Futu Information, May 31 | Market sentiment was high, Hong Kong stocks opened lower and continued to rebound. The Hang Seng Index rose 1.38%, the HSCEI rose 2.23%, and the Hang Seng Technology Index rose 3.02%, all of which recorded 3 consecutive gains.

As of the close, Hong Kong stocks rose 1,285 stocks today, fell 635 stocks, and ended flat at 948 stocks.

The specific industry performance is as follows:

In terms of sectors, technology stocks performed well. Baidu and Kuaishou rose by more than 7%, Meituan rose by nearly 7%, Tencent rose by more than 3%, and Alibaba and JD.com followed suit.

Tobacco stocks were among the top gainers , Smol International rose more than 9%, BYD Electronics rose more than 6%, and Huabao International and China Tobacco Hong Kong followed suit.

The green power concept sector rose , China Power rose by more than 10%, Huadian International Power Co., Ltd. and China Resources Power rose by more than 8%. The National Development and Reform Commission and the National Energy Administration issued a document requesting that the construction of large-scale wind power photovoltaic bases be accelerated.

Catering stocks continued to rebound, Helens rose by more than 9%, Nai Xue’s tea rose by more than 7%, and Jiu Maojiu and Haidilao all increased significantly. The easing of the epidemic and the stimulus of policies have benefited Chinese catering and retail stocks.

Auto stocks rose at the end of the session, Great Wall Motors rose more than 7%, Ideal Motors rose nearly 4%, and Geely Automobile and Weilai followed suit. Ministry of Industry and Information Technology: Officially launched a new round of new energy vehicles to the countryside.

Property management stocks strengthened, Sunac Services rose more than 11%, and Country Garden Services rose nearly 8%. CITIC pointed out that the property management industry has broad prospects and may benefit from a lot of policy support.

Financial stocks generally rose, with China Gold up over 4% and China Merchants Bank up over 3%.

In terms of individual stocks, Tsingtao Brewery (00168.HK) rose more than 4%, with a turnover of over HK$6.5 billion. On the news, Fosun International plans to reduce its holdings of Tsingtao Brewery in a clearing manner. Furui said that this move is beneficial to Tsingtao Brewery’s stock price.

$Great Wall Motor (02333.HK)$ pulled up at the end of the session, up more than 7%. The Ministry of Industry and Information Technology said that it officially launched a new round of new energy vehicles to go to the countryside.

$ Kuaishou-W (01024.HK) $ rose more than 7%, leading the rise of the Internet stocks. Many institutions are optimistic about the Internet stocks, saying that the end of the second quarter results is imminent.

$Baidu Group-SW(09888.HK)$ rose by more than 7%, and rose by more than 25% after the performance, which is optimistic about many big banks.

$Smore International (06969.HK)$ rose more than 9%. CITIC Securities pointed out that the company’s product innovation continues to land, and the inflection point is gradually approaching. The target price is HK$29, which corresponds to about 30 times PE in 2023.

$ Meilan Airport (00357.HK) $ rose more than 7%, rising nearly 20% for 3 consecutive days. Morgan Stanley assigns an “overweight” rating to Meilan Airport.

$Orient Overseas International (00316.HK)$ fell more than 4%, after rising more than 3% earlier. JPMorgan raised its profit forecast for Asian container shipping companies and lowered its target price for OOCL to HK$340.

$Jinxin Reproductive (01951.HK)$ rose nearly 10%. It is reported that Beijing and other places plan to include assisted reproductive technology projects in medical insurance.

$Nexteer (01316.HK)$ rose by more than 11%, the institution sang well, and the target price was HK$6.29, and it was increased by Beishui for 3 consecutive days.

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$2.121 billion.

Today’s top 20 Hong Kong stocks turnover

message side

The central parity of the yuan against the U.S. dollar was at 6.6607, up 441 basis points

Institutions: Asian IPOs raised a record high from January to March, accounting for 80% of the world’s total

According to financial information company Refinitiv, the amount of funds raised by global IPOs (excluding duplicate listings) in the January-March period fell 58% year-on-year to about 4.6 trillion yen. In contrast to Europe and the United States, IPOs in Asia and the Pacific (excluding Central Asia, etc.) are active. The Asian market accounted for 79% of the global total, more than 65% in the same period in 2010, accounting for the largest share. Mainly South Korean and Chinese companies, there have been large listings one after another.

U.S. personal savings rate falls to lowest level since 2008

Fox Business News website reported on the 30th that Americans are reducing their savings, which is a potential trouble for the US economy. The report, citing data from the U.S. Department of Commerce, said Americans’ personal savings rate fell to 4.4 percent in April, the lowest level since 2008.

State Council: Introduce specific measures to support the healthy development of the platform economy

The State Council issued the “Notice on Printing and Distributing a Package of Policies and Measures to Stabilize the Economy”. The notice proposes to promote the healthy development of the platform economy. Introduce specific measures to support the regulated and healthy development of the platform economy, set up “traffic lights” on the premise of preventing the disorderly expansion of capital, maintain the order of market competition, and promote the regulated and healthy development of the platform economy through fair competition. Give full play to the role of the platform economy in stabilizing employment, stabilize the development expectations of platform enterprises and their symbiotic small, medium and micro enterprises, and use the development of platform enterprises to drive relief for small, medium and micro enterprises. Guide platform companies to do a good job of online and offline linkages between epidemic prevention materials and important livelihood commodities in the “last mile” of epidemic prevention and control. Encourage platform companies to accelerate technological breakthroughs in artificial intelligence, cloud computing, blockchain, operating systems, processors, and other fields.

Notice of the State Council on Printing and Distributing a Package of Policies and Measures to Stabilize the Economy

The State Council issued the “Notice on Printing and Distributing a Package of Policies and Measures to Stabilize the Economy”. The notice proposes that all departments should closely coordinate and cooperate to form work synergies, and redeploy the work of their own departments and industries in accordance with the 33 specific policy measures and division of labor in six aspects proposed in the “Package of Policy Measures for Solidly Stabilizing the Economy”. If it is necessary to promote and implement further implementation rules, it should be completed before the end of May. In the near future, the General Office of the State Council will work with relevant parties to conduct special inspections on the situation of stabilizing growth, stabilizing market players and ensuring employment in relevant provinces.

Institutional view

CITIC Securities: It is expected that the PMI in June is expected to quickly return to the expansion range

According to the CITIC Securities Research Report, since March this year, due to the impact of factors such as the epidemic situation in some parts of the country and changes in the international situation, the manufacturing industry has been in a contraction range for three consecutive months. And economic and social development has shown results. The PMI in May has improved significantly compared with April. Especially with the easing of the problem of sluggish supply chain turnover in the previous period, the supply and demand indicators have shown a relatively large month-on-month recovery. Recently, the epidemic situation in some parts of the country has been initially effectively controlled, which provides room for better implementation of macroeconomic policies of counter-cyclical adjustment. It is expected that a package of policy measures to stabilize the economy will help the economy to further accelerate recovery. It is expected to quickly return to the expansion zone.

Deutsche Bank: Maintain $Alibaba-SW(09988.HK)$ “Buy” rating, cut target price by 9% to HK$152

Deutsche Bank released a research report saying that it maintained Alibaba-SW “buy” rating and lowered its adjusted net profit forecast for 2022-23 by 14%/15%. Due to structural changes in consumer behavior and other factors, it believes that short-term challenges remain , the target price was lowered by 9% to HK$152. The bank said the recovery of domestic non-consumer staples, such as clothing and cosmetics, may slow this year, stressing that the company’s new businesses, including cloud and international commerce, face various challenges.

Credit Suisse: Mainland sporting goods stocks mainly depend on the epidemic situation and demand recovery, the first choice is $ Xtep International (01368.HK) $

Credit Suisse issued a report stating that, according to its knowledge of 80 investors, most investors have reduced their weights or reduced their holdings in the mainland sporting goods sector, and are holding a wait-and-see attitude. Some investors are optimistic because sports stocks are on the rise Valuations have become attractive after weekly shares tumbled. In the medium to long term, most investors agree that domestic brands are gaining momentum. Credit Suisse believes that the performance of sports stocks mainly depends on the situation of the epidemic and the recovery of demand. As investors are worried about the weaker-than-expected sales in the second quarter, the market may lower their forecasts, thus dragging down the performance of industry stock prices. The sector preferences of the bank are $XTEP International(01368.HK)$ , $Li Ning(02331.HK)$ , $ANTA Sports(02020.HK)$ , $Shenzhou International(02313.HK)$ , and finally $Tao Bo (06110.HK)$ .

Morgan Stanley: The stock price of Meilan Airport (00357.HK) is expected to rise within 15 days, and the rating is “overweight”

Morgan Stanley published a strategic research report, predicting that the share price of Meilan Airport will rise by 70% to 80% in the next 15 days, pointing out that Shanghai will gradually reopen from June 1, and the epidemic situation in various places has been gradually controlled recently. The demand for air travel in China will recover somewhat, which may trigger positive sentiment towards the relevant shares, with a target price of HK$21 and an investment rating of “overweight”.

UBS: Maintain $IAIA (01299.HK)$ “Buy” rating, target price HK$110

UBS released a research report saying that it maintained AIA’s “buy” rating with a target price of HK$110. The company’s AIA China has been approved by the China Banking and Insurance Regulatory Commission to establish a branch in Henan Province. The bank believes that the approval time for the license is faster than market expectations, demonstrating its strong execution in the expansion of the mainland. The company’s penetration rate in the mainland is expected to increase from 49% to 53%. %.

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