Hong Kong stocks opened higher and climbed throughout the session today, with the Hang Seng Index reclaiming the 23,000 mark and touching an intraday high of 23,400 points.
At the close, the Hang Seng Index rose 1.46%, or 335.77 points, to 23,294.42, with turnover of HK$214.318 billion; the Hang Seng China Enterprises Index gained 1.37% to 7,862.22; and the Hang Seng Tech Index added 0.29% to 3,754.90.
For the full month, the Hang Seng Index fell 5.36%, the China Enterprises Index dropped 4.35%, and the Hang Seng Tech Index declined 11.73%.
Everbright Securities believes Hong Kong valuations have already fallen noticeably, but this only provides a downside buffer and does not yet constitute sufficient margin of safety for an uptrend. The two main drags on Hong Kong stocks remain unbroken: on the denominator side, long-end U.S. Treasury yields are still near historic highs, raising the discount rate for long-duration growth assets and making valuation expansion difficult to sustain on its own; on the numerator side, the sustainability of AI capital expenditure is still being questioned, and the economy lacks upward elasticity.
Blue-Chip Performance
Mengniu Dairy (02319) led blue-chip gains. At the close, it rose 9.42% to HK$19.86, with turnover of HK$1.115 billion. Data from the Ministry of Agriculture and Rural Affairs showed that as of October 15, the average raw milk price in major domestic producing areas was 3.10 yuan/kg, flat week-on-week and up 1.97% year-on-year. Galaxy Securities noted that Mengniu, as one of the two dairy giants, has long-term investment value, and as the dairy industry enters a new development cycle, it is expected to begin a new round of growth backed by its deep heritage.
Among other blue chips, Nongfu Spring (09633) rose 5.90% to HK$42.34; JD Health (06618) gained 5.89% to HK$38.10; AIA Group (01299) added 5.23% to HK$75.4; and Hua Hong Semiconductor (01347) fell 6.04% to HK$60.7.
Hot Sectors
On the board, star internet stocks were broadly higher, while consumer and oil and petrochemical names strengthened across the board. Mengniu Dairy rose 9.42%, Sinopec (00386) gained 6.22%, and Haier Smart Home added 5.33%; the AI narrative came under pressure, with AI hardware extending today's decline; and gold stocks retreated against the trend, with Lingbao Gold down 5.90%.
Major consumer stocks advanced across the board. At the close, Haier Smart Home (06690) rose 5.33% to HK$19.95; Hengan International (01044) gained 4.46% to HK$21.08; China Resources Beer (00291) added 4.33% to HK$19.77; and ANTA Sports (02020) rose 4.06% to HK$74.35. The National Development and Reform Commission recently said it is studying and formulating an implementation plan for the strategy of expanding domestic demand and will accelerate its issuance and implementation, while also innovating offline consumption scenarios; earlier policies to expand domestic demand, such as consumer goods trade-ins and interest subsidies on personal consumer loans, have continued to be implemented, with the subsidy policy further expanded in support scope, more handling institutions, and a higher subsidy cap, directly boosting sentiment in the major consumer sector.
Oil and petrochemical third-quarter results were delivered. At the close, Shanghai Petrochemical (00338) rose 10.31% to HK$1.23; Sinopec (00386) gained 6.22% to HK$4.865; and PetroChina (00857) rose 5.66% to HK$10.82. Sinopec's third-quarter net profit attributable to shareholders was 13.361 billion yuan, up 57.2% year-on-year; Shanghai Petrochemical turned profitable in the first three quarters, with third-quarter net profit of 784 million yuan; and PetroChina's first-three-quarter net profit attributable to shareholders was 155.776 billion yuan, up 21.9% year-on-year, with third-quarter net profit of 51.84 billion yuan, up 21.6%. Everbright Securities previously noted that geopolitical conflicts highlight the value of energy security and the strategic position of the three oil majors. China's current external dependence on oil and natural gas remains relatively high, geopolitical conflicts threaten the security of global energy supply chains, and the task of ensuring China's oil and gas security remains arduous.
Shipping stocks also moved higher. At the close, COSCO Shipping Holdings (01919) rose 7.70% to HK$17.90; Orient Overseas International (00316) gained 3.59% to HK$158.80; and COSCO Shipping Energy Transportation (01138) added 3.18% to HK$17.53. On October 29, Maersk issued an announcement raising freight rates on Far East to Northern Europe and Mediterranean routes, with the new rates effective from November 16, 2026. Since mid-October, CMA CGM, Maersk, Hapag-Lloyd, and MSC have successively announced increases in FAK rates from the Far East to Europe, the Mediterranean, and North Africa to US$4,200–4,500/FEU from October 19. Notably, COSCO Shipping Holdings' latest third-quarter report showed third-quarter operating revenue of 75.692 billion yuan, up 29.39% year-on-year, and net profit attributable to shareholders of 17.230 billion yuan, up 80.73% year-on-year and up 128.45% quarter-on-quarter.
Semiconductor and hardware chains continued to sell off. At the close, Victory Giant Technology (02476) fell 9.49% to HK$123.10; Hua Hong Semiconductor (01347) dropped 6.04% to HK$60.70; and SMIC (00981) declined 4.40% to HK$42.98. Alphabet previously reported disappointing revenue data and warned of high spending, sending its shares to their largest historical drop; Amazon's massive capital expenditure figures and Intel's lower-than-expected sales forecast due to weak PC processor demand further intensified investor concerns about the high financing costs of the AI boom and whether these huge investments can generate returns. In addition, domestic computing power chain third-quarter reports were also released last night: Eoptolink's third-quarter net profit rose 61% year-on-year but fell 19% quarter-on-quarter; Victory Giant Technology's third-quarter net profit fell 52% year-on-year and 66% quarter-on-quarter; and Zhongji Innolight's third-quarter net profit growth slowed quarter-on-quarter.
Gold stocks weakened against the trend. At the close, Lingbao Gold (03330) fell 5.90% to HK$15.30; China Gold International (02099) dropped 4.21% to HK$170.50; and Zijin Gold International (02259) declined 3.40% to HK$119.50. Spot gold today fell below the US$4,000 mark, touching a low of US$3,965.2/oz. Huatai Futures believes market risk sentiment has revived somewhat, while another sharp decline in U.S. tech equities combined with rising geopolitical risk has clearly weighed on risk appetite, potentially slightly reducing demand for gold investment, so gold prices are expected to remain mostly rangebound in the near term.
Notable Movers
Quantgroup (02685) rebounded from a historic low. At the close, it rose 16.40% to HK$2.59. Quantgroup announced that its subsidiary Silicon-based (Beijing) Intelligent Technology Development Co., Ltd. formally signed a tripartite strategic cooperation framework agreement with Lens Technology and Beijing Chaoxinyuan Embodied Intelligence Technology Co., Ltd. The three parties established a strategic partnership and will conduct deep cooperation in four directions—product co-creation, joint research and development, channel co-building, and ecosystem coordination—around next-generation AI hardware products such as AI glasses, embodied intelligent robots, tactile dexterous hands, and data-collection gloves.
Mao Geping (01318) strengthened in the afternoon. At the close, it rose 13.80% to HK$49.14. Mao Geping announced at midday today that in the third quarter of 2026, the group's operating revenue increased 22% to 24% year-on-year, and net profit increased 22% to 24% year-on-year, mainly due to continued expansion of the consumer base for the company's main brand and continued good performance across major categories and channels.
Evergrande Property Services (06666) fell after resuming trading. At the close, it dropped 17.72% to HK$0.975. Evergrande Property Services issued an announcement stating that an investment holding platform under PAG signed an agreement with China Evergrande and CEG Holdings to acquire 5.515 billion shares of Evergrande Property Services, representing 51.016%, for HK$4.026 billion, becoming the new controlling shareholder. China Evergrande and CEG Holdings will exit their shareholdings.
SANY International (00631) plunged after results. At the close, it fell 15.85% to HK$6.53. SANY International released first-three-quarter results, with consolidated revenue of 22.171 billion yuan, up 22.2% year-on-year; profit attributable to owners of the parent was 1.664 billion yuan, down 2.6% year-on-year. This was mainly due to higher prices of silicon wafers, silicon materials, and battery cell raw materials, which lowered the consolidated gross margin of emerging industry products, as well as a reduction in subsidies received by the group.
Anker Innovations (00668) hit a new low. At the close, it fell 10.88% to HK$84. Anker Innovations' third-quarter revenue was 9.535 billion yuan, up 16.96% year-on-year; net profit attributable to shareholders was 559 million yuan, down 27.04% year-on-year. The decline in attributable profit was mainly attributable to losses from changes in the fair value of equity interests in associate companies. In addition, third-quarter revenue growth was lower than the cumulative 24.4% for Q1-Q3 2026, mainly due to the timing shift of Amazon Prime Day.
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