Summary of Market Highlights and Investment Insights
Core Content Overview
This document provides a comprehensive summary of the Hong Kong and global market conditions, focusing on key indices, stock performance, valuation metrics, and sector trends. It also includes insights into specific stocks, ETFs, and macroeconomic indicators such as interest rates, exchange rates, and commodities.
Main Indices Performance
| Index |
Close |
Daily Change (%) |
Year-to-Date Change (%) |
| Hang Seng Index (HSI) |
19,942 |
-0.3 |
-9.0 |
| HSCEI |
8,391 |
+0.2 |
-13.1 |
| Shanghai Comp |
2,860 |
+0.4 |
-19.2 |
| Shenzhen Comp |
1,758 |
-0.1 |
-23.9 |
| DJIA |
16,944 |
+0.3 |
-2.8 |
| S&P 500 |
1,993 |
+0.3 |
-2.5 |
| Nasdaq Comp |
4,707 |
+0.1 |
-6.0 |
| FTSE 100 |
6,130 |
-0.3 |
-1.8 |
| DAX |
9,752 |
-0.3 |
-9.2 |
| CAC 40 |
4,416 |
-0.2 |
-4.8 |
| Nikkei 225 |
16,894 |
-0.4 |
-11.2 |
| Taiwan Weighted |
8,612 |
+0.8 |
+3.3 |
Hong Kong Market Turnover
| Index |
Turnover (HK$bn) |
Daily Change (%) |
| HSI |
23.0 |
-32.88% |
| HSCCI |
7.3 |
-6.63% |
| HSCEI |
10.9 |
-39.17% |
| Main Board |
71.7 |
-22.63% |
External Market Conditions
- U.S. Market: Slight gains ahead of the jobs report, with energy sector leading the rise.
- ADR Impact: ADRs rose, effectively pushing HSI up by 85 points.
- Oil Prices: New York crude oil futures closed at USD34.57 per barrel, down USD0.09.
- Gold Prices: New York gold futures settled at USD1,258.20 per ounce, up USD16.40, reaching a 1-year high due to weak economic data and a weaker USD.
Yesterday's Hong Kong Equities
- The 12th CPPCC session opened, leading to a wait-and-see sentiment.
- HSI closed at 19,941, down 61 points.
- HSCEI closed at 8,390, up 16 points.
- Main Board Turnover: HK$71.1bn.
- Sector Performance: Resource and China property stocks retreated slightly.
- Top Performer: Standard Chartered (2888.HK) surged 5.2%.
Trends of HSI and HSCEI
- HSI closed at 19,941.
- HSCEI closed at 8,390.
- The market showed a wait-and-see attitude due to upcoming policy discussions.
Stock in Focus: CECEP COSTIN NEW (2228.HK)
- Last Close: HK$0.74
- Entry: HK$0.70
- Target: HK$0.80
- Stop-loss: HK$0.59
- YTD/1M/3M/12M % Change: -19.6%/13.8%/-27.5%/-31.1%
- Market Cap: HK$1.72bn
- 3M Avg. Daily Volume: 2.32mn shares
- FY1 Forward P/E: 5.2
- Reason for Focus: Beneficiary of China's counter-air pollution policy, expected to test previous high.
Today's Top Picks
Sector Performance Overview
Best Performing Sectors (Daily Change)
| Sector |
Daily Change (%) |
5-Day Change (%) |
1-Month Change (%) |
| Agriculture |
4.9 |
2.9 |
5.4 |
| Coal |
2.4 |
14.5 |
12.1 |
| Other Metals |
2.3 |
12.3 |
33.2 |
| IPP |
2.0 |
7.5 |
6.2 |
| Heavy Machinery |
1.6 |
9.0 |
13.6 |
| Aluminum |
1.6 |
12.4 |
17.2 |
| Gas |
0.9 |
9.9 |
8.6 |
| Department Store |
0.9 |
2.9 |
2.7 |
| Local Property |
0.9 |
7.6 |
10.6 |
| Toll Road |
0.8 |
7.1 |
6.9 |
| Brokerages |
0.7 |
8.7 |
8.3 |
| Environmental and New Energy |
0.6 |
5.8 |
8.2 |
| Local Banks |
0.6 |
6.4 |
10.3 |
| Oil-related |
0.5 |
8.4 |
11.4 |
| Chinese Banks |
0.3 |
5.8 |
3.7 |
Major Stocks in Best Performing Sectors
- Agriculture: First Tractor (38), Sinofert (297), Ko Yo Group (827), National Agri (1236), China Bluechem (3983)
- Coal: China Shenhua (1088), Yanzhou Coal (1171), China Coal (1898)
- Other Metals: Jiangxi Copper (358), CMOC (3993), Zhaojin Mining (1818), Zijin Mining (2899)
- IPP: China Res Power (836), Huaneng Power Int'l (902), Datang Int'l Power (991), Huadian Power Int'l (1071), China Power Int'l (2380)
- Heavy Machinery: Sany Int'l (631), Zoomlion (1157), Lonking (3339), Sinotruk (3808)
- Aluminum: Chalco (2600), China Hongqiao (1378), China Zhongwang (1333), RUSAL (486)
- Gas: China Gas (384), Beijing Enterprises (392), ENN Energy (2688), CIMC Enric (3899), China Res Gas (1193)
- Department Store: NWDS China (825), Springland (1700), Intime (1833), Golden Eagle (3308), Parkson Group (3368)
- Local Property: CK Hutchison (1), Henderson Land (12), SHK Prop (16), New World Dev (17), Sino Land (83)
- Toll Road: Sichuan Express (107), Jiangsu Express (177), Shenzhen Express (548), Zhejiang Express (576), Anhui Expressway (995)
- Brokerages: First Shanghai (227), Central China Sec. (1375), CITIC Sec. (6030), Haitong Sec. (6837), China Galaxy Sec. (6881)
- Environmental and New Energy: China EB Int'l (257), BJ Ent Water (371), China Longyuan (916), Xinyi Solar (968), CGN Power (1816)
- Local Banks: Hang Seng Bank (11), BEA (23), Chong Hing Bank (1111), BOCHK (2388), Dah Sing Banking (2356)
Forward P/E and Valuations of Major Indices
| Index |
FY16E P/E |
Long-term Avg. Fwd. P/E |
Deviation from Avg. (%) |
FY1 EPS Growth (%) |
FY2 EPS Growth (%) |
| Hang Seng Index |
10.4 |
11.0 |
-5.1 |
-14.0 |
11.5 |
| HSCEI |
6.6 |
7.9 |
-16.5 |
-5.6 |
9.7 |
| Shanghai Comp |
12.0 |
10.7 |
+11.5 |
+26.0 |
+12.5 |
| S&P 500 |
16.7 |
15.3 |
+9.2 |
+8.1 |
+13.2 |
Market Data: Best and Worst Performers
Best Performers
| Stock Code |
Price (HK$) |
1D Chg (%) |
5D Chg (%) |
1M Chg (%) |
YTD Chg (%) |
Turnover (HK$m) |
| MMG |
1.830 |
10.2 |
15.8 |
28.9 |
24.5 |
14.7 |
| FDG EVEHICLES |
0.445 |
8.5 |
15.6 |
34.8 |
-7.3 |
24.8 |
| CMOC-H |
1.350 |
7.1 |
16.4 |
25.0 |
-6.9 |
81.4 |
| FUFENG GROUP LTD |
2.720 |
6.7 |
9.2 |
7.5 |
-22.3 |
18.6 |
| GIORDANO INTL |
3.180 |
6.0 |
6.4 |
2.9 |
-12.4 |
30.2 |
Worst Performers
| Stock Code |
Price (HK$) |
1D Chg (%) |
5D Chg (%) |
1M Chg (%) |
YTD Chg (%) |
Turnover (HK$m) |
| TRINITY LTD |
0.920 |
-7.1 |
-9.8 |
-8.9 |
-20.0 |
2.2 |
| GOLDIN PROPERTY |
3.740 |
-5.8 |
-7.9 |
-16.1 |
-58.2 |
62.7 |
| CHINA PUBLIC PRO |
0.161 |
-5.3 |
-3.0 |
0.6 |
-26.8 |
3.9 |
| JU TENG INTL HDG |
3.190 |
-5.1 |
3.2 |
2.9 |
-13.6 |
15.8 |
| BLOOMAGE BIOTE |
15.900 |
-5.0 |
2.8 |
-3.8 |
-17.2 |
7.7 |
HSCI Volume Filter
| Company |
Stock Code |
Price (HK$) |
1D Chg (%) |
Avg. Vol (m shares) |
Prev. Vol (m shares) |
% Increase |
FY1 P/E |
FY2 P/E |
| GLOBAL BRANDS GR |
787.HK |
0.870 |
1.2 |
38.9 |
502.0 |
1,191.5 |
7.5 |
6.6 |
| TIAN LUN GAS |
1600.HK |
5.950 |
-0.8 |
0.0 |
0.2 |
838.5 |
11.6 |
7.2 |
| HAICHANG OCEAN P |
2255.HK |
1.740 |
4.2 |
2.0 |
16.3 |
723.1 |
24.8 |
21.8 |
| GIORDANO INTL |
709.HK |
3.180 |
6.0 |
1.5 |
9.7 |
559.0 |
10.6 |
9.7 |
| LENOVO GROUP |
992.HK |
6.420 |
-4.0 |
55.6 |
303.8 |
446.2 |
43.5 |
9.1 |
| NEW WORLD CHINA |
917.HK |
7.570 |
0.8 |
4.4 |
18.2 |
314.9 |
19.7 |
18.5 |
| COSMO LADY CHINA |
2298.HK |
6.590 |
0.5 |
1.3 |
5.1 |
303.6 |
18.7 |
15.0 |
| FANTASIA HOLDING |
1777.HK |
0.910 |
5.8 |
2.2 |
7.8 |
261.9 |
2.8 |
2.2 |
Most Short Sold Stocks
| Company |
Stock Code |
Price (HK$) |
1D Chg (%) |
Shortsell Turnover (HK$m) |
% of Total Shortsell Turnover |
% of Own Turnover |
FY1 P/E |
FY2 P/E |
| NEW WORLD CHINA |
917.HK |
7.570 |
0.8 |
102.5 |
1.2 |
74.7 |
19.7 |
18.5 |
| SUN ART RETAIL |
6808.HK |
5.010 |
-0.8 |
49.3 |
0.6 |
59.3 |
16.4 |
15.8 |
| VINDA INTL HLDGS |
3331.HK |
12.180 |
0.8 |
1.3 |
0.0 |
58.8 |
20.7 |
15.8 |
| SINOPEC ENGINE-H |
2386.HK |
5.930 |
-1.3 |
7.1 |
0.1 |
56.7 |
6.8 |
6.9 |
| MENGNIU DAIRY |
2336.HK |
10.960 |
-3.0 |
119.8 |
1.5 |
55.9 |
14.9 |
13.8 |
Interest Rates
| Index |
Latest (%) |
5D Change (bps) |
1M Change (bps) |
YTD Change (bps) |
y-y % Change |
| U.S. 2-year Treasury Yield |
0.8452 |
+5.18 |
+14.68 |
-20.25 |
+19.06 |
| U.S. 10-year Treasury Yield |
1.8337 |
+7.14 |
-0.58 |
-43.57 |
-28.35 |
| U.S. 30-year Treasury Yield |
2.6541 |
+1.78 |
-2.16 |
-36.17 |
-6.57 |
| HK 1-month HIBOR |
0.2450 |
-3.29 |
-13.07 |
+2.39 |
+0.94 |
| HK 3-month HIBOR |
0.5777 |
-2.19 |
-9.70 |
+18.41 |
+18.98 |
| SH 1-month HIBOR |
2.7160 |
-6.90 |
-37.90 |
-28.60 |
-235.10 |
| SH 3-month HIBOR |
2.8400 |
-5.90 |
-23.10 |
-24.52 |
-205.79 |
Exchange Rates
| Currency Pair |
Latest |
5D % Chg |
1M % Chg |
YTD % Chg |
y-y % Chg |
| USD Dollar Index |
97.5920 |
+0.3 |
+0.3 |
-1.1 |
+2.3 |
| USD/HKD |
7.7693 |
+0.1 |
+0.3 |
-0.2 |
-0.2 |
| EUR/USD |
1.0945 |
+0.1 |
-2.3 |
+0.8 |
-1.2 |
| USD/JPY |
113.61 |
+0.3 |
+2.8 |
+5.7 |
+5.4 |
| GBP/USD |
1.4165 |
+2.1 |
-2.9 |
-3.9 |
-7.2 |
| USD/CHF |
0.9924 |
+0.4 |
+0.1 |
+1.0 |
-2.9 |
| AUD/USD |
0.7354 |
+3.2 |
+2.1 |
+0.9 |
-5.9 |
| NZD/USD |
0.6731 |
+1.5 |
+0.1 |
-1.5 |
-11.3 |
| USD/CAD |
1.3414 |
+0.7 |
+2.5 |
+3.1 |
-7.4 |
| USD/CNY |
6.5319 |
+0.2 |
+0.5 |
-0.6 |
-4.0 |
| USD/CNH |
6.5251 |
+0.3 |
+0.8 |
+0.7 |
-3.6 |
Precious Metals and Commodities
| Commodity |
Latest |
5D % Chg |
1M % Chg |
YTD % Chg |
y-y % Chg |
| CRB Index |
165.0 |
+1.5 |
+1.0 |
-6.3 |
-26.1 |
| Comex Gold |
1,260.9 |
+3.3 |
+8.9 |
+18.9 |
+5.0 |
| Comex Silver |
15.190 |
+3.4 |
+2.3 |
+10.0 |
-6.0 |
| Nymex WTI Crude |
34.67 |
+5.8 |
+9.3 |
-6.4 |
-32.7 |
| ICE Brent Crude |
37.07 |
+5.0 |
+5.8 |
-0.6 |
-39.2 |
| LME Copper |
4,855.00 |
+5.5 |
+4.7 |
+3.2 |
-16.6 |
| LME Aluminum |
1,577.00 |
+1.3 |
+3.4 |
+4.6 |
-12.0 |
| CBT Wheat |
459.75 |
+3.3 |
-4.2 |
-2.2 |
-9.1 |
| CBT Corn |
356.50 |
+0.3 |
-3.9 |
-0.6 |
-8.8 |
| CBT Soybean |
863.75 |
+0.6 |
-1.5 |
-0.9 |
-14.7 |
A-share Premium to H-share
| Company |
H Share Code |
Price (HK$) |
A Share Code |
Price (RMB) |
A-share Premium to H-share (%) |
| LUOYANG GLASS-H |
1108 |
4.42 |
600876 |
30.11 |
710.3 |
| ZHEJIANG SHIBA-H |
1057 |
6.97 |
002703 |
25.28 |
331.4 |
| SHENJI GROUP-H |
300 |
3.00 |
600806 |
14.69 |
308.0 |
| SINOPEC OILFIE-H |
2386 |
5.93 |
600028 |
4.55 |
302.8 |
| PETROCHINA-H |
857 |
5.35 |
601857 |
7.58 |
68.5 |
| CHINA RAIL GR-H |
390 |
5.24 |
601390 |
7.77 |
76.4 |
| ANHUI CONCH-H |
914 |
17.94 |
600585 |
15.45 |
2.4 |
Top 20 Most Traded ETFs
| ETF Code |
ETF Name |
Price (HK$) |
1D Chg (%) |
5D Chg (%) |
| 2828 |
HS H-SHARE ETF-H |
84.40 |
0.06 |
6.36 |
| 2822 |
CSOP FTSE CH-HKD |
10.72 |
0.75 |
5.10 |
| 2823 |
ISHARES FTSE A50 |
9.21 |
0.00 |
5.26 |
| 2800 |
TRACKER FUND HK |
20.15 |
-0.25 |
5.61 |
| 3188 |
CHINAAMC 300-HKD |
37.10 |
0.27 |
5.10 |
| 2833 |
HSI ETF-HKD |
202.80 |
-0.20 |
5.08 |
| 82822 |
CSOP FTSE CH-RMB |
9.00 |
0.22 |
4.90 |
| 2840 |
SPDR GOLD SHARES |
922.00 |
1.10 |
-0.22 |
| 83188 |
CHINAAMC 300-CNY |
31.20 |
0.16 |
4.87 |
| 2827 |
CSI 300 CHINA |
28.45 |
1.97 |
8.59 |
| 3147 |
CSOP SZSE ETF-HK |
8.84 |
-1.12 |
0.00 |
| 3020 |
DBX MSCI USA |
395.60 |
0.15 |
3.51 |
| 3087 |
DBX VIETNAM |
171.20 |
- |
- |
Key Takeaways
- The Hong Kong market showed a wait-and-see attitude due to the upcoming "two meetings".
- CECEP COSTIN is highlighted as a short-term pick due to its role in environmental and pollution control.
- The U.S. market had a slight gain, with energy sector leading the rise.
- Gold prices reached a 1-year high due to weak economic data and a weaker USD.
- Several sectors, including Agriculture, Coal, and Other Metals, showed positive performance.
- The A-share premium to H-share indicates significant differences in valuation, with some stocks showing large premiums.
- ETFs such as HSI ETF-HKD and SPDR GOLD SHARES were among the most traded.
