Hong Kong stocks closed (09.01) | The Hang Seng Index closed down 0.93% Kuaishou-W (01024) rebounded the market and rose more than 3%, and more than 3% of domestic bank stocks hit new record highs
The Zhitong Finance App learned that expectations of interest rate hikes and energy inflation are heating up again, and high fluctuations in US bond yields are suppressing risk asset valuations. The three major indices of Hong Kong stocks were collectively lower today. By the close, the Hang Seng Index fell 0.93% or 237.26 points to 25329.73 points, with a full-day turnover of HK$238.735 billion; the Hang Seng State-owned Enterprises Index fell 0.59% to 8462.64 points; and the Hang Seng Technology Index fell 1.49% to 4550.88 points.
Guoyuan International believes that the current technology sector is closer to “strong fundamentals, valuations are suppressed by interest rates,” and fundamentals are strongly supported. It is expected that Hong Kong stocks will continue to be dominated by “index fluctuations and sector differentiation” in the short term, focusing on the direction of AI and technology hardware that can fulfill orders, revenue and profits, while focusing on the energy, coal and some raw materials sectors; traditional consumption and real estate will still have to wait for domestic demand to stabilize further.
Blue-chip stock performance
Kuaishou-W (01024) bucked the trend. At the close, it rose 3.16% to HK$34.64, with a turnover of HK$3.475 billion. Contributed 4.92 points. Kuaishou announced that Beijing Keling signed separate participation agreements with the National Artificial Intelligence Fund and Chia Tai Robotics. According to this, the National Artificial Intelligence Fund and Chia Tai Robotics each agreed to become parties to the capital increase agreement as additional investors, and to inject cash capital of RMB 1.4 billion and US$19.29 million (about 131 million yuan) into Beijing Keling, respectively.
In terms of other blue-chip stocks, Shenzhou International (02313) rose 4.16% to HK$36.56, contributing 1.81 points to the Hang Seng Index; Lenovo Group (00992) rose 1.8% to HK$30.58, contributing 5.65 points to the Hang Seng Index; Alibaba-W (09988) fell 3.33% to HK$110.4, dragging down the Hang Seng Index by 60.48 points; and Galaxy Entertainment (00027) fell 3.16% to HK$33.08, dragging down the Hang Seng Index by 3.23 points.
Popular sector aspects
On the market, large science and network stocks collectively pulled back. Alibaba fell more than 3%, Keling AI received 1.4 billion yuan from the “national team”, and Kuaishou bucked the trend and rose more than 3%; some AI application stocks strengthened, and the Ministry of Industry and Information Technology launched special actions to cultivate artificial intelligence application service providers; on the other hand, gold stocks continued to be under pressure; Macau's gaming revenue fell 1% year on year in August, and gaming stocks generally fell higher.
Domestic bank stocks are once again active. At the close, Postbank (01658) rose 2.64% to HK$5.44; Agricultural Bank (01288) rose 2.6% to HK$6.51; ICBC (01398) rose 1.52% to HK$7.685; and CCB (00939) rose 1.05% to HK$9.6.
The semi-annual reports of the six major state-owned banks were all released last Friday. Total revenue for the first half of the year was 2004,987 billion yuan, an increase of 9.38% over the previous year; net profit to mother was 712.598 billion yuan, a year-on-year growth rate of 4.41%. Overall, all six major banks continue to pay mid-term dividends. The total amount of dividends to be paid exceeds 220 billion yuan, an increase of more than 16 billion yuan over the same period last year. It is worth noting that for the first time, the six major banks collectively raised the cash dividend ratio to 31%, further increasing the return to investors.
Livestock farming stocks were higher. At the close, Dekang Agriculture and Animal Husbandry (02419) rose 6.09% to HK$57.45; Youran Animal Husbandry (09858) rose 6.78% to HK$4.33; and Modern Animal Husbandry (01117) rose 8.9% to HK$1.59.
Shen Wan Hongyuan believes that pig prices are rising seasonally, and the reduction in production capacity is still a mid-term trend. Determinant events within the year, extreme weather may affect production expectations for some varieties in 2026-2027, supporting the rise in prices of El Niño. Relevant listed companies are expected to benefit from this. In the animal husbandry sector, beef prices have rebounded again since August, along with a recovery in demand, breaking through the previous high during the year. The price of raw milk stabilized after recovering. The bank believes that the “meat and milk resonance” cycle has reached an inflection point, and suggests focusing on superior animal husbandry and modern animal husbandry.
Some AI application stocks performed brilliantly. At the close, Mingluo Technology-W (02718) rose 21.25% to HK$54.2; Haizhi Technology Group (02706) rose 12.92% to HK$57.25; and Fubo Group (03738) rose 11.42% to HK$3.415.
The General Office of the Ministry of Industry and Information Technology issued the “Notice on Launching Special Actions to Cultivate Artificial Intelligence Application Service Providers”, which proposes exploring models such as initial purchase and first use, risk compensation, etc., to increase procurement efforts for services such as large models, agents, tokens, etc., and enhance the intellectual quality and efficiency of industrial modeling. Guojin Securities said that open source model capabilities continue to improve and token costs are falling, further benefiting AI applications. The barriers and advantages of application vendors are simultaneously highlighted, and AI applications are being implemented at an accelerated pace in many directions.
Popular exotic stocks
The two IPOs broke at the top of the market. At the close, Xiying-W (00625) fell 0.12% to HK$48.5; Mecamand Robotics (09615) fell 1.87% to HK$99.8.
Fast fashion consumer giant Xiyin quickly weakened after leveling off this morning. At one point, it fell close to 10% in the intraday period. In 2022, Xiying's valuation in the private equity market was once close to 100 billion US dollars; now that it is listed, the valuation has shrunk to about a quarter of that year. The Mecamand robot, which was listed on the same day, also “broke” and fell by more than 4% this morning.
Yiju Enterprise Holdings (02048) soared in volume. At the close, it was up 289.29% to HK$0.109.
Yiju Enterprise Holdings announced its 2026 interim results, with revenue of 813 million yuan, a year-on-year decrease of 35.54%; profit attributable to company owners was 45.245 million yuan, while a loss of 298 million yuan was recorded in the same period last year. The company reached an important milestone in restructuring its overseas debt. Both the Hong Kong Plan and the Cayman Plan were approved by the majority of required plan creditors. The ruling hearings are scheduled to be held on September 11, 2026 and October 9, 2026, respectively.
Goodboy International (01086) strengthened after the results. At the close, it rose 20.44% to HK$1.09.
Goodboy International announced its 2026 interim results, with revenue of HK$4.551 billion, up 5.8% year on year; gross profit of HK$2,556 billion, up 19.7% year on year; profit attributable to parent company owners of HK$275 million, up 161.1% year on year; and an interim dividend of HK$0.2 per share, corresponding dividend of about 122%.
Kingsley Biotechnology (01548 ) has risen significantly. At the close, it was up 7.32% to HK$36.36.
Kingsley Biotech achieved revenue of US$404 million in the first half of this year, up 27.3% year on year (excluding the financial impact of the new licensing exchange during the year, same below), and adjusted net profit of US$63 million increased 203.3% year over year. Looking at business performance, benefiting from the demand for AI model training, the life science sector performed well, with revenue growth of 29% during the period.
Zhongji Xuchuang (03308) surged for a while in the afternoon. At the close, it was up 0.58% to HK$1,035.
An “unconfirmed” screenshot circulating on social platforms today claims that the White House is considering exempting the FCC from restrictions on 800G/1.6T high-speed optical modules made in China. But then some bloggers made it clear that the rumor was fake news posted by someone else falsifying their identity.