Hong Kong Stock Market Closing (09.18) | Hang Seng Index closed down 1.35%, tech stocks generally weakened, chip and robotics concepts became active again

According to the Zhitong Finance APP, the Federal Reserve has lowered interest rates by 25 basis points as expected, but Powell's remarks revealed some hawkish signals. The three major indices of the Hong Kong stock market fluctuated and weakened this morning, with significant declines in the afternoon, and the Hang Seng Index once fell by over 500 points. By the close, the Hang Seng Index fell 1.35% or 363.54 points, closing at 26,544.85 points, with a total turnover of HKD 413.314 billion; the Hang Seng China Enterprises Index fell 1.46%, closing at 9,456.52 points; the Hang Seng Tech Index fell 0.99%, closing at 6,271.22 points.

According to a research report from Bank of China Securities, during the Federal Reserve's interest rate cut cycle, the Hong Kong stock market is expected to benefit in the short term from the dual catalysts of global liquidity shift and domestic profit turning points. Scarce technology assets and high-dividend state-owned enterprises may become the main line of allocation. During the interest rate cut cycle, A-shares often present a structural bull market in small-cap growth, and technology stocks are expected to benefit from the revaluation of RMB assets in the current weak dollar cycle.

Blue Chip Performance

POP MART (09992) led the blue chips. By the close, it rose 4.62%, closing at HKD 267.2, with a turnover of HKD 6.074 billion, contributing 13.67 points to the Hang Seng Index. Huatai Securities believes that the recent fluctuations in the second-hand prices of POP MART's products may be due to the company's proactive increase in supply, which does not hinder the company's long-term development logic. Morgan Stanley pointed out that POP MART will welcome several consumption peaks in the coming months, including the National Day in mainland China and the Western Halloween, Thanksgiving, and Christmas. Based on sufficient inventory of popular products, new product launches, and store expansions, the bank expects sales momentum to continue.

In other blue chip stocks, SMIC (00981) rose 2.66%, closing at HKD 69.5, contributing 12.73 points to the Hang Seng Index; China National Pharmaceutical Group (01177) rose 1.45%, closing at HKD 8.39, contributing 1.95 points to the Hang Seng Index; Xinyi Solar (00968) fell 5.87%, closing at HKD 3.37, dragging down the Hang Seng Index by 1.42 points; Hong Kong Exchanges and Clearing (00388) fell 3.06%, closing at HKD 444, dragging down the Hang Seng Index by 26.48 points.

Popular Sectors

On the market, large technology stocks showed mixed performance, with Baidu rising 1.37%, MEITUAN rising 0.29%, and Alibaba falling nearly 2%. Hydrogen energy concept stocks surged, with Yihuatong doubling at one point in the morning; domestic substitution continues to advance, and chip stocks maintained their upward trend, with Huahong Semiconductor rising over 8%; the Tesla robot industry chain has been frequently favorable, and robot concept stocks remain active; some innovative drugs and wind power stocks rose. On the other hand, with the Federal Reserve's interest rate cut landing as expected, non-ferrous metal stocks generally retreated; domestic property stocks, large financial stocks, non-ferrous metals, and photovoltaic stocks saw significant declines.

1. Most hydrogen energy concept stocks strengthened. Yihuatong (02402) rose 23.26%, closing at HKD 29.36; Zhongshuo Energy (02570) rose 18.34%, closing at HKD 196.8; Guofu Hydrogen Energy (02582) rose 12.61%, closing at HKD 62.5; Beijing Electromechanical Co., Ltd. (00187) rose 7.87%, closing at HKD 5.21.

The 10th International Hydrogen Energy and Fuel Cell Equipment Technology Exhibition will be held in Beijing from September 18 to 20. In addition, recently, multiple cities including Beijing, Chongqing, and Wuhan have introduced policies to support the development of the hydrogen energy industry, striving to seize the opportunity to layout the hydrogen energy industry, promoting the accelerated development and application of related industries, and capturing new tracks in the hydrogen energy industry Great Wall Securities stated that in light of the favorable hydrogen energy policies continuously issued in our country, the hydrogen energy industry is developing steadily. Guojin Securities believes that 2025 is the settlement point for the medium- and long-term planning of hydrogen energy, and the hydrogen energy and fuel cell industry will enter a period of rapid growth, with the implementation of fuel cell vehicles and green hydrogen projects accelerating. Hydrogen energy and fuel cell manufacturing are currently the two main lines, and continuous attention is recommended.

2. Chip stocks continue to rise. As of the close, Hua Hong Semiconductor (01347) rose 8.62% to HKD 57.95; ASMPT (00522) rose 7.3% to HKD 76.45; Jingmen Semiconductor (02878) rose 6.12% to HKD 0.52; SMIC (00981) rose 2.66% to HKD 69.5.

On September 18, the Huawei Connect Conference 2025 opened in Shanghai. Huawei Vice Chairman and Rotating Chairman Xu Zhijun delivered a keynote speech at the conference, stating that Huawei expects to launch the Ascend 950PR chip in the first quarter of 2026, the Ascend 950DT in the fourth quarter of 2026, the Ascend 960 chip in the fourth quarter of 2027, and the Ascend 970 chip in the fourth quarter of 2028. According to media reports, Alibaba and Baidu have introduced self-developed chips in artificial intelligence model training to partially replace NVIDIA's products. On the evening of September 16, Alibaba's self-developed AI chip appeared on CCTV's "News Broadcast." According to the footage disclosed by CCTV, Alibaba's Tsinghua Unigroup PPU chip matches NVIDIA's H20 chip in some important parameters and surpasses the A800 chip.

3. Robotics concept becomes active again. As of the close, Shoucheng Holdings (00697) rose 5.91% to HKD 2.51; Sanhua Intelligent Control (02050) rose 4.87% to HKD 40.92; Yuejiang (02432) rose 3.89% to HKD 60.15; Deka Motor Holdings (00179) rose 3.62% to HKD 39.48.

Musk previously stated that he plans to conduct a technical review of Tesla's AI5 chip design this Saturday and hold a meeting related to robots next week. Guojin Securities believes that the robotics industry is expected to benefit from the resonance of domestic and foreign markets in the fourth quarter of this year, initiating a long-term upward cycle that will continue until 2026. The brokerage stated that investment in the robotics sector has high certainty and recommends focusing on companies positioned in key locations within the domestic supply chain. Minsheng Securities stated that the robotics sector will welcome significant catalysts in the fourth quarter, with the T chain becoming the core main line. From a capital perspective, the securitization process of leading domestic humanoid host manufacturers is accelerating, becoming a new catalyst for sector sentiment.

4. Non-ferrous stocks generally under pressure. As of the close, Chifeng Gold (06693) fell 3.74% to HKD 28.34; Jiangxi Copper (00358) fell 3.02% to HKD 25.06; China Aluminum (02600) fell 2.92% to HKD 7.32; Luoyang Molybdenum (03993) fell 1.9% to HKD 12.4.

On September 17, Eastern Time, the Federal Reserve announced a 25 basis point rate cut, adjusting the range to 4.00%-4.25%, marking the first rate cut by the Federal Reserve since December 2024 Federal Reserve Chairman Jerome Powell stated at a press conference that this rate cut is a risk management type, and there is not much support from the FOMC for a 50 basis point cut. He believes that due to the increased downside risks to employment, the policy balance has shifted. Therefore, we think it is appropriate to make a decision at this meeting that moves closer to a "neutral" policy stance. Everbright Futures pointed out that the signals given by the Federal Reserve are mixed, market volatility has increased, and the decline in U.S. stocks has led to a decrease in risk appetite, with the non-ferrous market remaining cautious.

Popular Stocks with Significant Movements

1. Kaisa Capital (00936) surged significantly, closing up 174.19% at HKD 0.51.**

Kaisa Capital announced that the group has reached a cooperation agreement with a virtual asset trading platform licensed by the Hong Kong Securities and Futures Commission on September 17, 2025, to jointly promote the tokenization of real-world assets (RWA) under a compliant framework in Hong Kong. In the future, the group will continue to promote innovative exploration and resource integration in the fields of financial technology, digital finance, and Web 3.0, creating long-term value that aligns with the development trends of the new era.

2. Hong Kong Broadband (01310) rose sharply, closing up 68.55% at HKD 8.63.**

China Mobile Hong Kong announced that as the offeror, it has made a voluntary cash offer to acquire all issued shares of Hong Kong Broadband. As of yesterday, the offeror has received valid acceptances involving approximately 712 million shares, accounting for about 48.18% of Hong Kong Broadband's equity. China Mobile Hong Kong indicated that the offeror and its concert parties' shareholding has risen to approximately 78.08%.

3. Dongfang Zhenxuan (01797) has risen for two consecutive days, closing up 16.34% at HKD 26.92.**

Dongfang Zhenxuan has risen for two consecutive trading days, with a cumulative increase of 27%. Notably, the stock price plummeted after reaching a new high on August 19, having retraced over 50% in less than a month. Citigroup recently pointed out that due to Dongfang Zhenxuan's business model shifting from "relying on leading anchors" to "scalable membership platforms," it has lowered its revenue forecasts for the fiscal years 2025 to 2027 by 36%, 31%, and 30%, respectively, and profit forecasts by 69%, 30%, and 26%.

4. Hon Teng Precision (06088) rose significantly, closing up 8.26% at HKD 4.85.**

On September 17, Hon Teng Precision held its first Technology Day. In his opening speech, Chairman Lu Songqing emphasized that "data and electricity" will be the core foundation of AI mobility. In addition, Hon Teng Precision announced that it will establish the first manufacturing base in the Middle East in Saudi Arabia through a joint venture with Smart Mobility, primarily producing electric vehicle charging piles, with plans to start construction in December this year 5. HengRui Medicine (01276) hits a new high, closing up 5.77% at HKD 89.8.

A subsidiary of HengRui Medicine has received the "Acceptance Notice" issued by the National Medical Products Administration, indicating that the company's application for the marketing authorization of the injectable drug SHR-A1811 (RuiKang QuZhuoZhongDanKang) has been accepted and included in the priority review process. This product is suitable for the treatment of adult patients with locally advanced or metastatic HER2-positive breast cancer who have previously received one or more anti-HER2 drug treatments