May 21 newscrashedps2, the three major Hong Kong stock indexes collectively opened lower and moved lower. As of the close, the Hang Seng Index fell 2.5%.crashedps2.12%, at 19,220.62 points, the Hang Seng Technology Index fell 3.74%, and the State-owned Enterprise Index fell 2.07%. On the market, Baidu fell more than 4%, Netease and Fast Hand fell nearly 4%, and Xiaomi and Tencent fell nearly 3%. Auto stocks collectively fell, with Ideal Cars plunging more than 19% throughout the day; virtual currency concept stocks rose together, Xiongan Technology rose by nearly 7%; New York copper suffered a short market, and Luoyang molybdenum fell more than 7%; photovoltaic stocks collectively weakened, and Xinyi Energy fell more than 4%; domestic housing stocks generally fell, with Zhongliang Holdings falling more than 7%; In addition, Internet medical, retail, and pharmaceutical outsourcing sectors were among the top losers.

Auto stocks fell collectively, with Ideal Auto plunging more than 19% throughout the day. Ideal Automobile released its latest quarterly results. Total revenue in Q1 in 2024 was 25.6 billion yuan, a year-on-year increase of 36.4%; net profit was 591 million yuan, a year-on-year decrease of 36.7%; adjusted net profit was 1.3 billion yuan, a year-on-year decrease of 9.7%; Ideal Automobile is expected to deliver 105000 to 110000 units in the second quarter; Ideal Automobile expects revenue in the second quarter to be 29.9 billion yuan to 31.4 billion yuan.

Virtual currency concept stocks rose, with Xiongan Technology rising nearly 7%. In terms of news, there are reports that the U.S. Securities and Exchange Commission (SEC) may approve the spot Ethereum ETF within this week. According to people familiar with the matter, regulators are urging exchanges to speed up the update of relevant ETF application documents, which may mean that the listing application of Ethereum ETF is expected to be approved before the deadline of this Thursday (May 23).

New York copper suffered a short market, and Luoyang molybdenum industry fell more than 7%. On the news front, the New York copper futures market staged a short market. It is reported that IXM, a trading company under Luoyang Molybdenum, holds a large amount of short positions in New York copper futures or suffers heavy losses. There are also media reports that IXM, a Swiss commodity trader, a subsidiary of Luoyang Molybdenum, bought physical copper to counter a large number of short positions on the Chicago Mercantile Exchange.

Photovoltaic stocks collectively weakened, and Xinyi Energy fell more than 4%. On the news front, the U.S. Department of Commerce recently announced an anti-dumping and countervailing investigation against crystalline silicon photovoltaic cells imported from Cambodia, Malaysia, Thailand and Vietnam (whether assembled into components or not). The agency believes that the dual-reverse investigation and the collection of tariffs will have a greater impact on the export of Chinese companies 'products from bases in Southeast Asia, and may need to be transferred to make up for the gap, which will have less impact on the current downstream supply and demand in the U.S. market in the short term.

Domestic housing stocks generally fell, with Zhongliang Holdings falling more than 7%. CICC stated that real estate stocks have recently shown rapid recovery driven by policies, and it is expected that there will still be further upward momentum in the short term. Considering that there will be a certain time lag and uncertainty from the release of policies to the effectiveness of fundamentals, as the cumulative increase gradually expands, the market may also experience a phased correction. And then enter the observation period of policy effects.

crashedps2| Closing comments: Hang Seng Index fell 2.12% Hang Seng Index fell 3.74% Technology Internet stocks and auto stocks fell, ideally closed down more than 19%

Date: 2024-05-21
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