Hong Kong stock market closing review: Hang Seng Index rose 0.14%, semiconductor stocks performed actively, auto stocks declined.
Southbound funds had a net outflow of 2.522 billion Hong Kong dollars throughout the day, with a total turnover of 101.5 billion Hong Kong dollars in the market.
The Hong Kong stock market maintained a narrow range of volatility throughout the day, and the market sentiment overall stabilized. $Hang Seng Index (800000.HK)$ 、 $Hang Seng China Enterprises Index (800100.HK)$ Rose 0.14% and 0.09% respectively. $Hang Seng TECH Index (800700.HK)$ Slightly down 0.09%, the daily volatility of the three was within 1%. Southbound funds had a net outflow of 2.522 billion Hong Kong dollars throughout the day, with a total turnover of 101.5 billion Hong Kong dollars in the market.
On the market, large-cap technology stocks showed mixed performance. $MEITUAN-W (03690.HK)$ Increased by 3.5% $NTES-S (09999.HK)$ 、 $XIAOMI-W (01810.HK)$ Slightly up. $KUAISHOU-W (01024.HK)$ A decline of over 5%. $JD-SW (09618.HK)$ 、 $BABA-W (09988.HK)$ Go down; The industry is good, semiconductor stocks are active. $SMIC (00981.HK)$ Continuously reach high prices; High-speed rail infrastructure stocks rise, stocks beginning with middle letter are eye-catching, ZTE and China Railway are among the top gainers; Home appliance stocks, gas stocks, mainland insurance stocks, and Macau gambling stocks are all rising. On the other hand, Tesla's price cuts have damaged profitability, causing auto stocks to plummet, and electric vehicle sector to fall sharply. $XPENG-W (09868.HK)$ Plunge more than 8% at the close; The international gold price breaks below $2000, and the previously strong golden industrial concept stocks have a significant correction. The market is worried about the slowdown in sales in the second quarter, and mainland real estate stocks continue to decline.
Specifically,
Semiconductor sector leads the gains, $QPL INT'L (00243.HK)$ Rise more than 9%, $GENES TECH (08257.HK)$ up over 8%, Semiconductor Manufacturing International Corporation up over 6%, $SMART-CORE (02166.HK)$ 、 $HUA HONG SEMI (01347.HK)$ and other stocks followed the upward trend.
Mainland insurance companies rise across the board, $CHINA TAIPING (00966.HK)$ up nearly 4%, $CHINA LIFE (02628.HK)$ Up by over 3%, $PICC GROUP (01339.HK)$ 、 $PICC P&C (02328.HK)$ 、 $CPIC (02601.HK)$ and other stocks followed the upward trend.
China Ping An, China Taibao, China Taiping and other stocks recently released their March data. Daiwa Research Report pointed out that the gross premiums of listed domestic insurance companies increased by 10% year-on-year in March, and rose by 3% in the first quarter, mainly benefiting from the continued "Jumpstart" pre-sale and strong sales of bank insurance, with the new business value of the insurance industry in the first quarter expected to grow by single digits (about 2% to 15%). In addition, a Lyon research report mentioned that the first quarter new business value (NBV) growth of domestic insurance companies is expected to be positive due to the low base effect and improvement in the sales of savings products.
Infrastructure stocks are performing actively, $WMHW (08217.HK)$ 、 $MAXICITY (02295.HK)$ rising by more than 6%, $WAI KEE HOLD (00610.HK)$ up over 5%, $CHINA RAILWAY (00390.HK)$ 、 $CHINA RAIL CONS (01186.HK)$ and other stocks followed the upward trend.
On the news front, the Party Committee of the State-owned Assets Supervision and Administration Commission held an enlarged meeting. The meeting believes that it is necessary to better promote state-owned enterprises and central enterprises in the new journey of Chinese-style modernization, focus on improving the level of scientific self-reliance, strengthen the role of enterprises as the main body of scientific and technological innovation, accelerate the research and development of key core technologies, and enhance independent innovation capabilities; organize and implement the new round of state-owned enterprise reform and enhancement action, and actively participate in the construction of the 'Belt and Road' initiative.
Gas stocks rose, with ENN Energy up nearly 5%, TG Smart Energy and Zhongyu Energy up over 2%, Tian Lun Gas and China Natural Gas followed the rise.
Tianfeng Securities previously stated in a research report that with the recovery of the domestic economy, the apparent growth rate of national natural gas consumption in 2023 is expected to return to a reasonable range. The increase in natural gas demand will drive the recovery in sales volume of city gas companies; in addition, the implementation of pricing reforms and the recovery of industrial gas demand with high gross margins will lead to the restoration of gross margins for city gas enterprises.
Agricultural stocks continued to decline. $CONGYU INTE AGR (00875.HK)$ Fell more than 8%. $HONGJIU FRUIT (06689.HK)$ down over 7%, $CHAODA MODERN (00682.HK)$ 、 $GOLDEN RES DEV (00677.HK)$ 、 $CHINA WANTIAN (01854.HK)$ The market fell together.
Auto stocks are generally down, with Xpeng Motors falling more than 8%. $NIO-SW (09866.HK)$ A decline of over 5%. $LI AUTO-W (02015.HK)$ Fallen more than 4%. $GWMOTOR (02333.HK)$ 、 $GEELY AUTO (00175.HK)$ The market fell together.
On the news front, Tesla, a leader in the automotive sector, announced its first-quarter financial report overnight, with net profit declining sharply by 20%. With Tesla initiating a price war in March, domestic new energy vehicle companies have joined the price reduction trend. Toni Sacconaghi, an analyst at Bernstein, previously stated that many investors believe that Tesla's price reduction reflects its structural cost advantage, which will allow it to exert pressure on competitors, achieve large sales volumes, and dominate the electric vehicle market. He believes that price reductions have already weakened and will continue to weaken the industry's profitability.
The lithium battery sector collectively fell, $Tianqi Lithium Corporation (002466.SZ)$ down 6%, $Ganfeng Lithium Group (002460.SZ)$ 、 $CALB (03931.HK)$ fell 3%, $HONBRIDGE (08137.HK)$ 、 $CHINA GRAPHITE (02237.HK)$ following the decline.
According to the data released by Shanghai Nonferrous Network, today's lithium battery material prices have fallen across the board. Battery-grade lithium carbonate has fallen by 1,500 yuan/ton to 178,500 yuan/ton, with a cumulative decline of over 65% this year.
Today, the net outflow of southbound capital was 2.521 billion Hong Kong dollars, with a net outflow of 1.651 billion Hong Kong dollars through the Shanghai-Hong Kong Stock Connect and 0.87 billion Hong Kong dollars through the Shenzhen-Hong Kong Stock Connect.
Looking ahead, CITIC Securities remains bullish on the investment value of Hong Kong stocks in the second quarter. On the one hand, it is expected that the recession in the United States has not yet arrived, and concerns about the debt ceiling, government bond market risks, and commercial property risks are not expected to materialize in the second quarter. The Sino-US relationship is still in a phase of temporary easing, and with the expectation that the Federal Reserve will end its interest rate hike cycle, the warming of liquidity expectations will favor the valuation of Hong Kong stocks. On the other hand, the domestic fundamentals remain strong, and better-than-expected foreign trade data has once again boosted market confidence. It is expected that the domestic economic growth rate will perform better in the second quarter.
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