Jinwu Financial News | The Hang Seng Index closed at 16,251 points on Wednesday (17th), up 2 points. The daily transaction was 99.2 billion yuan. The National Index closed at 5,749 points, up 5 points, or 0.1%. The index closed at 3,340 points, up 2 points, or 0.1%. Blue chip stocks developed individually. Out of 82 blue chips, 41 were made well. Yao Ming Mei Bao speculated high. Yao Ming Kang De (02359) increased 4.9%. As the best performing blue chip, the similar drug Pharmaceutical (02269) also increased 2.2%; Ideal Auto (02015) increased 4%, making it the second best blue chip;
The Dow closed at 37,753 points on Wednesday (17th), down 45 points or 0.12%; the index fell 0.58% to 5022 points; the NASDAQ fell 1.15% to 15,683 points; and the Golden Dragon Index, which reflects the performance of Chinese concept stocks, fell 0.29%. European stocks remained stable across the board, with British, French and German stocks rising 0.35%, 0.62% and 0.02% respectively. After the Travelers' performance, the stock price dropped 7.4%. As the worst-performing Dow component, Intel retreated 1.6%, and UnitedHealth continued to rise 2.2%, making it the Dow component with the biggest increase. The Asia-Pacific stock market moved individually this morning (18th). The Nikkei 225 Index now reports 37,739 points, down 221 points, or 0.58%. The South Korea Composite Index is currently at 2,623 points, up 39 points, or 1.52%. Hong Kong stocks are weak and unable to recover due to lack of data support.
Market Focus: China Electric Power (02380)
According to data released by the National Bureau of Statistics, in March, industrial power generation was 747.7 billion kilowatt-hours, an increase of 2.8% over the previous year, with an average daily power generation of 24.12 billion kilowatt-hours. In January-March, the regulated industrial power generation capacity was 223.72 billion kilowatt-hours, an increase of 6.7% over the previous year. China Electric Power (2380) announced that the total consolidated electricity sales volume of the Group and its subsidiaries in March 2024 was 10,545,635 megawatt-hours, an increase of 25.31% over the same period last year; the consolidated total sales volume for the first three months of 2024 was 29,970,060 megawatt-hours, an increase of 31.99% over the same period last year. The Group announced that its subsidiary Xinyuan Smart Storage has signed a BESS sales contract with Shandong Ludian. According to this, Xinyuan Smart Storage will provide energy storage system equipment and components and related services for the Atacama project. This cooperation project helps the Group to build a comprehensive new energy supply chain and is in line with the Group's strategic goal of transforming into a green and low-carbon energy supplier and service provider. The development of technology and economy is driving up global demand for electricity consumption, and demand in the field of artificial intelligence continues to rise. I believe it is expected to bring more growth to electric energy, especially new energy and clean energy generation.
Target price is $3.6, stop loss price is $3.
(The author is a licensed person of the Securities Regulatory Commission and the author does not hold the above shares)
Author: Dr. Deng Shengxing, Managing Partner, Yibo Capital Asia Limited