The Zhitong Finance App learned that Trump said he would not attack Iran before the election, oil prices fell, the three major Hong Kong stock indices collectively rebounded today, and the Hang Seng Technology Index had the highest increase. At the close, the Hang Seng Index rose 1.79% or 425.56 points to 24211.35 points, with a full-day turnover of HK$209.199 billion; the Hang Seng State-owned Enterprises Index rose 1.71% to 8147.87 points; and the Hang Seng Technology Index rose 3.06% to 4197.84 points. Looking at the whole week, the Hang Seng Index rose 1.00%, the National Index rose 1.46%, and the Hengke Index rose 0.96%.
Wu Lixian, an international securities strategist at Everbright Securities, said that the overnight decline in US bond yields was one of the main factors driving the rebound in Hong Kong stocks. Strong demand for US bond auctions alleviated market concerns about the high interest rate environment and led to a recovery in large technology stocks. However, the current market has not shown any clear signs of reversing the decline. If capital and external environment do not improve further, Hong Kong stocks may continue to adjust the pattern next week.
Blue-chip stock performance
Xiaomi Group-W (01810) led the blue chip increase. At the close, it rose 9.72% to HK$25.96, with a turnover of HK$6.497 billion. In the first month of the launch of the Xiaomi Pengcheng series, more than 70,000 units were locked. Earlier, on October 1, Lei Jun said that Xiaomi Pengcheng had already delivered more than 10,000 units in September, directly driving the overall delivery volume of Xiaomi cars to exceed 40,000 units in September. The industry believes that as production capacity climbs further in the fourth quarter, the Xiaomi Pengcheng series is expected to push the scale of delivery of Xiaomi cars to a new level.
In terms of other blue-chip stocks, Kuaishou-W (01024) rose 5.47% to HK$30.1; Zijin Mining (02899) rose 5.31% to HK$32.94; Galaxy Entertainment (00027) rose 4.83% to HK$32.12; China Life (02628) fell 2.24% to HK$26.16; and CSP Group (01093) fell 2.15% to HK$9.085.
Popular sector aspects
On the market, TechNet stocks rebounded overall, and Xiaomi, Tencent Holdings, and Alibaba collectively rallied higher. Domestic housing stocks collectively exploded in the afternoon, and large consumer stocks generally rose; the weakening US dollar and falling US Treasury yields pushed spot gold back to the 4,200 US dollar mark, and gold stocks strengthened collectively; high overseas sales in September supported fundamentals, and most auto stocks rose. On the other hand, OpenAI's revenue “shrunk” by 20 billion US dollars reignited market concerns about the AI industry's growth prospects. Overnight, the Philadelphia Semiconductor Index plummeted by more than 3%, and AI computing power stocks such as PCBs weakened again. Capital was concentrated on the main line of AI applications, and enterprise-level AI application targets bucked the trend.
Individual domestic housing stocks exploded in the afternoon, and large consumer stocks strengthened at the same time. At the close, Shimao Group (00813) rose 41.18% to HK$0.096; Xuhui Holding Group (00884) rose 21.21% to HK$0.04; Agile Group (03383) rose 15.76% to HK$0.191; Yum Sheng China (09987) rose 5.13% to HK$340.4; and Haidilao (06862) rose 3.63% to HK$9.57.
Property market performance picked up during the National Day holiday this year. According to data from the Beijing Municipal Housing and Construction Commission, from October 1 to 7, 1008 new housing units were sold in Beijing, up 161.1% year on year and 40.8% month on month; the number of new housing units sold in Hangzhou, Nanjing, and Wuhan was 86, 587, and 783, respectively, up 196.6%, 325.4%, and 59.5% year-on-year. In terms of large consumption, VAT invoice data from the State Administration of Taxation shows that service consumption was strong across the country during the National Day holiday, and the average daily sales revenue of related industries increased 19.5% year-on-year. It is worth mentioning that the Ministry of Finance issued a report on the implementation of China's fiscal policy for the first half of 2026, which mentions the strong and effective implementation of more active fiscal policies to support the all-round expansion of domestic demand.
Gold stocks strengthened collectively. At the close, Tongguan Gold (00340) rose 9.21% to HK$2.61; Zijin Gold International (02259) rose 7.71% to HK$146.7; Zhaojin Mining (01818) rose 6.54% to HK$18.24; and Shandong Gold (01787) rose 6.13% to HK$19.55.
Trump said he would not attack Iran before the election, and spot gold once broke through the 4,200 US dollar mark today. It is worth mentioning that the central bank's purchase of funds continues to support the price of gold. According to data from the State Administration of Foreign Exchange on October 7, as of the end of September, China's gold reserves were 77.47 million ounces, an increase of 740,000 ounces over the previous month, increasing its holdings for the 23rd consecutive month, and the increase in holdings in that month was the highest since the current round of gold purchases was restarted. According to Goldman Sachs research, central banks around the world continue to buy gold strongly. This trend is supporting the upward trend in gold prices and providing a basis for their target price of 4,900 US dollars/ounce by the end of 2026.
Auto stocks are mostly higher. At the close, BYD shares (01211) rose 3.70% to HK$75.6; Ideal Automobile-W (02015) rose 3.81% to HK$44.66; Great Wall Motor (02333) rose 3.91% to HK$7.18; and Zero Sports (09863) rose 2.35% to HK$34.8.
Going overseas has become an important driving force for car companies' sales growth. Against the backdrop of pressure on the domestic retail market, overseas sales of Chery Auto, BYD, and Geely Auto in September increased 46%, 154%, and 162% year-on-year respectively to 207,800 units, 180,700 units, and 106,700 units. Hualong Securities pointed out that most car companies that achieved a positive year-on-year increase in overall sales volume in September saw rapid overseas sales growth, and subsequent passenger car fundamental repairs needed to focus on overseas market performance. According to J.P. Morgan Chase data, the market share of Chinese brands in the European new energy market rose to 19% in the first seven months of 2026.
AI hardware stocks such as PCBs are once again under pressure. At the close, Guanghe Technology (01989) fell 10.09% to HK$103.4; Shenghong Technology (02476) fell 6.71% to HK$180.8; and Cambridge Technology (06166) fell 5.32% to HK$104.9.
Overnight, AI-related tech stocks dived in, and the Philadelphia Semiconductor Index plummeted by more than 3%. According to some reports, OpenAI's annualized revenue scale is 20 billion US dollars lower than the level previously revealed by the company, causing the market to worry about the growth prospects of the AI industry. However, the $20 billion gap is not due to business deterioration, but rather a systematic deviation in statistical caliber. Furthermore, it was rumored in the market this morning that the American Printed Circuit Board Association (PCBAA) officially pressured the US government and the Department of Defense to clearly put forward the core demand that the military supply chain completely eliminate Chinese PCB products, and that January 1, 2027 is the deadline. It is worth noting that the news was reported as early as September of this year, and it only focuses on the national defense and military PCB supply chain.
AI application stocks soared. At the close, Shenzhen Advanced Intelligence (02723) rose 11.30% to HK$650; Kingdee International (00268) rose 9.73% to HK$7.835; Huiliang Technology (01860) rose 5.87% to HK$11.9; and Maifushi (02556) rose 5.66% to HK$48.9.
Guojin Securities believes that breakthroughs in large model capabilities, cost reduction, and accelerated iteration of open weight models will push AI applications into full bloom in 2026. The bank remains optimistic about the application of AI software, focusing on four categories: shovel/water seller, Infra, customized IT delivery, and industry software that is deeply integrated with business processes. Shovel stocks/water sellers are the first to benefit, and demand for high-quality non-public data and actual experiments is expected to increase. The stronger the model capabilities and the more application scenarios, the greater the demand for professional data and result verification. Non-public databases, experimental results, and failure records are difficult to obtain from public corpus. Platforms with these resources can serve many model and application vendors, and are expected to take the lead in undertaking incremental growth.
Popular exotic stocks
Cloud Trail (02670) rose sharply. At the close, it was up 26.15% to HK$7.38.
Yunji was included in the Hong Kong Stock Exchange Securities List and came into effect on October 8, helping to expand the shareholder base, increase trading activity, and improve liquidity. Previously, the company issued 624 million shares due to stock splitting, which came into effect on September 23.
Reading Group (00772) rallied in the afternoon. At the close, it was up 6.11% to HK$20.84.
During the National Day holiday, AI short (anime) dramas became the most common “electronic mustard” during the trip. SDIC Securities released a research report saying that the short drama and AI comic business of Reading Wen Group has moved from IP incubation to the stage of large-scale and platform-based development, and the overseas comic business has also begun to expand to its own platform operation.
Suteng Juchuang (02498) is trending strongly. At the close, it was up 5.52% to HK$16.25.
Suteng Juchuang announced that the total sales volume of lidar units in the third quarter of 2026 was 595,600 units, an increase of 220.9% year on year, reaching a record high in a single quarter. Among them, the ADAS field sold 454,400 lidar units, up 200.1% year on year; the robot field sold 145,200 lidar units, up 309.0% year on year.
Daikin Heavy Industries (01081) plummeted to a high level. At the close, it was down 15.94% to HK$29.1.
This morning, some media released news about the EU's “double reversal” of wind power against China (the EU's anti-dumping duty on Chinese wind power towers is an existing measure from December 2021). Daikin Heavy Industries previously disclosed in its prospectus for listing in Hong Kong that during the record period, European market revenue had already exceeded half of the company's total revenue.