The Economic Information Agency reported on the 9th that the latest U.S. employment data showed strong figures, with the unemployment rate also declining, supporting expectations for a rate hike at the Fed's final meeting this year. After the AI sector collapsed last week, Asian stocks rebounded this morning, with Hong Kong markets also rising. The Hang Seng Index stood at 24,531 at midday, up 49 points or 0.2%, with main board turnover exceeding HK$97.4 billion and northbound funds net inflow of about HK$2 billion. The Hang Seng China Enterprises Index stood at 8,291, up 17 points or 0.2%. The Hang Seng Tech Index stood at 4,081, up 2 points or less than 0.1%.

Meituan (03690) fell 5.47% to HK$76. Morgan Stanley published a research report stating that China's e-commerce industry is losing growth momentum, while competition has not diminished, and ongoing competition could erode the expected "maturity dividend" of the market. The firm downgraded its ratings for Pinduoduo and Meituan to "in line with the market." Other tech and internet stocks performed steadily: Alibaba (09988) rose 0.1% to HK$105, Tencent (00700) rose 0.38% to HK$421.4, Baidu (09888) rose 1.34% to HK$79.25, and Xiaomi (01810) fell 0.26% to HK$30.3.

Biotech stocks fell at midday: WuXi Biologics (02269) rose 3.49% to HK$49.28, WuXi AppTec (02359) rose 3.2% to HK$199.8, Zai Lab (09688) surged 13.18% to HK$20.78, Genscript Biotech (01548) rose 5.92% to HK$32.18, Akeso (09926) rose 4.81% to HK$89.35, and Insilico Medicine (03696) rose 4.54% to HK$39.16.

AI hardware stocks followed the broader Asian market recovery: Lenovo Group (00992) rebounded 2.39% to HK$19.26, SMIC (00981) rose 2.41% to HK$46.68, and Hua Hong Semiconductor (01347) rose 3.13% to HK$72.4.

Longfor (00960) saw weak sales performance, with its share price falling 3.05% to HK$4.445. CATL (03750) fell 3.05% to HK$368.4.

The three most actively traded stocks in the HSI, HSCCI, and Tech Index were Tencent, Alibaba, and Meituan respectively. (ey)