Futu Information, May 23 | Hong Kong stocks narrowed their losses in the afternoon. The Hang Seng Index closed down 1.19%, the China Enterprises Index closed down 1.39%, and the Hang Seng Technology Index closed down 2.49%.

As of the close, Hong Kong stocks rose 771 stocks today, fell 1049 stocks, and closed flat at 1049 stocks.

The specific industry performance is as follows:

In terms of sectors, most of the large technology stocks fell, Kuaishou fell by more than 7%, Alibaba and Meituan fell by more than 3%, and Tencent fell by more than 1%.

Sporting goods stocks fell, Li Ning fell more than 9%, Anta Sports fell more than 3%, and Bosideng and Xtep International also fell.

Most auto stocks fell, Xiaopeng Motors fell by more than 6%, Great Wall Motors fell by more than 4%, and Li Auto and Geely Auto fell.

Shipping stocks bucked the trend and strengthened. Orient Overseas International rose more than 6%, and COSCO SHIPPING Holdings rose more than 3%.

Some semiconductor stocks rose, with SMIC up over 3% and Shanghai Fudan up over 2%.

In terms of individual stocks, $Xpeng Motors-W(09868.HK)$ fell by more than 6%. Xiaopeng Motors will announce its latest financial report before the US stock market opens on Monday.

$Alibaba-SW(09988.HK)$ fell more than 3%, and the market generally expects that the results to be announced will be under pressure.

$JD.COM-SW(09618.HK)$ rose 0.57%, as JD.com plans to obtain a public air transport business license.

$CanSino Bio-B(06185.HK)$ fell more than 9%, and the turnover exceeded HK$1.16 billion. The relatively sufficient production capacity of overseas new crown vaccine may affect the company’s performance.

$Alibaba Health (00241.HK)$ $ fell nearly 10%, and shareholder Innovare distributed about 641 million shares it held for in-kind distribution.

$Clover Bio-B(02197.HK)$ continued to rise by more than 23%, Beishui increased its position by 1% this month, and the company’s candidate new crown vaccine SCB-2019 is undergoing EUL review.

$HKBN (01310.HK)$ rose by more than 4%, and the positives were superimposed, recording a 7-day winning streak. It is reported that the main shareholders of HKBN are CPPIB, a Canadian pension fund investment company, and TPG, a private equity fund.

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$1.582 billion.

Today’s top 20 Hong Kong stocks turnover

message side

HKEx to set up offices in US and Europe to attract more IPOs

According to media sources, HKEX will set up two international offices in the coming year to reach more overseas investors and promote Hong Kong as a financing destination. One office will be located in the US and the other in Europe. They will be HKEX’s first offices outside of Asia. Hong Kong Exchange currently has offices in Singapore, Beijing and Shanghai. The exact location will be announced in the future.

15 countries around the world have reported confirmed cases of monkeypox, WHO: more monkeypox cases may be found in the future

The BBC reported on the 22nd local time that Israel, Switzerland and Austria have also reported confirmed cases of monkeypox in the past two days, and the number of countries reporting confirmed cases in this round has increased to 15. The World Health Organization warned on the 21st that, given that cases have been found in many countries where the monkeypox virus is not endemic, more cases may be found in these and other countries in the future.

Japanese yen’s purchasing power falls to weakest level since 1971

The Japanese yen fell to 60.9 in real effective terms, the lowest since August 1971, Bank of Japan data released on Monday based on figures from the Bank for International Settlements showed. The weighted average exchange rate of the yen against other currencies is a measure of Japan’s international competitiveness and takes into account factors such as trade and inflation.

Average U.S. gasoline price soars to $4.71 a gallon in two weeks, possibly fueling inflation and triggering intermittent rationing

The average U.S. regular gasoline price has surged 33 cents over the past two weeks to $4.71 a gallon, and the average price of diesel has risen 9 cents in the two weeks to $5.66 a gallon. Nationwide, the average price at U.S. gas stations is $1.61 higher than a year ago, according to ABC News. The highest average price for regular gasoline was reported in the San Francisco Bay Area, at $6.20 a gallon. U.S. industry analysts said the rise in oil prices was largely attributable to rising crude costs and tight gasoline supplies. Rising oil prices will further fuel inflation in the U.S., adding to the economic pressure on U.S. drivers.

Institutional view

CICC: Hong Kong stocks see medium-term opportunities outweigh risks

CICC commented on Hong Kong stocks that the recent stronger policy signals are expected to provide some support for the market, but more countermeasures still need to be introduced at the policy level. We judge that opportunities outweigh risks in the medium term. In terms of sectors, high dividend targets and low valuation targets, such as some financial, telecom and energy sectors, will provide investors with more protection in the current market volatility. At the same time, it is recommended to pay attention to high-quality growth stocks that have suffered a large decline in the previous period. In addition, as the epidemic in Hong Kong eases, local consumption and financial targets in Hong Kong are also worthy of attention.

Credit Suisse: “Outperform” rating on BYD (01211.HK)$ , target price HK$368

Credit Suisse issued a research report stating that it rated BYD shares as “outperform the market” with a target price of HK$368. The company’s battery technology has been upgraded to CTB, which further integrates the battery into the body, and the top cover of the battery pack forms the floor of the body. This fusion simplifies body structure and production processes, resulting in lower costs, improved safety and greater vehicle space. According to the report, as BYD’s first product using CTB technology, the “Seal” large sedan is priced from 212,800 to 289,800 yuan, and will directly compete with Tesla Model 3, Xiaopeng P7, and Feiyue C01.

BYD said that the first-day order for the “Seal” reached 22,637 units, and the management guided monthly sales of about 20,000 units. Given the strong profitability of the Han EV sedan’s gross profit margin of over 30%, “Seal” is expected to make a positive contribution to BYD’s product mix and profit margin.

Nomura: Downgrade $Jinke Service (09666.HK)$ target price to HK$44.2, rating “Buy”

Nomura issued a rating report, referring to the financial situation of Jinke’s parent company $Jinke (000656.SZ)$ has further deteriorated. Relieving liquidity pressures is expected to be a long-term process. Considering the weakening of support from the parent company Jinke Shares and the continued deterioration of the mainland real estate market, the bank lowered Jinke Service’s profit for the two fiscal years this year and next by 11% and 18%. Nomura said that due to the increase of unstable factors in the company’s achievement of the annual expansion target, the bank lowered its valuation basis for Jinke services, and lowered the company’s property management service target price-earnings ratio from the original 25 times to 20 times; The price dropped 18% from HK$53.6 to HK$44.2, maintaining the “Buy” rating. The stock is now quoted at HK$20, with a total market value of HK$13.1 billion.

Credit Suisse: Maintain $Kingdee International (00268.HK) $ sex rating, target price lowered to 17.2 Hong Kong dollars

Credit Suisse issued a report, reducing Kingdee’s revenue forecast from 2022 to 2024 by 2% to 3%, and its earnings per share forecast by 15%, 4% and 1%, respectively, to reflect the slowdown in sales growth and costs due to the impact of the epidemic Rising, its target price was lowered from HK$17.9 to HK$17.2, maintaining its “Neutral” rating. The bank expects the company’s overall revenue to increase 22% year-on-year this year, with cloud business up 39% and software business down 9%.

CICC: Maintain $Hua Hong Semiconductor (01347.HK)$ “Outperform” rating, target price cut by 37.9% to HK$36

CICC released a research report saying that it maintains Hua Hong Semiconductor (01347)’s “outperform” rating, and considering the possibility of raising wafer prices, its revenue in 2022/23 will increase by 29%/19% to US$2.544/2.837 billion ( A year-on-year increase of 56%/12%), the net profit attributable to the parent increased by 40%/34% to US$347/402 million (a year-on-year increase of 32.6%/15.8%). In addition, due to the downward movement of the valuation center of Hong Kong stocks, the target price was cut by 37.9% to 36 Hong Kong dollars, corresponding to 1.9x/1.7xP/B, with a 23.5% upside compared to the current one.

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