Hong Kong stocks closed (07.29) | Hang Seng Index closed up 1.96%, Science and Internet stocks collectively rose, and automobile and consumer stocks were strong throughout the day
The Zhitong Finance App learned that the three major Hong Kong stock indices fluctuated higher throughout the day, and the Hengke Index rose more than 3% intraday. At the close, the Hang Seng Index rose 1.96% or 497.07 points to 25807.92 points, with a full-day turnover of HK$312.233 billion; the Hang Seng State-owned Enterprises Index rose 2.22% to 8623.52 points; and the Hang Seng Technology Index rose 2.84% to 4864.73 points.
CITIC Securities believes that in a mirror image of the severe decline in Korean stocks, Hong Kong stocks are becoming the main beneficiary direction of this round of global capital rebalancing. Overcrowded transactions in the AI hardware chain continued to clear up in the first half of the year. The technology sector urgently needed to find a new allocation direction for profit capital, and Hong Kong stocks just happened to have a significant acceptance advantage. On the one hand, market pessimism has been fully priced after early deep adjustments; on the other hand, the microstructure of Hong Kong stocks has also improved at the same time.
Blue-chip stock performance
Xiaomi Group-W (01810) has been strong throughout the day. At the close, it rose 8.95% to HK$31.88, with a turnover of HK$15.154 billion, contributing 72.75 points to the Hang Seng Index. The Xiaomi Pengcheng series technology conference is scheduled to be held at 7 p.m. on July 30. At that time, the two Xiaomi Pengcheng N90 and N70 SUV models will officially debut. In addition, Xiaomi has recently made many advances in the field of robotics, including the release of the “Xiaomi-Robotics-1,” a large model of physical intelligence.
In terms of other blue-chip stocks, Ideal Automobile-W (02015) rose 9.9% to HK$54.6, contributing 10.53 points to the Hang Seng Index; Nongfu Spring (09633) rose 7.26% to HK$44.9, contributing 9.37 points to the Hang Seng Index; Old Shop Gold (06181) fell 4.83% to HK$287.6, dragging down the Hang Seng Index by 1.47 points; and SMIC (00981) fell 2.75% to HK$67.2, dragging down the Hang Seng Index by 12.18 points.
Popular sector aspects
On the market, large tech stocks were generally higher. Tencent rose more than 4%, Meituan rose more than 2%, and Alibaba rose more than 1%. The pace of car companies' deployment of humanoid robots has accelerated, and automobile stocks are rising throughout the day; large consumer stocks are rising pleasantly; production schedules in August exceeded expectations, and lithium battery concept stocks are once again active; smart driving concepts, photovoltaic stocks, and domestic housing stocks are improving. On the other side, Korean stocks crashed for two consecutive days, and AI hardware related stocks were sold off again today.
1. Auto stocks strengthened collectively. At the close, Ideal Automobile-W (02015) rose 9.9% to HK$54.6; Zero Sports Auto (09863) rose 9.5% to HK$42.18; GAC Group (02238) rose 6.82% to HK$2.35; and Geely Auto (00175) rose 6.17% to HK$20.3.
In a context where profit margins in the automotive industry continue to be under pressure, humanoid robots are viewed by more and more car companies as the core direction for opening up a second growth curve. On July 28, BYD confirmed that its self-developed humanoid robot will be officially unveiled through “Di Space” in August; Xiaopeng Motor's IRON humanoid robot has begun small-batch trial production, and the mass production line has entered the final stage of joint modulation; it ideally plans two products, a two-wheeled robot and a biped robot. The two-wheeled robot is scheduled to be publicly launched within the year. Furthermore, CICC believes that the 3-4Q repair speed of car companies depends on high-end model orders, terminal price stability, and export profit contributions. The bank believes that exports are still an important hedging against vehicle profits and valuations in the second half of the year.
2. Big consumer stocks performed brilliantly. At the close, Bruco (00325) rose 15.93% to HK$54.35; Michelle Group (02097) rose 7.71% to HK$229; Weilong Mei (09985) rose 7.43% to HK$8.53; and Nongfu Spring (09633) rose 7.26% to HK$44.9.
On July 13, the State Council officially approved the “Fifteenth Five-Year Plan” to expand consumption, making it clear that the total retail sales volume of social consumer goods will reach about 60 trillion yuan by 2030, and listed “improving the quality of service consumption” and “artificial intelligence+consumption” as new growth poles. Furthermore, data published by the National Bureau of Statistics showed. The total amount of Social Security Zero increased by 1.0% year on year in June, and the increase was positive year on year. It is worth mentioning that in the second quarter of this year, institutions further reduced their spending allocations, and the consumer holdings ratio fell back to the bottom of history. Judging from fund holdings in the second quarter of 2026, public fund holdings were increased by the technology industry, especially electronics and communications, and the consumer industry remained low.
3. PV stocks are mostly improving. At the close, Follett Glass (06865) rose 4.62% to HK$6.79; Xinyi Solar (00968) rose 4.23% to HK$2.22; and GCL Technology (03800) rose 3.39% to HK$0.61.
According to a report by the Financial Federation, the reporter learned from industry insiders that the Price Supervision and Inspection and Anti-Unfair Competition Bureau of the State Administration of Market Supervision and Administration is scheduled to launch a PV industry price compliance guidance campaign on July 31. Participants include the China Photovoltaic Industry Association and relevant photovoltaic industry companies. According to reports, the purpose of this conference is to guide the photovoltaic industry to strengthen cost accounting, implement the “General Rules of the Cost Accounting Model for the Photovoltaic Industry”, and curb irrational competition. A relevant person in charge of the China Photovoltaic Industry Association said that the introduction of the “General Rules” aims to consolidate the foundation of industry management with a unified cost accounting language, guide enterprises to shift from price-driven to value-driven, and invest more resources in technology research and development, quality improvement, and brand building.
4. AI hardware stocks such as storage fell again. By the close, Nanfang doubled down, Hynix (07709) fell 13.99% to HK$32.7; Shenghong Technology (02476) fell 7.9% to HK$178.3; and Changfei Optical Fiber Cable (06869) fell 5.95% to HK$102.8.
Recently, the technology sector has continued to recover. Some analysts believe that the direct trigger for this sell-off is that the market is running out of patience with whether tech giants' AI capital expenses can deliver returns. At the same time, Nvidia's “circular financing” model involving an AI infrastructure exchange of more than 750 billion US dollars has been questioned by the credit market, and the listing of Changxin Technology, a leading Chinese DRAM company, triggered a reassessment of the competitive landscape. On Wednesday, the Korean stock market triggered the fusing mechanism for the ninth time in the year. According to SK Hynix's latest financial report, operating profit for the second quarter of 2026 was 60.54 trillion won, less than analysts' expectations of 64.22 trillion won; revenue for the second quarter was 79 trillion won, which fell short of analysts' expectations of 84 trillion won.
Popular exotic stocks
Youran Animal Husbandry (09858) is very happy. At the close, it was up 10.42 percent to HK$4.24.
Youran Animal Husbandry expects the company's owners to account for profit of about 739 million yuan to about 903 million yuan in the first half of 2026, while losses for the same period last year were about RMB 297 million, a sharp reversal of losses over the previous year. According to the announcement, this is mainly due to reduced losses due to changes in fair value of biological assets and sales costs and continuous improvement in core business performance.
Hanson Pharmaceuticals (03692) was active. At the close, it was up 3.71% to HK$33.52.
Hanson Pharmaceuticals announced that the B7-H3 targeting antibody-drug conjugate (ADC) HS-20093, which was independently developed by the company, reached a major end point in a phase III clinical trial (ARTEMIS-011) to treat patients with osteosarcoma that progressed or recurred after receiving at least previous second-line system treatment.
Standard Chartered Group (02888) turned up after the results. At the close, it was up 3.86 percent to HK$231.4.
Standard Chartered announced that operating revenue for the second quarter rose 3% to US$5.7 billion, and profit before taxes increased 2% to US$2.3 billion. The Group announced that the upcoming $1 billion share repurchase is expected to reduce the common equity Tier 1 capital ratio by 38 basis points; the mid-term common stock dividend will increase 66% to 20.4 US cents per share.
Nanjing Panda Electronics Co., Ltd. (00553) made a significant correction. At the close, it was down 10.53 percent to HK$3.4.
Nanjing Panda Electronics Co., Ltd. announced that up to now, the company has no mature products related to brain-computer interfaces, nor has it generated relevant sales revenue. The relevant concepts will not have a substantial impact on the company's current production and operation activities. Furthermore, according to the company's 2026 semi-annual performance forecast, the company was still at a loss in the first half of this year.
Old-fashioned Gold (06181) continued its decline. At the close, it was down 4.83% to HK$287.6.
Laostore Gold released Yingxi for the first half of the year. Sales are expected to be 22.7 billion yuan to 23.35 billion yuan, up 60% to 65% year on year, and adjusted net profit is expected to be 4.31 billion yuan to 4.36 billion yuan, an increase of 83% to 85% year over year. Based on the first-quarter results estimate, Laopu Gold's second-quarter revenue was 2.3 billion yuan to 3.95 billion yuan, plummeting 76.1% to 86.9% month-on-month; net profit for the second quarter was estimated to be only 510 million yuan to 760 million yuan, a sharp drop of more than 80% month-on-month.