The Hang Seng Index rose nearly 4% in the first half of the year, and the concept stocks of the special valuation were strong, and the first hanging of the old gold soared 72%

Zhitong Financial APP learned that the market focused on the core PCE data of the United States to be released tonight, and Hong Kong stocks collectively opened low in early trading and then rushed higher, the Hang Seng Index and the National Index once rose nearly 1%, and then the gains gradually narrowed, and the Hang Seng Index turned green again. At the close, the Hang Seng Index rose 0.01% or 2.14 points to 17,718.61 points, with a full-day turnover of HK$98.887 billion, the Hang Seng China Enterprises Index rose 0.12% to 6,331.86 points, and the Hang Seng Tech Index fell 0.96% to 3,554.45 points. In the first half of this year, the Hang Seng Index rose 3.94%; The HSCEI rose 9.77%; The Hang Seng Index fell 5.57%.

Galaxy Securities said that looking forward to the second half of the year, the mainland policy (expected) is good for the Hong Kong stock market, and the Hong Kong stock market is expected to maintain a volatile upward trend, focusing on the positive signals of the Federal Reserve's monetary policy and domestic fundamentals. The first allocation clue is high-dividend assets favored by southbound funds and with stable returns, focusing on the allocation value of central enterprises in the context of reform. Allocation clue two, the Federal Reserve is likely to start cutting interest rates within the year, and innovative sectors that are more sensitive to interest rates are expected to benefit. In addition, there are transactional opportunities in the real estate sector.

Blue chip performance

PetroChina (00857) led the blue-chip gains. As of the close, it rose 4.36% to HK$7.9, with a turnover of HK$1.414 billion, contributing 11.2 points to the Hang Seng Index. Everbright Securities pointed out that the geopolitical situation in the Middle East is tense, and the supply and demand of crude oil are expected to tighten under the leadership of OPEC+, and it is optimistic that oil prices will remain high. The "three barrels of oil" showed strong performance resilience during the period of oil price fluctuations, and the profit center is expected to rise further. Minsheng Securities said that the oil price center has increased, the reform of state-owned enterprises has promoted the optimization of state-owned enterprise assets, and the characteristics of high dividends are superimposed, and the valuation of oil central enterprises is expected to increase.

In terms of other blue chips, China Unicom (00762) rose 3.61% to HK$7.17, contributing 2.5 points to the Hang Seng Index, BYD Electronics (00285) rose 3.31% to HK$39, contributing 1.58 points to the Hang Seng Index, Chuangke Industrial (00669) fell 4.03% to HK$89.2, dragging the Hang Seng Index by 9.43 points, and China Resources Beer (00291) fell 3.49% to HK$26.25, dragging the Hang Seng Index by 2.47 points.

In terms of popular sectors

On the market, large technology stocks were generally weak, with Alibaba down 1.47% and Tencent down 0.53%. China Special Valuation Concept Stocks led the market today, with strong performance in oil stocks, power stocks, shipping stocks, coal stocks, and telecommunications stocks; Gold prices rebounded by more than 1%, and gold stocks collectively recovered; Apple's concept is strong, aluminum stocks, and semiconductor stocks are generally higher. On the other hand, consumer stocks are sluggish, with home appliance stocks, beer stocks, and sporting goods stocks leading the decline.

1. The outbreak of the concept stock of China Special Valuation. At the close, CSSC Defense (00317) rose 8.64% to HK$17.6, CRRC (01766) rose 6.11% to HK$5.04, PetroChina (00857) rose 7.36% to HK$7.9, and China Unicom (00762) rose 3.61% to HK$7.17.

On June 19, China Guoxin Holdings, a subsidiary of the State-owned Assets Supervision and Administration Commission of the State Council, announced the subscription of ETFs tracking central enterprises that meet the qualifications of Hong Kong Stock Connect and have a high level of dividends. The agency believes that the "China Special Valuation" shares are the main investment line of Hong Kong stocks throughout the year, and with the blessing of Guoxin Investment under the State-owned Assets Supervision and Administration Commission, this highlights the investment value of the relevant weight "China Special Valuation" shares, and the related stock price performance is more worthy of market expectations.

2. Gold stocks rebounded en masse. At the close, Lingbao Gold (03330) rose 3.87% to HK$2.95, Zhaojin Mining (01818) rose 3.31% to HK$13.1, Zijin Mining (02899) rose 3.26% to HK$16.48 and China Gold International (02099) rose 2.98% to HK$50.1.

Gold prices rebounded more than 1% on Thursday. In terms of economic data, the core PCE price index in the United States recorded an annualized quarterly final value of 3.7% in the first quarter, higher than the previous value and market expectations of 3.6%; The final annualized QoQ of US real GDP in Q1 was revised upwards to 1.4%, while the final QoQ of US real personal consumption expenditures in Q1 was sharply revised down to 1.5%, lower than the previous value and market expectations of 2%. In addition, Atlanta Fed President Bostic said inflation is moving in the "right direction" and that a rate cut is likely in the fourth quarter. The current market is focused on the upcoming release of core PCE data. The market expects the core PCE price index to fall to 2.6% y/y from 2.8% in April.

3. Apple concept stocks are active. As of the close, Gao Wei Electronics (01415) rose 5.14% to HK$24.55, and BYD Electronics (00285) rose 3.31% to HK$39; Tongda Group (00698) rose 1.16% to HK$0.087, and Sunny Optics (02382) rose 0.52% to HK$48.25.

Apple launched Apple Intelligence at the Worldwide Developers Conference (WWDC) at the beginning of the month, in addition, the national version of Apple Vison Pro officially went on sale today, with a starting price of 29999 yuan. The Western Securities Research Report pointed out that with the increasing maturity of end-side AI technology from the core layer to the application layer, consumer electronics terminals have entered an important window period of product iteration. The integration of terminal brand manufacturers into the "AI blood" and continuous innovation are expected to cause a new round of "replacement tide" for end users, and at the same time, enterprises related to the industrial chain are expected to fully benefit. Huafu Securities also pointed out that the short-term consumer electronics terminal demand has picked up. Medium- and long-term AI-enabled smart terminals are driven to accelerate mobile phone/PC replacement.

Popular abnormal stocks

1. Sino-Ocean Group (03377) shares fell sharply, down 10.67% to HK$0.335 as of the close.

Sino-Ocean Group announced that it has received a winding-up petition filed by The Bank of New York Mellon, Inc., London Branch in the High Court of the Hong Kong Special Administrative Region in relation to the outstanding repayment of the 3.25% guaranteed notes due 2026 issued by Sino-Ocean Land Treasure IV Limited and guaranteed by the Company, involving an aggregate principal amount of US$400 million and accrued interest.

2. Taobo (06110) hit a new low, down 5.68% to HK$4.15 as of the close.

Taobo announced that in the first quarter of the 2024/25 financial year, the total sales value of the Group's retail and wholesale business decreased by a mid-single-digit year-on-year. As of May 31, 2024, the gross sales area of directly operated stores decreased by 1.4% from the end of the previous quarter and decreased by 0.5% from the same period last year.

3. Bosideng (03998) rose again, up 6.8% to HK$4.87 as of the close.

Bosideng recently released its annual results for the year ended March 31, 2024, and the group's revenue during the period was RMB23.214 billion, an increase of 38.39% year-on-year. profit attributable to equity shareholders was 3.074 billion yuan, an increase of 43.74% year-on-year; A final dividend of HK20 cents per share is proposed.

The first listing of new shares

1. Old Shop Gold (06181) was strong throughout the day. As of the close, it rose 72.84% to HK$70.

Laopu Gold was priced at HK$40.5 per share, and a total of 22,368,900 shares were issued in board lots of 100 shares, with net proceeds of approximately HK$827 million. It is reported that Laopu Gold is the head brand of ancient gold in the mainland. As of the end of 2023, the company has a total of 30 stores, all of which are directly operated stores, with a total revenue of 3.18 billion yuan in 2023, a year-on-year increase of 146%, and a net profit attributable to the parent company of 420 million yuan, a significant increase year-on-year.

2. Heaven and Earth and (02479) tail flash crash. At the close, it fell 27.82% to HK$60.15.

Priced at HK$83.33 per share, Tianjudihe issued a total of 4,818,200 shares in board lots of 50 shares, with net proceeds of approximately HK$349.1 million. It is reported that Tianjudihe focuses on providing customers with standardized API services and customized data governance solutions. Financial data shows that from 2021 to 2023, the company's revenue has gradually increased from 260 million yuan to 441 million yuan, and the net profit margin has decreased from 17.7% in 2021 to 7.9% in 2023.