Economic Information Daily (6th exclusive) Morgan Stanley published a report stating that considering the growth potential brought by future product launches in AI, space, and cloud computing, SpaceX's current stock price remains cheap. The news drove SpaceX to surge nearly 8% overnight, and various AI and tech stocks rose, shaking off the shadow of the U.S. bond market, with the Nasdaq index hitting a record high intraday. Hong Kong stocks followed the trend, boosting internet and tech stocks. Alibaba (09988) opened 2.94% higher, contributing 57 points to the Hang Seng Index's rise. The Hang Seng Index opened at 24,279, up 239 points or 1%. The Hang Seng China Enterprises Index stood at 8,131, up 79 points or 1%. The Hang Seng Tech Index reached 4,226, up 42 points or 1%.
Other internet and tech stocks also gained strength. Baidu (09888) rose 1.92% to HK$85, Meituan (03690) rose 1.91% to HK$72, Tencent (00700) rose 0.8% to HK$426.4, and Xiaomi (01810) rose 0.17% to HK$23.92. AI large model-related stocks also advanced: Zhipu (02513) rose 1.5% to HK$675, and MiniMax (00100) rose 1.15% to HK$247. However, semiconductor stocks retreated: Lenovo Group (00992) rose 0.06% to HK$35.94, while Huahong Semiconductor (01347) opened 0.64% lower at HK$109.3.
On the biotech front, China Biologic Products (01177) rose 2.52% to HK$5.69, Innovent Biologics (01801) rose 2.11% to HK$99.35, while BeiGene (06160) fell 1.65% to HK$215.
Midea Group (00300) fell 0.28% to HK$90.4, marking its seventh consecutive day of decline with a cumulative drop of 6.47%. Citigroup's research report noted that preliminary tourism consumption data during China's National Day 'Golden Week' holiday were weak, and it expects no substantial consumer stimulus measures to be introduced in the fourth quarter of this year. (ey)
Other internet and tech stocks also gained strength. Baidu (09888) rose 1.92% to HK$85, Meituan (03690) rose 1.91% to HK$72, Tencent (00700) rose 0.8% to HK$426.4, and Xiaomi (01810) rose 0.17% to HK$23.92. AI large model-related stocks also advanced: Zhipu (02513) rose 1.5% to HK$675, and MiniMax (00100) rose 1.15% to HK$247. However, semiconductor stocks retreated: Lenovo Group (00992) rose 0.06% to HK$35.94, while Huahong Semiconductor (01347) opened 0.64% lower at HK$109.3.
On the biotech front, China Biologic Products (01177) rose 2.52% to HK$5.69, Innovent Biologics (01801) rose 2.11% to HK$99.35, while BeiGene (06160) fell 1.65% to HK$215.
Midea Group (00300) fell 0.28% to HK$90.4, marking its seventh consecutive day of decline with a cumulative drop of 6.47%. Citigroup's research report noted that preliminary tourism consumption data during China's National Day 'Golden Week' holiday were weak, and it expects no substantial consumer stimulus measures to be introduced in the fourth quarter of this year. (ey)
