《Economic Information Daily, 6th exclusive》Morgan Stanley released a report expressing optimism about SpaceX's prospects, stating its valuation remains relatively cheap. The news boosted AI and tech sectors overnight, helping them shake off the shadow of the US bond market, with the Nasdaq hitting a record high intraday. Hong Kong stocks followed suit, rallying various popular tech sectors at the opening. The Hang Seng Index rose over 300 points at one point but retreated before touching any major resistance moving averages, consolidating in the afternoon. The Hang Seng Index closed at 24,280, up 240 points or 1%. The Hang Seng China Enterprises Index closed at 8,128, up 77 points or 1%. The Hang Seng Tech Index closed at 4,223, up 39 points or 0.9%.
Stock Connect remained suspended, with funds continuing to focus on stock-picking rather than broad market speculation. Total turnover on the main board reached nearly HK$98.3 billion, similar to the previous day's level, marking the second consecutive trading day with turnover below the billion mark.
US tech stocks performed well overnight. NVIDIA (US.NVDA) rose 2.1%, hitting a new high; SpaceX (US.SPCX) CEO Elon Musk announced renaming his AI business to "SpaceXAI," and Morgan Stanley's positive call drove the stock up 7.6% overnight. Hong Kong tech and internet stocks followed higher. Alibaba (09988) rose 2.66% to HK$108.20, contributing 52 points to the market's gain. Baidu (09888) gained 3.3% to HK$86.15, Xiaomi (01810) rose 1.59% to HK$24.26, and Tencent (00700) advanced 1.23% to HK$428.20.
Reports indicate that Kuaishou (01024) may spin off its AI unit, Kiling AI, for a Hong Kong IPO as early as next year, with fundraising expected to reach at least US$1 billion. Kuaishou's stock rose 2.31% for the day to HK$30.18.
Zhipu (02513) surged 7.59% to HK$715.50 after reports that its GLM-5.3 large model has been integrated into Amazon Web Services, aiming to generate overseas revenue. Peer MiniMax (00100) rose 2.05% to HK$249.20. On the news front, reports suggest Moonshot AI is considering a Hong Kong IPO in early 2027, with a latest valuation of around US$5 billion.
AI hardware stocks bucked the trend and retreated. Lenovo Group (00992) fell 1.45% to HK$35.40, Hua Hong Semiconductor (01347) dropped 1.64% to HK$108.20, Kingboard Laminates (01888) declined 0.36% to HK$55.10, and Biren Technology (06082) fell 3.31% to HK$35.60.
Biotech stocks also rallied. WuXi Biologics (02269) gained 4.51% to HK$57.90, China Bio-Pharmaceuticals (01177) rose 4.32% to HK$5.79, WuXi AppTec (02359) advanced 2.92% to HK$218.60. Among non-HSI constituents, Akeso (06855) surged 9.77% to HK$30.78, Zai Lab (09688) rose 9.07% to HK$20.80, GenScript (01548) gained 7.67% to HK$49.14, and XtalPi (02228) advanced 5.93% to HK$8.305.
New World Development (00017) plans to issue new bonds with a 7.375% coupon to redeem three existing bonds early. Its share price fell another 3.51% to HK$5.50, marking three consecutive days of decline with a cumulative drop of 9.09%.
J&T Express (01519) rose 5.03% to HK$8.975, leading the blue chips.
Citi expressed pessimism about National Day holiday consumption, causing mainland consumer-related stocks to weaken. Anta Sports (02020) fell 2.53% to HK$71.40, Nongfu Spring (09633) declined 1.55% to HK$39.36, Mengniu Dairy (02319) dropped 0.86% to HK$17.22, and Laoxipu Gold (06181) eased 0.8% to HK$322.60.
The top three most actively traded stocks in the Hang Seng Index and H-share Index were Tencent, Alibaba, and Xiaomi. The top three most actively traded stocks in the Hang Seng Tech Index were Tencent, Alibaba, and Zhipu. (ey)
Stock Connect remained suspended, with funds continuing to focus on stock-picking rather than broad market speculation. Total turnover on the main board reached nearly HK$98.3 billion, similar to the previous day's level, marking the second consecutive trading day with turnover below the billion mark.
US tech stocks performed well overnight. NVIDIA (US.NVDA) rose 2.1%, hitting a new high; SpaceX (US.SPCX) CEO Elon Musk announced renaming his AI business to "SpaceXAI," and Morgan Stanley's positive call drove the stock up 7.6% overnight. Hong Kong tech and internet stocks followed higher. Alibaba (09988) rose 2.66% to HK$108.20, contributing 52 points to the market's gain. Baidu (09888) gained 3.3% to HK$86.15, Xiaomi (01810) rose 1.59% to HK$24.26, and Tencent (00700) advanced 1.23% to HK$428.20.
Reports indicate that Kuaishou (01024) may spin off its AI unit, Kiling AI, for a Hong Kong IPO as early as next year, with fundraising expected to reach at least US$1 billion. Kuaishou's stock rose 2.31% for the day to HK$30.18.
Zhipu (02513) surged 7.59% to HK$715.50 after reports that its GLM-5.3 large model has been integrated into Amazon Web Services, aiming to generate overseas revenue. Peer MiniMax (00100) rose 2.05% to HK$249.20. On the news front, reports suggest Moonshot AI is considering a Hong Kong IPO in early 2027, with a latest valuation of around US$5 billion.
AI hardware stocks bucked the trend and retreated. Lenovo Group (00992) fell 1.45% to HK$35.40, Hua Hong Semiconductor (01347) dropped 1.64% to HK$108.20, Kingboard Laminates (01888) declined 0.36% to HK$55.10, and Biren Technology (06082) fell 3.31% to HK$35.60.
Biotech stocks also rallied. WuXi Biologics (02269) gained 4.51% to HK$57.90, China Bio-Pharmaceuticals (01177) rose 4.32% to HK$5.79, WuXi AppTec (02359) advanced 2.92% to HK$218.60. Among non-HSI constituents, Akeso (06855) surged 9.77% to HK$30.78, Zai Lab (09688) rose 9.07% to HK$20.80, GenScript (01548) gained 7.67% to HK$49.14, and XtalPi (02228) advanced 5.93% to HK$8.305.
New World Development (00017) plans to issue new bonds with a 7.375% coupon to redeem three existing bonds early. Its share price fell another 3.51% to HK$5.50, marking three consecutive days of decline with a cumulative drop of 9.09%.
J&T Express (01519) rose 5.03% to HK$8.975, leading the blue chips.
Citi expressed pessimism about National Day holiday consumption, causing mainland consumer-related stocks to weaken. Anta Sports (02020) fell 2.53% to HK$71.40, Nongfu Spring (09633) declined 1.55% to HK$39.36, Mengniu Dairy (02319) dropped 0.86% to HK$17.22, and Laoxipu Gold (06181) eased 0.8% to HK$322.60.
The top three most actively traded stocks in the Hang Seng Index and H-share Index were Tencent, Alibaba, and Xiaomi. The top three most actively traded stocks in the Hang Seng Tech Index were Tencent, Alibaba, and Zhipu. (ey)
