The market is awaiting the release of US September CPI data tonight, and Hong Kong's three major indices opened lower today. In the afternoon, a collective rally in tech internet stocks briefly drove the Hang Seng Tech Index up more than 2.5%, though gains narrowed significantly by the close.
As of the close, the Hang Seng Index fell 0.13% or 31.05 points to 24,314.17 points, with total daily turnover of HK$193.475 billion; the Hang Seng China Enterprises Index rose 0.10% to 8,183.17 points; and the Hang Seng Tech Index rose 0.91% to 4,174.47 points.
Huatai Securities noted that a short-term rebound under extreme pressure is a reasonable move, but mid-term liquidity and fundamental constraints remain unresolved, and with a peak in lock-up expirations approaching at year-end, it recommends responding through structural positioning rather than chasing beta. Zheshang International believes that after a phase of adjustment, market risk appetite has become more cautious, and short-term volatility with structural opportunities may persist.
Blue-Chip Performance
Meituan-W (03690) led gains among blue chips. As of the close, it rose 6.64% to HK$77.1, with turnover of HK$4.972 billion. UBS previously noted in a research report that competition in mainland quick commerce and in-store services is approaching a turning point, shifting from subsidy-driven market share battles toward operational efficiency, and the bank expects this shift to increasingly favor Meituan's deep moat.
Among other blue-chip stocks, Xiaomi Group-W (01810) rose 5.35% to HK$26.38; Techtronic Industries (00669) rose 3.75% to HK$130.1; Innovent Biologics (01801) fell 4.19% to HK$88.1; and CATL (03750) fell 3.75% to HK$467.
Hot Sectors
On the trading floor, tech internet stocks rallied collectively, with Meituan, Xiaomi, and Alibaba leading gains; consumer stocks such as dairy products and holiday-related concepts were broadly active; oil and oilfield services stocks and shipping stocks performed well; on the other side, the macroeconomic environment and equity refinancing by pharmaceutical companies weighed on the healthcare sector; AI hardware stocks including semiconductors and optical communications continued to decline; gold stocks pulled back; and banking and mainland property stocks showed weakness.
Oil and oilfield services stocks mostly advanced. As of the close, Shandong Molong (00568) rose 3.63% to HK$3.855; China Oilfield Services (02883) rose 3.07% to HK$7.88; and CNOOC (00883) rose 1.81% to HK$24.72.
Mutual strikes between Yemen and Saudi Arabia escalated. On October 14 local time, according to a Saudi Energy Ministry official, an administrative building of Saudi Aramco in Dhahran, eastern Saudi Arabia, was attacked, causing no casualties. US President Trump posted on social media on October 13 that the Houthi armed forces are targeting Saudi Arabia through "very nasty" means and are likely deliberately pushing up oil prices ahead of the US midterm elections. Soochow Securities believes that geopolitical conflicts are expected to strengthen global energy security demands and drive the center of oil and gas capital expenditure upward.
Consumer stocks such as dairy products were collectively active. As of the close, H&H International Holdings (01112) rose 3.99% to HK$21.38; Youran Dairy (09858) rose 3.61% to HK$3.585; China Mengniu Dairy (02319) rose 3.58% to HK$18.82; and Tingyi (Cayman Islands) Holding (00322) rose 1.99% to HK$12.29.
The "Double 11" shopping festival has kicked off, with consumer internet platforms such as Alibaba, Meituan, and JD.com leading the rally, as market expectations for a domestic demand recovery and the consumption peak season intensify, and some new consumption names showed strong momentum. In dairy products, as of September 30, the average raw milk price in major domestic production areas was 3.10 yuan/kg, up 0.32% week-on-week and up 1.97% year-on-year. Everbright Securities believes that Youran Dairy and Modern Dairy, as leading pasture operators backed by top dairy companies represented by Yili and Mengniu, have expanded herd sizes against the trend in recent years, and are expected to broaden their competitive advantages in the subsequent cycle of milk price stabilization and recovery.
AI hardware stocks including optical communications declined. As of the close, Hygon Information Technology (01191) fell 8.03% to HK$98.5; Cambridge Technology (06166) fell 6.63% to HK$88.7; YOFC (06869) fell 6.24% to HK$141.2; and Zhongji Innolight (03308) fell 4.78% to HK$847.5.
Global tech stocks fell in tandem in the afternoon. Lithography giant ASML released its third-quarter 2026 earnings report, with third-quarter net sales of EUR 11.66 billion, below market expectations of EUR 11.72 billion; net profit was EUR 4.96 billion, above market expectations of EUR 4.1 billion. After the earnings release, ASML shares fell in US overnight trading. It is worth noting that the recent pullback in the tech sector has sparked widespread market discussion, with some private fund views pointing directly at certain insurance asset managers chasing rallies and selling declines, amplifying sector volatility. In response, some insurance industry insiders said that market volatility cannot simply be attributed to the trading behavior of insurance funds.
Gold stocks mostly pulled back. As of the close, Shandong Gold (01787) fell 5.09% to HK$18.09; Zijin Mining (02899) fell 2.55% to HK$32.06; and Chifeng Gold (06693) fell 2.45% to HK$34.24.
Multiple Federal Reserve officials have successively taken a hawkish stance. Boston Fed President Collins said she favors another rate hike this year to address inflation. Richmond Fed President Tom Barkin said that for now, shocks are still ongoing, and it is prudent to take measures to address inflation. In addition, the central bank of Kazakhstan plans to reduce its gold reserves and shift into US Treasuries, cutting the gold reserve share to 75% by year-end. Deputy Governor Moldabekova said that US Treasury yields are at levels not seen in a long time, making the dollar more attractive and weakening the appeal of gold investments.
Notable Stock Movers
Duiba (01753) surged sharply. As of the close, it rose 37.50% to HK$0.66. Duiba announced its AI short drama business performance for the third quarter: on an all-platform basis, new views in July, August, and September exceeded 6.8 billion, 12.6 billion, and 26.4 billion respectively, totaling more than 45.8 billion new views, more than 9 times the first-half total (over 5 billion views). The company expects the AI short drama business to record net profit for three consecutive months in July, August, and September, officially transitioning from an investment phase into a harvest phase.
Pateo Connected Car (02889) rose significantly. As of the close, it gained 14.48% to HK$62.05. Pateo Connected Car announced that to further demonstrate the firm confidence of directors and senior management in the group's long-term business development and intrinsic value, and to stabilize investor expectations, executive directors Ying Zhenkai, Zhang Fukai, Xu Zhenhui, Lai Weilin, and employee director Zhang Yi made a 12-month written voluntary lock-up undertaking to the company.
China Resources Building Materials Technology (01313) extended its gains. As of the close, it rose 7.81% to HK$1.035. According to the Bainian Jianzhu official website, entering October, the South China cement market saw a wave of concentrated price increases: on October 12, mainstream brands in the Guangxi region raised prices for all varieties of bagged and bulk cement by 30 yuan/ton, while eastern and northern Guangdong regions simultaneously raised prices for all varieties of bagged and bulk cement by 30 yuan/ton. However, the actual implementation still needs further market verification.
Xiaomi Group-W (01810) performed impressively. As of the close, it rose 5.35% to HK$26.38. Xiaomi Group's Pengcheng series locked in more than 70,000 orders in its first month on the market. At the same time, the company's human-car-home full ecosystem layout brings synergies. Sinolink Securities previously noted that considering Xiaomi's continued deepening of premiumization in automobiles and smartphones and its AI+ strategy, it is bullish on the uniqueness of a hardcore technology company with a closed-loop human-car-home ecosystem.
Guoen Technology (02768) saw its A-shares and H-shares tumble together. As of the close, it fell 28.46% to HK$26.84. Guoen Holdings plans to acquire an 80% stake in Zhongfuneng for 1.504 billion yuan in cash, entering the fluorochemical sector. The valuation uses July 31, 2026 as the base date and adopts the income approach, valuing the target's total shareholders' equity at approximately 1.883 billion yuan, representing a premium of about 200% compared with book net assets of 628 million yuan.
Dajin Heavy Industry (01081) hit a new low. As of the close, it fell 9.41% to HK$24.08. JPMorgan released a research report stating that the mainland wind power sector has seen a significant pullback due to weak profitability and slowing onshore demand growth. The bank lowered its onshore installation forecast and expects growth through fiscal 2030 to be more modest, but remains positive on offshore wind and export-related opportunities.
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