港市速睇 | 三大指数回调,科指跌近4%;汽车股、有色金属股普跌,理想汽车跌超19%,紫金矿业跌近5%

Overview of the Hong Kong market | The three major indices pulled back, and the technical index fell nearly 4%; automobile stocks and non-ferrous metals stocks generally fell, Ideal Auto fell by more than 19%, and Zijin Mining fell nearly 5%

Futu News ·  May 21 16:27

Futu News reported on May 21 that the three major indices of Hong Kong stocks fell sharply. By the close, the Hang Seng Index had fallen 2.12%, the Science Index had fallen 3.74%, and the National Index had fallen 2.07%.

By the close, Hong Kong stocks were up 529, down 1506, and closed at 993.

The specific industry performance is as follows:

On the sector side, TechNet stocks declined one after another. Bilibili fell more than 6%, Baidu fell more than 4%, Kuaishou and NetEase fell nearly 4%, Jingdong fell more than 3%, Tencent and Xiaomi fell nearly 3%, Meituan fell more than 2%, and Ali fell more than 1%.

Auto stocks weakened, with Ideal Auto falling by more than 19%, Xiaopeng by more than 10%, NIO by more than 6%, BYD by more than 4%, and Geely by nearly 4%.

Biotech stocks fell, with Yao Ming Biotech and Pharmaceutical Federation falling more than 6%, Kingsley Biotech falling nearly 5%, and Pharmaceutical Kangde and Kangfang Biotech falling more than 4%.

Non-ferrous metals stocks generally fell. Shandong Gold and Luoyang Molybdenum industries fell more than 7%, Zijin Mining fell nearly 5%, Zhaojin Mining fell nearly 4%, and Jiangxi Copper shares fell more than 3%.

Many semiconductor stocks declined, with Shanghai Fudan falling more than 7%, SMIC falling nearly 4%, and Huahong Semiconductor falling nearly 3%.

Catering stocks continued to fall, with Helens falling nearly 8%, Tehai International falling nearly 7%, Jiumaojiu falling more than 5%, Haidilao falling nearly 5%, and Yum Sheng China falling more than 4%.

On the other side, gambling stocks, photovoltaic stocks, shipping stocks, etc. have declined one after another; some coal stocks have bucked the trend, and most of the mobile phone industry chain has risen.

In terms of individual stocks,$LI AUTO-W (02015.HK)$It fell more than 19%, and the cost ratio increased, and net profit was under pressure in the short term, waiting for the company's new car cycle.

$CMOC (03993.HK)$With a drop of more than 7%, New York Copper experienced a shortfall. The company said IXM Copper's hedging transaction risk was manageable.

$GIANT BIOGENE (02367.HK)$The increase was nearly 4%, explosives continued, and the company had sufficient cash reserves.

$CHINA OILFIELD (02883.HK)$It fell nearly 6%, and the IEA previously lowered its 2024 oil demand growth forecast.

$CPIC (02601.HK)$It fell nearly 5%, and concerns about interest spreads and losses put pressure on sector valuations.

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$473 million.

Agency Perspectives

  • Citi: Maintains Ideal Automobile-W “Buy” Rating and Lowers Target Price to HK$113.8

Citi released a research report saying, maintain$LI AUTO-W (02015.HK)$With a “buy” rating, the target price was lowered from HK$167.6 to HK$113.8. According to the report, the updated evaluation of Ideal Auto lowered the net profit forecast for the three-year period from 2024 to 2026 by 38% to 51%, to 6.7 billion yuan, 7.7 billion yuan and 12.1 billion yuan respectively. However, the company's customer penetration rate, cash flow and cash situation, compared to the strength of other rivals newly entering the NEV market, have a better position in the new electric vehicle product cycle.

  • Yamato: Maintaining the “Buy” rating of Special Step International and raising the target price to HK$6.7

Yamato released a research report stating that it maintains$XTEP INT'L (01368.HK)$The “buy” rating suggests that after the sale of K-Swiss and Palladium, profit visibility will improve significantly, driving up profit forecasts and revaluation of ratings. The target price was raised from HK$6 to HK$6.7. The report quoted management as saying that retail sales have increased year-on-year on track since the second quarter, and both discount levels and channel inventory have improved. This year's overall revenue growth guideline of more than 10% remains unchanged, and the revenue of the Saucogne & Merrell brand has increased 30% to 40%. The bank raised STEP's earnings forecast per share by 3% to 5% from this year to 2026 to reflect the restructuring after the sale of K-Swiss and Palladium brands, as well as the financial impact of related transactions.

  • Citibank: Reiterates COSCO Maritime Control's “Buy” Rating, Target Price HK$14

Citi released a research report saying, reaffirming$COSCO SHIP HOLD (01919.HK)$According to the “buy” rating, the current valuation is equivalent to 0.9 times the predicted market account ratio. There is room for improvement, and the target price is HK$14. The average freight rates of carriers in the Asia-Pacific region covered by the bank are expected to rise 20% this year, and fall 14% and 8% respectively in the next two years; this means that the average return on core equity for the covered carriers between 2024 and 2026 is 11%, 3%, and 1%, respectively.


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