Futu Information, May 27 | The three major Hong Kong stock indexes maintained their gains throughout the day. The Hang Seng Index closed up 2.89%, the China Enterprises Index closed up 2.98%, and the Hang Seng Technology Index closed up 3.8%.

As of the close, Hong Kong stocks rose 1,143 stocks today, fell 717 stocks, and closed flat at 1,009 stocks.

The specific industry performance is as follows:

In terms of sectors, large technology stocks were strong throughout the day. Baidu rose more than 14%, Ali rose more than 12%, Jingdong rose more than 5%, Meituan rose more than 3%, and Tencent rose more than 2%.

Mobile game stocks generally rose, Bilibili rose more than 6%, Kingsoft rose 5%, Xinxin company rose more than 4%, and NetEase rose 4%. According to the news, the actual sales revenue of the Chinese game market in April increased month-on-month.

Oil stocks improved throughout the day, with CNOOC up over 3%, PetroChina up over 2%, and Sinopec up over 1%. On the news, OPEC+ refused to increase production significantly, and international oil prices rose significantly.

Home appliance stocks rose, Techtronic rose nearly 6%, and Haier Zhijia rose more than 2%.

Gaming stocks maintained their gains, Galaxy Entertainment rose more than 3%, Sands China rose nearly 2%, and Wynn Macau rose more than 1%.

Sporting goods stocks rose in the afternoon, Anta Sports rose nearly 5%, Li Ning rose more than 2%, and Xtep International rose nearly 2%.

Insurance stocks continued to rise, China Ping An rose more than 3%, AIA rose nearly 3%, and ZhongAn Online rose nearly 1%.

Most auto stocks rose, with NIO up nearly 8%, Li Auto up over 7%, Xiaopeng Motors up 4%, and BYD shares up over 1%.

Mainland property stocks fell in the afternoon, Greentown China fell nearly 4%, China Jinmao fell 1%, China Overseas and Longfor Group fell nearly 1%.

In terms of individual stocks, $JD.com-SW(09618.HK)$ rose more than 5%. Macquarie added the company to its buy-themed list, calling it the biggest winner from the mitigation of logistical disruptions caused by the pandemic, with upside potential outweighing downside risks.

$CHINA RUYI (00136.HK)$ closed up nearly 5%. In terms of news, the first game of the company’s game business, “Crazy Deer”, was launched.

$ Helens (09869.HK) $ rose more than 3%. The agency said that expectations for resumption of work and production have increased, and the sentiment has bottomed out.

Qiming Medical-B (02500.HK) rose 10%. On the news, the company’s TPVR product VenusP-Valve has completed the first shipments in Europe.

$CanSino Bio-B(06185.HK)$ rose by more than 8%, after a surge of more than 13%. On the news, the company became the fifth biotech stock on the Hong Kong Stock Exchange to go to “B”, and acquired 1.173 million H shares from American Capital Group at an average price of HK$70.657 per share, involving a capital of about HK$82.8783 million.

Techtronic Industries (00669.HK) rose more than 5%, and its stock price once rose to HK$100. Macquarie gave the company an “outperform” rating, saying it would still achieve its internal performance targets for the first half of 2022.

Hong Kong Stock Connect Funds

In terms of Hong Kong Stock Connect, today’s Hong Kong Stock Connect (southbound) has a net inflow of HK$410 million.

Today’s top 20 Hong Kong stocks turnover

message side

The Ministry of Finance issued a notice on the advance release of the third batch of fund budgets to support grass-roots implementation of tax cuts and fee reductions and key livelihood transfers. The Ministry of Finance issued a notice saying that after research, the central government has issued the third batch of budget targets for transfer payment funds to support grassroots implementation of tax cuts and fee reductions and key livelihoods, and to support local governments in implementing tax rebates and other tax and fee reduction policies to effectively make up for the Policy-based revenue reduction will ease the contradiction between fiscal revenue and expenditure, and promote the smooth operation of county and district finance. The above funds are included in the 2023 budget, and the treasury funds will be allocated separately in 2022.

Ministry of Finance: From January to April, the total operating income of state-owned enterprises was 24572.31 billion yuan, a year-on-year increase of 9.8%. The Ministry of Finance said that from January to April, the total operating income of state-owned enterprises was 24572.31 billion yuan (RMB, the same below), a year-on-year increase of 9.8%. Among them, central enterprises were 14135.96 billion yuan, an increase of 11.8% year-on-year; local state-owned enterprises were 10436.35 billion yuan, a year-on-year increase of 7.2%. From January to April, the total profit of state-owned enterprises was 1,282.36 billion yuan, a year-on-year decrease of 3.6%. Among them, central enterprises were 986.22 billion yuan, a year-on-year increase of 3.8%; local state-owned enterprises were 296.14 billion yuan, a year-on-year decrease of 22.2%.

Last year, the wealth of Chinese residents ranked second in the world. On May 27, according to the “China Wealth Report 2022” report, the total wealth of Chinese residents in 2021 will reach 687 trillion yuan, ranking second in the world, second only to the United States. From 2005 to 2021, the compound annual growth rate will reach 14.7%, far exceeding that of the United States and Japan. In 2021, the assets per household are expected to reach 1.344 million yuan. At the structural level, financial assets accounted for a relatively low proportion, while physical assets accounted for nearly 70%. In 2021, China’s physical assets will account for 69.3% of total wealth, mainly in real estate. The national housing market value will reach 476 trillion yuan; financial assets will account for 30.7%.

Institutional view

CICC: The signal of “steady growth” is clear, the economy is expected to rebound significantly in the second half of the year, and the annual infrastructure investment may increase by 8%

CICC issued a report stating that the State Council held a national teleconference on stabilizing the economic market earlier. In the context of repeated epidemics and increasing downward pressure on external demand, the meeting released a very clear signal of “stabilizing growth”. The bank pointed out that in addition to strengthening local implementation, many ministries and commissions have recently held intensive meetings or issued documents to deploy stable growth and implement bailout policies, which are reflected in the coordinated efforts of monetary, fiscal, and regulatory policies. Since the current round of steady growth, the monetary policy has been put in force ahead of time, with greater easing efforts and sufficient liquidity. Next, it is not ruled out that policies may further guide domestic banks to increase loan support, and policy banks may play a more active role. The bank believes that policy banks may play a supporting role in major infrastructure projects. The annual growth rate of generalized infrastructure investment may reach 8%. If the supporting social funds are greatly relaxed, the possibility of close to 10% cannot be ruled out, which is much higher than the annual growth rate of 0.2% last year.

Yamato: Reiterates $Alibaba-SW(09988.HK)$ “Buy” rating, lowers target price to HK$145

Daiwa published a research report, reiterated Alibaba’s “buy” rating, lowered its 2023-24 EPS forecast by 5%-9% to reflect weaker-than-expected core business EBITA margins, and lowered its target price from HK$155 by 6.5%. to HK$145. The company’s customer management revenue (CMR) and cost improvement in the fourth quarter ended March were better than expected, and core business profit was lower than expected. However, it is believed that it will benefit from the introduction of favorable policies to stimulate consumption. Once the market recovers, the stock price may rise Win the industry.

Lyon: Reduced the target price of $Meituan-W(03690.HK)$ to HK$310, and rated “Buy”

Lyon published a research report and lowered the target price of Meituan from HK$370 to HK$310, with a rating of “buy”. The bank pointed out that the total revenue of Meituan in Q1 is expected to be 45.05 billion yuan (RMB, the same below), with a year-on-year growth rate of 21.7%, compared with 30.6% in Q4 last year; the adjusted net loss is 4.664 billion yuan, a year-on-year increase of 19.8% ; The adjusted operating loss of new business is expected to narrow to 9.398 billion yuan, compared with a loss of 10.205 billion yuan in Q4 last year. The bank estimates that due to the fact that Meituan’s Shanghai and Shenzhen businesses account for more than 20% of its total business, due to the impact of the epidemic, Q1’s core food distribution and in-store revenue will be 31.3 billion yuan, with a year-on-year growth rate of 15%; and it expects core revenue in the second quarter Growth will decelerate to low single digits, and it is believed that it will rebound quickly after the epidemic eases. The bank lowered the adjusted net profit forecast for Meituan 22 and 23 by 3.3 billion yuan; and changed the RMB/USD forecast from 6.5 to 6.8.

Macquarie: Include $JD.com-SW(09618.HK)$ in the list of buying topics

The Macquarie research report pointed out that the logistics disruption caused by the epidemic has eased, and JD.com is the biggest winner. Its upside potential is greater than the downside risk, and JD.com is included in the list of buying topics. The bank believes that in the context of strong momentum and category expansion, JD.com’s adjusted profit is expected to recover at a compound annual growth rate of 30%-40% from 2021 to 2023. It believes that the logistics industry has gradually recovered since late April. Some compliance pressure may be released, while more prudent user acquisition strategies and new business development (community group buying, etc.) as cost-saving channels may create further operating leverage.

Citi: Maintain $Alibaba Health (00241.HK)$ “Buy” rating, cut target price by 50% to HK$10

Citigroup released a research report saying that it maintained the “buy” rating of Ali Health, and the target price was cut by 50% from HK$20 to HK$10. The bank said its full-year results to the end of March were in line with expectations, but cut its revenue forecasts for both the 2023/24 fiscal year by 7% to reflect slower growth in its direct sales and platform businesses. Additionally, management gave the company lower expense guidance for the same period, which should help revenue performance.

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