Falling oil prices eased inflation concerns and overnight US stocks staged a sharp rebound, while the market is watching the US October CPI data due tonight.
At the close, the Hang Seng Index rose 0.44%, or 108.09 points, to 24,557.04 points, with total daily turnover of HK$178.175 billion; the Hang Seng China Enterprises Index gained 0.07% to 8,265.81 points; and the Hang Seng Tech Index advanced 1.08% to 4,084.45 points.
Soochow Securities believes the current environment for Hong Kong and US stocks is not a perfect seesaw. If US stocks fall more than expected, that would negatively affect Hong Kong stocks; if US AI shares rebound, capital is likely to rotate out of Hong Kong stocks. The current liquidity environment is not as good as in July, and it currently looks difficult to repeat July's明显的 excess returns. Moreover, southbound funds have not yet formed a consensus to increase Hong Kong stock allocations; long-term foreign capital has also shown no sign of significant increases.
Blue-chip performance
HSBC Holdings (00005) shares rebounded. At the close, they rose 4.37% to HK$143.3, with turnover of HK$2.244 billion. JPMorgan said in a research report that Hong Kong banking stocks underperformed the Hang Seng Index and the Hang Seng Financial Classification Index by 4% and 6% respectively in October, reflecting market concerns that deposit competition would squeeze net interest margins and that third-quarter results showed rising yields eroding capital. The bank believes such concerns may be excessive, since this largely reflects banks actively managing funding costs in anticipation of further rate hikes, while Hong Kong dollar liquidity remains ample.
Among other blue chips, Li Auto-W (02015) rose 4.63% to HK$50.35; Hua Hong Grace (01347) rose 3.76% to HK$74.55; Chalco (02600) fell 4.91% to HK$6.97; and BABA-W (09988) fell 2.87% to HK$101.6.
Hot sectors
On the board, the physical AI concept took over as the strongest main line across the market, with Manycore Tech and Hesai launching a co-branded spatial camera, sending the stock up another 25%; optical communications and other AI hardware stocks caught up with the overnight rebound in US equities; international oil prices plunged in a single day, lifting all three major Chinese airlines; and the two major large-model names strengthened after news that Anthropic launched its IPO roadshow, with Z.AI and MINIMAX-W both rising more than 10%. On the other side, resource stocks came under pressure, with Chalco down 4.91%, while the three oil majors declined with oil prices; internet stocks traded mixed, with Alibaba down 2.87%.
Physical AI concept stocks erupted again. At the close, Manycore Tech (00068) rose 25.18% to HK$3.48; RoboSense (02498) rose 9.50% to HK$16.59; HorizonRobot-W (09660) rose 7.48% to HK$3.95; and UBTECH Robotics (09880) rose 6.90% to HK$75.15. New products from Nvidia and Anthropic further ignited enthusiasm for physical AI. Anthropic's published test data showed that on the RoboDojo dual-arm simulated robot benchmark, its new-generation flagship model Fable 5.2 achieved an average success rate of 64.9%; Nvidia launched its new-generation robot model GR00T 2 and released the robot learning framework Isaac Lab 3.0 and multiple robot training and evaluation technologies. Earlier, Apple's research team disclosed its humanoid robot autonomous control system HALO, which has already been deployed on Unitree's G1 with a task success rate as high as 91%, seen by the market as a sign that physical AI applications may accelerate.
AI hardware stocks performed strongly. At the close, Delton Technology (Guangzhou) Inc. (01989) rose 9.09% to HK$60.6; ZJ Innolight (03308) rose 8.99% to HK$594; Time Intercon (01729) rose 8.81% to HK$10.99; CIG (06166) rose 6.25% to HK$55.25; and YOFC (06869) rose 5.65% to HK$89.7. Overnight, US technology stocks counterattacked, with the Philadelphia Semiconductor Index closing up 6.85% and the optical communications sector leading gains, as Coherent rose nearly 17%. From the perspective of external risks, rising expectations of easing in the US-Iran situation triggered a flash crash in international oil prices, cooling inflation and cost concerns; at the same time, as market panic pricing of election results gradually returned to rationality, previously oversold AI hardware saw buying replenishment. It is worth noting that TSMC latest reported that October revenue rose 59.7% year-on-year and 14.7% month-on-month, indicating strong demand for AI chips.
Airline stocks were boosted by the sharp drop in oil prices. At the close, China East Air (00670) rose 8.91% to HK$2.75; China South Air (01055) rose 8.78% to HK$3.16; and Air China (00753) rose 7.23% to HK$4.08. According to reports, progress has been made in US-Iran nuclear talks, and the two sides are expected to reach a preliminary agreement on Iran's uranium enrichment issue. Sources said the United States would allow Iran to conduct uranium enrichment domestically at a concentration of 3.67%, and Iran has expressed acceptance. At the same time, Iran was reported to have softened its stance on the Hormuz issue, with the president saying he is willing to break the "no war, no peace" deadlock through negotiations. Affected by this news, international oil prices fell sharply on Monday. Guotai Haitong Securities pointed out that with international oil prices easing, airlines will be the sector that benefits most.
Consumer electronics stocks advanced. At the close, Cowell (01415) rose 8.45% to HK$22.84; Conant Optical (02276) rose 7.27% to HK$38.38; and Sunny Optical (02382) rose 5.79% to HK$66.65. Guohai Securities said industry catalysts mainly come from two aspects: accelerated launch of edge AI products, with Apple, Meta, ByteDance and OpenAI continuing to push forward AI glasses, MR headsets and AI-native devices, followed by密集 new product launches and supply chain order catalysts; and Apple entering a new product innovation cycle in 2027, when second-generation foldables, AI glasses, smart home products and the 20th-anniversary iPhone are expected to lift value in optical, acoustic, structural parts, display, thermal management and final assembly segments.
The two major large-model stocks strengthened. At the close, Z.AI (02513) rose 11.11% to HK$482; and MINIMAX-W (00100) rose 10.11% to HK$173.1. According to reports, Anthropic's IPO process has entered its final sprint window. The 15-day quiet period after its earlier IPO filing will officially end this week, and the company will immediately launch a formal roadshow after the waiting period ends, complete pricing during the week of November 16 and officially list on the Nasdaq Global Select Market under the ticker ANT. It is worth noting that although expected valuations from different institutional investors differ markedly, Anthropic will still be one of the largest IPOs in US stock market history.
Notable movers
Two new listings diverged on their trading debuts. At the close, Xinde Semi (07672) rose 28.38% to HK$11.4; and Denglin Tech-P (09917) fell 7.79% to HK$213. Xinde Semiconductor is a semiconductor packaging and testing service provider mainly engaged in developing packaging designs, providing customized packaging products and packaging product testing services; Denglin Technology is a general-purpose graphics processing unit (GPGPU) provider that uses a fabless model to develop and sell GPGPU products to meet the AI computing needs of Chinese enterprises.
Frontage (01521) surged after resuming trading. At the close, it rose 42.62% to HK$2.125. Frontage and Tigermed, through the consortium San Rex Limited as offeror, jointly announced a pre-conditional proposal to privatize the company by way of a scheme of arrangement, and proposed to withdraw the company's listing status, with a cancellation price of HK$2.37 per share, a 59% premium to the suspension-time close of HK$1.49.
Relyez Energy (09621) extended gains on its second day of listing. At the close, it rose 38.91% to HK$21.6. Relyez Energy had earlier received 1,388.75 times oversubscription during its Hong Kong public offering, making it one of the most closely watched new energy storage listings in the Hong Kong market recently. The stock surged more than 129% at one point yesterday, but plunged rapidly in the final half hour before the close, ultimately finishing up 59%.
Drinda (02865) rose on space computing catalysts. At the close, it gained 13.32% to HK$15.4. On November 9, the 2026 Space Cloud Industry Ecosystem Conference released the fully domestically developed space computing network "Nebula Constellation Plan," integrating multiple types of satellites into an intelligent space-based information service system and pushing space computing from concept to implementation. Overseas, the Starmind space computing constellation jointly built by SpaceX and Nvidia is expected to begin launches in the third quarter of 2027.
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