Hong Kong stock market closed higher on Thursday. The Hang Seng Index (HSI) rose by 2.02%, the Hang Seng China Enterprises Index (HSCEI) increased by 2.49%, the Hang Seng Tech Index (HSTECH) climbed by 2.25%, and the Hang Seng China-Affiliated Corporations Index (HSCCI) advanced by 2.58%.
In terms of sectors, the property management sector saw significant gains, with Shimao Group surging 29.27%. The Chinese brokerage sector also performed strongly, with CITIC SEC rising 14.53%, CMSC up 18.12%, and CSC increasing by 11.41%. The restaurant sector saw notable gains as well, with HAIDILAO rising 9.27% and XIABUXIABU up 10.09%.
ZIJIN MINING fell by 1.68%. Zijin Mining announced plans to acquire 100% equity in the La Arena gold mine and its Phase II project in Peru from Pan American Silver for $245 million. The transaction has been approved by the relevant government departments in China and Canada.
CITIC SEC surged 14.53%. Chinese brokerage stocks collectively rose in the afternoon, with CITIC Securities up 8.55% and CITIC Construction Securities up 8.55%. On November 6, CITIC Securities announced the appointment of Zou Yingguang as the company's general manager, filling a vacancy that had lasted for nearly half a year. The appointment of Jin Jianhua, a former senior executive of CITIC Securities, as the general manager of CITIC Construction Securities, which had been vacant for more than a year, is also imminent. The speculation of a merger between these two leading brokerages continues to ferment, and institutions are optimistic about the performance of brokerages in the fourth quarter.
LONGFOR GROUP rose by 8.66%. On November 5, the Shanghai Municipal Government approved the merger and reorganization of Guotai Junan Securities Co., Ltd. and Haitong Securities Co., Ltd. Stocks such as Tianfeng Securities, Southwest Securities, and China Merchants Securities saw significant gains, hitting new highs in nearly a month. On November 7, the stock prices of Tianfeng Securities, China Merchants Securities, and Orient Securities rose sharply, with Guotai Junan and Haitong Securities' merger and reorganization approved. Tianfeng Securities' stock price rose by 5.33%, with a turnover of 5.841 billion yuan; China Merchants Securities' stock price rose by 5.20%, with a turnover of 1.463 billion yuan; and CITIC Construction Securities hit a new high in a month. The capital strength of the new entity after the merger is expected to be further enhanced.
XPENG-W increased by 1.21%. Morgan Stanley's latest research report raised its delivery volume forecast for XPeng Motors from 2024 to 2026 by 13% to 29%, and raised its target stock price from HKD 45.6 to HKD 66.4. Morgan Stanley believes that XPeng Motors has a competitive advantage in the field of intelligent electric vehicles.
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