On January 18, the main indexes of Hong Kong stocks rose and fell, with the Hang Seng index falling 0.43%, the national index falling 0.18% and the Hang Seng technology index falling 0.45%. The net inflow of funds going south bucked the trend, with a turnover of HK $3.082 billion and a large market turnover of HK $112.3 billion.
On the disk, large technology stocks fell more or less, Tencent fell nearly 3%, Kwai, Alibaba, Jingdong fell more than 1%, millet and Baidu rose slightly. Hao gambling stocks, which rose sharply yesterday, fell significantly, while yuan universe concept stocks, pharmaceutical stocks and gas stocks fell. On the other hand, the national development and Reform Commission predicts that the power consumption will increase rapidly in 2022, led by the power sector against the trend, and the catering stocks rebounded, with a 9.9% increase of 7%; Semiconductor stocks rose, and inner room stocks and property management stocks were active again.
Specifically
Gambling stocks fell sharply, SJM holdings fell more than 3%, sands China Co., Ltd. and Melco international development fell more than 2%, and galaxy entertainment MGM China fell more than 1%.
The logistics sector fell, with silk road logistics holdings down more than 12%, Shengliang logistics down more than 7% and Xianfeng service group down more than 5%.
The tourism sector fell, with Shide global down more than 7%, Feiyang group down 3%, sun city group and Ctrip group down more than 1%.
Most of the technology stocks fell, Tencent and beep dropped more than 2%, and fast hand, Jingdong and Alibaba fell by over 1%, and Baidu, Kwai, and Kingdee rose.
The power sector rose sharply, Huaneng Power International Inc(600011) power shares and China power rose by more than 5%, and China Resources Power rose by more than 4%. Huadian Power International Corporation Limited(600027) power shares rose more than 2%.
In terms of news, the national development and Reform Commission said that in 2021, the power consumption of the whole society was about 8.3 trillion kwh, a year-on-year increase of 10.3% and an average increase of 7.1% in two years. It is expected that the power consumption and maximum power load of the whole society will continue to grow rapidly in 2022, and the goals of energy transformation, carbon peak and medium carbon will also be promoted. Anxin Securities believes that in 2022, with the fall of coal price, the setting of price range and the rise of thermal power market-oriented electricity price, the thermal power sector is expected to maintain profit and loss balance and the thermal power performance will not be dragged down.
The furniture sector led the gains, with Minhua holdings up more than 7%, Pacific legend up more than 6%, Yiwei group up more than 4% and HuiSen home up more than 3%.
In terms of news, open source securities refers to that from the perspective of policy direction, the signal of maintaining stability in the real estate market is obvious, and priority is given to meeting the needs of rigid demand and improved housing under the guidance of policy. Since September 2021, the warm wind of real estate policy has been blowing frequently, and the policy margin has continued to improve. We believe that the policy environment of wide credit and stable growth in 2022 is expected to continue, and the post cycle home sector suppressed by early real estate pessimism is expected to usher in valuation repair.
The clothing sector rose sharply, Haina XingKong technology rose by more than 22%, Shenxin holdings rose by more than 19%, virgin rose by more than 10%, and Minxin International Holdings, La chapel and hangpin life technology rose by more than 7%.
On the news side, Orient Securities Company Limited(600958) refers to that under the current situation that the market is generally cautious about China's consumption data in the first quarter, export manufacturing is one of the few sectors with high prosperity certainty, and will still be the focus of the textile and garment industry in the short term. For the brand clothing sector, there is a lack of catalyst in terms of short-term terminal data. Considering the relatively high base in the first quarter of 2021, it is expected that the annual operating performance will show a trend of low before high.
Domestic real estate stocks rose sharply, country garden, Vanke enterprises and Shimao Group rose by more than 4%, R & F real estate and times China Holdings rose by more than 3%, and Baolong real estate and Longguang group rose by more than 2%.
The concept of coal rose, silk road energy rose by more than 18%, green collar holdings and China Qinfa rose by more than 8%, power development rose by 4%, and Yankuang energy and Yitai Coal rose by more than 2%.
On the news side, Citic Securities Company Limited(600030) Research Report indicates that coal prices hit a record high in 2021, industry profits expanded significantly, and the average performance growth is expected to be close to 80%. At the same time, the dividend yield is expected to remain attractive. It is expected that although the coal price fluctuates in 2022, it will remain high as a whole, and the superimposed long-term association price will rise with a high probability. It is expected that the prosperity of the sector will remain high. At present, the sector valuation is at a historical low. Under the background of good performance expectations and stable macroeconomic expectations, the valuation repair of leading companies is expected to be further promoted.
Semiconductor concept rose, Ruixin International Group rose by more than 9%, Semiconductor Manufacturing International Corporation(688981) , nAODONG technology rose by more than 3%, and Shanghai Fudan, Huahong semiconductor and Jingmen semiconductor rose by more than 1%.
On the news side, according to the news on January 17, TSMC, the leader of wafer foundry, will comprehensively increase the price of wafer foundry in 2022. With the expiration of the production contract in 2021, the foundry price of wafers has been comprehensively increased in the 2022 Production Contract negotiated between TSMC and customers. China Securities Co.Ltd(601066) believes that although there is a certain structural differentiation in the current demand for semiconductors, the overall demand is still in a state of high momentum and tight supply and demand. It is expected that the overall production capacity will remain tight in 2022, and there will still be structural shortage and price rise.
In terms of southward funds, the net inflow of southward funds was HK $3.081 billion, including HK $1.501 billion for Hong Kong stock connect (Shanghai) and HK $1.58 billion for Hong Kong stock connect (Shenzhen).
Looking forward to the future, China International Capital Corporation Limited(601995) believes that in the short term, CICC believes that the Hong Kong stock market may continue to lack a clear direction, but the current valuation level with comparative advantages and loose liquidity will bring more opportunities in the medium term. In terms of sectors, it is suggested to pay short-term attention to the beneficial sectors of "stable growth", such as some financial and real estate sectors and related industrial chains, as well as the middle and lower reaches of consumer sectors benefiting from the decline of upstream prices and policy support. From the perspective of cash flow, it is recommended to select the industry allocation direction of "operating cash flow" (growth stocks) with relatively reasonable valuation and fixed cash flow (high dividend) of some fixed income, such as Internet, automobile, media and entertainment, communication equipment, some finance, public utilities and some real estate. On the whole, the bank suggested super distribution of media and the Internet, automobiles, some e-commerce, consumer services, food and beverage and catering, biotechnology and Chinese banks.
