Hong Kong stocks closed (10.30) | The Hang Seng Index closed up 1.46%, and AI hardware was hit hard again, and consumer, petroleum and shipping stocks strengthened

The Zhitong Finance App learned that Hong Kong stocks opened high today, and the Hang Seng Index returned to the 20,000-three mark, with an intraday high of 23,400 points. At the close, the Hang Seng Index rose 1.46% or 335.77 points to 23294.42 points, with a turnover of HK$214.318 billion; the Hang Seng State-owned Enterprises Index rose 1.37% to 7862.22 points; and the Hang Seng Technology Index rose 0.29% to 3754.90 points. Looking at the whole month, the Hang Seng Index fell 5.36%, the National Index fell 4.35%, and the Hengke Index fell 11.73%.

Everbright Securities believes that the current valuation of Hong Kong stocks has clearly declined, but this is only a downward buffer; it does not constitute a sufficient margin of safety required for an upward trend. The two main lines that suppress Hong Kong stocks have not been broken: on the denominator side, the long-term yield on US bonds is still at an all-time high, raising the discount rate for long-term growth assets, making it difficult for valuation expansion to self-circulate; on the molecular side, the sustainability of AI capital expenditure is still being questioned, and the economy lacks upward elasticity.

Blue-chip stock performance

Mengniu Dairy (02319) led the blue chip increase. At the close, it rose 9.42% to HK$19.86, with a turnover of HK$1,115 billion. According to data from the Ministry of Agriculture and Rural Affairs, as of October 15, the average price of raw milk in major domestic production areas was 3.10 yuan/kg, which remained flat from week to week, and rose 1.97% year on year. Galaxy Securities pointed out that Mengniu has long-term investment value as one of the two leaders in the dairy industry. In the future, as the dairy industry enters a new cycle of development, it is expected to start a new round of growth with its deep heritage.

In terms of other blue-chip stocks, Nongfu Spring (09633) rose 5.90% to HK$42.34; JD Health (06618) rose 5.89% to HK$38.10; AIA (01299) rose 5.23% to HK$75.4; and Huahong Hongli (01347) fell 6.04% to HK$60.7.

Popular sector aspects

On the market, Startech shares have collectively flourished. Consumption and petroleum and petrochemicals have strengthened across the board. Mengniu Dairy has risen 9.42%, China Petroleum & Chemical shares have risen 6.22%, and Haier Smart Home has risen 5.33%; the AI narrative has been thwarted, and AI hardware continues to decline today; gold stocks bucked the trend, and Lingbao Gold fell 5.90%.

Big consumption is rising across the board. At the close, Haier Smart Home (06690) rose 5.33% to HK$19.95; Hengan International (01044) rose 4.46% to HK$21.08; China Resources Beer (00291) rose 4.33% to HK$19.77; and Anta Sports (02020) rose 4.06% to HK$74.35.

The National Development and Reform Commission recently stated that it is studying and formulating a strategy implementation plan to expand domestic demand and will accelerate the issuance and implementation, while innovating and creating offline consumption scenarios; policies to expand domestic demand, such as early consumer goods trade-in and interest rate discounts on personal consumption loans, continue to be implemented, and interest rate discount policies further expand the scope of support, increase management agencies, and raise the upper limit of interest rate discounts. Policy expectations directly boost sentiment in the large consumer sector.

The three quarterly reports of petroleum and petrochemicals have been fulfilled. At the close, Shanghai Petrochemical (00338) rose 10.31% to HK$1.23; Sinopec (00386) rose 6.22% to HK$4.865; and CNPC (00857) rose 5.66% to HK$10.82.

Sinopec's net profit for the third quarter was 13.361 billion yuan, up 57.2% year on year; Shanghai Petrochemical turned a loss into profit in the first three quarters, with net profit of 784 million yuan in the third quarter; CNPC's net profit to mother for the first three quarters was 155.776 billion yuan, up 21.9% year on year, and 51.84 billion yuan in the third quarter, up 21.6% year on year. Everbright Securities previously stated that the geographical conflict highlights the value of energy security, and the strategic position of three barrels of oil is prominent. Currently, domestic oil and gas are still highly dependent on the outside world. Geographical conflicts threaten the security of the global energy supply chain, and the task of China's oil and gas security is still arduous.

Shipping stocks rose at the same time. At the close, COSCO Marine Holdings (01919) rose 7.70% to HK$17.90; Orient Overseas International (00316) rose 3.59% to HK$158.80; and COSCO Marine (01138) rose 3.18% to HK$17.53.

On October 29, Maersk issued an announcement announcing an increase in fares for routes from the Far East to Northern Europe and the Mediterranean. The new rates will take effect from November 16, 2026. Since mid-October, Dafei, Maersk, Hapag-Lloyd, and Mediterranean Shipping have successively announced an increase in FAK tariffs from the Far East to Europe, the Mediterranean, and North Africa from October 19 to 4,500 US dollars/FEU. It is worth noting that COSCO Offshore's latest three-quarter report shows that its third-quarter revenue was 75.692 billion yuan, up 29.39% year on year, and net profit to mother was 17.230 billion yuan, up 80.73% year on year and 128.45% month on month.

The semiconductor and hardware chains continued to decline. At the close, Shenghong Technology (02476) fell 9.49% to HK$123.10; Huahong Hongli (01347) fell 6.04% to HK$60.70; and SMIC (00981) fell 4.40% to HK$42.98.

Alphabet previously released disappointing revenue data and warned that spending was high, and the stock price recorded the biggest decline in history; Amazon's large-scale capital expenditure figures and Intel released lower-than-expected sales forecasts due to weak demand for PC processors. Investors' concerns about the high cost of financing the AI boom and whether these huge investments will pay off have further intensified. In addition, domestic computing power chain reports for the third quarter were also submitted one after another last night. Xinyisheng's net profit for the third quarter increased 61% year on year but fell 19% month on month; Shenghong Technology's net profit for the third quarter fell 52% year on year, down 66% month on month; and Zhongji Xuchuang's net profit growth rate for the third quarter slowed month-on-month.

Gold stocks bucked the trend and weakened. At the close, Lingbao Gold (03330) fell 5.90% to HK$15.30; China Gold International (02099) fell 4.21% to HK$170.50; and Zijin Gold International (02259) fell 3.40% to HK$119.50.

Spot gold fell below the $4,000 mark today, hitting a low of $3965.2 per ounce. Huatai Futures believes that the current market risk sentiment is growing. The US stock technology equity is once again showing a sharp decline compounded by a rise in geographical risk. The market trend is clearly suppressed, and demand for gold investment may weaken slightly. Therefore, it is expected that the price of gold may be dominated by a volatile pattern in the near future.

Popular exotic stocks

Quantifiers (02685) have rebounded from an all-time low. At the close, it was up 16.40% to HK$2.59.

Quantifiers announced that its Silicon-based (Beijing) Intelligent Technology Development Co., Ltd. and Lansi Technology and Beijing Chaoxin Era Smart Technology Co., Ltd. have officially signed a tripartite strategic cooperation framework agreement. The three parties will establish a strategic partnership to develop in-depth cooperation in the four directions of product co-creation, joint R&D, channel co-construction, and ecological collaboration around next-generation AI hardware products such as AI glasses, physical intelligent robots, tactile dexterous hands, and digital gloves.

Mao Geping (01318) strengthened in the afternoon. At the close, it was up 13.80% to HK$49.14.

Mao Geping announced this afternoon for the third quarter of 2026. The Group's revenue increased 22% to 24% over the same period of the previous year, and net profit increased 22% to 24% over the same period of the previous year. Mainly due to the continuous expansion of the company's main brand consumer base, sales in all major categories and channels continued to perform well.

Evergrande Property (06666) resumed trading and declined. At the close, it fell 17.72% to HK$0.975.

Evergrande Property announced that Taimeng Investment's investment holding platform has signed agreements with China Evergrande and CEG Holdings to acquire Evergrande Property's 5.515 billion shares for HK$4,026 billion (51.016%) and become the new controlling shareholder. China Evergrande and CEG Holdings will withdraw from shareholding.

Sany International (00631) suffered a severe setback after its performance. At the close, it was down 15.85% to HK$6.53.

Sany International announced results for the first three quarters. The group achieved comprehensive revenue of 22.171 billion yuan, an increase of 22.2% over the previous year; parent company owners should account for profit of 1,664 billion yuan, a decrease of 2.6% over the previous year. Mainly due to rising prices of silicon wafers, silicon materials and cell raw materials, the comprehensive gross margin of emerging industry products declined, and subsidies received by the Group were reduced.

Anke Innovation (00668) recorded a record low. At the close, it was down 10.88% to HK$84.

Anke Innovation achieved revenue of 9.535 billion yuan in the third quarter, up 16.96% year on year; net profit to mother was 559 million yuan, down 27.04% year on year. The decline in profit due mainly to losses due to changes in the fair value of shares of participating companies. Furthermore, the revenue growth rate in the third quarter was lower than the cumulative 24.4% in 2026Q1-Q3, mainly due to the Amazon Prime Day promotion mistake.