Hong Kong stocks closed (10.14) | Hang Seng Index closed down 0.13%, Meituan-W (03690) rose more than 6%, leading blue chip pharmaceuticals and AI hardware to continue to decline
The Zhitong Finance App learned that the market is waiting for the US CPI data for September to be released tonight. The three major Hong Kong stock indices opened lower today. The collective rise of Technet stocks in the afternoon led the Hengke Index to rise more than 2.5% at one point, and the increase narrowed markedly at the end of the session. At the close, the Hang Seng Index fell 0.13% or 31.05 points to 24314.17 points, with a full day turnover of HK$193.475 billion; the Hang Seng State-owned Enterprises Index rose 0.10% to 8183.17 points; and the Hang Seng Technology Index rose 0.91% to 4174.47 points.
According to Huatai Securities, the short-term rebound under extreme pressure is a reasonable trend, but the medium-term liquidity and fundamental restrictions have not been resolved, and the peak of lifting the ban at the end of the year is ahead. It is recommended to respond with a structure rather than chase the beta. Zheshang International believes that after experiencing phased adjustments, the market's risk appetite tends to be cautious, and the market may continue to be volatile and structured in the short term.
Blue-chip stock performance
Meituan-W (03690) led the blue chip. At the close, it rose 6.64% to HK$77.1, with a turnover of HK$4.972 billion. UBS's previous research report pointed out that competition in the mainland's rapid business and in-store markets is nearing a turning point, shifting from subsidy-led share competition to operational efficiency. The bank expects that the transformation will increasingly benefit Meituan's deep moat.
In terms of other blue-chip stocks, Xiaomi Group-W (01810) rose 5.35% to HK$26.38; Chuangke Industrial (00669) rose 3.75% to HK$130.1; Cinda Biotech (01801) fell 4.19% to HK$88.1; and Ningde Times (03750) fell 3.75% to HK$467.
Popular sector aspects
On the market, TechNet stocks rallied collectively; Meituan, Xiaomi, and Alibaba had the highest gains; consumer stocks such as dairy products and holiday concepts were generally active; petroleum and oil services stocks and shipping stocks were doing well; on the other side, the macroeconomic environment and pharmaceutical equity refinancing suppressed pharmaceuticals; AI hardware stocks such as semiconductors and optical communications continued to decline; gold stocks pulled back; and banking and domestic housing stocks showed weak performance.
Oil and oil services stocks were mostly higher. At the close, Shandong Molong (00568) rose 3.63% to HK$3.855; CNOOC Oilfield Services (02883) rose 3.07% to HK$7.88; and CNOOC (00883) rose 1.81% to HK$24.72.
Mutual attacks between Yemen and Saudi Arabia spread. On October 14, local time, according to a person in charge of the Saudi Ministry of Energy, Saudi Aramco's administrative office building in Dhahran in eastern Saudi Arabia was attacked, causing no injuries. US President Trump posted on social media on the 13th that the Houthis attacked Saudi Arabia with “very bad” methods and probably deliberately pushed up oil prices before the US midterm elections. Dongwu Securities believes that the geographical conflict is expected to strengthen global energy security demands and push the oil and gas capital expenditure center upward.
Consumer stocks such as dairy products are collectively active. At the close, H&H International Holdings (01112) rose 3.99% to HK$21.38; Youran Animal Husbandry (09858) rose 3.61% to HK$3.585; Mengniu Dairy (02319) rose 3.58% to HK$18.82; and Master Kong Holdings (00322) rose 1.99% to HK$12.29.
With the launch of the “Double 11" promotion, consumer internet platforms such as Ali, Meituan, and Jingdong ushered in leading market growth. Market expectations for a recovery in domestic demand and the peak consumption season are heating up, and the trend of some new consumer targets is strong. In terms of dairy products, on September 30, the average price of raw milk in major domestic production areas was 3.10 yuan/kg, up 0.32% from week to week, and 1.97% year on year. Everbright Securities believes that Youran Animal Husbandry and Hyundai Animal Husbandry are leading ranches, backed by leading dairy companies represented by Irimon Cows. They have bucked the trend and expanded their inventories in recent years, and the subsequent steady upward cycle of milk prices is expected to expand their competitive advantage.
AI hardware stocks such as optical communications declined. At the close, Haiguang Xinzheng (01191) fell 8.03% to HK$98.5; Cambridge Technology (06166) fell 6.63% to HK$88.7; Changfei Optical Fiber Cable (06869) fell 6.24% to HK$141.2; and Zhongji Xuchuang (03308) fell 4.78% to HK$847.5.
Global technology stocks resonated and declined in the afternoon. Lithography giant Asmack released its financial report for the third quarter of 2026. In terms of third-quarter results, the company's net sales were 11.66 billion euros, lower than market expectations of 11.72 billion euros; net profit was 4.96 billion euros, higher than market expectations of 4.1 billion euros. After the financial report was announced, Asmack's US stock fell at night. It is worth mentioning that the recent pullback in the technology sector has sparked a buzz in the market. Some private equity opinions point directly to the rise and fall of some insurance asset management, amplifying sector fluctuations. In response, some insurance industry insiders said that market fluctuations cannot simply be attributed to the trading behavior of insurance funds.
Gold stocks mostly pulled back. At the close, Shandong Gold (01787) fell 5.09% to HK$18.09; Zijin Mining (02899) fell 2.55% to HK$32.06; and Chifeng Gold (06693) fell 2.45% to HK$34.24.
A number of Federal Reserve officials have been hawking eagles one after another. Boston Federal Reserve Chairman Collins said that she is in favor of raising interest rates again this year to deal with inflation. Richmond Federal Reserve Chairman Tom Barkin said that at present, it seems that the impact is still continuing, and it is wise to take measures to deal with inflation. Furthermore, the Central Bank of Kazakhstan plans to reduce its gold reserves and switch to US debt, reducing the share of gold reserves to 75% by the end of the year. The bank's deputy governor, Mordabekova, said that US bond yields have been at a level not seen for a long time, making the US dollar more attractive and weakening the attractiveness of gold investment.
Popular exotic stocks
Tieba (01753) soared sharply. At the close, it was up 37.50% to HK$0.66.
Duiba announced the third-quarter performance of the AI skit business: According to the network scale, the number of new broadcasts in July, August, and September exceeded 6.8 billion, 12.6 billion, and 26.4 billion, respectively, adding more than 45.8 billion times, more than 9 times the total volume in the first half of the year (over 5 billion); it is expected that the AI skit business will record net profit for three consecutive months in July, August, and September, officially moving from the investment period to the harvest period.
Botai Auto Federation (02889) rose significantly. At the close, it was up 14.48% to HK$62.05.
Botai Auto Federation announced that in order to further demonstrate the firm confidence of directors and senior management in the Group's long-term business development and intrinsic value and stabilize investor expectations, executive directors Ying Zhenkai, Zhang Fukai, Xu Zhenhui, Lai Weilin, and employee director Zhang Yi made a 12-month written voluntary sales ban commitment to the company.
China Resources Building Materials Technology (01313) continued its upward trend. At the close, it was up 7.81% to HK$1.035.
According to the official website of Centennial Construction, in October, the South China cement market ushered in a wave of concentrated increases: on October 12, the price of all kinds of bulk cement bags of mainstream brands in Guangxi increased by 30 yuan/ton. During the same period, the price of all types of bagged bulk cement in eastern Guangdong and northern Guangdong increased by 30 yuan/ton at the same time. However, the implementation results have yet to be further verified by the market.
Xiaomi Group-W (01810) performed well. At the close, it was up 5.35% to HK$26.38.
In the first month of its launch, the Pengcheng series, a subsidiary of the Xiaomi Group, has secured orders for more than 70,000 vehicles. At the same time, the entire ecological layout of the company's people and cars brought about collaboration. Guojin Securities pointed out earlier that considering the high-end development of Xiaomi cars and mobile phones and the continued deepening of the AI+ strategy, it is optimistic about the uniqueness of a hard-core technology company with a closed loop in the entire ecosystem of people and cars.
Guoen Technology (02768) AH shares fell sharply. At the close, it was down 28.46% to HK$26.84.
Guoen Co., Ltd. plans to acquire 80% of China Fluorine Energy's shares with 1,504 billion yuan in cash to enter the field of fluorine chemicals. Using July 31, 2026 as the reference date, the total shareholders' equity value of the target was about 1,883 billion yuan. Compared with net book assets of 628 million yuan, the increase in value was about 200%.
Daikin Heavy Industries (01081) hit a record low. At the close, it was down 9.41% to HK$24.08.
J.P. Morgan Chase released a research report saying that the mainland wind power sector recovered sharply. Due to weak profits and slowing growth in onshore demand, the bank lowered its onshore installed capacity forecast and expected a slight increase until FY2030, but it still has a positive view on offshore wind power and export-related opportunities.