On October 29th, the Hang Seng Index closed up 0.49% at 20701 points, while the Hang Seng Technology Index rose 1.09% to close at 4623 points.
On the market, most Sci Tech stocks rose, while NIO surged nearly 10%; Apple's concept stocks led the way in gains, as the market focused on Apple's upcoming quarterly results. International oil prices have fallen, with PetroChina and Sinopec dropping by about 2%.
On individual stocks, with the continuous rise of international gold prices, Lao Pu Gold has reached a new high since its listing. HSBC Holdings earned nearly 10% more than expected before tax in the third quarter, and plans to carry out up to $3 billion in share repurchases.
Old shop gold hits new high since listing
Lao Pu Gold rose more than 10% today, reaching HKD 215, once again setting a new high since its listing, with a cumulative increase of 430% since its listing. Recently, the international gold price has continued to rise, driving the retail price of gold jewelry in domestic gold stores to rise synchronously. On September 23rd, Lao Pu Gold announced a price increase. The company stated that its ancient gold series has increased prices twice this year, with an average increase of about 9%.
Institutions are optimistic about the future performance of old gold shops. China International Capital Corporation (CICC) pointed out that Lao Pu Gold has no direct competitors in the high-end gold and jewelry market. Its products have aesthetic premiums, and the store size is relatively small, with promising future growth potential. Guohai Securities has given Laopu Gold an "increase in holdings" rating for the first time, believing that its offline store expansion will provide support for performance revenue. In addition, the spot gold price broke through 2750 US dollars per ounce during today's trading session, and the gold jewelry prices of multiple domestic gold stores have exceeded 800 yuan per gram.
JPMorgan Chase has released a report showing a preference for ancient gold craft enterprises, believing that they have differentiation, strong pricing power, higher profit margins, and can showcase traditional Chinese culture. The bank stated that Lao Pu Gold has the potential to become a representative of Chinese luxury goods stocks and has given it an "increase in holdings" rating for the first time, listed as the industry's preferred choice. Shanxi Securities believes that as the traditional peak season for gold and jewelry consumption approaches at the end of the year, Lao Pu Gold's unique product design and sustained sales growth are worth paying attention to.
HSBC earns nearly 10% more before tax
HSBC Holdings announced its third quarter performance, with a pre tax profit of $8.476 billion calculated based on the reporting benchmark, up 9.9% year-on-year, higher than the estimated $7.511 billion and $7.882 billion by Goldman Sachs and Morgan Stanley. The company has a basic profit of $0.34 per share and announced the distribution of a third dividend of $0.1 per share. The group also plans to further repurchase up to $3 billion worth of shares, with the stock price rising to HKD 71.6, a 3.69% increase.
Furui pointed out that HSBC's performance is stable, with pre tax profits exceeding expectations, strong non interest income, but slight fluctuations in net interest income. And the $3 billion repurchase plan is positive for the market. The Goldman Sachs report pointed out that HSBC's pre tax profit in the third quarter exceeded expectations, with revenue growth benefiting from non bank net interest income. The company also announced a higher than expected repurchase plan. The bank maintains a buy rating on HSBC, with a target price of HKD 82 for H-shares.
HSBC Holdings recently announced a simplification of its organizational structure, reducing 5 regions to 2, sparking speculation in the market about a spin off. The CEO of the group, Ai Qiaozhi, stated that this restructuring aims to improve decision-making efficiency and customer service. The new structure will help the group's future development, and simplification is not preparation for a spin off.
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