Beishui Movement | Beishui's net buying volume reaches 1.653 billion, China Bank adds another 700 million in holdings, while XPeng's sharp rise leads to selling pressure
On May 22, Beishui net bought HKD 1.653 billion in the Hong Kong stock market, with a net purchase of HKD 1.268 billion through the Shanghai-Hong Kong Stock Connect and a net purchase of HKD 0.386 billion through the Shenzhen-Hong Kong Stock Connect. The stocks with the highest net purchases by Beishui were Bank of China, China Construction Bank, and Tencent, while the stocks with the highest net sales were XPeng Motors-W, Vanke Group, and CNOOC. Beishui continued to increase its holdings in Bank of China and other domestic bank stocks. Meanwhile, Tencent also received net purchases
According to the Zhitong Finance and Economics APP, on May 22nd, in the Hong Kong stock market, Beishui had a net purchase of HKD 1.653 billion, with a net purchase of HKD 1.268 billion through the Shanghai-Hong Kong Stock Connect and HKD 386 million through the Shenzhen-Hong Kong Stock Connect.
The stocks with the highest net purchases by Beishui were Bank of China (03988), China Construction Bank (00939), and Tencent (00700). The stocks with the highest net sales by Beishui were XPeng Motors-W (09868), China Vanke (02202), and CNOOC (00883).
Active trading stocks through the Shanghai-Hong Kong Stock Connect:
Active trading stocks through the Shenzhen-Hong Kong Stock Connect:
Beishui continued to increase its positions in domestic bank stocks, with Bank of China (03988), China Construction Bank (00939), and Agricultural Bank of China (01288) receiving net purchases of HKD 719 million, HKD 319 million, and HKD 59.25 million respectively. On the news front, Minsheng Securities pointed out that the premium of AH shares of banks is still at a historically high level. On one hand, with the expectation of improved tax policies and support from the funding side, the premium is expected to converge. On the other hand, the discount of H shares also brings dividend advantages, while also considering the relative disadvantages of H share market liquidity and settlement efficiency. The bank stated that under the high premium of AH shares, the dividend yield of bank H shares after tax is still relatively high; if subsequent tax reduction policies can be implemented, the dividend advantage of bank H shares will further expand.
Tencent (00700) received a net purchase of HKD 113 million. On the news front, on May 21st, "Dungeon & Fighter: Origin" started public testing and topped the iOS free list and bestseller list after going online, during which the service even briefly crashed due to too many users. According to WeChat Games, the mobile game "DNF" has been downloaded over 4.57 million times, with over 700,000 downloads on TapTap, indicating a significant increase in user base. Kaiyuan Securities pointed out that "DNF" as one of the most popular online games in the era of online games has accumulated a large user base for the "DNF" IP. Players have long awaited the launch of the mobile game product, and the "DNF" mobile game is expected to continue its impressive performance on the first day, bringing substantial performance growth to the company The real estate sector is showing differentiation again, with Sunac China (01918) receiving a net purchase of HKD 50.35 million, while Vanke Enterprises (02202) facing a net sell-off of HKD 65.21 million. On the news front, following the new policies announced by the central bank on May 17th, many regions have successively implemented adjustments in down payment ratios and mortgage rates. Guotai Junan Securities stated that the current policy measures are expected to improve the outlook for the real estate market fundamentals. Subsequent attention will be on the use of fiscal measures and the progress of local "old-for-new" initiatives. Analysts at Huaxi Securities indicated that the current real estate policies are all in a sustained loose phase from top to bottom, and with the release of significant positive policies, the real estate market is expected to see a recovery.
Li Auto (02015) once again received a net purchase of HKD 44.83 million. On the news front, Haitong International pointed out that Li Auto has postponed the launch of pure electric vehicle models, focusing on restoring the sales volume of extended-range products. The performance of deliveries in the second half of the year will be crucial. The company is not considering price reductions in the short term, and running ASP at a low level will increase efforts to reduce costs and increase efficiency. The bank expects the company's profits in the first half of the year to continue to be under pressure, but is expected to gradually improve in the second half of the year as sales volumes significantly recover.
Kuaishou (01024) received increased buying from domestic investors ahead of its performance announcement, with a net purchase of HKD 34.57 million throughout the day. In terms of news, Kuaishou announced its first-quarter results after the market closed, with revenue of RMB 29.41 billion, a year-on-year increase of 16.6%, surpassing market expectations of RMB 29.04 billion; adjusted net profit was RMB 4.388 billion, exceeding the expected RMB 3.2 billion. The gross profit margin increased from 46.4% in the same period last year to 54.8%. User total usage time in the first quarter of 2024 increased by 8.6% year-on-year. In addition, Kuaishou announced that the company may repurchase up to HKD 16 billion worth of Class B ordinary shares within the next 36 months.
XPeng (09868) surged 13% after its performance announcement, with some Northbound funds selling at highs, resulting in a net sell-off of HKD 449 million throughout the day. In terms of news, XPeng released its first-quarter results, with revenue of RMB 6.55 billion, a 62.3% year-on-year increase, higher than the estimated RMB 6.11 billion; a net loss of RMB 1.37 billion in the first quarter, compared to a loss of RMB 2.34 billion in the same period last year, a significant narrowing of 41.5% year-on-year. Bank of America Securities pointed out that technology service revenue drove an overall increase in gross profit margin, but the vehicle profit margin was only 5.5%, lower than the expected 6%. The bank lowered its sales volume forecasts for XPeng for 2024-2026 by 13%/16%/15%, but revised down the adjusted net loss forecasts by 21%/58%/58% to reflect a clearer outlook for gross profit margin.
In addition, Kingsoft Financial International (01468) received a net purchase of HKD 27.5 million, while CNOOC (00883) faced a net sell-off of HKD 45.94 million