Hong Kong stocks closed (09.02) | The Hang Seng Index closed down 0.07%, and some pharmaceutical stocks reversed the market and were under pressure from automobiles, non-ferrous metals, etc.

The Zhitong Finance App learned that the resurgence of disputes in the Middle East boosted inflation expectations, the “alarm” in the global bond market sounded, Hong Kong stocks fell again under pressure, and at one point the Hang Seng Index was approaching the 255 mark. At the close, the Hang Seng Index fell 0.07% or 18.52 points to 25311.21 points, with a full day turnover of HK$216.691 billion; the Hang Seng State-owned Enterprises Index fell 0.15% to 8450.1 points; and the Hang Seng Technology Index fell 0.74% to 4517.16 points.

BOC International believes that the global market is rising amidst uncertainty, and is concerned about the Federal Reserve's next move. The Hong Kong stock Hang Seng Index and Hang Seng Technology Index were adjusted in August after significant recovery in July. Benefiting from the recovery in liquidity, valuation repair, and profit improvement, the future may have a basis for further upward movement, waiting for favorable catalysis in the short term.

Blue-chip stock performance

Meituan-W (03690) bucked the trend. At the close, it was up 2.74% to HK$78.75, with a turnover of HK$3,962 billion. Contributed 17.83 points. Citibank pointed out that Meituan's second-quarter results beat expectations, and total revenue increased 14.4% year-on-year, 2.9% and 3.5% higher than the bank's and market forecasts. Profit from core local commercial operations improved significantly to RMB 5.67 billion during the period, far higher than the bank's and market expectations of $3.42 billion and $3.42 billion respectively.

In terms of other blue-chip stocks, China Overseas Development (00688) rose 4.55% to HK$12.87, contributing 3.23 points to the Hang Seng Index; BeiGene (06160) rose 2.91% to HK$219.4, contributing 11.49 points to the Hang Seng Index; Ningde Era (03750) fell 4.65% to HK$564.5, dragging down the Hang Seng Index by 8.71 points; and BYD Electronics (00285) fell 3.8% to HK$25.8, dragging down the Hang Seng Index by 1.25 points.

Popular sector aspects

On the market, large tech stocks had mixed ups and downs. Tencent fell 0.72% and Ali fell 0.45%; after the August delivery data was released, car companies were generally under pressure. Zero Sports broke the 100,000 mark, and the stock price rose by more than 1% against the market; expectations of interest rate hikes continued to heat up, and non-ferrous metals such as gold weakened again; power equipment stocks, PCB concepts, aviation stocks, etc. fell. On the other side, some biomedical stocks performed brilliantly. Baiosetu rose more than 11%, while Cornerstone Pharmaceuticals rose more than 8%.

Auto stocks are generally under pressure. At the close, Ideal Automobile-W (02015) fell 2.55% to HK$45.86; Great Wall Motor (02333) fell 2.57% to HK$7.765; and Xiaopeng Group-W (09868) fell 2.34% to HK$43.4.

A number of new car builders recently handed over their August report cards one after another. After breaking 100,000 cars for the first time in July, Zero Sports once again crossed the 100,000 mark in August; many car companies such as Xiaopeng and Ideal gathered in a narrow range of 30,000 to 40,000 cars. Furthermore, on September 1, the Ministry of Commerce and three other departments issued guidelines on overseas competition and compliance construction in the automobile industry, clearly requiring that overseas pricing by car companies should be based on cost and guided by supply and demand in the international market to avoid frequent and large price fluctuations harming the interests and brand image of overseas consumers.

The trend of non-ferrous metals is sluggish. At the close, Minmetals Resources (01208) fell 3.97% to HK$9.07; China Nonferrous Mining (01258) fell 3.13% to HK$16.12; and Zijin Mining (02899) fell 1.7% to HK$35.8.

Affected by rising energy prices, rising inflation expectations, and changes in the monetary policy expectations of major central banks, the global bond market experienced a new round of intense sell-off. The US launched a new round of air strikes on targets in Iran on Tuesday. Iran then launched a retaliatory attack. The US-Iran conflict broke out for the second time in just three days. Meanwhile, Federal Reserve officials are also sending out “hawkish” signals. Federal Reserve Governor Michael Barr said that current US inflation has continued for more than five years, and if inflation is not mitigated to a sufficient extent, it will support interest rate hikes.

Some pharmaceutical stocks performed brilliantly. At the close, Baiosaitu-B (02315) rose 11.52% to HK$63.9; Cornerstone Pharmaceutical-B (02616) rose 8.33% to HK$6.18; and Zaiding Pharmaceuticals (09688) rose 5.45% to HK$20.5.

Bohai Securities believes that judging from the 26Q2 fund position situation, the pharmaceutical and biological sector positions are still low, and there is plenty of room for restoration. Looking ahead to September, when the semi-annual report has been disclosed, leading companies in the innovation industry chain have performed well. It is recommended to focus on performance catalytic sectors supported by fundamentals. Second, the bank has long been optimistic about the development trend of domestically produced innovative drugs. The industry's prosperity is improving, and going overseas continues to interpret it. WCLC is about to be held in 2026. Excellent clinical data is expected to be read, leading to intensive sector catalysis. It is recommended to focus on investment opportunities in innovative drugs, CXO, and the upstream life science industry chain.

Popular exotic stocks

Xinyi Network Group (01686) strengthened after the results. At the close, it was up 15.34 percent to HK$5.64.

Xinyite.com Group announced its annual results for the year ended June 30, 2026. The group obtained revenue of HK$3.117 billion, an increase of 6.09%; profit attributable to the company's shareholders was HK$1,146 billion, an increase of 16.96% over the previous year; and basic profit per share was HK$28.07 cents.

Xiansheng Pharmaceutical (02096) performed well. At the close, it was up 7.64% to HK$11.83.

Xiansheng Pharmaceutical announced that it has signed an exclusive licensing agreement with Roche (Roche) to reach global development and commercialization cooperation on the CD79a/CD19/CD3 tri-specific antibody SiM0660, with a potential value of more than US$1.53 billion. The deal was signed by Xiansheng Zaiming, an innovative anti-tumor drug company under Xiansheng Pharmaceutical, and Roche.

Shandong Molong (00568) is active throughout the day. At the close, it rose 5.34% to HK$4.93.

The US Central Command said on September 1, local time, that the Central Command forces successfully completed a wave of attacks against Iranian military targets on September 1. Iran, on the other hand, fired heavy ballistic missiles at a US Marine Corps camp along Jordan's Aqaba Gulf coast.

Jiantao Laminate (01888) rebounded against the market. At the close, it was up 3.29% to HK$45.24.

At the end of last month, Jiantao Laminate announced a price increase for the seventh time since 2026. Citi expects that in early October, Jiantao Laminate will raise the price of copper clad board again to pass on costs and reaffirm the “buy” rating. The target price is HK$95.

Volume in Pujiang China (01417) plummeted. At the close, it was down 23.32% to HK$5.145.

According to an investigation by the Hong Kong Securities Regulatory Commission, only 306.998 million shares (7.58% of the issued share capital) of Pujiang China are held by other shareholders. According to the Hong Kong Securities Regulatory Commission, due to the high concentration of shares in a small number of shareholders, even if a small number of shares are traded, the price of the company's shares may fluctuate greatly.