The Zhitong Finance App learned that on May 22, the Hong Kong Stock Exchange had a net purchase of HK$1,653 million, of which Hong Kong Stock Connect (Shanghai) had a net purchase of HK$1,268 million and a net purchase of HK$386 million from Hong Kong Stock Connect (Shenzhen).
The individual stocks that Beishui Net bought the most were Bank of China (03988), China Construction Bank (00939), and Tencent (00700). The individual stocks sold the most by Beishui Net were Xiaopeng Automobile-W (09868), Vanke Enterprise (02202), and CNOOC (00883).
Hong Kong Stock Connect (Shanghai) actively traded stocks
Hong Kong Stock Connect (Shenzhen) actively traded stocks
Beishui Capital continued to increase its domestic bank holdings. Bank of China (03988), China Construction Bank (00939), and Agricultural Bank (01288) received net purchases of HK$719 million, $319 million, and HK$59.25 million respectively. According to the news, Minsheng Securities pointed out that bank AH share premiums are still at historically high levels. On the one hand, premiums are expected to subside with improved tax policy expectations and financial support. On the other hand, the discount on H shares also brings dividend advantages. At the same time, it is also necessary to consider the relative disadvantages of liquidity and settlement efficiency in the H share market. The bank pointed out that under the high premium for AH shares, the dividend ratio of bank H shares is still relatively high after tax deduction; if subsequent tax reduction policies are implemented, the dividend advantage of bank H shares will expand further.
Tencent (00700) received a net purchase of HK$113 million. According to news, “Dungeons and Warriors: Origins” was released in public beta on May 21, and reached the top of the iOS free list and best seller list after launch. During this period, the service even briefly crashed due to too many users entering the service. According to WeChat games, the “DNF” mobile game has been downloaded more than 4.57 million, the number of downloads on TapTap has exceeded 700,000, and the number of new users is huge. Open Source Securities pointed out that the “DNF” mobile game, as one of the most popular online games in the mobile game era, has accumulated a huge “DNF” IP user base. Players have been looking forward to the launch of mobile game products for a long time. The “DNF” mobile game is expected to continue its impressive performance on the first day in the future, bringing a considerable increase in the company's performance.
Domestic housing stocks diverged again. Sunac China (01918) received a net purchase of HK$50.35 million, while Vanke Enterprise (02202) received a net sale of HK$65.21 million. According to the news, since the central bank's new policy was released on May 17, many places have followed up and implemented adjustments in down payment ratios, mortgage interest rates, etc. Guotai Jun An said that the policies currently in place will help improve fundamental expectations for real estate, and follow up on the use of financial instruments and the progress of local “trade-in.” Huaxi Securities analysts said that the real estate policy is currently in a continuous easing phase from top to bottom, and the real estate market is expected to recover with the release of major favorable policies.
Ideal Automobile-W (02015) received another net purchase of HK$44.83 million. According to the news, Haitong International pointed out that it is ideal to postpone the release of pure electric models and focus on repairing the sales volume of the product line. Delivery performance in the second half of the year will be the key. The company does not consider price cuts in the short term, and the low level of ASP operation will increase its efforts to reduce costs and increase efficiency. The bank expects that the company's profits will continue to be under pressure in the first half of the year, and it is expected to gradually improve in the second half of the year with a significant recovery in sales.
Kuaishou-W (01024) received an increase in domestic capital before the results, with a net purchase of HK$35.57 million throughout the day. According to the news, Kuaishou announced its first quarter results after the market. Revenue for the period was RMB 29.41 billion, up 16.6% year on year, better than market expectations of RMB 29.04 billion; adjusted net profit of RMB 4.388 billion, exceeding expectations of RMB 3.2 billion. Gross margin increased to 54.8% from 46.4% in the same period last year. Total user usage time increased 8.6% year-on-year in the first quarter of 2024. In addition, Kuaishou announced that the company can buy back the company's Class B common shares worth no more than HK$16 billion within the next 36 months.
Xiaopeng Automobile-W (09868) surged 13% after the performance. Some of Beishui's capital sold at high prices, with net sales of HK$449 million throughout the day. According to the news, Xiaopeng announced first-quarter results. Revenue for the period was 6.55 billion yuan, up 62.3% year on year, and higher than the estimate of 6.11 billion yuan; net loss for the first quarter was 1.37 billion yuan, compared with a loss of 2.34 billion yuan for the same period last year, a sharp decrease of 41.5% year on year. Bank of America Securities pointed out that technology service revenue contributed to an increase in overall gross margin, but the vehicle profit margin was only 5.5%, which is lower than the expected 6%. The bank lowered Xiaopeng's 2024-2026 sales volume forecast by 13%/16%/15%, respectively, but lowered the adjusted net loss forecast by 21%/58%/58% to reflect a brighter gross margin outlook.
In addition, Beijing Finance International (01468) received a net purchase of HK$27.5 million, while CNOOC (00883) had a net sale of HK$45.94 million.