[Introduction] Hong Kong stocks closed up collectively, and the Hang Seng Index ended its six consecutive losses! The latest statement from Hong Kong’s Finance Minister!
China Fund News reporter Ivan
On November 18, the three major Hong Kong stock indexes surged higher in the morning, and the gains narrowed in the afternoon, but finally closed up collectively. As of the close, the Hang Seng Index rose 0.77%, or 150.27 points, to 19576.61 points, ending six consecutive losses; the Hang Seng Technology Index rose 0.32%, to 4341.53 points; the Hang Seng China Enterprises Index rose 1.1% to 7057.1 points.
On the market, technology stocks rose, JD.com Group rose more than 3%, Xiaomi Group rose nearly 3%, and Ctrip Group rose more than 2%; automobile stocks rose, Geely Automobile rose more than 4%, leading the blue chips, NIO rose nearly 3%, Xpeng Motors rose more than 1%; banking stocks performed strongly, Bank of China rose more than 4%, Industrial and Commercial Bank of China rose more than 3%, China Construction Bank rose nearly 3%; heavy infrastructure stocks strengthened, China Railway Construction rose more than 7%, MCC rose more than 4%; building materials stocks rose, with China National Building Materials rising more than 5% and Conch Cement rising more than 4%.
On the other hand, the biotechnology sector was among the top decliners, with Tsuen Sin Biotech falling more than 14%.
In terms of news, Hong Kong Exchange Group CEO Chen Yiting said that as the world's second largest economy, foreign participation in China's financial market is still relatively low, and there is still a lot of room for improvement in the proportion of foreign investors holding mainland stocks and bonds. . Especially as the center of global economic development shifts eastward and China's economy enters a stage of high-quality development, China will provide the world with greater investment opportunities. Hong Kong Exchanges and Clearing will play a greater role in connecting capital and opportunities, and connecting China and the world.
Hong Kong Financial Secretary Paul Chan Mo-po:
To promote "interconnection" in the future, we must focus on three main axes
On November 18, Hong Kong Financial Secretary Paul Chan Mo-po said in his speech at the 10th Anniversary Summit Forum on Connectivity of the Hong Kong Stock Exchange that looking to the future, The continuous innovation of the entire mechanism will move from “quantity” to “quality” development. He proposed three main axes.
First, the "gold content" of Hong Kong's international development will be further enhanced. As the country deepens its economic and trade ties with other parts of the world and continues to promote high-level financial opening up to the outside world, mainland enterprises will definitely accelerate their investment overseas, and international investment in the mainland will also continue to increase.
Second, contribute to the development of the country’s real economy and the construction of a financial power. Through interconnection, more international funds can be introduced, allowing them to more efficiently match the industrial development of the mainland and promote the steady and diversified development of the national economy. At the same time, innovation in the interconnection system will drive more product innovation, which will be conducive to the development of more RMB-denominated stocks, bonds and risk management products, and help the steady and orderly advancement of RMB internationalization.
Third, make greater contributions to the connection of international capital markets. Through interconnection, the Hong Kong market provides international investors with a convenient platform to obtain mainland funds, and also provides them with a richer choice of investment products and risk management tools.
Chan Mo-po concluded that the development of the Internet over the past decade has laid a solid foundation for Hong Kong's role and functions as a "super contact" and "super value-added person" in the global financial market. He emphasized: "The opportunities ahead of us are huge. We must adapt to the times, recognize, adapt and seek changes, accelerate the innovation of mechanisms and products, and continue to promote connections and cooperation between Hong Kong, the mainland and the world."
Bank stocks performed strongly
Many stocks rose
On November 18, bank stocks performed strongly. Bank of Zhengzhou rose by more than 7%, Bank of China rose by more than 4%, Industrial and Commercial Bank of China rose by more than 3%, and China Construction Bank rose by nearly 3%.
On the news, Dongguan Securities pointed out that the banking sector is in a state of bankruptcy. The "Supervisory Guidelines for Listed Companies No. 10 - Market Value Management" issued by the China Securities Regulatory Commission is expected to bring opportunities for valuation reshaping in the banking sector.In addition, a series of recent incremental financial policies aimed at supporting local governments to resolve debt risks, assisting large state-owned commercial banks in replenishing their core tier-1 capital through the issuance of special government bonds, promoting the stabilization and recovery of the real estate market, and launching swap facilities have also impacted the banking sector. Substantial benefits.
Editor: Captain
Review: Xu Wen
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