20220105-马银证券_香港_-每日港股简评_2页_137kb

Market Summary

Core Content

The Hong Kong market experienced a significant increase in daily turnover, reaching HKD118.3 billion, a 69% rise compared to the previous day. However, this surge in trading volume did not translate into substantial index movement. The Hang Seng Index opened 125 points higher but closed only 15 points up at 23,289 points, indicating a lack of sustained upward momentum. The market was influenced by sector-specific dynamics, particularly in the China healthcare and China tech sectors, which dragged down the index. Profit-taking was also observed in the China renewable energy sector.

Main Points

• Market Turnover: Daily turnover increased to HKD118.3 billion (+69% DoD) due to the inflow of southbound capital.
• Index Performance: The Hang Seng Index opened higher but closed with minimal gains, affected by China tech and healthcare sectors.
• Economic Indicators: China Dec 2021 Caixin Services PMI and Caixin Composite PMI are expected to be released on Thursday, with consensus estimates of 52.1 and 51.2, respectively.

Sector Highlights

China Tech

• A report from SCMP and Securities Daily indicates that approximately 140,000 tech enterprises have been deregistered since July, a significant increase from the 180,000 video gaming firms that shut down in 2020.
• The National Press and Publication Administration (NPPA) has suspended the publication of new game license approvals since July, marking the longest such suspension since 2018.
• This regulatory pause is seen as mildly positive for large online game developers, such as Tencent (700 HK) and NetEase E (9999 HK).

AAC Tech (2018 HK)

• Market expectations indicate that AAC's total pure plastic handset lens shipment will show positive quarter-over-quarter (QoQ) and year-over-year (YoY) growth in 1Q22E and 2Q22E.
• The growth is attributed to easing chipset shortages, improved seasonality, and recovery in smartphone shipments.
• AAC is diversifying its customer base, expanding into brands like Vivo, OPPO, and Samsung, which could reduce shipment volatility.
• The company's share price rose by 6.8% yesterday.

Shenzhen Int'l (2313 HK)

• The shutdown of its Ningbo facility is expected to negatively impact delivery schedules, though the exact impact remains unclear.
• The company plans to subsidize affected staff during the quarantine period, with an estimated daily cost of RMB12 million.
• Overseas and Vietnamese facilities are unaffected, and the company anticipates a phased reopening of the Ningbo base.
• Market estimates suggest a 5% downward revision to its 2022E earnings forecast, with production disruption potentially lasting several weeks to two months.

BYD Co. (1211 HK)

• BYD's December 2021 wholesale volume rose by 76% YoY and 1% MoM to 99,112 units, another record-high sales month.
• The NEV (New Energy Vehicle) segment saw a 226% YoY increase, while the ICE (Internal Combustion Engine) segment declined by 81% YoY.
• BYD plans to launch eight new products in 2022E based on its "e-platform 3.0" technology, which is a high-performance electric vehicle platform.
• The company will also upgrade existing PHEV products to low-cost DM-i PHEV models.

Ascletis-B (1672 HK)

• The company is expanding production of ritonavir oral tablets and advancing R&D for oral direct-acting antiviral drugs targeting SARS-CoV-2.
• Its pipeline includes ritonavir oral tablet (100 mg), an authorized product, and two new drug candidates: ASC10 (targeting RdRp) and ASC11 (targeting 3CLpro).
• ASC10 is expected to submit IND applications for clinical trials in China, the U.S., and other regions in 1H22E.
• ASC11 is anticipated to submit IND applications in 2H22E.
• The company has completed the U.S. Phase I trial of ASC43F, a dual-targeting FDC tablet for NASH.

Disclaimer

This document is for general information and circulation only. It is not intended as investment research or recommendation. The information is based on data from recognized sources but has not been independently verified. MIB Securities (HK) Ltd and its affiliates do not accept liability for any loss arising from reliance on this content. Opinions expressed are subject to change and may not align with fundamental, technical, or quantitative analyses. The company may have participated in or invested in financing transactions related to the mentioned entities. No solicitation to buy or sell securities is made in this document. International investments carry risks, including economic, political, and currency fluctuations. It is recommended to consult a financial advisor before making investment decisions.