Zhitong Hong Kong Stock Exchange Unravels | The core products of the Hang Seng Index Technology Index strengthen and the giant lays out AI skits
[Anatomy Dashboard]
Yesterday, A-shares rebounded in a wave, stimulated by large capital purchases, but today it didn't last, and the market has come to a standstill. It seems that capital to protect the market is only taking action at a critical point, but it cannot withstand the pressure of the environment. On the Hong Kong side, the Hang Seng Index also fell 0.13%, but the Hang Seng Technology Index rose 0.91%.
The rise in oil prices is a major problem that persists. Although Trump announced the introduction of diesel from Russia to reduce oil prices, the first batch of about 2.25 million barrels was only enough to cover more than one day's demand in the US, and the total agreement of 4.8 million tons was only equivalent to the US consumption for 10 days. Diesel futures were almost unchanged; instead, they were higher on Tuesday. Uncertainty at the implementation level is also prominent. Russian refineries continue to be attacked, and export capacity is questionable. A new problem has arisen: Yemen's Houthi military spokesman Yahya Sareya said on social media on the 14th that Yemeni Houthis attacked Saudi Aramco (Saudi Aramco) facilities in Dhahran, Riyadh's King Khalid Airport, and Saudi Aramco's oil refinery in Riyadh. The Houthis said that operations against airports and oil facilities will continue in the next few days. It is difficult to say that the situation will be stable if America does not intervene. Looking at it this way, it is difficult to lower oil prices. CNOOC Oilfield Services (02883) has risen by more than 3%, and Sinopec's refining and chemical engineering (02386) has risen by more than 2%.
Trump made another plan: On the 14th, he posted on social media that large-scale exploration of oil, gas and mineral resources will soon be carried out in Greenland. Obviously, this is also far from being able to quench thirst. Not to mention whether Denmark or Greenland will mine for him; even if it were, it would be many years before it was mined; Trump estimates that it will all go down. The market continues to be hyped up around energy, and shipping is still rising, such as COSCO (01138) and Dongfang Overseas International (00316), which continue to rise.
It was mentioned yesterday that technology stocks have stabilized, because investors have doubts about the profitability of AI. Claude chatbot developer Anthropic is gathering a group of potential institutional investors tonight at their San Francisco headquarters for a pre-IPO Investor Day. At that time, the company will release its third-quarter revenue data for the first time. The market is very worried. If it falls short of expectations, it will be another big blow to technology. Looking at South Korea, foreign investors have accumulated net sales of 141.5 billion US dollars in the Korean market this year. Of these, Samsung Electronics and SK Hynix shares accounted for 86% of the total foreign sell-off scale. Samsung Electronics' foreign shareholding ratio fell to a new low since 2008, and SK Hynix's foreign shareholding ratio also fell below the ten-year average. Today, Lanqi Technology (06809), Changfei Optical Fiber Cable (06869), and Cambridge Technology (06166) all fell by more than 6%.
With not much solution in sight, long-term capital began to lay out the core varieties of the Hang Seng Index Technology Index. On October 7, the Hang Seng Technology Index introduced major rule reforms. It plans to announce the adjusted constituent stocks on November 20, which will officially take effect on December 7. According to iFind data, as of September 30, 2026, the top ten weighted stocks in the Hang Seng Technology Index were NetEase (09999), Alibaba (09988), Tencent Holdings (00700), Meituan (03690), Lenovo Group (00992), Xiaomi Group (01810), BYD, SMIC (00981), JD Group (09618), and Baidu Group (09888), which together accounted for 73.33% of the top ten weighted stocks. The main ones that are trending better today are Meituan-W and Xiaomi Group-W, which both rose by more than 5%; these two varieties are biased towards big consumption; and Alibaba-W, which has increased by more than 3%. This is in the direction of AI big models, chips, and cloud businesses. Next, in the direction of technology stocks, everyone will focus on switching to the varieties that can be newly shortlisted in the Hang Seng Technology Index.
AI skits are gaining momentum, and the giants are speeding up their deployment. According to data from the China Online Audiovisual Association, in the second quarter of 2026, 239,000 mini-dramas were launched domestically, of which 153,000 were AI dramas, accounting for 64%, and this accounted for more than 95% in the second quarter. In terms of the number of users, DataEye data shows that in 2025, the number of domestic comic users will only be around 120 million. Entering the first half of 2026, the number of domestic AI drama comic users is expected to quickly surpass 600 million, doubling beyond expectations compared to the previous estimate of 280 million. The giants are also speeding up the layout. In terms of AI skits, Byte is undoubtedly at the forefront, with the most complete ecosystem, including tomato novels, Seedance production models, and red fruit skits, which already have a first-mover advantage, but Tencent relied on social communication pools to launch the “Green Bubble Skits”. At the beginning, AI dramas and comics were set as first-level content entrances, and even AI dramas were recommended ahead of reality dramas on the homepage. Meanwhile, Kuaishou (01024) updated its incentive policy for short dramas, with incentives of up to 200,000 yuan for single dramas, and also launched the “AI National Creation Season”. The “AI National Creation Season” has been launched, and Keling AI is becoming the technical foundation for the Kuaishou skit ecosystem. Kling 4.0, the new Kling AI model, has started closed beta and will be officially launched in October. Reading Group (00772) also benefited the most: On October 8, the top three live skit shows produced by Reading Group occupied two seats in the top three live action skit hits, and the head effect was remarkable. Among them, the short drama “Shou Fu Jiao Niang”, produced by Reading Wen skit and adapted from Reading Wen IP, also topped the top 1 reality drama hit list for multiple days, up more than 4%; in addition, copyright leader Fubo Group (03738): plans to acquire Anqing International, an entity belonging to Dreamesh for HK$75 million, and the integration of content protection and AI video generation technology has accelerated. Dreamesh is an AI video generation platform for content creators and film studios. Its core capabilities are based on multi-agent collaboration technology. Currently, the platform has more than 20,000 creators, an increase of more than 5%.
Recently, the market has continued to explore large consumption, such as Mingchuang Premium (09896): GMV in the US market increased by about 20% year on year in the third quarter, increased by more than 30% year on year in September, and sales at the same store changed. The GMV of its own IP YOYO exceeded RMB 1 billion in the first nine months of 2026, and has expanded to 53 countries and regions around the world. It seems that consumption has been downgraded, and there is still a market for small items that are not expensive. Institutions are optimistic about their potential in the future, increasing by nearly 6%.
China Resources Building Materials Technology (01313) is somewhat interesting. It issued a profit warning on October 12. It is expected to record a loss due of about 750 million yuan to 850 million yuan for the nine months ending September 30, 2026, compared with a profit of 331 million yuan for the same period in 2025. It was announced that the trend was strong. The reason was that the fundamentals were improving later. In September, the Xijiang River in Guangxi is about to enter a dry season. The impact on external cement has been reduced. The Pinglu Canal navigation also contributed to the Liangguang cement pattern. Supply contraction caused by false peak production, dual control of energy consumption and environmental protection to reduce production capacity, and coal prices rose to 970-990 yuan/ton. As a result, cement prices in Guangdong rose again in October. Bulk prices in the Pearl River Delta rose by nearly 50 yuan/ton today.
However, the rise of Botai Auto Federation (02889) is the latest announcement that directors and senior management promised not to sell or dispose of their shares within 12 months; Guangzhou Ping An extended the ban period from 12 months to 18 months after listing. Sanfeng Holdings also promised to ban sales for 6 months. The majority shareholders' chips are locked in, and today it has risen by more than 14%.
The US CPI for September will be announced tonight, Beijing time. This report is the last inflation data before the Federal Reserve's October 27-28 meeting, and may directly affect the market's pricing of the Fed's policy path. Overall, inflation intensified in September. According to economists' estimates, overall inflation in September will rise from 3.4% to about 3.6%, up from 3.4% in August; on a monthly basis, the CPI is expected to rise 0.6% in September, up from 0.4% last month.
[Section Focus]
October 14 — A number of car companies, including BYD, Chery Group, and Geely Holding Group, issued statements today in response to the positive results of the Sino-European trade and investment negotiation mechanism. BYD issued a statement saying that recently, the second regular meeting of the Sino-European Trade and Investment Consultation Mechanism was successfully held in Beijing. The two sides conducted intensive constructive discussions on a number of key economic and trade cooperation topics, and formed many positive results and practical agreements. Geely Holding Group issued a statement stating that it welcomed and supported the positive results of the second regular meeting of the Sino-European Trade and Investment Consultation Mechanism, and appreciated the efforts made by the two sides to properly handle automobile trade differences through intensive consultations based on the principles of mutual respect and equal consultation.
The automobile industry is seriously affected domestically, and the hope is to go overseas, especially in the European market. The trade negotiations between China and Europe have made positive progress this time, which is good news for the relevant car companies.
Related varieties involved: BYD (01211), Geely (00175), Xiaopeng (09868), and NIO (09866).
[Individual Stock Mining]
Hehuang Pharmaceutical (00013): It is worth looking forward to the ESMO conference sevolitinib plus osimitinib selected for SAFFRON Global Phase III
The ESMO conference will be held soon, and the LBA title will be posted on the official website. The 2026 ESMO Conference will be held in Madrid, Spain from October 23 to 27 (local time). The title of the Late-Breaking Abstract (LBA) conference has been published on the official website, and the regular summary will be announced on October 19 (local time). The international influence of China's innovation assets continues to rise. ESMO's official website published more than 90 LBA titles, of which 12 of the most groundbreaking and most transformative LBA studies will be presented at the ESMO General Conference. Two phase III lung cancer studies of Hutchison Pharmaceuticals, cevotinib and osimitinib, were both selected for LBA breakthrough summaries and oral reports.
Comment: This time, ESMO will disclose: complete OS/PFS curve, subgroup data, detailed safety data, and quality of life score; focusing on sivortinib (and yellow) + osimitinib (AstraZeneca), comparative chemotherapy, for EGFR mutant non-small cell lung cancer with MET overexpression/amplification after drug resistance. Once the data is effective, it will bring about catalysis. The company is one of the few independent innovative oncology drug platforms in China: from early drug discovery, clinical development to domestic commercial production and sales integration; self-developed 4 new Class 1 anti-tumor drugs (furoquintinib, surufatinib, sevolotinib, and vanigratinib), all of which have been approved domestically. Fruquintinib successfully went overseas to Europe, America, and Japan. It is the earliest domestically produced targeted drug developed in China to achieve global commercialization. Ace product, fruquintinib (ioot): domestic benchmark, approved in 38 countries around the world; Takeda is responsible for overseas sales; new indications for kidney cancer and endometrial cancer are included in medical insurance; domestic sales have returned to the growth channel, and overseas sales are the company's largest source of revenue; pipeline continued to be realized: sevolotinib (Warisan, the first MET inhibitor in China) added gastric cancer indications; newly approved variglatinib (iLinda) to fill the gap in FGFR2 fusion treatment for intrahepatic cholangiocarcinoma; The listing application is in progress. Large BD milestone revenue elasticity: The ATTC platform HMPL-A830 GSK collaboration will continue to bring in cash inflows and increase R&D capital in the future. The next forecast is SAFFRON Global Phase III: AstraZeneca submits an FDA/EMA listing application (NDA/MAA). SAFFRON is a global multi-center study. After ESMO announces the complete OS, subgroups, and safety, AstraZeneca will advance the global declaration based on this set of data.