On May 22nd, the three major Hang Seng stock indices underwent a day of fluctuation and consolidation! By the close of trading, the Hang Seng Index fell by 0.13%, the China Enterprises Index fell by 0.05%, and the Hang Seng Technology Index rose by 0.30%.

Looking at the sectors, gold stocks and other non-ferrous metal stocks experienced a pullback. Lingbao Gold (03330.HK) fell by 4.23%, China Gold International (02099.HK) fell by 4.1%, Zhaojin Mining (01818.HK) fell by 2.47%, and Shandong Gold (01787.HK) fell by 2.23%. Valeria Bednarik, Chief Analyst at FXStreet, pointed out that spot gold faced moderate selling pressure on Tuesday. The current focus has shifted to the FOMC meeting minutes scheduled for release on Wednesday. Morgan Stanley also noted that the risks for gold continue to be biased towards the upside.

Travel stocks, beer stocks, holiday concept stocks, catering stocks, home appliance stocks, baby and child product stocks, and cosmetic stocks, among other consumer sub-sectors, also saw significant declines. Among them, the online travel platform Tongcheng Travel (00780.HK) plummeted by 12.83%. In terms of news, Tongcheng Travel released its first-quarter report, with revenue of 3.866 billion yuan (same currency below), a year-on-year increase of 49.5%; adjusted EBITDA for the period was 820 million yuan, a year-on-year increase of 12%; adjusted net profit was 558 million yuan, a year-on-year increase of 10.9%; however, the profit margin performance was significantly weaker than last year. Macquarie downgraded its rating on Tongcheng Travel Holdings from outperform to neutral; the target stock price is set at 21 Hong Kong dollars.

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In other concept stocks, China Resources Beer (00291.HK) fell by 2.74%, followed by Tsingtao Brewery (00168.HK) and Budweiser APAC (01876.HK).

Chinese concept stocks listed in Hong Kong also weakened collectively. After the release of the first-quarter report, BOSS Zhipin-W (02076.HK) fell by 6.62%; Huazhu Group-S (01179.HK) fell by 5.22%, NetEase-S (09999.HK) fell by 3.09%, JD.com Group-SW (09618.HK) fell by 2.27%, and Ctrip Group-S (09961.HK) fell by 2.09%.

On the gainers' list, power equipment stocks and photovoltaic solar energy-related concept stocks were active. GCL Technology (03800.HK) rose by 12.03%, Fuyao Glass (06865.HK) rose by 9.02%, Xinyi Solar (00968.HK) rose by 6.61%, and Goldwind Technology (02208.HK) rose by 2.42%.

In terms of news, in response to issues such as declining industry chain prices and corporate operational pressures, the Chinese photovoltaic industry held a symposium, proposing that the current difficulties in the industry should be addressed through market-oriented means and by fully leveraging the government's tangible hand. The meeting also pointed out that the industry is encouraged to merge and reorganize, to smooth the market exit mechanism, and to strengthen the crackdown on malicious competition through sales below cost prices.

Airline stocks collectively strengthened, with Meilan Airport (00357.HK) rising by 9.85%, Beijing Capital International Airport Co., Ltd. (00694.HK) rising by 4.58%, Air China (00753.HK) rising by 4.56%, China Southern Airlines Company (01055.HK) rising by 4.28%, and China Eastern Airlines Corporation (00670.HK) rising by 3.18%. Zhongtai Securities pointed out that, in the medium to long term, the industry's recovery trend is positive. With the continuous recovery of international routes, the industry's supply and demand structure is expected to continue to improve, and the utilization rate of aircraft for all airlines is expected to continue to rise. Coupled with the benefits of ticket price marketization reform, the performance of airlines is expected to continue to improve, and it is recommended to pay attention to low-position layout opportunities.

In addition, film and television stocks, Apple concept stocks, and sports goods stocks all rose together; some heavy infrastructure stocks, high-speed rail infrastructure stocks, and highway and railway stocks also turned red.In the popular stock sector, Lenovo Group (00992.HK) rose by 12.18%. A research report from Morgan Stanley pointed out that Lenovo Group is likely to become a major winner in the thriving development of artificial intelligence (AI) driven personal computers. Although the market share of AI computers may be less than 5% this year, analysts predict that by 2028, this proportion will rise to around 64%. This will help to increase the selling price of personal computers. It is stated that Lenovo has an advantage in this field, with its own AI chips and the most comprehensive AI features and assistants.

XPeng Inc. (09868.HK) surged by 13.05%. In terms of news, XPeng's financial report for the first quarter of 2024 showed that its revenue exceeded market expectations, and the gross margin significantly increased to 12.9%.

COSCO Shipping Development (02866.HK) increased by 7.92%. In terms of news, COSCO Shipping Development stated on the interactive platform that the overall production and operation of the company's various box factories are stable and orderly, with orders on hand scheduled through the third quarter. Recently, the spot freight rates have continued to rise, and shipping companies have initiated a new round of price increases. Looking ahead, the resilience of freight rates is expected, with current cabin space remaining tight and the situation of supply chain disruptions intensifying. Institutions say that the tight supply situation may continue, and freight rates are likely to rise further.