The three major indexes of Hong Kong stocks closed down weakly. The Hang Seng Index fell 0.82% to 24355.71 points, the national index fell 1.05% to 8528.27 points, and the Hang Seng technology index fell 0.22% to 5490.28 points. The net inflow of funds from the South was HK $83 million, and the turnover of the market was HK $114.1 billion.
On the disk, most of the weight technology stocks fell, the US group fell 2.55%, Alibaba and Tencent slightly lower, Kwai Chung and Jingdong rose. Previously, the collective correction of strong oil stocks and gold stocks led the market. Large financial stocks (banks, insurance and Chinese securities companies) fell together, putting pressure on the market, and aviation stocks and coal stocks fell one after another. On the other hand, pharmaceutical stocks that fell in the early stage rebounded collectively, led by CXO concept stocks, most of traditional Chinese medicine stocks and medical beauty concept stocks rose, and semiconductor stocks and automobile stocks generally rose.
Specifically:
Oil stocks fell across the board, with Kunlun energy and China oil and Gas Holdings down more than 4%, Petrochina Company Limited(601857) chemical and Petrochina Company Limited(601857) shares down more than 3%, and CNOOC oilfield services and CNOOC down more than 2%.
Geopolitical tensions and the report released by the International Energy Agency last week that the oil market tends to be in short supply have driven the rapid rise of crude oil prices. Most institutions said recently that they continue to be optimistic about the prospect of rising oil prices. Goldman Sachs and Morgan Stanley predicted that the price of Brent crude oil would exceed US $100 / barrel this year. Bank of America and JPMorgan Chase were more optimistic, shouting target prices of US $120 / barrel and US $150 / barrel respectively.
Gold and precious metals led the decline, with gold in the bay area down more than 14%, Zijin Mining Group Company Limited(601899) down 4.26%, China National Gold Group Gold Jewellery Co.Ltd(600916) international and Tan gold mining down more than 3%.
Large financial sectors fell together. Among domestic insurance stocks, China Taiping fell nearly 6%, Zhong'an online fell 4.57%, and Ping An Insurance (Group) Company Of China Ltd(601318) , China Life Insurance Company Limited(601628) fell more than 3%, followed by China Pacific Insurance (Group) Co.Ltd(601601) , China property insurance, New China Life Insurance Company Ltd(601336) .
Citic Securities Company Limited(600030) believes that the right side of the insurance sector is not ready. The sales model of life insurance companies represented by agent channels has been impacted and has not yet bottomed out; The exploration of the new model is still in the process and has not been established. Maintain the "neutral" rating of the insurance industry.
Among domestic bank stocks, Postal Savings Bank Of China Co.Ltd(601658) , BOC Hong Kong fell more than 4%, and China Construction Bank Corporation(601939) , Agricultural Bank Of China Limited(601288) , Bank Of China Limited(601988) , Industrial And Commercial Bank Of China Limited(601398) fell more than 2%.
Among Chinese securities companies, Gf Securities Co.Ltd(000776) fell 2.47%, Orient Securities Company Limited(600958) , China International Capital Corporation Limited(601995) fell more than 1%, Haitong Securities Company Limited(600837) , Citic Securities Company Limited(600030) , Shenwan Hongyuan Group Co.Ltd(000166) and so on.
The performance of aviation stocks was sluggish, China Southern Airlines Company Limited(600029) fell 3.71%, Air China Limited(601111) fell 2.31%, and China Eastern Airlines fell 1.82%.
According to the research report released by Guotai Junan Securities Co.Ltd(601211) , the epidemic has not changed the long-term growth momentum of aviation demand, the airspace bottleneck will exist for a long time, the long-term supply and demand of China's aviation industry will be better, and the aircraft fleet and time matching degree of the 14th five year plan will be improved, and the long-term profit will exceed the expectation. Covid-19 prevention and control system has been continuously strengthened, and the certainty of global epidemic control has been improved. Aviation has a dual recovery logic, and the recovery trend will be determined in the next two years. Considering that the short-term performance will still be under pressure and the international opening is slow, it is suggested to pay attention to the reverse timing.
Coal stocks fell, with China Qinfa falling more than 13%, China Coal Energy Company Limited(601898) falling more than 4%, followed by Yitai Coal, Yankuang energy, China Shenhua Energy Company Limited(601088) .
Fitch said that due to the lifting of the coal export ban in Indonesia, the price of thermal coal in the Asia Pacific region may be under pressure in the near future. People in the coal producing area and port industry said on February 13 that relevant links have successively implemented price limits on 5500 kcal of thermal coal. With the acceleration of the resumption of coal mines and automobile transportation, the volume and price of thermal coal can be stabilized in the near future.
The pharmaceutical sector rebounded collectively, led by the concept of pharmaceutical outsourcing, Joinn Laboratories (China) Co.Ltd(603127) rose by more than 13%, Kingsley biotechnology and Wuxi Apptec Co.Ltd(603259) rose by more than 12%, and Yaoming biology rose by more than 10%.
Zheshang Securities Co.Ltd(601878) believes that after the previous continuous decline of CXO sector, the valuation bottom gradually appears. At present, CXO sector is generally at the bottom of historical valuation. Under the prospect of continuous external positive catalysis, continuous improvement of internal operation quality and overseas key customer recognition, it is optimistic about CXO market.
The concept of medical beauty rose sharply, with Sihuan medicine rising by more than 19%, era Angel rising by more than 10%, perfect medical treatment and Haohai biotechnology rising by more than 2%, Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) rising by 1.46%.
Driven by the rebound of the semiconductor sector in US stocks overnight, the semiconductor sector rose sharply, with Shanghai Fudan and Huahong semiconductor up more than 5%, Jingmen semiconductor up 3.9%, Semiconductor Manufacturing International Corporation(688981) up 1.73%.
The auto sector generally rose, with ideal auto and Byd Company Limited(002594) shares up more than 2%, Geely Auto up 1.83% and Xiaopeng auto up 0.62%.
On the news front, the passenger Federation released data showing that in January 2022, the retail sales of new energy passenger vehicles reached 347000, with a year-on-year increase of 132% and a month on month decrease of 27%. Cui Dongshu, Secretary General of the passenger Federation, said that since December is the node of subsidy decline, high growth and high rise have been formed. Over the years, the retail volume of new energy passenger vehicles in January decreased significantly compared with that in December, and the current 27% month on month decline is relatively good.
Most of the weight technology stocks fell, the US group fell 2.55%, Ali and Tencent declined slightly, Kwai sum and Jingdong rose.
In terms of southbound funds, the net inflow of southbound funds was HK $83 million, including a net outflow of HK $1054 million from Hong Kong stock connect (Shanghai) and a net inflow of HK $1137 million from Hong Kong stock connect (Shenzhen).
Looking ahead, Citic Securities Company Limited(600030) pointed out that although the expectation of tightening overseas monetary policy in January and geopolitical risks are still suppressing investor sentiment, the Hong Kong stock market with safety margin still performs well in the global market. Southbound funds also significantly flowed into the Hong Kong stock market for two consecutive months. According to the measurement of trusteeship caliber, in January, southbound funds flowed into the Hong Kong stock market by a large amount of HK $43.83 billion, with the inflow of real estate (mainly property management stocks), telecommunications services and Internet sectors accounting for the highest proportion; The non southward capital mainly flows into the public utilities (electricity) and optional consumption (automobile) sectors. In addition, under the background that the proportion of Hong Kong stocks held by southbound funds continues to increase, the "institutionalization" characteristics of southbound funds have become more and more obvious in recent years. Continued "institutionalization" will benefit the long-term stability and value discovery of the Hong Kong stock market.
