Hong Kong stocks closed (11.13) | The Hang Seng Index closed down 1.55%, with AI hardware stocks leading the decline, pork concepts, and oil stocks were active against the market

The Zhitong Finance App learned that Nvidia's lightning change of command, compounded by the Iran issue driving up oil prices, etc., the three major indices of the Hong Kong stock market opened low and went low, and the Hang Seng Index once again fell below the 24,000 mark. At the close, the Hang Seng Index fell 1.55% or 370.95 points to 23637.60 points, with a full day turnover of HK$195.857 billion; the Hang Seng State-owned Enterprises Index fell 1.48% to 7937.53 points; and the Hang Seng Technology Index fell 3.02% to 3813.19 points. Looking at the whole week, the Hang Seng Index fell 3.45%, the China Index fell 4.07%, and the Hengke Index fell 6.50%.

Sino-Thai International believes that the probability that the US will raise interest rates in December is still as high as 70%. Combined with December being the peak period when the Hong Kong stock ban is lifted, it is expected that the investment climate in Hong Kong stocks will continue to be sluggish. Shen Wan Hongyuan recently stated that the main reason for the “value clearly outperformed growth” of Hong Kong stocks in 2026 was the double kill between profit and valuation in the technology sector. Looking ahead to 2027, the main trend in global trading may change, and there is room for Hong Kong stocks to return to the average.

Blue-chip stock performance

CNPC (00857) reversed the market and led blue chips. At the close, it rose 2.79% to HK$10.33, with a turnover of HK$1,053 million. The uncertain progress of the US-Iran negotiations boosted oil prices, and oil was brought back above 95 US dollars overnight. US President Trump said on November 12 that the US “does not need” to reach an agreement with Iran. Meanwhile, the Islamic Revolutionary Guard Corps of Iran issued a statement on the 13th saying that it attacked and destroyed the US military's early warning radar in Bahrain that day.

In terms of other blue-chip stocks, Sunyu Optical Technology (02382) rose 2.41% to HK$65.85; Midea Group (00300) rose 1.09% to HK$101.6; Bank of China (03988) rose 0.64% to HK$6.28; and Lenovo Group (00992) fell 6.33% to HK$17.62.

Popular sector aspects

On the market, capital was withdrawn from the AI computing power chain to high dividend and defensive assets. Petroleum stocks reversed the market, with geographical premiums and three-quarter reports surpassing expectations; domestic bank stocks rose across the board, bringing linkages to record highs; the pork concept rebounded at a low level, breaking the regulatory line to strengthen capacity removal expectations; AI industry chains such as optical communications and PCB were under pressure, and Zhongji Xuchuang all fell by about 10%. After SMIC's performance surged more than 7%, it fell; Technology Network stocks, gold stocks, auto stocks, etc. weakened.

The pork concept is active against the market. At the close, Muyuan shares (02714) rose 4.55% to HK$40.4; COFCO Jiajiakang (01610) rose 2.95% to HK$1.22.

According to pig data monitoring, on November 13, 2026, the average price of three-yuan pigs nationwide was 8.71 yuan/kg, up 0.13 yuan/kg from yesterday. Nationwide, pig prices in many parts of the north and south changed their previous trend of weakening unilaterally, and the market experienced a phased rebound from bottom. However, the industry generally warns that this round of market rebound is more about emotional healing after a fall. Whether pig prices can continue to rebound and how high they can rebound in the future is yet to be further verified by the market. Huatai Securities, on the other hand, said that the recent second decline in pig prices has exceeded market and industry expectations, the industry's cash flow losses have increased, or the reduction in production capacity that has driven sow breeding has exceeded expectations, opening up space for long-term pig price flexibility and sustainability.

Oil stocks rose slightly. At the close, CNPC (00857) rose 2.79% to HK$10.33; Sinopec (00386) rose 1.71% to HK$4.75; and CNOOC Services (02883) rose 0.43% to HK$6.93.

The external market reversed the initial decline yesterday and closed higher. WTI's December contract closed at $88.74 per barrel, up 2.55%; Brent's January contract closed at $95.82 per barrel, up 3.3%. Trump said on social media on the 12th that the US no longer needs to reach an agreement with Iran. Those days are long over, saying that the US side has control of Iran's capital and the strait, and asked Vance to switch to domestic affairs. This statement dispels the previous day's reports that Vance will meet with Rezai and have been authorized. Iran hardened at the same time. Rezai said that he would not allow any enriched uranium to leave the country. The former strait will continue to be closed if the seven conditions are not implemented. If the US attacks again, the scope of the counterattack will be extended to US military bases in Europe.

The AI industry chain is under collective pressure. At the close, Jingwang Electronics (03228) fell 13.73% to HK$48.96; Shenghong Technology (02476) fell 13.46% to HK$100.3; Zhongji Xuchuang (03308) fell 9.39% to HK$588.5; and Changfei Optical Fiber Cable (06869) fell 7.28% to HK$88.5.

The decline in the AI hardware industry chain deepened in the afternoon. Furthermore, South Korea's KOSPI index rebounded a 3% increase, and foreign investment switched from buying to selling. Nvidia CEO Hwang In-hoon resigned on Thursday, and Chief Financial Officer Kress became the interim CEO. The market is worried that this personnel turmoil will affect computing power hardware vendors such as optical modules, high-speed connectors, servers, and PCBs that are deeply bound to Nvidia. Some analysts believe that the market originally had doubts about the scale of AI spending, debt financing, and return on investment. If uncertainty about succession and operating prospects continues, the valuation of the entire AI stock market may be further pressured.

Gold stocks weakened along with the price of gold. At the close, Zijin Gold International (02259) fell 4.19% to HK$121.2; Zijin Mining (02899) fell 3.79% to HK$26.88; and Shandong Gold (01787) fell 2.30% to HK$17.44.

On Thursday, the price of gold fell below 3,860 US dollars, a new low in more than a year due to rising US Treasury yields, the strengthening of the US dollar, and the intensive hawking of the market on Federal Reserve officials. The unstable geographical situation has heightened concerns about inflation. US President Trump said a few days ago that the US does not need to reach an agreement with Iran. CITIC Futures pointed out that in the outlook, short-term gold remains volatile and under pressure, focusing on PPI, the Federal Reserve's statements and short-term interest rate trends this week. If price pressure continues to exceed expectations, discussions on more drastic interest rate hikes may further depress the price of gold.

Popular exotic stocks

China Star Aerospace (06935) debuted. At the close, it was down 3.53% to HK$24.02.

Guoxing Aerospace is a space AI company dedicated to building a space computing infrastructure that empowers artificial intelligence, and provides technology products and services such as space computing and artificial intelligence to the world. The company's current offering price was set at HK$24.90 per share. The public offering portion of this prospectus was subscribed 3.43 times, and the international sale portion was subscribed 1.79 times.

China's Confucius (00136) surged against the market. At the close, it was up 10.23% to HK$1.455.

China's Confucius announced in September this year that the group is actively promoting a long-term strategy to empower the main content business with technology. With an industrial foundation in film, television, games, streaming media, and intellectual property reserves, the Group is closely connecting script creation, asset production, distribution and operation, and user interaction through AI technology.

Samsonite (01910) rose higher after the results. At the close, it was up 5.30% to HK$15.51.

Samsonite's net sales for the third quarter were US$873 million, flat year on year, up 0.6% on a constant exchange rate basis; profit attributable to equity holders was US$581.0 million, a decrease of 21.0% year on year. The company also announced that from November 13, 2026, a further share repurchase plan will be implemented in accordance with the 2026 share repurchase authorization.

BOSS Direct Recruitment-W (02076) stock price fell sharply. At the close, it fell 24.69% to HK$48.54.

CICC expects the company's third-quarter revenue to increase 11.4% year over year to 2.41 billion yuan, close to the bottom line of previous company guidance; non-GAAP operating profit increased 15.2% year over year to 1.04 billion yuan. The bank indicates that demand for short-term recruitment is weakening, and the 2026 and 2027 revenue forecasts were lowered by 2% and 4% to 9.06 billion yuan and 9.86 billion yuan, and the non-GAAP net profit forecast was lowered by 5% and 4% to 3.77 billion yuan and 4.15 billion yuan.

Junda shares (02865) were under pressure throughout the day. At the close, it was down 9.55% to HK$12.13.

Junda Co., Ltd. decided to terminate the 5GW high-efficiency battery production base project in Oman. The announcement said that since the project was established, the external business environment and project implementation conditions have changed significantly. International trade frictions have intensified, geopolitical uncertainty in the Middle East has increased, and changes in the PV technology export policy have taken place. After careful research by the company, it was decided to stop implementing the Oman project.