---
title: "Hong Kong's three major indexes remained strong throughout the day, with the Hang Seng Index rising 1.06% for the entire day. WuXi Biologics saw a 6.82% increase"
description: "Hong Kong's three major indexes are all strong, with the Shanghai Composite Index rising by 1.06%. WuXi Biologics' stock price surged by 6.82%. Photovoltaic-related companies performed well, with BJ E"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/212524260.md"
published_at: "2024-08-26T09:43:19.000Z"
---

# Hong Kong's three major indexes remained strong throughout the day, with the Hang Seng Index rising 1.06% for the entire day. WuXi Biologics saw a 6.82% increase

> Hong Kong's three major indexes are all strong, with the Shanghai Composite Index rising by 1.06%. WuXi Biologics' stock price surged by 6.82%. Photovoltaic-related companies performed well, with BJ Energy International rising by 6.85%. Shanghai released a plan for offshore photovoltaic development, planning to launch a 100-megawatt project in 2024 to promote the development of offshore photovoltaic clusters. ASCENTAGE-B announced a turnaround from loss to profit in mid-term performance, with its stock price rising by 12.89%. The overall market shows varying degrees of changes across multiple sectors

Jingu Finance | Hong Kong's three major indexes were strong all day. As of the close, the Hang Seng Index rose by 1.06%, the H-share index rose by 0.95%, and the Hang Seng Tech Index rose by 0.98%.

In the blue-chip stocks, WuXi Biologics (02269) rose by 6.82%, Wharf Real Estate (01997) rose by 6.41%, Nongfu Spring (09633) rose by 6.13%, WuXi AppTec (02359) rose by 5.41%, Hansoh Pharma (03692) rose by 4.29%; in terms of declines, China Shanshui Investment (00881) fell by 2.59%, China National Pharmaceutical (01099) fell by 2.48%, Sunny Optical (02382) fell by 2.10%, China Resources Power (00836) fell by 1.35%, Li Auto (02015) fell by 0.90%.

Most photovoltaic solar energy stocks rose, with BJ Energy Intl (00686) up by 6.85%, Shanghigh New Energy (01250) up by 2.58%, Shuifa Xingye Energy (00750), Xinyi Glass (00868), Xinyi Energy (03868) up by over 1%, Xinyi Solar (00968) up by 0.98%. In terms of news, Shanghai issued the "Shanghai Municipal 'Wind and Light Same Field' Offshore Photovoltaic Development and Construction Plan", proposing to launch the first round of offshore photovoltaic project competitive allocation in 2024, with a scale of no less than 1 million kilowatts. Build a wind and light same field offshore photovoltaic cluster. Focus on the offshore wind farm sites in the surrounding areas of our city such as Donghai Bridge, Lingang, Jinshan, and Fengxian that have been built or under construction, and plan and layout offshore photovoltaic projects in the "wind and light same field" mode to develop a cluster of million-kilowatt-level offshore photovoltaic projects.

In addition, sectors such as short video concepts, copper, and SaaS concepts all rose to varying degrees; funeral stocks, new energy batteries, and water stocks all fell to varying degrees.

Ascentage (06855) saw a good start in the morning session, with the increase expanding further in the afternoon, closing up by 12.89% for the day. In terms of news, the company released its interim results, recording a net profit of RMB 163 million, turning from a loss of RMB 402 million in the same period last year; earnings per share were 56 cents. No interim dividend will be distributed. The company's revenue during the period was RMB 824 million, a year-on-year increase of 4.77 times. CITIC Securities believes that overall, the company's operations are stable, with significant commercialization achievements in core products, steady progress in multiple registered clinical trials, and promising internationalization potential for products under research. The company has built multiple product pipelines in areas such as blood cancer and solid tumors, and with the drive of heavyweight BIC potential products, future revenue is expected to maintain high growth. The bank expects Ascentage to achieve revenues of RMB 1.155 billion, 587 million, and 1.052 billion in 2024-2026, with year-on-year growth rates of 420.27%, -49.21%, and 79.34%; the company's net profit is expected to be -687 million, -552 million, and -37 million in 2024-2026. According to the DCF valuation model, the company's fair value is HKD 10.363 billion, corresponding to a target price of HKD 32.90, and a "buy" rating is given Luoyang Molybdenum (03993) rose by 3.6%. On the news front, the company released its interim results, with a net profit attributable to the parent company's shareholders of RMB 5.417 billion, a year-on-year increase of 670.43%; basic earnings per share of RMB 0.25, a year-on-year increase of 733.33%. During the period, the group's operating income was RMB 102.818 billion, a year-on-year increase of 18.56%. In detail, mining and processing revenue was RMB 31.361 billion, a year-on-year increase of 156.85%; mineral trade revenue was RMB 92.973 billion, a year-on-year increase of 20.09%; other income was RMB 0.3126 million. Guosheng Securities stated that during the reporting period, the company actively promoted production expansion and cost control based on high-endowment mineral resources; coupled with the continuous rise in copper commodity prices during the reporting period, the company's profit elasticity was concentrated. The bank pointed out that with the increase in production capacity of core mines TFM and KFM, coupled with the continuous improvement in the per-ton profit capability of the company's main metal varieties, it is optimistic about the company's "rise in volume and price" and the highlighted per-ton profit elasticity. It is expected that the company's revenue for 2024-2026 will be RMB 197.50/207.29/216.94 billion respectively, with net profit attributable to the parent company of RMB 10.01/11.00/12.19 billion respectively, corresponding to PE ratios of 16.0/14.6/13.1 times, maintaining a "buy" rating.

Bilibili (09626) maintained a high level in the afternoon, rising by 7% throughout the day. CICC issued a research report stating that Bilibili's revenue in the second quarter of 2024 increased by 16%/8% year-on-year/quarter-on-quarter, which basically met expectations. The adjusted net loss was RMB 0.27 billion, a 72% year-on-year narrowing. Advertising revenue increased by 30% year-on-year, still benefiting from traffic growth, infrastructure improvement, and transaction-driven advertising placement. Game revenue increased by 13% year-on-year, mainly driven by new games. The bank expects the game to accelerate growth in the third quarter driven by "Sanmou" (+83%), mainly based on deferred revenue at the end of the second quarter and performance in July-August; advertising revenue may increase by 25%, continuing to benefit from the efficiency release of infrastructure improvement. It is expected to achieve an adjusted operating profit of RMB 0.22 billion in the third quarter. The bank pointed out that its strategic new games have long-term operational potential, and the growth of high-gross-margin business income is expected to drive continuous improvement in gross profit margin, optimistic about the gradual release of profitability, and maintains a buy rating.

TF Securities issued a research report stating that last week, the Hang Seng Index, Hang Seng State-Owned Enterprises Index, and Hang Seng Technology Index rose by +1.04%, +0.93%, and +0.28% respectively, with the Hong Kong stock market rising for three consecutive weeks. This week, the offshore exchange rate of the US dollar against the RMB fell, closing at 7.1142 on August 24th. Since the first quarter of 2024, the bottom of the Hong Kong stock market has been continuously rising. Since late April, internal and external factors have resonated, leading to a sustained sharp rise in the market, with the Hong Kong stock market slightly closing up in May. In June, the overall performance remained relatively strong, hovering around 18,000 points. Compared to global markets, Chinese assets still offer cost-effectiveness. Based on the gradual recovery of expectations and the expectation of gradual improvement in fundamentals, the bank believes that Chinese concept stocks in Hong Kong still have attractive valuations and a high risk-return ratio

### Related Stocks

- [WXXWY.US - WuXi Biologics](https://longbridge.com/en/quote/WXXWY.US.md)
- [06855.HK - ASCENTAGE-B](https://longbridge.com/en/quote/06855.HK.md)
- [02269.HK - WUXI BIO](https://longbridge.com/en/quote/02269.HK.md)
- [00686.HK - BJ ENERGY INTL](https://longbridge.com/en/quote/00686.HK.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
