Summary of Document Content
Core Content
The document provides a comprehensive overview of the Hong Kong and Chinese stock markets, including key indices, sector performance, stock recommendations, valuations, and macroeconomic data. It highlights the impact of global economic conditions and policy changes on market trends, as well as the performance of individual stocks and ETFs.
Main Views
- Global Economic Weakness: The global economy remains weak, leading to a decline in demand for industrial materials transport and a drop in the Baltic Dry Shipping Index to a record low of 504. This is expected to negatively affect marine stocks.
- Chinese Telecoms Sector: The Chinese telecoms sector faces challenges due to policy changes, including a marginal decline in income growth and pressure on operators' profits.
- Market Performance: The Hang Seng Index (HSI) and HSCEI rose by 1.4% and 1.4% respectively, with total turnover at HK$66.8bn. The HSI was influenced by external market trends, while the HSCEI saw a rise due to downstream natural gas distributors' stocks.
- Sector Highlights: The HK Consumer Group and Sports accessories sectors showed strong performance, with gains of 4.4% and 3.8% respectively. The Coal and Gas sectors also had notable gains.
- Valuation Analysis: Luye Pharma (2186.HK) is highlighted as a buy opportunity due to its favorable valuation and strong R&D capabilities. The company's forward P/E ratio is 22.7x, and it is trading at a low price.
- Market Data: The previous day's best performers include stocks like BOER POWER HOLDING, KINGSOFT CORP, and CIMC ENRIC HLDG, while the worst performers include CRTG, HUABAO INTL, and MINGFA GROUP INTL.
- Interest Rates and Exchange Rates: Interest rates and exchange rates show mixed trends, with some declines and increases. The USD/HKD rate remained stable, but others like USD/CNY and USD/CNH showed slight declines.
- Commodities and Precious Metals: Prices of commodities and precious metals have declined, with the CRB Index down by 1.2% and Nymex WTI Crude down by 0.4%.
- A-share Premium to H-share: The A-share premium to H-share varies significantly, with companies like ANHUI EXPRESS-H and CITIC SEC-H showing a high premium, while others like JIANGSU EXPRESS-H show a negative premium.
- Top 20 Most Traded ETFs: Several ETFs are highlighted, including the CSOP FTSE CH-HKD, TRACKER FUND HK, and CSI 300 CHINA, with varying performance and turnover.
Key Information
Equity Indices
| Index |
Close |
Daily Change (%) |
YTD Change (%) |
| Hang Seng Index |
22,500 |
1.4 |
-4.7 |
| HSCEI |
10,193 |
1.4 |
-14.9 |
| Shanghai Comp |
3,617 |
1.4 |
11.8 |
| Shenzhen Comp |
2,257 |
3.1 |
59.5 |
| DJIA |
17,733 |
0.0 |
-0.5 |
| S&P 500 |
2,081 |
-0.1 |
1.1 |
| Nasdaq Comp |
5,074 |
0.0 |
7.1 |
| FTSE 100 |
6,330 |
0.8 |
-3.6 |
| DAX |
11,085 |
1.1 |
13.1 |
| CAC 40 |
4,915 |
0.2 |
15.0 |
| Nikkei 225 |
19,774 |
-0.4 |
13.3 |
| Taiwan Weighted |
8,477 |
1.6 |
-8.9 |
Hong Kong Market Turnover
| Index |
Turnover (HK$bn) |
Daily Change (%) |
| HSI |
19.0 |
12.39% |
| HSCCI |
4.7 |
-8.49% |
| HSCEI |
11.3 |
13.92% |
| Main Board |
66.8 |
4.99% |
Best and Worst Performers
Best Performers:
- BOER POWER HOLDING (1685.HK): 11.0% gain
- KINGSOFT CORP (3888.HK): 9.1% gain
- CIMC ENRIC HLDG (3899.HK): 8.1% gain
- GREENOWN CHINA (3900.HK): 8.0% gain
- CP NEW ENERGY (735.HK): 7.3% gain
Worst Performers:
- CRTG (269.HK): -14.5% decline
- HUABAO INTL (336.HK): -5.8% decline
- MINGFA GROUP INTL (846.HK): -5.3% decline
- GIORDANO INTL (709.HK): -4.6% decline
- NWS HOLDINGS (659.HK): -4.5% decline
Most Short Sold Stocks
| Company |
Stock Code |
Price (HK$) |
Daily Change (%) |
Shortsell Turnover (HK$m) |
% of Total Shortsell Turnover |
% of Own Turnover |
FY1 P/E |
FY2 P/E |
| WEST CHINA CEMEN |
2233.HK |
1.450 |
0.7 |
4.1 |
0.1 |
2767.7 |
15.8 |
12.4 |
| KINGSOFT CORP |
3888.HK |
20.250 |
9.1 |
642.6 |
642.6 |
642.6 |
41.1 |
20.7 |
| CIMC ENRIC HLDG |
3899.HK |
5.190 |
8.1 |
24.9 |
24.9 |
24.9 |
11.5 |
9.9 |
| GREENOWN CHINA |
3900.HK |
7.670 |
8.0 |
83.4 |
83.4 |
83.4 |
4.8 |
4.4 |
| CP NEW ENERGY |
735.HK |
0.590 |
7.3 |
34.5 |
34.5 |
34.5 |
12.8 |
8.4 |
Interest Rates
| Rate |
Latest (%) |
5D Change (bps) |
1M Change (bps) |
YTD Change (bps) |
y-y Change (%) |
| U.S. 2-year Treasury |
0.8961 |
6.14 |
26.71 |
23.16 |
38.75 |
| U.S. 10-year Treasury |
2.2482 |
-1.76 |
18.12 |
7.70 |
-8.91 |
| U.S. 30-year Treasury |
3.0079 |
-4.40 |
9.13 |
25.61 |
-4.64 |
| HK 1-month HIBOR |
0.1935 |
-0.32 |
-4.62 |
-4.18 |
-3.19 |
| HK 3-month HIBOR |
0.3763 |
-0.04 |
-2.42 |
-0.51 |
0.42 |
Exchange Rates
| Currency Pair |
Latest |
5D Change (%) |
1M Change (%) |
YTD Change (%) |
y-y Change (%) |
| USD Dollar Index |
98.9890 |
0.3 |
4.3 |
9.7 |
12.9 |
| USD/HKD |
7.7501 |
0.0 |
0.0 |
0.1 |
0.1 |
| EUR/USD |
1.0719 |
-0.5 |
-5.5 |
-11.4 |
-14.5 |
| USD/JPY |
122.87 |
-0.2 |
-2.5 |
-2.6 |
-3.8 |
| GBP/USD |
1.5280 |
0.3 |
-1.1 |
-1.9 |
-2.6 |
| USD/CHF |
1.0144 |
-0.9 |
-5.7 |
-2.0 |
-5.5 |
| AUD/USD |
0.7192 |
1.0 |
-0.9 |
-12.0 |
-16.5 |
| NZD/USD |
0.6563 |
0.4 |
-2.8 |
-15.9 |
-16.6 |
| USD/CAD |
1.3298 |
0.2 |
-2.4 |
-12.6 |
-15.0 |
| USD/CNY |
6.3839 |
-0.2 |
-0.6 |
-2.8 |
-4.1 |
| USD/CNH |
6.4048 |
0.0 |
-0.5 |
-2.9 |
-4.3 |
Precious Metals and Commodities
| Commodity |
Latest |
5D Change (%) |
1M Change (%) |
YTD Change (%) |
y-y Change (%) |
| CRB Index |
184.1 |
-1.2 |
-6.7 |
-19.9 |
-31.3 |
| Comex Gold |
1,081.2 |
0.0 |
-8.2 |
-8.7 |
-9.2 |
| Comex Silver |
14.225 |
0.1 |
-10.6 |
-8.6 |
-11.8 |
| Nymex WTI Crude |
40.59 |
-0.4 |
-10.9 |
-23.8 |
-46.3 |
| ICE Brent Crude |
44.18 |
0.3 |
-9.1 |
-22.9 |
-43.4 |
| LME Copper |
4,630.50 |
-4.0 |
-11.1 |
-26.5 |
-30.7 |
| LME Aluminum |
1,466.00 |
-1.7 |
-5.4 |
-20.9 |
-27.4 |
| CBT Wheat |
490.75 |
-1.5 |
1.0 |
-16.8 |
-8.7 |
| CBT Corn |
364.25 |
0.6 |
-2.3 |
-8.2 |
0.3 |
| CBT Soybean |
860.00 |
-0.3 |
-3.5 |
-15.6 |
-14.4 |
A-share Premium to H-share
| Company |
H Share Code |
Price (HK$) |
A Share Code |
Price (RMB) |
A-share Premium to H-share (%) |
| LUOYANG GLASS-H |
1108 |
5.57 |
600876 |
35.13 |
665.7 |
| JIANGXI COPPER-H |
358 |
9.58 |
600362 |
15.38 |
94.9 |
| SINOPEC OILFIE-H |
1033 |
2.33 |
600188 |
10.20 |
393.9 |
| CHINA COM CONS-H |
1800 |
10.92 |
601186 |
15.35 |
70.6 |
| ZIJIN MINING-H |
2899 |
1.95 |
601899 |
3.72 |
131.6 |
| PETROCHINA-H |
857 |
5.51 |
601857 |
9.04 |
99.2 |
| CIMC-H |
2039 |
13.38 |
000039 |
21.66 |
96.5 |
| CHINA VANKE-H |
2202 |
19.00 |
000002 |
14.50 |
-7.4 |
Top 20 Most Traded ETFs
| ETF Code |
ETF Name |
Price (HK$) |
1D Change (%) |
5D Change (%) |
| 2822 |
CSOP FTSE CH-HKD |
13.14 |
1.08 |
-0.61 |
| 2800 |
TRACKER FUND HK |
22.70 |
1.34 |
-1.94 |
| 2823 |
ISHARES FTSE A50 |
11.44 |
1.06 |
-1.89 |
| 2828 |
HS H-SHARE ETF-H |
104.00 |
1.17 |
-2.07 |
| 3188 |
CHINAAMC 300-HKD |
46.05 |
1.21 |
-0.75 |
| 82822 |
CSOP FTSE CH-RMB |
10.86 |
0.93 |
0.00 |
| 83188 |
CHINAAMC 300-CNY |
38.05 |
0.93 |
-0.65 |
| 2801 |
ISHARES MSCI CHI |
20.40 |
1.24 |
-0.97 |
| 2827 |
CSI 300 CHINA |
33.75 |
1.20 |
-0.15 |
| 3147 |
CSOP SZSE ETF-HK |
12.42 |
3.85 |
- |
This summary encapsulates the key data points and insights from the document, providing a structured overview of market trends, performance, and valuation metrics.
