On January 28, Hong Kong stocks collectively closed down again on the last trading day of the year of the ox. the Hang Seng Index fell 1.08% to 23550 points, the national index fell 0.98% to 8210 points, and the Hang Seng technology index fell 1.71% to 5291 points.
On the disk, on the disk, most large technology stocks fell, dragging down the market. JD fell 3.2%, Xiaomi fell 1.33%, Netease, Tencent and Baidu all fell, and Alibaba closed up 1.38%, which was relatively good; The auto sector led the sharp decline. Xiaopeng automobile fell by more than 11%, a new low since its listing. Power stocks, coal stocks, photovoltaic stocks, steel stocks, catering stocks, Chinese securities companies and traditional Chinese medicine stocks generally weakened. On the other hand, education stocks that fell sharply yesterday rebounded throughout the day and led the market. Neusoft education rose more than 24%, with the best performance. Local banking stocks in Hong Kong continued to be active, while pork concept stocks and Hao gambling stocks rose slightly.
Specifically:
Auto stocks fell sharply. Xiaopeng automobile plunged 10%, Byd Company Limited(002594) shares fell more than 9%, followed by BAIC motor, ideal automobile and Geely Automobile. UBS research report pointed out that if the future interest rate change in the United States is potentially significant, it will have an impact on the internal valuation of mainland auto stocks listed in Hong Kong. The bank is expected to rank Xiaopeng automobile first, Weilai automobile second and ideal automobile-w third among the mainland pure electric vehicle enterprises affected by the sensitivity ranking. As for mainland auto enterprises, the bank is expected to be affected by the sensitivity ranking. The first is Byd Company Limited(002594) , the second is Geely and the third is Great Wall Motor Company Limited(601633) .
Large technology stocks led the market. Kwai Li Li, Jingdong fell more than 3%, Tencent, NetEase, Baidu and other collective fall or fall, fast hand slightly increased, Alibaba rebounded 1.38%.
Tesla concept stocks fell collectively. Byd Company Limited(002594) shares fell by more than 9%, Nextel fell by more than 5%, Yihe holdings fell by more than 4%, and Evergrande automobile fell by more than 3%. On the news, Tesla's share price fell 12% last night and finally closed at $829, a new low since October 14, 2021, with a market value of $109 billion evaporated in a single day. Musk said recently that Tesla will not launch new cars this year. This news disappointed many people who thought Tesla would bring good news related to cybertruck, semi truck and future plans.
Coal stocks fell sharply. Yankuang energy and Yanmei Australia fell more than 5%, China Shenhua Energy Company Limited(601088) fell more than 3%, China Coal Energy Company Limited(601898) fell more than 2%. Recently, the national development and Reform Commission held a special meeting to make arrangements for stabilizing coal production, supply and price during the Spring Festival. The meeting required that all regions and relevant enterprises should formulate production plans in advance, maintain the normal production and sales of coal during festivals and major activities on the premise of ensuring safety, arrange coal transportation, further increase the amount of underground coal, accelerate the upgrading of port coal storage and stabilize the coal market price. The inter ministerial coordination mechanism for coal, electricity, oil and gas transportation support will coordinate relevant departments, continue to strengthen coal supply, consumption and storage and market monitoring, strengthen market supervision, severely crack down on illegal acts such as fabricating price increase information, hoarding and driving up prices, and effectively maintain the order of the coal market.
Auto parts stocks weakened. Nextel and Wuling motors fell more than 5%, xinfocus and Xinchen power fell more than 4%, and Fuyao Glass Industry Group Co.Ltd(600660) fell more than 3%. Goldman Sachs released a research report saying that there are structural challenges in China's auto market this year, including the erosion of new car purchase by second-hand car sales and the increase in the penetration of online car Hailing services; There are also cyclical challenges, including factors such as parts shortages. For the above reasons, the bank's forecast for China's auto sales this year is a year-on-year decline of 1%, lower than the average market expectation.
Education stocks rebounded sharply. China Education Holdings rose by more than 43%, Neusoft education by more than 24%, hope education by more than 23%, and people's livelihood education by more than 21%. Credit Suisse issued a report that an earlier unverified document mentioned that the regulatory authorities required to ban the vie structure, tighten M & A expansion and curb tuition fee increases. For the tuition price, the bank believes that vocational education companies will give priority to improving quality, while weakening the market's expectation of price increase, with the goal of maintaining the growth of low and medium-sized units. The bank sees the current concerns of investors about the slowdown in mergers and acquisitions, and post acquisition management may be another problem as regulators improve education quality standards. However, Credit Suisse believes that the purpose of the published regulations is to promote the high-quality development of vocational education. It is expected that China's demand for talents will continue to increase, and the positive tone is unlikely to change rapidly. The valuation of the industry has fallen to a price earnings ratio equivalent to the predicted price earnings ratio in 2022, ranging from about 5 to 10 times to an all-time low. It is expected that the improvement of regulatory clarity will help restore market confidence.
Individual shares:
China Education Holdings rose 43% to HK $7.02, with its latest market value of HK $16.7 billion. On the news side, for the rumors of prohibited higher education vies and mergers and acquisitions in the past few days, Tianfeng Securities Co.Ltd(601162) said that the risk of reading higher education policies has led to the irrational decline of higher education. On the premise of asset attributes and high-quality vocational education development, excluding the influence of sentiment, the sector has a valuation bottom, and the value of medium and long-term cash flow and dividend yield is significant. At present, it has a high cost performance.
Looking forward to the future, Everbright Securities Company Limited(601788) said that the gradual development of the steady growth policy, the continuous easing of monetary policy and the improvement of the antitrust system have driven the recent improvement of Hong Kong stock risk appetite, and the probability of "spring agitation" has been opened. The Standing Committee of the State Council has made more positive and urgent demands on expanding effective investment. Taking into account the increasing urgency of stable economic growth, it is expected that the fiscal force will be more obvious in the first half of the year, which will continue to promote the recovery of social finance and help stabilize growth. On the other hand, benefiting from the recent interest rate cut by the central bank and the positive released by the Ministry of housing and urban rural development, the market of the real estate industry chain has recovered significantly recently.
