Zhitong Hong Kong Stock Exchange Unravels | Large capital enters the market, and powerful stocks collectively boost gold stocks to welcome multiple catalysis

[Anatomy Dashboard]

Speaking of policy sensitivity, Hong Kong stocks are clearly superior. Today, A-shares were quite dangerous, but Hong Kong stocks opened higher. In the end, A-shares went V-shaped, and the Hang Seng Index rose 1.79%.

Today's internal and external circumstances are all favorable. Trump said he will not attack Iran before the midterm elections, which means that it will be relatively better for almost a month. But you can't believe it all; you might turn your face around at any moment. Trump's statement is also aimed at creating momentum for US stocks; falling more is bad for the election.

Our side is also taking measures. On October 8, the central bank issued a policy position on the RMB exchange rate, stressing insisting that the market play a decisive role in the formation of the exchange rate. China's trade development is rooted in an increase in the international competitiveness of the industry. China has no need or intention to gain a competitive advantage in trade through exchange rate depreciation, and has never engaged in competitive currency depreciation. The focus is on calming foreign investment expectations, reducing concerns about exchange losses, dispelling the “active devaluation” conjecture, and reducing the panic outflow of foreign capital.

A screenshot was sent from the market in the afternoon, saying, “We interviewed insurance funds at noon and asked for restraint in market smashing; the market should rebound in the afternoon.” This means that insurance funds may be guided by the window to prevent random sales. Under this atmosphere, large capital has begun to enter the market. Broad-based ETFs collectively sold more than 8.5 billion yuan in Huaxia, and the GEM ETF E-Fangye reached more than 6.8 billion yuan, both of which surpassed yesterday's full day. The China Securities 1000 ETF South, the China Securities 500 ETF South, and the Shanghai and Shenzhen 300 ETF Huatai Berry also all increased, and the turnover was all higher than yesterday.

Big money must have been the first to buy in the weighted category. Hong Kong stocks such as Tencent (00700), Alibaba (09988), NetEase (09999), and Meituan (03690) all rose by 3%. The Hang Seng Index directly stabilized.

Securities stocks are also a capital attack direction. The China Securities Association recently reported to the industry on the operations of securities companies in the first half of 2026:150 brokerage firms achieved operating income of 329.81 billion yuan and net profit of 138.664 billion yuan, up 31.38% and 23.50%, respectively. Securities are at the bottom. Objectively, there are requirements for a rebound. The Hong Kong stock Yunfeng Financial (00376) surged more than 15%, presumably speculating on the cross-border hedging and stablecoin business. Other Everbright Securities (06178) and China Merchants Securities (06099) rose more than 2%, but the volume was limited and sustainability had to be discounted.

Gold stocks performed quite strongly today. The fall in US dollar and US bond yields boosted the price of gold. Gold rose more than 1% to break through 4,200 US dollars on Friday. There is also some logic: 1) This week, OpenAI revealed hundreds of exciting AI mathematical achievements at once, which not only shocked the global math community, but also made the cryptocurrency industry “go viral” for a while. Justin Drake, a researcher at blockchain platform Ethereum, said on social networking platform X that digital currency holders should be prepared to enter the “bunker model” and transfer funds to new wallet addresses. Digital currencies are weakening, and capital may be bought more safely; 2) According to gold reserve data released by the People's Bank of China on October 7, as of the end of September 2026, China's gold reserves were 77.47 million ounces, an increase of 740,000 ounces from 76.73 million ounces at the end of August, and the scale of the increase in holdings was further increased from last month's 650,000 ounces. The Central Bank of China's current round of increasing its gold holdings began in November 2024. By the end of September 2026, it had been increasing its gold holdings for 23 consecutive months. Tongguan Gold (00340) rose more than 9%, while other Zijin Gold International (02259), Zhitong October gold stocks Chifeng Gold (06693), Zhaojin Mining (01818), Shandong Gold (01787), and Lingbao Gold (03330) all rose more than 6%.

On October 9, the Passenger Transport Association today released an update on the wholesale sales volume of new energy passenger car manufacturers in September 2026. BYD (01211) cars led by a fault of 456,713 cars, up nearly 4%; at the same time, the China Automobile Dealers Association released a list of value preservation rates for pure electric vehicles in September. Among the main pure electric models in September 2026, the Xiaomi YU7, Ideal MEGA, and NIO ES8 had excellent performance in the one-year age preservation rate, ranking in the top three. With the growth market shrinking, the Xiaomi (01810) Pengcheng series won 70,000 lock orders, which is quite strong. Today, it surged nearly 10%; the Ideal (02015) i6 fully upgraded and unveiled: the 2026 model six core experiences jumped, sprinting to global popularity, rising nearly 4%.

China's National Day holiday (October 1-7) tourist traffic performance continued to be weak. The overall tourist flow was about 2.14 billion, an average of about 306 million, a slight increase of 0.6% year on year. Although it rebounded from the 0.9% year-on-year decline during the Dragon Boat Festival holiday, it was still far below the 6.2% year-on-year increase during the National Day holiday in 2025, mainly due to outbound travel diverting domestic passenger traffic and rising fuel costs inhibiting self-driving travel. However, Macau's data is good. The first three days of Golden Week (October 1 to 3) recorded a total of 540,549 visitors, with an average of 180,183 visitors per day, an increase of 27.4% over the previous year. Together with provisional data from the Public Security Police on the fourth day (October 4), about 210,000 visitors were recorded, with a total of about 750,000 visitors over the four days. Galaxy Entertainment (00027), Wynn Macau (01128), and MGM China (02282) all rose more than 4%.

The first domestic AI ultra-realistic theatrical film “Sanxingdui: Future Past” is scheduled to hit theaters nationwide on October 23. The film uses original digital images and AI images, and has opened up key aspects such as public screening licensing and theatrical distribution, driving the market to refocus on the value of film and television IP libraries, AIGC production platforms, copyrighted materials, and distribution channels. Reading Text Group (00772): Massive Internet text IP source, with 46 AI comics broadcast over 100 million, and launched the domestic “starting theater” and overseas ToonScroll platform. It is a representative of the high degree of commercialization of “P+AI+ overseas”, with an increase of more than 7%; Zhitong October Gold Stock China Confucius (00136): full-chain IP+AI film and television production, self-developed C-live visual intelligence for digital images, film and television special effects, and asset generation; has a large inventory of IP libraries and its own theaters to convert IP novels into IP novels AI movies/series, up more than 3%.

According to monitoring data from the Business News Agency, the latest PP price is 10,190.00 yuan/ton. It has risen 5.60% in the last 30 days, 15.66% in 60 days, and 18.03% in 90 days. Related producers include Guoen Technology (02768), which rose more than 8%.

On October 8, the Shenzhen Stock Exchange announced that the Hong Kong Stock Exchange's list of securities was transferred to Yunji (02670) and Jiang Bolong (09976), which will take effect immediately. Cloud Trail (02670): The company's robots have been deployed at the level of 100 units in the Guanggu Campus of Tongji Hospital, Tianjin Nankai Hospital, and Yuyao Hospital of Traditional Chinese Medicine. Today, access has attracted a lot of capital, surging by more than 26%. Jingwang Electronics (03228), which has been transferred to the Hong Kong Stock Connect since September 29, is at the inflection point of the “second curve of basic automotive PCB+AI computing power”, up 6%.

[Section Focus]

According to Huatai Securities Research Report, on October 7, Hang Seng Index Company released the “Consultation Results and Summary of the Hang Seng Technology Index Calculation Method Revision Plan”: The consultation received 49 market responses, and all six revised proposals received more than 80% support. Five of these were adopted as proposed. The two-group stock selection mechanism was “adjusted and adopted”, and two additional entry thresholds were added to the consultation draft. The revised calculation method will be implemented in the quarterly review up to September 30, 2026. The results of the review are scheduled to be announced on November 20, and the corresponding component changes will take effect on December 7 (Monday).

The adjusted portion: 1) Minimum liquidity requirements. All non-existing constituent stocks must meet the average daily turnover of at least HK$100 million for the past 3 months; 2) Minimum income requirements. The constituent stocks selected according to the revenue growth ranking must have recorded an annual revenue of not less than HK$500 million in the last two consecutive fiscal years.

Impact: Approximately 10% of the weight was rearranged, corresponding to a rebalance of approximately HK$28.9 billion. The Ningde Era (03750) was the largest single addition, with an estimated weight of 2.27% to 2.43%, corresponding to an inflow of HK$6.6 billion to HK$7 billion.

Taken together, it is expected to be included in the market capitalization groups: Ningde Times (03750), Jiantao Laminate (01888), JD Logistics (02618), ASMPT (00522), Wall Technology (06082), Ruisheng Technology (02018), Premium Choice (09880); expected to be included in the growth groups: Oriental Selection (01797), Meitu (01357), Kingdee International (00268), and Jinshanyun (03896).

[Individual Stock Mining]

Chifeng Gold (06693): Strong resource reserves and dual layout at home and abroad Kanong mining areas are a core increase

The price of gold rebounded, and spot gold rose to 4,200 US dollars/ounce. The company released its 2026 semi-annual report. During the reporting period, it achieved operating income of 7.018 billion yuan, +33.11% year over year; net profit to mother of 1,732 billion yuan, +56.50% year over year; and basic earnings per share of 0.92 yuan, +46.03% year over year.

Comment: The company has strong resource reserves and a dual layout at home and abroad. 2026H1's own income was 6.178 billion yuan, +30.16% year over year, gross profit margin 61.63%, +7.11 pct year on year. The average sales price of self-produced cash was 1008.52 yuan/gram, +44.08% year over year. The sharp rise in sales prices was the main source of revenue growth. At the end of 2025, the amount of gold resources was 512 tons, with reserves of 105.76 tons; after the renewal of the SND project in Saipan, Laos, the amount of gold equivalent was 260 tons (gold+copper), an increase of 143%, which is the biggest source of growth in the future.

2026H1 produced 6149.24 kg of self-produced gold, -8.96% year over year, and sales volume of 6125.63 kg, -9.45% year over year, mainly due to technical improvement construction and sulfuric acid supply restrictions at the Saipan mine in Laos, production was below budget. The decline in production was hedged by rising gold prices, and self-produced gold revenue is still growing positively; medium-term increases are expected to come from the ADK slope in Ghana (which is expected to contribute 180,000 tons of ore in the second half of the year) and domestic mine expansion projects. The operating cost per unit of 2026H1 mineral gold was 383.44 yuan/gram, up about 20.18% from 319.06 yuan/gram in the same period last year. The overall cost increase was significant.

Copper provides a second growth curve. The Saipan project is a gold-copper companion mine. After the primary mine is put into operation in the future, electrolytic copper production will continue to be released. Copper prices can hedge against the risk of gold price fluctuations and achieve gold-copper two-wheel drive. With the completion of the company's technical improvements and maintenance, the company's 26H2 production is expected to resume, and costs are expected to drop.

On March 22, 2026, with the approval of the 6th meeting of the 9th board of directors of the company, the company and Zijin Gold signed a “Strategic Investment Agreement”. The company plans to issue 310,902,731 H-shares common shares to Zijin Gold. After the above transaction is completed, Zijin Gold will become the controlling shareholder of the company. After Zijin takes over, the company's operating capacity is expected to improve further. The company's resources were drastically raised to 260 tons of gold equivalent. The Kanon mining area was put into operation in 2027Q2, and 1.3 million tons of ore will be processed in the design year. After commissioning, it will lead to significant increases in mineral gold and electrolytic copper, which is the core engine for the company's 2027-2030 performance jump.