Hong Kong Stock Review: Hang Seng Index Rises 0.68%, ChiNext Index Rises 0.73%! Lenovo Group Up 5%, Junshi Bioscience Up 33%, BYD Electronics Up 7%, Xiaomi Down 0.46%

August 5th news, Hong Kong stocks rose across the board. As of closing, the Hang Seng Index rose 0.68%, to 24902.53 points, the ChiNext Index rose 0.73%, and the Enterprise Index rose 0.65%. On the market, tech stocks fluctuated, with Lenovo Group up over 5%, TikTok and Kuaishou up over 2%, Xiaomi Group down 0.46% from the front; biotech concept stocks outperformed, Junshi Bioscience up over 33%; steel stocks rose sharply, Maanshan Steel Corporation up over 15%; Apple concept stocks performed well, BYD Electronics up over 7%; and automotive sector retreated, Li Auto down over 6%.

Biotech concept stocks outperformed, Junshi Bioscience up over 33%. On July 31st, CCTV News released a report on "The National Medical Insurance Administration Supports Brain-Computer Interfaces and Other New Technologies Entering Clinical Trials and Charging" which mentioned that the National Medical Insurance Administration has established a new mechanism for listing and pricing of newly approved drugs. This is the first time since last year's new mechanism for listing and pricing of chemical drugs was introduced that the National Medical Insurance Administration has publicly disclosed its policy.

Steel stocks rose sharply, Maanshan Steel Corporation up over 15%. A research report by SinDa Securities pointed out that although the steel industry is currently facing a supply and demand imbalance and other challenges, with the implementation of a series of "stable growth" policies, the steel demand volume may stabilize or even increase slightly, driven by factors such as housing prices bottoming out, infrastructure investment stabilizing, manufacturing sector continuing to develop, and steel exports maintaining high levels.

Apple concept stocks performed well, BYD Electronics up over 7%. Apple released its third-quarter earnings report, which showed a growth rate of nearly three years ago, exceeding Wall Street's expectations. This is due to the recovery in China's demand for iPhone and related products. The company stated that as of June 28th, revenue increased by 9.6% year-on-year (the fastest growth since December 2021), reaching $940 billion, with analysts' average forecast being $893 billion. The third-quarter earnings per share reached $1.57, exceeding the average expectation of $1.43, and last year's comparable period was $1.40.

Automotive sector retreated, Li Auto down over 6%. The sales results for the new forces in the automotive industry have been released, and the market landscape has changed again. Little Dragon successfully broke through its monthly sales of 50,000 units for the first time, taking the top spot; Xiaomi also exceeded its previous record of 30,000 units, creating a new high; Li Auto ranked third, with only 21,000 units delivered.

Source: Sina News