The Hong Kong stock market today displayed a divergent pattern of "tech recovery, heavyweight pressure," with resource stocks and internet platforms strengthening, while precious metals and semiconductors weakened, dragging the Hang Seng Index to a slight close lower. As of market close, the Hang Seng Index fell 0.13% to 24,314.17 points, with total daily turnover of HKD 193.475 billion; the Hang Seng Tech Index rose 0.91% to 4,174.47 points.
Among Hong Kong ETFs, by scale ranking, Tracker Fund of Hong Kong (02800) closed down 0.08% at HKD 25; CSOP Hang Seng Tech Index ETF (03033) rose 0.79% at HKD 4.086; CSOP SK Hynix Daily Leveraged 2x Product (07709) fell 5.44% at HKD 24.68.
Sector Performance
Escalating geopolitical conflicts in the Middle East triggered supply panic, with international crude oil average prices remaining elevated in the third quarter, leading oil and gas ETFs to gain. As of close, SPDR Oil & Gas ETF Fullgoal (513350.SH) rose 3.64% to RMB 1.452; SPDR Oil & Gas ETF Harvest (159518.SZ) gained 2.95% to RMB 1.360; F Samsung Crude Oil Futures (03175) rose 1.90% to HKD 12.36.
The oil and gas sector became the strongest direction today, driven by the renewed escalation of Middle East energy supply risks: Yemeni armed forces launched multiple rounds of missile and drone attacks on targets within Saudi Arabia, a national oil company headquarters compound in Saudi Arabia was hit and caught fire in a small area, tanker attacks continued in the Strait of Hormuz and the Bab el-Mandeb Strait, and oil transport volume through the Strait of Hormuz over the past week declined by about 40% compared to before the conflict. OPEC's monthly report showed September production rebounded month-on-month, but simultaneously lowered its 2026 global demand growth forecast for the sixth consecutive time, while raising its 2027 demand growth forecast to 2.55 million barrels per day, citing post-war inventory rebuilding. Guolian Minsheng Securities expects short-term oil prices may fluctuate widely, with stronger upward momentum supported by current low inventories; Shenwan Hongyuan believes oil prices will trend upward, maintaining high oil prices throughout 2026, with oil company earnings benefiting unilaterally; Huatai Securities noted that factors such as repeated geopolitical conflicts caused international crude oil average prices to remain elevated in the third quarter of this year, expecting oil and gas extraction companies' profits to improve year-on-year, with some refining companies benefiting from favorable conditions in refined products and aromatics, leading to year-on-year profit improvement.
High oil prices triggered inflation concerns, pushing up US Treasury yields and rate hike expectations, pressuring gold ETFs. As of close, Gold Stock ETF Yongying (517520.SH) fell 2.67% to RMB 1.825; Gold Stock ETF ChinaAMC (159562.SZ) dropped 2.55% to RMB 1.990; Gold Stock ETF Huaan (159321.SZ) declined 2.37% to RMB 1.401.
The precious metals sector came under pressure and retreated, with the core of this gold price correction being the "oil up, gold down" seesaw transmission: high oil prices strengthened the necessity for the Federal Reserve to maintain tightening through the inflation chain, the 10-year US Treasury yield remained near 5.2% at a high level, with real interest rates at about 2.9% at their highest since 2008, significantly raising the opportunity cost of holding non-interest-bearing assets; CME interest rate tools showed market pricing for a December rate hike still as high as 85% to 88%. Galaxy Futures stated that current inflation data is highly correlated with oil prices, with the market showing a "gold-oil seesaw" capital allocation pattern, and US Treasury yield pressure being relatively high, mainly due to renewed inflation pressures. Zhongtai Futures believes that Federal Reserve policy tightening and US Treasury supply-demand dynamics continue to pressure precious metals through the US dollar index and Treasury yields, but the probability of a trend reversal to weakness in precious metals is low.
Institutional Views
Zhang Sixiang from Caixin Securities believes that Hong Kong Stock Connect will likely show a fluctuating pattern in the short term, requiring observation of overseas liquidity conditions and AI application commercialization progress, with banks and other high-dividend directions listed as important components of balanced allocation. Yang Chao from China Galaxy Securities stated that US inflation data is about to be released, high US Treasury rates continue to suppress valuations, and low-volatility dividend directions such as banks, utilities, telecommunications, and energy can serve as defensive base positions to hedge against interest rate risks from US inflation data exceeding expectations.
ETF Developments
ChiNext Financial Technology ETF Huatai-PineBridge (158058.SZ) debuted on its first day, closing down 1.18% at RMB 1.004, with turnover of RMB 97.5772 million; the fund tracks the ChiNext Financial Technology Index, focusing on deep integration of finance and technology, with constituent stocks distributed across vertical application software, IT services, and securities industries, covering financial data services, payment clearing, internet financing and lending, wealth management, financial digitalization, and other fields. STAR Market and ChiNext Artificial Intelligence ETF Guolian An (158040.SZ) debuted on its first day, closing down 3.33% at RMB 0.958, with turnover of RMB 36.6994 million; the fund tracks the CSI STAR Market and ChiNext Artificial Intelligence Index, covering technology, media, and telecommunications sectors, specifically covering the artificial intelligence direction. N Financial Technology ETF Wanjia (562400.SH) debuted on its first day, closing up 2.07% at RMB 0.987, with turnover of RMB 79.982 million; the fund tracks the CSI Financial Technology Theme Index, covering internet brokers, financial IT, payment, and other finance-technology integration fields.
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