20220610-马银证券_香港_-每日港股简评_2页_163kb

Market Overview Summary

Core Content

The Hong Kong stock markets showed directionless behavior following a recent rally. Sector rotation is currently observed, with capital flowing out of the Shipping sector and into technology, education, property, and other sectors. CNOOC (883 HK) shares reached a 52-week high due to the continued rise in oil and gas prices. The Hang Seng Index declined by 145 points, with a relatively high daily turnover of HKD163.7 billion. The market is anticipating the release of China's May CPI and PPI data, with the consensus estimates being 2.2% for CPI and 6.4% for PPI. Analysts predict the Hang Seng Index could open approximately 350 points lower today, around 21,500 points.

Key Market Trends

• Sector Rotation: Capital is moving from the Shipping sector to technology, education, property, and other sectors.
• CNOOC Performance: Shares hit a 52-week high, indicating strong investor sentiment in the energy sector.
• Inflation Data Expectations: The release of May CPI and PPI data is expected to impact market sentiment, especially with the U.S. markets having slumped due to concerns over inflation and the U.S. economy.

Sector News Highlights

China Sportswear

• Divergent Performance: International brands continue to face pressure, while domestic brands like Li Ning (2331 HK) and Anta (2020 HK) show signs of recovery.
• Retail Sales: Domestic brands experienced narrowing YoY declines in May and recorded positive growth during the Tuen Ng Festival, despite a high base.
• Pricing Strategy: Anta raised its average selling price (ASP) by 5–10% for its core brand since Q2 2022, while Li Ning introduced a more comprehensive pricing range to target different market segments.

China Renewable Energy

• Supportive Policies: The Chinese government has introduced a series of supportive policies for the renewable energy sector, including green electricity trading, tax incentives for distributed solar, and approvals for wind farms and renewable energy hubs in Western China.
• Market Impact: These policies are expected to drive demand for solar products along the value chain in the second half of 2022.
• Key Stocks: GCL Tech (3800 HK) and Flat Glass (6865 HK) are highlighted as relevant stocks in this sector.

Company News Highlights

Baidu-SW (9888 HK)

• Product Launch: Unveiled its first robotic car, ROBO-01, on June 8, showcasing advanced features such as a U-shaped folding steering wheel and a 3D human-machine co-driving map.
• Future Plans: Plans to launch a limited version of its first production model in autumn 2022 and reveal the design of its second production model at the Guangzhou Auto Show.
• Market Sentiment: The market is optimistic about Baidu's long-term strengths in AI-Cloud and autonomous driving technologies.

Geely Auto (175 HK)

• Production Outlook: Management expects a 20–30% MoM increase in production or double-digit YoY growth in June, signaling a recovery in the supply chain.
• NEV Penetration: Targets a 20% NEV penetration ratio for FY22E and anticipates a spike in BEV sales in June, supported by a strong order backlog.
• New Model Launch: The new model Geometry E is expected to generate significant market interest.

BYD Co. (1211 HK)

• Collaboration with Tesla: BYD is reported to be supplying batteries to Tesla, marking its first official comment on a potential collaboration.
• Expansion into Materials: BYD has expanded into the materials segment, investing up to RMB3 billion in Chengxin Lithium, a lithium producer with operations in China, Argentina, and future plans in Indonesia.
• Investment in Africa: Discussions are ongoing regarding potential investments in lithium mines in Africa.

Disclaimer

This document is for general information only and is not intended as investment research or a recommendation. MIB Securities (HK) Ltd does not verify the accuracy of the information provided and takes no responsibility for any loss resulting from reliance on this content. The information is based on data from recognized sources, and opinions expressed may change without notice. MIB (HK) may have financial interests in companies mentioned, and no liability is accepted for any actions taken based on this information.