Hong Kong stocks closed (10.30) | The Hang Seng Index fell 0.24%, the non-ferrous metal concept strengthened, and Ganfeng Lithium surged nearly 15% after earnings

According to Zhitong Finance APP, Hong Kong stocks fluctuated higher this morning, but all three major indices collectively plunged in the afternoon, with the Hang Seng Index briefly rising into the green at the end of trading. By the close, the Hang Seng Index fell 0.24% or 63.45 points, closing at 26,282.69 points, with a total turnover of HKD 35.3804 billion; the Hang Seng China Enterprises Index fell 0.31%, closing at 9,346.86 points; the Hang Seng Tech Index fell 0.68%, closing at 6,051.76 points.

Everbright Securities believes that with the Federal Reserve entering a rate-cutting cycle, Hong Kong stocks may continue to fluctuate upward in the future. The overall profitability of Hong Kong stocks is relatively strong, and assets in sectors such as the internet, new consumption, and innovative pharmaceuticals are relatively scarce. Additionally, despite the continuous rise of Hong Kong stocks for several months, the overall valuation remains low, and the long-term cost-effectiveness of allocation is still high. With the ongoing development of the AI industry and the backdrop of the Federal Reserve's rate-cutting cycle, the Hong Kong stock market may continue to fluctuate upward in the future.

Blue Chip Performance

CHINAHONGQIAO (01378) hit a new high. By the close, it rose 8.17%, closing at HKD 29.92, with a turnover of HKD 1.53 billion, contributing 9.9 points to the Hang Seng Index. Tianfeng Securities stated that under the backdrop of a tightening supply-demand pattern, the profitability per ton of aluminum in the electrolytic aluminum industry has significantly improved, and high profits are expected to continue, with the profitability of electrolytic aluminum companies improving simultaneously; at the same time, under the limitation of domestic supply ceilings, the peak of capital expenditure for electrolytic aluminum companies has ended, and leading companies represented by CHINAHONGQIAO have gradually implemented stable dividends, with a clear trend of overall increased dividends in the electrolytic plate industry this year.

In other blue chip stocks, Zijin Mining (02899) rose 4.57%, closing at HKD 32.5, contributing 12.64 points to the Hang Seng Index; Xinyi Solar (00968) rose 3.01%, closing at HKD 3.77, contributing 0.79 points to the Hang Seng Index; Budweiser APAC (01876) fell 4.76%, closing at HKD 8, dragging down the Hang Seng Index by 1.25 points; Techtronic Industries (00669) fell 4.74%, closing at HKD 94.5, dragging down the Hang Seng Index by 10.86 points.

Popular Sectors

On the market, technology stocks showed mixed performance today, with Meituan rising over 2%, Tencent rising nearly 1%, and Xiaomi continuing to fall by 1.69%. Ganfeng Lithium surged nearly 15% after turning a profit in the third quarter, while Tianqi Lithium rose over 9%; with macro factors improving, non-ferrous metals such as copper, aluminum, and gold saw significant gains; photovoltaic and energy storage stocks performed well, with Zhongxin Innovation rising over 10%; the export value of construction machinery in September continued to grow year-on-year, with most construction machinery stocks rising; coal, shipping, and power stocks also rose. On the other hand, domestic property stocks, pharmaceutical stocks, and cryptocurrency concept stocks faced pressure.

1. Non-ferrous metals led the gains. By the close, Ganfeng Lithium (01772) rose 14.94%, closing at HKD 54.25; Aluminum Corporation of China (02600) rose 10.23%, closing at HKD 10.13; Jiangxi Copper (00358) rose 5.12%, closing at HKD 34.5; Luoyang Molybdenum (03993) rose 4.68%, closing at HKD 17.43; Zijin Mining (02899) rose 4.57%, closing at HKD 32.5.

The lithium mining giants have successively disclosed their third-quarter performance. Tianqi Lithium's third-quarter report for 2025 shows that the net profit attributable to shareholders of the listed company for the first three quarters was RMB 180 million, turning from a loss to a profit year-on-year, with a net profit attributable to shareholders of the listed company of RMB 95.4855 million in the third quarter Ganfeng Lithium achieved revenue of 6.249 billion yuan in the third quarter, a year-on-year increase of 44.10%; the net profit for the single quarter reached 557 million yuan, a substantial year-on-year growth of 364.02%. CITIC Securities pointed out that looking ahead to Q4 2025, the bank expects supply tightness to drive prices of commodities such as copper and cobalt to continue rising, while lithium prices are expected to benefit from higher-than-expected energy storage demand.

In addition, favorable macro factors support non-ferrous metals, with overnight LME copper prices fluctuating strongly, reaching a historical high during the session; international gold prices rebounded after previously falling to a three-week low. Everbright Futures believes that the meeting between the leaders of China and the United States boosted market sentiment. Although Federal Reserve Chairman Jerome Powell's stance on interest rate cuts is hawkish, the end of balance sheet reduction is still understood by the market as maintaining a relatively loose liquidity environment, which remains optimistic overall and has a certain uplifting effect on non-ferrous metals.

2. Photovoltaic and energy storage concept stocks rose throughout the day. By the close, Xinte Energy (01799) rose 6.72% to HKD 8.42; GCL-Poly Energy (03800) rose 4.55% to HKD 1.38; Zhongxin Innovation (03931) rose 10.48% to HKD 34.38; Ruipu Lanjun (00666) rose 6.56% to HKD 15.11.

According to Shanghai Securities News, in the "Economic Half Hour" program aired on CCTV Finance Channel on October 28, Zhu Gongshan, chairman of GCL Group, stated regarding the joint storage capacity of domestic photovoltaic leaders: "I met with TCL Chairman Li Dongsheng, and I also communicated with Longi Green Energy's Zhong Baoshen. Our 17 leading enterprises have basically all signed." In addition, according to statistics from CITIC Construction Investment, from January to September this year, the newly tendered domestic energy storage projects totaled 255.8 GWh, a year-on-year increase of 97.7%. Considering that Q4 is often the peak season for tenders, the total annual tendering could reach at least 361.6 GWh.

3. Most engineering machinery stocks rose. By the close, Sany Heavy Industry (06031) rose 12.15% to HKD 24.56; Sany International (02155) rose 7.06% to HKD 10.01; China National Heavy Duty Truck Group (03808) rose 3.62% to HKD 26.3; Zoomlion Heavy Industry Science and Technology (01157) rose 2.22% to HKD 7.37.

According to data compiled by the China Construction Machinery Industry Association based on customs data, in September 2025, China's engineering machinery import and export trade volume was USD 5.505 billion, a year-on-year increase of 29.1%, of which: imports amounted to USD 234 million, a year-on-year increase of 18.5%; exports amounted to USD 5.271 billion, a year-on-year increase of 29.6%. Guoyuan Securities stated that at this point in time, we believe that from both the supply and demand sides, domestic leading enterprises still have strong competitive advantages in exports. The bank is optimistic that the engineering machinery industry will continue to maintain a steady growth trend.

4. Domestic property stocks were generally under pressure. By the close, China Overseas Grand Oceans Group (00081) fell 5.22% to HKD 2.18; R&F Properties (02777) fell 5% to HKD 0.57; Greentown China (03900) fell 4.36% to HKD 8.34 On October 29, Lulu Shi, Director of Corporate Ratings for Asia-Pacific at Fitch Ratings, pointed out that the Chinese real estate industry has not yet hit bottom, and there is uncertainty in the recovery trend. Although the market briefly stabilized in the first quarter of this year, new home sales and prices have both fallen back into a declining range since April, with the decline further expanding in June. The month-on-month drop in second-hand home prices has also continued to widen, with first-tier cities not being an exception. Looking ahead to 2026, real estate market sales may continue to decline.

In addition, with the intensive disclosure of third-quarter reports, high-performing stocks have shown impressive performance. As of the close, Tianqi Lithium (09696) rose 9.12% to HKD 49.78; Tigermed (03347) rose 8.02% to HKD 46.58; Huaneng International (00902) rose 7.96% to HKD 6.51; Ajinomoto Foods (02648) rose 7.54% to HKD 62.05; CNOOC Services (02883) rose 7.19% to HKD 7.6; Standard Chartered Group (02888) rose 4.25% to HKD 159.5.

On the downside, ZTE Corporation (00763) saw a year-on-year decrease of 88% in net profit for the third quarter due to declining operator demand and collection rhythm, with the post-earnings stock price dropping 11.38% to HKD 35.06; Hisense Home Appliances (00921) fell 6.33% to HKD 22.48; ASMPT (00522) fell 3.9% to HKD 83.85.

Popular Active Stocks

1. Dipu Technology (01384) continues to rise, closing up 47.98% at HKD 98.85.

Dipu Technology continued to soar on its second day of listing, with a first-day increase of over 150%. The company focuses on providing enterprise-level large model artificial intelligence application solutions to help enterprises efficiently integrate data, decision-making, and operations on a large scale. Dipu Technology achieves the deployment and implementation of Agentic artificial intelligence applications in enterprises through its FastData Foil data integration platform and Deepexi enterprise-level large model platform.

2. Aneng Logistics (09956) surged after resuming trading, closing up 22.13% at HKD 11.48.

Recently, Aneng announced that a consortium composed of Dazhang Capital, Temasek, and Danming Capital, in conjunction with Aneng Logistics Group Co., Ltd., announced plans to delist from the Hong Kong Stock Exchange through an agreement arrangement. It is reported that this proposal offers a cash option of HKD 12.18 per share, valuing Aneng at approximately HKD 14.3 billion, a valuation level that Aneng has not reached since mid-November 2021.

3. China Duty Free Group (01880) performed well, closing up 4.73% at HKD 63.15. On October 26, Pan Gongsheng, the Governor of the People's Bank of China, reported on the financial work situation on behalf of the State Council. Pan Gongsheng stated that the next step is to ensure financial support for the operation of the Hainan Free Trade Port and the high-quality development of the Hainan Free Trade Port. In addition, the full island closure operation of the Hainan Free Trade Port has entered the sprint stage and will officially start on December 18 of this year.

4. WuXi AppTec (02359) has been soft all day, as of the close, down 3.73%, reported HKD 108.5.

WuXi AppTec announced that on October 29, 2025, it received a "Notice Letter" from shareholders controlled by its actual controller. Due to its own funding needs, the actual controller-controlled shareholders plan to reduce their holdings of the company's A-shares within three months after 15 trading days from the date of this announcement, based on market conditions, through centralized bidding and/or block trading, with the number of shares reduced not exceeding 2% of the company's total share capital, totaling no more than 59,675,143 shares