearly 6%, China Taibao fell more than 4%, China Life Insurance and Xinhua Insurance fell nearly 3%, and AIA Insurance fell nearly 2%.
Gold stocks pulled back. Lingbao Gold fell nearly 6%, Zhaojin Mining fell nearly 4%, Zijin Mining fell nearly 3%, Shandong Gold fell more than 3%, and China Gold International fell more than 2%.
Semiconductor stocks declined, with SMIC falling nearly 6%, and Shanghai Fudan and Huahong Semiconductors falling more than 4%.
On the other side, coal stocks, restaurant stocks, mobile game stocks, electricity stocks, petroleum stocks, pharmaceutical stocks, etc. have declined one after another.
In terms of individual stocks,$LI AUTO-W (02015.HK)$It fell nearly 11%, and the company drastically lowered its Q1 delivery expectations.
$CK ASSET (01113.HK)$It fell nearly 11%. Net profit for the year fell 20% year over year, and the final interest rate fell to HK$1.62.
$OOIL (00316.HK)$It fell nearly 17%. Profit attributable to shareholders in 2023 was US$1,368 million, a year-on-year decrease of 86.27%.
$INNOVENT BIO (01801.HK)$With a drop of nearly 6%, losses for the whole year narrowed by 52.8%. Goldman Sachs expects sales growth to be more moderate this year.
$SHENZHOU INTL (02313.HK)$With a drop of more than 7%, the agency expects revenue growth of 6% and profit growth of 10% in the second half of last year.
$AAC TECH (02018.HK)$It rose more than 10%, with revenue of 20.419 billion yuan in 2023 and free cash flow of 3.81 billion yuan, the highest level since listing.
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 HK$14.539 billion (southbound) was HK$14.539 billion.
Agency Perspectives
CICC: China Coal Energy was rated “outperforming the industry”, and the target price was raised to HK$9
CICC released a research report stating that$CHINA COAL (01898.HK)$“Outperform the industry” rating. As themed transactions with the sector's defensive attributes increase, the valuation is expected to be repaired, and the target price will increase by 32% to HK$9. The company's 2023 performance was in line with expectations, and H share shareholders should account for profit of RMB 20.084 billion.
Goldman Sachs: Maintaining Ruisheng Technology's “Buy” Rating, Target Price Raised to HK$33.8
Goldman Sachs released a research report saying that it will maintain$AAC TECH (02018.HK)$With a “buy” rating, the management had a positive view of the mobile camera, profit margin and cash flow. The target price was raised from HK$30 to HK$33.8.
Citigroup: Maintaining CNOOC's “Buy” Rating, Target Price Raised to HK$23
Citi released a research report saying, maintain$CNOOC (00883.HK)$The “Buy” rating raised the profit forecast for the 2024 and FY25 fiscal year by about 5%, and raised the target price from HK$15.8 to HK$23 after taking into account its latest production guidelines.
Edit/Cynthia