---
title: "Hong Kong stock market closed on March 8th with the Hang Seng Index up by 0.89%. The photovoltaic sector led the gains, with CRO rebounding. Paper and oil stocks showed active performance."
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/109529738.md"
description: "At the close of trading on the Hong Kong Stock Exchange, the Hang Seng Index rose by 0.89%, with the photovoltaic sector leading the gains. The Hang Seng Index increased by 0.76% to 16,353.39 points, with a total daily turnover of 86.688 billion Hong Kong dollars. However, it recorded a weekly decline of 1.42%. The Hang Seng China Enterprises Index and the Hang Seng Tech Index both rose by 0.76% and 0.78% respectively. XINYI SOLAR was the top performer among blue-chip stocks, surging by 9.44% and contributing 3.98 points to the Hang Seng Index. China Hongqiao Group rose by 5.07%, while XINYI GLASS increased by 4.75%. Blue-chip stocks showed active performance."
datetime: "2024-03-08T09:20:07.000Z"
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  - [zh-CN](https://longbridge.com/zh-CN/news/109529738.md)
  - [en](https://longbridge.com/en/news/109529738.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/109529738.md)
---

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# Hong Kong stock market closed on March 8th with the Hang Seng Index up by 0.89%. The photovoltaic sector led the gains, with CRO rebounding. Paper and oil stocks showed active performance.

Zhitong App learned that the three major stock indexes in Hong Kong opened higher collectively, with the Hang Seng Index rising by up to 2.02% at one point. It experienced a slight drop in the morning session but quickly rebounded and fluctuated, with a slight decline towards the end of the day. As of the close, the Hang Seng Index rose by 0.76% or 123.61 points to 16,353.39 points, with a total daily turnover of 86.688 billion Hong Kong dollars. It fell by 1.42% for the week. The Hang Seng China Enterprises Index rose by 0.76% or 42.89 points to 5,656.72 points, and the Hang Seng Tech Index rose by 0.78% or 26.24 points to 3,385.58 points.

Guosen Securities pointed out that the Hang Seng Index is expected to achieve a high revenue and profit growth rate of over 15% in 2024 (with a revenue growth rate of -3% and a profit growth rate of -4.3% in 2023). According to their risk premium model, even under the most stringent conditions of a 4.5% U.S. Treasury bond rate and a 9.3% risk premium rate, the index will not hit a new low. Therefore, it can be seen as a reversal rather than a rebound in the Hong Kong stock market. Additionally, the performance of the Hong Kong stock market in January and February indicates that the current sentiment cannot determine the stock price trend. Many sectors are showing improved performance but declining stock prices, indicating that emotional recovery will take time.

## Performance of Blue-chip Stocks

XINYI SOLAR (00968) led the blue-chip stocks with a 9.44% increase, closing at 5.91 Hong Kong dollars and contributing 3.98 points to the Hang Seng Index. The company previously announced its performance, achieving a revenue of 26.629 billion Hong Kong dollars during the period, a year-on-year increase of 29.62%; the attributable net profit to shareholders was 4.187 billion Hong Kong dollars, a year-on-year increase of 9.61%; and it plans to distribute a final dividend of 15 Hong Kong cents per share. Bank of America Securities stated that the company is expected to be unable to fully meet the demand for photovoltaic installations in China last year. Therefore, the monthly module production plan for March is strong, and the group's glass inventory has recently decreased to about 3 weeks, below the market average of 28.6 days.

In other blue-chip stocks, China Hongqiao (01378) rose by 5.07% to 7.05 Hong Kong dollars, contributing 1.48 points to the Hang Seng Index; Xinyi Glass (00868) rose by 4.75% to 9.05 Hong Kong dollars, contributing 1.39 points to the Hang Seng Index; CNOOC (00883) rose by 4.42% to 17.96 Hong Kong dollars, contributing 18.57 points to the Hang Seng Index; and WuXi AppTec (02359) rose by 4% to 46.8 Hong Kong dollars, contributing 1.04 points to the Hang Seng Index.

## Popular Sectors

On the market, most sectors were in the red, with the photovoltaic sector leading the gains. In February, the price of silicon materials in the photovoltaic main industry chain continued to rise, with the price of N-type silicon materials increasing by 3 yuan/kg to 71.5 yuan/kg. The CRO sector rebounded, and the U.S. Senate version of the "Biosecurity Act" (S3558) was overwhelmingly passed during the meeting, with multiple CRO companies issuing clarification notices. China Offshore Oil (00883) led the surge in oil stocks, announcing the discovery of a billion-ton oil field in the South China Sea; in addition, paper stocks, the mobile phone industry chain, and pork stocks rebounded to some extent.

**1\. The photovoltaic industry chain is generally on the rise, with photovoltaic silicon and photovoltaic glass stocks soaring.** At the close, XINYI SOLAR (00968) rose by 9.44% to HKD 5.91; FLAT GLASS (06865) rose by 12.23% to HKD 18.54; JA SOLAR (03800) rose by 9.91% to HKD 1.22; and XINTE ENERGY (01799) rose by 7.65% to HKD 11.26.

Guosen Securities pointed out that in February, the price of silicon materials in the photovoltaic main industry chain continued to rise. The price of N-type silicon materials rose by 3 yuan/kg to 71.5 yuan/kg. Recently, the slow increase in high-quality materials for silicon, tight supply of N-type materials, and the imbalance of supply and demand for P-type silicon wafers and battery wafers due to the large-scale conversion of P/N production lines have led to a significant reduction in P-type inventory. The price increase of component raw materials combined with low production and inventory during the holidays is expected to drive up component prices. CICC believes that after 21 consecutive weeks of increase, the inventory of photovoltaic glass finally decreased last week. The bank believes that destocking will continue for several weeks because there is more cold repair capacity in January, while component production will recover after the holiday. In addition, the price of soda ash may continue to decline in the coming weeks, allowing the gross profit margin of photovoltaic glass to emerge from the low point of the first quarter.

**2\. CRO concept stocks rebounded.** At the close, WUXI APPTEC (02359) rose by 4% to HKD 46.8; WUXI BIOLOGICS (02269) rose by 2.11% to HKD 17.44; JOINN LAB (03759) rose by 3.3% to HKD 9.69; and TIGERMED (03347) rose by 3.05% to HKD 25.35.

On March 6, the U.S. Senate Homeland Security Committee held a proposal hearing, and the U.S. Senate version of the "Biosecurity Act" (S3558) was overwhelmingly passed at the meeting. WUXI APPTEC and WUXI BIOLOGICS both issued announcements once again denying that the company poses a risk to the national security of the United States or other countries and will continue to monitor developments. JOINN LAB stated that its business operations continue as usual. In addition, the government work report first mentioned the term "innovative drugs" under "actively cultivating emerging industries and future industries," which may drive more domestic pharmaceutical companies to increase investment and focus on innovation.

**3\. Oil stocks surged.** At the close, CNOOC (00883) rose by 4.42% to HKD 17.96; Sinopec Oilfield Service (01033) rose by 2.11% to HKD 0.485, and CNOOC Oilfield Service (02883) rose by 1.74% to HKD 7.

CNOOC announced the discovery of the billion-ton oil field in the deepwater of the South China Sea. The Kepulauan Selatan oil field is located in the eastern waters of the South China Sea, with an average water depth of about 500 meters. The main oil-bearing formations are the Zhuhai Formation, Enping Formation, and Wenchang Formation of the Paleogene, with light crude oil properties. **Discovery at Well KP18-1-1d: Oil and Gas Reservoir Encountered at 100.6 Meters, Total Drilling Depth 3462 Meters.** After testing, the well has an average daily crude oil production of about 7680 barrels and approximately 520,000 cubic feet of natural gas. Continuous exploration has led to the proven geological reserves of 102 million tons of oil equivalent in the Kaping South Oilfield. Additionally, the latest data released by the U.S. Energy Information Administration on Wednesday showed that the week-on-week increase in commercial crude oil inventories in the U.S. was lower than market expectations, with significant decreases in gasoline and refined oil inventories, indicating a slight recovery in demand and driving international oil prices up on Wednesday.

**4\. Paper Industry Stocks Rebound.** As of the time of publication, Lee & Man Paper (02314) rose by 7.62% to HKD 2.4, Nine Dragons Paper (02689) rose by 5.56% to HKD 3.61, and Sunshine Paper (02002) rose by 2.63% to HKD 1.95.

According to reports, several leading paper companies, including Nine Dragons Paper, have initiated a new round of price increases, mainly targeting all cardboard products and all high-grade cardboard products. Specifically, all cardboard products will see a price increase of 200 yuan/ton on the current selling price, while all high-grade cardboard products will increase by 300 yuan/ton. The price adjustment is set to officially take effect on April 1st. Galaxy Securities stated that March is traditionally a peak season for cultural printing paper market, with publishing tenders about to be launched and some government orders being released, short-term demand is expected to increase, anticipating a rise in cultural paper prices and improved profits.

**5\. Mobile Industry Chain Generally Rises.** At the time of publication, AAC Technologies (02018) rose by 8.33% to HKD 22.1, Q Technology (01478) rose by 6.83% to HKD 3.13, and BYD Electronics (00285) rose by 3.84% to HKD 29.75.

On March 8th, TechInsights pointed out that in Q4 2023, the Asia-Pacific region's smartphone shipments increased by 7% year-on-year and 3% quarter-on-quarter. The region has resumed growth after nine consecutive quarters of decline. Holiday activities in the fourth quarter, along with improvements in market conditions and stock market rebound, have driven the recovery of the smartphone market. In addition, according to market reports, Apple is developing at least two horizontally foldable flip iPhone prototypes. Sources familiar with the matter stated that the new foldable iPhone is currently in the early stages of development and is not part of the production plan for the next two years. Recent reports also indicate that Huawei is secretly developing a brand-new "triple-fold screen phone" and has begun stocking up in large quantities, expected to be unveiled as early as the second quarter of this year.

## Hot Stock Movements

**1\. MicroPort Robotics (02252) Soars on High Volume, Closing up by 16.01% at HKD 15.22.**

Recently, the TMM4 robotic-assisted laparoscopic surgery system successfully assisted in performing a radical prostatectomy overseas, marking the first international human clinical surgery conducted by a domestically produced laparoscopic surgery robot, indicating the opening of overseas markets for domestically produced surgical robots. CITIC Securities previously pointed out that a new batch of surgical robot configuration certificates has been issued, and MicroPort Robotics is expected to seize the policy opportunities and rapidly increase production. In addition, MicroPort Robotics announced that it expects annual revenue to increase by over 350% YoY. This growth is mainly attributed to the continuous sales growth of the group's products, including the TiMai four-arm endoscopic surgical robot, the Honghu joint replacement surgical robot, and the Dragonfly eye 3D electronic laparoscope advancing the commercialization process.

**2\. Meitu Inc. (01357) surged, closing up by 13.38% at HKD 3.05.**

On March 5th, Eastern Time, Bitcoin hit a new historical high of $69,000, reaching $69,080 at one point. Meitu Inc. had previously attracted market attention for its high-profile acquisition of Bitcoin and Ethereum. It is reported that as of June 2023, the company holds 940.497 Bitcoins and 31,000 Ethereum, with the combined holding cost accounting for approximately 10% of total assets.

**3\. Lingbao Gold (03330) hit a near-term high during trading, closing up by 17.86% at HKD 2.31.**

According to central bank data, China's gold reserves were 72.58 million ounces at the end of February, up from 72.19 million ounces at the end of January, marking the 16th consecutive month of increasing gold reserves. New York gold futures prices hit a historical high on Thursday, driven by expectations of a Fed rate cut, central bank purchases, and increased safe-haven demand, all providing sustained support to gold prices. Industry experts indicate optimism for the future of gold as the Fed is expected to enter a rate-cutting cycle and global central banks continue to purchase gold. Several gold-related listed companies have been intensively researched by institutions.

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