Hong Kong stocks closed (10.23) | The Hang Seng Index closed up 0.69% and returned to the 23,000 AI industry chain, robotics, and lithium battery stocks rebounded strongly

The Zhitong Finance App learned that US technology stocks fell sharply overnight, and Hong Kong stocks were still high in early trading. The Hang Seng Index once fell to 22,803.77 points, then fluctuated and rebounded. The rise of the three major indices increased in the afternoon. The Hang Seng Index returned above 23,000 points, and the Hengke Index rose more than 2%. At the close, the Hang Seng Index rose 0.69% or 158.69 points to 23093.37 points, with a full-day turnover of HK$249.784 billion; the Hang Seng State-owned Enterprises Index rose 0.87% to 7756.25 points; and the Hang Seng Technology Index rose 2.05% to 3871.66 points. Looking at the week as a whole, the Hang Seng Index fell 4.52%, the China Index fell 4.58%, and the Hang Seng Technology Index fell 5.76%.

Societe Generale Securities believes that profit, valuation and capital have yet to resonate, and that conditions for reversal at the index level are still insufficient. In terms of configuration suggestions, seize rebound and structural opportunities in the short term, and wait for catalysis in the medium to long term. The bank pointed out that dividends still have bottom position value, and the increase in profit expectations is an important clue to structural opportunities; follow up on the value transformation of “Xinhengke” and wait patiently for valuation restoration under the “smooth wind” of liquidity.

Blue-chip stock performance

BYD shares (01211) performed well. At the close, it rose 6.23% to HK$71.6, with a turnover of HK$3.66 billion. Citi recently released a research report saying that there are three factors that help establish a lower valuation limit for BYD shares and may put pressure on short positions in the market to close positions. These include the elimination of policy uncertainty; there is limited room for Western European exports to decline in FY2027; and the outlook for exports and domestic markets in FY2027 is less pessimistic.

In terms of other blue-chip stocks, China Aluminum (02600) rose 6.97% to HK$7.14; China Hongqiao (01378) rose 5.55% to HK$19.02; Ningde Times (03750) rose 5.44% to HK$356.8; and BOCHK (02388) fell 1.57% to HK$48.88.

Popular sector aspects

On the market, the AI industry chain reversed strongly, with computing power hardware, big model stocks, etc. rising; robot concept stocks broke out, and May 1st Vision was selected for Nvidia's Halos SAFE Ecosystem. The stock price surged 30%, and MegaWei Electromechanical continued to rise 16.44%; automobile stocks and lithium batteries rose 6.23%; consumer stocks generally picked up, and Bruker rose 12.64%; aluminum stocks collectively strengthened, with China Aluminum 6.97%. On the other hand, spot gold fell below 4,000 US dollars today. Gold stock trends diverged, and Zijin Gold International fell 1.14%.

AI hardware stocks rebounded in the afternoon. At the close, Jingwang Electronics (03228) rose 8.63% to HK$64.2; GigaYi Innovation (03986) rose 8.62% to HK$347.8; Shenghong Technology (02476) rose 4.93% to HK$149; and Zhongji Xuchuang (03308) rose 4.21% to HK$754.5.

On the afternoon of October 23, Zhongji Xuchuang, Xinyisheng, Tianfu Communications and others announced stable and confident business conditions. Zhongji Xuchuang claimed that production and operation were all normal, supply chain was stable, capacity utilization was sufficient, customer order demand was strong, downstream demand remained high, and orders in hand were full. It is worth noting that recently, as market concerns about the AI boom have become more intense, global technology stocks have been under considerable selling pressure. J.P. Morgan Chase said in the latest research report that the recent sell-off in AI-related stocks may be nearing its end.

Humanoid robot concept stocks exploded. At the close, May Day Vision (06651) rose 30.31% to HK$65; Xiankong Intelligence (06106) rose 24.91% to HK$66.95; Zhaowei Electromechanical (02692) rose 16.44% to HK$39.8; and Raffle Harmonics (03952) rose 15.33% to HK$31.14.

Yushu Technology rose and stopped 20 cm in the afternoon, and the total market value returned above 250 billion yuan, directly igniting sentiment between the two places. Wang Xingxing, chairman, general manager and chief technology officer of Yushu Technology, said at the 2026 World Physical AI Conference and Yushu Partner Ecological Conference on October 22 that an intelligent ChatGPT could be achieved as soon as next year. Meanwhile, GPT-6 and Gemini 4 advances in robot planning, spatial perception, and real-to-sim modeling are broadening the space for general-purpose models to participate in robot development and training. In terms of hardware, mass production by domestic machine manufacturers and Optimus continues to accelerate, and Tesla is expected to release the Optimus V3 in the fourth quarter, bringing industrial development to a new stage.

Automobile stocks and lithium batteries rose higher. At the close, Xiaopeng Group-W (09868) rose 5.10% to HK$37.12; NIO SW (09866) rose 4.11% to HK$26.32; Ideal Automobile-W (02015) rose 3.92% to HK$45.08; and Ningde Times (03750) rose 5.44% to HK$356.8.

According to an analysis by the China Association of Automobile Manufacturers, automobile exports continued to grow rapidly in September. Passenger car and commercial vehicle exports both increased month-on-month, and NEV exports accounted for more than 50% for four consecutive months. From January to September, China exported 8.205 million vehicles, an increase of 65.8% over the previous year. Automobile exports are expected to exceed 10 million this year. Furthermore, Huaxi Securities said that the lithium battery sector has been adjusted sufficiently, and the market's doubts about the increase in demand in the second half of the year and next year are gradually reflected in stock prices. With subsequent restoration of market expectations, the Ningde era, a lithium battery leader with a consolidated moat and an advantage in the upstream and downstream industrial chains, is preferred.

Consumer stocks are picking up. At the close, Bruco (00325) rose 12.64% to HK$61.5; Mao Geping (01318) rose 6.53% to HK$47.62; China Tobacco Hong Kong (06055) rose 4.60% to HK$26.38; and Shenzhou International (02313) rose 4.46% to HK$37.04.

On October 23, according to the head of the Consumer Promotion Department of the Ministry of Commerce, China's role as the “main engine” of consumption continued to be consolidated in the first three quarters of 2026, and the advantages of the hyperscale market became more and more prominent. In the first three quarters, the contribution rate of final consumption expenditure to economic growth was 46.7%, up from 0.7 percentage points in the first half of the year, driving GDP growth by 2.1 percentage points, and continuing to be the leading driving force for economic growth. CITIC Securities said that currently, some consumer sectors have low holdings, low valuations, high dividends, and potential policy expectations, and there are opportunities for phased allocation.

Popular exotic stocks

MINIMAX-W (00100) is trending strongly. At the close, it was up 16.74% to HK$187.6.

On October 23, MiniMax opened the M3.1 Flash model. The model was launched to process more than 100 trillion tokens in 72 hours. Compared with the previous generation M3 model, the M3.1 Flash model's capabilities have been comprehensively improved, and the usage cost has been reduced by 70%.

Kingdee International (00268) rose significantly. At the close, it was up 7.33% to HK$9.23.

Kingdee International signed a contract amount of 1.02 billion yuan for AI native products in the first three quarters; the ARR subscription at the end of September was about 4.604 billion yuan, an increase of about 19.3% year on year; and the net increase in ARR in the third quarter increased by about 46.9% year on year. The net renewal rates (NDR) for Kingdee AI Xinghan, Kingdee AI Starry Sky, and Kingdee AI Star were 101%, 97%, and 95%, respectively.

My Little Pony Zhixing-W (02026) rose higher in the afternoon. At the close, it was up 5.88% to HK$39.64.

My Little Pony announced that it has signed memorandums of cooperation with global travel and delivery platforms inDrive and Nvidia to jointly promote the implementation of autonomous driving products and applications. Kazakhstan will be the first pilot market for this partnership. This is also the first time that My Little Pony will expand its global business footprint to Central Asia.

Experience a sharp drop in the stock price of Gaomei Group (08371). At the close, it decreased by 23.66% to HK$1.565.

The Hong Kong Securities Regulatory Commission announced on October 22 that it is investigating eight people, including Chairman Huang Yishan and CEO Chan Wai-chun, on the company's suspicion of manipulating stock prices to cooperate with GEM's transfer to the main board listing. The Hong Kong Securities Regulatory Commission indicated that the relevant parties had artificially raised and maintained the stock price at around HK$1.32 to meet the minimum market capitalization requirement of HK$500 million required for the transfer.