On February 4, the year of renyin began to spring, and everything was renewed. Hong Kong stocks opened in the spring and rose across the board.
As of the close of the market, the Hang Seng Index closed up 3.24% and rose 800 points, the largest increase since the opening of the Spring Festival in 2009. Hang Seng technology index rose 3.05%, Baidu and Alibaba rose nearly 6%. Financial stocks, automobile stocks, sporting goods stocks and catering sectors led the gains, with ideal cars up more than 12%, Xiaopeng cars up more than 11% and Byd Company Limited(002594) shares up more than 7%. Their January delivery data were strong. In addition, Haidilao rose more than 8% and Li Ning rose more than 7%.
In the international market, the latest economic data of the United States showed mixed performance, and the quarterly performance of many large enterprises in the United States was worse than expected. In addition, the Bank of England raised interest rates for the first time in two consecutive meetings since 2004, driving the correction of major international markets on February 3. Among them, U.S. stocks ended their fourth consecutive positive, the NASDAQ fell 3.7%, meta set a record of one-day market value evaporation, and the share price plunged 26.4% after the announcement of the financial results. The S & P 500 index fell 2.44% to 4477.44; The Dow Jones index fell 1.45% to 35111.16. Germany’s DAX30 index fell 1.63%, Britain’s FTSE 100 index fell 0.61% and France’s CAC40 index fell 1.54%.
The Hang Seng index rebounded by 1.1% in the last half of the trading day of the new year of the ox, driven by a significant rebound in new economy stocks. On the day of the beginning of spring, which coincided with the first trading day of the year of the tiger, Hong Kong stocks resumed the market to catch up, and the Hang Seng index opened 2.5% higher. After a slight decline, it continued to break through upward, rising 771 points, with a turnover of HK $113.904 billion.
all sectors of Hong Kong stocks rose at the beginning of the year of the tiger
In terms of sectors, financial stocks have great momentum. Benefiting from the Bank of England’s interest rate hike again, HSBC Holdings had the strongest trend, up 4.98% to close at HK $57.9 per share; HSBC’s Hang Seng Bank rose 3.44% to HK $159.2, a half year high; Bank of China rose 3.67% to HK $31.1, a record high of nearly two and a half years; CMB ended its three consecutive declines, and its share price rose 3.23% to close at HK $67 / share. AIA ended its three consecutive declines, and its share price rose more than 50 days and 20 days to HK $85, up 5.4%; Ping An Insurance (Group) Company Of China Ltd(601318) and national longevity increased by 4.6% and 2% respectively.
The auto catering sector increased significantly. The total auto sales doubled in January. The stock price rose from a half year low for two days to 237 yuan, up 7%, ideal car rose more than 12%, and Xiaopeng car rose more than 11%. In addition, Haidilao rose more than 8% and Li Ning rose more than 7%.
Alibaba had the best performance among the technology network stocks, with its share price rising for three days from the low listed level to HK $120.4/share, up 5.6%; Meituan also weighed 10 antennas, reporting 226.8 yuan, up 3.28%.
these a + H shares rose the most
The opening of A-Shares is imminent. As the wind vane of a shares, 34 A + H shares achieved an increase of 3% or more on February 4.
Among them, Nanjing Panda Electronics Company Limited(600775) electronic shares took the lead with an increase of 8.23%. In addition, Byd Company Limited(002594) , China Coal Energy Company Limited(601898) , Luoyang Glass Company Limited(600876) , China Shenhua Energy Company Limited(601088) , Ping An Insurance (Group) Company Of China Ltd(601318) , China Securities Co.Ltd(601066) securities and capital mining increased the most.
Airline stocks listed in both places recovered, Air China Limited(601111) and China Southern Airlines Company Limited(600029) both rose nearly 4%. In addition, China Mobile rose 3.62%, Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) rose 3.69%, Ganfeng Lithium Co.Ltd(002460) rose 3.19%.
institutions express their views on Hong Kong and us A-Shares
For the turbulent US stocks, Hong Kong stocks and a shares, Guosen Securities Co.Ltd(002736) research report expressed its views.
In terms of U.S. stocks, before the first interest rate hike, U.S. stocks generally showed a slight oscillation trend. Because the current economic data is not good, but the positive thing is that the 10-year yield of US bonds has not yet reached the threshold (1.9-2.0%) that we judge to turn into a bear market. Secondly, Fed officials also said that the progress of interest rate hike may be slightly slow. Overall, we believe that the first interest rate hike will bring a good time to the market. For example, from April to June, after the expected inflation peaked and began to fall in this time window.
A shares significantly underperformed Hong Kong stocks in January. First, the short-term economic indicators are relatively weak. Second, the recovery range of social finance is limited. In addition, the decline of PPI from a high level also verifies our conclusion that ROE (PPI high point) was predicted to be seen in Q4 in Q3 last year. The judgment of A-Shares in 2022 is to shock the market, so it is suggested that it is not suitable to continue to be pessimistic about A-Shares and wait for the strength of the policy.
In early January, it was judged that “Hong Kong stock repair season is coming”, and Hong Kong stocks did outperform US stocks and A-Shares in January. In terms of liquidity, large stocks are significantly better than small and medium-sized stocks. Hong Kong’s local banking stocks, utility stocks and real estate stocks are relatively strong, especially local banking stocks, which have risen significantly one after another under the stimulation of the Fed’s expectation of raising interest rates. From the perspective of industry characteristics, the most expected by investors is infrastructure, which takes into account the undervalued value and policy expectations. In terms of corporate repurchase, it also sent a positive signal to the market. Among them, the continuous repurchase of Tencent holdings and the large-scale repurchase authorization of China Mobile impressed the market.
will it be a flash in the pan to long Hong Kong stocks?
In 2021, the gloom of Hong Kong stocks is still vivid. In the past year, the Hang Seng Index fell by 14.08%, the Hang Seng technology index fell by 32.7% and the state-owned enterprise index fell by 23.3%. Such performance makes the market sentiment extremely pessimistic, and some institutions believe that the region at the bottom of the market should be more optimistic. For example, Soochow Securities Co.Ltd(601555) believes that we should take the acceptable reasonable dividend rate under the condition that the stock price does not rise all year round as the value anchor and actively increase Hong Kong stocks.
Ping An Securities has also said that the overall valuation of the global stock market will be under pressure due to the simultaneous rise of US bond interest rates with different maturities. After nearly a year of continuous decline in the past, the valuation of Hong Kong stocks has been quite cheap. The undervalued Hong Kong stock market will be significantly less affected by the rise of US bond interest rates than other markets in the world. In addition, some sectors of Hong Kong stocks have obvious allocation value, and the repression faced by the Hong Kong stock market will be marginal eased in the future, This will increase the winning rate of the regional layout at the bottom of Hong Kong stocks in the near future.
In this context, the inflow of real gold and silver is the most powerful voice.
Indeed, since the beginning of 2022, the funds from Hong Kong stock connect to the South have continued to flow into Hong Kong stocks. Only the outflow was recorded on the first trading day of the year, that is, January 4, and the other trading days were net inflows. As of January 26, 2022, the southward capital inflow in the first month was 35.8 billion yuan. In December 2021, 40.7 billion funds flowed into the south.
According to the CICC Research Report, since the beginning of 2022, funds from Hong Kong stock exchanges have continued to flow into Hong Kong stocks, continuing the strong inflow momentum since December last year and further accelerating. Considering the favorable liquidity and policy environment, as well as the low valuation level, the Hong Kong stock market in 2022 may be a year of mean return.
Hong Kong stock ETFs have also performed well in the past two months. According to statistics, in December 2021, nearly 30 funds that can invest in Hong Kong stocks were launched, and the share of ETF in many Hong Kong stocks increased significantly.
In the first week of 2022, up to 30% of the new shares of ETFs went to Hong Kong stock ETFs, of which the net subscription funds of Hang Seng Internet ETF and zhonggai Internet ETF exceeded 1 billion yuan a week.
