Hong Kong Stocks Midday Review: Hang Seng Index Rises 0.58%, Tech Index Gains 0.86%, Auto Stocks Strengthen, Lithium Battery Shares Rebound

The three major Hong Kong stock indices all moved higher. By the midday close, the Hang Seng Index was up 0.58% at 23,066.79, the Hang Seng Tech Index was up 0.86%, and the China Enterprises Index was up 0.93%.

On the board, internet sector stocks showed mixed performance, with Xiaomi Corporation (HKEX: 1810) gaining more than 5% while Lenovo Group Limited (HKEX: 992) fell more than 3%. Lithium battery stocks rebounded, with Contemporary Amperex Technology Co. Limited (SZSE: 300750) rising more than 4%. New energy vehicle makers led the gains, with Xiaomi Corporation (HKEX: 1810) up more than 5%. The optical communication sector weakened, with Zhongji Innolight Co., Ltd. (SZSE: 300308) dropping more than 3%.

Lithium battery stocks rebound, CATL up more than 4%

Recently, according to CATL's official WeChat account, BAIC Group and CATL signed a million-unit battery swap strategic cooperation agreement in Beijing. The two parties will collaborate around vehicle development, battery swap battery supply, battery swap networks, battery banks, and business model innovation to promote industrial standardization and large-scale development. BAIC Group will facilitate the integration of multi-brand compatible models into CATL's chocolate battery swap ecosystem, working together to reach the goal of one million battery swap vehicles.

New energy vehicle stocks lead gains, Xiaomi up more than 5%

According to analysis by the China Association of Automobile Manufacturers, in September, automobile exports continued to maintain high-speed growth, with both passenger vehicle and commercial vehicle exports increasing month-on-month and year-on-year, and the proportion of new energy vehicle exports exceeding 50% for four consecutive months. From January to September, China's automobile exports reached 8.205 million units, a year-on-year increase of 65.8%, and it is expected that automobile exports will exceed 10 million units this year.

Optical communication sector weakens, Zhongji Innolight down more than 3%

Overnight, the U.S. AI industry chain suffered a broad sell-off, with the Philadelphia Semiconductor Index plunging 6.72% in a single day, with storage and optical communications among the hardest-hit sectors. The trigger was Meta's future spending commitments soaring to an astonishing $825 billion, with its five-year CDS quote hitting a record high, prompting the market to reassess the return prospects and financing pressures of massive AI investments.