The Zhitong Finance App learned that on April 2, the Hong Kong Stock Exchange had a net purchase of HK$3,696 billion, of which Hong Kong Stock Connect (Shanghai) had a net purchase of HK$2,184 billion and the Hong Kong Stock Connect (Shenzhen) transaction made a net purchase of HK$1,512 billion.
The individual stocks that Beishui Net bought the most were Yingfu Fund (02800), Ideal Automobile-W (02015), and Meituan-W (03690). The individual stocks sold the most by Beishui Net were Saisheng Pharmaceutical (06600) and Xiaopeng Automobile-W (09868).
Hong Kong Stock Connect (Shanghai) actively traded stocks
Hong Kong Stock Connect (Shenzhen) actively traded stocks
Yingfu Fund (02800) received a net purchase of HK$1,524 million. According to the news, analysts at Everbright Securities believe that Hong Kong stocks, as a highly institutionalized offshore market, have a higher overall risk premium for investors, and the requirements for certainty of profit are also higher. Investors are willing to give it a higher valuation only when profit fundamentals have definitely rebounded. Most of the Hong Kong stock annual reports will be disclosed at the end of April. Driven by performance, Hong Kong stocks are expected to perform well in April.
Ideal Automobile-W (02015) received a net purchase of HK$324 million. According to the news, Ideal Auto announced that in March, Ideal Auto delivered 28,984 new cars, an increase of 39.2% over the previous year. A total of 80,400 vehicles were delivered in the first quarter, an increase of 52.9% over the previous year. As of March 31, Ideal Auto has delivered a total of 713,764 vehicles, becoming the first new Chinese car company to reach the milestone of delivering 700,000 vehicles.
Meituan-W (03690) received a net purchase of HK$318 million. According to the news, CITIC Construction Investment Research and Development Report indicates that in the fourth quarter of 2023, Meituan achieved total revenue of 73.696 billion yuan, an increase of 22.6% over the previous year, and achieved non-GAAP net profit of 4.375 billion yuan, an increase of 428% over the previous year. Both revenue and profit sides exceeded consistent expectations. The bank pointed out that Meituan Preferred Choice is expected to accelerate loss reduction this year, thereby increasing Meituan's overall profit flexibility. As an important gripper for Meituan's entry into the physical e-commerce circuit, Preferred Choice still has great potential in the future.
Vanke Enterprise (02202) received a net purchase of HK$216 million. According to the news, Vanke said that since the industry is currently undergoing deep adjustments, after comprehensive consideration, it will not pay the 2023 dividend. This is the first time in 31 years. Yu Liang explained that not paying dividends is a difficult decision, but Vanke's top priority right now is debt reduction. Changjiang Securities believes that in the context of the overall pressure on the industry, the company's core priority is to maintain the balance of the capital chain. Under the premise of overcoming liquidity pressure and successfully crossing the cycle, the company's survival value is still relatively prominent.
Beishui Capital increased its position in petroleum stocks. CNOOC (00883) and CNPC (00857) received net purchases of HK$171 million and HK$67.33 million respectively. According to the news, Mexico's state-owned oil company plans to stop exporting some crude oil in the next few months. Furthermore, Goldman Sachs released a research report saying that as oil prices remain at a longer-term trend of $80 per barrel, CNPC and CNOOC's free cash flow yields are 15% and 11% respectively. It is expected that these two stocks will narrow compared to global discounts. As cash flow is transformed into strong dividends and potential stock repurchase plans, Goldman Sachs is optimistic about the stock price performance of CNPC and CNOOC.
CCB (00939) received a net purchase of HK$104 million. According to the news, Bank of America Securities published a report saying that CCB's profit attributable to shareholders before excluding additional Tier 1 capital bonds (AT1) increased 2.4% year-on-year to 332.7 billion yuan last year, which is better than the bank's forecast. At the same time, although the net interest spread for the fourth quarter of last year narrowed by 11 basis points on a quarterly basis, part of the impact was offset by better investment returns. According to the bank, CCB's dividend payout ratio was stable at 30.5% last year, and the dividend rate for H shares was 9.2%, which is quite attractive. Therefore, it raised its target price from HK$6.58 to HK$6.85, maintaining a “buy” rating.
Xiaopeng Motor-W (09868) had a net sale of HK$112 million. According to news, in March, Xiaopeng Motor delivered a total of 9026 new cars, up 29% year on year and 99% month on month, still below 10,000. Furthermore, in April, the NEV price war began again, and many mainstream car companies, including Xiaopeng, announced new preferential policies. BOC International previously stated that the company's gross margin forecast for 2024 will remain low in single digits, mainly due to a more intense price war.
Saisheng Pharmaceutical (06600) had a net sale of HK$274 million. According to the news, Saisheng Pharmaceutical recently announced that Silver Pegasus Investment proposes to privatize and withdraw the company's listing status through an agreement arrangement. The price per share is HK$18.8, which is about 17.21% higher than the closing price of HK$16.04 before the suspension of trading. Furthermore, according to the share option incentive plan, if all target share options are exercised, it will result in the issuance of 54.421 million new shares, accounting for about 7.98% of the company's expanded share capital.
In addition, China Mobile (00941) and Tencent (00700) received net purchases of HK$87.7 million and HK$1.05 million respectively.