The Hong Kong stock index futures settlement moves downward, ICBC and CCB rise after earnings

The market is concerned about the US-Iran conflict, with the Houthi armed forces in Yemen attacking Israel, leading to a rise in international oil prices. The Hong Kong stock market today (30th) is down on the futures settlement day. The Dow Jones and Nasdaq fell by 1.7% and 2.2% respectively last Friday (27th). At the time of writing, the yield on the US 2-year Treasury bond has dropped to 3.887%, and the yield on the US 10-year Treasury bond has fallen to 4.39%. The US dollar index has risen to 100.26. The latest Dow futures are up 186 points or 0.4%, and Nasdaq futures are up 91 points or 0.4%. The Shanghai Composite Index rose 9 points or 0.24% to close at 3,923 points, while the Shenzhen Component Index fell by 0.25%. The total trading volume in the Shanghai and Shenzhen markets reached nearly 1.92 trillion RMB.

The Hang Seng Index opened down 419 points, initially falling 542 points to a low of 24,409 points before narrowing the decline. In the afternoon, it reached 24,811 points, down 140 points, and closed at 24,750 points, down 201 points or 0.8%. The Hang Seng China Enterprises Index fell 54 points or 0.65% to close at 8,399 points. The Hang Seng Tech Index dropped 87 points or 1.8% to close at 4,690 points. The total trading volume for the day was 285.435 billion HKD. The total trading volume of northbound capital was 121.013 billion HKD, while southbound funds saw a net outflow of 2.467 billion HKD today (with a net outflow of 2.883 billion HKD on the previous trading day). After the performance announcements of ICBC (01398.HK) and CCB (00939.HK), their stock prices rose by 1.8% and 1.9% respectively.

Home appliance stocks were under pressure, with Midea (00300.HK) down 3.5%, Haier Smarthome (06690.HK) and Hisense Home Appliances (00921.HK) falling 5.4% and 6.4% respectively. Movie stock Maoyan Entertainment (01896.HK) dropped 4.7%. Retail stock Pop Mart (09992.HK) saw its price fall nearly 6.4% to a low of 140.1 HKD, closing down only 0.6% at 148.7 HKD. Additionally, following Iran's attacks on aluminum companies in the UAE and Bahrain, aluminum stocks Chalco (02600.HK) and China Hongqiao (01378.HK) rose by 7.3% and 3.7%, while Nanshan Aluminum International (02610.HK) increased by 7.1%. Changfei Optical Fiber and Cable (06869.HK) saw its stock price surge by 14.3% to close at 197 HKD.

【Home appliance stocks under pressure, aluminum stocks surge】

Tencent (00700.HK), Alibaba-W (09988.HK), Meituan-W (03690.HK), and Kuaishou-W (01024.HK) fell between 1.7% and 2.4%, while JD.com-SW (09618.HK) and NetEase-S (09999.HK) dropped by 0.6% and 0.4% respectively. Contemporary Amperex Technology (03750.HK) decreased by 0.3% to close at 632 HKD, and Xinyi Solar (00968.HK) fell by 3.8% The State Administration for Market Regulation issued a notice on further implementing the Anti-Unfair Competition Law of the People's Republic of China. It mentioned the comprehensive use of various anti-unfair competition measures to focus on preventing and controlling "involution" competition in key industries and fields such as platform economy, photovoltaics, lithium batteries, and new energy vehicles. It aims to accurately identify and legally investigate platform enterprises that, without justifiable reasons, use means such as search rankings, business evaluations, algorithm control, traffic restrictions, delisting products, increasing costs, delaying payment terms, suspending transactions, and internal penalties, or in activities such as subsidies, discounts, red envelopes, promotions, "full reduction," and "buy gifts," force or indirectly force operators within the platform to sell goods at prices below cost, disrupting market competition order. When determining the legality of individual cases, various factors such as the nature of the transaction subject, production scale and type, market and sales conditions, production efficiency and technology, and the quality of goods or services should be comprehensively considered.

【Stocks Drop by Over 1,400 After Shenzhou's Performance】

Hong Kong stocks turned weak today, with a rise and fall ratio of 16 to 36 for main board stocks (compared to 28 to 22 yesterday), with 1,492 declining stocks (a drop of nearly 3%); among the Hang Seng Index constituent stocks, 25 rose and 64 fell, with a rise and fall ratio of 28 to 71 (compared to 60 to 38 yesterday); the market recorded short selling of HKD 54.435 billion today, accounting for 21.874% of the total turnover of shortable stocks of HKD 248.856 billion.

Shenzhou International (02313.HK) saw its stock price drop by 8.1% to HKD 48.04, making it the largest declining blue-chip stock. Shenzhou announced its performance for the previous year at noon, with a revenue of RMB 30.994 billion, an annual increase of 8.1%. The net profit was RMB 5.825 billion, a year-on-year decrease of 6.7%; earnings per share were RMB 3.88. It declared a final dividend of HKD 1.2, compared to HKD 1.28 in the same period last year. Including the interim dividend of HKD 1.38 already distributed, the total proposed dividend for the year 2025 is HKD 2.58, an annual increase of about 2%, with a payout ratio of approximately 60.9% for 2025. During the period, the gross profit margin was approximately 26.3%, a year-on-year decrease of about 1.8 percentage points