Hong Kong stocks closed (09.04) | Hang Seng Index closed up 1.74%, and TechNet stocks generally rose, AI applications, pork concept stocks showed strong trends

The Zhitong Finance App learned that Federal Reserve Governor Waller sent a dovish signal, and the market's expectations for the September interest rate hike have clearly cooled down. Currently, the market is focusing on the upcoming disclosure of US non-agricultural data for August. At the close, the Hang Seng Index rose 1.74% or 437.56 points to 25650.87 points, with a full-day turnover of HK$276.857 billion; the Hang Seng State-owned Enterprises Index rose 2.02% to 8555.03 points; and the Hang Seng Technology Index rose 2.27% to 4569.8 points. Looking at the whole week, the Hang Seng Index had a cumulative increase of 0.26%, the National Index had a cumulative increase of 0.76%, and the Hang Seng Technology Index had a cumulative decline of 0.77%.

Cathay Pacific Haitong Securities believes that short-term high interest rate disturbances still exist, but as risk events gradually unfold, market risk appetite is expected to recover. Structurally, emphasis is placed on the dividend bottom value of Hong Kong stocks that have exceeded expectations, and balance the technology side with semiconductors, innovative drugs, and model manufacturers. Compared to history, Hang Seng Technology's valuation has been repaired in the short term, and the medium-term perspective is still low. As of 2026/8/28, Hang Seng Technology's PE valuation was 24.5 times, below average, with a rolling 3-year historical fraction of 90%.

Blue-chip stock performance

Lenovo Group (00992) performed brilliantly. At the close, it rose 6.09% to HK$32.4, with a turnover of HK$5,019 billion. Contributed 19.35 points. The latest quarterly results of the world's top three AI server manufacturers, Lenovo Group, Dell, and HPE, all exceeded expectations, and the biggest driving force was the rapid growth in AI server revenue and orders. Among them, the growth rate of the Lenovo Group's server business has nearly doubled. Orders from the three major AI server manufacturers are rising at the same time, indicating that global AI capital expenditure is still expanding at an accelerated pace.

In terms of other blue-chip stocks, Longhu Group (00960) rose 8.4% to HK$6.325, contributing 1.91 points to the Hang Seng Index; Meituan-W (03690) rose 5.28% to HK$81.75, contributing 34.88 points to the Hang Seng Index; Oriental Overseas International (00316) fell 2.48% to HK$149.6, dragging down 0.75 points; SMIC (00981) fell 1.25% to HK$67.2, dragging down the Hang Seng Index by 5.45 points.

Popular sector aspects

On the market, large technet stocks were generally higher. Meituan rose more than 5%, Baidu rose 4.81%, and Ali and Tencent both rose more than 2%. With the release of GPT-6 Astra, the AI application sector rose more than 13%; domestic housing stocks rose more than 13%; domestic housing stocks rose more than 14%; supply pressure eased and overall prices picked up, and pork concept stocks strengthened; innovative drug concepts generally rose, and Kangfang Biotech surged more than 11%; on the other hand, semiconductor stocks bucked the trend and fell sharply. Huahong Hongli fell more than 8%, and the CXO concept weakened. Kingsley Biotech plans to split off and go public in Hong Kong, and the stock price fell by more than 13%.

AI application stocks had the highest gains. At the close, Paradigm Intelligence (06682) rose 14.66% to HK$30.98; McFTSE (02556) rose 13.52% to HK$67.6; Reading Text Group (00772) rose 8.36% to HK$21.78; and Meitu (01357) rose 5.77% to HK$4.95.

Today, OpenAI officially released its next flagship model, the GPT-6 Astra. Officially positioned as the “world's smartest and most aligned” model, it has achieved a generational leap forward in fields such as mathematical reasoning, cybersecurity, computer operation, and scientific research. The market's pricing logic for AI is shifting from “computing power supply” to “application implementation.” President Greg Brockman directly announced at the press conference: OpenAI has achieved AGI, and the world has officially entered the AGI era. At the same time, the collective explosion in the US stock software sector also confirmed the trend of capital being switched from AI hardware to AI software applications — pessimistic expectations of “AI devouring software” are being systematically revised.

The pork concept is trending strongly. At the close, COFCO Jiajiakang (01610) rose 9.86% to HK$1.17; Muyuan shares (02714) rose 9.21% to HK$39.12; and Dekang Agriculture and Animal Husbandry (02419) rose 4.64% to HK$62.

As of September 4, the average price of pigs nationwide was 11.06 yuan/kg, a cumulative rebound of nearly 17% from the low of 9.47 yuan/kg in late June. Huayuan Securities pointed out that the overall listing pressure has improved recently, and prices have picked up overall after supply pressure has eased; the overall improvement on the demand side has provided some support for pig prices. It is expected that prices or strong operation will dominate for some time to come. Guoxin Securities anticipates that production capacity will be further accelerated in the next few months, and pig prices are expected to reverse the cycle that is expected to begin by 2027. The cash flow of leading pig companies is expected to be the first to improve and transform into a high-quality dividend target.

Some smart driving concepts are heating up. At the close, Hesai-W (02525) rose 6.31% to HK$18.19; Youchao Innovation (02431) rose 3.98% to HK$3.265; and My Little Pony Zhixing-W (02026) rose 4.05% to HK$57.75.

Tesla announced on September 3, local time, that the Cybercab driverless electric vehicle was officially put into operation in Austin, USA. Tesla said that the model does not require a steering wheel, pedals, or rearview mirror, and will be more efficient to use and take on more travel needs. It is worth noting that prior to this press conference, Tesla had already released signals that Cybercab would operate on a larger scale. According to reports, Tesla's official website has quietly launched a registration form for companies or individuals interested in purchasing Cybercab fleets.

Domestic housing stocks continued to rise. At the close, Sunac China (01918) rose 14.29% to HK$0.64; Longhu Group (00960) rose 8.4% to HK$6.325; and Vanke Enterprise (02202) rose 6.16% to HK$2.5.

On August 28, the five major ministries and commissions of the Ministry of Housing and Construction, the Ministry of Natural Resources, the Central Bank, the Financial Supervisory Authority, and the Securities Regulatory Commission intensively implemented 8 real estate documents on the same day, forming a complete system package of “3 basic documents plus 5 supporting measures”. CITIC Construction Investment pointed out that the “828” new real estate policy is not a demand-side stimulus or bailout, but rather a systematic restructuring of the new real estate development model through optimization of the existing housing sales system, project company system, host bank system, and personal housing loan system.

Popular exotic stocks

Liberal Arts Interactive (00434) jumped higher. At the close, it was up 10.8% to HK$3.13.

Federal Reserve Governor Waller said he expects to see more moderate inflation data in the future, causing the market to begin to re-evaluate expectations of interest rate hikes during the year, which had previously been rapidly heating up. Expectations of interest rate hikes have cooled to boost demand for risky assets. Liquidity-sensitive cryptocurrencies are the first to respond, and Bitcoin surpasses $80,000.

Kangfang Biotech (09926) rose significantly. At the close, it was up 11.45% to HK$101.2.

Kang Fang Biotech announced that the first-line treatment for PD-L1 positive (TPS ≥ 1%) advanced non-small cell lung cancer (NSCLC) with evosimab head-to-head with K drugs reached a key secondary OS endpoint, achieving positive results with statistically significant clinical benefits.

The stock price of Kingsley Biotech (01548) fell sharply. At the close, it was down 13.33% to HK$31.46.

Kingsley Biotech plans to split its indirect non-wholly-owned subsidiary Probio Technology Limited (Probio Biotech) and list independently on the main board of the Hong Kong Stock Exchange. The company has submitted a spin-off application in accordance with Section 15 of the Hong Kong Stock Exchange Listing Rules. The Stock Exchange Listing Committee confirmed on August 14 that the company can continue to proceed with the proposed spin-off, but details of the proposed spin-off have yet to be implemented.

Xiyin-W (00625) continued to hit a new low. At the close, it was down 9.19% to HK$38.14.

The Hang Seng Index Company issued an index notice stating that Xiying complies with the requirements of the Hang Seng Composite Index's rapid inclusion rules and will be included in the Hang Seng Composite Index and its classification index after the market closes on September 14, and will take effect on September 15. It is worth noting that since Xiying-W is a “same share, different rights” structured company, according to the Hong Kong Stock Connect mechanism, such companies also need to meet liquidity requirements, listing length requirements (6 months after listing plus 20 trading days), etc.