Hong Kong stocks closed (12.23) | Hang Seng Index closed down 0.11%, most technology stocks were under pressure, and gold and lithium battery stocks showed active performance

The Zhitong Finance App learned that Hong Kong stocks weakened after opening slightly higher today, and the three major indices collectively turned green in the intraday period. At the close, the Hang Seng Index fell 0.11% or 27.63 points to 25774.14 points, with a full-day turnover of HK$157.131 billion; the Hang Seng State-owned Enterprises Index fell 0.29% to 8913.83 points; and the Hang Seng Technology Index fell 0.69% to 5488.89 points.

Dongwu Securities believes that Hong Kong stocks may have short-term market conditions, but it is still recommended to keep an eye on it. The current location is attractive in terms of medium- to long-term configurations. US stocks are expected to have a “Christmas market” in the short term. There are signs of a rebound in US technology stocks. Hong Kong stock technology may resonate with US stock technology, but lifting the ban will still disrupt Hong Kong stocks. Furthermore, the allocation of Hong Kong stocks still requires position control. The bank is worried that there is still a risk of a pullback in US stocks in January.

Blue-chip stock performance

CSPC Group (01093) led the blue chip increase. At the close, it rose 7.64% to HK$8.88, with a turnover of HK$2,761 billion, contributing 8.08 points to the Hang Seng Index. According to the latest information from the Hong Kong Stock Exchange, Chairman and Executive Director Cai Dongchen increased his holdings of CSPC Group by 13.454 million shares, at a price of HK$81,957 each, for a total amount of about HK$110 million. After the increase in holdings, the latest number of shares held was approximately 2.91 billion shares, and the latest shareholding ratio was 25.26%.

In terms of other blue-chip stocks, Master Kong Holdings (00322) rose 2.07% to HK$12.35, contributing 0.8 points to the Hang Seng Index; China Resources Electric (00836) rose 1.25% to HK$17.8, contributing 0.74 points to the Hang Seng Index; Tencent Holdings (00700) fell 2.03% to HK$602, dragging down the Hang Seng Index by 42.3 points; China Unicom (00762) fell 2.03% to HK$8.2, dragging down the Hang Seng Index by 1.68 points.

Popular sector aspects

On the market, large technology stocks had mixed ups and downs, with Alibaba up 0.55% and Tencent down 2.03%. International gold prices hit another record high. Gold stocks retreated somewhat after rising in the intraday period. Shandong gold closed up more than 4%; lithium battery stocks showed active performance, with Ganfeng Lithium up more than 4%, China Innovation Airlines up more than 3%; and power equipment stocks and domestic bank stocks flourished. On the other side, Hong Kong stocks welcomed a wave of ban lifting at the end of the year. Many stocks experienced a severe setback today. Vietnam fell more than 8%, and after Sanhua Intelligent Control's profit, it still fell more than 6%; optical communications, robotics concepts, and chip stocks were generally under pressure.

1. Gold stocks rushed higher and retreated. At the close, Shandong Gold (01787) rose 4.64% to HK$37.86; Zhaojin Mining (01818) rose 2.79% to HK$33.18; and Chifeng Gold (06693) rose 1.7% to HK$32.38.

Gold has reached another record high due to the escalation of geopolitical tension and market expectations that the Federal Reserve will cut interest rates further next year. On December 23, COMEX gold futures surpassed 4,500 US dollars/ounce; spot gold surpassed 4,480 US dollars/ounce, an increase of more than 70% since this year. J.P. Morgan pointed out that tariff uncertainty, combined with strong demand from exchange-traded funds (ETFs) and central banks, will push the price of gold to a record high of more than 4,000 US dollars in 2025, while new demand from Chinese insurance giants and the cryptocurrency community may help the price of gold hit 5055 US dollars by the end of 2026.

2. Lithium battery stocks have been active. At the close, Longpan Technology (02465) rose 4.92% to HK$14.51; Ganfeng Lithium (01772) rose 4.08% to HK$56.15; China Airlines (03931) rose 3.04% to HK$26.42; and Tianqi Lithium (09696) rose 2.02% to HK$53.

The lithium branch of the China Nonferrous Metals Industry Association announced today the operation of the lithium industry in November 2025. In November 2025, the price of lithium carbonate futures gradually increased, and fluctuations gradually increased. The performance of lithium companies has rebounded in the third quarter, and the market is optimistic about future lithium prices. On the supply side, market inventories are gradually being removed at an accelerated pace, and news about lithium ore under the Ningde Era is still disturbing. Lithium salt production fell slightly, spodumene lithium production increased slightly, and lithium production from lithium mica fell slightly. On the demand side, new energy vehicles grabbed sales before subsidies declined, and energy storage performance was impressive.

Fangzheng Securities pointed out that strong demand for mobile storage is compounded by an “anti-domestic tax” policy, and the industrial chain has ushered in substantial benefits. Demand for mobile storage continues to be strong. Power batteries benefit from increased bicycle charging capacity and growth in the European market. Energy storage batteries benefit from multiple scenarios of large storage, household storage, and commercial storage. It is expected that in 2026, demand on the power side will grow by more than 15%, and demand on the energy storage side will grow by more than 40%. In terms of lithium ore, inventories continue to be removed, supply-side production expansion is slowing down, the supply and demand pattern is gradually being repaired in 2026, and the price center is rising. Lithium iron cathode: Lithium iron phosphate accounts for more than 70% of the market. Leading companies are short of production capacity, and long-tail production capacity is cleared. Demand is expected to exceed 5.2 million tons in 2026, and prices will gradually rise.

3. The wave of ban lifting began at the end of the year, and many stocks suffered severe setbacks today. At the close, Yaojie Ankang-B (02617) fell 18.08% to HK$138.2; Yuejiang (02432) fell 8.08% to HK$28.9; and Sanhua Intelligent Control (02050) fell 6.55% to HK$33.1.

The Hong Kong stock market is facing the peak of a wave of new stock sales bans. According to statistics, from December 16 to 31, the ban on holding shares of more than ten important shareholders of listed companies will be lifted one after another, including Sanhua Intelligent Control, Yuejiang, and Yaojie Ankang. On December 23, the Vietnam Frontier listing expired for one year, and its major shareholders, pre-IPO investors, and independent investors welcomed the lifting of the ban. According to the data, a total of 36 shareholders across the border have been lifted this time, and the total number of shares unbanned is about 193 million. Furthermore, the six-month ban period for investors in the cornerstone of Sanhua Intelligent Control has expired. A total of 17 shareholders have now lifted the ban, and a total of about 196 million shares have been lifted.

Popular exotic stocks

1. The trend of IPOs on the first day was mixed. By the close, Nobicam (02635) rose 363.75% to HK$371; Easy Health (02661) It rose 158.82% to HK$58.7; Hansaite-B (03378) fell 46.25% to HK$17.2.

On December 23, a total of three new Hong Kong stocks were listed on the same day, but the market trend showed both ice and fire. Among them, Nobicom, which focuses on the industrial application of artificial intelligence, surged nearly 364%, setting a record increase in Hong Kong IPOs in the past ten years; Easy Health, which provides digital comprehensive health services and health insurance solutions, also surged 158%; however, Hansi Aitai, the innovative drug circuit, fell 46%, closing at HK$17.2, which is close to the bottom of the offering price.

2. Dongfang Electric (01072) showed a strong trend. At the close, it rose 8.17% to HK$25.94.

According to Northeast Securities, Dongfang Electric is a high-end energy equipment industry. Its main business areas are wind power, solar power, hydropower, nuclear power, gas power, thermal power and chemical containers, energy saving and environmental protection, power electronics and control, hydrogen energy, energy storage, etc., and also provides engineering contracts and services to global energy operators. Its advantageous industries such as hydropower and wind power continued to improve, and autonomous gas turbines achieved breakthroughs.

3. Cathay Pacific (00293) performed well, rising 7.15% to HK$12.88 at the close.

Cathay Pacific Airways Limited said in a document on Monday that net profit in 2025 is expected to exceed the level of the previous year, and is expected to achieve the first continuous annual profit growth in ten years. The airline said that profit is expected to exceed the previous year's level of HK$9.88 billion (US$1.3 billion), mainly due to strong performance in the second half of the year, continued improvement in the financial performance of affiliated companies, and non-recurring revenue from an unnamed supplier.

4. The stock price of Taobo (06110) came under pressure and closed down 4.49% to HK$2.98.

Taobo announced that in the third quarter of the 2025/26 fiscal year, the total sales amount of the Group's retail and wholesale business fell by a high number of units year-on-year. As of November 30, 2025, the gross sales area of direct-run stores decreased by 1.3% compared to the end of the previous quarter and 13.4% compared to the same period last year.