Hong Kong stocks closed (11.10) | Hang Seng Index closed up 0.44%, AI industry chain, aviation stocks showed strong trends, and the first listing performance of the two IPOs was divided

The Zhitong Finance App learned that falling oil prices eased concerns about inflation, US stocks rebounded violently overnight, and the market is watching the US CPI data for October to be released tonight. At the close, the Hang Seng Index rose 0.44% or 108.09 points to 24557.04 points, with a full-day turnover of HK$178.175 billion; the Hang Seng State-owned Enterprises Index rose 0.07% to 8265.81 points; and the Hang Seng Technology Index rose 1.08% to 4084.45 points.

Dongwu Securities believes that the current seesaw environment is not perfect for Hong Kong stocks and US stocks. If US stocks fall more than expected, it will have a negative impact on Hong Kong stocks; if AI rebounds in US stocks, capital is likely to be cut out of Hong Kong stocks. The current liquidity environment is not as good as in July. Currently, it is difficult to reproduce the obvious excess earnings in July. Moreover, the southbound capital has not yet reached a consensus to increase the allocation of Hong Kong stocks; there is still no sign of a significant increase in the allocation of medium- to long-term foreign capital.

Blue-chip stock performance

The stock price of HSBC Holdings (00005) rebounded. At the close, it rose 4.37% to HK$143.3, with a turnover of HK$2,244 billion. J.P. Morgan Chase released a research report saying that Hong Kong bank stocks outperformed the Hang Seng Index and the Hang Seng Financial Classification Index by 4% and 6% respectively in October, reflecting market concerns that deposit competition was squeezing net interest spreads, and that rising yields in the third quarter would erode capital. The bank believes that related concerns may be excessive. Since this is largely due to banks actively managing capital costs in anticipation of further interest rate hikes, the Hong Kong dollar still has plenty of liquidity.

In terms of other blue-chip stocks, Ideal Auto (02015) rose 4.63% to HK$50.35; Huahong Hongli (01347) rose 3.76% to HK$74.55; Aluminum (02600) fell 4.91% to HK$6.97; and Alibaba (09988) fell 2.87% to HK$101.6.

Popular sector aspects

On the market, the physical AI concept took over and became the strongest main line in the game. Qunnuclear Technology teamed up with Hesai to launch a co-branded space camera, and the stock price surged 25%; AI hardware stocks such as optical communications rebounded overnight; international oil prices fell sharply in a single day, and the three major airlines collectively strengthened; and the big model duo strengthened by news of Anthropic's launch of the IPO roadshow. Both Smart Spectrum and MINIMAX increased by more than 10%. On the other side, resource stocks were under pressure. China's aluminum industry fell 4.91%, and three barrels of oil fell as oil prices fell; the trend of technology network stocks was mixed, and Alibaba fell 2.87%.

Physical AI concept stocks have exploded again. At the close, Qun Nuclear Technology (00068) rose 25.18% to HK$3.48; Sagiteng Juchuang (02498) rose 9.50% to HK$16.59; Horizon Robotics (09660) rose 7.48% to HK$3.95; and Premium Choice (09880) rose 6.90% to HK$75.15.

New products from Nvidia and Anthropic have further ignited the popularity of physical AI. According to test data released by Anthropic, in RoboDojo's two-arm simulation robot benchmark, its next-generation flagship model Fable 5.2 had an average success rate of 64.9%; Nvidia launched a new next-generation robot model GR00T 2, and released the robot learning framework Isaac Lab 3.0 and various robot training and evaluation techniques. Earlier, the Apple research team revealed that its humanoid robot autonomous control system HALO has already been implemented in Yushu Technology G1. The mission success rate is as high as 91%, and the market sees that physical AI is expected to accelerate application.

AI hardware stocks performed brilliantly. At the close, Guanghe Technology (01989) was up 9.09% to HK$60.6; Zhongji Xuchuang (03308) rose 8.99% to HK$594; Huiju Technology (01729) rose 8.81% to HK$10.99; Cambridge Technology (06166) rose 6.25% to HK$55.25; and Changfei Optical Fiber Cable (06869) rose 5.65% to HK$89.7.

Overnight, US technology stocks fought back. The Philadelphia Semiconductor Index closed up 6.85%, the optical communications sector led the way, and Coherent rose nearly 17%. Looking at peripheral risks, the easing of the situation in the US and Iran led to a flash collapse in international oil prices, and concerns about inflation and costs cooled down. At the same time, as the market's fears about the election results gradually returned to rationality, AI hardware, which had fallen over the previous period, ushered in buying to make up for itself. It is worth mentioning that TSMC recently announced that October revenue increased 59.7% year on year and 14.7% month on month, indicating strong demand for artificial intelligence chips.

Aviation stocks were boosted by a sharp drop in oil prices. At the close, China Eastern Airlines (00670) rose 8.91% to HK$2.75; China Southern Airlines (01055) rose 8.78% to HK$3.16; and Air China (00753) rose 7.23% to HK$4.08.

According to reports, negotiations on the nuclear issue between the US and Iran are progressing, and the two sides are expected to reach a preliminary agreement on Iran's uranium enrichment issue. Sources said that the US allowed Iran to enrich uranium at a concentration of 3.67% in the country, and Iran accepted it. Meanwhile, it was revealed that Iran has relented over the Hormuz issue, and the president stated that he is willing to use negotiations to break the “no war, no peace” impasse. Affected by this news, international oil prices plummeted on Monday. Cathay Pacific Haitong Securities pointed out that with the loosening of international oil prices, aviation will be the industry that will benefit the most.

Consumer electronics stocks were higher. At the close, Goldway Electronics (01415) rose 8.45% to HK$22.84; Connett Optics (02276) rose 7.27% to HK$38.38; and Sunyu Optical Technology (02382) rose 5.79% to HK$66.65.

Guohai Securities said that the industrial catalyst mainly comes from two aspects: the accelerated implementation of end-side AI products; Apple, Meta, Byte and OpenAI continue to promote AI glasses, MR headsets, and AI native devices, with subsequent new product launches and intensive supply chain order catalysts; Apple enters a new product innovation cycle in 2027, and the second generation of folding screens, AI glasses, smart homes, and the 20th anniversary iPhone models will drive up the value of promising optical, acoustic, structural components, displays, cooling, and machine assembly.

Big model stocks have strengthened. At the close, Smart Spectrum (02513) rose 11.11% to HK$482; MINIMAX-W (00100) rose 10.11% to HK$173.1.

According to reports, Anthropic's IPO process has entered the final sprint window. The 15-day silent waiting period after submitting an IPO application will officially end this week. The company will launch an official roadshow immediately after the waiting period ends. Pricing will be completed and officially listed on the NASDAQ Global Select Market during the week of November 16. The stock code is ANT. Notably, despite clear differences in expected valuations given by different institutional investors, Anthropic will still be one of the largest IPOs in US stock history.

Popular exotic stocks

The initial listing trend of the two IPOs diverged. At the close, Chip Semiconductor (07672) rose 28.38% to HK$11.4; Denglin Technology-P (09917) fell 7.79% to HK$213.

Xinde Semiconductor is a semiconductor packaging and testing service provider, mainly engaged in developing package design and providing customized packaging products and packaging product testing services. Denglin Technology is a general purpose graphics processor (GPGPU) provider that develops and sells GPGPU products using the Fabless model to meet the AI computing needs of Chinese enterprises.

Fangda Holdings (01521) resumed trading and surged. At the close, it rose 42.62% to HK$2.125.

Fangda Holdings and Tiger Pharmaceuticals jointly announced that San Rex Limited, the first foundation group, was the offender's proposal with preconditions to privatize the company through planning arrangements and proposed the cancellation of the company's listing status. The cancellation price per share was HK$2.37, a 59% premium over the suspension of trading of HK$1.49.

Yuanxin Energy Storage (09621) continued to rise the day after listing. At the close, it was up 38.91% to HK$21.6.

Yuanxin Energy Storage was previously oversubscribed by 1388.75 times during the Hong Kong public sale phase, making it one of the new energy storage stocks that has received much attention in the Hong Kong stock market recently. The company's stock price rose by more than 129% yesterday, but it dived fast in the last half hour of trading and finally closed up 59%.

Junda Co., Ltd. (02865) was catalyzed by space computing power to rise. At the close, it was up 13.32% to HK$15.4.

On November 9, the 2026 Space Cloud Industry Ecology Conference announced the “Nebula Constellation Project”, a full-stack localized space computing power network, to integrate multiple types of satellites into intelligent space-based information service systems and promote space computing power from concept to implementation. Overseas, the StarMind space computing power constellation jointly created by SpaceX and Nvidia is expected to launch in the third quarter of 2027.