The Economic Information Daily reported on the 11th: U.S. October CPI rose 0.4% month-on-month, exceeding expectations. Core CPI, excluding food and energy prices, rose 0.3% month-on-month, also higher than expected. Coupled with several Federal Reserve officials adopting a hawkish tone, Board member Waller even suggested a potential 50 basis points rate hike in December. Rising rate hike expectations caused U.S. major indices to fall overnight, yet most Asia-Pacific markets performed positively today, with Japanese and South Korean stocks rising 1.3% and 2.6% respectively. Hong Kong markets underperformed, as the Hang Seng Index opened about 200 points lower and continued to decline throughout the day, dragged down by weaker tech and biotech stocks. The Hang Seng Index closed at 24,315, down 241 points or 1%, with main board turnover exceeding HK$180.7 billion. The Hang Seng China Enterprises Index closed at 8,171, down 94 points or 1.1%. The Hang Seng Tech Index closed at 4,027, down 57 points or 1.4%. Northbound funds recorded a net inflow of HK$4.572 billion.
Tech stocks declined collectively: Tencent (00700) fell 2% to HK$409.6; Xiaomi (01810) dropped 1.6% to HK$30.1; NetEase (09999) fell 3.4% to HK$196.9. Despite today being the official "Singles' Day" shopping festival, e-commerce stocks remained under pressure. Alibaba (09988) still struggled near the HK$100 level, down 1% to HK$100.6; Meituan (03690) declined 3.5% to HK$72.85; JD.com (09618) fell 0.9% to HK$111.1.
Biotech stocks weakened, with the biotech index closing down 1% at 15,118, with only three constituent stocks rising. GenScript (01548) fluctuated during the day but closed up 2.7% at HK$34.74; Zai Lab (09688) fell 4.7% to HK$20.46; Deripharma-B (02526) dropped 3.3% to HK$91.6; Ascentage Pharma (06855) declined 2.7% to HK$29.14; WuXi AppTec (02359) fell 1.9% to HK$196.6; Innovent Biologics (01801) dropped 1.7% to HK$86.8.
AI-related concepts strengthened, as AI company Anthropic plans to advance its IPO, potentially raising more funds than the record previously set by SpaceX (US.SPCX). Despite fluctuating movements in the two major large model stocks, they turned positive in the afternoon. Zhipu (02513) rose 3.6% to HK$499.2; MiniMax (00100) gained 4% to HK$180.1; SMIC (00981) rose 3.7% to HK$49, becoming the top gainer among blue chips for the day; Hua Hong Semiconductor (01347) increased 0.8% to HK$75.15; Lenovo Group (00992) rose 2.4% to HK$19.57.
Auto stocks came under pressure. Although Li Auto (02015) clarified and reported to police promptly regarding the group-buying commission controversy, market confidence has not recovered, and auto stocks continued to fall across the board. Li Auto dropped 3.4% to HK$48.64; NIO (09866) fell 3.1% to HK$25.64; BYD (01211) declined 3.8% to HK$69.2; Leapmotor (09863) dropped 3% to HK$32.02; XPeng (09868) fell 3.1% to HK$39.26.
Hesai (02525) reported a 34% year-on-year revenue increase in the previous quarter, exceeding expectations, and forecasted net revenue of up to RMB 1.2 billion for the current quarter. The stock briefly reached a nearly one-month high of HK$16.64 but saw its gains narrow significantly by the close, ending up 1.3% at HK$15.07.
Cambridge Industries (06166) denied rumors of order cancellations and announced plans to expand production capacity next year, surging 23.1% for the day to HK$68.
The top three most actively traded stocks in the Hang Seng Index were Tencent, Alibaba, and SMIC. The top three most actively traded stocks in the Tech Index were Tencent, Alibaba, and Zhipu.
The two largest decliners in the Hang Seng Index were Budweiser APAC (01876) and BYD. Budweiser APAC closed at HK$6.37, down HK$0.28 or 4.2%, with turnover of HK$171 million.
The two largest gainers in the Hang Seng Index were SMIC and CATL (03750). CATL closed at HK$387.4, up HK$9.4 or 2.5%, with turnover of HK$1.184 billion. (am)
Tech stocks declined collectively: Tencent (00700) fell 2% to HK$409.6; Xiaomi (01810) dropped 1.6% to HK$30.1; NetEase (09999) fell 3.4% to HK$196.9. Despite today being the official "Singles' Day" shopping festival, e-commerce stocks remained under pressure. Alibaba (09988) still struggled near the HK$100 level, down 1% to HK$100.6; Meituan (03690) declined 3.5% to HK$72.85; JD.com (09618) fell 0.9% to HK$111.1.
Biotech stocks weakened, with the biotech index closing down 1% at 15,118, with only three constituent stocks rising. GenScript (01548) fluctuated during the day but closed up 2.7% at HK$34.74; Zai Lab (09688) fell 4.7% to HK$20.46; Deripharma-B (02526) dropped 3.3% to HK$91.6; Ascentage Pharma (06855) declined 2.7% to HK$29.14; WuXi AppTec (02359) fell 1.9% to HK$196.6; Innovent Biologics (01801) dropped 1.7% to HK$86.8.
AI-related concepts strengthened, as AI company Anthropic plans to advance its IPO, potentially raising more funds than the record previously set by SpaceX (US.SPCX). Despite fluctuating movements in the two major large model stocks, they turned positive in the afternoon. Zhipu (02513) rose 3.6% to HK$499.2; MiniMax (00100) gained 4% to HK$180.1; SMIC (00981) rose 3.7% to HK$49, becoming the top gainer among blue chips for the day; Hua Hong Semiconductor (01347) increased 0.8% to HK$75.15; Lenovo Group (00992) rose 2.4% to HK$19.57.
Auto stocks came under pressure. Although Li Auto (02015) clarified and reported to police promptly regarding the group-buying commission controversy, market confidence has not recovered, and auto stocks continued to fall across the board. Li Auto dropped 3.4% to HK$48.64; NIO (09866) fell 3.1% to HK$25.64; BYD (01211) declined 3.8% to HK$69.2; Leapmotor (09863) dropped 3% to HK$32.02; XPeng (09868) fell 3.1% to HK$39.26.
Hesai (02525) reported a 34% year-on-year revenue increase in the previous quarter, exceeding expectations, and forecasted net revenue of up to RMB 1.2 billion for the current quarter. The stock briefly reached a nearly one-month high of HK$16.64 but saw its gains narrow significantly by the close, ending up 1.3% at HK$15.07.
Cambridge Industries (06166) denied rumors of order cancellations and announced plans to expand production capacity next year, surging 23.1% for the day to HK$68.
The top three most actively traded stocks in the Hang Seng Index were Tencent, Alibaba, and SMIC. The top three most actively traded stocks in the Tech Index were Tencent, Alibaba, and Zhipu.
The two largest decliners in the Hang Seng Index were Budweiser APAC (01876) and BYD. Budweiser APAC closed at HK$6.37, down HK$0.28 or 4.2%, with turnover of HK$171 million.
The two largest gainers in the Hang Seng Index were SMIC and CATL (03750). CATL closed at HK$387.4, up HK$9.4 or 2.5%, with turnover of HK$1.184 billion. (am)
