Hong Kong stocks closed (09.30) | Hang Seng Index closed up 0.37%, biomedical stocks showed strong trend, Huanchuang Technology (06802) first listing soared 265%
The Zhitong Finance App learned that overnight, the long-term yield on US bonds hit a 24-year high, and the three major Hong Kong stock indices declined under pressure in early trading, then fluctuated and stabilized. At the close, the Hang Seng Index rose 0.37% or 89.7 points to 24613.27 points, with a full-day turnover of HK$187.158 billion; the Hang Seng State-owned Enterprises Index rose 0.50% to 8220.08 points; and the Hang Seng Technology Index rose 0.10% to 4253.89 points. Looking at the whole month, the Hang Seng Index fell by 3.73%, the China Index fell by 3.44%, and the Hang Seng Technology Index fell 7.92%.
Zhang Yusheng, chief strategy analyst at Everbright Securities, said that the overall trend of the Hong Kong stock market was quite volatile in September, but the valuation of the Hong Kong stock market was still low. Its response to disturbances from external negative factors was sufficient, and the external environment showed signs of marginal easing since September. There is relatively limited room for Hong Kong stock valuations to shrink. The easing of marginal external disturbances resonates with the improvement in risk appetite, providing phased support for the fourth quarter market.
Blue-chip stock performance
CSPC Group (01093) led the blue chip increase. At the close, it rose 6.28% to HK$10.07, with a turnover of HK$1,583 billion. From September 28 to 29, CSPC Group continuously disclosed a number of research and development developments, involving mRNA tumor vaccines, recombinant protein vaccines, and obesity treatment. Everbright Securities previously stated that the company's BD cooperation has been fruitful, the value of the AI platform has been recognized by global giants, and it is expected that multiple pipeline data will be read during the year.
In terms of other blue-chip stocks, Hanson Pharmaceuticals (03692) rose 5.31% to HK$35.3; Pharmaceutical Biotech (02269) rose 4.77% to HK$56.05; China Life (02628) fell 2.36% to HK$28.12; and BYD Electronics (00285) fell 1.63% to HK$22.98.
Popular sector aspects
On the market, the trend of KeNet stocks is divided. Keling AI, a subsidiary of Kuaishou, will launch a new generation flagship model in October, and the stock price will rise more than 2%. The pharmaceutical industry resonated with policy and industry; the innovative drug, CRO, and AI pharmaceutical industry chains heated up at the same time; the price of gold rebounded from an eight-week low and gold stocks generally picked up; on the other hand, the consumer home loan interest rate discount policy “landed”, and domestic housing stocks reversed in a V-shape after opening and falling this morning; trends in storage concepts, semiconductors, and automobile stocks were weak.
Most biomedical stocks strengthened. At the close, Cansino Biotech (06185) rose 17.49% to HK$36.54; Hengrui Pharmaceuticals (01276) rose 10.09% to HK$50.2; British Silicon Intelligence (03696) rose 8.48% to HK$60.1; and Genting Xinyao (01952) rose 7.72% to HK$30.14.
Recently, the pharmaceutical industry has continued to be favorable. On the policy side, the US Treasury's new investment regulations in China are expected to preserve the ability of US pharmaceutical companies to reach licensing agreements with Chinese pharmaceuticals; the “15th Five-Year Plan” for the domestic pharmaceutical industry was released during the same period, further strengthening its position as an emerging pillar industry in biomedicine. On the industrial side, Novo Nordisk, Eli Lilly, and Roche have successively announced the progress of their wet test cooperation since mid-September. With intensive scaling up of MNC and AI Labs, early drug discovery is shifting from low-frequency verification to high-frequency, high-throughput rapid iteration. It is worth noting that recently, major BD and strategic partnerships have been implemented intensively, covering cutting-edge directions such as oral weight loss, RAS, and dual antibodies, with a single transaction amount exceeding 2 billion US dollars.
Gold stocks are generally picking up. At the close, Shandong Gold (01787) rose 5.02% to HK$19.46; Chifeng Gold (06693) rose 4.97% to HK$36.32; and Zhaojin Mining (01818) rose 3.14% to HK$18.05.
This afternoon, spot gold continued to rise, breaking the 4,200 US dollar mark at one point. Federal Reserve Board and New York Federal Reserve Chairman John Williams said “there is no need to rush” after the September rate hike. If the economy meets expectations, it is possible to raise interest rates again this year, and more data will help the Federal Reserve decide on the next direction of interest rate policy. After its statement, traders cut their bets on the Federal Reserve's interest rate hike in October, and the probability of an October rate hike fell from about 70% to about 50%. CITIC Futures believes that the continuation of the rebound in gold depends on whether cooling growth can drive real interest rates back down. The future focus will be on PCE inflation and non-farm payrolls data.
Airline stocks performed brilliantly. At the close, China Eastern Airlines (00670) rose 4.99% to HK$2.63; Air China (00753) rose 4.50% to HK$3.95; and China Southern Airlines (01055) rose 3.60% to HK$3.02.
International oil prices fell significantly overnight due to reasons such as the release of US reserves and the gradual recovery of crude oil outflows from the Middle East. Furthermore, Trump said in Washington on Tuesday that the war with Iran will soon be over, and oil prices will drop sharply at that time. It is worth noting that the Civil Aviation Administration recently pointed out that people are more willing to travel during the Mid-Autumn Festival and National Day holidays, and called for increased capacity supply during key periods. Guojin Securities believes that air freight rates have maintained a high year-on-year growth rate, and the economy is still resilient. The passenger transport side is concerned about the fulfillment of volume and price during the National Day holiday.
Domestic housing stock trends diverged. At the close, Sunac China (01918) fell 5.07% to HK$0.655; Country Garden (02007) rose 3.68% to HK$0.197.
The Ministry of Finance, the People's Bank of China, and the General Administration of Financial Supervision have made it clear that interest rate discount policies for residential home purchase loans will be implemented starting October 1, and the policy period is tentatively set for 1 year. The current interest rate discount policy as a whole is a precise support for specific groups in need, rather than a comprehensive stimulus. The housing purchased by a single household does not exceed 120 square meters, and the purchase price is no more than 1.5 million yuan. Eligible commercial personal housing loans for the first housing unit can enjoy an annualized interest rate discount of 1 percentage point. The interest rate discount period is up to 5 years, which is equivalent to one-third of the preferential interest rate; taking a long-term loan of 1 million yuan as an example, interest payments can be reduced by up to 50,000 yuan.
Popular exotic stocks
Huanchuang Technology (06802)'s first launch soared. At the close, it was up 265.68% to HK$215.2.
Huanchuang Technology, the leading physical AI sensing leader, officially landed on the main board of the Hong Kong Stock Exchange today. On the first day of listing, it took on the strong sentiment of the dark market and emerged from an even more popular market. The previous high margin ratio of 3546.91 times refreshed the Hong Kong stock overpurchase list for the second half of 2026, and the popularity was fully realized.
Jinchuan International (02362) resumed trading and surged. At the close, it was up 25.00% to HK$0.795.
In the first half of this year, the company achieved revenue of 460 million US dollars, an increase of 152% over the previous year; shareholders should account for profit of 478.16 million US dollars, an increase of about 7.7 times over the previous year. The increase in performance stemmed from a sharp rise in the volume and price of copper and cobalt. Copper production in the first half of the year was 38,214 tons, up 37% year on year, and cobalt production jumped from 71 tons to 4,345 tons in the same period last year.
Daikin Heavy Industries (01081) climbed again. At the close, it was up 7.99% to HK$34.32.
Recently, positive changes such as large-scale project reserves, the reform of the German auction mechanism, and France's AO10 are increasing the visibility of future order recovery in the European Seabreeze supply chain. According to reports, Daikin Heavy Industries' revenue is highly concentrated in the European market. It previously disclosed in its prospectus for listing in Hong Kong that during the record period, the European market revenue had already exceeded half of the company's total revenue.
Huiliang Technology (01860) reached a new high. At the close, it was up 7.48% to HK$13.51.
Huiliang Technology is expected to launch the next-generation AI Infra with GPU as the core in October 2026 to further enhance complex model training and real-time reasoning capabilities, and support large-scale application of IAP ROAS models in medium to heavy game scenarios. In addition, Huiliang Technology has repurchased shares for two consecutive days, with a total repurchase of 530,000 shares, with a cumulative repurchase amount of HK$6.638,900.