China Fund News reporter Ivan
On April 25, the trend of Hong Kong stocks diverged, rising and falling. As of the close, the Hang Seng Index and the State-owned Enterprises Index maintained their upward trend, recording four consecutive rises. The Hang Seng Tech Index closed down 0.54%, halting a three-day winning streak.
On the disk, most of the technology stocks pulled back, dragging down the technology index, Meituan fell nearly 2%, Tencent, NetEase fell more than 1%; domestic real estate stocks performed strongly throughout the day, Agile Group rose more than 9%, China Overseas Land rose more than 6%, Longfor Group rose nearly 4%, China Resources Land rose nearly 3%, Vanke rose nearly 2%, and Great Wall Motor once rose more than 12%, leading the rise in auto stocks. In addition, coal stocks, non-ferrous metal stocks, military stocks, oil and gas stocks, etc. have risen, and semiconductor stocks, shipping stocks, and biomedical stocks have all risen.
On the other hand, online education stocks fell significantly, with New Oriental falling more than 12% after the results, and heavy machinery stocks continuing to fall, with China National Heavy Duty Truck falling more than 2%.
Great Wall Motors rose more than 12% after the results
On April 25, Great Wall Motors rose more than 12% intraday and closed up 5.35% at HK$11.82, with the latest total market value of HK$209.9 billion, BYD shares and Geely Automobile rose more than 1%, but Li Auto fell more than 3%, and Xiaopeng Motors fell 2.28%.
On the news side, Great Wall Motor announced its results for the first quarter of 2024 yesterday, with a total operating income of 42.86 billion yuan, a year-on-year increase of 47.6%, and a net profit attributable to shareholders of listed companies of 3.228 billion yuan, a year-on-year increase of 1752.55%.
CICC issued a report pointing out that Changqi's first-quarter performance was higher than expected. In the first quarter, sales volume was stable, and gross profit margin increased due to the improvement of product structure, and net profit exceeded market expectations. Based on the expectation of a narrowing valuation discount for Hong Kong stocks, we maintained an "outperform" rating and raised the target price of H shares by 26% to HK$14.5.
Multiple policies are favorable, and domestic real estate stocks performed strongly throughout the day
On April 25, Hong Kong stocks and mainland real estate stocks performed strongly. As of the close, Xincheng Development rose 9.8%, Agile Group rose more than 9%, China Overseas Land & Investment rose more than 6%, Longfor Group rose nearly 4%, China Resources Land rose nearly 3%, and Vanke rose nearly 2%.
On the news side, many cities have pushed housing "for the new", and the analysis said that the demand-side policy is expected to support the initial stabilization of the property market.
A few days ago, Shenzhen launched the "old for new" housing, and there are currently 21 intermediaries and 13 real estate projects participating in the "exchange of homes". According to the statistics of the China Index Research Institute, more than 30 cities have expressed their support for "trade-in". In addition, more than 10 cities such as Xuzhou, Zibo and Nanjing have implemented this policy.
Soochow Securities said that the policies of real estate enterprises and residents are steadily advancing, and it is expected that the real estate policies of more core cities will be gradually opened in April and May to boost market demand and confidence.
In addition, as of the end of March, commercial banks had completed the review of all the first batch of "white list" projects pushed by the Coordination Mechanism, of which more than 2,100 projects were approved and approved, with a total amount of more than 520 billion yuan. According to the analysis of China Post Securities, part of the reason for the continued weakness of new home sales is that residents are worried that new housing off-plan cannot be delivered on time, and under the promotion of the coordination mechanism, the "white list" project funds have been put in place to help restore residents' confidence in buying houses.
Editor: Captain
Review: Xu Wen