Hong Kong's three major indices all advanced. As of the midday close, the Hang Seng Index rose 1.64% to 23,335.66, the Hang Seng Tech Index gained 1.43%, and the China Enterprises Index climbed 1.63%.
On the board, internet stocks rose broadly, with Meituan and Xiaomi each up more than 4%. The shipping and port sector led gains, with COSCO SHIP HOLD (ASX: 01919) surging over 7%. Dairy stocks collectively advanced, with MENGNIU DAIRY (ASX: 02319) rising more than 7%. The application software sector weakened, with Zhipu dropping over 4%.
The shipping and port sector led gains, with COSCO SHIP HOLD (ASX: 01919) surging more than 7%. Shipping lane disruptions are directly reducing global shipping supply at the physical level. Currently, both the Strait of Hormuz and the Bab-el-Mandeb Strait are simultaneously affected by geopolitical conflicts. Beyond the container shipping market being driven by geopolitical factors, the dry bulk shipping market has also seen a short-term sentiment recovery. On October 29, the Baltic Dry Index (BDI) stood at 2,712 points, up 2.26% period-on-period, hitting a more than two-week high. The Capesize Index (BCI), which is most sensitive to iron ore and coal demand, surged 5.25% in a single day to 4,090 points.
Dairy stocks collectively advanced, with MENGNIU DAIRY (ASX: 02319) rising more than 7%. A research report noted that against the backdrop of domestic demand gradually becoming more important, focusing on the consumer sector and favoring essential consumption, the dairy industry logic offers both offensive and defensive qualities. Leading dairy companies are expected to have a relatively strong win rate, and the sector is highly recommended. In the dairy sector, leaders with dividend advantages are preferred, including Yili and MENGNIU DAIRY (ASX: 02319). Under a pro-cyclical scenario, traditional white milk leaders are expected to see enhanced advantages. In other scenarios, they still possess the advantages of stable performance as leaders plus scarce consumer dividend attributes. For growth, preferred track leaders include New Hope Dairy and Miaoke, as both the low-temperature and deep-processing tracks represent important directions for future upgrading of the dairy industry. For raw milk cycle upward performance rebound, core picks include Youran Dairy and Modern Dairy, with continued optimism that the raw milk cycle will reverse and recover to historical average price levels.
The application software sector weakened, with Zhipu dropping more than 4%. Overnight, Alphabet's stock closed down 12.64%, marking its largest single-day decline since its 2004 listing. Market capitalization evaporated by nearly $500 billion in a single day, the second-largest single-day market value loss in U.S. stock market history, second only to Nvidia's record in January 2025. The company's third-quarter revenue and adjusted earnings per share both fell short of expectations, and free cash flow turned negative at $9.07 billion. Alphabet's earnings report prompted the market to question both the monetization capability of AI applications and the capital expenditure growth rate of AI hardware.
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