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Rate cut bullish boosts Hong Kong stocks! Technology index leads the three major indices, with education and internet plus-related stocks performing well.
Besides the rate cut, what other good news is there in the Hong Kong stock market? Why did CITIC Securities rise? Why did Jiumaojiu drop today?
Sinopec Shanghai Petrochemical (600688): Reduced production and increased profits in the first half of 2024, expected to turn losses into profits for the full year.
1H24 pre-announcement shows that net income attributable to the parent company is expected to range from 0.25 to 0.037 billion yuan, turning losses into profits year-on-year. That is to say, the net income attributable to the parent company in 2Q24 is expected to be -0.59 to -0.047 billion yuan, with a year-on-year decrease in losses.
Sinopec Shanghai Petrochemical Expects Return to Profit in H1
Selected Announcement: Aluminum Corporation of China's mid-term net profit is expected to increase by 90%-114%; China Southern Airlines is expected to lose 1.06-1.58 billion yuan in the first half of the year.
Air China Limited is expected to have a net loss attributable to the parent company of approximately 2.3 billion to 3 billion yuan in the first half of the year; while China East Air is expected to have a net loss attributable to the parent company of approximately 2.4 billion to 2.9 billion yuan in the first half of the year.
In the first half of the year, Sinopec (00338.HK) saw a 5.8% increase in the sales volume of rbob gasoline, with an average price increase of 5.4%.
Shanghai Pechem (00338.HK) announced its first-half-year results, with a main product rbob gasoline production of 1.6657 million tons, a year-on-year increase of 3.8%, and sales volume of 1.6667 million tons, a 5.8% increase; sales revenue of 14.525 billion RMB (same below), an 11.5% increase. The average price per ton was RMB 8,715, a 5.4% increase year-on-year. During the period, diesel production was 1.3867 million tons, a decrease of 24.9%; sales volume was 1.3616 million tons, a decrease of 25.6%; sales revenue was 9.431 billion yuan, a decrease of 20%. The average price per ton increased by 7.6% to 6,927 yuan year-on-year.
Sinopec (00338.HK) is expected to make a profit of up to 36.85 million yuan in the first half of the year with its magazine "Yingxi".
Shanghai Pechem (00338.HK) announces profit, according to Chinese accounting standards, an estimated net profit of 24.57 million to 36.85 million RMB for the six months ending in June, compared to a loss of 0.988 billion RMB in the same period last year, achieving a reversal of losses to profits. During this period, the international oil price has shown an overall upward trend, the market demand has steadily recovered, the company has continued to optimize production and operation, the average price increase of its main products is higher than that of crude oil processing cost, resulting in an increase in product gross profit and profitability.
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