Afternoon review of Hong Kong stock market

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Hong Kong stocks rebounded slightly in the afternoon, with the Hang Seng Index rising slightly; insurance stocks warmed up, with PICC P&C rising more than 4%, while petroleum stocks declined, and Sinopec fell more than 6%.

Futu News · Sep 5 16:26

富途资讯9月5日消息，港股三大指数午后小幅回升，截至收盘，恒生科技指数转涨至0.14%，恒指微幅下跌0.07%，国指跌0.46%，三大指数总体波幅不大全天呈现窄幅震荡行情。

截至收盘，港股上涨920只，下跌858只，收平1283只。

具体行业表现如下图：

板块方面，科网股多数走低，哔哩哔哩-W涨3.50%，京东集团-SW跌1.42%，快手-W涨1.39%，百度集团-SW跌1.12%，小米集团-W跌0.64%，网易-S涨0.64%。

保险股回暖，中国财险涨4.10%，中国人民保险集团涨3.73%，中国太保涨2.72%，新华保险涨1.46%，中国平安涨1.42%，友邦保险涨1.38%，中国人寿涨1.05%。

地产股造好，绿城中国涨4.79%，长实集团涨2.61%，万科企业涨2.52%，新鸿基地产涨1.90%，华润置地涨1.69%。

生物技术股涨多跌少，QUANTUMPH-P(晶泰科技)涨20.00%，云顶新耀-B涨7.06%，百济神州涨2.58%，亚盛医药-B跌2.09%，康方生物跌1.33%，巨子生物跌1.00%。

石油股走低，中国石油化工股份跌6.08%，中国石油股份跌2.92%，中国油气控股跌1.59%，上海石油化工股份跌0.98%，昆仑能源跌0.92%。

个股方面， $哔哩哔哩-W (09626.HK)$ 再涨超3%，管理层对盈利趋势有信心，美银上调公司盈测及目标价。

$同程旅行 (00780.HK)$ 再涨近3%，绩后累涨逾18%，二季度收入增长48%创历史新高。

$时代电气 (03898.HK)$ 跌超4%，宜兴生产线下半年将转化为固定资产，折旧或拖累净利润率。

$德康农牧 (02419.HK)$ 再涨超14%，上半年实现大幅扭亏公司禽畜成本领先同行。

$QUANTUMPH-P(晶泰科技) (02228.HK)$ 再涨20%，中金称其有望进入港股通。

今日成交额TOP10

港股通资金

港股通方面，今日港股通（南向）净流出15.9亿港元。

机构观点

花旗：香港地产股受惠租金弹性及减息预期首选恒地、太古地产及领展

花旗发表报告表示，对香港地产商旗下租金收入具一定弹性持正面看法，该行预期美联储9月议息会议将会降息，市场已收到正面回馈，因为租金比预期更有弹性可支持现金流入；第二是香港每个周末前往深圳/深圳的北行稳定在约55万人次(8月31日至9月1日暑假后按周跌12%)；第三零售额整体降幅收窄，特别是非必需品零售额；同时奢侈品零售整合仍在持续；第四是随着房屋租金上涨，负利差收窄(目前收益率为3.3至3.4%)。尽管行业问题仍会长期存在，仍有数家公司捍卫稳定的股息和进行若干回购，该行的行业首选股为 $恒基地产 (00012.HK)$ 、 $太古地产 (01972.HK)$ 及 $领展房产基金 (00823.HK)$ 。

大摩：淘宝天猫开通微信支付带来双赢局面

摩根士丹利研究报告指， $阿里巴巴-W (09988.HK)$ 的淘宝及天猫正在与 $腾讯控股 (00700.HK)$ 的微信支付进行全面整合，此举对双方的生态系统都是一个重要的里程碑，可带来双赢局面。大摩指，双方的整合有助淘宝天猫进一步渗透较低线的城市，维持其市占率稳定。该行将关注阿里巴巴是否会策略性地分配更多资源来获取更多低线城市用户。而对腾讯，此举则可以提高微信支付的市占率，特别是网上支付。长远而言，腾讯将获得有价值的消费交易数据，或可增强其对广告业务的市场洞察，给予其目标价450港元。

高盛：预计布伦特原油价格于每桶70至85美元区间面临下行风险

高盛发布研究报告称，布伦特原油价格周二(3日)触及今年以来的新低，原因是市场关注利比亚石油产量可能会更快恢复，并且美国ISM制造业调查令人失望及中国制造业PMI数据表现，令大宗商品、股票和债券市场反映增长放缓。正如该行预期，OPEC+似乎有望在10月逐步解除减产，这与该行早前预测市场可能从OPEC支持现货平衡的均衡，转向侧重于战略性约束非OPEC供应的看法一致。

编辑/Feynman

Futu News, September 5th, Hong Kong's three major indices rebounded slightly in the afternoon. At the close, the Hang Seng Tech Index rose to 0.14%, the Hang Seng Index fell slightly by 0.07%, and the CSI Index fell by 0.46%. The overall volatility of the three major indices was not significant, presenting narrow-ranging fluctuations throughout the day.

As of the close, 920 stocks on the Hong Kong stock market rose, 858 stocks fell, and 1283 stocks remained unchanged.

The specific industry performance is shown in the following figure:

In terms of sectors, most of the network technology stocks declined, with Bilibili-W up 3.50%, JD.com-SW down 1.42%, Kuaishou-W up 1.39%, Baidu Group-SW down 1.12%, Xiaomi Group-W down 0.64%, and NetEase-S up 0.64%.

Insurance stocks rebounded, with PICC Property and Casualty Insurance up 4.10%, PICC Group up 3.73%, China Pacific Insurance up 2.72%, New China Life Insurance up 1.46%, Ping An Insurance up 1.42%, AIA up 1.38%, and China Life Insurance up 1.05%.

Property stocks performed well, with Greentown China up 4.79%, CK Asset up 2.61%, China Vanke up 2.52%, SHK PPT up 1.90%, and China Resources Land up 1.69%.

Biotechnology stocks saw more gains than losses, with QUANTUMPH-P (Crystal International Group) up 20.00%, Galaxy Entertainment Group-B up 7.06%, Beigene up 2.58%, Ascentage Pharma-B down 2.09%, Akeso down 1.33%, and CanSino Biologics down 1.00%.

Petroleum stocks declined, with Sinopec Corp. down 6.08%, PetroChina down 2.92%, Sino Oil & Gas down 1.59%, Shanghai Petrochemical Corporation down 0.98%, and Kunlun Energy down 0.92%.

In terms of individual stocks, $BILIBILI-W (09626.HK)$ Rising by more than 3%, the management is confident in the profit trend, and Bank of America Merrill Lynch has raised the company's profit forecast and target price.

$TONGCHENGTRAVEL (00780.HK)$ Rising by nearly 3% again, with a cumulative increase of over 18% after the financial results, second-quarter revenue growth of 48% reaching a historical high.

$TIMES ELECTRIC (03898.HK)$ Falling by more than 4%, the production line in Yixing will be converted into fixed assets in the second half of the year, which may depreciate or drag down the net profit margin.

$DEKON AGR (02419.HK)$ Rising by over 14% again, the company achieved a significant turnaround in the first half of the year, leading the industry in poultry and livestock costs.

$QUANTUMPH-P (02228.HK)$ Another 20% increase, with China International Capital Corporation stating that it is expected to enter the Hong Kong Stock Connect.

TOP 10 trading volume today

Hong Kong Stock Connect Fund

As for the Hong Kong Stock Connect, there was a net outflow of 1.59 billion Hong Kong dollars (southbound) today.

Institutional perspective

Citi: Hong Kong property stocks benefit from rental elasticity and rate cut expectations, with Henderson Land, SwireProperties, and Link Real Estate Investment Trust being the top choices.

Citigroup's report states that it has a positive view on the rental income of Hong Kong property developers, as it expects the Fed to cut interest rates at its September meeting. The market has received positive feedback because rental income has proven to be more resilient than expected, supporting cash inflows. Another reason is that the number of people traveling to Shenzhen from Hong Kong remains stable at around 0.55 million per weekend (with a 12% weekly decline after the summer vacation from August 31st to September 1st). Overall, the decline in retail sales has narrowed, especially for non-essential goods. The integration of luxury goods retail is still ongoing. As housing rental prices rise, the negative interest rate spread narrows (currently yielding 3.3% to 3.4%). Despite ongoing industry issues, several companies are defending stable dividends and conducting multiple repurchases. The bank's preferred stock in the industry is $HENDERSON LAND (00012.HK)$Please use your Futubull account to access the feature.$SWIREPROPERTIES (01972.HK)$ Nvidia. $LINK REIT (00823.HK)$.

Morgan Stanley: Opening WeChat Pay on Taobao and Tmall brings a win-win situation

Morgan Stanley's research report pointed out that $BABA-W (09988.HK)$ Taobao and Tmall are currently integrating with WeChat Pay $TENCENT (00700.HK)$ , which is an important milestone for both ecosystems and can create a win-win situation. According to Morgan Stanley, the integration will help Taobao and Tmall further penetrate lower-tier cities and maintain their market share. The bank will focus on whether Alibaba will strategically allocate more resources to acquire more users in lower-tier cities. For Tencent, this move will increase the market share of WeChat Pay, especially in online payments. In the long run, Tencent will gain valuable consumer transaction data, which could enhance its market insight for advertising business and give it a target price of HKD 450.

Goldman Sachs: Brent crude oil prices are expected to face downward risks in the range of $70 to $85 per barrel.

Goldman Sachs released a research report stating that Brent crude oil prices hit a new low for the year on Tuesday (October 3) due to market concerns about faster recovery of Libyan oil production, disappointing US ISM manufacturing data, and weaker performance of China's manufacturing PMI. As expected by the bank, OPEC+ seems likely to gradually ease production cuts in October, which is consistent with the bank's earlier view that the market may shift from a focus on OPEC-supported spot balance to a focus on strategically restricting non-OPEC supply.

Editor/Feynman

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