由 zq4034698 
On February 27, 2025, as reported by Futu Information, the three major indices in the Hong Kong stock market all showed declines. The Hang Seng Index (800000.HK) decreased by 0.29%. The Hang Seng Tech Index (800700.HK) dropped by 1.22%. The Hang Seng China Enterprises Index (800100.HK) fell by 0.66%.
The Hang Seng Index closed at 23718.290, losing 69.640 points. The Hang Seng Tech Index ended at 5881.010, with a loss of 72.780 points.
At the market close, 964 Hong Kong stocks went up. 1065 stocks declined. 1070 stocks remained unchanged.
Industry performances were diverse. Technology – related stocks dropped. Xiaomi Group – W fell 5.68%. Bilibili – W decreased 4.85%. Kuaishou – W went down 3.34%. SenseTime – W declined 2.20%. Tencent Holdings lost 1.22%. Alibaba – W dropped 0.88%. Meituan – W fell 0.80%. JD.com Group – SW decreased 0.54%.
Restaurant stocks did well. Nayuki Holdings Limited rose 21.47%. Xiabuxiabu increased 9.78%. Haidilao International Holding Ltd. climbed 6.75%. Teh International Holdings Limited went up 6.08%. Helen’s International Holdings Limited rose 5.26%. Jiumaojiu International Holdings Limited increased 4.23%. Dacheng Food (Asia) Limited grew 4.00%. Yum China Holdings, Inc. advanced 1.64%.
Property services and management stocks strengthened. Country Garden Services Holdings Limited rose 5.51%. China Resources Mixc Lifestyle Services Limited increased 5.12%. Greentown Services Group Co., Ltd. climbed 5.08%. Greentown Management Holdings Limited grew 4.23%. China Overseas Property Services Limited went up 3.46%. Onewo Cloud Services Co., Ltd. rose 3.30%. Poly Property Services Group Co., Ltd. increased 3.08%.
Alcohol – beverage stocks also trended upward. Zhenjiu Li Du rose 6.69%. China Resources Beer (Holdings) Co., Ltd. increased 4.37%. Budweiser APAC climbed 2.89%. Grace Vineyard Holdings Limited fell 1.03%. Tsingtao Brewery Company Limited grew 0.57%.
Automobile stocks generally increased. Great Wall Motor Company Limited rose 7.36%. NIO – SW increased 6.47%. XPeng Inc. – W climbed 6.18%. Geely Automobile Holdings Limited grew 6.03%. Leapmotor Technology Co., Ltd. rose 5.98%. BYD Company Limited advanced 2.26%. Yadea Group Holdings Limited increased 1.82%.
Sports goods stocks performed brightly. Topsports International Holdings Limited rose 7.49%. XTEP International Holdings Limited increased 3.67%. 361 Degrees International Limited climbed 3.23%. ANTA Sports Products Limited grew 2.90%. Li-Ning Company Limited advanced 2.67%. Baosheng International Holdings Limited fell 1.72%. China Dongxiang (Group) Limited decreased 1.27%. Yue Yuen Industrial (Holdings) Limited rose 1.02%.
For individual stocks, Mengniu Dairy Company Limited (02319.HK) rose by over 2%. Its natural profit margin growth last year exceeded market expectations. Its cost control and operational efficiency improved.
Dongfang Selection (01797.HK) increased by over 3%. The gifting order data of its WeChat Mini – store was remarkable. Yu Minhong said there might be a cooperation with Pangdonglai.
XPeng Inc. – W (09868.HK) rose by over 6%. Morgan Stanley was optimistic about China – US cooperation in the electric vehicle field.
MGP INTL (01318.HK) rose nearly 7%. Its share price hit a new high during the session. The company was included in the Hang Seng Composite Index. It’s expected to be included in the Stock Connect.
SF Holding Co., Ltd. (06936.HK) rose 3%. It once reached a new high since listing. In January, the company’s business volume growth led the industry. The benefits of cost optimization will be released.
MicroPort Robotics – B (02252.HK) rose nearly 4%. The surgical robot market has broad prospects. The company’s core products had over 100 orders last year.
China Duty Free Group (01880.HK) rose nearly 6%. Institutions said they’d keep an eye on the marginal changes in the duty – free retail industry in the new year.
Galaxy Entertainment Group Limited (00027.HK) rose by over 2%. Its annual net profit increased 28% year – on – year. The final dividend was HK$0.5 per share.
The top 10 stocks in terms of trading volume on that day are as follows:
| Rank | Stock Name & Code | Latest Price | Change Rate | Trading Volume |
|---|---|---|---|---|
| 1 | Xiaomi Group – W (01810.HK) | 53.10 | – 5.68% | HK$456.32 billion |
| 2 | Alibaba – W (09988.HK) | 135.70 | – 0.88% | HK$245.71 billion |
| 3 | Tencent Holdings (00700.HK) | 495.40 | – 1.22% | HK$194.34 billion |
| 4 | Semiconductor Manufacturing International Corporation (00981.HK) | 57.80 | + 0.70% | HK$114.42 billion |
| 5 | Meituan – W (03690.HK) | 172.80 | – 0.80% | HK$107.49 billion |
| 6 | BYD Company Limited (01211.HK) | 398.60 | + 2.26% | HK$75.5 billion |
| 7 | Hong Kong Exchanges and Clearing Limited (00388.HK) | 365.00 | + 1.05% | HK$63.82 billion |
| 8 | Li Auto – W (02015.HK) | 127.80 | – 0.70% | HK$53.99 billion |
| 9 | XPeng Inc. – W (09868.HK) | 86.75 | + 6.18% | HK$47.3 billion |
| 10 | Kuaishou – W (01024.HK) | 53.60 | – 3.34% | HK$43.13 billion |
Data source: Futu Niuniu. The above data excludes ETFs.
For the Hong Kong Stock Connect, the south – bound funds flowed in HK$168.98 billion today.
Institutional views:
Goldman Sachs reiterated the “Buy” rating on AIA Group Limited (01299.HK). It expected stable new business value growth last year. Calculated at the actual exchange rate (AER) and the fixed exchange rate (CER), the new business value of the 2024 fiscal year was expected to grow by 19% and 20% respectively. The bank also expected the group’s after – tax operating profit in the second half of the year to increase 14% year – on – year. The full – year profit last year was expected to rise 8%. The bank expected the group’s dividend per share in the second half of the 2024 fiscal year to increase 5%. The regular share repurchase amount would reach US$763 million. Additionally, the bank expected an extra US$2 billion of shares to be repurchased this year as part of its continuous regular review to repay excess capital. The bank expected the total capital ratio in the 2024 fiscal year to be 245%, far higher than the 200% target. The bank focused on the mainland market’s growth prospects as the group got approval for four provincial – level branches in the fourth quarter and was expected to start operations in the first half of this year. The bank maintained its target price of HK$94 and reiterated its “Buy” rating.
Citi said the performance of Hong Kong Exchanges and Clearing Limited (00388.HK) in the last quarter was roughly in line with expectations. The net profit in the fourth quarter of 2024 was 3.8 billion yuan. It was a quarterly increase of 20% and a year – on – year increase of 46%, 2% higher than market expectations. The company’s total revenue in the last quarter was 6.4 billion yuan. It was a quarterly increase of 19% and a year – on – year increase of 31%. The core revenue was 4.7 billion yuan. It was a quarterly increase of 26% and a year – on – year increase of 40%, basically in line with market expectations. The bank pointed out that the exchange’s investment income in the last quarter was 1.2 billion yuan. It was a quarterly decrease of 1% and a year – on – year increase of 12%, exceeding market expectations by 3%. The total operating expenses increased 14% quarterly and 5% year – on – year, which met expectations. The EBITDA profit margin was 73.6%, an annual increase of 6.4%. The second interim dividend per share was 4.9 yuan, and the annual dividend payout ratio reached 90%. The bank maintained its “Buy” rating on the Hong Kong Stock Exchange and its target price of HK$370.
Morgan Stanley issued a research report. Based on Standard Chartered Group (02888.HK)’s performance in the fourth quarter of 2024, it raised the earnings forecasts for its 2025 and 2026 fiscal years by 6.7% and 2.7% respectively. The bank said the higher net interest income estimates for these two years reflected the better – than – expected performance in the last quarter of last year. The non – interest income estimate was slightly adjusted downward. The higher cost expectations mainly reflected the re – classification of deposit insurance. Moreover, Morgan Stanley raised the share repurchase expectations for Standard Chartered in the 2025 fiscal year to US$3 billion and in the 2026 fiscal year to US$2 billion. The target price of Standard Chartered’s H – shares was raised from HK$108.5 to HK$128.3, and the “Overweight” rating was reiterated.