20180607-凯基证券亚洲-Market_Overview_4页_203kb
报告摘要
Market Summary
Core Content
This document provides a detailed overview of the Hong Kong and Chinese stock markets, including key indices, technical indicators, IPO information, trading activity, and economic calendar events. It also highlights specific stock performance, market sentiment, and potential regulatory impacts.
Main Market Indicators
| Date | HSI (Points) | HSI Change | HSI Turnover ($bn) | HSCEI (Points) | HSCEI Change | HSCEI Turnover ($bn) |
|---|---|---|---|---|---|---|
| 6 Jun | 31,259 | +165 | 39.79 | 12,283 | +24 | 28.54 |
| 5 Jun | 31,093 | +95 | 43.11 | 12,259 | +9 | 36.01 |
| 4 Jun | 30,997 | +505 | 45.10 | 12,249 | +229 | 40.66 |
The Hang Seng Index (HSI) and Hang Seng China Enterprises Index (HSCEI) both showed positive movement over the past three days, with the HSI increasing by 165 points to 31,259 on 6 June and the HSCEI rising by 24 points to 12,283. Market turnover was HK$97.4 billion on 6 June, indicating strong trading activity.
Technical Analysis
HSI Technical Indicators
- 10-day MA: 30,699
- 50-day MA: 30,570
- 250-day MA: 29,098
- 14-day RSI: 57.6
- Primary resistance: 31,593
- Primary support: 31,000
The HSI has been in a positive technical trend, with the MACD histogram in positive territory and the spread extending. Initial support is at 31,000, and the next support is at the 50-day SMA. The primary resistance is at 31,593, with a secondary resistance at 32,000.
HSCEI Technical Indicators
- 10-day MA: 12,083
- 50-day MA: 12,150
- 250-day MA: 11,664
- 14-day RSI: 54.0
- Primary resistance: 12,432
- Primary support: 12,165
The HSCEI also showed a positive trend, with the 14-day RSI at 54.0. The primary support level is at 12,165, and the primary resistance is at 12,432.
Market Sentiment and Key Stocks
- HSI: Continued to rise, with a positive technical trend. The market is expected to trade between 31,200 and 31,600.
- HSCEI: Also showed a positive trend, with a rebound in the index.
- Key stocks: AAC Tech (2018) and Sunny Optical (2382) saw significant gains, while Want Want China (151) experienced a decline due to a drop in annual profits.
- Market sentiment: Positive, with reports on ZTE and China's potential purchase of US goods boosting investor confidence.
VCredit Holdings (2003.HK) - IPO Brief
- Industry sector: Internet Financial
- Issue price (HK$): 20.0–23.0
- Total share offer size (HK$ bn): 1.37–1.58
- Historical P/E (x): 27.7–31.8
- Sponsors: Credit Suisse, Goldman Sachs, J.P. Morgan
- Dealing period: 21–June
- Business model: Provides consumer finance services to prime and near-prime borrowers, using a "credit-plus-alternative" data approach.
- Loan products: Includes credit card balance transfer, consumption credit, and online-to-offline credit.
- Loan origination: Mainly through trust lending, which accounted for 79.4% of total loan origination in 2017.
- Non-performing ratio: 8.1% in 2017
- Analyst: Chua Tit Hong, CFA
- Rating: Neutral due to regulatory risks
Trading Activity (SH-HK and SZ-HK Connect)
| Stock Name | Code | Buy Trades (RMB) | Sell Trades (RMB) | Turnover (RMB) |
|---|---|---|---|---|
| TENCENT | 700 | 253,521,940 | 123,845,260 | 377,367,200 |
| AAC TECH | 2018 | 192,768,350 | 27,589,000 | 220,357,350 |
| GENSCRIPT BIO | 1548 | 110,106,400 | 103,981,300 | 214,087,700 |
| RONSHINECHINA | 3301 | 102,566,100 | 67,748,170 | 170,314,270 |
| 3SBIO | 1530 | 148,535,175 | 951,025 | 149,486,200 |
| KINGDEE INT'L | 268 | 67,446,040 | 52,730,700 | 120,176,740 |
| CHINA VANKE | 2202 | 44,342,835 | 72,288,805 | 116,631,640 |
| CNBM | 3323 | 45,608,060 | 62,081,560 | 107,689,620 |
| CHINA SHENHUA | 1088 | 97,341,675 | 8,272,525 | 105,614,200 |
| CCB | 939 | 481,440 | 103,249,000 | 103,730,440 |
Tencent, AAC Tech, and CCB were among the most actively traded stocks in both SH-HK and SZ-HK Connect, with Tencent showing the highest turnover.
Short Sell Activity
| Stock Name | Code | Short Sell (RMB) | Turnover (RMB) | Short Sell Ratio |
|---|---|---|---|---|
| TENCENT | 00700.HK | 1.32B | 9.83B | 13.40% |
| CSOP A50 ETF | 02822.HK | 679.57M | 835.59M | 81.33% |
| HSCEI ETF | 02828.HK | 644.23M | 1.51B | 42.71% |
| CCB | 00939.HK | 642.65M | 1.93B | 33.33% |
| PING AN | 02318.HK | 629.27M | 2.59B | 24.29% |
| TRACKER FUND | 02800.HK | 473.47M | 729.13M | 64.94% |
| AAC TECH | 02018.HK | 392.54M | 2.52B | 15.57% |
| AIA | 01299.HK | 370.51M | 1.33B | 27.93% |
| PETROCHINA | 00857.HK | 294.17M | 1.02B | 28.72% |
| COUNTRY GARDEN | 02007.HK | 289.57M | 1.09B | 26.45% |
Tencent had the highest short sell ratio at 13.40%, followed by the CSOP A50 ETF at 81.33%. Short selling activity was notable across several major stocks, indicating varied market sentiment.
Economic Calendar Highlights
- Mon, US: April Factory Orders (-0.4%), April Durable Goods Orders (-1.7%)
- Tue, Euro Zone: April Retail Sales YoY (0.8%)
- Wed, US: April Trade Balance (51.5B), Hong Kong: Link REIT (823) Annual Result
- Thu, US: April Initial Jobless Claim (Till Jun 2), April Continuing Jobless Claim (Till May 26)
- Fri, Canada: G7 Summit (Till Jun 9), China: May Trade Balance (USD), May Exports YoY (12.9%), May Imports YoY (21.5%)
- Sat, China: May CPI YoY (1.8%), May PPI YoY (3.4%)
These economic events are expected to influence market trends and investor behavior in the coming days.
Disclaimer
The information and opinions in this report are for informational purposes only. KGI Asia Ltd. does not make any representation or warranty regarding the accuracy or completeness of the data. This report is not an invitation or offer to buy or sell securities. Investors should seek independent financial advice before making any investment decisions.
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