On June 20th, in the Hong Kong stock market, Beishui had a net buy of 7.53 billion Hong Kong dollars, of which the Hong Kong stock connect (Shanghai) had a net buy of 3.843 billion Hong Kong dollars, and the Hong Kong stock connect (Shenzhen) had a net buy of 3.688 billion Hong Kong dollars. Product structure: the operating income of 10-30 billion yuan products was 401/1288/60 million yuan respectively.
The stocks with the highest net buying by Beishui are Tracker fund of Hong Kong (02800), CNOOC (00883), Tencent (00700). The stocks with the most net selling by Beishui are Sino Biopharmaceutical (06600) and Semiconductor Manufacturing International Corporation (00981).
Active trading stocks for Hong Kong stock connect (Shanghai).
Active trading stocks for Hong Kong stock connect (Shenzhen).
Tracker fund of Hong Kong (02800) had a net purchase of 1.885 billion Hong Kong dollars. On the news front, Huatai Securities stated that last week, the Hang Seng Index fell below 18,000 points again. Since the phased peak in late May, the trading sentiment in the Hong Kong stock market has cooled down enough. Combining with the lower valuation of Hang Seng Technology compared to early November last year, the adjustment space of the Hong Kong stock market may be limited. Anxin International pointed out that the national team has once again taken action to support H shares of central enterprises, and the bank believes that the market sentiment can be boosted. Bullish on growth stocks and high-yield state-owned enterprise stocks with reform dividends.
CNOOC (00883) had a net buying of 653 million Hong Kong dollars. On the news front, Citic Securities previously stated that CNOOC's performance in 2020 and the first quarter of this year remained high, and the exploration and development results were significant, reflecting long-term investment value. The bank said that CNOOC's stable growth demonstrates long-term value. The dividend payout ratio last year reached 43.6%, and it is expected that the company's future three-year cash flow performance will be good and the dividend payout ratio will remain at a high level. Changjiang Securities pointed out that compared with American companies represented by Occidental Petroleum, CNOOC's current valuation is also relatively low. With the gradual realization of CNOOC's profitability advantages, the company's valuation still has a great prospect for improvement.
Tencent (00700) had a net buying of 588 million Hong Kong dollars. On the news front, Morgan Stanley stated that since the regulatory takeover in 2021, the regulatory focus has shifted from protecting minors to excessive monetization. As the regulatory focus of the game industry shifts, games with lower monetization levels are expected to receive more policy bullishness, and Tencent as "China's largest small game platform" may usher in a spring, coupled with the initial results of Tencent's overseas investment, the momentum of the international game business is strong.
Beishui funds continued to increase their holdings of Mainland China banking stocks. Industrial and Commercial Bank of China (01398) and China Construction Bank (00939) had a net buying of 296 million and 253 million Hong Kong dollars respectively. On the news front, China International Capital Corporation stated that the prices of bank stocks began to adjust in June, reflecting the market's concern about bank profitability in the case of weak demand for money. The bank believes that in the short term, banks can hedge interest rate differential pressure by adjusting their asset-liability structure and through policy guidance to lower the cost of liabilities. By 2024, the profitability and dividend expectations of listed banks are still stable, but the medium and long-term may require further policy efforts on the demand side.
China Shenhua Energy (01088) had a net buying of 288 million Hong Kong dollars. On the news front, Daiwa released a research report stating that China Shenhua's total coal production in May was 27.4 million tons, a year-on-year increase of 1.9%, and its sales volume increased by 4.4% to 15.3 billion kilowatt-hours. Although positive growth in coal production in May exceeded the 2.6% reduction target set by the management in early of this year, the bank believes that the market has already digested this target because of its poor instructiveness. The bank expects that these data, combined with the recent regrading of the long-term return expectations of assets in various parts of the Mainland, will support the stock price of the group before the ex-dividend date on June 28th.
Meituan-W (03690) had a net buying of 186 million Hong Kong dollars. On the news front, Meituan announced a new buyback plan, occasionally buying back shares in the public market for a total amount not exceeding 2 billion U.S. dollars. It is reported that Meituan has cumulatively repurchased 70.7502 million shares in the past three months, accounting for 1.13% of the company's total issued share capital. Fidelity believes that the group's announced $2 billion stock repurchase plan is a positive factor that reflects confidence in the future and creates value for shareholders.
Sino Biopharmaceutical (06600) had a net selling of 298 million Hong Kong dollars. On the news front, Sino Biopharmaceutical announced that the vote on the privatization plan proposal at the court meeting and extraordinary general meeting of shareholders held on June 19th was approved, and its listing status will be cancelled on July 5th. It is reported that Sinopharm Biopharmaceuticals announced in early April this year that it would be privatized by Silver Pegasus at a premium of about 17.21%.
In addition, China Mobile (00941) and Kuaishou-W (01024) had a net buying of 63.54 million and 2.74 million Hong Kong dollars respectively. Semiconductor Manufacturing International Corporation (00981) had a net selling of 59.33 million Hong Kong dollars.