Hong Kong stocks closed (09.08) | The Hang Seng Index closed down 0.38%, and oil and copper stocks reversed the market, and Jiang Bolong (09976) broke on the first day of listing
The Zhitong Finance App learned that US stocks were closed overnight due to Labor Day, but oil prices were pushed to a six-week high due to the situation in the Middle East. The three major indices of Hong Kong stocks fell under pressure. At the close, the Hang Seng Index fell 0.38% or 95.94 points to 25317.18 points, with a full-day turnover of HK$206.17 billion; the Hang Seng State-owned Enterprises Index fell 0.38% to 8397.32 points; and the Hang Seng Technology Index fell 1.61% to 4454.85 points.
Guoyuan International believes that current Hong Kong stocks are still mainly characterized by sector rotation. Some high-dividend sectors are relatively dominant under undervaluation, policy expectations, and improved capital preferences; industry trends in the technology sector have not changed significantly, but in an environment where overseas interest rate pressure is rising, the market will pay more attention to the actual fulfillment of orders, revenue, profits, and free cash flow.
Blue-chip stock performance
CNOOC (00883) fluctuated higher. At the close, it rose 3.94% to HK$25.86, with a turnover of HK$2,749 million. The situation in the Middle East is once again heating up. On September 8, the Houthis in Yemen launched an attack on several cities in southern Saudi Arabia. Many energy facilities caught fire, and some operations were forced to be interrupted. International oil prices immediately rose sharply, and Brent crude oil was only one step away from 100 US dollars.
In terms of other blue-chip stocks, Luoyang Molybdenum (03993) rose 7.57% to HK$17.61; Zhongsheng Pharmaceutical (01177) rose 6.86% to HK$5.845; BYD Electronics (00285) fell 5.06% to HK$25.52; and SMIC (00981) fell 4.32% to HK$65.35.
Popular sector aspects
On the market, large technet stocks had mixed ups and downs. Tencent fell 0.68%, and Meituan rose 0.69%. Saudi energy facilities were attacked, international oil prices rose strongly, and oil stocks fluctuated; the innovative drug boom was compounded by the AI pharmaceutical boom, and most pharmaceutical stocks bucked the trend. Kingsley Biotech rose more than 11%; copper prices reached a record high, and the non-ferrous sector was active. On the other side, computing power hardware stocks, which showed strong performance yesterday, generally pulled back; trends such as the mobile phone industry chain and Chinese brokerage stocks are under pressure.
Copper stocks had the highest gains. At the close, Luoyang Molybdenum (03993) rose 7.57% to HK$17.61; Minmetals Resources (01208) rose 5.42% to HK$9.62; Jiangxi Copper (00358) rose 4.92% to HK$38.4; and China Nonferrous Mining (01258) rose 4.5% to HK$17.18.
Copper prices hit a record high for the second consecutive trading day, boosted by recent supply constraints and expectations that the US might impose additional tariffs on refined copper imports. LME copper rose for the fourth consecutive trading day and broke through $14,600. Since this year, traders have shipped hundreds of thousands of tons of copper to the US in an attempt to profit from the higher copper prices in the US market. Currently, the market is still betting that the US may impose tariffs on refined copper. Meanwhile, copper exports from Chile, the world's largest copper producer, fell to their lowest level in more than a year in August due to the severe winter storm and the blockage of mine production.
Oil stocks increased in gains. At the close, CNOOC Oilfield Services (02883) rose 6.62% to HK$7.65; China Petroleum & Chemical (00386) rose 4.02% to HK$4.915; CNOOC (00883) rose 3.94% to HK$25.86; and CNPC (00857) rose 3.92% to HK$10.35.
In addition to the situation in the US and Iran, the situation in Saudi Arabia and Yemen has also been rapidly heating up recently. Yemeni Houthi spokesman Yahya Sareya said that the Houthis will soon announce “extensive military operations deep within Saudi Arabia.” The Saudi Ministry of Energy said that Yemen's Houthis launched a series of attacks against Saudi Arabia on the 8th, injuring 73 civilians, including women and children, and causing fires at various energy facilities and utilities in the southern region of the country. Operation of some facilities was temporarily suspended. News of the attack quickly spread to the oil market. Brent crude broke through $99 and is only one step away from $100.
Most pharmaceutical stocks, such as CRO, rose in the afternoon. At the close, Kingsley Biotech (01548) rose 11.87% to HK$34.68; Gloria Ying (06821) rose 6.53% to HK$140.3; Tiger Pharmaceuticals (03347) rose 7.16% to HK$41.58; and Kanglong Chemical (03759) rose 3.05% to HK$29.06.
According to the Shanghai Securities Report, the boom in the innovative pharmaceutical industry is accelerating its transmission to the CRO industry chain. As innovative drug BD transactions continue to be active, pharmaceutical companies tend to have abundant R&D capital. In order to seize the innovative drug development window and guarantee project progress, pharmaceutical companies' willingness to pay for external R&D services has increased, and CRO companies have shown a “sharp rise in volume and price” trend. It is worth mentioning that the first original drug developed with the aid of artificial intelligence in China, epsvir, has been conditionally approved for marketing by the State Drug Administration. The analysis points out that AI-assisted drug development is more than just a concept; it can actually support original drugs from discovery to clinical trials to marketing.
The trend of the mobile phone industry chain is under pressure. At the close, Lansi Technology (06613) fell 4.68% to HK$23.2; BYD Electronics (00285) fell 5.06% to HK$25.52; Gaowei Electronics (01415) fell 3.7% to HK$23.94; and Qiu Ti Technology (01478) fell 3.38% to HK$5.72.
At the beginning of this month, many mainstream mobile phone brands adjusted their product prices one after another. Prices of flagship models ranged from hundreds to 1,000 yuan, while entry-level models also showed price changes of around 100 yuan. Industry insiders said that this round of price increases in mobile phones are mainly affected by the transmission of supply chain costs. Over the past year, global memory chip prices have continued to rise, and smartphone operating memory and airframe storage prices have both risen by more than 100%. In addition, according to IDC data, global smartphone shipments fell 16.7% year on year in 2026, and sales in the domestic market have declined for five consecutive quarters.
Popular exotic stocks
Jiang Bolong (09976) debuted. At the close, it was down 1.02% to HK$233.6.
Jiang Bolong, the leader in 100 billion storage modules, officially landed on the Hong Kong Stock Exchange today to officially implement the “A+H” listing structure. It is worth noting that Jiang Bolong's current Hong Kong stock issuance pricing has had quite a bit of market controversy. Based on the closing price of A shares at 358.22 yuan/share on September 7, the issue price of H shares at HK$236 per share was discounted by about 44% compared to A shares.
Haiguang Xinzheng (01191) continues to strengthen. At the close, it was up 31.58% to HK$150.
Since September 7, Haiguangxin has been officially included in the Hong Kong Stock Connect list. According to another report, Hu Yong, deputy general manager and director secretary of Haiguangxin, revealed at the mid-term results briefing that currently the entire high-speed optical module industry “has no shortage of orders, only production capacity,” and the company's order guidelines are already full for the whole of 2027. Hu Yong said that the company will begin shipping 1.6T optical modules in the second half of the year to supply leading overseas AI computing power infrastructure customers.
COFCO Jiajiakang (01610) performed well. At the close, it was up 6.75% to HK$1.265.
As of September 4, the average price of pigs nationwide was 11.06 yuan/kg, a cumulative rebound of nearly 17% from the low of 9.47 yuan/kg in late June. Huayuan Securities pointed out that the overall listing pressure has improved recently, and prices have picked up overall after supply pressure has eased; the overall improvement on the demand side has provided some support for pig prices. It is expected that prices or strong operation will dominate for some time to come.
The Ningde era (03750) hit a new low since March. At the close, it was down 1.83% to HK$562.
Recently, car companies have gradually launched “de-Ningde”. On September 7, Ideal Auto officially announced that its self-developed battery system has begun the installation process for all models. In addition, Xiaomi recently officially announced the “Longjia Battery,” and China Innovation Airlines and Sunwoda have joined the market.