Hong Kong stocks 丨 Hong Kong stocks have stabilized 19000 points, and subsequent structural markets are mainly based on the main structure.

21st Century Business Herald reporter Hu Huiyin Guangzhou report

Hong Kong stocks fell for the second consecutive week.

From the perspective of the week, the Hang Seng Index fell 89.84 points or 0.46%within the week, and closed at 19362.25 points; the Hang Seng Technology Index fell 66.21 points a week to close at 4077.32 points; in addition, the state -owned enterprise index fell slightly 44.28 points within 6628.14 points.

Yan Zhajun, a China -Thailand International Strategy Analyst, told a reporter from the 21st Century Business Herald that the rise in Hong Kong stocks last Friday was the main reason for the narrowing decline of Hong Kong stocks this week. The Mainland PPI and CPI were both lower than expected. Essence He believes that, under the disturbance of the repeated domestic epidemic, the rhythm of economic recovery, and the pressure of external overseas tightening, the Hong Kong stock market will still face upward resistance in September. Essence However, on the other hand, including policy support, technology stocks are better than expected performance, large blue -chip listed companies restart the repurchase and relatively low valuations, all of which have been protected by Hong Kong stocks, so that Hong Kong stocks can take the lead in adjusting the peripheral stock market first to adjust the first adjustment of the outer stock market. , Cushion the impact of overseas tightening liquidity.

Judging from the current market expectations, the balance of the Fed's interest rate hike in September has biased 75 basis points. How will Hong Kong stocks go next?

In this regard, Yan Zhajun said that because Hong Kong stocks have taken the lead, and the current valuation has been lower than the average of 1.7 standard deviations, lower valuations can buffer the impact of overseas tightening liquidity, so we do not think the Federal Reserve's Reserve's Reserve’s Interest rate hikes will deepen the decline in Hong Kong stocks. Even after the Federal Reserve ’s interest rate hike landed in September, the marginal interest rate hikes in November and December decreased. Policies' decline will reduce the squeezing valuation of interest rates, which will cause Hong Kong stocks to appear. The waves rebound better, so the mid -to -late month is an opportunity to absorb. He said that it is difficult for Hong Kong stock market to rise in a comprehensive rise, mainly structurally.

Pharmaceuticals, real estate, and material management sectors are strong

Judging from the industry sector, the counterattack of pharmaceutical stocks and real estate stocks is more significant.

In terms of pharmaceutical stocks, Yaoming Bio rose slightly by 0.38%, Baiji Shenzhou rose 2.37%, Kangshino Bio rose 8%, and Kangfang Bio rose 1.17%. It is worth mentioning that Lepu Bio rose 265.36%during the week, and the stock price was reported at HK $ 25.1/share. It is reported that the company ushered in a number of benefits this week. IPO, the plan to raise funds is about 2.5 billion yuan. Modern dental week rose 13.84%, Times Angel rose 2.57%, and Ryl Group rose 19.49%during the week.

Real estate stocks also rose significantly. Country Garden rose 18.43%during the week, becoming the best performance stocks last week. Times China weekly rose 10.62%, Yajule rose 4.26%, Yuzhou Group and Hejing Taifu rose by more than 3%, Longhu Group rose 14.14%, and China Jinmao Zhou rose 15.48%. Recent housing sales have signs of recovery. According to the CICC report, due to the government's promulgation of demand measures, the influence of the policies of the insurance, and the accelerated push of housing enterprises, the margins of new house sales have improved since late August.

Property management stocks have also continued to rise. Sunac Services Week rose 16.89%, Country Garden Service Week rose 14.94%, Jinmao Service Week rose 14%, Poly Property rose 10.43%, Hejingyou lived up to 0.81%, and the elegant life service rose 3.82%. According to the CITIC Investment Research News, in the first half of 2022, 8 of the 23 key real -life enterprises in the background of state -owned enterprises in the background achieved a total of 32.95 billion yuan in operating income, an increase of 26.2%year -on -year. The increase of 14.9%, the net profit margin of the mother was basically stable at 10.3%.

Power stocks presented the trend. Huadian International Electric Power rose 8.77%, Huaneng International Electric Power rose 13.08%, China Resources Power rose 6.34%, Datang Power Generation rose 5.08%, and China Power rose 2.3%. In this regard, Yan Zhajun believes that with the steady implementation of the long -term coal policy and the gradual recovery of electricity consumption, it will help improve the profit level of thermal power enterprises.

Insurance stocks strengthen. Ping An Week rose 3.94%, AIA rose 1.43%, China Taiping week rose 1.01%, and China Life Week rose 1.98%.

The rise and fall of the gold and precious metal sectors. China Gold Week rose 8.64%, Zijin Mining rose 10.49%, Shandong Golden Week rose 4.95%, and recruited gold mining weekly to fall 3.88%.

Back to Hong Kong, the stocks have risen. The shell rose 6.67%, Ctrip rose 1.56%, New Oriental -S fell 4.32%, NetEase weekly fell 1.56%, Baidu weekly fell 1.36%, JD.com fell 0.25%, Weibo week fell 3.74%, famous and created Youpin Week week Fall 7.83%, Bilibili fell 20.95%, and Baizun E -commerce Week fell 8.18%.

Wei Xiaoli loses losses, and the new energy vehicle market is fiercely competitive

Recently, the new forces of the car “Wei Xiaoli” all handed over the first half of the transcript, and the revenue of the three companies was 20.2 billion yuan, 14.89 billion yuan, and 18.295 billion yuan, but at the same time, all three companies appeared in the three companies. The highest quarterly loss since 2021, a total of nearly 9.6 billion yuan.

Yan Zhajun believes that the overtaking decline of new energy vehicle stocks mainly comes from the valuation overdraft from May to June in the early stage. Entering July new energy vehicles enter the fundamental verification period. Enterprise execution, and Buffett's holding of BYD also crack down on market confidence. From the perspective of car delivery, BYD and Tesla continue to lead, but "Wei Xiaoli" is relatively backward. Yan Zhajun added that in the traditional car companies such as GAC Ean, the sales volume recorded 27,000 units in August, and Geely's new energy vehicle sales in August reached 42,000, which proved that traditional car companies have strongly seized the new energy vehicle market and brought more to new forces. Great competition pressure.

At present, "Wei Xiaoli" is facing a fierce new energy industry competition. "Like Wei Xiaoli's sales of about 10,000 vehicles, it is far from achieving the economic effect. Although there are many models in the future, the industry competitors are increasing and under the strength of traditional car companies. Competitive pressure. "Yan Zhajun told reporters that at the beginning of the industry, investors would pay attention to its industry growth and delivery volume than profit, and to tolerate the company a little higher, but the penetration rate of new energy vehicles has reached 28.3%. In addition, head companies have also started to run out, and market participants have increased, so investors will start considering when companies can make profit.

As new energy favorable policies continue to be introduced, good news in the industry continues. As of the first half of 2022, China's new energy vehicles have maintained high growth. According to the latest statistics of the Ministry of Public Security, as of the end of June 2022, the number of new energy vehicles exceeded 10 million vehicles.

"In August, the national new energy passenger car market maintained a strong and good trend. The state issued a series of booms in the automotive industry including the purchase tax, the extension of the purchase tax of the new energy vehicle, and the local introduction subsidy." Yan Zhajun believes that The problem of lack of cores is expected to gradually alleviate and the price reduction of upstream raw materials has increased the profits of car companies.

Tencent is reduced by major shareholders, and technology stocks will be pressured?

Last week, Tencent Holdings was reduced by Naspers, South African shareholders and its PROSUS. On Thursday, according to data from the Hong Kong Stock Exchange, Tencent's shareholders transferred 193 million shares to Hong Kong's central settlement system. Some institutions pointed out that this transition position often represents the intention of minimizing the holdings of major shareholders. On the evening of the same day, PROSUS, a major shareholder of Tencent Holdings, announced the reduction of 11.15 million shares of Tencent shares, and the shareholding ratio dropped to 27.99%.

"The reduction of major shareholders is currently the most unfavorable signal of technology stocks. From a actual transaction perspective, this represents endless pressure. SoftBank, Naspers, Buffett, etc. to reduce holdings of China's most competitive leader, all crack down on investment emotions. Naspers holds Tencent with nearly HK $ 900 billion, so that the endless sales will actually reduce the liquidity of Hong Kong stocks. "Yan Zhajun said.

Last week, science and technology stocks fell, Alibaba fell 0.94%, Xiaomi fell 3.23%, Tencent fell 6.57%, and Bilibili fell 20.95%.

Speaking of the current Internet sector, Yan Zhajun believes that the Internet valuation has fallen to a historical low. Since the market has not had much expectations for the Internet sector, there may be more opportunities for repair in the future. "We have noticed that the recent market has begun to increase the profit forecast of the Hang Seng Technology Index, and the probability of the profitability of the subject has appeared in May this year." Yan Zhajun said that although macro total pressures such as economic downward pressure have increased the income of science and enterprises, the income of science and enterprises is still increasing. It is uncertain, but the profit end can gradually recover through the cost reduction and efficiency. In addition, if Tencent restarts the equity repurchase after its performance, the lower valuation also brings support. He predicts that by the fourth quarter, when the Federal Reserve policy retreats and the profit of the Internet sector starts to appear an inflection point, the Hong Kong stock Internet sector may have a large chance of rebound.

Forward -looking this week

On September 12 (Monday) is the Mid -Autumn Festival holiday, Hong Kong stocks closed.

In terms of new shares of Hong Kong stocks, two new shares will be listed next week. Dingdang Health introduced Sunshine Insurance and Harvest as the cornerstone, and is expected to be listed on September 14. Dingdang Health issued an announcement that the company's global sale of 3.3537 million shares, of which 3.354 million shares were sold in Hong Kong, 30.183 million shares were available in international offerings, and 15%of the off -equity were excessive; The price will be HK $ 12.00 per share. CICC and China Recruit Bank International will be a joint sponsor. It is expected that the shares will be listed on the main board of the Stock Exchange on September 14, 2022.

Interra ACQ -Z intends to go public in Hong Kong's main board. It is expected to issue 100 million A shares of A shares and 404 million listing of the equity certificate. The company is a newly registered acquisition company for a newly registered company. On January 11, 2022, it was registered and established as the Cayman Islands Removal Co., Ltd. Interra ACQ -Z will be announced on September 15th (Thursday) and the results of the winning sign and opening a hidden trading transaction.

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