Afternoon review of Hong Kong stock market

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Hong Kong Market Quick View | Hong Kong stocks pulled back, the tech index fell over 2%, while KINGDEE INT'L and SUNNY OPTICAL rose more than 3% against the trend.

Futu News · Feb 11 16:35

富途资讯2月11日消息，港股三大指数齐跌， $恒生指数 (800000.HK)$跌1.06%， $恒生科技指数 (800700.HK)$ 跌2.73%， $国企指数 (800100.HK)$跌1.31%。

截至收盘，港股上涨671只，下跌1365只，收平1056只。

具体行业表现如下图：

板块方面，科网股下挫，快手-W跌3.88%，商汤-W跌3.39%，小米集团-W跌2.74%，网易-S跌2.41%，腾讯控股跌2.20%，京东集团-SW跌1.86%，阿里巴巴-W跌0.57%，美团-W跌0.55%。

部分苹果概念股逆市上涨，舜宇光学科技涨3.03%，比亚迪电子涨1.57%，通达集团涨1.32%。

半导体股普跌，英诺赛科跌8.74%，中芯国际跌5.23%，华虹半导体跌5.12%，宏光半导体跌4.62%，晶门半导体跌3.64%，中电华大科技跌3.62%，上海复旦跌2.19%，硬蛋创新跌1.39%。

互联网医疗股多股下行，叮当健康跌7.69%，京东健康跌6.01%，麦迪卫康跌5.10%，阿里健康跌4.80%，众安在线跌4.14%，平安好医生跌1.59%。

光伏太阳能股多股下行，信义光能跌7.18%，协鑫科技跌6.30%，福莱特玻璃跌6.09%，福耀玻璃跌4.76%，新特能源跌4.49%，信义玻璃跌3.63%，协合新能源跌2.11%，信义能源跌1.25%。

赌场及博彩股多股下行，金沙中国有限公司跌5.20%，美高梅中国跌4.27%，银河娱乐跌4.07%，永利澳门跌3.85%，新濠国际发展跌2.54%，金界控股跌1.99%，澳博控股跌1.28%，百乐皇宫跌1.16%。

汽车股多股多数下行，吉利汽车跌10.27%，小鹏汽车-W跌9.00%，长城汽车跌7.11%，零跑汽车跌6.22%，理想汽车-W跌5.59%，华晨中国涨2.89%，蔚来-SW跌2.20%，比亚迪股份跌0.73%。

个股方面，$万国数据-SW (09698.HK)$涨10.7%，传公司考虑将国际业务在美IPO，筹资约5亿美元。

$微盟集团 (02013.HK)$涨2.62%，公司发布导购Agent产品“导购任务AI+”。

$特步国际 (01368.HK)$跌3.61%，公司定增及发债集资近10亿港元，用于品牌发展及营运资金。

$金蝶国际 (00268.HK)$涨3.76%，近日宣布全面接入DeepSeek，云服务厂商市场需求有望迎来广阔机遇。

$美图公司 (01357.HK)$涨1.77%，全年经调整净利最高预增六成，富瑞上调公司盈测及目标价。

$KEEP (03650.HK)$涨8.85%，公司近日提出“All in AI”战略规划，机构指其具备数据优势。

$泡泡玛特 (09992.HK)$涨2.35%，股价一度创历史新高，《哪吒2》联名手办销售火爆。

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88.98亿港元。

机构观点

花旗：舜宇、比亚迪电子及韦尔股份将成为ADAS/智能车趋势下主要受益者

花旗发表研报指， $比亚迪电子 (00285.HK)$ 于智能化战略发布会上正式宣布推出高阶智驾系统“天神之眼”，对其主要供应链带来正面影响，认为比亚迪电子为主要受益者，其次是韦尔股份和舜宇光学。

花旗认为，高级辅助驾驶系统(ADAS)加自动驾驶今年起成为关键投资主题，随着ADAS渗透至10万元以下车型，比亚迪电子汽车业务今明两年收入较原预测有3%及5%提升空间，惟近期的股价上涨可能已反映了大部分预期。而韦尔股份和 $舜宇光学科技 (02382.HK)$ 亦将受惠于ADAS在整体汽车市场渗透率的提升，因为两间公司都有约30%至40%利润贡献来自该领域。

大摩：比亚迪普及智能驾驶，预计同行难以及时作回应

摩根士丹利发表研报指， $比亚迪股份 (01211.HK)$举行智能化战略发布会，宣布正式发布高阶智驾系统“天神之眼”，首批搭载该系统共有21款车型，标志着比亚迪将L2+自动驾驶辅助系统(ADAS)推向大众市场，预料将增强其品牌影响力。虽然现有车型的折扣可能会更大，但同时推出多款普及智驾的新车型，可能会使竞争对手难以及时作出反应。

美银：维持港交所“买入”评级，预期去年纯利按年增9%

美银证券发表研究报告指，预期 $香港交易所 (00388.HK)$ 去年纯利按年增9%至130亿港元，单计去年第四季纯利料按年升41%，主要受到期内的交投量激增，日均成交额(ADT)由第三季的910亿港元升至1870亿港元。另外，随香港整体利率靠稳，料利息收入及投资收入有助第四季及全年的增长。去年全年的ADT达1320亿港元，按年升26%；本年至今ADT走势及新股展望维持强劲。

美银上调港交所2024年至2026年的盈利预测0%至2%，主要因为较低的成本收入比率，维持“买入”评级及目标价349港元，并指港交所是市场复苏的主要受惠者，见到近期的上行风险大过下行风险。该行认为最坏的情景会是因为监管要求及地缘政策顾虑，而出现外资撤出香港。

编辑/danial

Futu News reported on February 11 that the three major indices of the Hong Kong stock market all declined, $Hang Seng Index (800000.HK)$down 1.06%, $Hang Seng TECH Index (800700.HK)$ down 2.73%, $Hang Seng China Enterprises Index (800100.HK)$down 1.31%.

As of the market close, there were 671 gainers, 1365 decliners, and 1056 unchanged stocks.

The specific industry performance is shown in the picture below:

In the Sector, Network Technology stocks fell, with KUAISHOU-W down 3.88%, SENSORY-W down 3.39%, XIAOMI-W down 2.74%, NTES-S down 2.41%, TENCENT down 2.20%, JD-SW down 1.86%, Alibaba-W down 0.57%, and MEITUAN-W down 0.55%.

Some Apple Supplier stocks rose against the trend, with SUNNY OPTICAL increasing by 3.03%, BYD ELECTRONICS rising by 1.57%, and TONGDA GROUP up by 1.32%.

Semiconductor stocks fell broadly, with INNOSILICON down 8.74%, Semiconductor Manufacturing International Corporation down 5.23%, HUA HONG SEMI down 5.12%, HG SEMI down 4.62%, SOLOMON SYSTECH down 3.64%, CE HUADA TECH down 3.62%, SHANGHAI FUDAN down 2.19%, and INGDAN down 1.39%.

Digital Health stocks saw many decline, with DINGDANG HEALTH down 7.69%, JD HEALTH down 6.01%, MAIDI WEIKANG down 5.10%, ALI HEALTH down 4.80%, ZA ONLINE down 4.14%, and PA GOODDOCTOR down 1.59%.

Photovoltaic Power stocks saw many declines, with XINYI SOLAR down 7.18%, GCL TECH down 6.30%, FLAT GLASS down 6.09%, FUYAO GLASS down 4.76%, XINTE ENERGY down 4.49%, XINYI GLASS down 3.63%, CONCORD NE down 2.11%, and XINYI ENERGY down 1.25%.

Casinos and Gaming stocks saw many declines, with SANDS CHINA LTD down 5.20%, MGM CHINA down 4.27%, GALAXY ENT down 4.07%, WYNN MACAU down 3.85%, MELCO INT'L DEV down 2.54%, NAGACORP down 1.99%, SJM HOLDINGS down 1.28%, and PALACE CASINO down 1.16%.

Autos stocks mostly fell, with GEELY down 10.27%, XPENG-W down 9.00%, Great Wall Motor down 7.11%, LEAPMOTOR down 6.22%, LI AUTO-W down 5.59%, BRILLIANCE CHI up 2.89%, NIO-SW down 2.20%, and BYD down 0.73%.

In terms of individual stocks,$GDS-SW (09698.HK)$Up by 10.7%, it is reported that the company is considering an IPO for its international business in the U.S., raising approximately 0.5 billion USD.

$WEIMOB INC (02013.HK)$Up by 2.62%, the company launched the shopping guide agent product 'Shopping Task AI+'.

$XTEP INT'L (01368.HK)$Down by 3.61%, the company raised nearly 1 billion HKD through a private placement and bond issuance for brand development and working capital.

$KINGDEE INT'L (00268.HK)$Up 3.76%, recently announced full access to DeepSeek, with a broad market opportunity expected for Cloud Computing Service providers.

$MEITU (01357.HK)$Up 1.77%, with a maximum adjusted net profit expected to increase by 60% for the year, and Jefferies raised the company's earnings forecast and Target Price.

$KEEP (03650.HK)$Up 8.85%, the company recently proposed an 'All in AI' strategic plan, and Institutions indicated that it has data advantages.

$POP MART (09992.HK)$Up 2.35%, the stock price once hit a historic high, and sales of the 'Nezha 2' co-branded figures are hot.

Today's transaction volume TOP10

Hong Kong Stock Connect funds

On the Hong Kong Stock Connect side, today there was a net outflow of 8.898 billion Hong Kong dollars.

Institutional Views

Citi: SUNNY OPTICAL, BYD Electronics, and Will Semiconductor will become the main beneficiaries under the ADAS/Smart Vehicle trend.

Citi published a Research Report stating that $BYD ELECTRONIC (00285.HK)$ at the Intelligent Strategy Launch Conference, it officially announced the launch of the advanced autonomous driving system "Eye of Heaven", which brings positive impacts on its main supply chain, believing that BYD Electronics is the main beneficiary, followed by Will Semiconductor and SUNNY OPTICAL.

Citi believes that advanced driver-assistance systems (ADAS) combined with autonomous driving will become a key investment theme starting this year. As ADAS penetrates vehicles under 100,000 yuan, BYD Electronics' automotive business income this year and next year has an upgrade potential of 3% and 5% compared to previous forecasts, but the recent rise in stock prices may have reflected most expectations. Meanwhile, Will Semiconductor and $SUNNY OPTICAL (02382.HK)$ It will also benefit from the increase in penetration rate of ADAS in the overall auto market, as both companies contribute about 30% to 40% of profits from this field.

Morgan Stanley: BYD is popularizing smart driving, and it is expected that peers will find it difficult to respond in time.

Morgan Stanley published a research report stating that $BYD COMPANY (01211.HK)$A smart strategy press conference was held, announcing the formal release of the high-end intelligent driving system 'God's Eye', with the first batch of 21 models equipped with this system, marking BYD's introduction of the L2+ Advanced Driver Assistance System (ADAS) to the mass market, expected to enhance its brand influence. Although discounts on existing models may be greater, the simultaneous launch of multiple new models featuring popular smart driving technology may make it difficult for competitors to respond in time.

Bank of America: Maintains 'Buy' rating on HKEX, expecting a 9% year-on-year increase in net profit last year.

Bank of America Securities published a research report indicating an expectation of $HKEX (00388.HK)$ Last year, net profit increased by 9% year-on-year to 13 billion HKD, with the net profit for the fourth quarter expected to rise by 41% year-on-year, mainly due to a surge in trading volume during the period, as the average daily trading value (ADT) increased from 91 billion HKD in the third quarter to 187 billion HKD. In addition, as overall interest rates in Hong Kong stabilize, interest income and investment income are expected to contribute to growth in the fourth quarter and for the full year. The annual ADT reached 132 billion HKD last year, an increase of 26% year-on-year; year-to-date ADT trends and the outlook for new stocks remain strong.

Bank of America raised its profit forecasts for HKEX from 0% to 2% for 2024 to 2026, mainly due to a lower cost-to-income ratio, maintaining a 'Buy' rating and target price of 349 HKD, indicating that HKEX is the main beneficiary of the market recovery, with recent upside risks outweighing downside risks. The bank believes that the worst-case scenario would be a foreign capital withdrawal from Hong Kong due to regulatory requirements and geopolitical policy concerns.

Editor/danial

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