On May 2, Hong Kong stocks ushered in a "good start" on the first trading day of May, and the three major indexes performed strongly throughout the day.
At the close, the Hang Seng Index closed up 2.5% at the 18,000-point mark, while the Hang Seng Tech Index rose 4.45%. Most of the Hang Seng industry indices closed higher, with the pharmaceutical and medical, technology, domestic real estate, and financial sectors leading the gains.
Since April, the Hang Seng Index has performed well. Industry insiders believe that the market has begun to reprice China's economic performance, and confidence in Hong Kong stocks has increased significantly. It is mainly southbound funds that have pushed up this round of Hong Kong stocks, and some overseas funds have also begun to increase their positions in Hong Kong stocks.
Technology stocks led the gains
On May 2, Hong Kong stocks opened low and went high, and the three major indexes collectively closed higher. At the close, the Hang Seng Index was up 2.5% at 18,207.13, the Hang Seng Tech Index was up 4.45% at 3,865.48 and the Hang Seng China Enterprises Index was up 2.6% at 6,437.09.
Popular tech stocks performed strongly. As of the close, SenseTime-W rose 36.1%, and the company's stock price has risen 186.21% since April 22.
On the news side, SenseTime recently released the "Ririxin SenseNova 5.0" large model, which comprehensively benchmarks GPT-4 Turbo in comprehensive performance, and reaches or surpasses GPT-4 Turbo in mainstream objective evaluation. Its multimodal capability has been greatly improved, and it ranks first in each test list. At the same time, SenseTime's integrated perception and decision-making model UniAD also made its debut at the Beijing Auto Show, which is the industry's first end-to-end model that integrates perception, decision-making, planning and other modules into a full-stack Transformer.
In terms of the performance of other technology stocks, Kingdee International rose 11.5%, Alibaba Health rose 10.8%, JD Health rose 10.7%, Meituan rose 8.8%, Ping An Good Doctor rose 8.1%, and Oriental Selection rose 6.5%.
Domestic real estate stocks and auto stocks have strengthened hand in hand
Today, auto stocks are soaring. AS OF THE CLOSE, NIO ROSE MORE THAN 20%, LEAPMOTOR ROSE 15.1%, XPENG MOTORS ROSE 8.2%, BYD SHARES ROSE 4.4%, BRILLIANCE CHI ROSE 3.8%, AND GEELY AUTOMOBILE ROSE 3.5%.
Guolian Securities Research Report said that high-quality vehicle and parts companies benefited from the wave of going overseas, and the high growth of exports boosted sales.
Today's Hong Kong real estate stocks are also performing well. Wind data shows that as of the close, LVGEM China Real Estate rose 13.6%, Country Garden Services rose 13.1%, Vanke Enterprise rose 10.8%, China Overseas Grand Ocean Group rose 10.7%, Ya Life Services rose 10%, Yuexiu Real Estate rose 9.6%, and Longfor Group rose 7.6%.
Recently, with the intensive promotion of a package of policy measures, the market's optimism about real estate stocks has been heating up. CITIC Securities believes that the real estate policy has shown an attitude of actively digesting inventory, and it is expected that specific policy measures will be introduced to digest the stock of real estate in the later stage.
Funds shifted to Hong Kong stocks
Looking forward to the future performance of Hong Kong stocks, Zheshang Securities Research believes that since April, southbound funds have continued to flow into the Hong Kong stock market, and the trend may continue. What is more noteworthy is that the inflow of overseas funds may improve. Under the support of the depreciation pressure of the yen, the high cumulative increase of U.S. stocks, the expected improvement of the fundamentals of Hong Kong stocks and the cost-effective valuation, Hong Kong stocks may usher in strategic allocation opportunities.
According to the analysis of Ping An Securities, the current round of funds flowing into Hong Kong stocks may be mainly transactional funds, and their hedging and trading purposes are stronger, mainly to avoid the recent pullback risk of U.S. stocks and Japanese stocks. Considering the current strong fundamentals of the United States, interest rate cuts still need to wait further, external pressure may need some time to ease, and the liquidity of Hong Kong stocks may continue to improve in the short term.
There are also some views that the policy side will continue to support the Hong Kong stock market in the next stage. On April 19, the China Securities Regulatory Commission (CSRC) issued five measures for capital market cooperation with Hong Kong, including the lowering of the threshold for the inclusion of ETFs in Stock Connect and the inclusion of RMB counters in Hong Kong Stock Connect, which will help broaden the flow of funds and enhance the liquidity of Hong Kong stocks.
(The market pictures in the article are all from Wind)
Reviewer: Xu Zhao Editor: Zhang Nan Zhang Lijing Proofreader: Ya Wenhui Issued: Fei Yangsheng