Afternoon review of Hong Kong stock market

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Hong Kong stocks rose and then fell, the technology index closed slightly higher; the financial sector led the way all day, with ping an insurance and citic rising by nearly 4%.

Futu News · Sep 25 16:30

富途资讯9月25日消息，港市午后小幅回调，三大指数涨幅均明显收窄，科指涨幅收窄至0.23%，此前一度涨超3%，恒指、国指涨超0.6%。

截至收盘，港股上涨1095只，下跌897只，收平1070只。

具体行业表现如下图：

板块方面，科网股上扬，小米集团-W跌3.30%，快手-W涨2.07%，阿里巴巴-W跌1.09%，网易-S涨0.99%，美团-W涨0.57%，京东集团-SW涨0.56%，百度集团-SW跌0.39%，腾讯控股涨0.25%。

保险股齐涨，中国平安涨3.10%，中国太平涨2.60%，新华保险涨2.28%，中国财险涨2.17%，中国人寿涨1.69%，友邦保险涨1.51%，中国人民保险集团涨1.48%，中国太保跌0.21%。

银行板块表现亮眼，招商银行涨4.52%，建设银行涨2.02%、兴业银行涨1.82%，中国银行涨超2%，工商银行涨1.7%。

重型基建股上扬，天津建发涨13.04%，中国交通建设涨5.65%，中国中铁涨5.34%，中国碳中和跌4.35%，中国铁建涨3.85%，中国建筑国际涨1.39%，中国中冶涨0.76%，中铝国际收平。

互联网医疗股普涨，叮当健康涨7.14%，平安好医生涨5.78%，阿里健康涨5.06%，众安在线涨3.08%，京东健康涨2.24%，麦迪卫康收平。

黄金及贵金属板块上涨，紫金矿业涨1.79%，山东黄金涨2.15%，灵宝黄金涨1.57%，港银控股涨1.35%，招金矿业0.15%。

建筑材料股走强，中国建材涨3.86%，华润建材科技涨3.23%，海螺水泥涨2.37%，中国联塑涨1.71%，金隅集团跌1.67%，西部水泥跌1.09%，亚洲水泥(中国)涨0.90%，华新水泥涨0.14%。

苹果概念股走低，高伟电子跌2.95%，舜宇光学科技跌2.04%，富智康集团跌1.18%，丘钛科技跌1.06%，瑞声科技跌1.00%，数码通电讯跌0.96%，比亚迪电子跌0.70%，伟仕佳杰跌0.23%。

个股方面， $招商银行 (03968.HK)$ 涨超4%，内银股首选招商银行，相信收入和利润有望在2025年齐升。

$中国石油股份 (00857.HK)$ 涨2.41%，瑞银调整公司盈利预测并给予“买入”评级。

$小米集团-W (01810.HK)$ 跌超3%，花旗将公司纳入未来30天短期上升名单，首予“买入”评级。

$云音乐 (09899.HK)$涨超6%，毛利率提升驱动盈利能力改善，公司为港股通稀缺在线音乐标的。

$极兔速递-W (01519.HK)$再涨近8%，机构称公司各地区经营情况向好，盈利拐点显现。

$九龙仓置业 (01997.HK)$涨近6%创4个月新高，机构指其下半年有望受益美国减息。

$新东方-S (09901.HK)$反弹逾7%，大摩料其2025财年首季度核心教育收入同增33%。

$药明生物 (02269.HK)$急升逾7%，报道称美《生物安全法》最新修正案中去除药明生物。

$中国奥园 (03883.HK)$回落近15%，公司引入战略投资者，市场担忧公司仍面临债务重组风险。

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53.8亿港元。

机构观点：

高盛：给予京东“买入”评级，港股目标价157港元

高盛发表报告，鉴于 $京东集团-SW (09618.HK)$ 拥有领先的零售规模，独特的1P网上直销+市场模式，辅以行业领先的内部仓储和供应链能力，该行给予“买入”评级，基于SOTP估值，港股目标价为157港元。报告表示，京东集团预计今年下半年毛利率将较去年同期改善，京东零售和 $京东物流 (02618.HK)$ 的效率长期可持续改善。同时指出，京东核心品类的竞争压力已有所缓解，并认为京东的竞争优势在于其供应链能力、服务品质以及与品牌的长期关系。

里昂：中国平安成为最新刺激政策主要受益者，长线首选仍是友邦和中国财险

里昂发表报告指，内险股在内地公布金融刺激措施后显著上升， $中国平安 (02318.HK)$ 为主要受惠者，基于市场情绪改善及房地产松绑， $中国人寿 (02628.HK)$ 及 $新华保险 (01336.HK)$ 或受惠短期股价上升，但担心太保获利回吐压力。此外，人行行长提及正研究稳定市场基金，言论支持股市情绪及有利内险股投资收入。里昂认为，所有政策显示监管机构思维有正面转变，或意味政府将有更多行动出台。报告补充，长线首选仍是友邦和中国财险。

交银国际：港银降息为明年复苏做好准备，香港地产股首选领展

交银国际发表报告，称随着美联储减息，香港主要银行将最优惠利率下调25个基点，幅度超过预期的0至12.5个点，认为实质按揭利率将在明年降至低于住宅租金回报率水平，这将缓解价格压力，给予 $领展房产基金 (00823.HK)$ 基金“买入”评级，并列为香港房地产股的首选，同时亦看好可售资源充足兼且去化率高的 $新鸿基地产 (00016.HK)$ ，给予其“买入”评级。

编辑/Wade

Futu News on September 25th: The Hong Kong market experienced a slight afternoon pullback, with significant narrowing of the gains for the three major indexes. The technology sector narrowed its gains to 0.23%, after initially rising over 3%. The Hang Seng Index and mainland indexes both rose over 0.6%.

As of the closing, 1095 stocks in Hong Kong rose, 897 fell, and 1070 remained flat.

The specific industry performance is shown in the following figure:

Sector-wise, network technology stocks rose, with Xiaomi Corporation-W down 3.30%, Kuaishou-W up 2.07%, Alibaba-W down 1.09%, NetEase-S up 0.99%, Meituan-W up 0.57%, JD.com Group-SW up 0.56%, Baidu Group-SW down 0.39%, and Tencent Holdings up 0.25%.

Insurance stocks rose across the board, with Ping An Insurance up 3.10%, China Pacific Insurance up 2.60%, New China Life Insurance up 2.28%, PICC P&C up 2.17%, China Life Insurance up 1.69%, AIA up 1.51%, PICC Group up 1.48%, and China Pacific Insurance down 0.21%.

Banks sector performed well, with China Merchants Bank up 4.52%, China Construction Bank up 2.02%, Industrial Bank up 1.82%, Bank of China rising over 2%, and Industrial and Commercial Bank of China up 1.7%.

Heavy infrastructure stocks rose, Tianjin Development surged 13.04%, China Communications Construction rose 5.65%, China Railway Construction Corporation gained 5.34%, C Carbonneutral dropped 4.35%, China Railway rose 3.85%, China State Construction International up 1.39%, Metallurgical Corporation of China rose 0.76%, and China Aluminum International Engineering Corporation remained flat.

Digital health stocks saw general gains, with JD Health up 7.14%, Ping An Good Doctor up 5.78%, Ali Health up 5.06%, ZhongAn Online up 3.08%, JD Health up 2.24%, and Meinian Onehealth remaining flat.

Gold and precious metals sector rose, zijin mining group rose by 1.79%, sd gold rose by 2.15%, lingbao gold rose by 1.57%, loco hk rose by 1.35%, zhaojin mining rose by 0.15%.

Building materials stocks strengthened, cnbm rose by 3.86%, cr bldg mat tec rose by 3.23%, conch cement rose by 2.37%, china lesso rose by 1.71%, bbmg corporation fell by 1.67%, westchinacement fell by 1.09%, asia china rose by 0.90%, huaxin cement rose by 0.14%.

Apple suppliers trended lower, cowell fell by 2.95%, sunny optical fell by 2.04%, fih fell by 1.18%, q tech fell by 1.06%, aac tech fell by 1.00%, smartone tele fell by 0.96%, byd electronic fell by 0.70%, vstecs fell by 0.23%.

In terms of individual stocks, $CM BANK (03968.HK)$ Rising over 4%, china mainland banking first picks cm bank, expected income and profits to rise together by 2025.

$PETROCHINA (00857.HK)$ Rose by 2.41%, ubs group adjusted company's profit forecast and issued a "buy" rating.

$XIAOMI-W (01810.HK)$ With a drop of more than 3%, Citigroup will include the company in the short-term upward list for the next 30 days, initially rated as a "buy".

$CLOUD MUSIC (09899.HK)$Rising more than 6%, the improvement in gross margin drives profitability enhancement, with the company being a rare online music symbol in the Hong Kong Stock Connect.

$J&T EXPRESS-W (01519.HK)$Rising nearly 8% again, institutions stated that the company's operating conditions in various regions are improving, with the profit turning point becoming apparent.

$WHARF REIC (01997.HK)$Rising nearly 6% to reach a 4-month high, institutions indicated that it is expected to benefit from the US interest rate cut in the second half of the year.

$NEW ORIENTAL-S (09901.HK)$Rising more than 7%, Daiwa expects the core education revenue for the first quarter of fiscal year 2025 to increase by 33%.

$WUXI BIO (02269.HK)$Surging more than 7%, reports suggest that Wuxi Bio has been removed from the latest amendment to the US "Biosecurity Law".

$CHINA AOYUAN (03883.HK)$Falling nearly 15%, the company has introduced strategic investors, with market concerns about the company still facing debt restructuring risks.

TOP 10 trading volume today

Hong Kong Stock Connect Fund

In terms of the Hong Kong stock connect, the net outflow of 5.38 billion Hong Kong dollars was recorded for the Hong Kong stock connect (southbound) today.

Institutional perspective:

Goldman Sachs: gives a 'buy' rating to JD.com, with a target price of 157 Hong Kong dollars for its Hong Kong stock.

Goldman Sachs issued a report, considering that $JD-SW (09618.HK)$ With leading retail scale, a unique 1P online direct sales + marketplace model, supplemented by industry-leading internal warehousing and supply chain capabilities, the bank gives a 'buy' rating, based on SOTP valuation, with a Hong Kong stock target price of 157 Hong Kong dollars. The report indicates that JD Group is expected to improve its gross margin in the second half of this year compared to the same period last year, and the efficiency of JD Retail and $JD LOGISTICS (02618.HK)$ is expected to sustain long-term improvement. It also points out that the competitive pressure on JD's core categories has eased, and believes that JD's competitive advantage lies in its supply chain capabilities, service quality, and long-term relationships with brands.

Lyon: China Ping An becomes the latest major beneficiary of stimulus policies, with AIA and PICC P&C remaining top choices for the long term.

Lyon's report points out that mainland insurance companies have significantly risen after the financial stimulus measures were announced in the mainland. $PING AN (02318.HK)$ Benefiting mainly from improved market sentiment and relaxation of real estate regulations, short-term stock price increases may occur, but there are concerns about China Pacific Insurance facing profit-taking pressure. In addition, the governor of the People's Bank of China mentioned ongoing research on stabilizing market funds, endorsing stock market sentiment and favoring investment returns for mainland insurance companies. Lyon believes that all policies indicate a positive shift in regulatory thinking, potentially signaling more government actions. The report adds that AIA and PICC P&C remain the top choices for the long term. $CHINA LIFE (02628.HK)$ Nvidia. $NCI (01336.HK)$ In addition, the People's Bank of China governor mentioned ongoing research on stabilizing market funds, endorsing stock market sentiment and favoring investment returns for mainland insurance companies. Lyon believes that all policies indicate a positive shift in regulatory thinking, potentially signaling more government actions. The report adds that AIA and PICC P&C remain the top choices for the long term.

Bocom Intl: Loco HK's rate cut prepares for recovery next year, Hong Kong property stocks first choice Link Real Estate

Bocom Intl released a report, stating that with the Fed's rate cut, major banks in Hong Kong will reduce the most favorable interest rates by 25 basis points, exceeding the expected range of 0 to 12.5 basis points. It believes that effective mortgage rates will fall below the level of residential rental return rate next year, which will ease price pressure, giving a 'buy' rating to the fund and listing it as the top choice for Hong Kong real estate stocks, at the same time bullish on the ample salable resources and high turnover rate. $LINK REIT (00823.HK)$ and gives it a 'buy' rating. $SHK PPT (00016.HK)$ also receives a 'buy' rating.

编辑/Wade

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