《Economic Daily News, Special Report on the 9th》The latest U.S. employment data released was strong, and the unemployment rate also declined, supporting expectations for a Fed rate hike at its final meeting this year. After the AI sector collapsed last week, Asian stocks rebounded this morning; however, markets were largely dull ahead of the U.S. CPI data release. The Hong Kong market opened touching the 100-day moving average (around 24,588), but gains narrowed during the session. Meituan (03690) was downgraded by Morgan Stanley, triggering a sell-off that single-handedly dragged the market lower. The Hang Seng Index closed the day at 24,448, down 32 points or 0.1%. The Hang Seng China Enterprises Index closed at 8,260, down 13 points or 0.2%. The Hang Seng Tech Index closed at 4,040, down 37 points or 0.9%. Main board turnover in Hong Kong shrank to HK$173.7 billion, but northbound funds recorded a net inflow of HK$1.8 billion, the first consecutive net inflow in the past month.
Meituan (03690) fell 6.53% to HK$75.15, dragging the Hang Seng Index down by about 43 points on its own. Morgan Stanley published a research report stating that China's e-commerce sector is losing growth momentum, while competition has not diminished. Ongoing competition could erode the expected "maturity dividend" of the market. The bank downgraded both Pinduoduo and Meituan to "in-line" ratings. Other tech and internet stocks performed steadily: Alibaba (09988) fell 0.29% to HK$104.6, Tencent (00700) fell 0.33% to HK$418.4, Baidu (09888) rose 0.38% to HK$78.5, JD.com (09618) fell 0.88% to HK$112.3, and Xiaomi (01810) fell 0.92% to HK$30.1.
NVIDIA was affected by the news of Jensen Huang's extramarital affair, with after-hours losses widening. Hong Kong AI-related stocks reacted mixed: GT Advanced Technologies (01888) plunged 9.21% to HK$27.6, Yangtze Optical Fibre and Cable (06869) fell 1.34% to HK$84.9, Hua Hong Semiconductor (01347) rose 2.35% to HK$71.85, SMIC (00981) rose 1.01% to HK$46.04, and Lenovo Group (00992) fell 0.85% to HK$18.65.
Biotech stocks performed well amid a dull market: WuXi Biologics (02269) rose 2.73% to HK$48.92, WuXi AppTec (02359) rose 2.27% to HK$198, Zai Lab (09688) surged 14.16% to HK$20.96, Insilico Medicine (03696) rose 4.54% to HK$39.16, Akeso (09926) rose 4.05% to HK$88.7, and GenScript Biotech (01548) rose 3.09% to HK$31.32.
JPMorgan recently released a research report on China's battery industry, suggesting that passing battery-related taxes onto customers is more difficult than previously assumed. Customers are unwilling to absorb battery-related tax burdens through price hikes alone, instead seeking cost-sharing, cost reductions from suppliers, and supply chain optimization. So far, no automakers have provided guidance on raising vehicle prices to offset battery consumption taxes. CATL (03750) fell 2.68% to HK$369.8, BYD (01211) fell 2.29% to HK$72.45.
Longfor (00960) fell 3.82% to HK$4.41, while Budweiser APAC (01876) rose 3.14% to HK$6.575.
The top three most actively traded stocks on the Hang Seng Index, China Enterprises Index, and Tech Index were Tencent, Alibaba, and Meituan respectively. (ey)
Meituan (03690) fell 6.53% to HK$75.15, dragging the Hang Seng Index down by about 43 points on its own. Morgan Stanley published a research report stating that China's e-commerce sector is losing growth momentum, while competition has not diminished. Ongoing competition could erode the expected "maturity dividend" of the market. The bank downgraded both Pinduoduo and Meituan to "in-line" ratings. Other tech and internet stocks performed steadily: Alibaba (09988) fell 0.29% to HK$104.6, Tencent (00700) fell 0.33% to HK$418.4, Baidu (09888) rose 0.38% to HK$78.5, JD.com (09618) fell 0.88% to HK$112.3, and Xiaomi (01810) fell 0.92% to HK$30.1.
NVIDIA was affected by the news of Jensen Huang's extramarital affair, with after-hours losses widening. Hong Kong AI-related stocks reacted mixed: GT Advanced Technologies (01888) plunged 9.21% to HK$27.6, Yangtze Optical Fibre and Cable (06869) fell 1.34% to HK$84.9, Hua Hong Semiconductor (01347) rose 2.35% to HK$71.85, SMIC (00981) rose 1.01% to HK$46.04, and Lenovo Group (00992) fell 0.85% to HK$18.65.
Biotech stocks performed well amid a dull market: WuXi Biologics (02269) rose 2.73% to HK$48.92, WuXi AppTec (02359) rose 2.27% to HK$198, Zai Lab (09688) surged 14.16% to HK$20.96, Insilico Medicine (03696) rose 4.54% to HK$39.16, Akeso (09926) rose 4.05% to HK$88.7, and GenScript Biotech (01548) rose 3.09% to HK$31.32.
JPMorgan recently released a research report on China's battery industry, suggesting that passing battery-related taxes onto customers is more difficult than previously assumed. Customers are unwilling to absorb battery-related tax burdens through price hikes alone, instead seeking cost-sharing, cost reductions from suppliers, and supply chain optimization. So far, no automakers have provided guidance on raising vehicle prices to offset battery consumption taxes. CATL (03750) fell 2.68% to HK$369.8, BYD (01211) fell 2.29% to HK$72.45.
Longfor (00960) fell 3.82% to HK$4.41, while Budweiser APAC (01876) rose 3.14% to HK$6.575.
The top three most actively traded stocks on the Hang Seng Index, China Enterprises Index, and Tech Index were Tencent, Alibaba, and Meituan respectively. (ey)