U.S. long-end Treasury yields retreated from elevated levels, and Trump stated that U.S.-Iran consultations have been "productive" and that no attack on Iran will occur before the midterm elections. With geopolitical tensions cooling and oil prices pulling back, Hong Kong stocks opened higher and extended gains.
By the close, the Hang Seng Index rose 1.79%, or 425.56 points, to 24,211.35 points, with turnover of HK$209.199 billion; the Hang Seng China Enterprises Index gained 1.71% to 8,147.87 points; and the Hang Seng Tech Index climbed 3.06% to 4,197.84 points. Among the largest Hong Kong ETF s by scale, CSOP Hang Seng Tech Index ETF (03033) rose 2.60% to HK$4.098; CSOP Hang Seng Tech Index Daily (2x) Leveraged Product (07226) surged 5.92% to HK$2.646; and CSOP Hang Seng Index Daily (2x) Leveraged Product (07200) gained 3.82% to HK$5.16.
Sector Performance: Media and Gaming ETFs Lead Gains
By the close, GF Media ETF (512980.SH) rose 5.46% to 0.811 yuan, and Guotai Gaming ETF (516010.SH) gained 3.48% to 1.041 yuan. Bona Film Group's production "Sanxingdui: Future Past," the first domestic AI hyper-realistic theatrical film, is scheduled to hit nationwide cinemas on October 23. With a runtime of 100 minutes, it is the first theatrical film produced using AI technology to obtain a public screening permit from the China Film Administration. AI technology is penetrating from the production side to the copyright operation segment, and content production efficiency and IP development depth are expected to improve, drawing concentrated capital attention to the film exhibition and gaming sectors.
Geopolitical Cooling Eases Tightening Concerns, Gold Mining ETFs Rise
By the close, E Fund Gold Miners ETF (02824) rose 5.50% to HK$10.17, and CSOP Gold ETF (03030) gained 2.01% to HK$6.345. On the A-share side, ChinaAMC Gold Miners ETF (159562.SZ) rose 5.14% to 2.088 yuan. U.S. President Trump said on October 8 that the United States is engaged in "productive" consultations with Iran and will not attack Iran before the congressional midterm elections. Oil prices, which had been driven higher by Middle East tensions, subsequently pulled back, easing inflation concerns for the time being. Spot gold rebounded from recent correction lows and briefly broke through $4,200 per ounce during intraday trading. Medium- to long-term support also strengthened in tandem. Central bank data showed that China's gold reserves stood at 77.47 million ounces at the end of September, up 740,000 ounces month-on-month, marking the 23rd consecutive month of increases, with the monthly increase being the largest since the resumption of purchases in this cycle.
Over 90% Profitability in First Half, Brokerage ETFs Rise Collectively
By the close, Guotai Securities ETF (512880.SH) rose 2.48% to 1.035 yuan, Yinhua Securities ETF (159842.SZ) gained 2.28% to 0.986 yuan, and Huabao Securities ETF (512000.SH) advanced 2.27% to 0.495 yuan. The Securities Association of China recently distributed to brokerages the "Analysis of Securities Companies' Operations in the First Half of 2026." In the first half of the year, all 150 securities companies in the industry generated operating revenue of 329.810 billion yuan and net profit of 138.664 billion yuan, up 31.38% and 23.50% year-on-year respectively, with 136 companies achieving profitability, a profitability rate exceeding 90%. The significant mismatch between high earnings growth and low sector valuations has led multiple listed brokerages to intensively launch or advance share buybacks since the second half of the year, with industrial capital using its own funds to correct the valuation mismatch and the sector shifting toward dual-driven performance and returns.
OpenAI Revenue Data Below Expectations, Semiconductor ETFs Decline
By the close, CSOP Samsung Electronics Daily (2x) Leveraged Product (07747) fell 2.32% to HK$72.3; Value Partners Optical Communication Active ETF (02811) dropped 1.37% to HK$14.45; and Bosera HK-Korea Semiconductor ETF (03516) declined 0.81% to HK$9.165. On the A-share side, ChinaAMC STAR Semiconductor ETF (588170.SH) fell 0.92% to 0.866 yuan. According to reports, OpenAI's annualized revenue reached approximately $50 billion as of the end of September, below the widely reported figure of about $70 billion, with the discrepancy mainly stemming from differences in statistical methodology. However, the market is still reassessing AI companies' actual revenue scale and their capacity to subsequently expand computing power and procure chips, heightening concerns about a slowdown in AI infrastructure investment. Overnight, U.S. semiconductor and memory sectors fell broadly, with the Philadelphia Semiconductor Index closing down 3.39%. Micron Technology dropped 4.79%, Broadcom fell 4.35%, and Oracle declined 5.5%. The optical communication sector also declined across the board. Rising market concerns over AI hardware profit realization and valuations transmitted to Hong Kong and A-share semiconductor ETFs this morning.
Institutional Views
CITIC Securities believes that the recovery of high-quality content supply is expected to drive a bottoming-out and improvement in traditional film and television businesses, while IP commercialization as well as short dramas and AI content open up new growth space and earnings elasticity for the industry. Zhao Zongting, fund manager of ChinaAMC Guozheng Semiconductor Chip ETF, believes that the current semiconductor sector sentiment remains on an upward trajectory, and investment allocation can focus on three main lines: first, equipment, components, and bottleneck materials such as silicon wafers driven by the resonance of memory expansion and advanced logic; second, design, advanced packaging, and testing demand driven by domestic computing power transitioning from "single-card narrative" to super-node and system-level delivery; third, segments with clearer price increase logic such as analog, power, and specialty process foundries. Wu Lixian, securities strategist at Everbright Securities International, stated that the overnight decline in U.S. Treasury yields was one of the main factors driving the Hong Kong stock rebound. Strong demand at U.S. Treasury auctions alleviated market concerns about a high interest rate environment, driving large technology stocks higher. However, the market has yet to show clear signals of reversing the downtrend, and if funding conditions and the external environment do not improve further, Hong Kong stocks may continue their adjustment pattern next week.
ETF Moves
On October 9, one ETF made its debut listing in the A-share market. Huili Aerospace ETF (158030.SZ) listed on the Shenzhen Stock Exchange for the first time, falling 1.52% to 0.97 yuan, with turnover of approximately 55.6641 million yuan. It tracks the Guozheng Aerospace and Aviation Industry Index. The index focuses on aerospace and aviation industry companies in the Shanghai, Shenzhen, and Beijing markets, and screens them based on indicators such as trading activity and free-float market capitalization, with a single constituent weight not exceeding 15% and the top five constituents combined not exceeding 60%.
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