The Zhitong Finance App learned that US stocks performed strongly overnight. The three major Hong Kong stock indices collectively opened higher today and remained volatile throughout the day. At the close, the Hang Seng Index rose 1% or 240.22 points to 24280.56 points, with a turnover of HK$98.265 billion; the Hang Seng State-owned Enterprises Index rose 0.96% to 8128.97 points; and the Hang Seng Technology Index rose 0.94% to 4223.08 points.
Haitong International said that overall, the fundamentals of Hong Kong stocks are bottoming out and stabilizing, but domestic demand and financing needs still need to be improved; policies continue to gain strength, capital is strong and external, and sentiment has cooled down somewhat after the September adjustment. Currently, the absolute valuation of Hong Kong stocks is not high, but the risk premium is already at a historically low level. Subsequent valuation expansion depends more on improving profits and easing overseas interest rates. Short-term shocks are divided, and the medium term is cautiously optimistic.
Blue-chip stock performance
Polar Rabbit Express-W (01519) led the blue chip increase. At the close, it was up 5.03% to HK$8.975, with a turnover of HK$362 million. On October 5, Jitu Express repurchased 4.64 million shares at a cost of HK$39.654 million. Since September 1, the company has repurchased 24 consecutive days, with a total repurchase of 56.4426 million shares, with a cumulative repurchase amount of HK$510 million. Furthermore, Jitu's transit center in Hengyang, Hunan Province, was recently opened, making it the Group's first customized regional hub in Hunan.
In terms of other blue-chip stocks, BYD Electronics (00285) rose 5.01% to HK$23.9; HSBC Holdings (00005) rose 1.93% to HK$152.8; ICBC (01398) rose 1.68% to HK$7.58; and Huahong Hongli (01347) fell 1.64% to HK$108.2.
Popular sector aspects
On the market, ESMO's annual conference is approaching, and more than 30 domestic drug research projects will be on stage. Hong Kong's innovative drug concept and CRO concept stocks have risen the highest; domestic housing stocks have surged and retreated, with many stocks still rising more than 3% throughout the day; Technology Network stocks are picking up across the board, with Baidu (09888) rising more than 3% and Ali (09988) rising more than 2%. The optical communication and semiconductor industry chains are somewhat fragmented.
Innovative drug concept and CRO concept stocks had the highest gains. At the close, Cansino Biotech (06185) rose 14.04% to HK$40.6; Kingsley Biotech (01548) rose 7.67% to HK$49.14; Jingtai Holdings (02228) rose 5.93% to HK$8.305; and Pharmaceutical Biotech (02269) rose 4.51% to HK$57.9.
The 2026 European Society of Medical Oncology (ESMO) Annual Meeting will be held from October 23 to 27. A total of 96 summaries of the latest breakthrough results were presented at this year's ESMO annual conference, of which 31 were drug-related studies owned by Chinese companies. The market expects a number of core data to be a recent stock price catalyst for relevant listed companies. Furthermore, Komo released a research report saying that it is not worried that rising interest rates will affect China's healthcare industry, and continues to be optimistic about biotechnology and CXO.
Domestic housing stocks surged higher and retreated. At the close, Shimao Group (00813) rose 12.77% to HK$0.053; Ocean Group (03377) rose 9.68% to HK$0.034; R&F Properties (02777) rose 8.78% to HK$0.161; Agile Group (03383) rose 7.09% to HK$0.151; and Vanke Enterprise (02202) rose 2.95% to HK$2,795.
New regulations on sales of 828 commercial housing have been released in many places. Combined with the central government's interest rate discount policy for the first home loan, which officially came into effect on October 1, data on case visits and subscriptions in some regions during the National Day Golden Week initially showed a steady recovery trend. Galaxy Securities pointed out that the current financial interest rate discount focuses on supporting ordinary households to buy new small to medium housing units and lower priced housing. It mainly covers groups in need. Through interest rate discounts, the pressure on monthly payments is reduced, thereby encouraging groups in need to release demand for housing purchases.
Popular exotic stocks
Junzhi Group (01300) performed well. At the close, it rose 23.76% to HK$3.49, with a turnover of HK$86.757 million.
Recently, Junzhi Group won 100% of the shares of Qinghai Zhongli Optical Fiber Technology Co., Ltd. for 455 million yuan. According to reports, Qinghai Zhongli has already started production of 400 tons of prefabricated rods and 5 million core kilometers of optical fiber. The equipment for the third phase of the 600-ton prefabricated rod project has been put in place, suspended due to a funding gap, and can be quickly restarted after capital is injected. The total planned production capacity will reach 1,000 tons of precast rods.
Zhi Spectrum (02513) continued to rise, with a significant increase compared to yesterday. At the close, it rose 7.59% to HK$715.5, with a turnover of HK$2,505 billion.
Amazon Bedrock, a large-scale model service platform owned by Amazon Web Services AWS, officially announced today that it will access GLM-5.3, the flagship smart spectrum model. AWS will distribute revenue based on call volume and smart spectrum. Goldman Sachs recently said that Smart Spectrum is still one of the leading artificial intelligence model companies in China, and its valuation is already attractive, raising the ARR forecast for Smart Spectrum's annual recurring revenue of 2.7 billion US dollars to 3.2 billion US dollars at the end of 2026, which is higher than the company's own target of 3 billion US dollars.
Kuaishou-W (01024) rose rapidly in early trading. At the close, it rose 2.31% to HK$30.18, with a turnover of HK$641 million.
According to a report by the Financial Association, Kuaishou's big video generation model Keling AI is reportedly planning to go public in Hong Kong as early as next year, raising at least 1 billion US dollars. According to public information, in July of this year, Keling AI completed a round of financing of 2.8 billion US dollars. Investors include technology giants such as Alibaba, Tencent, and Baidu; after this round of financing was completed, Keling AI's pre-investment valuation was about 15 billion US dollars.
KFM Jinde (03816) and Zhifeng Industrial Electronics (01710) both rose more than 10% intraday, up 3.74% and 4.24% by the close, respectively.
Lixun Precision recently announced two acquisition plans. The company plans to acquire 57% of KFM Jinde's shares for approximately HK$684 million, while also subscribing for KFM's zero-interest convertible bonds of approximately HK$252 million. In addition, Lixun Precision plans to acquire 75% of the shares in Hong Kong Stock Zhifeng Industrial Electronics. If the potential transaction is implemented to completion, it may trigger a mandatory full cash offer. Analysts pointed out that Lixun Precision's two acquisitions are aimed at broadening the layout of the industrial chain.