Hong Kong stocks closed (09.09) | Hang Seng Index closed down 0.17%, Youdi Robot (03231) first listing soared 150%, Haidilao (06862) volume fell sharply by 9%

The Zhitong Finance App learned that due to the escalation of tension in the Middle East, Brent crude oil futures hit the $100 mark for the first time since the end of July. The three major indices of Hong Kong stocks continued to decline today. By the close, the Hang Seng Index fell 0.17% or 42.22 points to 25274.96 points, with a full-day turnover of HK$204.945 billion; the Hang Seng State-owned Enterprises Index fell 0.34% to 8369.05 points; and the Hang Seng Technology Index fell 0.76% to 4420.79 points.

Dongwu Securities believes that Hong Kong stocks are still in the volatile consolidation phase. In addition to paying attention to the Fed's interest rate hike, we also need to keep an eye on potential changes in tariffs, geography, technology, etc. before and after the Sino-US meeting; be wary that the US-Iran conflict may prolong, and the market is relatively underestimating geopolitical risks. Currently, oil prices and shipping are still priced at manageable prices. If delayed, inflation expectations and risk aversion will return at the same time, boosting concerns about US debt and interest rate hikes while suppressing risk appetite.

Blue-chip stock performance

Lenovo Group (00992) performed brilliantly. At the close, it rose 6.79% to HK$32.42, with a turnover of HK$3.142 billion. CaiTong Securities's latest estimates show that even after fully considering the share capital dilution that may be brought about by the exercise of convertible bonds and warrants, Lenovo's FY2026/27 and FY2027/28 target prices still reached HK$58.6 and HK$72.2, respectively. There is potential room for growth of more than 90% and 140%, respectively, compared to the current stock price.

In terms of other blue-chip stocks, Weichai Power (02338) rose 6.45% to HK$34.02; China Hongqiao (01378) rose 4% to HK$24.46; Haidilao (06862) fell 9.14% to HK$10.34; and Wanzhou International (00288) fell 4.38% to HK$7.1.

Popular sector aspects

On the market, most of the large science and network stocks pulled back, and Baidu Group reversed the market and rose nearly 3%. The market showed obvious structural differentiation: the AI hardware chain was the leading force. The optical communication concept was boosted by the opening of the Expo and overnight US stock mapping. Xizhi Technology rose more than 19%, Changfei Optical Cable rose more than 7%, spot gold returned to 4,400 US dollars, gold stocks fluctuated higher; power equipment, shipping stocks, etc. performed brilliantly; on the other side, shareholders reduced their holdings and cashed out over HK$2.7 billion, and Haidilao stocks fell heavily under pressure.

The optical communication concept led the way against the market. At the close, Heizhi Technology-P (01879) rose 19.19% to HK$371.4; Changfei Optical Fiber Cable (06869) rose 7.24% to HK$183.6; and Huiju Technology (01729) rose 7.42% to HK$19.25.

The 27th China International Optoelectronic Exposition (CIOE) will be held for three consecutive days starting today at the Shenzhen International Convention and Exhibition Center. The exhibition will focus on showcasing cutting-edge solutions such as 1.6T high-speed pluggable optical modules, CPO/NPO co-packaged optics, and MPO high-speed optical connectors. Meanwhile, overnight, US Optical Communications concept stocks bucked the trend due to heavy commercial cooperation. Qualcomm announced that it has reached a customized AI chip cooperation agreement with Amazon spanning multiple generations of products. The cooperation covers the depth of high-speed optical connection technology for connecting computing components. It is estimated that related chip orders can reach up to 60 billion US dollars within ten years. Meanwhile, Corning announced that it has signed a multi-year supply agreement with US telecom giant Verizon that will last until 2032 and is worth several billion dollars.

Shipping stocks fluctuated higher. At the close, COSCO Marine Energy (01138) rose 5.11% to HK$18.91; Pacific Shipping (02343) rose 3.75% to HK$4.43.

Affected by a combination of factors such as geographical conflicts and extreme climate disturbances, freight rates on the two major segments of oil tankers and dry bulk have continued to rise since this year, and the traditional seasonal fluctuation rules of the industry have been broken. China Merchants Securities pointed out that in terms of oil transportation, the current VLCC freight rate has rebounded to 160,000 to 170,000 US dollars/day, and global inventories are at a low level, and demand for replenishment is expected to gradually be released from September to next year; in terms of dry bulk, due to climate and canal congestion, the boom in the third quarter is expected to remain high. If the El Niño phenomenon intensifies from the fourth quarter to next year and causes canal droughts, freight rates may rise further.

Non-ferrous stocks such as gold are active. At the close, China's nonferrous mining industry (01258) rose 3.08% to HK$17.71; Lingbao Gold (03330) rose 2.37% to HK$24.16.

Spot gold continued to rise in the afternoon, reaching 4,400 US dollars/ounce, ending the previous three-day continuous decline. The agency pointed out that in the short term, the Federal Reserve's statement suppresses metal prices, but the “gold nine silver ten” traditional peak demand season is approaching, which will provide substantial support for prices. Low copper inventories are compounded by accelerated price resilience; after disturbances in aluminum supply abated, signs of recovery in domestic demand began to show signs; lithium prices benefited from high downstream production schedules and poor resumption of mica production, and are expected to rebound. Furthermore, although precious metals are under pressure in the short term, US inflation and employment data continue to weaken. Combined with the weakening trend of central bank gold purchases and US dollar credit, the medium- to long-term gold price center is still moving upward.

Coal stocks continued to rise. At the close, Power Development (01277) rose 4.67% to HK$2.13; China Shenhua (01088) rose 2.72% to HK$46.86; and Yankuang Energy (01171) rose 2.76% to HK$13.79.

Recently, coal prices have been rising at an accelerated pace. According to data, on September 4, the market price of 5,500 kcal thermal coal at Qinhuangdao Port was 962 yuan/ton, up 81 yuan/ton from the previous week, up 282 yuan/ton from the previous week, a record high since October 2023; on September 4, the market price of coking coal produced in Shanxi was 2,395 yuan/ton, up 179 yuan/ton from the previous week, up 1,139 yuan/ton year on year, a new high since June 2022. Cathay Pacific Haitong Securities pointed out that rising prices are the most central factor in improving the performance of the industry. Looking ahead to the second half of the year, the bank expects a further increase in the coal price center, boosting the performance of coal companies.

Popular exotic stocks

Youdi Robotics (03231) surged on the first day of listing. At the close, it was up 153.84% to HK$36.68.

On September 9, Youdi Robotics was successfully listed on the main board of the Hong Kong Stock Exchange, becoming the first full-scene commercial service robot in the Hong Kong stock market. The offering was warmly sought after by the market. The public sale oversubscribed 140.02 times, and Shangtang Group and 58 Tongcheng subsidiary institutions were successfully introduced as cornerstone investors. The capital market highly recognizes the company's track value and growth potential.

Jiang Bolong (09976) continued to decline the day after listing. As of press release, it was down 10.1% to HK$210.

Jiang Bolong's discounted issuance and holdings reduction attracted attention. The current H share issuance price was over 40% off of the closing price of 358.22 yuan on September 7. A month ago, Jiang Bolong just completed a round of 3.7 billion yuan of fixed A-share increases with 560 yuan per share. On the other hand, during the year, many directors and shareholders of Jiang Bolong also reduced their holdings in A-shares at a high level.

Haidilao (06862) volume fell sharply. As of press release, it was down 9.14% to HK$10.34.

According to transaction documents, Haidilao's shareholder SP NP raised HK$2.75 billion through the sale of 259 million shares. The share sale price was set at HK$10.62 per share, a 6.7% discount from Tuesday's closing price, with UBS acting as the single bookkeeper. It is worth mentioning that according to historical announcements, the actual controller of the entity involved in the stock holdings reduction this time is Shu Ping, the wife of Haidilao founder Zhang Yong.

China Shipbuilding Defense (00317) reinstated Wulianyang. As of press release, it rose 6.25% to HK$14.8.

In August, the new ship price index was 186.34, up 0.04% year on year, up 0.46% month on month, and rebounded for 5 consecutive months. Guojin Securities believes that the trend of ship prices entering a secondary upward channel is firmly established. The rise in shipping prices has increased the forward profit contribution of orders, and the high performance growth of domestic shipping companies has continued to prolong.

Weichai Power (02338) rose again. As of press release, it rose 6.45% to HK$34.02.

According to Huachuang Securities, Weichai Power sold 65,000 units of power generation products in the first half of the year, an increase of 31% over the previous year, including 6,700 M-series large-bore engines, an increase of 32% over the previous year. The data center sold more than 1,400 diesel units during the same period, surpassing the total volume for the full year of 2025, and successfully entering the core supply chain of the world's top data centers and leading cloud vendors.