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**Market Commentary:** **Mainland Market:** Last week, the Shanghai Composite Index (SSE) surged by 4.5%, marking its largest weekly gain since March 2016. The combined turnover of the two markets reached RMB 622.2 billion on the 22nd, setting a new high since March last year. Northbound capital saw a net inflow of RMB 6.575 billion, recording the 18th consecutive day of inflows. The ChiNext Index entered a bull market, having risen by 21% since October. The brokerage sector experienced a wave of limit-ups, with the SSE closing with another strong rally, regaining the 2,800-point mark. The SSE closed at 2,804.23 points, up 1.91%, with a turnover of RMB 264.5 billion. The Shenzhen Component Index (SZI) ended at 8,651.20 points, up 2.36%, with a turnover of RMB 357.7 billion. The ChiNext closed at 1,456.30 points, up 3.10%, with a turnover of RMB 103.4 billion. Over the week, the SSE rose by 4.54%, the SZI gained 6.47%, and the ChiNext surged 7.25%. **U.S. Market:** Last Friday, U.S. stocks saw gains across the board, with the S&P 500 Index closing 17.79 points higher, or up 0.64%, at 2,792.67 points, marking its highest closing level since November 8, 2018. The Dow Jones Industrial Average rose by 181.18 points, or 0.70%, to 26,031.81 points. The Nasdaq Composite Index gained 67.84 points, or 0.91%, closing at 7,527.54 points. The U.S. Federal Reserve continued to send dovish signals, pushing U.S. stock indices closer to their previous highs, providing further external support for a stronger Hong Kong market. Last Friday, the Hang Seng Index (HSI) opened slightly lower but quickly recovered due to strong gains in mainland markets, closing with a long green candle. The market turnover reached HKD 109.134 billion. At the close, the HSI stood at 28,816.30 points, up 0.65%, while the China Enterprises Index (CEI) rose by 1.07% to 11,427.99 points. The Hang Seng Index quarterly review results are expected to be announced at the end of February, which may lead to adjustments in the HSI constituents and corresponding changes in the stocks eligible for southbound trading through the Stock Connect. In the coming week, large institutions and passive funds may adjust their positions, increasing the likelihood of volatility in blue-chip stocks. With the main HSI futures contract set to expire soon, the index is expected to continue its upward trajectory through February, with a low probability of a significant decline before the futures expiration date. **Stock Commentary:** **Guotai Junan International (01788.HK)** As the launch of the Science and Technology Innovation Board (STAR Market) approaches, nine cities along the G60 Science and Technology Innovation Corridor, including Shanghai’s Songjiang District and Hangzhou, are expected to sign strategic cooperation agreements with the Shanghai Stock Exchange (SSE) to officially release the SSE G60 Innovation Corridor Index. The STAR Market will directly benefit securities firms through both their investment banking and direct investment businesses. Detailed rules related to the STAR Market have already been implemented, and leading brokerage firms, with their absolute competitive advantage in investment banking and derivatives creation, will be the first to benefit from the continuous rollout of reform policies. It is expected that the securities industry will experience a significant recovery in 2019, with leading brokerages potentially seeing double-digit growth in their performance. In terms of overall performance, Haitong International ranks first among the top five Hong Kong-listed Chinese securities firms in both revenue and net profit, while Guotai Junan International ranks second. In its 2018 interim report, Guotai Junan International still posted a net profit of over HKD 500 million, though its performance declined by about 30% compared to 2017. Its stock price, however, has pulled back by more than 60% from its 2018 peak, suggesting that the market has fully digested its earnings performance. With a total market value of HKD 13.5 billion and an estimated net profit of around HKD 1 billion in 2019, Guotai Junan International, as a leading Chinese brokerage firm, offers attractive valuations in the backdrop of a broader industry recovery. *Author: Chris Chan, Managing Director at Eddid Securities and Futures (Licensed under Hong Kong SFC - CE Number ALQ830, holds no position in the above-mentioned stock).*